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May 23 (Reuters) - Saputo Inc:
* SAPUTO TO INCREASE ITS PRESENCE IN SPECIALTY CHEESE AND YOGURT BY ACQUIRING THE ACTIVITIES OF SHEPHERD GOURMET IN CANADA
* PURCHASE PRICE OF CDN$100 MILLION, ON A DEBT-FREE-BASIS, WILL BE PAID IN CASH FROM CASH ON HAND AND AVAILABLE CREDIT FACILITIES
* ENTERED INTO AN AGREEMENT TO ACQUIRE ACTIVITIES OF SHEPHERD GOURMET DAIRY (ONTARIO) INC Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-saputo-to-acquire-activities-of-sh/brief-saputo-to-acquire-activities-of-shepherd-gourmet-in-canada-idUSFWN1SU13V |
Proposal is Result of a Biased and Flawed Process, Indicating Poor Board Stewardship
Ares Appointment Adds Significant Risk and Expense Compared to a Wind-Down
Shareholders Should Urge RDL Board to Consider Wind-Down as Alternative
LOS ANGELES--(BUSINESS WIRE)-- Funds managed by Oaktree Capital Management, L.P. (“Oaktree”), an approximately 19% shareholder of Ranger Direct Lending Fund PLC (LON: RDL) (“Ranger” or “RDL” or “Company”), released an open letter to Ranger shareholders today regarding the Board’s recent proposal to appoint Ares Management (“Ares”) as the new investment manager.
The full text of the letter is as follows:
May 4, 2018
Dear shareholders of Ranger Direct Lending PLC (“Ranger,” the “Company” or “RDL”),
We write to express our deep disappointment with recent actions by Ranger’s Board of Directors (the “Board”), culminating in the RNS announcement on May 1 (the “Announcement”), in which the Board announced its proposal to appoint Ares Management (“Ares”) as its new investment manager. We believe that this proposal is the result of a biased and flawed process, adds significant risk and expense to Ranger shareholders, and is further indication of the Board’s poor stewardship. The Board has made no attempt to respond to the valid fundamental concerns we raised in our publicly-released April 11 letter, and we continue to believe that a wind-down represents the clear best option for shareholders. We know many of our fellow shareholders agree.
Flawed Strategic Review Conducted by a Biased Board
The Board’s announced strategic review has been conducted in a way that we contest vigorously:
There is no evidence that the Board has seriously considered a wind-down for the benefit of all shareholders. There has been no side-by-side comparison of the benefits of a new manager arrangement relative to a low-risk, shareholder-friendly, wind-down. In our view, the Board’s engagement has been inadequate and inconsistent, notably in the failure by the Board and its advisors to honor their agreement as part of the wall-crossing procedure, specifically by advantaging certain shareholders over those with dissenting views.
Inadequate and Risky Proposal to Appoint Ares to Run the RDL Portfolio
The Ares Proposal Comes with No Details to Support the Recommendation
Following a three-month review process, we are disappointed that no terms of the proposed new manager arrangements have been communicated and we do not think the Board is taking shareholder concerns seriously:
No substantive detail has been provided on the underlying investment strategy. There are no plans on how Ranger’s chronic NAV discount would be eliminated and over what timeframe. There is no information about how the RDL platform would reach viable scale under the new investment manager when RDL’s illiquidity makes it patently unattractive for most investors. There are no details on fees or the term of the management agreement. No proposal has been made on how dissenting shareholders would be cashed out if they so desired, which we have seen occur in several cases when the investment manager changes in the face of substantial shareholder opposition.
Appointment of Ares as Investment Manager Carries Substantial Risk Compared to a Wind-Down
The information that Ranger has presented illustrates significant additional risk when compared to Ranger’s existing portfolio or a wind-down alternative:
Ares’ proposal represents a major departure from Ranger’s current short-dated SME whole loan mandate and carries significant new risks for shareholders, yet does not offer commensurate uplift in return profile or yields. Ares would invest in structured products that sit lower in the capital structure, i.e., in higher-risk securities, compared to Ranger’s senior secured whole loan strategy, which is risky at this point in the credit cycle when corporate defaults are at historic lows and appear bound for mean-reversion in the period ahead. Ares’ multi-year loans are much longer duration than Ranger’s portfolio, which reduces portfolio liquidity and increases exposure to the credit cycle. RDL would become a passive vehicle with a relatively small allocation within deals syndicated across the Ares platform and would not have sole ownership of the underlying loans in the case of defaults. We believe Ares would create risks related to the time it takes to reposition the RDL portfolio, including redundant fees, potential delays and a misalignment of interests arising from the 12-month Ranger Alternative Management II notice period. We are especially cautious about this departure from mandate given Ranger’s and this Board’s history – we have seen what happened when they last stepped outside their comfort zone and reached for yield by investing in Princeton.
Questionable Claims Made by the Board about Shareholder Support on Ares Proposal
We question the Board’s statement that 39% of RDL shareholders support its Board’s recommendation of Ares as the new Investment Manager.
Since we published our letter dated April 11, we have received a number of inbound messages from significant shareholders who share our concerns about the future of RDL and oppose the Ares proposal. If the Board proceeds with Ares’ appointment without a cash-out option for dissenters, we consider that these dissenting shareholders could put selling pressure on RDL’s shares for the foreseeable future.
RDL’s Board has a Poor Track Record of Stewardship, Lacks Relevant Experience and Has Lost the Confidence of Shareholders
We view the mishandling of the strategic review process as only the latest in a series of missteps that have led to value destruction and a loss of shareholder confidence:
Since its IPO in May 2015, RDL has significantly underperformed a range of equity and bond indices. This Board presided over the Princeton debacle, which resulted in massive destruction of value for all shareholders and continues to contaminate the RDL portfolio with no resolution in sight. This Board took little tangible action to take control of the Princeton situation until almost a year later when the NAV discount broke through 30%. This Board’s expertise in speciality lending is limited, with only one current board member having a directly relevant track record in this field.
Oaktree has given serious consideration to the future of RDL and how we could leverage our extensive credit and restructuring expertise to assist the Company for the benefit of all stakeholders. Regretfully, we believe shareholders have been repeatedly let down by the Board and have now lost faith in continued stewardship of this Board.
We urge shareholders to express their views to the Board, in order to ensure that the Board considers the benefits of a winding down option as an alternative to the Ares proposal.
Sincerely,
/s/ Patrick M. McCaney
Patrick M. McCaney
Managing Director and Portfolio Manager
Value Equities
Oaktree Capital Management, L.P.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $121 billion in assets under management as of March 31, 2018. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/ .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006845/en/
Sard Verbinnen & Co
John Christiansen
+1 (415) 618-8750
[email protected]
OR
Conrad Harrington
+44 (0) 20 3178 8914
[email protected]
Source: Oaktree Capital Management, L.P. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-oaktree-releases-an-open-letter-to-ranger-shareholders-following-proposal-from-rdl-board-to-appoint-ares-as-investment.html |
May 21, 2018 / 3:27 PM / Updated 2 hours ago Britain's argument is with Russian government, not people - May's spokesman Reuters Staff 1 Min Read
LONDON (Reuters) - Prime Minister Theresa May has been clear that Britain’s argument is with the Russian government and not with its people, her spokesman said on Monday after Moscow accused London of mistreating Russian businesses. Britain's Prime Minister, Theresa May, visits the RHS Chelsea Flower Show in London, Britain May 21, 2018. REUTERS/Toby Melville
“The prime minister has been absolutely clear that our argument is not with the Russian people, our dispute is with the Russian government,” he told reporters. Reporting by Elizabeth Piper; Editing by Alistair Smout | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-russia-may-people/britains-argument-is-with-russian-government-not-people-mays-spokesman-idUKKCN1IM1Q0 |
NEW YORK--(BUSINESS WIRE)-- JPMorgan Chase & Co. (NYSE: JPM) (“JPMorgan Chase” or the “Firm”) declared a dividend on the outstanding shares of the Firm’s Series V preferred stock. Information can be found on the Firm’s Investor Relations website at jpmorganchase.com/press-releases .
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006637/en/
JPMorgan Chase & Co.
Investor:
Jason Scott, 212-270-7325
or
Media:
Joseph Evangelisti, 212-270-7438
Source: JPMorgan Chase & Co. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-jpmorgan-chase-declares-preferred-stock-dividend.html |
KUALA LUMPUR (Reuters) - Malaysia’s state-owned oil and gas company Petroliam Nasional Bhd [PETR.UL] said on Thursday it is buying a 25 percent stake in a Canadian liquefied natural gas (LNG) export project, nearly a year after cancelling its own planned terminal.
The company, known as Petronas, scrapped plans to build a $36 billion ($28 billion) LNG export terminal in British Columbia last year over concerns of a glut in the market that led to depressed fuel prices.
But surprisingly strong demand from China, South Korea and India has erased those concerns, and market sentiment has recovered.
Petronas said in a statement that it would buy an equity stake in LNG Canada, an export project led by Royal Dutch Shell located in Kitimat, British Columbia. The purchase is expected to close in the next few months, the company said.
Petronas did not give a value for the acquisition.
“We believe this to be a positive development for Petronas,” said Prasanth Kakaraparthi senior analyst at Wood Mackenzie.
“We expect the global LNG market to tighten post 2022 and this bodes well for the project,” he added.
The C$40 billion LNG Canada project will consist of two LNG production facilities, known as trains, that are expected to export a combined 13 million tonnes per year of LNG.
Petronas is joining as Shell and its partners prepare for a final decision to go ahead with the project, which would be the first large-scale LNG plant constructed in several years.
Shell will continue to be the biggest owner in LNG Canada, holding a 40 percent stake. Other partners include PetroChina, Mitsubishi’s Diamond LNG and Korea Gas.
LONG TERM Since scrapping earlier plans, Petronas had been looking for ways to generate revenue from its assets in that region.
Petronas’ North Montney assets in British Columbia are rich in natural gas. Petronas’ and its North Montney joint venture partners are one of the largest natural gas resource owners in Canada with over 52 Tcf of reserves and contingent resources, it said.
An equity stake in LNG Canada will enhance the company’s aims to develop natural gas resource in the North Montney through its subsidiary, Progress Energy Canada Ltd.
“Petronas is in Canada for the long-term and we are exploring a number of business opportunities that will allow us to increase our production and accelerate the monetisation of our world-class resources in the North Montney,” President and Group Chief Executive Officer Tan Sri Wan Zulkiflee Wan Ariffin said in the statement.
“LNG is just one of those opportunities,” he said.
In March, Petronas said it was one of the producers involved in TransCanada’s proposal to expand a pipeline system that would open up more markets for its gas produced in Western Canada.
Reporting by A.Ananthalakshmi; Editing by Tom Hogue and Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-petronas-lng-canada/malaysias-petronas-buys-25-percent-stake-in-lng-canada-project-idUSKCN1IW114 |
May 7 (Reuters) - Covalon Technologies Ltd:
* COVALON TECHNOLOGIES - WON SERIES OF CONTRACTS IN MIDDLE EAST WITH ESTIMATED SALES VALUE OF $100 MILLION OVER 3-YEAR PERIOD Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-covalon-announces-major-sales-brea/brief-covalon-announces-major-sales-breakthrough-wins-contracts-with-an-estimated-value-of-100-mln-over-a-three-year-period-idUSFWN1SE0S6 |
May 18, 2018 / 6:37 PM / Updated 18 minutes ago Mumbai's lunch-carriers choose wedding gifts for Harry and Meghan Reuters Staff 3 Min Read
MUMBAI (Reuters) - A group of Mumbai’s dabbawalas - the Indian city’s famed lunch delivery men - were out shopping on Friday for a traditional sari dress and a kurta jacket as a wedding gift for Britain’s Prince Harry and his American fiancee Meghan Markle. Students of an art school give finishing touches to a painting created to commemorate the royal wedding of Britain's Prince Harry and his fiancee Meghan Markle, in Mumbai, India May 18, 2018. REUTERS/Francis Mascarenhas
Prince Harry and Markle will marry on May 19 in a ceremony in Windsor that is attracting huge attention around the world.
Back in 2005, Harry’s father Prince Charles invited some dabbawalas from Mumbai to his wedding with Camilla Parker Bowles. One of them was Sopan Mare.
“At the time of Prince Charles’ wedding, the royal family treated us like family. As Prince Harry and Meghan Markle wed, it almost seems like it’s a wedding in our family,” said Mare, who helped choose the gifts for Harry and Meghan in one of the city’s fabric shops. Dabbawalas, also known as tiffin carriers, purchase a saree and Kurta, traditional Indian clothing, as gifts for Britain's Prince Harry and Meghan Markle to mark the occasion of their wedding, in Mumbai, India, May 17, 2018. Picture taken May 17, 2018. REUTERS/Danish Siddiqui
Subhash Talekar, a spokesman for the Mumbai Dabbawalas’ Association, said they would send a traditional sari and a long, close-fitting kurta jacket from the state of Maharashtra, of which Mumbai is the capital.
At the Gurukul School of Art in central Mumbai, children were painting posters of Harry, Markle and Queen Elizabeth. Dabbawalas or tiffin carriers purchase a saree, a traditional Indian women's cloth and Kurta as gifts for Britain's Prince Harry and Meghan Markle on the occasion of their wedding, in Mumbai, India, May 17, 2018. REUTERS/Danish Siddiqui/File Photo
Even more thrilled were the women from the Mumbai-based NGO Myna Mahila Foundation, one of a handful of charities picked by the couple to attend the wedding.
“We have been preparing in terms of what will we be wearing and what we will be giving,” said founder Suhani Jalota, whose organisation aims to break taboos around menstrual hygiene in India by offering women access to low-cost sanitary pads.
Jalota said her NGO planned to give the couple calligraphic portraits because Markle, who visited the foundation last year, had been a calligraphy artist.
Elsewhere, PETA animal rights activists in India said they had given Prince Harry and Markle a bull, rescued after he was injured, and called him “Merry” - a hybrid of the couple’s names.
“Prince Harry and Meghan Markle now have a one-ton bull to call their own. Rescuing Merry is an ideal wedding present for a couple who want their day celebrated with charitable works and contributions,” PETA founder Ingrid Newkirk said in a statement. Reporting by Rajendra Jadhav and Sankalp Phartiyal; Additional reporting by Abhirup Roy, Francis M. and Euan Rocha; Writing by Raissa Kasolowsky; Editing by Kevin Liffey | ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-royals-world-india/mumbais-lunch-carriers-choose-wedding-gifts-for-harry-and-meghan-idUSKCN1IJ2HZ |
Kansas fired athletic director Sheahon Zenger on Monday morning, with Chancellor Douglas A. Girod citing “elusive” progress in “key areas” in a letter posted online.
“Sheahon has been a loyal Jayhawk, and our athletics department has improved in many areas under his leadership,” Girod wrote in his statement. “But Athletics continues to face a number of challenges, and progress in key areas has been elusive. To achieve the level of success we need and expect, I have determined a change in leadership is necessary.”
Girod also stated he met with beleaguered football coach David Beaty on Monday, but rather than fire the coach, the chancellor said he “shared my expectation that he will continue recruiting hard and getting his team ready for the season.”
Deputy athletic director Sean Lester will serve as interim AD while a search for a permanent replacement is conducted. Drue Jennings, a Kansas alum who is credited with hiring basketball coach Bill Self while Jennings was Kansas’ interim AD in 2003, will lead the search this time.
Kansas hired Zenger in 2011 after he served nearly six years in the same role at Illinois State. While the basketball program has thrived in his tenure in Lawrence, winning the Big 12 each season and making two Final Fours, the Jayhawks football program has been among the worst in all of the FBS.
Kansas is just 12-72 since 2011, and Zenger’s first hire as football coach was Charlie Weis. The former Notre Dame coach was just 6-22 in what seemed like three disastrous seasons, but Beaty is just 3-33 in his three seasons thus far.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-ncaa-kan-zenger-fired/kansas-fires-athletic-director-zenger-spares-football-coach-beaty-idUSKCN1IM245 |
May 7 (Reuters) - AKFEN GAYRIMENKUL YATIRIM ORTAKLIGI AS :
* Q1 REVENUE OF 5.9 MILLION LIRA VERSUS 4.5 MILLION LIRA YEAR AGO
* Q1 NET LOSS OF 44.1 MILLION LIRA VERSUS PROFIT OF 11.0 MILLION LIRA YEAR AGO Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-akfen-reit-unconsolidated-q1-net-r/brief-akfen-reit-unconsolidated-q1-net-result-turns-to-loss-of-44-1-mln-lira-idUSFWN1SE106 |
SINGAPORE/BEIJING (Reuters) - Commodities trader Glencore has formed a joint venture with China’s Zhejiang Petroleum to trade energy products, officials at Glencore and Zhejiang said on Thursday.
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland September 30, 2015. REUTERS/Arnd Wiegmann/File Photo The move comes after China National Chemical Corp, known as ChemChina, and Swiss-based trader Mercuria expanded an equity tie-up, as foreign trading companies look to gain a foothold in the world’s largest energy consumer.
Top officials from the Zhejiang provincial government and Singapore-based Glencore executives attended the signing of the joint-venture contract on April 26, according to local media reports.
Both companies will invest 1 billion yuan ($157 million) in the joint venture, Zhejiang Petroleum Trading Co, with Zhejiang holding a 71 percent share and Glencore the remainder, said the Glencore official, who declined to be named due to company policy.
“Glencore will have the flexibility to inject more money and increase its shareholding in the future,” he said.
The joint-venture company will be located in the Zhoushan Free Trade Zone in eastern Zhejiang province and will trade crude, oil products and liquefied natural gas (LNG), he said. The company also plans to apply for crude oil import quota.
An official from Zhejiang Petroleum’s media department confirmed the joint venture company will be set up, and that it would focus on trading crude oil. He did not give further details on the deal.
Established in 2017, Zhejiang Petroleum is owned by regional utilities, state-owned coal producer Zhejiang Energy and privately owned refiner Zhejiang Petroleum and Chemical Co.
Glencore was one of the first western companies to trade China’s new Shanghai crude futures when the derivative was launched last month.
(This version of the story corrects paragraph 4 to show investment is from both companies, not each)
Reporting by Florence Tan in SINGAPORE and Meng Meng in BEIJING; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-oil-glencore/glencore-forms-energy-trading-venture-with-zhejiang-petroleum-idUSKBN1I40HA |
LONDON, May 15, 2018 /PRNewswire/ --
Prospect Co., Ltd. (the "Company") `s Board of Directors has approved the share trading unit change and partial amendment to the Articles of Incorporation.
Note
1. About share trading unit change
A. Reason:
To comply with "Action Plan for Consolidating Trading Units" announced by the Japanese stock exchanges which aims to standardizing the trading unit of domestic listed companies to 100 shares. As a listed company on the Tokyo Stock Exchange, the Company will change the share trading unit from 1,000 shares to 100 shares, as defined in Article 8 of the Company's current Articles of Incorporation.
B. Contents of the change: share trading unit from 1,000 shares to 100 shares
C. Effective date: October 1, 2018
2. About partial amendment to the Articles of Incorporation
A. Reason:
same reason as mentioned above in 1. A.
B. Contents of the amendment:
The underlined indicates the changes.
Current Articles of Incorporation
Proposed changes
Article 8 (Share Unit)
A share unit of the Company shall comprise one thousand (1000) shares of stock.
Article 8 (Share Unit)
A share unit of the Company shall comprise one hundred (100) shares of stock.
Supplementary Information
(for transition purpose regarding share unit)
The change in Article 8 (share unit) shall take effect on October 1, 2018 and the Supplementary Information shall be deleted on the same day
C. Effective date: October 1, 2018
Prospect Co., Ltd.
Representative Director, President: Curtis Freeze
(Security Code: 3528, 2 nd Section of TSE)
Contact:
Representative Director, Managing Director, Masato Tabata
TEL:
03 (3470) 8411 (Main)
View original content: http://www.prnewswire.com/news-releases/prospect-co-ltd---notice-share-trading-unit-change-and-partial-amendment-to-the-articles-of-incorporation-300648521.html
SOURCE Prospect Co., Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-prospect-co-ltd--notice-share-trading-unit-change-and-partial-amendment-to-the-articles-of-incorporation.html |
LAWRENCEVILLE, Ga.--(BUSINESS WIRE)-- Add after last paragraph of release: Boxlight Corporation Consolidated Balance Sheets, Boxlight Corporation Consolidated Statements of Operations and Comprehensive Loss, Boxlight Corporation Reconciliation of Net Loss to EBITDA, Boxlight Corporation Reconciliation of Net Loss to Adjusted EBITDA .
The corrected release reads:
BOXLIGHT REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
Boxlight Corporation (Nasdaq: BOXL) (“Boxlight”), a leading provider of technology solutions for the global learning market, today announced the Company's financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Financial Highlights
Revenue of $6.0 million increased 43.0% from $4.2 million in the first quarter of 2017. Gross profit of $1.5 million increased 23.4% from $1.2 million in the first quarter of 2017. Gross margin was 24.7% compared to 28.6% in the first quarter of 2017. Operating expenses of $3.3 million increased 23.5% from $2.6 million in the first quarter of 2017. Loss from operations was $(1.8) million, compared to a loss of $(1.4) million in the first quarter of 2017. Net loss was $(1.9) million, or $(0.20) per share, compared to a net loss of $(1.6) million, or $(0.34) per share, in the first quarter of 2017. Adjusted EBITDA was a loss of $(1.1) million, compared to a loss of $(1.1) million in the first quarter of 2017.
Management Commentary
“We are pleased to build on our 2017 performance with a very strong first quarter. Revenues were up over 40 percent year-over-year, led by the continued expansion in our network of reseller partners, growing adoption of our existing product suite and continued product introductions,” commented Mark Elliott, chief executive officer of Boxlight. “Growth in our reseller network is an important component of our organic growth strategy.”
“We intend to complement our growth with strategic acquisitions,” added Mr. Elliott. “With this in mind, we are pleased to announce our acquisition of Cohuba, a touch display technology firm based in the U.K. We look forward to leveraging Cohuba’s experienced sales and operational team and channel partner network in this important market.”
Mr. Elliott concluded, “Subsequent to quarter end, we were awarded several significant contracts to deliver Boxlight’s comprehensive suite of products and services to students in thousands of additional U.S. classrooms this year. We are seeing unprecedented adoption of technology solutions in the education market, and we exited the quarter with the strongest sales pipeline in our history. We remain confident that our comprehensive, integrated product and software suite uniquely position Boxlight as a thought leader in the educational technology market.”
Recent Developments
During the quarter, the company entered into new partnerships with Kansas City Audio Visual (KVAC), a leading reseller in the Midwest; TEQ, a New York-based reseller for the Company’s portable STEM lab, tables, peripherals and supporting products; and Whalley Computer Associates, a prominent reseller in New England. Boxlight will work with these trusted reseller partners to introduce the Company’s interactive and collaborative learning solutions into additional K-12 classrooms in the U.S.
On May 14, 2018, the Company announced its acquisition of United Kingdom-based Cohuborate Ltd. (“Cohuba"), from a family trust of Tony Cann, founder of Promethean. Cohuba is a developer of touch display technology for the education, government and business markets. Through the acquisition, Boxlight gains Cohuba’s experienced sales and operations team, and strong network of reseller partners to distribute Boxlight’s technology solutions to the education market throughout the United Kingdom. Boxlight will relaunch the Cohuba brand in 2018 as its global business and government solution. The acquisition also expands the company’s advisory panel with the addition of Mr. Paul Pickup, former chief operating officer of Promethean and Mr. Andy Pennington, founder and CEO of Cohuba, and previously head of product at Promethean.
Boxlight acquired Cohuba for approximately $1.8 million through the issuance of 257,200 shares of common stock at a price of $7 per share.
First Quarter 2018 Financial Results Conference Call
Management will host a conference call to discuss the first quarter 2018 financial results today, Tuesday, May 15, 2018 at 4:30 p.m. Eastern Time. The conference call details are as follows:
Date: Tuesday, May 15, 2018 Time: 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time Dial-in: 1-877-407-9716 (Domestic) 1-201-493-6779 (International)
Conference ID: 13679065 Webcast: http://public.viavid.com/index.php?id=129430
For those unable to participate during the live broadcast, a replay of the call will also be available from 7:30 p.m. Eastern Time on May 15, 2018 through 11:59 p.m. Eastern Time on May 29, 2018 by dialing 1-844-512-2921 (domestic) and 1-412-317-6671 (international) and referencing the replay pin number: 13679065.
Use of Non-GAAP Financial Measures
To supplement Boxlight’s financial statements presented on a GAAP basis, Boxlight provides EBITDA and Adjusted EBITDA as supplemental measures of its performance.
To provide investors with additional insight and allow for a more comprehensive understanding of the information used by management in its financial and decision-making surrounding pro forma operations, we supplement our consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with EBITDA and Adjusted EBITDA, non-GAAP financial measures of earnings. EBITDA represents net income before income tax expense (benefit), interest income, interest expense, depreciation and amortization. Adjusted EBITDA represents EBITDA plus stock-based compensation and non-recurring IPO expenses. Our management uses EBITDA and Adjusted EBITDA as financial measures to evaluate the profitability and efficiency of our business model. We use these non-GAAP financial measures to access the strength of the underlying operations of our business. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. We find this especially useful when reviewing pro forma results of operations, which include large non-cash amortizations of intangible assets from acquisitions and stock-based compensation. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.
About Boxlight Corporation
Boxlight Corporation (Nasdaq: BOXL) (“Boxlight”) is a leading provider of technology solutions for the global education market. The company aims to improve learning and engagement in classrooms and to help educators enhance student outcomes, by developing the products they need. The company develops, sells, and services its integrated, interactive solution suite including software, classroom technologies, professional development and support services. For more information about the Boxlight story, visit http://www.boxlight.com .
Forward Looking Statements
This press release may contain information about Boxlight's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to maintain and grow its business, variability of operating results, its development and introduction of new products and services, marketing and other business development initiatives, competition in the industry, etc. Boxlight encourages you to review other factors that may affect its future results in Boxlight's filings with the Securities and Exchange Commission.
Boxlight Corporation Consolidated Balance Sheets March 31, December 31, 2018 2017 ASSETS Current Assets:
Cash and cash equivalents $
448,345
$ 2,010,325 Accounts receivable - trade, net of allowance 3,083,668 3,089,932 Inventories, net of reserve 3,738,723 4,626,569 Prepaid expenses and other current assets 1,227,995 388,006 Total current Assets 8,498,731 10,114,832 Property and equipment, net of accumulated depreciation 25,095 29,752 Intangible assets, net of accumulated amortization 5,943,368 6,126,558 Goodwill 4,181,991 4,181,991 Other assets 316 292 Total Assets $
18,649,501
$ 20,453,425 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $
2,415,090
$ 2,994,918 Accounts payable and accrued expenses - related parties 4,739,569 4,391,713 Short-term debt 819,960 752,449 Short-term debt - related parties 54,000 54,000 Convertible notes payable - related parties 50,000 50,000 Deferred revenues - short term 483,243 1,127,423 Total current liabilities 8,561,862 9,370,503 Deferred revenues - long term 175,915 175,294 Total liabilities 8,737,777 9,545,797 Commitments and contingencies Stockholders' equity: Preferred stock, $0.0001 par value, 50,000,000 shares authorized; 250,000 shares issued and outstanding 25 25 Common stock, $0.0001 par value, 200,000,000 shares authorized; 9,648,197 and 9,558,997 Class A shares issued and outstanding, respectively 965 956 Additional paid-in capital 24,655,946 23,740,751 Subscriptions receivable (325 ) (325 ) Accumulated deficit (14,701,902 ) (12,785,931 ) Other comprehensive loss (42,985 ) (47,848 ) Total stockholders' equity 9,911,724 10,907,628 Total liabilities and stockholders' equity $
18,649,501
$ 20,453,425 Boxlight Corporation Consolidated Statements of Operations and Comprehensive Loss Three Months Ended March 31, 2018 2017 Revenues $
5,996,685
$ 4,194,429 Cost of revenues 4,515,713 2,994,683 Gross profit 1,480,972 1,199,746 Operating expenses:
General and administrative expenses 3,169,787 2,451,206 Research and development 92,505 190,445 Total operating expenses
3,262,292 2,641,651 Loss from operations (1,781,320 ) (1,441,905 ) Other income (expense): Interest expense, net
(146,928 ) (169,091 ) Other income (expense), net (13,461 ) 49,646 Gain on settlement of debt 25,738 - Total other income (expense) (134,651 ) (119,445 ) Net loss (1,915,971 ) (1,561,350 ) Comprehensive loss: Net loss (1,915,971 ) (1,561,350 ) Other comprehensive loss: Foreign currency translation loss 4,863 (23,713 ) Total comprehensive loss (1,911,108 ) (1,585,063 ) Net loss per common share - basic and diluted $
(0.20
)
$ (0.34 ) Weighted average number of common shares outstanding - basic and diluted 9,617,233 4,621,687 Boxlight Corporation Reconciliation of Net Loss to EBITDA Three Months Ended March 31, 2018 2017 Net loss
$ (1,916 ) $ (1,561 ) Depreciation and amortization 188 192 Interest expense 147 169 EBITDA $ (1,581 ) $ (1,200 ) Boxlight Corporation Reconciliation of Net Loss to Adjusted EBITDA Three Months Ended March 31, 2018 2017 Net loss
$ (1,916 ) $ (1,561 ) Depreciation and amortization 188 192 Interest expense 147 169 Stock compensation expense 497 47 Non-recurring IPO expenses - 53 Adjusted EBITDA $ (1,084 ) $ (1,100 )
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006696/en/
Media:
Nickel Communications
Charlotte Andrist, +1-770-310-5244
[email protected]
or
Investor Relations:
Boxlight Corporation
Michael Pope, +1-360-464-4478
[email protected]
or
Addo Investor Relations
Laura Bainbridge, +1-310-829-5400
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Source: Boxlight Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-adding-and-replacing-boxlight-reports-first-quarter-2018-financial-results.html |
May 16 (Reuters) -
* FDA REPORTS QUALITY PROBLEMS FOR DATA PROVIDED BY THE FIRM IQVIA THAT WERE USED TO INFORM ESTIMATES FOR SOME CONTROLLED SUBSTANCES
* FDA-FOUND DISCREPANCY IN IQVIA DATA THAT SHOWED MORE THAN 20 PERCENT DROP IN REPORTED AMOUNT(KG)OF FENTANYL SOLD FOR A MINIMUM OF PAST FIVE YEARS COMPARED TO PREVIOUSLY REPORTED FIGURE
* FDA SAYS BASED ON ITS INVESTIGATION, IT FOUND THAT PAST DATA WERE OVERESTIMATED BY IQVIA BECAUSE OF AN ERROR IN IQVIA’S METHODS
* FDA-CALLED UPON IQVIA TO IMMEDIATELY RETAIN THIRD PARTY AUDITOR TO CONDUCT REVIEW OF DATA QUALITY, QUALITY CONTROL PROCEDURES OF CONTROLLED SUBSTANCE DATA UTILIZED BY FDA
* FDA-WILL WORK WITH OTHER FEDERAL PARTNERS ON IQVIA’S ISSUES AND BRIEF MEMBERS OF CONGRESS ON IQVIA’S DATA QUALITY ISSUES, POTENTIAL PUBLIC HEALTH IMPLICATIONS
* FDA-WANTS TO ASSESS WHETHER ERRORS WERE MORE SYSTEMATIC AND WIDESPREAD, WANTS TO DETERMINE THE POTENTIAL IMPACT OF SUCH ERRORS ON FDA’S WORK
* FDA - ADDITIONAL DATA QUALITY ERRORS RAISE SERIOUS CONCERNS ABOUT SYSTEMIC ISSUES WITH IQVIA’S DATA AND QUALITY CONTROL PROCEDURES Source text: bit.ly/2ImqOK1 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fda-reports-quality-problems-for-d/brief-fda-reports-quality-problems-for-data-provided-by-iqvia-that-were-used-to-inform-estimates-for-some-controlled-substances-idUSFWN1SN0X5 |
Washington embraces motorized scooters 3:28pm EDT - 02:13
Many Washingtonians are gliding the final few blocks of their commutes on motorized scooters that a new sharing program cannot keep up with rush-hour demand, but authorities in other big U.S. cities that pioneered the concept are less than thrilled. Colette Luke has more. ▲ Hide Transcript ▶ View Transcript
Many Washingtonians are gliding the final few blocks of their commutes on motorized scooters that a new sharing program cannot keep up with rush-hour demand, but authorities in other big U.S. cities that pioneered the concept are less than thrilled. Colette Luke has more. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rEYYNB | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/12/washington-embraces-motorized-scooters?videoId=426284998 |
May 23, 2018 / 7:52 AM / Updated 4 minutes ago Turkish central bank raises rates sharply to prop up lira Daren Butler , Behiye Selin Taner 4 Min Read
ISTANBUL (Reuters) - Turkey’s central bank raised interest rates by 300 basis points on Wednesday in an emergency move to put a floor under the plunging lira currency and calm investors unnerved by interventions from President Tayyip Erdogan.
The central bank, which had been scheduled to hold its next policy-setting meeting on June 7, said it had increased its top interest rate to 16.5 percent from 13.5 percent, prompting a sharp rally in the lira after it earlier tumbled 5 percent.
Investors had been betting the selloff in the lira - which has fallen about 20 percent so far this year to a series of record lows - would force the bank into action.
The currency reversed course after the decision and was about 2 percent firmer on the day at 4.5656 to the dollar at 1917 GMT. It earlier hit an all-time low of 4.9290.
“It is high time to restore monetary policy credibility and regain investor confidence,” Deputy Prime Minister Mehmet Simsek said on Twitter, shortly before the central bank’s announcement.
Investors have sold off the lira on concerns about monetary policy, particularly after Erdogan - a self-described “enemy of interest rates” - said last week he expected to assert greater control over policy after elections on June 24. This deepened worries about the ability of the central bank’s Monetary Policy Committee to tame double-digit inflation.
Following the bank’s move, Erdogan said “financial discipline will continue and the necessary things will be done for financial stability”. Related Coverage Erdogan says Turkey will take 'different measures' against inflation after election
But he also said the currency’s volatility did not reflect economic reality and, echoing his frequent references to foreign threats, warned that he would not let “global governance types” ruin the country.
He appealed to Turks not to favour foreign currencies over the lira, and said authorities “will definitely take measures to lower inflation and the current account deficit in a very different way after the elections.” ‘AT LONG LAST’
In a statement on the rate hike, the central bank said inflation, which stood at an annual 10.85 percent in April and has been as high as 12.98 percent in recent months, continued to pose risks.
“Accordingly, the Committee decided to implement a strong monetary tightening to support price stability,” it said. FILE PHOTO: Turkish Lira banknotes are seen in this October 10, 2017 picture illustration. REUTERS/Murad Sezer/Illustration/File Photo
“At long last. If they had listened to the markets weeks ago and done this back then they may have been able to get away with a lower rate hike,” said Timothy Ash, emerging markets debt strategist at BlueBay Asset Management.
“They might still need to hike further on June 7, but at least this hike gives them a chance of getting there without much more damage.”
The last time the central bank raised interest rates at an emergency meeting was in January 2014, in an attempt to stop a similar selloff. Since then, the currency has lost more than half its value against the dollar.
Erdogan wants lower borrowing costs to fuel credit and economic growth, particularly as he heads into next month’s parliamentary and presidential elections.
But the central bank may have to raise rates further on June 7, said Inan Demir, senior emerging markets economist at Nomura International. “I think it would be still too early to call the end of the lira weakness but obviously this is a good start for the central bank,” Demir said.
Win Thin, Global Head of Emerging Market Currency Strategy at Brown Brothers Harriman in New York, said Wednesday’s increase was the “bare minimum”, and something closer to 20 percent in the top rate would be needed to calm the lira.
Credit ratings agencies have also sounded the alarm. Slideshow (5 Images)
S&P Global senior sovereign analyst Frank Gill told Reuters on Tuesday that government finances could deteriorate rapidly if authorities failed to stem pressure on the currency and government borrowing costs. Additional reporting by Orhan Coskun, Claire Milhench, Ece Toksabay, Ali Kucukgocmen, Karin Strohecker, Nevzat Devranoglu, Rodrigo Campos, Ezgi Erkoyun; writing by Daren Butler, David Dolan and Dominic Evans; editing by John Stonestreet and David Stamp | ashraq/financial-news-articles | https://www.reuters.com/article/uk-turkey-currency/turkish-lira-hits-record-low-down-20-percent-against-dollar-this-year-idUSKCN1IO0WV |
The man leading Bahrain's private sector development wants to emulate Norway's model when it comes to oil, he told CNBC on Wednesday.
"I'm trying to promote the Norway story. Norway discovered oil after they industrialized, and started to use oil as capital. That's what we need to look for," Sheikh Mohammed bin Essa Al Khalifa told CNBC's Hadley Gamble during the Gateway Gulf Bahrain forum in the capital Manama.
Al Khalifa is the chairman of Bahrain's semi-autonomous governmental agency Tamkeen, which is tasked with driving the kingdom's economic development, increasing productivity and creating jobs. Tamkeen was established in 2006 as part of the government's reform initiatives.
"We've invested in the basic infrastructure, that's done," Al Khalifa said. "So it is more using oil as capital, not cash flow, and reaching a point where recurrent revenue matches recurrent expenditure in the government."
By pointing to Norway, Al Khalifa was referencing the oil-rich Nordic state's sovereign wealth fund, which is the largest in the world. Established in 1990, the Government Pension Fund of Norway fund has been used to invest the country's surplus petroleum revenues, putting that oil money to work. To date, it has over $1 trillion in assets, including 1.3 percent of global equities.
"It'll take time to get there, I'm not saying it'll be done easily, but I think the oil gives us an opportunity to be able to invest and grow the region better," Al Khalifa added. "We no longer need it to provide services — most of the services either pay for themselves or are on the way to paying for themselves. It's getting in the mindset to use oil as capital, and not cash flow."
Joe Raedle/Getty Images Khalid Abdulla Alhajeri looks at a natural gas pipe November 3, 2002 in Manama, Bahrain. Bahrain had a budget deficit of 17.8 percent of gross domestic product (GDP) in 2016, and while this is shrinking — the deficit is projected at 11.9 percent for 2018 — the country of 1.4 million is relying heavily on oil to plug that gap.
The hydrocarbons sector accounted for 75 percent of government revenue in 2017. Bahrain is among several Gulf nations attempting to diversify their economies away from oil dependency in the aftermath of the 2014 drop in global oil prices.
The kingdom's oil base is still relatively small — its output is around 198,000 barrels per day (bpd), compared to neighboring Saudi Arabia's production of 12.3 million bpd. In early April, Bahrain's government announced the discovery of a massive new oil deposit estimated at around 80 billion barrels, which could be its biggest hydrocarbon discovery in decades. It aims to use this to boost its fiscal strength.
Norway, for its part, has been suggesting dropping its investments in oil and gas stocks to reduce its exposure to volatile oil markets. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/bahrain-aims-to-emulate-norway-when-it-comes-to-oil-investment.html |
COLOMBO, May 14 (Reuters) - The Chinese government has approved a $1 billion loan to Sri Lanka to build a highway and its export-import bank has been instructed to process the borrowing, Sri Lankan Prime Minister Ranil Wickremesinghe’s office said on Monday.
It will be one of the largest projects undertaken by the China in the island nation, which is backing China’s Belt and Road Initiative (BRI).
The Prime Minister’s office said Cheng Xueyuan, China’s ambassador to Sri Lanka, met Wickremesinghe and broke the “good news” of the Chinese government approving funding for construction of the first phase of the central expressway.
“The ambassador requested the Sri Lankan side to expedite administrative and legal formalities,” the prime minister’s office said in a statement.
Xueyuan’s meeting with the prime minister comes three days after he met President Maithripala Sirisena.
“The president highlighted that Sri Lanka strongly supports the belt and road initiative, and attaches great importance to the joint mega-projects of Colombo Port City as well as the Hambantota Port and Industrial Park,” a Chinese Embassy statement said on Saturday.
It also said instructions have been given to concerned government departments by the president’s office to accelerate the resolution of specific issues and make solid progress in the projects.
Many Chinese projects including the $1.4 billion port city reclamation deal were suspended soon after president Sirisena took the office in January 2015 citing incorrect procedures by the previous government amid corruption allegations.
However, the port city project was allowed to resume after a nearly two year delay following fresh environmental impact assessments. The Sri Lankan government later leased a Chinese built deep sea port in southern Hambantota for $1.12 billion on a 99-year lease amid mounting debt crisis. (Reporting by Shihar Aneez; Editing by Toby Chopra)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-china-loan/china-approves-1-bln-loan-for-sri-lanka-highway-sri-lanka-pms-office-idUSL3N1SL5ID |
May 3, 2018 / 11:19 AM / Updated 6 hours ago FOREX-Euro bounces off four-month low despite slowing inflation Reuters Staff
* Weaker inflation fails to knock euro
* Dollar slips slightly after Fed policy decision
* Norwegian crown climbs after central bank keeps rates outlook
* Commodity-linked currencies recover
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
By Tommy Wilkes
LONDON, May 3 (Reuters) - The euro rose off four-month lows on Thursday, shrugging off data showing an unexpected slowdown in euro zone inflation, while elsewhere most currencies recovered some ground versus the dollar as the greenback’s recent rally paused.
Euro zone inflation slowed to 1.2 percent year-on-year in April, down from 1.3 percent in March, and core inflation fell even more, raising questions about the European Central Bank’s plan for withdrawing its monetary stimulus.
The dollar has erased all its 2018 losses in the past fortnight. It surged on expectations the United States would raise rates faster than had been forecast the rapid unwinding of positions by investors short the dollar.
But the dollar’s rally came to a halt overnight after the Federal Reserve in its policy meeting did little to alter market expectations for further rate rises this year.
Comments from the Fed were “possibly disappointing for dollar bulls”, but the main reason for the euro’s resilience on Thursday was profit-taking after the dollar’s rapid move higher, said Jane Foley, currencies strategist at Rabobank.
Foley said buyers of euros remained at risk of weaker euro zone economic data.
“We are no longer seeing better-than-expected data. The market is still a bit too long euros and remains vulnerable,” she said.
The euro slipped slightly after the inflation numbers but recovered and rose 0.3 percent to $1.9986. It also firmed against sterling and the yen. RATE DIFFERENTIALS
The Fed left its benchmark overnight lending rate in a target range of between 1.50 percent and 1.75 percent as expected on Wednesday.
Analysts interpreted its comments on inflation as a signal it may allow prices rises beyond its target, a stance that would limit the need for it to embark on a more aggressive path of tightening.
The dollar index slipped 0.1 percent.
“The market will have to get used to the fact that in order to prevent an economic overheating interest rates in the U.S. will continue to rise,” Commerzbank analysts said, predicting that rate differentials between countries would have a greater bearing on currencies and could cement euro/dollar around $1.20.
The dollar has been buoyed in recent weeks by the strong U.S. economic outlook and rising Treasury yields. U.S. jobs data on Friday should give further indications of the strength of the economy and inflationary pressures.
Elsewhere, Norway’s central bank kept rates on hold on Thursday and reiterated that a rise was likely after the summer. Analysts said that the consistency in the Norges bank’s position was more hawkish than other central banks.
The crown rose 0.6 percent versus the euro to 9.6470 , more than 1 percent versus the dollar and 0.1 percent versus the Swedish crown.
Commodity-linked currencies like the Canadian and Australian dollars recovered some recent lost ground.
The loonie rose half a percent to C$1.2823.
The Aussie increased 0.6 percent to $0.7539 cents after data showed a better-than-expected jump in the country’s trade surplus for March. The currency had dropped to $0.7473 this week, its lowest since mid-2017. (Editing by Raissa Kasolowsky, Larry King) | ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-euro-bounces-off-four-month-low-despite-slowing-inflation-idUSL8N1SA3MR |
Stocks, euro, Italian bonds make second day of gains 9:12am EDT - 01:55
World stocks and Italian bonds made a second day of gains on Thursday, after renewed efforts from politicians in Rome to form a government and data from China pointed to its giant economy performing well. Kate King reports.
World stocks and Italian bonds made a second day of gains on Thursday, after renewed efforts from politicians in Rome to form a government and data from China pointed to its giant economy performing well. Kate King reports. //reut.rs/2L9CXPa | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/stocks-euro-italian-bonds-make-second-da?videoId=431900482 |
Raises Full-Year Outlook for RevPAR Growth, Rooms Growth and Shareholder Returns
CHICAGO--(BUSINESS WIRE)-- Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported first quarter 2018 financial results. Net income attributable to Hyatt was $411 million, or $3.40 per diluted share, in the first quarter of 2018, compared to $55 million, or $0.42 per diluted share, in the first quarter of 2017. Adjusted net income attributable to Hyatt was $40 million, or $0.33 per diluted share, in the first quarter of 2018, compared to $89 million, or $0.68 per diluted share, in the first quarter of 2017. Refer to the table on page 4 of the schedules for a summary of special items impacting Adjusted net income and Adjusted earnings per share in the three months ended March 31, 2018.
The Company's results reflect the adoption of Accounting Standards Update (ASU 2014-09), Revenue from Contracts with Customers (Topic 606) on a full retrospective basis. As such, prior period results have been adjusted to reflect the adoption of ASU 2014-09.
Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, "We had a strong start to the year, highlighted by better-than-expected lodging fundamentals and a $1.0 billion sale of three hotel properties. The sale transaction clearly demonstrates the high quality of Hyatt’s asset base as well as our commitment to unlock shareholder value.”
First quarter of 2018 financial highlights as compared to the first quarter of 2017 are as follows:
Net income increased 643.6% to $411 million, aided by gains on sales of real estate. Adjusted EBITDA decreased 7.3% to $202 million, down 8.4% in constant currency. Comparable systemwide RevPAR increased 4.3%, including an increase of 1.6% at comparable owned and leased hotels. Excluding the impact of Easter holiday timing, comparable systemwide RevPAR increased 4.6% and comparable owned and leased RevPAR increased 2.0%. Comparable U.S. hotel RevPAR increased 2.7%; full service and select service hotel RevPAR increased 2.7% and 2.8%, respectively. Excluding the impact of Easter holiday timing, comparable U.S. hotel RevPAR increased 3.1%; full service and select service hotel RevPAR increased 3.3% and 2.8%, respectively. Net rooms growth was 7.2%. Comparable owned and leased hotel operating margin increased 80 basis points to 24.3%. Adjusted EBITDA margin decreased 30 basis points to 30.7%, in constant currency.
Mr. Hoplamazian continued, "We remain cautiously optimistic for the balance of 2018 based on our underlying business trends and encouraging group booking patterns. We expect growth in both systemwide RevPAR and hotel rooms to sustain upward momentum in our management and franchise fees as we evolve to an asset-lighter business model.”
First quarter of 2018 financial results as compared to the first quarter of 2017 are as follows:
Management, Franchise and Other Fees
Management, franchise and other fee revenue increased 15.7% (13.9% in constant currency) to $132 million, driven by new hotels and improved performance at existing hotels. Base management fees increased 12.2% to $53 million and incentive management fees increased 13.5% to $34 million. Franchise fees increased 9.9% to $28 million. Other fee revenues increased 49.0% to $17 million, including an $8 million legal settlement in relation to a franchise agreement termination for an unopened property.
Americas Management and Franchising Segment
Americas management and franchising segment Adjusted EBITDA increased 14.6% (14.3% in constant currency). RevPAR for comparable Americas full service hotels increased 3.1%; occupancy increased 170 basis points and ADR increased 0.8%. RevPAR for comparable Americas select service hotels increased 3.6%; occupancy increased 150 basis points and ADR increased 1.5%. Revenue from management, franchise and other fees increased 9.5% (9.2% in constant currency).
Transient rooms revenue at comparable U.S. full service hotels increased 4.4%; room nights increased 1.7% and ADR increased 2.7%. Group rooms revenue at comparable U.S. full service hotels decreased 1.4%; room nights decreased 0.6% and ADR decreased 0.8%. Group demand was negatively impacted by the timing of the Easter holiday.
Americas net rooms increased 5.5% compared to the first quarter of 2017.
Southeast Asia, Greater China, Australia, South Korea, Japan and Micronesia (ASPAC) Management and Franchising Segment
ASPAC management and franchising segment Adjusted EBITDA increased 23.4% (16.1% in constant currency). RevPAR for comparable ASPAC full service hotels increased 6.7%, led by strong RevPAR growth in Greater China. Occupancy increased 350 basis points and ADR increased 1.5%. Revenue from management, franchise and other fees increased 20.1% (14.6% in constant currency).
ASPAC net rooms increased 11.3% compared to the first quarter of 2017.
Europe, Africa, Middle East and Southwest Asia (EAME/SW Asia) Management and Franchising Segment
EAME/SW Asia management and franchising segment Adjusted EBITDA increased 25.9% (19.8% in constant currency). RevPAR for comparable EAME/SW Asia full service hotels increased 7.0%, driven by growth across the region with particular strength in Turkey, France and India. Occupancy increased 380 basis points and ADR increased 1.0%. Revenue from management, franchise and other fees increased 18.3% (12.8% in constant currency).
EAME/SW Asia net rooms increased 10.9% compared to the first quarter of 2017.
Owned and Leased Hotels Segment
Total owned and leased hotels segment Adjusted EBITDA decreased 20.7% (21.3% in constant currency) including a 60.1% decrease in pro rata share of unconsolidated hospitality ventures Adjusted EBITDA, reflecting the Playa Hotels & Resorts transaction with Pace Holdings Corporation in the first quarter of 2017. The decrease in segment Adjusted EBITDA was driven by transaction activity. Refer to the table on page 16 of the schedules for a detailed list of portfolio changes and the year-over-year net impact to total owned and leased hotels segment Adjusted EBITDA.
Owned and leased hotels segment revenues decreased 11.9% (13.3% in constant currency). RevPAR for comparable owned and leased hotels increased 1.6%. Occupancy increased 50 basis points and ADR increased 0.9%.
Corporate and Other
Corporate and other Adjusted EBITDA decreased 3.3% (3.0% in constant currency).
Corporate and other revenues increased 52.6% (consistent in constant currency), primarily driven by wellness business acquisitions (Miraval and Exhale Enterprises, Inc. ("exhale")).
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses decreased 3.0%, inclusive of rabbi trust impact and stock- based compensation. Adjusted selling, general, and administrative expenses increased 6.0%, primarily driven by payroll and related expenses, including severance charges and the acquisition of exhale. Refer to the table on page 9 of the schedules for a reconciliation of selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses.
OPENINGS AND FUTURE EXPANSION
Nine hotels (or 1,896 rooms) were added in the first quarter of 2018. The Company's net rooms increased 7.2%, compared to the first quarter of 2017. The Company is on pace to add approximately 60 hotels in the 2018 fiscal year.
As of March 31, 2018, the Company had executed management or franchise contracts for approximately 340 hotels (or approximately 73,000 rooms), compared to the expectation for approximately 330 hotels and 70,000 rooms as of December 31, 2017. This represents development pipeline growth of approximately 10%, compared to the first quarter of 2017.
SHARE REPURCHASE
During the first quarter of 2018, the Company repurchased $95 million of shares, consisting of 1,209,987 shares of Class A common stock, including 244,260 shares, or $20 million of shares delivered in the settlement of a November 2017 accelerated share repurchase program. There were no Class B shares repurchased in the quarter. The Company ended the first quarter with 47,515,803 Class A and 70,496,643 Class B shares issued and outstanding.
From April 1 through April 27, 2018, the Company repurchased 1,070,144 shares of Class A common stock for an aggregate purchase price of $82 million. As of April 27, 2018, the Company had approximately $706 million remaining under its share repurchase authorization.
CAPITAL STRATEGY UPDATE
During the first quarter, the Company completed the following transaction:
On March 29, 2018, sold the Andaz Maui at Wailea Resort (301 rooms), the Grand Hyatt San Francisco (668 rooms), and the Hyatt Regency Coconut Point Resort and Spa (454 rooms) for pre-tax net proceeds of approximately $992 million in a portfolio sale to Host Hotels & Resorts, Inc. The hotels continue to be Hyatt-branded under long-term management agreements.
The Company remains on track to successfully execute plans to sell approximately $1.5 billion of real estate by the end of 2020 as part of its capital strategy. Two of the three properties in the portfolio transaction, the Andaz Maui at Wailea Resort and the Grand Hyatt San Francisco, reflect a combined attributed sale value of approximately $800 million and form part of the $1.5 billion permanent sell-down program. To date, the Company has sold approximately $1.1 billion of real estate under the program.
BALANCE SHEET / OTHER ITEMS
As of March 31, 2018, the Company reported the following:
Total debt of $1,450 million. Pro rata share of unconsolidated hospitality venture debt of $564 million, substantially all of which is non-recourse to Hyatt and a portion of which Hyatt guarantees pursuant to separate agreements. Cash and cash equivalents, including investments in highly-rated money market funds and similar investments, of $1,160 million, short-term restricted cash of $450 million and short-term investments of $54 million. Undrawn borrowing availability of $1.5 billion under Hyatt's revolving credit facility. In the quarter, the Company refinanced the $1.5 billion senior unsecured revolving credit facility with a syndicate of lenders, extending the maturity of the facility to January 2023.
2018 OUTLOOK
The Company's current outlook incorporates the adoption of new accounting standards which is expected to result in an approximate $32 million reduction in 2018 fiscal year Adjusted EBITDA, compared to the initial outlook provided on February 14, 2018, which was based on historical accounting principles generally accepted in the U.S. (GAAP). Consistent with prior disclosures, the vast majority of the Adjusted EBITDA reduction is attributable to the accounting for deferred gains. Also reflected in the revised outlook is the March 2018 portfolio sale to Host Hotels & Resorts, Inc. which reduced estimated 2018 fiscal year Adjusted EBITDA by approximately $40 million.
The Company is revising the following information for the 2018 fiscal year:
Net income is expected to be approximately $495 million to $553 million, compared to previous expectation of $176 million to $215 million. Adjusted EBITDA is expected to be approximately $765 million to $785 million, compared to previous expectation of approximately $805 million to $825 million. These estimates also include a favorable impact from foreign currency of approximately $5 million (low end of forecast) to $10 million (high end of forecast), compared to previous expectation of $0 (low end of the forecast) to $5 million (high end of the forecast). Refer to the table on page 3 of the schedules for a reconciliation of Net Income Forecast to Adjusted EBITDA Forecast. Comparable systemwide RevPAR is expected to increase approximately 2.0% to 3.5% compared to previous expectation of 1.0% to 3.0%. Depreciation and amortization expense is expected to be approximately $320 million to $324 million, compared to previous expectation of $367 million to $371 million. Interest expense is expected to be approximately $76 million, compared to previous expectation of $75 million to $76 million. The effective tax rate is expected to be approximately 27% to 29%, compared to previous expectation of 27% to 31%. The Company expects to grow net rooms by approximately 6.5% to 7.0%, compared to previous expectation of approximately 6.0% to 6.5%. The number of hotel openings remains at approximately 60. Capital expenditures are expected to be approximately $375 million, compared to previous expectation of approximately $350 million. The increase is largely attributable to investments funded by cash proceeds from the 2017 sale of Avendra LLC. The Company expects to return at least $700 million to shareholders, compared to a previous expectation of at least $500 million, through a combination of cash dividends on its common stock and share repurchases.
The Company is reaffirming the following information for the 2018 fiscal year:
Adjusted selling, general, and administrative expenses are expected to be approximately $300 million, consistent with previous guidance. This excludes approximately $34 million to $35 million of stock-based compensation expense, which reflects a $1 million decrease from previous guidance, and any potential expenses related to benefit programs funded through rabbi trusts. Other income (loss), net is expected to be negatively impacted by approximately $65 million to $75 million related to performance guarantee expense for the four managed hotels in France.
No additional disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the outlook. The Company's outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that Hyatt will achieve these results.
ADOPTION OF NEW REVENUE RECOGNITION ACCOUNTING STANDARDS
The most meaningful impacts of the adoption of ASU 2014-09 are as follows:
Gains on the sales of real estate are generally recognized when control of the property transfers to the buyer. Previously, gains on properties sold subject to a management agreement were deferred and amortized in management, franchise, and other fees revenue over the life of the contract. This change results in a reduction in fees revenue on the condensed consolidated statements of income and a reduction in Adjusted EBITDA. However, in periods in which we dispose of a property, we expect to recognize the gain upon sale, which would increase net income in the period. The amortization of management and franchise agreement assets constituting payments to customers (Contra Revenue) is recognized as a reduction to management, franchise and other fees revenue over the expected customer life. Previously, the amortization of such payments was recognized within depreciation and amortization expense. This change results in an equal and offsetting reduction to both revenues and depreciation and amortization expense, such that there is no impact to net income.
Other areas impacted by the adoption of ASU 2014-09 include:
Incentive management fees are recognized to the extent that it is probable that a significant reversal will not occur in a future period, as opposed to recognizing amounts that would be due if the management contract was terminated at the end of the reporting period. Revenue related to our loyalty program, primarily recognized in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties on our condensed consolidated statements of income, is recognized upon point redemption, net of any redemption expense paid to third parties. For systemwide services recognized under a fund model, the revenues for the reimbursement of costs incurred on behalf of managed and franchised properties on our condensed consolidated statements of income, are recognized over time as the services are provided, as opposed to when we incur the related expenses.
We do not anticipate the changes for incentive management fees will affect the Company’s net income for any full-year period. Please refer to the discussion of these changes in our most recent 10-K and 10-Q filings.
ADJUSTED EBITDA DEFINITION REVISION
Effective January 1, 2018, we made two modifications to our definition of Adjusted EBITDA with the implementation of ASU 2014-09. Our definition has been updated to exclude Contra Revenue which was previously recognized as amortization expense. As this is strictly a matter of financial presentation, we have excluded Contra Revenue in order to be consistent with our prior treatment and to reflect the way in which we manage our business. We have also excluded revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties. These revenues and costs previously netted to zero within Adjusted EBITDA. Under ASU 2014-09, the recognition of certain revenue differs from the recognition of related costs, creating timing differences that would otherwise impact Adjusted EBITDA. We have not changed our management of these revenues or expenses, nor do we consider these timing differences to be reflective of our core operations. These changes reflect how our management evaluates each segment’s performance and also facilitate comparison with our competitors. We have applied this change to 2017 historical results to allow for comparability between the periods presented.
Please refer to page 8 of the release for definitions of non-GAAP financial measures, and pages 2 and 3 of the schedules for a reconciliation of Net income to Adjusted EBITDA and Net Income Forecast to Adjusted EBITDA Forecast.
CONFERENCE CALL INFORMATION
The Company will hold an investor conference call tomorrow, May 3, 2018, at 10:30 a.m. CT. All interested persons may listen to a simultaneous webcast of the conference call, which may be accessed through the Company’s website at investors.hyatt.com , or by dialing 647.689.4468 or 833.238.7946, passcode #2293144, approximately 10 minutes before the scheduled start time. For those unable to listen to the live broadcast, a replay will be available from 1:30 p.m. CT on May 3, 2018 through May 4, 2018 at midnight by dialing 416.621.4642, passcode #2293144. Additionally, an archive of the webcast will be available on the Company’s website for 90 days.
AVAILABILITY OF INFORMATION ON HYATT'S WEBSITE
Investors and others should note that Hyatt routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts and the Hyatt Investor Relations website. While not all of the information that the Company posts to the Hyatt Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Hyatt to review the information that it shares at the Investor Relations link located at the bottom of the page on hyatt.com . Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Sign up for Email Alerts" in the "Investor Resources" section of Hyatt's website at investors.hyatt.com .
DEFINITIONS
Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (Adjusted EBITDA) and EBITDA
We use the terms Adjusted EBITDA and EBITDA throughout this earnings release. Adjusted EBITDA and EBITDA, as the Company defines them, are non-GAAP measures. We define consolidated Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus its pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on its ownership percentage of each venture, adjusted to exclude the following items:
interest expense; provision for income taxes; depreciation and amortization; amortization of management and franchise agreement assets constituting payments to customers (Contra Revenue); revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; costs incurred on behalf of managed and franchised properties; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate; asset impairments; and other income (loss), net
Effective January 1, 2018, we made two modifications to our definition of Adjusted EBITDA with the implementation of ASU 2014-09. Our definition has been updated to exclude Contra Revenue which was previously recognized as amortization expense. As this is strictly a matter of financial presentation, we have excluded Contra Revenue in order to be consistent with our prior treatment and to reflect the way in which we manage our business. We have also excluded revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties. These revenues and costs previously netted to zero within Adjusted EBITDA. Under ASU 2014-09, the recognition of certain revenue differs from the recognition of related costs, creating timing differences that would otherwise impact Adjusted EBITDA. We have not changed our management of these revenues or expenses, nor do we consider these timing differences to be reflective of our core operations. These changes reflect how our management evaluates each segment’s performance and also facilitate comparison with our competitors. We have applied this change to 2017 historical results to allow for comparability between the periods presented.
We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to corporate and other Adjusted EBITDA. Our board of directors and executive management team focus on Adjusted EBITDA as a key performance and compensation measure both on a segment and on a consolidated basis. Adjusted EBITDA assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations both on a segment and on a consolidated basis. Our president and chief executive officer, who is our chief operating decision maker, also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in significant part, by assessing the Adjusted EBITDA of each segment. In addition, the compensation committee of our board of directors determines the annual variable compensation for certain members of our management based in part on consolidated Adjusted EBITDA, segment Adjusted EBITDA or some combination of both. We believe Adjusted EBITDA is useful to investors because it provides investors the same information that the Company uses internally for purposes of assessing operating performance and making compensation decisions.
Adjusted EBITDA and EBITDA are not substitutes for net income attributable to Hyatt Hotels Corporation, net income, or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted EBITDA and EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income generated by our business. Our management compensates for these limitations by reference to its GAAP results and using Adjusted EBITDA supplementally.
Adjusted EBITDA Margin
We define Adjusted EBITDA margin as Adjusted EBITDA divided by total revenues excluding Contra Revenue and revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. We believe Adjusted EBITDA margin is useful to investors because it provides investors the same information that the Company uses internally for purposes of assessing operating performance.
Adjusted Net Income
Adjusted net income, as we define it, is a non-GAAP measure. We define Adjusted net income as net income attributable to Hyatt Hotels Corporation excluding special items, which are those items deemed not to be reflective of ongoing operations. We consider Adjusted net income to be an indicator of operating performance because excluding special items allows for period-over-period comparisons of our ongoing operations.
Adjusted net income is not a substitute for net income attributable to Hyatt Hotels Corporation, net income, or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted net income. Although we believe that Adjusted net income can make an evaluation of our operating performance more consistent because it removes special items that are deemed not to be reflective of ongoing operations, other companies in our industry may define Adjusted net income differently than we do. As a result, it may be difficult to use Adjusted net income or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted net income should not be considered as a measure of the income generated by our business. Our management compensates for these limitations by reference to its GAAP results and using Adjusted net income supplementally.
Adjusted Selling, General, and Administrative (SG&A) Expenses
Adjusted SG&A expenses, as we define it, is a non-GAAP measure. Adjusted SG&A expenses exclude the impact of expenses related to deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted SG&A expenses assist us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations, both on a segment and consolidated basis.
Comparable Owned and Leased Hotels Operating Margin
We define comparable owned and leased hotels operating margin as the difference between comparable owned and leased hotels revenues and comparable owned and leased hotels expenses. Comparable owned and leased hotels revenues is calculated by removing non-comparable hotels revenues from owned and leased hotels revenues as reported in our condensed consolidated statements of income. Comparable owned and leased hotels expenses is calculated by removing both non-comparable owned and leased hotels expenses and the impact of expenses funded through rabbi trusts from owned and leased hotels expenses as reported in our condensed consolidated statements of income. We believe comparable owned and leased hotels operating margin is useful to investors because it provides investors the same information that the Company uses internally for purposes of assessing operating performance.
Comparable Hotels
"Comparable systemwide hotels" represents all properties we manage or franchise (including owned and leased properties) and that are operated for the entirety of the periods being compared and that have not sustained substantial damage, business interruption or undergone large scale renovations during the periods being compared or for which comparable results are not available. We may use variations of comparable systemwide hotels to specifically refer to comparable systemwide Americas full service or select service hotels for those properties that we manage or franchise within the Americas management and franchising segment, comparable systemwide ASPAC full service or select service hotels for those properties that we manage or franchise within the ASPAC management and franchising segment, or comparable systemwide EAME/SW Asia full service or select service hotels for those properties that we manage or franchise within the EAME/SW Asia management and franchising segment. "Comparable owned and leased hotels" represents all properties we own or lease and that are operated and consolidated for the entirety of the periods being compared and have not sustained substantial damage, business interruption or undergone large scale renovations during the periods being compared or for which comparable results are not available. Comparable systemwide hotels and comparable owned and leased hotels are commonly used as a basis of measurement in our industry. "Non-comparable systemwide hotels" or "non-comparable owned and leased hotels" represent all hotels that do not meet the respective definition of "comparable" as defined above.
Constant Dollar Currency
We report the results of our operations both on an as reported basis, as well as on a constant dollar basis. Constant dollar currency, which is a non-GAAP measure, excludes the effects of movements in foreign currency exchange rates between comparative periods. We believe constant dollar analysis provides valuable information regarding our results as it removes currency fluctuations from our operating results. We calculate constant dollar currency by restating prior-period local currency financial results at the current period’s exchange rates. These adjusted amounts are then compared to our current period reported amounts to provide operationally driven variances in our results.
Revenue per Available Room (RevPAR)
RevPAR is the product of the average daily rate (ADR) and the average daily occupancy percentage. RevPAR does not include non-room revenues, which consist of ancillary revenues generated by a hotel property, such as food and beverage, parking, telephone and other guest service revenues. Our management uses RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. RevPAR is a commonly used performance measure in our industry. RevPAR changes that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a hotel would lead to increases in room revenues and additional variable operating costs (including housekeeping services, utilities and room amenity costs), and could also result in increased ancillary revenues (including food and beverage). In contrast, changes in average room rates typically have a greater impact on margins and profitability as there is no substantial effect on variable costs.
Average Daily Rate (ADR)
ADR represents hotel room revenues, divided by the total number of rooms sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in our industry, and we use ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described above.
Occupancy
Occupancy represents the total number of rooms sold divided by the total number of rooms available at a hotel or group of hotels. Occupancy measures the utilization of a hotel's available capacity. We use occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help us determine achievable ADR levels as demand for hotel rooms increases or decreases.
FORWARD-LOOKING STATEMENTS
Forward-Looking Statements in this press release, which are not historical facts, are within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, outlook, occupancy, ADR and growth trends, market share, the number of properties we expect to open in the future, the amount by which the Company intends to reduce its real estate asset base and the anticipated timeframe for such asset dispositions, our expected adjusted SG&A expense, our estimated comparable systemwide RevPAR growth, our estimated Adjusted EBITDA growth, maintenance and enhancement to existing properties capital expenditures, investments in new properties capital expenditures, depreciation and amortization expense and interest expense estimates, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may those expressed or implied by these . In some cases, you can identify by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would," and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to current expectations include, but are not limited to, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural, or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans and common stock repurchase program and other forms of shareholder capital return, including the risk that our common stock repurchase program could increase volatility and fail to enhance shareholder value; our intention to pay a quarterly cash dividend and the amount thereof, if any; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers, including the entry of new competitors in the lodging business; relationships with colleagues and labor unions and changes in labor laws; financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees or development partners to access capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; the timing of acquisitions and dispositions; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to reduces our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; the impact of changes in the tax code as a result of recent U.S. federal income tax reform and uncertainty as to how some of those changes may be applied; increases in interest rates and operating costs; foreign exchange rate fluctuations or currency restructurings; lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty platform and the level of acceptance of the program by our guests; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business; and other risks discussed in the Company's filings with the SEC, including our annual report on Form 10-K, which filings are available from the SEC. All attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any , which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting , except to the extent required by applicable law. If we update one or more , no inference should be drawn that we will make additional updates with respect to those or other .
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 14 premier brands. As of March 31, 2018, the Company's portfolio included more than 700 properties in more than 50 countries across six continents. The Company's purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top colleagues, build relationships with guests and create value for shareholders. The Company's subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences, vacation ownership properties, and fitness and spa locations, including under the Park Hyatt®, Miraval®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Andaz®, Hyatt Centric®, The Unbound Collection by Hyatt®, Hyatt Place®, Hyatt House®, Hyatt Ziva ™ , Hyatt Zilara ™ , Hyatt Residence Club® and exhale® brand names. For more information, please visit www.hyatt.com .
The financial section of this release, including a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures, is provided on the Company's website at investors.hyatt.com .
Note: All RevPAR and ADR percentage changes are in constant dollars. This release includes references to non-GAAP financial measures. Refer to the definitions of the non-GAAP measures presented beginning on page 9 and non-GAAP reconciliations included in the schedule.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006576/en/
Hyatt Hotels Corporation
Investor Contact:
Amanda Bryant, 312.780.5539
[email protected]
or
Media Contact:
Stephanie Lerdall, 312.780.5399
[email protected]
Source: Hyatt Hotels Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-hyatt-reports-first-quarter-2018-results.html |
May 7, 2018 / 6:06 AM / Updated 30 minutes ago Dollar surge bringing emerging market rate cut cycle to a halt Marc Jones , Karin Strohecker 5 Min Read
LONDON (Reuters) - A resurgent dollar and higher borrowing costs are smashing through Argentina and Turkey’s currencies like a wrecking ball and raising the likelihood more broadly that emerging markets’ three-year long interest rate cutting cycle is at an end. FILE PHOTO: A U.S. five dollar note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration
Emerging markets came into the year flying, riding on the back of a healthy global economy and rising commodity prices alongside tame inflation and a weak dollar. It looked more than likely that a wave of rate cuts would keep rolling, allowing a bond rally to continue.
From Brazil and Russia to Armenia and Zambia, developing countries, big and small, have been on a rate cutting spree. With hundreds of rate cuts since Jan. 2015, the average emerging market borrowing cost fell under 6 percent earlier this year from over 7 percent .JGEGDCM at the time.
Fund managers’ profits too have soared in this time, with emerging local currency debt among the best performing asset classes, with dollar-based returns of 14 percent last year. Even in the first quarter of 2018, returns were a buoyant 4.3 percent
Now though, almost exactly five years since the so-called taper tantrum shook an emerging market rally, these gains appear to be on the cusp of reversal.
Argentina has jacked up its interest rates to 40 percent in response to a rout in its peso currency, while Turkey was also forced into a rate rise as its lira hit record lows against the dollar. Indonesia, after heavy interventions to stem rupiah bleeding, has also said it could resort to policy tightening.
As emerging currencies slide almost everywhere, yields on bonds denominated in emerging market currencies are back up near 6.2 percent and returns are now negative for 2018 .JGEGDCM
“The rate cut trade has unwound,” Naveen Kunam, a portfolio manager at Allianz Global Investors said, citing the increased uncertainty on monetary policy.
For decades, a rising dollar has spelt bad news for emerging markets and despite all the progress in the developing world in recent years, latest price moves show not that much has changed.
With the dollar on the rise, emerging currencies have weakened some 3 percent in the past two weeks, as measured by a JPMorgan index .JPMELMIPUSD.
Figures from the Institute of International Finance this week showed that the result has been a faster exodus from EM debt than at a similar stage of the 2013 taper tantrum. At $5.5 billion in two weeks the IIF described it as the “ghost of tantrums past”.
(Graphic: Russia, India, Brazil Interest Rates, reut.rs/2rgSk0D ) RATE EXPECTATIONS
It has looked as though emerging economies had the upper hand over their old enemy — inflation. Inflation has fallen below target to record lows in Russia, slipped to five-month lows in India and is projected at a below-target 3.8 percent in Brazil this year.
Indonesian inflation in April was a 100 bps off year ago levels, data last week showed.
But the shifts of recent weeks have prompted some analysts to reassess whether interest rate cuts can continue. In Russia for instance, analysts have reduced their bets on rate cuts after the central bank held rates in late April and now predict only one or two moves this year versus earlier calls for deeper cuts.
Sberbank CIB analysts said they did not now expect a Russian rate cut to come before September.
India, like all energy-importing emerging economies, is being hit also by the oil price rise — each $10 rise in oil prices adds 0.8 percent to inflation there, analysts at TS Lombard calculate.
In the past week, expectations for an interest rate hike in India over the coming 12 months have jumped — markets now price more than two rate hikes compared to just over one, a week ago. Last year it was cutting rates.
The question emerging market policymakers may ask themselves has changed, said Sebastien Barbe, global head of EM research and strategy at Credit Agricole.
“Now the question for many central banks is: should they increase (rates) more quickly?” he said.
It is not only those that are normally vulnerable either. Even in the relatively calm backwaters of eastern Europe, the Czech central bank has warned it may have to raise rates again following a sudden slump in the crown.
All that is a huge blow to fund managers who have piled into the EM asset class in anticipation the returns would continue. It may be especially painful for newcomers — a raft of new funds have launched this year, including one from Franklin Templeton’s high-profile portfolio manager Michael Hasenstab.
Countries such as Indonesia where foreigners own a large share of their local bond markets have consequently been among the worst hit as investors jostle to sell.
“If there are worries, this money will get out,” Credit Agricole’s Barbe said.
(Graphic: The gruesome twosome, reut.rs/2JRWcfu ) Additional reporting by Sujata Rao; Editing by Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-emerging-debt-analysis/dollar-surge-bringing-emerging-market-rate-cut-cycle-to-a-halt-idUKKBN1I80F7 |
DALLAS, May 29, 2018 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY) (“Dave & Buster’s” or the “Company”), an owner and operator of entertainment and dining venues, today announced that it will report financial results for its first quarter 2018 ended on May 6, 2018 on Monday, June 11, 2018 after the market close.
Management will hold a conference call to discuss these results that same day at 4:00 p.m. Central Time (5:00 p.m. Eastern Time). The conference call can be accessed over the phone by dialing (323) 794-2093 or toll-free (866) 548-4713. A replay will be available after the call for one year beginning at 7:00 p.m. Central Time (8:00 p.m. Eastern Time) and can be accessed by dialing (412) 317-6671 or toll-free (844) 512-2921; the passcode is 1175373.
Additionally, a live and archived webcast of the conference call will be available at www.daveandbusters.com under the Investor Relations section.
About Dave & Buster’s Entertainment, Inc.
Founded in 1982 and headquartered in Dallas, Texas, Dave & Buster's Entertainment, Inc., is the owner and operator of 114 venues in North America that combine entertainment and dining and offer customers the opportunity to "Eat Drink Play and Watch," all in one location. Dave & Buster's offers a full menu of entrées and appetizers, a complete selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events. Dave & Buster's currently has stores in 38 states, Puerto Rico, and Canada.
For Investor Relations Inquiries:
Arvind Bhatia, CFA
Director of Investor Relations
214.904.2202
[email protected]
Source:Dave & Buster's Entertainment, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-dave-busteras-entertainment-inc-to-report-first-quarter-2018-financial-results-on-june-11-2018.html |
May 30, 2018 / 2:57 PM / Updated 14 hours ago Paddington Bear heads to St. Paul's in late author's last work Reuters Staff 2 Min Read
LONDON (Reuters) - Dressed in his red hat and blue duffle coat, Paddington Bear heads to London’s St Paul’s cathedral in late creator Michael Bond’s last book about the much-loved children’s character.
The author was working on “Paddington at St Paul’s” before his death last year at the age of 91.
In his latest adventure, the marmalade-loving bear, prone to all sorts of mishaps, visits the famed London site where, in a commotion, he is mistaken for a member of the choir.
“Paddington was always part of our lives, he was never far from his mind,” Karen Jankel, Bond’s daughter said of her father on Wednesday at an event at St Paul’s to promote the book’s release on Thursday.
“I think when he came here, the idea of Paddington coming here sort of came to him and that ... inspired him.” A performer wearing a Paddington Bear costume poses for photographers in front of St Paul's Cathedral in London, Britain, May 30, 2018. REUTERS/Simon Dawson
The book comes out 60 years after Bond’s first story about the bear named after the London train station where he is found following his arrival from Peru, “A Bear called Paddington”.
Bond went on to write more than 20 Paddington Bear books, of which 35 million copies have been sold worldwide, inspiring two films.
Dressed in his usual attire, a Paddington Bear figure greeted visitors to the cathedral on Wednesday, where a memorial service for Bond was held in November, and children took part in an arts and crafts session. Slideshow (2 Images)
“It would be nice to think that it would carry on for another 60 years,” Jankel said of her father’s legacy. “And maybe beyond that, you never know.” Reporting by Lisa Keddie; Writing by Marie-Louise Gumuchian; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-books-paddington/paddington-bear-heads-to-st-pauls-in-late-authors-last-work-idUKKCN1IV1YV |
* U.S. stock futures up 0.6 pct, bond futures fall
* Trade war truce seen as positive for risk sentiment
* Oil up after Venezuelan election
By Hideyuki Sano
TOKYO, May 21 (Reuters) - U.S. stock futures jumped on Monday as U.S. Treasury Secretary Steven Mnuchin said the U.S. trade war with China is “on hold” after the world’s two largest economic powers agreed to drop their tariff threats while they work on a wider trade agreement.
S&P mini futures rose 0.6 percent in early Asian trade on Monday while U.S. 10-year Treasuries futures price fell 4.5/32, or 0.12 percent.
Mnuchin and U.S. President Donald Trump’s top economic adviser, Larry Kudlow, said the agreement reached by Chinese and American negotiators on Saturday set up a framework for addressing trade imbalances in the future.
“The weekend talk appears to have made progress. While they still need to work out details of a wider trade deal, it is positive for markets that they struck a truce,” said Koji Kabeya, chief global strategist at Daiwa Securities.
The positive mood is likely to spill over to Asian shares, which have been capped by trade war worries since Trump proposed tariffs on steel and aluminium products earlier this year.
U.S. bond yields are likely to gain as safe-haven demand for bonds falls, with the 10-year Treasuries yield seen testing its seven-year high of 3.128 percent hit on Friday.
In the currency market, higher U.S. yields helped to strengthen the dollar against a wide range of currencies.
The euro traded at $1.1760, hovering above Friday’s five-month low of $1.1750.
The dollar maintained an uptrend to fetch 110.89 yen , after hitting a four-month high of 111.085.
Oil prices held firm near 3 1/2-year highs after Venezuelan leader Nicolas Maduro appeared to be set for re-election, an outcome that could trigger additional sanctions from the United States and more censure from the European Union and Latin America.
Oil prices have been supported by plummeting Venezuelan production, in addition to a solid global demand and supply concerns stemming from tensions in the Middle East.
U.S. crude futures rose 0.6 percent to $71.69 per barrel, near last week’s 3 1/2-year high of $72.30 while Brent crude futures notched up 0.6 percent to $78.95 per barrel. It had risen to $80.50 last week, its highest since November 2014.
Reporting by Hideyuki Sano Editing by Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-u-s-stock-futures-jump-after-mnuchin-says-trade-war-on-hold-idUSL3N1SR0U0 |
'We'll see" if NK summit still on: Trump Wednesday, May 16, 2018 - 00:47
U.S. President Donald Trump on Wednesday said it was unclear if his planned summit with North Korean leader Kim Jong Un would still go forward and said he would continue to insist on denuclearization of the Korean Peninsula. Rough Cut (no reporter narration).
U.S. President Donald Trump on Wednesday said it was unclear if his planned summit with North Korean leader Kim Jong Un would still go forward and said he would continue to insist on denuclearization of the Korean Peninsula. Rough Cut (no reporter narration). //reut.rs/2L80OPZ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/well-see-if-nk-summit-still-on-trump?videoId=427467707 |
May 8, 2018 / 9:50 AM / in 12 minutes CORRECTED-Australia to spend A$300 million to upgrade airport security amid heightened terror fears Reuters Staff
(Corrects year to 2017, not 2019, in 3rd paragraph)
By Colin Packham
SYDNEY, May 8 (Reuters) - Australia announced plans to spend nearly A$300 million to upgrade airport security amid heightened fears of lone wolf terror attacks.
Australia, a staunch ally of the United States, has been on high alert for several years for attacks by home-grown militants returning from fighting in the Middle East or their supporters.
It has also foiled several planned attacks by radicalised locals, most notably in July 2017 when it arrested and charged several men who attempted to smuggle an explosive device onto a plane departing Sydney Airport.
“These terrorist plots showed a very real and disturbing danger,” Australia’s Minister for Home Affairs Peter Dutton said in a statement.
The funds, allocated under the 2018/19 budget, will be used to install body scanners and advanced X-ray machines at all major international airports and 64 regional facilities,Dutton said.
The government also committed nearly A$7 million to extend the employment of Australian security officials at 19overseas airports for another two years.
Dutton said the officials at unnamed international airports have stopped more than 1,000 people traveling to Australia on fraudulent documents over the past five years.
The government will also spend A$59.1 million to develop a national database that would identify terror suspects in public buildings, streets and sporting venues using facial recognition technology.
The country’s state leaders agreed in late 2017 to share photo identification of their residents with the federal government to create that database. (Reporting by Colin Packham; Editing by Jane Wardell) | ashraq/financial-news-articles | https://www.reuters.com/article/australia-politics-budget-security/corrected-australia-to-spend-a300-million-to-upgrade-airport-security-amid-heightened-terror-fears-idUSCBR8GEE0M |
BEIJING (Reuters) - China holds a positive attitude towards setting up a yuan clearing bank in Tokyo, Premier Li Keqiang was Quote: d as saying on Wednesday.
Chinese Premier Li Keqiang shakes hands with Japan's Prime Minister Shinzo Abe at the start of their bilateral talks at Akasaka Palace state guest house in Tokyo, Japan May 9, 2018. REUTERS/Kim Kyung-Hoon/Pool Li made the comments at a meeting with Japanese Prime Minister Shinzo Abe, China’s state council said on its website.
Reporting by Beijing Monitoring Desk; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-japan-clearing-bank/china-positive-to-setting-up-yuan-clearing-bank-in-japan-premier-li-idUSKBN1IA19S |
STAMFORD, Conn., May 3, 2018 /PRNewswire/ --
Key Financial Metrics
Total revenues (1) were $202.7 million Total lease rental and finance and sales-type lease revenues were $186.9 million Net income was $57.5 million, or $0.73 per diluted common share Adjusted net income (2) was $56.8 million, or $0.72 per diluted common share Adjusted EBITDA (2) was $191.1 million Cash ROE (2) was 15.9%; net cash interest margin was 8.3%
First Quarter 2018 Highlights
Acquired four narrow-body aircraft for $111 million Sold four older narrow-body aircraft for $44 million and a gain on sale of $5.8 million Committed to acquire twelve additional narrow-body aircraft this year for more than $490 million, including our first expected investment in A320 NEOs Declared our 48th consecutive quarterly dividend Repurchased $9.6 million of our shares year-to-date at average price of $19.54 per share
Aircastle Limited (the "Company" or "Aircastle") (NYSE: AYR) reported first quarter 2018 net income of $57.5 million, or $0.73 per diluted common share, and adjusted net income of $56.8 million, or $0.72 per diluted common share. The first quarter results included total lease rental and finance and sales-type lease revenues of $186.9 million, a decrease of 4.0%, versus $194.7 million in the first quarter of 2017. Compared sequentially to the fourth quarter of 2017, lease rental and finance and sales-type lease revenues increased by 4.3%, from $179.3 million.
(1)
See Appendix for an explanation of the reclassification of the Gain on Sale of Flight Equipment.
(2)
Refer to the selected financial information accompanying this press release for a reconciliation of GAAP to Non-GAAP numbers.
Commenting on the results, Mike Inglese, Aircastle's Chief Executive Officer, stated, "Aircastle's strong first quarter results reflect portfolio enhancements that were completed over the past year. The quality of our fleet has improved, and we continued to reduce residual value risk and generate healthy gains from aircraft sold during the first quarter. We have also continued to actively pursue attractive growth opportunities and have already acquired or committed to acquire more than $600 million of narrow-body aircraft in 2018, which includes Aircastle's first investment in new technology narrow-body aircraft."
Mr. Inglese concluded, "With a 35% increase in net earnings per diluted share and consistently high cash ROE and fleet utilization, Aircastle is positioned to continue increasing the sustainable cash flow that supports our attractive dividend. As a public company, since 2006 we have acquired more than $14 billion of aircraft, paid out more than $790 million of dividends, and have repurchased more than $202 million of our shares at an average price of $13.50. By continuing to execute our thoughtful capital allocation strategy, Aircastle remains committed to creating long-term value for our shareholders."
Financial Results
(In thousands, except share data)
Three
2018
2017
Lease rental and finance and sales-type lease revenues
$
186,925
$
194,659
Total revenues (1)
$
202,680
$
205,032
Adjusted EBITDA (2)
$
191,145
$
193,391
Net income
$
57,547
$
42,439
Per common share - Diluted
$
0.73
$
0.54
Adjusted net income (2)
$
56,751
$
45,691
Per common share - Diluted
$
0.72
$
0.58
(1)
As part of the Company's adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), we have reclassified Gain on sale of flight equipment from Other income (expense) to Revenues on our Consolidated Statement of Income as of March 31, 2018. We believe this better reflects the sale of flight equipment as part of our ordinary activities and conforms our presentation to those of our publicly traded peers. The presentation for the three months ended March 31, 2017 has also been reclassified to conform to the current period presentation. The standard did not have a material impact on our consolidated financial statements and related disclosures.
(2)
Refer to the selected financial information accompanying this press release for a reconciliation of GAAP to Non-GAAP numbers.
First Quarter Results
Net income for the quarter was $57.5 million, an increase of $15.1 million, or 36%, versus the prior year. Lower total revenues of $2.4 million were offset by lower interest expense of $6.0 million, lower depreciation of $4.2 million and a mark to market benefit from interest rate hedging of $3.2 million.
Total revenues were $202.7 million, a decrease of $2.4 million, or 1.1%, from the previous year. The decrease was driven by a $7.7 million decline in lease rental and finance and sales-type lease revenues, partially offset by a $5.0 million increase in the gain on the sale of flight equipment. Rental revenues were lower primarily due to the impact of wide-body lease transitions and extensions which occurred during the fourth quarter of 2017 at lower lease rates.
Adjusted EBITDA for the first quarter was $191.1 million, a decrease of $2.2 million, or 1.2%, from the first quarter of 2017, due primarily to lower rental revenues, partially offset by higher gains from aircraft sales. We sold four aircraft for a gain on sale of $5.8 million during the first quarter of 2018 versus one aircraft sale that was closed during the first quarter of 2017.
Aviation Assets
During the first quarter 2018, we acquired four aircraft for $111 million and had commitments to acquire twelve additional aircraft in 2018 for more than $490 million. These sixteen aircraft have a weighted average age of 4.7 years and a weighted average remaining lease term of 5.6 years. All of the aircraft that we have acquired or have committed to acquire this year are narrow-body aircraft.
As of March 31, 2018, Aircastle owned 222 aircraft having a net book value of $6.7 billion. We also manage twelve aircraft with a net book value of $634 million on behalf of our joint ventures.
Owned Aircraft
As of
March 31,
2018 (1)
As of
March 31,
2017 (1)
Net Book Value of Flight Equipment ($ mils.)
$
6,677
$
6,596
Net Book Value of Unencumbered Flight Equipment ($ mils.)
$
5,304
$
4,725
Number of Aircraft
222
200
Number of Unencumbered Aircraft
193
163
Weighted Average Fleet Age (years) (2)
9.3
8.2
Weighted Average Remaining Lease Term (years) (2)
4.8
4.8
Weighted Average Fleet Utilization for the quarter ended (3)
99.4
%
98.3
%
Portfolio Yield for the quarter ended (2)(4)
11.5
%
12.3
%
Net Cash Interest Margin (5)
8.3
%
8.7
%
Managed Aircraft on behalf of Joint Ventures
Net Book Value of Flight Equipment ($ mils.)
$
634
$
682
Number of Aircraft
12
13
(1)
Calculated using net book value of flight equipment held for lease and net investment in finance leases at period end.
(2)
Weighted by net book value.
(3)
Aircraft on-lease days as a percent of total days in period weighted by net book value.
(4)
Lease rental revenue, interest income and cash collections on our net investment in finance and sales-type leases for the period as a percent of the average net book value for the period; quarterly information is annualized. Based on the growing level of finance and sales-type lease revenue management revised the calculation of portfolio yield to include our net investment in finance and sales-type leases in the average net book value and to include the interest income and cash collections on our net investment in finance and sales-type leases in lease rentals.
(5)
Net Cash Interest Margin = Lease rental yield plus finance lease revenue and collections minus interest on borrowings, net of settlements on interest rate derivatives, and other liabilities / average NBV of flight equipment for the period calculated on a quarterly basis, annualized.
Financing Activity
During the first quarter of 2018, we repaid $75 million that was drawn under our unsecured revolving line of credit. The current undrawn available balance under this committed credit facility is $710 million.
Common Dividend
On May 1, 2018, Aircastle's Board of Directors declared a second quarter 2018 cash dividend on its common shares of $0.28 per share, payable on June 15, 2018 to shareholders of record on May 31, 2018. This is our 48 th consecutive dividend.
Share Repurchases
Since the beginning of the year, the Company acquired approximately 494 thousand shares at an average price of $19.54 per share. Aircastle's Board of Directors previously authorized a $100 million share repurchase program, and there is approximately $86 million remaining under this authorization. Since 2011, the Company has repurchased 15.0 million shares at an average cost of $13.50 per share.
Conference Call
In connection with this earnings release, management will host an earnings conference call on Thursday, May 3, 2018 at 10:00 A.M. Eastern time. All interested parties are welcome to participate on the live call. The conference call can be accessed by dialing (866) 548-4713 (from within the U.S. and Canada) or (323) 794-2093 (from outside of the U.S. and Canada) ten minutes prior to the scheduled start and referencing the passcode "8952759".
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.aircastle.com . Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available for one month following the call. In addition to this earnings release an accompanying power point presentation has been posted to the Investor Relations section of Aircastle's website.
For those who are not available to listen to the live call, a replay will be available until 1:00 P.M. Eastern time on Saturday, June 2, 2018 by dialing (888) 203-1112 (from within the U.S. and Canada) or (719) 457-0820 (from outside of the U.S. and Canada); please reference passcode "8952759".
About Aircastle Limited
Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of March 31, 2018, Aircastle owned and managed on behalf of its joint ventures 234 aircraft leased to 81 customers located in 44 countries.
Safe Harbor
All statements in this press release, other than characterizations of historical fact, are within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Examples of include, but are not necessarily limited to, statements relating to our proposed public offering of notes and our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends, and increase revenues, earnings, EBITDA, Adjusted EBITDA, Adjusted Net Income, Cash Return on Equity and Net Cash Interest Margin and the global aviation industry and aircraft leasing sector. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "may," "will," "would," "could," "should," "seeks," "estimates" and variations on these words and similar expressions are intended to identify such . These statements are based on our historical performance and that of our subsidiaries and on our current plans, estimates and expectations and are subject to a number of factors that could lead to actual results materially different from those described in the ; Aircastle can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any such which are subject to certain risks and uncertainties that could cause actual results to those anticipated as of the date of this press release. These risks or uncertainties include, but are not limited to, those described from time to time in Aircastle's filings with the SEC and previously disclosed under "Risk Factors" in Item 1A of Aircastle's 2017 K. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Aircastle to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any . Such speak only as of the date of this press release. Aircastle expressly disclaims any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.
Aircastle Limited and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except share data)
March 31,
2018
December 31,
2017
(Unaudited)
ASSETS
Cash and cash equivalents
$
210,815
$
211,922
Restricted cash and cash equivalents
21,524
21,935
Accounts receivable
7,818
12,815
Flight equipment held for lease, net of accumulated depreciation of $1,109,182 and $1,125,594, respectively
6,143,695
6,188,469
Net investment in finance and sales-type leases
533,373
545,750
Unconsolidated equity method investments
78,220
76,982
Other assets
173,654
141,210
Total assets
$
7,169,099
$
7,199,083
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Borrowings from secured financings, net of debt issuance costs
$
824,189
$
849,874
Borrowings from unsecured financings, net of debt issuance costs
3,391,224
3,463,732
Accounts payable, accrued expenses and other liabilities
139,961
140,221
Lease rentals received in advance
66,350
57,630
Security deposits
130,350
130,628
Maintenance payments
679,571
649,434
Total liabilities
5,231,645
5,291,519
Commitments and Contingencies
SHAREHOLDERS' EQUITY
Preference shares, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding
—
—
Common shares, $0.01 par value, 250,000,000 shares authorized, 78,539,191 shares issued and outstanding at March 31, 2018; and 78,707,963 shares issued and outstanding at December 31, 2017
785
787
Additional paid-in capital
1,522,113
1,527,796
Retained earnings
415,605
380,331
Accumulated other comprehensive loss
(1,049)
(1,350)
Total shareholders' equity
1,937,454
1,907,564
Total liabilities and shareholders' equity
$
7,169,099
$
7,199,083
Aircastle Limited and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
(Unaudited)
Three
2018
2017
Revenues:
Lease rental revenue
$
177,483
$
190,586
Finance and sales-type lease revenue
9,442
4,073
Amortization of lease premiums, discounts and incentives
(3,128)
(3,112)
Maintenance revenue
11,991
12,287
Total lease revenue
195,788
203,834
Gain on sale of flight equipment (1)
5,768
759
Other revenue
1,124
439
Total revenues (1)
202,680
205,032
Operating expenses:
Depreciation
75,002
79,174
Interest, net
57,108
63,068
Selling, general and administrative (including non-cash share-based payment expense of $2,378 and $2,102 for the three months ended March 31, 2018 and 2017, respectively)
17,835
16,167
Impairment of flight equipment
—
500
Maintenance and other costs
988
2,931
Total expenses
150,933
161,840
Total other income (expense)
3,174
(1,149)
Income from continuing operations before income taxes and earnings of unconsolidated equity method investments
54,921
42,043
Income tax (benefit) provision
(844)
1,846
Earnings of unconsolidated equity method investments, net of tax
1,782
2,242
Net income
$
57,547
$
42,439
Earnings per common share — Basic:
Net income per share
$
0.73
$
0.54
Earnings per common share — Diluted:
Net income per share
$
0.73
$
0.54
Dividends declared per share
$
0.28
$
0.26
(1)
As part of the Company's adoption of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), we have reclassified Gain on sale of flight equipment from Other income (expense) to Revenues on our Consolidated Statement of Income as of March 31, 2018. We believe this better reflects the sale of flight equipment as part of our ordinary activities and conforms our presentation to those of our publicly traded peers. The presentation for the three months ended March 31, 2017 has also been reclassified to conform to the current period presentation. The standard did not have a material impact on our consolidated financial statements and related disclosures.
Aircastle Limited and Subsidiaries
Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Cash flows from operating activities:
Net income
$
57,547
$
42,439
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
75,002
79,174
Amortization of deferred financing costs
3,533
4,155
Amortization of lease premiums, discounts and incentives
3,128
3,112
Deferred income taxes
1,306
1,309
Non-cash share-based payment expense
2,378
2,102
Cash flow hedges reclassified into earnings
301
581
Security deposits and maintenance payments included in earnings
(665)
(10,524)
Gain on sale of flight equipment
(5,768)
(759)
Impairment of flight equipment
—
500
Other
(4,501)
112
Changes in certain assets and liabilities:
Accounts receivable
4,320
(1,407)
Other assets
(2,666)
(1,000)
Accounts payable, accrued expenses and other liabilities
(57)
14,334
Lease rentals received in advance
8,554
(2,552)
Net cash and restricted cash provided by operating activities
142,412
131,576
Cash flows from investing activities:
Acquisition and improvement of flight equipment
(82,493)
(142,053)
Proceeds from sale of flight equipment
43,917
16,819
Net investment in finance and sales-type leases
(16,256)
(35,785)
Collections on finance and sales-type leases
6,493
5,614
Aircraft purchase deposits and progress payments, net of returned deposits and aircraft sales deposits
2,900
(1,935)
Other
1,320
88
Net cash and restricted cash used in investing activities
(44,119)
(157,252)
Cash flows from financing activities:
Repurchase of shares
(9,413)
(2,513)
Proceeds from secured and unsecured debt financings
—
500,000
Repayments of secured and unsecured debt financings
(101,725)
(31,178)
Deferred financing costs
—
(8,038)
Security deposits and maintenance payments received
53,674
41,049
Security deposits and maintenance payments returned
(20,262)
(39,383)
Dividends paid
(22,085)
(20,466)
Net cash and restricted cash (used in) provided by financing activities
(99,811)
439,471
Net increase in cash and restricted cash
(1,518)
413,795
Cash and restricted cash at beginning of period
233,857
508,817
Cash and restricted cash at end of period
$
232,339
$
922,612
Aircastle Limited and Subsidiaries
Selected Financial Guidance Elements for the Second Quarter of 2018
($ in millions, except for percentages)
(Unaudited)
Guidance Item
Q2:18
Lease rental revenue
$174 - $178
Finance lease revenue
$8 - $9
Amortization of net lease discounts and lease incentives
$(3) - $(4)
Maintenance revenue
$0 - $1
Gain on sale
$9 - $15
Depreciation
$74 - $76
Interest, net
$57 - $59
SG&A (1)
$17 - $18
Full year effective tax rate
3% - 5%
(1)
Includes ~$2.7M of non-cash share-based payment expense.
Aircastle Limited and Subsidiaries
Supplemental Financial Information
(Amount in thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Revenues (1)
$
202,680
$
205,032
EBITDA (2)
$
191,941
$
189,639
Adjusted EBITDA (2)
$
191,145
$
193,391
Net income
$
57,547
$
42,439
Net income allocable to common shares
$
57,232
$
42,167
Per common share - Basic
$
0.73
$
0.54
Per common share - Diluted
$
0.73
$
0.54
Adjusted net income (2)
$
56,751
$
45,691
Adjusted net income allocable to common shares
$
56,440
$
45,398
Per common share - Basic
$
0.72
$
0.58
Per common share - Diluted
$
0.72
$
0.58
Basic common shares outstanding
78,367
78,177
Diluted common shares outstanding (3)
78,595
78,372
(1)
As part of the Company's adoption of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), we have reclassified Gain on sale of flight equipment from Other income (expense) to Revenues on our Consolidated Statement of Income as of March 31, 2018. We believe this better reflects the sale of flight equipment as part of our ordinary activities and conforms our presentation to those of our publicly traded peers. The presentation for the three months ended March 31, 2017 has also been reclassified to conform to the current period presentation. The standard did not have a material impact on our consolidated financial statements and related disclosures.
(2)
Refer to the selected information accompanying this press release for a reconciliation of GAAP to Non-GAAP information.
(3)
For the three months ended March 31, 2018 and March 31, 2017 dilutive shares represented contingently issuable shares related to the Company's PSUs.
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
EBITDA and Adjusted EBITDA Reconciliation
(Dollars in thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Net income
$
57,547
$
42,439
Depreciation
75,002
79,174
Amortization of lease premiums, discounts and incentives
3,128
3,112
Interest, net
57,108
63,068
Income tax (benefit) provision
(844)
1,846
EBITDA
191,941
189,639
Adjustments:
Impairment of flight equipment
—
500
Non-cash share-based payment expense
2,378
2,102
(Gain) loss on mark-to-market of interest rate derivative contracts
(3,174)
1,150
Adjusted EBITDA
$
191,145
$
193,391
We define EBITDA as income (loss) from continuing operations before income taxes, interest expense, and depreciation and amortization. We use EBITDA to assess our consolidated financial and operating performance, and we believe this non-U.S. GAAP measure is helpful in identifying trends in our performance.
This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieving optimal financial performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed.
EBITDA provides us with a measure of operating performance because it assists us in comparing our operating performance on a consistent basis as it removes the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results. Accordingly, this metric measures our financial performance based on operational factors that management can impact in the short-term, namely the cost structure, or expenses, of the organization. EBITDA is one of the metrics used by senior management and the Board of Directors to review the consolidated financial performance of our business.
We define Adjusted EBITDA as EBITDA (as defined above) further adjusted to give effect to adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes. Adjusted EBITDA is a material component of these covenants.
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Adjusted Net Income Reconciliation
(Dollars in thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Net income
$
57,547
$
42,439
(Gain) loss on mark-to-market of interest rate derivative contracts (1)
(3,174)
1,150
Non-cash share-based payment expense (2)
2,378
2,102
Adjusted net income
$
56,751
$
45,691
(1) Included in Other income (expense).
(2) Included in Selling, general and administrative expenses.
Management believes that ANI, when viewed in conjunction with the Company's results under U.S. GAAP and the above reconciliation, provides useful information about operating and period-over-period performance and additional information that is useful for evaluating the underlying operating performance of our business without regard to periodic reporting elements related to interest rate derivative accounting, changes related to refinancing activity and non-cash share-based payment expense.
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Cash Return on Equity Calculation
(Dollars in thousands)
(Unaudited)
Period
CFFO
Finance
Lease
Collections
Gain on Sale of Flt. Eqt.
Deprec.
Distributions
in excess
(less than)
Equity Earnings
Cash
Earnings
Average
Shareholders
Equity
Trailing 12 Month Cash ROE
2012
$
427,277
$
3,852
$
5,747
$
269,920
$
—
$
166,956
$
1,425,658
11.7
%
2013
$
424,037
$
9,508
$
37,220
$
284,924
$
—
$
185,841
$
1,513,156
12.3
%
2014
$
458,786
$
10,312
$
23,146
$
299,365
$
667
$
193,546
$
1,661,228
11.7
%
2015
$
526,285
$
9,559
$
58,017
$
318,783
$
(530)
$
274,548
$
1,759,871
15.6
%
2016
$
468,092
$
19,413
$
39,126
$
305,216
$
(1,782)
$
219,633
$
1,789,256
12.3
%
2017
$
490,872
$
32,184
$
55,167
$
298,664
$
(1,011)
$
278,548
$
1,861,005
15.0
%
LTM Q1:18
$
501,707
$
33,063
$
60,176
$
294,492
$
(851)
$
299,603
$
1,881,633
15.9
%
Note: LTM Average Shareholders' Equity is the average of the most recent five quarters period end Shareholders' Equity. Management believes that the cash return on equity metric ("Cash ROE") when viewed in conjunction with the Company's results under U.S. GAAP and the above reconciliation, provide useful information about operating and period-over-period performance, and provide additional information that is useful for evaluating the underlying operating performance of our business without regard to periodic reporting impacts related to non-cash revenue and expense items and interest rate derivative accounting, while recognizing the depreciating nature of our assets.
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Cash Interest Margin Calculation
(Dollars in thousands)
(Unaudited)
Period
Average NBV
Quarterly Rental
Revenue (1)
Cash Interest (2)
Annualized Net
Cash Interest
Margin (1)(2)
Q1:12
$
4,388,008
$
152,242
$
44,969
9.8
%
Q2:12
$
4,542,477
$
156,057
$
48,798
9.4
%
Q3:12
$
4,697,802
$
163,630
$
41,373
10.4
%
Q4:12
$
4,726,457
$
163,820
$
43,461
10.2
%
Q1:13
$
4,740,161
$
162,319
$
48,591
9.6
%
Q2:13
$
4,840,396
$
164,239
$
44,915
9.9
%
Q3:13
$
4,863,444
$
167,876
$
47,682
9.9
%
Q4:13
$
5,118,601
$
176,168
$
49,080
9.9
%
Q1:14
$
5,312,651
$
181,095
$
51,685
9.7
%
Q2:14
$
5,721,521
$
190,574
$
48,172
10.0
%
Q3:14
$
5,483,958
$
182,227
$
44,820
10.0
%
Q4:14
$
5,468,637
$
181,977
$
44,459
10.1
%
Q1:15
$
5,743,035
$
181,027
$
50,235
9.1
%
Q2:15
$
5,967,898
$
189,238
$
51,413
9.2
%
Q3:15
$
6,048,330
$
191,878
$
51,428
9.3
%
Q4:15
$
5,962,874
$
188,491
$
51,250
9.2
%
Q1:16
$
5,988,076
$
186,730
$
51,815
9.0
%
Q2:16
$
5,920,030
$
184,469
$
55,779
8.7
%
Q3:16
$
6,265,175
$
193,909
$
57,589
8.7
%
Q4:16
$
6,346,361
$
196,714
$
58,631
8.7
%
Q1:17
$
6,505,355
$
200,273
$
58,839
8.7
%
Q2:17
$
6,512,100
$
199,522
$
55,871
8.8
%
Q3:17
$
5,985,908
$
184,588
$
53,457
8.8
%
Q4:17
$
6,247,581
$
187,794
$
53,035
8.6
%
Q1:18
$
6,700,223
$
193,418
$
53,978
8.3
%
(1)
Management's Use of Net Cash Interest Margin: Beginning with this earnings release for the three months ended September 30, 2016, based on the growing level of finance and sales-type lease revenue, management revised the calculation of net cash interest margin to include our net investment in finance and sales-type leases in the average net book value and to include the interest income and cash collections on our net investment in finance and sales-type lease in lease rentals. The calculation of net cash interest margin for all prior periods presented is revised to be comparable with the current period presentation.
(2)
Excludes loan termination payments of $3.0 million in the second quarter of 2013, $1.5 million and $3.5 million in the first quarter and fourth quarter of 2016, respectively, and loan termination payments of $1.0 million in both the second and third quarters of 2017.
We define net cash interest margin as lease rentals from operating leases, interest income and cash collections from finance and sales-type leases minus interest on borrowings, net settlements on interest rate derivatives and other liabilities adjusted for loan termination payments divided by the average net book of flight equipment (which includes net investment on finance and sales-type leases) for the period calculated on a quarterly and annualized basis.
Management believes that net cash interest margin, when viewed in conjunction with the Company's results under U.S. GAAP and the above reconciliation, provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets, the utilization of those assets by our lessees, and our ability to borrow efficiently.
Aircastle Limited and Subsidiaries
Presentation of Reclassification of Gain on Sale of Flight Equipment
(Dollars in thousands)
(Unaudited)
As part of the Company's adoption of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), we have reclassified Gain on sale of flight equipment from Other income (expense) to Revenues on our Consolidated Statement of Income as of March 31, 2018. We believe this better reflects the sale of flight equipment as part of our ordinary activities and conforms our presentation to those of our publicly traded peers. The presentation for the three months ended March 31, 2017, has also been reclassified to conform to the current period presentation. The standard did not have a material impact on our consolidated financial statements and related disclosures.
Three Months Ended
March 31, 2017
Total revenues as previously reported
$
204,273
Gain on sale of flight equipment
759
Total revenues
$
205,032
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of Net Income Allocable to Common Shares
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2018
Weighted-average shares:
Shares
Percent
Common shares outstanding – Basic
78,367
99.45
%
Unvested restricted common shares
431
0.55
%
Total weighted-average shares outstanding
78,798
100.00
%
Common shares outstanding – Basic
78,367
99.71
%
Effect of dilutive shares (1)
228
0.29
%
Common shares outstanding – Diluted
78,595
100.00
%
Net income allocation
Net income
$
57,547
100.00
%
Distributed and undistributed earnings allocated to unvested restricted shares (2)
(315)
(0.55)
%
Earnings available to common shares
$
57,232
99.45
%
Adjusted net income allocation
Adjusted net income
$
56,751
100.00
%
Amounts allocated to unvested restricted shares
(311)
(0.55)
%
Amounts allocated to common shares – Basic and Diluted
$
56,440
99.45
%
(1)
For the three months ended March 31, 2018, distributed and undistributed earnings to restricted shares were 0.55% of net income and adjusted net income. The amount of restricted share forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings.
(2)
For the period presented, dilutive shares represented contingently issuable shares.
Aircastle Limited and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of Net Income Allocable to Common Shares
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2017
Weighted-average shares:
Shares
Percent
Common shares outstanding – Basic
78,177
99.36
%
Unvested restricted common shares
504
0.64
%
Total weighted-average shares outstanding
78,681
100.00
%
Common shares outstanding – Basic
78,177
99.75
%
Effect of dilutive shares (1)
195
0.25
%
Common shares outstanding – Diluted
78,372
100.00
%
Net income allocation
Net income
$
42,439
100.00
%
Distributed and undistributed earnings allocated to unvested restricted shares (2)
(272)
(0.64)
%
Earnings available to common shares
$
42,167
99.36
%
Adjusted net income allocation
Adjusted net income
$
45,691
100.00
%
Amounts allocated to unvested restricted shares
(293)
(0.64)
%
Amounts allocated to common shares – Basic and Diluted
$
45,398
99.36
% | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-aircastle-announces-first-quarter-2018-results.html |
May 16, 2018 / 9:20 PM / Updated 37 minutes ago Fatal overdoses in U.S. increasing pool of transplantable organs Gene Emery 3 Min Read
(Reuters Health) - The increase in drug overdose deaths in the United States appears to have yielded a rise in organs available for transplant, and they are just as viable as those coming from people who have died from other causes, according to a new analysis.
The proportion of organ donors who died from a drug overdose has risen from 1.2 percent in 2000 to 13.7 percent in 2016, an 11-fold increase, the study team reports in The New England Journal of Medicine.
Overdoses are “a sad but definite organ donor source,” lead author Mandeep Mehra of Brigham and Women’s Hospital in Boston told Reuters Health in a telephone interview. “It’s a collateral effect of this terrible opioid crisis.”
The researchers found little difference between survival rates for the hearts and lungs that came from overdose victims and those culled from people who died from other causes - the most common of which was brain bleeding or stroke, followed by blunt-force head injury and gunshot wound.
For heart transplant recipients, survival was actually highest - although only slightly higher - if their heart came from a drug overdose victim.
Mehra said the findings probably apply to other types of organs such as livers and kidneys, which are more durable after the heart has stopped beating. But they were not part of the study, which was outlined in a research letter.
“We were more concerned about hearts and lungs because they’re the most vulnerable organs if deprived of oxygen for a period of time,” he said.
A similar trend has not been seen in Europe, according to Mehra, who is medical director of Brigham and Women’s Heart and Vascular Center.
“That’s the most interesting finding in this. The trend in Europe is absolutely flat,” he said, because “in Europe, the laws protect against opioid prescriptions, so the rate of medical prescriptions for opioid drugs in Europe is really low.”
A few years ago, he added, “there were approximately 52,000 deaths per year in the United States from drug abuse and in Europe there were only about 7,000.” That makes the U.S. rate much higher, even adjusting for population size, he noted.
“And when you look at the type of drug abuse in Europe, 81 percent of all the deaths that occur are from heroin, while opioid and prescription drug deaths are almost nothing,” Mehra said. “Here it’s the opposite.”
The research team is continuing to analyze this phenomenon, now “going regionally and state-by-state to see what the effect of this is in the U.S.,” Mehra said. “We’re even looking at states with different political leanings and seeing what effect that has on transplantation rates.”
SOURCE: bit.ly/2rFKC0p The New England Journal of Medicine, online May 16, 2018. | ashraq/financial-news-articles | https://in.reuters.com/article/us-health-overdoses-organ-transplants/fatal-overdoses-in-u-s-increasing-pool-of-transplantable-organs-idINKCN1IH312 |
EVANSVILLE, Ind.--(BUSINESS WIRE)-- OneMain Holdings, Inc. (NYSE: OMF) (“OMH”) announced today that its indirect, wholly owned subsidiary Springleaf Finance Corporation (“SFC”) is proposing to offer up to $500 million aggregate principal amount of senior notes due 2026 (the “notes”), subject to market and other conditions. The notes will be guaranteed on an unsecured basis by OMH (the “guarantee”). There can be no assurance that the offering of the notes will be consummated.
SFC intends to use the net proceeds from the offering to redeem the remaining $400 million in aggregate principal amount of OneMain Financial Holdings, LLC 7.250% Senior Notes due 2021 and other general corporate purposes, which may include other debt repurchases and repayments.
The offering is being made only by means of a prospectus supplement and accompanying base prospectus. OMH and SFC have filed a registration statement (including a base prospectus) and a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this communication relates and will file a final prospectus supplement relating to the offering. Prospective investors should read the prospectus supplement and base prospectus in that registration statement and other documents OMH and SFC have filed or will file with the SEC for more complete information about OMH and SFC and this offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov . Alternatively, copies of the preliminary prospectus supplement and the accompanying base prospectus for the offering may be obtained by contacting Morgan Stanley & Co. LLC, 180 Varick Street, New York, NY 10014, Attn: Prospectus Department, by telephone: (866) 718-1649 or by emailing: [email protected] , or RBC Capital Markets, LLC, 200 Vesey Street, 8 th Floor, New York, NY 10281, Attn: Leveraged Capital Markets, by telephone: (877) 280-1299.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the shelf registration statement or prospectus.
About OneMain Holdings, Inc.
OneMain Holdings, Inc. is a leading consumer finance company providing responsible loan products to customers through its branch network and the internet. The company has a 100-year track record of high quality origination, underwriting and servicing of personal loans, primarily to non-prime consumers.
Cautionary Note Regarding Forward Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, OMH’s and SFC’s intention to consummate this offering and issue the notes and the guarantee, OMH’s and SFC’s expectation regarding the aggregate principal amount of notes to be sold and SFC’s intended use of proceeds of the offering. The consummation of the offering is subject to market conditions and other factors that are beyond our control. Accordingly, no assurance can be given that the offering will be completed on the contemplated terms or at all and you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” in the prospectus supplement related to the offering, in OMH’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, in SFC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and in OMH’s and SFC’s other filings with the SEC. Neither OMH nor SFC undertakes any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005628/en/
OneMain Holdings, Inc.
David R. Schulz, 812-468-5180
Source: OneMain Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-onemain-holdings-inc-announces-proposed-senior-notes-offering.html |
May 14, 2018 / 11:10 AM / Updated 8 hours ago Small blast wounds one in jittery Afghan capital Kabul Reuters Staff 1 Min Read
KABUL (Reuters) - An explosion went off in a residential neighbourhood of the Afghan capital, Kabul, on Monday, setting nerves on edge in a city hit by a wave of violence in recent months, but only one person was injured, officials said.
The blast was caused by an explosive placed near a park in the Macrorayan, a area of central Kabul, said police spokesman Basir Mujahid.
A health ministry official said one person was wounded.
A series of attacks has killed and wounded hundreds of civilians in Afghanistan this year and put heavy pressure on the Western-backed government of President Ashraf Ghani.
Last week, gunmen mounted coordinated attacks in Kabul and battled security forces for hours in the main commercial area after setting off three large explosions. Reporting by Qadir Sediqi, Abdul Aziz Ibrahimi; Editing by Robert Birsel | ashraq/financial-news-articles | https://in.reuters.com/article/afghanistan-blast/blast-reported-in-afghan-capital-kabul-police-idINKCN1IF1DC |
May 21 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
Roman Abramovich, the billionaire owner of Chelsea football club, is unable to visit Britain because his visa has expired, The Times has established. bit.ly/2rXjoCB
British online supermarket Ocado Group Plc boss Tim Steiner is in line to collect 110 million pounds ($148.18 million) in bonuses early next year - a record payout for the boss of a UK-listed company. bit.ly/2rWlkeN
The Guardian
British Foreign Minister Boris Johnson has delivered a thinly veiled warning to Prime Minister Theresa May that he and his fellow Brexiters still expect her to deliver a deal that avoids triggering the "backstop" that would keep Britain aligned to the customs union beyond 2020. bit.ly/2rV1JLY
Hundreds of staff at British retailer Marks and Spencer Group Plc will find out as soon as Monday whether their store is closing, as the company accelerates its retrenchment from struggling UK high streets. bit.ly/2IYdpr6
The Telegraph
From Friday, the Information Commissioner's Office will have the power to inspect a private company's intellectual property through algorithm audits, to see that computer programmes are mining and processing European citizen's personal information in a "transparent" and "fair" manner. bit.ly/2IXidNk
Footwear maker Dr. Martens has poached UK fashion brand Cath Kidston Chief Executive Kenny Wilson. bit.ly/2GBaT4C
Sky News
Sky News has learnt that Omers Private Equity, an arm of a major Canadian pension fund, and ICG, a London-listed group, are battling to participate in a takeover of Iris - a major provider of software to GP surgeries across Britain. bit.ly/2rTKdru
($1 = 0.7423 pounds)
Compiled by Bengaluru newsroom
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-press-business/press-digest-british-business-may-21-idUSL3N1SR0UV |
LONDON (Reuters) - Wimbledon announced a hefty prize-pot hike on Tuesday, along with a new sustainability project aimed at ensuring it is not just the grass courts that remain green at the All England Club.
Raindrops are seen on an umbrella at the Wimbledon Tennis Championships, in London June 30, 2014. REUTERS/Suzanne Plunkett/Files Organisers of the oldest grand slam tournament revealed a prize fund of 34 million pounds ($46.57 million) for the 2018 championships, up 7.6 percent from last year.
That figure includes awards of 2.25 million pounds each for the men’s and women’s champions – an increase on the 2.2 million pounds Roger Federer and Garbine Muguruza received in 2017.
Organisers also issued a warning that players who compete while knowingly carrying an injury, and quit mid-match, face being docked all their first-round prize money. The move is aimed at preventing a repeat of the rash of retirements in early action last year.
“In the wake of first-round withdrawals we pledged to act on it, and we have done so,” Wimbledon chief executive Richard Lewis told reporters.
“We were very influential in the creation and adoption of the 50-50 rule and hope the introduction of it will play a significant role in mitigating the problems of first-round singles retirements.”
Under the new rule, if an injured player withdraws onsite after midday on the Thursday before the Championships they will receive 50 percent of the first-round prize money. The replacement “lucky-loser” will get the other 50 percent.
With pound signs dominating the headlines at the club in leafy south-west London, tournament organisers also underlined their commitment to combating corruption in the sport and rolling out a sustainability programme.
STRAW BAN Central to the “greening” of the championships is a ban on plastic straws — some 400,000 were used at last year’s tournament — the introduction of electric vehicles in the courtesy car fleet; additional water-fill points around the grounds and the provision of paper bags at Wimbledon’s shops.
“Sustainability is an important and necessary area of focus, particularly for major events,” Lewis said. “We have put in place a sustainability vision which is to sustain the running of the club, and the championships in a way that minimises the impact on our environment.”
Organisers also reiterated they would be implementing rules first announced last November.
In addition to stripping players of their first-round prize money if they pull out of a match or perform to what the club deems “below professional standards”, Wimbledon will strictly enforce warm-up timing to speed up the game, but will also extend the time allowed between points from 20 to 25 seconds.
Wimbledon’s 2018 prize money eclipses the 55 million Australian dollars ($41.32 million) paid out at January’s first grand slam of the year in Melbourne, but at current exchange rates is just shy of the 39.2 million Euros ($47.18 million) on offer at the French Open starting later this month.
The U.S. Open, the final grand slam of the tennis calendar starting in August, is yet to announce its prize money.
Wimbledon, the only grand slam event to be played on grass, will take place from July 2-15.
This year’s championships mark the 150th anniversary of the club, 50 years of Open tennis and 125 years of the women’s singles championships.
Albert Ramos of Spain serves to Juan Martin del Potro of Argentina in their men's singles tennis match at the Wimbledon Tennis Championships, in London June 25, 2013. REUTERS/Toby Melville/Files Editing by Ed Osmond
| ashraq/financial-news-articles | https://in.reuters.com/article/tennis-wimbledon/tennis-wimbledon-to-pay-out-46-6-million-at-2018-championships-idINKBN1I23FJ |
Nobody had invested more in a successful summit meeting between President Donald Trump and North Korean leader Kim Jong Un than Moon Jae-in, the president of South Korea.
So it was true to form when, after Mr. Trump said on Thursday that he was canceling the June 12 summit, Mr. Moon said his sincerity hadn’t flagged and vowed to continue to pursue dialogue.
Since... RELATED VIDEO President Donald Trump spoke at the White House Thursday after he cancelled a planned summit with North Korean leader Kim Jong Un. Photo: Getty Images. | ashraq/financial-news-articles | https://www.wsj.com/articles/south-korean-leader-vows-to-press-on-after-trump-cancels-summit-1527183890 |
May 7 (Reuters) - Green Plains Partners LP:
* GREEN PLAINS PARTNERS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.41 * Q1 EARNINGS PER SHARE VIEW $0.47 — THOMSON REUTERS I/B/E/S
* QTRLY TOTAL REVENUES $25.9 MILLION VERSUS $27.2 MILLION Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-green-plains-partners-reports-q1-e/brief-green-plains-partners-reports-q1-eps-of-0-41-idUSASC0A02O |
(Reuters Health) - Distributing take-home overdose prevention kits substantially reduced the number of deaths from opioid overdoses in a Canadian province, researchers say.
“The province of British Columbia in Canada has experienced a dramatic increase in the number of opioid overdose deaths in recent years, which led to a declaration of a public health emergency in April 2016,” coauthors Dr. Mark Gilbert and Mike Irvine told Reuters Health in an email.
In response, the province scaled up its Take-Home Naloxone program. Naloxone, also known as Narcan, quickly reverses the effect of opioid overdoses.
Gilbert and Irvine said they wanted to know “what sort of an impact the (the program) had, and how worse things might have been if there wasn’t any scale-up.”
As reported in The Lancet Public Health, Gilbert and Irvine and colleagues used multiple data sources to identify almost 23,000 ambulance-attended overdoses and just over 2121 illicit drug-related deaths from January 2012 through October 2016.
During that time, just over 19,000 take-home naloxone kits were distributed.
The researchers calculated that 298 deaths were prevented by the kits, including 226 in 2016 alone, following the rapid scale-up in distribution.
An earlier scale-up of the program would have averted an additional 118 deaths, the researchers say.
“Our study found that for every ten kits used, one death was averted,” Gilbert and Irvine said.
To date, more than 90,000 kits have been distributed in British Columbia, they noted.
“Unfortunately, many people believe that harm reduction and naloxone programs are not valuable, and we hope our study provides evidence that can be used to advocate for wide-scale naloxone distribution programs,” they said.
Gilbert is medical director of the British Columbia Centre for Disease Control, and Irvine is a researcher at the University of British Columbia.
Catherine Comiskey of the University of Dublin in Ireland, who wrote an editorial published with the study, said there’s no magic solution to the problem of opioid addiction and overdoses.
The kits are “absolutely” a necessary component, “but there needs to be more,” Comiskey told Reuters Health.
“(In Ireland), we have a health-led response in our national drug strategy because we believe that . . . a basic human right is to have a health-led response,” Comiskey said.
Police, education, social services, and the health services are all committed to a health-led response, said Comiskey.
“So, for example, we’ve just changed our legislation now so that we can introduce safe-injecting centers,” she said.
Opioids include the prescription pain relievers oxycodone (OxyContin), hydrocodone (Vicodin), codeine, morphine, and others. But the increase in deaths in British Columbia was primarily driven by overdoses of the painkiller fentanyl, an opioid a hundred times more powerful than heroin.
In the U.S., Narcan can be purchased from pharmacies over-the-counter in 49 states. In Nebraska, it’s available with a physician’s prescription.
SOURCE: bit.ly/2vOm89Q and bit.ly/2vOGfVh The Lancet Public Health, online April 17, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-overdose/take-home-narcan-kits-lifesaving-in-opioid-overdoses-idUSKBN1I2416 |
(Reuters) - Tesla Inc ( TSLA.O ) Chief Executive Officer Elon Musk said on Friday it was “foolish” of him to snub Wall Street analysts on a post-earnings conference call on Wednesday.
FILE PHOTO: Elon Musk listens at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018. REUTERS/Joe Skipper/File Photo In a series of tweets on Friday, he claimed the two analysts he cut off “were trying to justify their Tesla short thesis.” But the two have ‘hold’ or ‘neutral’ ratings on the stock, according to Thomson Reuters data.
Musk’s refusal to answer “boring” Wall Street questions about finances sent the electric vehicle maker’s shares down as much as 7 percent on Thursday.
The chain of events to Musk’s tweets on Friday:
WEDNESDAY, MAY 2 (ON THE EARNINGS CALL): Bernstein analyst A.M. (Toni) Sacconaghi: So where specifically will you be in terms of capital requirement?
Elon Musk: Excuse me. Next, next. Boring questions are not cool.
RBC Capital Markets analyst Joseph Spak: The first question is related to the Model 3 reservations... Like of the reservations that actually opened and made available to configure, can you let us know like what..how..what percentage have actually taken steps to configure?
Elon Musk: We’re going to go to YouTube, sorry. These questions are so dry. They’re killing me.
RESPONSES FROM SACCONAGHI & SPAK “Tesla’s Q1 earnings call was a unique experience, to say the least...Beneath the bizarre theatrics, however, we see Tesla’s Q1 as in-line with expectations on most metrics, including revenues, gross margins, and free cash flow,” Sacconaghi in a client note on Thursday
“An odd conference call that lacked answers to questions on investors’ minds and overshadowed earnings. Investor feedback is that the performance shook confidence, which we’d argue is an important piece of the Tesla story. The results themselves probably did little to incrementally persuade bulls/bears either way. There is still healthy, and warranted, skepticism about Tesla’s near-term production capabilities,” Spak in a client note on Thursday. He cut his PT to $280 and lowered his outer-year margin assumptions.
MUSK’S TWEET THREAD ON FRIDAY, MAY 4: The 2 questioners I ignored on the Q1 call are sell-side analysts who represent a short seller thesis, not investors [Link here ]
The reason the Bernstein question about CapEx was boneheaded was that it had already been answered in the headline of the Q1 newsletter he received beforehand, along with details in the body of the letter [Link here ]
Reason RBC question about Model 3 demand is absurd is that Tesla has roughly half a million reservations, despite no advertising & no cars in showrooms. Even after reaching 5k/week production, it would take 2 years just to satisfy existing demand even if new sales dropped to 0. [Link here ]
Reporting by Sonam Rai in Bengaluru; Editing by Sriraj Kalluvila
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tesla-results-conferencecall-factbox/factbox-musk-seeks-to-soothe-wall-street-nerves-after-snub-idUSKBN1I52A6 |
* German business group sharply criticizes U.S. probe
* DIHK: Argument of national security is far-fetched
* Tariffs would mean higher car prices for U.S. consumers (Adds Quote: s, background)
By Michael Nienaber
BERLIN, May 24 (Reuters) - A U.S. decision to launch a national security investigation into car imports marks a further low point in business ties with Europe and will hit both manufacturers and consumers, Germany’s DIHK Chambers of Industries and Commerce said on Thursday.
U.S. President Donald Trump’s administration has launched a national security investigation into car and truck imports that could lead to new U.S. tariffs similar to those imposed on imported steel and aluminum in March.
“To cite aspects of national security as justification is totally constructed and far-fetched. We almost have to take this as a provocation,” DIHK President Eric Schweitzer said.
The United States is the second-biggest export destination for German auto manufacturers after China, and vehicles and car parts are Germany’s biggest source of export income.
Schweitzer said the U.S. administration was totally ignoring the fact that German companies were investing heavily in the United States and also creating many manufacturing jobs there.
Higher U.S. tariffs on car imports would mean additional costs of more than 6 billion euros per year, Schweitzer said, warning that this would not only hit German manufacturers, but U.S. consumers as well who would face higher car prices.
“I gain more and more the impression that the United States no longer believes in competition for ideas and customers, but only in the right of the supposedly stronger,” Schweitzer said.
“It fills me with great concern that the U.S. is moving away from a free and fair world trade order,” he added.
The U.S. announcement came as data showed on Thursday that weaker exports held back German economic growth in the first quarter. The quarterly expansion rate halved to 0.3 percent from 0.6 percent in the previous quarter. (Reporting by Michael Nienaber Editing by Paul Carrel and Gareth Jones)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-autos-germany/update-1-u-s-auto-import-probe-borders-on-provocation-germanys-dihk-idUSL5N1SV2KY |
A daily digest of The Wall Street Journal’s coverage of energy companies, commodity markets and the forces that shape them. Send us tips, suggestions and complaints: [email protected] IRAN USES NUCLEAR PACT AS BARGAINING CHIP WITH EU OVER U.S. SANCTIONS Iran vowed to uphold the pact curbing its nuclear activities if the European Union can offset Consensus Is, Not a Good Week for Bitcoin Next Will Small Caps Lead Large Caps Higher? Don’t Bank on It | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/21/energy-journal-iran-challenges-the-eu-to-take-on-u-s-over-nuclear-pact/ |
Here's another worry on the minds of new college graduates and other young adults: What's going to happen to your health insurance now that you're on your own?
A recent survey by eHealth, an online health insurance broker, found that the 18- to 34-year-old set had a number of misconceptions when it comes to shopping for insurance coverage.
Close to half of the young adults in this age cohort said that "$100 or less" was a fair price for a single adult to pay for insurance coverage, the poll found.
"Young folks, especially if you're talking about people who have just graduated, many of them have been under their parents' plan," said Lisa Zamosky, senior director of consumer affairs at eHealth .
In comparison, the national average monthly health premium for individuals who bought their coverage from eHealth during the last open enrollment period was $440.
EHealth conducted its survey in April, polling 1,705 of its customers.
Dodging the health-care tax penalty Photo by JGI/Jamie Grill via Getty Images Congress repealed the Affordable Care Act's individual mandate in 2017, doing away with the requirement that people maintain minimal essential health insurance or else pay a tax penalty.
Here's the surprise: Though the tax penalty will sunset in 2019, it's currently still in effect. That means if you don't have coverage in 2018, you'll be on the hook for a penalty when you file your taxes next spring.
The penalty for not having coverage in 2017 was $695 per person without insurance ($347.50 for each child), or 2.5 percent of your household income, whichever is greater.
Failing to consider what they need Jamie Grill | Getty Images The survey showed that while nearly 7 out of 10 adults aged 18 to 34 say that all health-care plans should cover maternity care, only 38 percent said they were willing to pay more.
Congress and President Donald Trump have paved the way to expand access to short-term health insurance plans.
These policies are different from plans that are compliant with the Affordable Care Act. For instance, short-term policies can exclude coverage for pre-existing conditions, can impose lifetime and annual limits, and aren't required to cover essential health benefits — including mental health care, preventive care and maternity care.
Still, premiums are lower for these short-term policies: They can run about 20 percent or less than the premium for the cheapest ACA-compliant bronze plan, according to the Kaiser Family Foundation .
Nearly 60 percent of survey participants said that affordable monthly premiums were their first consideration when shopping for coverage. This shouldn't be the only thing customers examine, Zamosky said.
"You really need to look at the full scope of the cost: What's covered relative to what you need? What is the deductible?"
Not knowing who's 'in network' Photo by Caiaimage/Robert Daly If you move to another state while remaining on your parents' plan, prepare to face higher costs.
Health plans negotiate prices with doctors and hospitals who are within their network. However, if a customer sees a provider who is "out of network," the plan either won't cover the service or will pay a smaller portion of the bill.
That means it's up to the customer to cover the higher cost out of pocket.
Dragging your feet to sign up for coverage Hero Images | Getty Images If you're about to turn 26 and age out of your parents' plan, start working on finding your own coverage either through an employer or through an individual policy.
"When you first graduate from college, you might be moving or looking for a job," said Zamosky. "Health insurance is often not at the top of the list."
Adult children whose parents purchased a plan on health insurance exchanges can keep their coverage until Dec. 31, even if they turn 26 in the middle of the year.
Twenty-somethings who are under their parents' coverage via a workplace plan, however, lose coverage the month they turn 26. They are eligible for a special enrollment period , during which they have 60 days prior to losing coverage and 60 days after that to purchase a plan.
If you miss the window, you can look into short-term plans. They won't be as robust, but they are better than nothing.
"When your life is in upheaval, the time goes by fast," said Zamosky. "Just take care of it today."
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Medicare covers less than you might think. How to avoid surprises | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/four-big-blunders-young-adults-make-with-their-health-insurance.html |
Hawaiian volcanic eruption forces residents to flee their homes U.S. Geological Survey via AP Ashley Turner | @Ashley_MTurner 1 Hour Ago
Lava from Hawaii's Kilauea volcano, erupting since 1983, flowed toward a subdivision, forcing residents of Puna's Lailani Estates to flee.
The evacuations were ordered Thursday and remained in effect Friday morning for the entire Big Island community of about 1,700 people, NBC affiliate KNHL reported .
Here's everything you need to know about the situation: The eruption
Hours after a magnitude 5 earthquake struck the island of Hawaii, a new eruption on Thursday afternoon opened a fissure on the volcano, spewing lava 125 feet into the air, NBC News reported. The island had been experiencing smaller tremors since last week.
The Hawaiian Volcano Observatory said lava did not flow more than 33 feet from the fissure and the fissure was no longer actively spewing lava Friday. However, a second vent opened early Friday and lava flowed further into central Leilani Estates, the Hawaii County Civil Defense Agency told CNBC.
Leilani Estates is about 30 miles south of Hilo, a popular Hawaiian vacation destination. U.S. Geological Survey via AP The evacuation
The Hawaii County Civil Defense Agency issued a mandatory evacuation for Leilani Estates residents on Thursday afternoon after lava and smoke were seen pouring out from the fissure. Officers went door to door to make sure that people knew to leave their homes. Fire officials detected dangerous levels of sulfur dioxide in the air and that those who hadn't evacuated were told to do so, KNHL said.
Two shelters were opened for evacuees. U.S. Geological Survey via AP 'My family is safe. That's the main thing.'
One resident said he had been living in the community for 14 years and that he "knew this day might eventually come," but that he had no idea the reality of it.
"My family and my pets are safe," the unidentified man told KNHL . "That's what I really care about. I mean, the rest is just stuff. We can make more money and get more stuff. My family is safe. That's the main thing."
Residents had little time to grab their belongings — one told KNHL he grabbed his father's ashes as he ran out the door. U.S. Geological Survey via AP A history of volcanic activity
Kilauea's first known eruption was documented in 1790. It was an explosive eruption that killed more than 400 people when molten rock propelled by high winds surged toward warriors who were battling at the summit, according to Live Science .
Hawaii's School of Ocean and Earth Science and Technology said the volcano was active from 1790 to 1924, showing mostly "gentle effusion" from a lava lake. The volcano erupted again in 1924, but there were only short summit eruptions from 1924 to 1955.
"Kilauea's eruption rate diminished steadily over the first half of the historic period but has been increasing again since 1924," the school's website said . U.S. Geological Survey via AP | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/hawaiian-volcanic-eruption-forces-residents-to-flee-their-homes.html |
Highlights:
Diluted earnings per share (EPS) of $0.93 on a GAAP basis, including $0.03 per share in acquisition-related charges, increased 9% compared to $0.85 last year. Adjusted diluted EPS of $0.96, up 13% compared to $0.85 last year. Revenues of $227.3 million, up 3% compared to $221.6 million last year. The Company re-iterated 2018 net sales growth between 6%-9% and expects diluted EPS of between $4.00 and $4.23 on a GAAP basis and Adjusted diluted EPS of between $4.10 and $4.32, or between a 22% and 28% growth rate.
COLMAR, Pa., May 01, 2018 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (NASDAQ:DORM), a leading supplier in the automotive aftermarket, today announced its financial results for the first quarter ended March 31, 2018.
1st Quarter Financial Results
The Company reported first quarter 2018 net sales of $227.3 million, up 3% compared to net sales of $221.6 million in the first quarter of 2017. Included in net sales were approximately $10 million of sales from MAS Automotive Distribution Inc. (MAS) which was acquired in October of 2017.
Net income for the first quarter of 2018 was $30.6 million, or $0.93 per diluted share compared to $29.2 million, or $0.85 per diluted share in the prior year quarter. Adjusted net income in the current year first quarter was $31.7 million, or $0.96 per diluted share, up 13% compared to $29.4 million or $0.85 per diluted share in the prior year quarter. Please refer to the Non-GAAP Financial Measures reported in the supplemental schedules. We recorded income tax expense of $9.5 million in the first quarter, or 23.7% of income before income taxes down from $15.9 million, or 35.3% of income before income taxes recorded in the same quarter last year. The reduction in tax rate is primarily a result of the recently enacted U.S. tax legislation known as the Tax Cuts and Jobs Act.
Matt Barton, Dorman Products President and Chief Executive Officer, stated: “Overall, year over year customer sell through (our customers' sales of Dorman product to end users) was up mid-single digits in the quarter signaling steadying end market conditions. However, we continued to feel customer inventory destocking pressure throughout the quarter. From an orders perspective, order rates accelerated in the latter half of the quarter with March posting the strongest order rates of the quarter. Also, we experienced a year over year sales decline for sales transacted over the internet, a result of brand protection pricing policy changes made in early Q4 of last year.
Despite these short term headwinds, our business fundamentals remain strong. We launched 1,600 new SKU’s in the quarter, a 24% increase over last year and our Dorman Heavy Duty Solutions lines experienced solid growth of 31% in the quarter. The introduction of two new industry-leading programs – Air Suspension Systems and Loaded Steering Knuckles contributed to the growth of new SKU’s. The integration of MAS continues to go well and is on plan. In April, we combined our Dorman and the newly acquired MAS chassis programs with the introduction of the most comprehensive chassis offering in today’s aftermarket. The program includes Dorman Premium Chassis for extended life maintenance-free driving, Premium RD, extreme-duty parts for fleets and our MAS line for value conscious customers. We are extremely excited about the sales opportunity this presents Dorman Products and our valued channel partners.”
2018 Guidance
The Company re-iterated that its full year sales growth is estimated to be in the 6%-9% range for 2018, which includes the net sales contribution from MAS. Fiscal 2018 EPS on a GAAP basis is expected to be in the $4.00 to $4.23 range. Fiscal 2018 Adjusted EPS is expected to be in the $4.10 to $4.32 range or a 22% to 28% growth rate.
Share Repurchases
Under its share repurchase program, Dorman repurchased 128.9 thousand shares of its common stock for $9.0 million at an average share price of $69.84 during the first quarter ended March 31, 2018. The Company has $67.7 million left under its current share repurchase authorization.
About Dorman Products
Dorman Products, Inc. is a leading supplier of Dealer “Exclusive” replacement parts to the Automotive, Medium and Heavy Duty Aftermarkets. Dorman products are marketed under the Dorman®, OE Solutions™, HELP!®, AutoGrade™, First Stop™, Conduct‑Tite®, TECHoice™, Dorman® Hybrid Drive Batteries and Dorman HD Solutions™ brand names.
Non-GAAP Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains Non-GAAP financial measures. The reasons why we believe these measures provide useful information to investors and a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these Non-GAAP measures are included in the supplemental schedules attached.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the Company’s future growth rates. Words such as “believe,” “demonstrate,” “expect,” “estimate,” “forecast,” “anticipate,” “should” and “likely” and similar expressions identify forward-looking statements. In addition, statements that are not historical should also be considered forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, competition in the automotive aftermarket industry, concentration of the Company’s sales and accounts receivable among a small number of customers, the impact of consolidation in the automotive aftermarket industry, foreign currency fluctuations, , imposition of new taxes or duties, and other risks detailed in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 30, 2017. The Company is under no obligation to (and expressly disclaims any such obligation to) update any of the information in this press release if any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise.
Investor Relations Contact
Kevin Olsen, Executive Vice President & CFO
[email protected]
(215) 997-1800
Visit our website at www.dormanproducts.com
DORMAN PRODUCTS, INC. AND SUBSIDIARIES Consolidated Statements of Operations (in thousands, except per-share amounts) 13 Weeks 13 Weeks First Quarter (unaudited) 03/31/18 Pct. 04/01/17 Pct.* Net sales $ 227,262 100.0 $ 221,625 100.0 Cost of goods sold 138,627 61.0 132,882 60.0 Gross profit 88,635 39.0 88,743 40.0 Selling, general and administrative expenses 48,641 21.4 43,701 19.7 Income from operations 39,994 17.6 45,042 20.3 Other income, net 152 0.1 64 0.0 Income before income taxes 40,146 17.7 45,106 20.4 Provision for income taxes 9,499 4.2 15,919 7.2 Net income $ 30,647 13.5 $ 29,187 13.2 Diluted earnings per share $ 0.93 $ 0.85 Weighted average diluted shares outstanding 33,003 34,479 * Percentage of sales information does not add due to rounding.
DORMAN PRODUCTS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) (Unaudited) 03/31/18 12/30/17 Assets: Cash and cash equivalents $ 75,344 $ 71,691 Accounts receivable 250,556 241,880 Inventories 205,905 212,149 Prepaid expenses 8,564 7,129 Total current assets 540,369 532,849 Property, plant & equipment, net 92,828 92,692 Goodwill and other intangible assets, net 87,667 88,157 Deferred income taxes, net 6,771 7,884 Other assets 45,413 44,342 Total assets $ 773,048 $ 765,924 Liabilities & shareholders’ equity: Accounts payable $ 63,105 $ 80,218 Accrued expenses and other 32,727 30,563 Total current liabilities 95,832 110,781 Other long-term liabilities 20,078 20,336 Shareholders’ equity 657,138 634,807 Total liabilities and equity $ 773,048 $ 765,924 Selected Cash Flow Information (unaudited):
13 Weeks 13 Weeks (in thousands) 03/31/18 04/01/17 Depreciation, amortization and accretion $ 6,378 $ 5,005 Capital expenditures $ 6,276 $ 5,618 DORMAN PRODUCTS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
(in thousands, except per-share amounts)
The Company’s financial results include certain financial measures not derived in accordance with generally accepted accounting principles (GAAP). Non-GAAP financial measures should not be used as a substitute for GAAP measures, or considered in isolation, for the purpose of analyzing our operating performance, financial position or cash flows. Additionally, these non-GAAP measures may not be comparable to similarly titled measures reported by other companies. However, the Company has presented these non-GAAP financial measures because management believes this presentation, when reconciled to the corresponding GAAP measure, provides useful information to investors by offering additional ways of viewing the Company’s results, profitability trends, and underlying growth relative to prior and future periods and to our peers. Non-GAAP financial measures may reflect adjustments for charges such as fair value adjustments, amortization, transaction costs, and other similar expenses related to acquisitions which the Company has determined are material as well as other items that are not related to the Company’s ongoing performance.
Adjusted Net Income:
13 Weeks 13 Weeks (unaudited) 03/31/18 04/01/17 Net income (GAAP) $ 30,647 $ 29,187 Pretax acquisition-related inventory fair value adjustment [1] 899 - Pretax acquisition-related intangible assets amortization [2] 500 - Pretax acquisition-related transaction and other costs [3] 80 - Tax adjustment (related to above items) [4] (396 ) - Tax charge related to pre 2016 state tax matters [4] - 255 Adjusted net income (Non-GAAP) $ 31,730 $ 29,442 Adjusted Diluted Earnings Per Share:
13 Weeks 13 Weeks (unaudited) 03/31/18* 04/01/17* Diluted earnings per share (GAAP) $ 0.93 $ 0.85 Pretax acquisition-related inventory fair value adjustment [1] 0.03 - Pretax acquisition-related intangible assets amortization [2] 0.02 - Pretax acquisition-related transaction costs [3] 0.00 - Tax adjustment (related to above items) [4] (0.01 ) - Tax charge related to pre 2016 state tax matters [4] - 0.01 Adjusted diluted earnings per share (Non-GAAP) $ 0.96 $ 0.85 Weighted average diluted shares outstanding 33,003 34,479 * Adjusted diluted earnings per share (Non-GAAP) does not add due to rounding.
[ 1 ] – Pretax acquisition-related inventory fair value adjustments result from adjusting the value of acquired inventory from historical cost to fair value. Such costs were $0.9 million pretax (or $0.7 million after tax) and were included in Cost of Goods Sold.
[ 2 ] – Pretax acquisition related intangible asset amortization results from allocating the purchase price of material acquisitions to the acquired tangible and intangible assets of the acquired business and recognizing the cost of the intangible asset over the period of benefit. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe it is important for investors to understand that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Such costs were $0.5 million pretax (or $0.4 million after tax) and were included in Selling, General and Administrative expenses.
DORMAN PRODUCTS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
(in thousands, except per-share amounts)
[3] – Pretax acquisition related transaction costs include external costs incurred to complete and integrate a material acquisition as well as accretion expenses related to contingent consideration obligations. Such costs were $0.1 million pretax (or $0.1 million after tax) and were included in Selling, General and Administrative expenses.
[4] – These adjustments represent the aggregate tax effect of all nontax adjustments reflected in the table above of $0.4 million. Such items are estimated by applying the Company’s overall estimated tax rate to the pretax amount, or, by applying a specific tax rate if one is appropriate. Also included in Provision for Income Taxes for the 13 weeks ended April 1, 2017 is a tax charge related to pre 2016 tax matters.
2018 Guidance:
The Company provided the following guidance ranges related to their fiscal 2018 outlook:
Fiscal 2018 Fiscal 2017 Fiscal Year Ended (unaudited) Low End High End Diluted earnings per share (GAAP) $ 4.00 $ 4.23 $ 3.13 Pretax acquisition-related inventory fair value adjustment [1] 0.05 0.05 0.02 Pretax acquisition-related intangible assets amortization [2] 0.06 0.06 0.01 Pretax acquisition-related transaction costs [1,2] 0.06 0.04 0.03 Tax adjustment (related to above items) [3] (0.07 ) (0.06 ) (0.02 ) Deferred tax asset revaluation related to the TCJA [3] - - 0.13 Tax charge related to pre 2016 state tax matters [3] - - 0.07 Adjusted diluted earnings per share (Non-GAAP) $ 4.10 $ 4.32 $ 3.37 Weighted average diluted shares outstanding 33,572 33,572 34,052 [1] - Included in Cost of Goods Sold [2] - Included in Selling, General, and Administrative expenses [3] - Included in Provision for Income Taxes
Source:Dorman Products, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-dorman-products-inc-reports-first-quarter-2018-results-re-affirms-2018-guidance.html |
NEW YORK, May 14, 2018 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS) and the Special Committee of its Board of Directors, today filed a lawsuit in Delaware Court of Chancery alleging breaches of fiduciary duty by National Amusements, Inc., and seeking to prevent it from interfering with a special meeting of the Board of Directors, at which meeting the directors will consider declaring a dividend of shares of Class A common stock to all of the Company's Class A and Class B stockholders, as is permitted under CBS's charter.
The dividend, if issued, would dilute National Amusements, Inc.'s voting interest from approximately 79% to 17%. The dividend would not dilute the economic interests of any CBS stockholder. The Special Committee has taken this step because it believes it is in the best interests of all CBS stockholders, is necessary to protect stockholders' interests and would unlock significant stockholder value. If consummated, the dividend would enable the Company to operate as an independent, non-controlled company and more fully evaluate strategic alternatives. Copies of the filings made today in connection with the pending litigation will be made available at the investor relations section of the CBS website. ( http://investors.cbscorporation.com/financial-releases )
View original content: http://www.prnewswire.com/news-releases/cbs-and-the-cbs-special-committee-file-lawsuit-to-protect-and-give-voting-power-to-stockholders-300647635.html
SOURCE CBS Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-cbs-and-the-cbs-special-committee-file-lawsuit-to-protect-and-give-voting-power-to-stockholders.html |
PLANO, Texas--(BUSINESS WIRE)-- Zoe’s Kitchen, Inc. (“Zoës Kitchen”) (NYSE:ZOES) today announced that it will host a conference call to discuss its first quarter 2018 financial results on Thursday, May 24, 2018 at 4:30 PM Eastern Time. A press release with first quarter 2018 financial results will be issued that same day, shortly after the market close. Hosting the conference call will be Kevin Miles, Chief Executive Officer and President, and Sunil Doshi, Chief Financial Officer.
The conference call can be accessed live over the phone by dialing 877-407-3982 or for international callers by dialing 201-493-6780. A afterwards and can be accessed by dialing 844-512-2921 or for international callers by dialing 412-317-6671; the passcode is 13679725. The until Thursday, May 31, 2018.
The conference call will also be webcast live from our corporate website at www.zoeskitchen.com under the investor relations section. An archive of the webcast will also be available through the corporate website shortly after the conference call has concluded.
About Zoës Kitchen
Founded in 1995, Zoës Kitchen is a fast-casual restaurant group serving a distinct menu of made-from-scratch, Mediterranean-inspired dishes delivered with warm hospitality. With no microwaves or fryers, grilling is the predominate method of cooking along with an abundance of fresh fruits and vegetables, fresh herbs, olive oil and lean proteins. With 256 locations in 20 states across the United States, Zoës Kitchen delivers goodness to its guests by sharing simple, tasty and fresh Mediterranean meals that inspire guests to lead a balanced lifestyle and feel their best from the inside out. For more information, please visit www.zoeskitchen.com , Facebook, Twitter, Instagram, or follow #livemediterranean.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006342/en/
Investors:
ICR, Inc. for Zoës Kitchen
Fitzhugh Taylor, 214-436-8765 x284
[email protected]
or
Media:
Zoës Kitchen
Casey Shilling
[email protected]
Source: Zoe’s Kitchen, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-zoas-kitchen-to-announce-first-quarter-2018-results-on-may-24-2018.html |
CRANBURY, N.J., May 15, 2018 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE American: PTN), a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential, today announced results for its third quarter ended March 31, 2018.
Recent Highlights
Bremelanotide - Under development for Hypoactive Sexual Desire Disorder ("HSDD"): March 2018 – our exclusive North American licensee for bremelanotide, AMAG Pharmaceuticals, Inc. ("AMAG"), submitted a New Drug Application ("NDA") to the U.S. Food and Drug Administration ("FDA") for bremelanotide for the treatment of HSDD in premenopausal women. If approved, bremelanotide would become the first and only as desired pharmacologic option in the U.S. indicated for the treatment of HSDD in premenopausal women.
"The submission of this NDA represents a significant milestone for the bremelanotide clinical program and our efforts to develop a treatment for HSDD," said Carl Spana, Ph.D., CEO and President of Palatin Technologies.
Melanocortin Receptor 1 Agonists ("MC1r") – under development for inflammatory bowel diseases and ocular indications: May 2018 – Presented positive preclinical MC1r agonist data at TIDES: Oligonucleotide and Peptide Therapeutics 2018 Meeting. April 2018 – Presented preclinical oral formulation data on PL-8177, an investigational MC1r agonist for Inflammatory Bowel Diseases at the 2018 Keystone Symposia on "The Resolution of Inflammation in Health and Disease." Phase 1 First-in-Human clinical study of PL-8177 is in progress and on schedule for top line data in the third quarter of calendar year 2018.
Third Quarter Fiscal 2018 Financial Results
Palatin reported a net loss of $(0.7) million, or $(0.00) per basic and diluted share, for the quarter ended March 31, 2018, compared to a net loss of $(3.6) million, or $(0.02) per basic and diluted share, for the same period in 2017.
The difference in financial results between the three months ended March 31, 2018 and 2017 was mainly attributable to the decrease in total operating expenses of $4.3 million that is offset by a decrease of $1.8 million of recognized revenue during the 2018 period pursuant to our license agreement with AMAG.
Revenue
For the quarter ended March 31, 2018, Palatin recognized $9.0 million in license and contract revenue compared to $10.8 million in the same period in 2017. For both periods, 100% of the revenue Palatin recognized was related to our license agreement with AMAG. As of March 31, 2018, and June 30, 2017, there was $0.6 million and $35.1 million, respectively, of current deferred revenue on the consolidated balance sheet related to this transaction.
Operating Expenses
Total operating expenses for the quarter ended March 31, 2018 were $9.5 million compared to $13.8 million for the same period in 2017. The decrease in operating expenses was mainly attributable to professional services rendered in connection with our license agreement with AMAG, which closed in February 2017, and secondarily to the decrease in development expenses of bremelanotide for HSDD as we continue our progress with our bremelanotide program.
Other Income/Expense
Total other income/expense, net was $0.2 million for the quarter ended March 31, 2018 compared to $0.6 million for the same period in 2017. Total other income/expense, net for both periods consisted primarily of interest expense related to Palatin's venture debt.
Income Tax
Palatin licensed bremelanotide to Shanghai Fosun Pharmaceutical Industrial Development Co. Ltd. ("Fosun") for the People's Republic of China, Taiwan, Hong Kong and Macau, and to Kwangdong Pharmaceutical Co. Ltd. ("Kwangdong") for the Republic of Korea. Pursuant to the license agreements with Fosun and Kwangdong, $500,000 and $82,500, respectively, was withheld in accordance with tax withholding requirements in China and the Republic of Korea, respectively, and will be recorded as an expense during the fiscal year ending June 30, 2018. For the quarter ended March 31, 2018, Palatin recorded an income tax benefit of $18,746 related to those withholding amounts utilizing an estimated effective annual income tax rate applied to the loss for the quarter and the remaining balance of $275,111 was included in prepaid expenses and other current assets at March 31, 2018. Any potential credit to be received by Palatin on its United States tax returns is currently offset by Palatin's valuation allowance.
Cash Position
Palatin's cash, and cash equivalents were $25.7 million as of March 31, 2018, compared to cash, cash equivalents, accounts receivable and investments of $55.6 million at June 30, 2017. Current liabilities were $13.6 million, net of current deferred revenue of $0.6 million, as of March 31, 2018, compared to $19.9 million, net of deferred revenue of $35.1 million, as of June 30, 2017.
In April 2018, Palatin entered into an equity distribution agreement ("at-the-market program") with Canaccord Genuity LLC, pursuant to which Palatin may, from time to time, sell shares of its common stock at market prices. Palatin has no obligation to sell any shares under this agreement and may, at any time, suspend solicitation and offers under this agreement.
Palatin believes that existing capital resources, together with proceeds from sales of common stock in its at-the-market program (if any), will be sufficient to fund our planned operations through at least June 30, 2019.
Conference Call / Webcast
Palatin will host a conference call and webcast on May 15, 2018 at 11:00 a.m. Eastern Time to discuss the results of operations in greater detail and provide an update on corporate developments. Individuals interested in listening to the conference call live can dial 1-800-263-0877 (domestic) or 1-323-794-2094 (international), conference ID 1551025. The webcast and replay can be accessed by logging on to the "Investor/Webcasts" section of Palatin's website at http://www.palatin.com . A telephone and webcast replay will be available approximately one hour after the completion of the call. To access the telephone replay, dial 1-888-203-1112 (domestic) or 1-719-457-0820 (international), passcode 1551025. The webcast and telephone replay will be available through May 22, 2018.
About Palatin Technologies, Inc.
Palatin Technologies, Inc. is a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin's website at www.Palatin.com .
Forward-looking Statements
Statements in this press release that are not historical facts, including statements about future expectations of Palatin Technologies, Inc., such as statements about clinical trial results, potential actions by regulatory agencies including the FDA, regulatory plans, development programs, proposed indications for product candidates and market potential for product candidates, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, results of clinical trials, regulatory actions by the FDA and the need for regulatory approvals, Palatin's ability to fund development of its technology and establish and successfully obtain regulatory approvals, complete clinical trials, the length of time and cost required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin's products, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.
(Financial Statement Data Follows)
PALATIN TECHNOLOGIES, INC.
and Subsidiary
Consolidated Statements of Operations
(unaudited)
Three Months Ended March 31,
Nine Months Ended March 31,
2018
2017
2018
2017
REVENUES:
License and contract revenue
$ 8,962,709
$ 10,823,748
$ 46,516,370
$ 10,823,748
OPERATING EXPENSES:
Research and development
7,068,849
9,062,316
27,277,830
28,422,975
General and administrative
2,411,302
4,773,696
5,581,066
7,289,342
Total operating expenses
9,480,151
13,836,012
32,858,896
35,712,317
(Loss) Income from operations
(517,442)
(3,012,264)
13,657,474
(24,888,569)
OTHER INCOME (EXPENSE):
Interest income
86,496
6,304
219,578
18,940
Interest expense
(326,983)
(558,702)
(1,175,023)
(1,777,222)
Total other expense, net
(240,487)
(552,398)
(955,445)
(1,758,282)
(Loss) Income before income taxes
(757,929)
(3,564,662)
12,702,029
(26,646,851)
Income tax benefit, net
18,746
-
192,611
-
NET (LOSS) INCOME
$ (739,183)
$ (3,564,662)
$ 12,894,640
$ (26,646,851)
Basic net (loss) income per common share
$ (0.00)
$ (0.02)
$ 0.07
$ (0.15)
Diluted net (loss) income per common share
$ (0.00)
$ (0.02)
$ 0.06
$ (0.15)
Weighted average number of common shares
outstanding used in computing basic net (loss)
income per common share
197,485,758
196,580,519
197,277,286
179,841,133
Weighted average number of common shares
outstanding used in computing diluted net (loss)
income per common share
197,485,758
196,580,519
202,712,963
179,841,133
PALATIN TECHNOLOGIES, INC.
and Subsidiary
Consolidated Balance Sheets
(unaudited)
March 31, 2018
June 30, 2017
ASSETS
Current assets:
Cash and cash equivalents
$ 25,736,158
$ 40,200,324
Available-for-sale investments
-
249,837
Accounts receivable
-
15,116,822
Prepaid expenses and other current assets
701,456
1,011,221
Total current assets
26,437,614
56,578,204
Property and equipment, net
165,080
198,153
Other assets
556,915
56,916
Total assets
$ 27,159,609
$ 56,833,273
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
Current liabilities:
Accounts payable
$ 793,642
$ 1,551,367
Accrued expenses
5,894,877
10,521,098
Notes payable, net of discount and debt issuance costs
6,921,032
7,824,935
Capital lease obligations
-
14,324
Deferred revenue
585,519
35,050,572
Total current liabilities
14,195,070
54,962,296
Notes payable, net of discount and debt issuance costs
1,328,973
6,281,660
Deferred revenue
500,000
-
Other non-current liabilities
909,179
753,961
Total liabilities
16,933,222
61,997,917
Stockholders' equity (deficiency):
Preferred stock of $0.01 par value – authorized 10,000,000 shares:
Series A Convertible: issued and outstanding 4,030 shares as of
March 31, 2018 and June 30, 2017
40
40
Common stock of $0.01 par value – authorized 300,000,000 shares:
issued and outstanding 195,477,332 shares as of March 31, 2018
and 160,515,361 shares as of June 30, 2017, respectively
1,954,773
1,605,153
Additional paid-in capital
352,125,554
349,979,373
Accumulated other comprehensive loss
-
(590)
Accumulated deficit
(343,853,980)
(356,748,620)
Total stockholders' equity (deficiency)
10,226,387
(5,164,644)
Total liabilities and stockholders' equity (deficiency)
$ 27,159,609
$ 56,833,273
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SOURCE Palatin Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-palatin-technologies-inc-reports-third-quarter-fiscal-year-2018-results-teleconference-and-webcast-to-be-held-on-may-15-2018.html |
MILAN, May 9 (Reuters) - Italy’s third-largest bank Banco BPM said on Wednesday its net profit nearly doubled in the first quarter boosted by an asset sale and rising interest income.
Net profit at Banco BPM, which was born last year from the merger of Popolare di Milano and Banco Popolare, came in at 223.3 million euros ($265 million) in the first three months, up from 115.2 million euros a year ago when excluding a 3 billion euro gain arising from the merger in 2017.
Banco BPM said the sale of insurance assets to Cattolica Assicurazioni had yielded a capital gain of 176 million euros in the first quarter.
The bank said it had booked net loan writedowns for 326.2 million euros in the quarter and confirmed it would sell 5 billion euros in bad debts in the first half of the year. ($1 = 0.8438 euros) (Reporting by Valentina Za; editing by Agnieszka Flak)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-banks-italy-banco-bpm/banco-bpm-q1-net-profit-boosted-by-insurance-deal-idUSL8N1SG7WX |
FORT WORTH, Texas, May 21, 2018 /PRNewswire/ -- Nestlé Skin Health, a global leader focused on meeting the world's increasing skin health needs, announced today that the U.S. Food and Drug Administration (FDA) has approved the hyaluronic acid (HA) dermal filler Restylane ® Lyft for the correction of age-related volume loss in the back of the hands for patients over the age of 21. Restylane Lyft is the first and only HA injectable gel to be FDA-approved for restoring fullness to the back of the hands 2,3 , providing more youthful-looking skin. 4 It is also the first-ever HA dermal filler to receive FDA approval for an area other than the face." 2,3
† The Restylane Survey was conducted among 1,000 nationally representative U.S. women, ages 35+, between February 26 and March 5, 2018, using an email invitation and an online survey.
"As we age, we lose volume in the back of the hands, causing the appearance of tendons, wrinkles and veins to become more pronounced," 5 stated Dr. Ellen Marmur, a board-certified dermatologist in New York City and clinical trial investigator for Restylane Lyft in the hands. "Many of my patients start to notice their youthful-looking faces aren't matching their aging hands, and ask me what they can do about it. I am now pleased to be able to offer them Restylane Lyft, an injectable HA treatment that many are familiar with since it has been on the market for over 10 years for facial wrinkles." 6
"This new indication demonstrates Nestle Skin Health's mission to deliver a stream of innovative aesthetic solutions that help bring new patients into the market," said Alisa Lask, General Manager and Vice President, U.S. Aesthetic Business Unit at Nestlé Skin Health. "Restylane Lyft is now the first and only dermal filler with 3 FDA-approved treatment areas – the midface/cheek area, nasolabial folds, and now the back of the hands." 2,3
This FDA approval was based on a multi-center, randomized, evaluator-blinded, split-hand study investigating safety and efficacy of Restylane Lyft for use in the dorsal (back side) of the hands. Eighty nine patients age 22 and over were enrolled in the trial. The study met its primary endpoint, showing a clinically meaningful improvement in the correction of volume deficits of treated hands for up to six months. Restylane Lyft was shown to be both safe and well-tolerated, for the correction of volume deficit in the dorsal (back side) hand. After initial treatment, injection site responses (swelling, tenderness, redness, bruising, pain, itching, impaired hand function) were predominantly mild in intensity, and temporary. 4
"As demonstrated in this first-in-class clinical trial, Restylane Lyft offers a safe and effective HA treatment option for restoring volume to the hands and delivering natural-looking results," added Dr. David Bank, New York dermatologist and clinical investigator for Restylane Lyft in the hands. "This new treatment allows me to address the 65% of women over the age of 35 that believe their hands make them look older than their age." 1 †
Hyaluronic acid is a natural occurring substance in the skin that helps provide fullness and elasticity. It diminishes as we age, and causes the skin to lose volume, while increasing the chances for wrinkles to appear.
With over 30 million treatments worldwide and counting 7 , the Restylane ® family of HA dermal fillers is the broadest portfolio of dermal fillers in the U.S. The portfolio of products help to smooth facial wrinkles and folds, such as smile lines (Restylane ® -L, Restylane ® Refyne, Restylane ® Defyne and Restylane ® Lyft with Lidocaine), create fuller and more accentuated lips (Restylane ® Silk and Restylane ® -L), and add lift and volume to the cheeks and the back of the hands (Restylane ® Lyft with Lidocaine).
To learn more about the Restylane family of products, visit www.RestylaneUSA.com .
Nestlé Skin Health's mission is to enhance quality of life by delivering science-based solutions for the health of skin, hair and nails. As one of the category's leading companies, Nestlé Skin Health conducts ground-breaking product research to provide both the healthcare community and the consumer with an ongoing progression of innovative technologies and products to protect, serve and enhance skin health. For more information, please visit www.nestleskinhealth.com .
To earn exclusive rewards, bonuses and discounts on Nestlé Skin Health's aesthetic treatments, join the ASPIRE Rewards program. To learn more about ASPIRE, visit www.aspirerewards.com .
Important Safety Information
The Restylane family of products includes Restylane®, Restylane-L®, Restylane® Lyft with Lidocaine, Restylane® Silk, Restylane® Refyne, and Restylane® Defyne.
APPROVED USES
Restylane® and Restylane-L® are for mid-to-deep injection into the facial tissue for the correction of moderate to severe facial wrinkles and folds, such as nasolabial folds. Restylane® and Restylane-L® are also indicated for injection into the lips in patients over the age of 21.
Restylane® Lyft with Lidocaine is for deep implantation into the facial tissue for the correction of moderate to severe facial wrinkles and folds, such as nasolabial folds and for cheek augmentation and for the correction of age-related midface contour deficiencies in patients over the age of 21. Restylane® Lyft with Lidocaine is also indicated for injection into the subcutaneous plane in the dorsal hand to correct volume deficit in patients over the age of 21.
Restylane® Silk is for lip augmentation and for correction of perioral wrinkles in patients over the age of 21.
Restylane® Refyne is for mid-to-deep injection into the facial tissue for the correction of moderate to severe facial wrinkles and folds, such as nasolabial folds, in patients over the age of 21.
Restylane® Defyne is for mid-to-deep injection into the facial tissue for the correction of moderate to severe deep facial wrinkles and folds, such as nasolabial folds, in patients over the age of 21.
Are there any reasons why I should not use products within the Restylane® family? (Contraindications)
To ensure a safe procedure, your doctor will talk to you about your medical history to determine if you are an appropriate candidate for treatment. You should not use products within the Restylane family if:
You have severe allergies with a history of severe reactions (anaphylaxis) You are allergic to lidocaine or to any of the gram-positive bacterial proteins used to make hyaluronic acid You are prone to bleeding or have been diagnosed with a bleeding disorder
Are there other precautions that I should discuss with my doctor?
Tell your doctor if you are breastfeeding, pregnant, or trying to become pregnant. The safety of these products for use during pregnancy, or in women who are breastfeeding, has not been studied Restylane, Restylane-L, Restylane® Lyft with Lidocaine, Restylane Refyne and Restylane Defyne are intended to treat facial wrinkles and folds, such as nasolabial folds. Restylane and Restylane-L are also intended for lip enhancement. Restylane® Lyft with Lidocaine is also intended for injection in the dorsal hand to correct volume loss. Treatments in other areas of the face or body have not been evaluated in clinical studies. The safety and effectiveness of Restylane® Silk for areas other than the lips and perioral area have not been evaluated in clinical studies. Tell your doctor if you have any history of scarring, particularly thick and stiff scars, or any pigmentation (skin color) disorders. These side effects can occur with hyaluronic acid fillers in general. Tell your doctor if you are planning other laser treatments or a chemical peel, as there is a possible risk of inflammation at the treatment site if these procedures are performed after treatment Patients who experience skin injury near the site of injection with these products may be at a higher risk for side effects Tell your doctor if you are on any medications to decrease your body's immune response (immunosuppressive therapy). Using these medications may increase your risk of bruising or bleeding at the gel injection site. Tell your doctor if you are using any "blood thinners" such as aspirin, warfarin, or any other medications that affect bleeding. Using these medications may increase your risk of bruising or bleeding at the gel injection site. The use of these products on gel injection sites with skin sores, pimples, rashes, hives, cysts, or infections should be postponed until healing is complete. Use of product in these areas could delay healing or make your skin problems worse.
Tell your doctor if you have diseases, injuries, or disabilities of the hand.
What are the possible side effects?
The most commonly observed side effects are swelling, redness, pain, bruising, headache, tenderness, lump formation, itching at the injection site, and impaired hand function. These are typically mild in severity and typically resolve in less than 7 days in nasolabial folds and less than 14 days in lips. Serious but rare side effects include delayed onset infections, recurrence of herpetic eruptions, and superficial necrosis at the injection site.
One of the risks with using this product is unintentional injection into a blood vessel. The chances of this happening are very small, but if it does happen, the complications can be serious, and may be permanent. These complications, which have been reported for facial injections, can include vision abnormalities, blindness, stroke, temporary scabs, or permanent scarring of the skin.
As with all skin injection procedures, there is a risk of infection.
To report a side effect with any of the Restylane products, please call Galderma Laboratories, L.P at 1-855-425-8722.
The Restylane family of products is available only through a licensed practitioner. Complete Instructions for Use are available at www.RestylaneUSA.com .
1 Data on file. Restylane Survey Demographic Report (Wakefield Research), March 2018.
2 U.S. Food & Drug Administration. Dermal Fillers Approved by the Center for Devices and Radiological Health. Accessed May 15, 2018. https://www.fda.gov/MedicalDevices/ProductsandMedicalProcedures/CosmeticDevices/WrinkleFillers/ucm227749.htm .
3 Restylane Lyft. Instructions for Use. Fort Worth, TX. Galderma Laboratories, L.P., 2018
4 Data on file. 43USH1501 Tables, Figures, Listings. Fort Worth, TX: Galderma Laboratories, L.P., 2018.
5 Fabi SG, Goldman MP. Hand rejuvenation: a review and our experience. Dermatol Surg. 2012 Jul;38(7 Pt 2):1112-27. doi: 10.1111/j.1524-4725.2011.02291.x.
6 PERLANE® Injectable Gel. Summary of Safety and Effectiveness Data (PMA P040024/S6). 2007:1-16.
7 Data on file. MA-31037 document. Fort Worth, TX: Galderma Laboratories, L.P., 2016.
© 2018 Galderma Laboratories, L.P.
All trademarks are the property of their respective owners.
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SOURCE Nestlé Skin Health | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-nestla-skin-health-announces-the-fda-approval-of-restylanea-lyft-for-hands-the-first-and-only-hyaluronic-acid-ha-dermal-filler.html |
INSIGHT: Lava engulfs homes and cars in Hawaii 7:53am BST - 00:56
Emergency authorities battling lava flows and gas erupting from Hawaii's Kilauea volcano on Monday warned some residents to 'go now' as a new fissure opened and more structures were destroyed.
Emergency authorities battling lava flows and gas erupting from Hawaii's Kilauea volcano on Monday warned some residents to 'go now' as a new fissure opened and more structures were destroyed. //reut.rs/2KKlUEe | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/insight-lava-engulfs-homes-and-cars-in-h?videoId=424886026 |
May 2, 2018 / 7:28 PM / Updated 31 minutes ago BRIEF-Del. Court says Akorn-Fresenius Trial To Begin July 9 Reuters Staff 1 Min Read
May 2 (Reuters) -
* DELAWARE COURT ORDERS AKORN-FRESENIUS TRIAL TO BEGIN JULY 9, WILL LAST ONE WEEK Further company coverage: (Reporting By Michael Erman) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-del-court-says-akorn-fresenius-tri/brief-del-court-says-akorn-fresenius-trial-to-begin-july-9-idUSL1N1S91RM |
SACRAMENTO, California, May 8, 2018 /PRNewswire/ -- RiceBran Technologies (NASDAQ: RIBT and RIBTW) (the "Company" or "RBT"), a global leader in the production and marketing of value added products derived from rice bran, announced today the Company's financial results for the first quarter
Business Highlights:
Revenue in the first quarter totaled $3.55 million, in line with our previous guidance. Net loss of $(1.9) million and adjusted EBITDA of $(1.4) million was also similar to our internal modeling as the Company accelerated efforts to grow sales and achieve SQF certification throughout our system footprint. We received $1.76 million of proceeds from warrant exercises during the quarter, which helped to significantly offset cash burn from operations and slightly increase shareholders' equity. Subsequent to the end of the quarter we received proceeds from additional warrant exercises that further improved working capital. The Company has seen revenue accelerate to favorable levels thus far in the second quarter, but it should be noted that the Delta region is experiencing low milling volumes due to last year's small crop that may limit our growth trajectory in the quarter and is expected to have a negative impact on second quarter EBITDA due to higher transportation and logistics costs associated with a greater mix of our production being sourced in California instead of the Delta region. We are excited by the anticipated growth in our sales pipeline and are working to add additional production capacity to our system to meet expected growth this year and next. The Company is maintaining revenue guidance of $16 million for the full-year of 2018, and the aforementioned warrant exercises give us confidence that our balance sheet is adequately positioned to pursue our plans in 2018 and beyond.
"The first quarter essentially met our expectations for both revenue and adjusted EBITDA loss," said Dr. Robert Smith, CEO and President. "We are gaining confidence that our growth plans will result in accelerating revenue growth as 2018 unfolds, especially in the third and fourth quarters."
Highlights for the 2018 first quarter include:
Revenue of $3.55 million declined 1.7% from $3.62 million. The Company experienced 4% positive sales growth from our Animal Nutrition products during the quarter; while sales from our Food products declined 6%, mainly due to a decrease in sales to one major customer. Gross profit of $954,000 was down from $1.19 million, primarily a result of higher bran prices, a mix shift to Animal Nutrition from Food, and lower absorption at our Dillon, MT facility due to a planned major Cap Ex project that will continue to limit production through September and the lower sales from one of our major customers. SG&A increased 26%, mainly due to growth in selling expenses, including the addition of sales representatives and personnel needed to meet SQF certification needs, as well as costs related to legal expenses and bonus accruals. Our financial condition remained relatively unchanged during the quarter: We ended the quarter with cash and cash equivalents of $5.1 million compared to $6.2 million and shareholders' equity increased to $14.9 million from $14.7 million on March 31, 2018 and December 31, 2017, respectively. We received $1.76 million of proceeds from warrant exercises during the quarter and Cap Ex totaled $745,000. Subsequent to the end of the quarter we have realized substantial additional proceeds from warrant exercises. "We have experienced meaningful sales growth thus far in the second quarter and we are optimistic that our growth plans are poised to drive substantial growth in 2018 and beyond," said Brent Rystrom, Chief Operating Officer and Chief Financial Officer. "While growth in the quarter may be impeded by production issues from our Delta region causing our transportation and logistics costs to increase, our sales pipeline continues to grow and our system wide upgrades for certification are moving forward in earnest."
"Early expectations for the 2018 rice crop are encouraging and suggest a larger crop and with that likely lower bran prices on and after harvest; this would help RBT drive accelerating growth and better margins, especially in the second half of 2018," Rystrom continued. "We are also actively working to increase our bran supply through existing and new mill relationships to mitigate future issues associated with mill production and look forward to updating our progress in these efforts."
Guidance Updates:
First quarter revenue was consistent with our previous guidance. Second quarter revenue to-date has grown, but we note the next few months may be negatively impacted by lower supplies coming from the Delta. The new rice crop should be harvested in July-August of 2018. The USDA sees rice acre plantings up 9% in 2018, and the planting and growing conditions so far this season have been favorable in both the Delta and California. We are reiterating our annual revenue target of $16.0 million. While adjusted EBITDA was similar to internal modeling in the first quarter, the milling issues in Delta region will likely result in adjusted EBITDA falling below the first quarter results. While we expect a marked sequential improvement in revenue and adjusted EBITDA in both the third and fourth quarters, we now expect full year adjusted EBITDA in the $(3.5) million to $(4.0) million range. We continue to believe our balance sheet is sufficient to support our growth plan for 2018 and beyond.
Conference Call Information
RiceBran Technologies will host a conference call today, Tuesday, May 8, at 4:30 p.m. Eastern Time to discuss these results. The conference call information is as follows:
Direct Dial-in number for US/Canada: (412) 317-6026 Toll Free Dial-in number for US/Canada: (877) 300-8521 Dial-In number for international callers: (412) 317-6026 Participants will ask for the RiceBran Technologies Q1 2018 Financial Results Call
This call is being webcast by ViaVid and can be accessed at http://public.viavid.com/index.php?id=129647 .
The call will also be available for replay by accessing http://public.viavid.com/index.php?id=129647 .
About RiceBran Technologies
RiceBran Technologies is a food, animal nutrition, and specialty ingredient company focused on the procurement, bio-refining and marketing of numerous products derived from rice bran. RiceBran Technologies has proprietary and patented intellectual property that allows us to convert rice bran, one of the world's most underutilized food sources, into a number of highly nutritious food, animal nutrition and specialty ingredient products. Our global target markets are food and animal nutrition manufacturers and retailers, as well as specialty food, functional food and nutritional supplement manufacturers and retailers. More information can be found in the Company's filings with the SEC and by visiting our website at http://www.ricebrantech.com .
Forward-Looking Statements
This release contains forward-looking statements, including, but not limited to, statements about RiceBran Technologies' expectations regarding the sufficiency of its cash position to pursue its plans in 2018, the rice milling volumes in the Delta region and the impact of these volumes on its financial performance, and its business plans, future growth, revenue and adjusted EBITDA. These statements are made based upon current expectations that are subject to known and unknown risks and uncertainties. RiceBran Technologies does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in RiceBran Technologies' filings with the Securities and Exchange Commission, including its most recent periodic reports.
Investor Contact:
Ascendant Partners, LLC
Richard Galterio
(732) 410-9810
[email protected]
RiceBran Technologies
Condensed Consolidated Statements of Operations
Three Months Ended March 31, 2018 and 2017
(Unaudited) (in thousands, except share and per share amounts)
Three Months Ended
2018
2017
Revenues, net
$ 3,552
$ 3,615
Cost of goods sold
2,598
2,428
Gross profit
954
1,187
Selling, general and administrative expenses
2,853
2,266
Loss from continuing operations before other income (expense)
(1,899)
(1,079)
Other (expense) income:
Interest expense
(1)
(1,055)
Change in fair value of derivative warrant liabilities
-
1,099
Loss on extinguishment of debt
-
(1,680)
Other income
-
5
Other expense
(13)
(100)
Total other (expense)
(14)
(1,731)
Loss from continuing operations before income taxes
(1,913)
(2,810)
Income tax benefit
-
397
Loss from continuing operations
(1,913)
(2,413)
Loss from discontinued operations, net of tax
-
(188)
Net loss
(1,913)
(2,601)
Less - Net loss attributable to noncontrolling interest
in discontinued operations
-
(319)
Net loss attributable to RiceBran Technologies shareholders
(1,913)
(2,282)
Less - Dividends on preferred stock, beneficial conversion feature
-
778
Net loss attributable to RiceBran Technologies common shareholders
$ (1,913)
$ (3,060)
Basic earnings (loss) per common share:
Continuing operations
$ (0.11)
$ (0.33)
Discontinued operations
-
0.01
Basic loss per common share - RiceBran Technologies
$ (0.11)
$ (0.32)
Diluted earnings (loss) per common share:
Continuing operations
$ (0.11)
$ (0.33)
Discontinued operations
-
0.01
Diluted loss per common share - RiceBran Technologies
$ (0.11)
$ (0.32)
Weighted average number of shares outstanding:
Basic
17,083,442
9,657,543
Diluted
17,083,442
9,657,543
RiceBran Technologies
Condensed Consolidated Balance Sheets
March 31, 2018 (Unaudited) and December 31, 2017
(in thousands, except share amounts)
March 31
December 31
2018
2017
ASSETS
Current assets:
Cash and cash equivalents
$ 5,130
$ 6,203
Restricted cash
775
775
Accounts receivable
1,552
1,273
Inventories - Finished goods
677
564
Inventories - Packaging
88
114
Deposits and other current assets
439
519
Total current assets
8,661
9,448
Property and equipment, net
7,985
7,850
Other long-term assets, net
48
63
Total assets
$ 16,694
$ 17,361
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$ 497
$ 765
Accrued salary, wages and benefits
441
773
Accrued expenses
510
741
Unearned revenue
78
75
Escrow liability
258
258
Current maturities of long-term debt
4
4
Total current liabilities
1,788
2,616
Long-term debt, less current portion
11
12
Total liabilities
1,799
2,628
Commitments and contingencies
Shareholders' Equity:
Equity attributable to RiceBran Technologies shareholders:
Preferred stock, 20,000,000 shares authorized:
Series G, convertible, 3,000 shares authorized, 630 shares issued and outstanding
313
313
Common stock, no par value, 50,000,000 shares authorized,
19,953,107 and 18,046,731 shares issued and outstanding
281,623
279,548
Accumulated deficit
(267,041)
(265,128)
Total shareholders' equity attributable to RiceBran Technologies shareholders
14,895
14,733
Total liabilities and shareholders' equity
$ 16,694
$ 17,361
USE OF NON-GAAP FINANCIAL INFORMATION
We utilize "Adjusted EBITDA" as a supplemental measure in our ongoing analysis of short term and long term cash requirement and liquidity needs. Adjusted EBITDA does not represent cash flows from operations as defined by generally accepted accounting principles ("GAAP"), is not a measure derived in accordance with GAAP and should not be considered as an alternative to net income (the most comparable GAAP financial measure to EBITDA). Management uses Adjusted EBITDA as an indicator of our current financial performance. By eliminating the impact of all material non-cash charges as well as items that do not regularly occur, we believe that Adjusted EBITDA provides a more accurate and informative indicator of our cash requirements.
The table below contains a reconciliation of net income (GAAP) and Adjusted EBITDA (Non-GAAP) for the three months ended March 31, 2018 and 2017. We do not provide a reconciliation of forward-looking net income (GAAP) to Adjusted EBITDA (non-GAAP). Due to the nature of certain reconciling items, it is not possible to predict with any reliability what future outcomes may be with regard to the expense or income that may ultimately be recognized in future periods. Any forward-looking Adjusted EBITDA information that we may provide from time to time consistently excludes the same items from projected net income that are excluded from actual net income in the table below.
RiceBran Technologies
Adjusted EBITDA Reconciliation
For the three months ended March 31 (in thousands)
2018
2017
Net income (loss)
$ (1,913)
$ (2,810)
Interest expense
1
1,055
Depreciation & amortization
199
233
Unadjusted EBITDA
$ (1,713)
$ (1,522)
Add Back Other Items:
Change in fair value of derivative liabilities
-
(1,099)
Loss on extinguishment of debt
-
1,680
Other income/expense
13
95
Share-based compensation
260
293
Corporate relocation associated expenses
-
45
Adjusted EBITDA
$ (1,440)
$ (508)
Investor Contact:
Ascendant Partners, LLC
Richard Galterio
(732) 410-9810
[email protected]
View original content: http://www.prnewswire.com/news-releases/ricebran-technologies-reports-q1-2018-financial-results-and-provides-business-updates-300644775.html
SOURCE RiceBran Technologies | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-ricebran-technologies-reports-q1-2018-financial-results-and-provides-business-updates.html |
May 25, 2018 / 12:02 AM / Updated 6 minutes ago At least seven killed by car bomb in Benghazi, Libya Ayman al-Warfalli 2 Min Read
BENGHAZI, Libya (Reuters) - At least seven people were killed and 10 wounded when a car bomb exploded on a busy street in the centre of the eastern Libyan city of Benghazi on Thursday night, a hospital medic said. People look at the remnant of vehicles at the scene of a car bombing in Benghazi, Libya May 25, 2018. REUTERS/Stringer
The bomb exploded behind the Tibesti hotel, the city’s biggest, overlooking the Mediterranean Sea, on a street where people were taking a stroll after a day of fasting until sunset in the holy Muslim month of Ramadan.
No more details on the bombing were immediately available. Eight cars parked on the street lined with shops were destroyed.
Benghazi, Libya’s second-largest city, is controlled by the Libyan National Army (LNA), the dominant force in eastern Libya led by commander Khalifa Haftar. Slideshow (4 Images)
The LNA was battling Islamists, including some linked to Islamic State and al Qaeda, as well as other opponents until late last year in the Mediterranean port city.
Security has improved since then, but two mosque bombings earlier this year killed at least 35 people.
Haftar launched his military campaign in Benghazi in May 2014 in response to bombings and assassinations blamed on Islamist militants, part of anarchy that ensued after a NATO-backed uprising ended Muammar Gaddafi’s rule in 2011.
In the past few months, there have been occasional, smaller- scale bombings apparently targeting LNA allies or supporters, but attacks in the city centre are rare Reporting by Ayman al-Warfalli; Writing by Ulf Laessing; Editing by Sandra Maler and Peter Cooney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-libya-security-bomb/car-bomb-explodes-in-libyan-city-of-benghazi-idUKKCN1IP3XH |
EMERGING MARKETS-Mexico peso weakens on NAFTA, Argentine peso hits new low David Gregorio and Lisa Shumaker) Published 19 Hours Ago Reuters
MEXICO CITY, May 14 (Reuters) - Mexico's peso weakened on Monday on uncertainty over an update of the North American Free Trade Agreement (NAFTA) after U.S., Canada and Mexico's representatives showed no sign of reaching a deal, while Argentina's peso hit an all-time low. Mexico's peso was at 19.6260 per U.S. dollar on Monday afternoon, almost 1 percent weaker than the day earlier reference price. The IPC stock index fell 0.45 percent. Investors are concerned that NAFTA negotiators may fail to reach a new deal before a deadline this week that would give the current U.S. Congress a chance of passing it. The Argentine peso fell more than 6 percent after the International Monetary Fund (IMF) said a target exchange rate will not be a condition of a financing deal with Argentina. Argentina requested a "high access stand-by arrangement" from the IMF last week after the peso depreciated rapidly, prompting the central bank to sell reserves and hike interest rates to 40 percent in a bid to contain one of the world's highest inflation rates as well as stop the peso slide. The Brazilian real also weakened on Monday after a presidential poll showed strong support for candidates seen by investors as unwilling to pursue a market-friendly agenda. Excluding jailed former President Luiz Inacio Lula da Silva, who will likely be barred if he registers to run, the Brazilian survey showed law-and-order congressman Jair Bolsonaro held on to his lead in early polling ahead of the October elections. Bolsonaro's statements on economic policy have been erratic. The polling data helped to offset the effect of increased central bank intervention in the wake of a weekslong emerging market sell-off that drove the Brazilian real and the Mexican peso to multiyear lows. Latin American stock markets were mixed as rising crude prices lifted shares of oil drillers.
Key Latin American stock indices at 2130 GMT:
Stock indexes daily YTD % % change Latest change MSCI Emerging Markets 1168.90 0.38 0.9 MSCI LatAm 2843.17 -0.98 0.53 Brazil Bovespa 85232.18 0.01 11.56 Mexico IPC 46519.29 -0.45 -5.74 Chile IPSA 5695.82 -0.12 2.36 Chile IGPA 28783.23 -0.05 2.87 Argentina MerVal 30441.60 1.97 1.25 Colombia IGBC 12362.10 0.02 8.72 Venezuela IBC 0.00 0 -100.00
(Additional reporting by Bruno Federowski in Sao Paulo; Editing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/reuters-america-emerging-markets-mexico-peso-weakens-on-nafta-argentine-peso-hits-new-low.html |
50 COMMENTS Do your colleagues at the office seem to be getting younger?
It looks that way to the millions of older employees in industries being disrupted in the digital era and favoring younger more digitally savvy workers, such as tech, entertainment, retailing and media. As more workers in their 40s and beyond plan to delay retirement until their mid-60s , a growing number will have to hustle to reassert their value to their employers.
A core question older employees face: Would your boss hire you again with the skills you have now? Being able to answer yes takes some smart moves to keep your skills fresh, your attitude upbeat and your personal style up-to-date.
Waiting to act until a buyout offer or other rumblings of cutbacks surface at your company is too late. “You can’t wait until the axe is falling to get out of the way,” says Judith Gerberg, a New York City executive coach.
Networking with younger colleagues and showing curiosity about what they do can help you stay abreast of changes, says Ellis Chase, a New York career-management consultant and author. “You have to break through your comfort zone and talk to that 28-year-old hotshot. Seek her out and ask, ‘I’d love to learn more about this. Could you spend a half-hour with me? I’ll take you to lunch,’ ” Mr. Chase says.
Jeff Fuerst, 52, survived eight years at a shrinking retailer, Sears Holding Corp., by staying attuned to new technology and younger colleagues. His adaptability enabled him to jump to a new position recently. Photo: Steven Bourelle Jeff Fuerst, 52, spent eight years in his 40s as an inventory-management executive at Sears Holding Corp. , the troubled retailer, in hopes of helping it turn around. He stayed abreast of technology and helped start a work-from-home program to help attract young recruits. As Sears continued to close stores, he kept his industry contacts fresh by attending meetings of professional groups.
In a transition initiated by one of those contacts, Mr. Fuerst left Sears three years ago for a position as a senior vice president at Integrated Merchandising Systems, a Morton Grove, Ill., merchandising and marketing agency. There, he’s learning e-commerce and digital-marketing technology, and he has since been promoted to chief logistics officer. “If you don’t react quickly to change, it’s very hard to keep up,” Mr. Fuerst says.
Forming ties and collaborating with colleagues at all levels is an important survival skill, Ms. Gerberg says. Make sure “you have somebody who, if your name comes up at a meeting to be fired, will say, ‘Oh no, that person is great. I’ve worked with them,’ ” she says. If your group is targeted for buyouts, having friends inside the company also improves your chances of transferring to a new assignment in a different unit.
Karen Alber, 54, continued to advance her skills and build new contacts during stints at three separate beverage and food companies in the past 15 years, enduring major cost cuts and restructuring threats and leaving voluntarily in each case. She earned certifications in a field that didn’t exist when she graduated from college in the 1980s—supply-chain management.
She joined professional groups and spoke at meetings. “I sometimes thought, ‘Really? I have to get on a plane and go to a conference?’ ” Ms. Alber says. “But then I did it anyway.” She took coaching courses because she enjoyed mentoring young colleagues.
She also volunteered for internal projects, including task forces for improving how work got done. She sometimes worried, “If I go on this team, how am I ever going to get my job back?” Ms. Alber says. But she learned valuable skills, including managing cross-functional teams and delegating work she couldn’t do herself, helping her advance to chief information officer.
Karen Alber, 54, stayed up-to-date in part by earning certifications in a field that didn't even exist when she graduated from college: supply-chain management. Photo: Kym Turner/North Myrtle Beach Photography “It became her brand,” says Amy Ruppert, an executive coach who worked with Ms. Alber for years. “People knew, ‘You can throw Karen Alber into anything and she’ll run with it.’ ” Two years ago, Ms. Alber made a planned, voluntary move to a new career, co-founding the Integreship Group, a Chicago leadership-coaching firm, with Ms. Ruppert.
Many people face psychological roadblocks to learning new jobs or skills, says Andy Molinsky, a professor of organizational behavior at Brandeis University and author of a book on stepping outside your comfort zone. Older workers may feel resentful about having to stretch themselves when they’ve already worked for decades. Or they may think, “This doesn’t feel like me,” Dr. Molinsky says.
Some manage to venture into new terrain anyway, by developing a sense of purpose—a belief that making the effort is important for a reason you value deeply. Others manage to tweak, personalize or customize the way they move into new roles, so that they feel more comfortable, he says.
One way to do this, consultants and coaches say, is to develop your personal style. That doesn’t mean overhauling your wardrobe or appearance in an effort to look as hip as younger colleagues. “If you’re in your 30s and you have stubble, maybe it’s hunky. But if you’re 70 and you’ve got gray stubble, it looks like you’re homeless,” says Peter Cappelli, a management professor at the Wharton School and author of “Managing the Older Worker.”
New York image consultant Amanda Sanders advises choosing clothing and accessories that reflect current fashions, but making sure they also fit well and look good on you. Men can update their look by choosing trousers with tapered legs, leather shoes with double monk straps rather than laces, and contemporary glasses with tortoiseshell or colorful transparent frames. While an Apple watch suggests the wearer is tech savvy, “on someone older it looks like they’re trying to be young,” Ms. Sanders says. A better choice might be a classic watch with a leather band, she says.
Women should abandon outdated looks, such as a frumpy cardigan over a dress, in favor of a leather jacket or asymmetrical sweater, Ms. Sanders says.
Those whose hair is thinning can color it with highlights to lend more depth and thickness, she suggests. And gray hair is fine if it’s healthy and styled in a contemporary way, Ms. Sanders says. “Wear your age as a badge of honor,” she says. “If you believe it, they’ll believe it.”
Savvy Moves To improve your survival chances late in your career:
If your area is a likely target for cuts, explore potential assignments in other units. Look for problems you can solve for your employer to demonstrate your strengths. Consider updating your wardrobe and hairstyle with help from a trusted adviser. Participate when possible in off-hours socializing or charity events with colleagues. Take the initiative to get to know younger colleagues with skills you don’t have. Volunteer to help with training or onboarding programs for new hires. Raise your hand for internal projects that will strengthen your network or skills. Update your professional credentials via training or refresher courses. Stay involved in professional organizations or your college alumni network. Work & Family Mailbox Q: You wrote recently about employers replacing traditional one-desk-per-employee setups with unassigned desks and a variety of other spaces for meeting and socializing. What impact do these wide-open setups have on introverts?—M.S.
A: Losing your assigned desk can be especially jarring for introverts, who may feel the loss of a home base more keenly than others. Many also miss the predictability of sitting near the same people every day, employers and employees say. New hires in these freewheeling setups typically have to learn more new names and faces immediately.
Some introverts also benefit from being allowed to work from home or other private settings more often. Many employers provide this added flexibility as part of the transition to unassigned seating. These setups also typically include private workspaces for employees to settle down by themselves, focus on their work and think deeply.
Write to Sue Shellenbarger at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/how-can-older-workers-stay-in-the-game-1526999016 |
Columbus Nova, an investment firm with ties to a Russian oligarch, burst into the public eye last week when it was revealed to have paid $500,000 to Michael Cohen, President Donald Trump’s personal lawyer.
The firm, founded in 2000, manages the funds through which Viktor Vekselberg, one of Russia’s richest men and a target of recent U.S. sanctions, has invested in American companies, real estate and other opportunities. The company, run by a cousin of Mr. Vekselberg, says the oligarch doesn’t control it but has provided most... | ashraq/financial-news-articles | https://www.wsj.com/articles/cohen-payment-puts-spotlight-on-firm-linked-to-russian-oligarch-1526503033 |
May 3 (Reuters) - HKSCAN OYJ:
* REG-HKSCAN GROUP’S INTERIM REPORT 1 JANUARY–31 MARCH 2018: STRATEGY IMPLEMENTATION PROCEEDS – RESULT STILL IN LOSS
* Q1 NET SALES EUR 411.0 MILLION VERSUS EUR 420.7 MILLION YEAR AGO
* Q1 EBIT LOSS EUR 18.6 MILLION VERSUS LOSS EUR 6.8 MILLION YEAR AGO
* OUTLOOK 2018 UNCHANGED Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hkscan-q1-ebit-loss-widens-to-eur/brief-hkscan-q1-ebit-loss-widens-to-eur-18-6-million-idUSFWN1S91G1 |
Falling oil prices weigh on S&P 500, Dow 2:39am IST - 01:09
The S&P 500 and Dow eased on Friday after a steep drop in oil prices pressured energy stocks. Fred Katayama reports. ▲ Hide Transcript ▶ View Transcript
The S&P 500 and Dow eased on Friday after a steep drop in oil prices pressured energy stocks. Fred Katayama reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GOZI8A | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/25/falling-oil-prices-weigh-on-sp-500-dow?videoId=430311397 |
SACRAMENTO, Calif. (AP) — California's economy has surpassed that of the United Kingdom to become the world's fifth largest, according to new federal data made public Friday.
California's gross domestic product rose by $127 billion from 2016 to 2017, surpassing $2.7 trillion, the data said. Meanwhile, the UK's economic output slightly shrunk over that time when measured in U.S. dollars, due in part to exchange rate fluctuations.
The data demonstrate the sheer immensity of California's economy, home to nearly 40 million people, a thriving technology sector in Silicon Valley, the world's entertainment capital in Hollywood and the nation's salad bowl in the Central Valley agricultural heartland. It also reflects a substantial turnaround since the Great Recession.
"We have the entrepreneurial spirit in the state, and that attracts a lot of talent and money," said Sung Won Sohn, an economics professor at California State University Channel Islands. "And that's why, despite high taxes and cumbersome government regulations, more people are coming into the state to join the parade."
All economic sectors except agriculture contributed to California's higher GDP, said Irena Asmundson, chief economist at the California Department of Finance. Financial services and real estate led the pack at $26 billion in growth, followed by the information sector, which includes many technology companies, at $20 billion. Manufacturing was up $10 billion.
California last had the world's fifth largest economy in 2002 but fell as low as 10th in 2012 following the Great Recession. Since then, the largest U.S. state has added 2 million jobs and grown its GDP by $700 billion.
California's economic output is now surpassed only by the total GDP of the United States, China, Japan and Germany. The state has 12 percent of the U.S. population but contributed 16 percent of the country's job growth between 2012 and 2017. Its share of the national economy also grew from 12.8 percent to 14.2 percent over that five-year period, according to state economists.
California's strong economic performance relative to other industrialized economies is driven by worker productivity, said Lee Ohanian, an economics professor at University of California, Los Angeles and director of UCLA's Ettinger Family Program in Macroeconomic Research. The United Kingdom has 25 million more people than California but now has a smaller GDP, he said.
California's economic juggernaut is concentrated in coastal metropolises around San Francisco, San Jose, Los Angeles and San Diego.
"The non-coastal areas of CA have not generated nearly as much economic growth as the coastal areas," Ohanian said in an email.
The state calculates California's economic ranking as if it were a country by comparing state-level GDP from the Bureau of Economic Analysis at the U.S. Department of Commerce with global data from the International Monetary Fund. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-associated-press-california-now-worlds-5th-largest-economy-surpassing-uk.html |
MILWAUKEE, May 15, 2018 /PRNewswire/ -- PKWARE , a global leader in data security, announced today that CRN ® , a brand of The Channel Company , has named Jen Ferguson, director of partner marketing, to its prestigious 2018 Women of the Channel list. The executives who comprise this annual list span the IT channel, representing vendors, distributors, solution providers and other organizations that figure prominently in the channel ecosystem. Each is recognized for her outstanding leadership, vision and unique role in driving channel growth and innovation.
CRN editors select the Women of the Channel honorees based on their professional accomplishments, demonstrated expertise and ongoing dedication to the IT channel.
Since joining PKWARE in October 2017, Ferguson has been leading the development of messaging, positioning, and sales and marketing tools to extend the value of current PKWARE offerings for PKWARE's channel partners to create new revenue opportunities. This is the second year Ferguson has been on this prestigious list. She was previously recognized for her achievements in leading initiatives focused on increasing partner productivity, partner enablement and training, partner communication and engagement, and the overall partner experience in her preceding role.
"Jen is a tremendous asset to our team and it's great to see her recognized by the industry. As director of partner marketing, she enables our partners to drive demand and relevance with customers across all regions and partner routes to market," said Miller Newton, CEO of PKWARE. "She hit the ground running by helping us launch a product integration with Boldon James, and she's been actively working with the channel partners this year to develop a framework for channel partners to leverage our solutions with other vendors."
"It is an honor to receive this recognition by CRN two years in a row," said Ferguson. "Over the course of the next year, I will continue to develop and deliver sales enablement tools and marketing programs to drive partner growth and increase partner engagement."
"This accomplished group of leaders is steadily guiding the IT channel into a prosperous new era of services-led business models and deep, strategic partnerships," said Bob Skelley, CEO of The Channel Company. "CRN's 2018 Women of the Channel list honors executives who are driving channel progress through a number of achievements—exemplary partner programs, innovative product development and marketing, effective team-building, visionary leadership and accelerated sales growth—as well as advocacy for the next generation of women channel executives."
The 2018 Women of the Channel list will be featured in the June issue of CRN Magazine and online at www.CRN.com/wotc .
Follow The Channel Company: Twitter , LinkedIn and Facebook
Tweet This:
@TheChannelCo names @PKWARE's @JenFerg85 to @CRN 2018 Women of the Channel list #WOTC18 www.CRN.com/wotc .
About PKWARE
PKWARE has been a trusted leader in global business data protection and encryption for 30 years. PKWARE's solutions keep data safe from internal and external cybersecurity threats for more than 30,000 enterprise customers, including 200 government entities. Its software-defined solutions provide cost-effective and easy-to-implement protection that is transparent to end-users and simple for IT to administer and control. For more information, please visit www.pkware.com
About The Channel Company
The Channel Company enables breakthrough IT channel performance with our dominant media, engaging events, expert consulting and education, and innovative marketing services and platforms. As the channel catalyst, we connect and empower technology suppliers, solution providers and end users. Backed by more than 30 years of unequaled channel experience, we draw from our deep knowledge to envision innovative new solutions for ever-evolving challenges in the technology marketplace. www.thechannelco.com
CRN is a registered trademark of The Channel Company, LLC. All rights reserved.
Contact:
Sara Stephens
Allison+Partners
+1 (646) 428-0675
[email protected]
The Channel Company Contact:
Kim Sparks
The Channel Company
(508) 416-1193
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/jen-ferguson-of-pkware-recognized-as-one-of-crns-2018-women-of-the-channel-300648192.html
SOURCE PKWARE | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-jen-ferguson-of-pkware-recognized-as-one-of-crns-2018-women-of-the-channel.html |
LAKEWOOD, Colo., May 3, 2018 /PRNewswire/ -- Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) today announced results for its second quarter of fiscal 2018 , increased its outlook for daily average comparable store sales growth for fiscal 2018 and narrowed its earnings per share outlook for fiscal 2018.
Highlights for Second Quarter Fiscal 2018 Compared to Second Quarter Fiscal 2017
Net sales increased 12.3% to $215.9 million; Daily average comparable store sales increased 7.1%; Net income increased 13.6% to $3.4 million with diluted earnings per share of $0.15; EBITDA increased 1.7% to $13.1 million; Opened three new stores, resulting in 7.4% store growth for the twelve month period ; The Company is raising its fiscal 2018 outlook for daily average comparable stores sales growth to 3.5% to 4.5% and narrowing its fiscal 2018 diluted earnings per share outlook to $0.43 to $0.50; and The Company's Board of Directors has authorized a two-year extension of the Company's $10 million share repurchase program.
"Sales momentum continued to accelerate during the second quarter, which, combined with more focused pricing and promotional activities, generated year-over-year growth in both EBITDA and diluted earnings per share," said Kemper Isely, Co-President. "We are pleased with the 7.1% growth in daily average comparable store sales during the second quarter, which reflected a continued positive customer response to our enhanced sales initiatives. We fine-tuned our pricing and promotional investments during the second quarter, resulting in an improved gross margin relative to the first quarter while delivering enhanced value to our customers. Our strong sales growth and prudent new store expansion strategy enabled us to leverage expenses to support improved earnings."
In addition to presenting the financial results of Natural Grocers by Vitamin Cottage, Inc. and its subsidiaries (collectively, the Company) for the second quarter of fiscal 2018 and 2017 in conformity with U.S. generally accepted accounting principles (GAAP), the Company is also presenting EBITDA, which is a non-GAAP financial measure. The reconciliation from GAAP to this non-GAAP financial measure is provided at the end of this earnings release.
Operating Results — Second Quarter Fiscal 2018 Compared to Second Quarter Fiscal 2017
During the second quarter of fiscal 2018, net sales increased $23.7 million, or 12.3%, to $215.9 million compared to the same period in fiscal 2017, primarily driven by a $13.5 million increase in comparable store sales and a $10.2 million increase in new store sales. Daily average comparable store sales increased 7.1% in the second quarter of fiscal 2018 compared to a 1.7% decrease in the second quarter of fiscal 2017. The daily average comparable store sales increase during the second quarter of fiscal 2018 was driven by a 5.0% increase in daily average transaction count and a 2.0% increase in average transaction size. Daily average mature store sales increased 4.3% in the second quarter of fiscal 2018 compared to a 3.1% decrease in the second quarter of fiscal 2017. For fiscal 2018, mature stores include all stores open during or before fiscal 2013.
Gross profit during the second quarter of fiscal 2018 increased 7.6% over the same period in fiscal 2017 to $58.3 million, primarily driven by an increase in the number of comparable stores. Gross profit reflects earnings after both product and occupancy costs. Gross margin was 27.0% of sales for the second quarter of fiscal 2018 compared to 28.2% of sales for the second quarter of fiscal 2017. The decline in gross margin was primarily driven by lower product margin, reflecting recent promotional pricing campaigns, a shift in sales mix to lower margin products and, to a lesser extent, higher occupancy costs, all as a percentage of sales.
Store expenses during the second quarter of fiscal 2018 increased $4.1 million, or 9.6%, to $46.5 million. Store expenses as a percentage of sales decreased to 21.5% during the second quarter of fiscal 2018 compared to 22.1% in the second quarter of fiscal 2017. This decrease was primarily due to expense leverage from increased sales and decreases in labor expenses and depreciation expenses, both as a percentage of sales.
Administrative expenses increased 10.1% to $5.5 million during the second quarter of fiscal 2018 compared to $5.0 million for the comparable period in fiscal 2017. This increase was due primarily to an increase in compensation expenses. Administrative expenses as a percentage of sales decreased to 2.5% during the second quarter of fiscal 2018 compared to 2.6% in the comparable period in fiscal 2017.
Pre-opening and relocation expenses decreased $0.6 million during the second quarter of fiscal 2018 compared to the comparable period in fiscal 2017. This decrease was due to the impact of the number and timing of new store openings and relocations. During the second quarter of fiscal 2018, the Company opened three new stores compared to opening four new stores and relocating one store during the second quarter of fiscal 2017.
Interest expense during the second quarter of fiscal 2018 increased $0.2 million compared to the comparable period in fiscal 2017 due to an increase in the number of the Company's capital leases and higher interest rates under the Company's revolving credit facility.
The Company's effective income tax rate for the second quarter of fiscal 2018 was approximately 24.8% compared to 35.4% for the second quarter of fiscal 2017. The decrease in the effective income tax rate for the three months is a result of the recent federal income tax reform.
Net income for the second quarter of fiscal 2018 increased 13.6% over the same period in fiscal 2017 to $3.4 million with diluted earnings per share of $0.15.
EBITDA in the second quarter of fiscal 2018 increased 1.7% to $13.1 million compared to the second quarter of fiscal 2017.
Operating Results — First Half Fiscal 2018 Compared to First Half Fiscal 2017
During the first half of fiscal 2018, net sales increased $42.6 million, or 11.3%, over the same period in fiscal 2017 to $418.4 million due to a $22.1 million, or 5.9%, increase in comparable store sales and a $20.5 million increase in sales from new stores. The 5.9% increase in daily average comparable store sales during the first half of fiscal 2018 compared to a 1.2% decrease in the first half of fiscal 2017. The 5.9% increase in the first half of fiscal 2018 was driven by a 4.9% increase in daily average transaction count and a 0.9% increase in average transaction size. Daily average mature store sales increased 3.0% in the first half of fiscal 2018 compared to a 2.7% decrease in the first half of fiscal 2017.
Gross profit during the first half of fiscal 2018 increased 4.8% over the same period in fiscal 2017 to $111.4 million, primarily driven by an increase in the number of comparable stores. Gross profit reflects earnings after both product and occupancy costs. Gross margin was 26.6% of sales during the first half of fiscal 2018 compared to 28.3% of sales in the first half of fiscal 2017. The decline in gross margin was primarily driven by lower product margin, reflecting recent promotional pricing campaigns and a shift in sales mix to lower margin products, both as a percentage of sales.
Store expenses as a percentage of sales decreased 50 basis points during the first half of fiscal 2018 to 21.9% of sales compared to the comparable period in fiscal 2017, primarily driven by leverage from increased sales, including decreased labor expenses and depreciation, both as a percentage of sales.
Administrative expenses increased 8.9% to $10.7 million during the first half of fiscal 2018 compared to $9.8 million for the comparable period in fiscal 2017. This increase was due to an increase in compensation expenses. Administrative expenses as a percentage of sales were 2.6% during the first half of fiscal 2018, consistent with the comparable period in fiscal 2017.
Pre-opening and relocation expenses decreased $1.3 million during the first half of fiscal 2018 compared to the comparable period in fiscal 2017 primarily due to the number and timing of new store openings and relocations. During the first half of fiscal 2018, the Company opened five new stores and relocated one store compared to opening nine new stores and relocating one store during the first half of fiscal 2017.
Interest expense increased $0.3 million in the first half of fiscal 2018 compared to the comparable period in fiscal 2017, primarily due to higher interest rates under the Company's revolving credit facility, an increase in the number of the Company's capital leases and a decrease in capitalized interest expense.
The Company reported a net tax benefit of $3.0 million in the first half of fiscal 2018, primarily due to the favorable impact of a $4.3 million non-cash remeasurement of the Company's deferred income tax assets and liabilities as a result of the recent federal income tax reform. That remeasurement was recorded fiscal 2018. Exclusive of the adjustment to deferred income tax assets and liabilities, the Company's effective income tax rate for the first half of fiscal 2018 was approximately 24.5% as compared to 35.3% for the first half of fiscal 2017. The decrease in the effective income tax rate for the six months is a result of the recent federal tax reform.
Net income was $8.6 million with diluted earnings per share of $0.38 in the first half of fiscal 2018. Excluding the favorable impact of the remeasurement of our deferred tax assets and liabilities as a result of the recent federal income tax reform, net income was $4.3 million, or $0.19 diluted earnings per share, for the six months .
EBITDA during the first half of fiscal 2018 was $22.7 million.
Balance Sheet and Cash Flow
As of March 31, 2018, the Company had $8.1 million in cash and cash equivalents and $29.4 million available for borrowing under its $50 million revolving credit facility. Credit facility usage was comprised of $19.6 million of direct borrowings and $1.0 million of letters of credit as of March 31, 2018.
During the second quarter of fiscal 2018, the Company generated $21.7 million in cash from operations and invested $10.5 million in capital expenditures, primarily for new stores and relocations.
Growth and Development
During the second quarter of fiscal 2018, the Company opened three new stores, bringing the total store count as of March 31, 2018 to 145 stores in 19 states. The Company opened five new stores and relocated one store in the first half of fiscal 2018 compared to opening nine new stores and relocating one store in the first half of 2017, resulting in 7.4% and 20.5% unit growth rates for the twelve month periods and March 31, 2017, respectively.
Since April 1, 2018, the Company has opened one store in Oregon. The Company has eight signed leases for stores that are planned to open in fiscal 2018 and beyond in Colorado, Iowa, Oregon and Texas.
Fiscal 2018 Outlook
The Company is raising its fiscal 2018 outlook for daily average comparable store sales growth and narrowing its outlook for diluted earnings per share. The initial outlook had been provided when the Company reported fourth quarter and full-year fiscal 2017 results on November 16, 2017.
Fiscal
2018 Outlook
First Half
FY'18
Actual
Number of new stores
8 to 10
5
Number of relocations
3 to 4
1
Daily average comparable store sales growth
3.5% to 4.5%
5.9%
Net income as a percentage of sales
1.0% to 1.3%
2.1%
Diluted earnings per share
$0.43 to $0.50
$0.38
Capital expenditures (in millions)
$25 to $30
$10.5
Extension of Share Repurchase Program
On May 2, 2018, the Company's Board of Directors authorized a two-year extension of the Company's $10 million share repurchase program. As a result of such extension, the share repurchase program will terminate on May 4, 2020. The dollar value of the shares of the Company's common stock that may yet be purchased under the share repurchase program is approximately $8.3 million.
Earnings Conference Call
The Company will host a conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time) to discuss this earnings release. The dial-in number is 1-888-347-6606 (US); 1-855-669-9657 (Canada); or 1-412-902-4289 (International). The conference ID is "Natural Grocers by Vitamin Cottage." A simultaneous audio webcast will be available at http://Investors.NaturalGrocers.com and archived for a minimum of 30 days.
About Natural Grocers by Vitamin Cottage
Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) is an expanding specialty retailer of natural and organic groceries and dietary supplements whose products must meet strict quality guidelines. The grocery products sold by Natural Grocers may not contain artificial colors, flavors, preservatives or sweeteners, or partially hydrogenated or hydrogenated oils. The Company sells only USDA certified organic produce and exclusively pasture-raised, non-confinement dairy products. Natural Grocers' flexible smaller-store format allows it to offer affordable prices in a shopper-friendly retail environment. The Company also provides extensive free science-based nutrition education programs to help customers make informed health and nutrition choices. The Company, founded in 1955, has 146 stores in 19 states.
Visit www.NaturalGrocers.com for more information and store locations.
Forward-Looking Statements
The following constitutes a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995. Except for the historical information contained herein, statements in this release are "forward-looking statements" and are based on current expectations and assumptions that are subject to risks and uncertainties. All statements that are not statements of historical fact are forward-looking statements. Actual results could differ materially from those described in the forward-looking statements because of factors such as changes in the Company's industry, business strategy, goals and expectations concerning the Company's market position, the economy, future operations, margins, profitability, capital expenditures, liquidity and capital resources, future growth other financial and operating information and other risks detailed in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2017 (Form 10-K) and the Company's subsequent quarterly reports on Form 10-Q. The information contained herein speaks only as of the date of this release and the Company undertakes no obligation to update forward-looking statements, except as may be required by the securities laws.
For further information regarding risks and uncertainties associated with the Company's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's filings with Commission, including, but not limited to, the Form 10-K and the Company's subsequent quarterly reports on Form 10-Q, copies of which may be obtained by contacting Investor Relations at 303-986-4600 or by visiting the Company's website at http://Investors.NaturalGrocers.com .
NATURAL GROCERS BY VITAMIN COTTAGE, INC.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands, except per share data)
Three months ended
March 31,
Six months ended
March 31,
2018
2017
2018
2017
Net sales
$
215,911
192,203
418,391
375,780
Cost of goods sold and occupancy costs
157,630
138,045
306,951
269,469
Gross profit
58,281
54,158
111,440
106,311
Store expenses
46,480
42,400
91,646
84,243
Administrative expenses
5,458
4,959
10,715
9,842
Pre-opening and relocation expenses
697
1,284
1,240
2,545
Operating income
5,646
5,515
7,839
9,681
Interest expense, net
(1,122)
(879)
(2,211)
(1,862)
Income before income taxes
4,524
4,636
5,628
7,819
(Provision for) benefit from income taxes
(1,120)
(1,640)
2,957
(2,762)
Net income
$
3,404
2,996
8,585
5,057
Net income per common share:
Basic
$
0.15
0.13
0.38
0.23
Diluted
$
0.15
0.13
0.38
0.23
Weighted average number of shares of common stock outstanding:
Basic
22,353,993
22,458,524
22,356,943
22,455,964
Diluted
22,444,808
22,469,349
22,419,056
22,464,979
NATURAL GROCERS BY VITAMIN COTTAGE, INC.
Consolidated Balance Sheets
(Dollars in thousands, except per share data)
March 31,
2018
September 30,
2017
Assets
(unaudited)
Current assets:
Cash and cash equivalents
$
8,071
6,521
Accounts receivable, net
5,692
4,860
Merchandise inventory
96,873
93,612
Prepaid expenses and other current assets
2,789
3,222
Total current assets
113,425
108,215
Property and equipment, net
184,053
184,417
Other assets:
Deposits and other assets
1,691
1,642
Goodwill and other intangible assets, net of accumulated amortization of $411 and $394, respectively
5,667
5,655
Deferred financing costs, net
37
62
Total other assets
7,395
7,359
Total assets
$
304,873
299,991
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
60,564
56,849
Accrued expenses
15,440
14,164
Capital and financing lease obligations, current portion
633
548
Total current liabilities
76,637
71,561
Long-term liabilities:
Capital and financing lease obligations, net of current portion
36,953
32,880
Revolving credit facility
19,592
28,392
Deferred income tax liabilities
8,248
12,419
Deferred compensation
665
1,231
Deferred rent
10,796
10,465
Leasehold incentives
9,743
9,160
Total long-term liabilities
85,997
94,547
Total liabilities
162,634
166,108
Stockholders' equity:
Common stock, $0.001 par value, 50,000,000 shares authorized, 22,510,279 shares issued at March 31, 2018 and September 30, 2017 and 22,364,280 and 22,448,056 outstanding at March 31, 2018 and September 30, 2017, respectively
23
23
Additional paid-in capital
55,894
55,678
Retained earnings
87,431
78,846
Common stock in treasury at cost, 145,999 and 62,223 shares, at March 31, 2018 and September 30, 2017, respectively
(1,109)
(664)
Total stockholders' equity
142,239
133,883
Total liabilities and stockholders' equity
$
304,873
299,991
NATURAL GROCERS BY VITAMIN COTTAGE, INC.
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in thousands)
Six months ended
March 31,
2018
2017
Operating activities:
Net income
$
8,585
5,057
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
14,825
14,440
Gain on disposal of property and equipment
(28)
—
Share-based compensation
362
414
Deferred income tax benefit
(4,171)
(573)
Non-cash interest expense
6
6
Changes in operating assets and liabilities
(Increase) decrease in:
Accounts receivable, net
(832)
558
Merchandise inventory
(3,261)
(6,184)
Prepaid expenses and other assets
447
1,414
Increase (decrease) in:
Accounts payable
4,181
4,580
Accrued expenses
1,276
1,183
Deferred compensation
(566)
233
Deferred rent and leasehold incentives
914
1,316
Net cash provided by operating activities
21,738
22,444
Investing activities:
Acquisition of property and equipment
(10,559)
(23,598)
Proceeds from sale of property and equipment, net of commissions of $7 and $80, respectively
34
2,564
Net cash used in investing activities
(10,525)
(21,034)
Financing activities:
Borrowings under credit facility
176,000
142,350
Repayments under credit facility
(184,800)
(143,300)
Capital and financing lease obligations payments
(271)
(231)
Repurchase of common stock
(581)
—
Payments on withholding tax for vested restricted stock units
(11)
(12)
Net cash used in financing activities
(9,663)
(1,193)
Net increase in cash and cash equivalents
1,550
217
Cash and cash equivalents, beginning of period
6,521
4,017
Cash and cash equivalents, end of period
$
8,071
4,234
Supplemental disclosures of cash flow information:
Cash paid for interest
$
431
330
Cash paid for interest on capital and financing lease obligations, net of capitalized interest of $49 and $237, respectively
1,748
1,483
Income taxes paid
90
1,382
Deferred compensation paid
700
—
Supplemental disclosures of non-cash investing and financing activities:
Acquisition of property and equipment not yet paid
$
2,377
9,528
Property acquired through capital and financing lease obligations
4,428
—
NATURAL GROCERS BY VITAMIN COTTAGE, INC.
Non-GAAP financial measures
EBITDA is not a measure of financial performance under GAAP. We define EBITDA as net income before interest expense, provision for income taxes and depreciation and amortization. The following table reconciles net income to EBITDA for the periods presented, dollars in thousands:
Three months ended
March 31,
Six months ended
March 31,
2018
2017
2018
2017
Net income
$
3,404
2,996
8,585
5,057
Interest expense, net
1,122
879
2,211
1,862
Provision for (benefit from) income taxes
1,120
1,640
(2,957)
2,762
Depreciation and amortization
7,410
7,319
14,825
14,440
EBITDA
$
13,056
12,834
22,664
24,121
EBITDA increased 1.7% to $13.1 million in the three months compared to $12.8 million for the three months ended March 31, 2017. EBITDA decreased 6.0% to $22.7 million in the six months compared to $24.1 million for the six months ended March 31, 2017. EBITDA as a percent of sales was 6.0% and 6.7% in the three months and 2017, respectively. EBITDA as a percent of sales was 5.4% and 6.4% in the six months and 2017, respectively.
Management believes some investors' understanding of our performance is enhanced by including EBITDA, a non-GAAP financial measure. We believe EBITDA provides additional information about: (i) our operating performance, because it assists us in comparing the operating performance of our stores on a consistent basis, as it removes the impact of non-cash depreciation and amortization expense as well as items not directly resulting from our core operations such as interest expense and income taxes and (ii) our performance and the effectiveness of our operational strategies. Additionally, EBITDA is a component of a measure in our financial covenants under our Credit Facility. Further, our incentive compensation plan bases incentive compensation payments on EBITDA, among other measures.
Furthermore, management believes some investors use EBITDA as a supplemental measure to evaluate the overall operating performance of companies in our industry. Management believes some investors' understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing our ongoing results of operations. By providing this non-GAAP financial measure, together with a reconciliation from net income, we believe we are enhancing analysts' and investors' understanding of our business and our results of operations, as well as assisting analysts and investors in evaluating how well we are executing our strategic initiatives.
Our competitors may define EBITDA differently, and as a result, our measure of EBITDA may not be directly comparable to those of other companies. Items excluded from EBITDA are significant components in understanding and assessing financial performance. EBITDA is a supplemental measure of operating performance that does not represent, and should not be considered in isolation or as an alternative to, or substitute for, net income or other financial statement data presented in the consolidated financial statements as indicators of financial performance. EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or as a substitute for, analysis of our results as reported under GAAP. Some of the limitations are:
EBITDA does not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; EBITDA does not reflect changes in, or cash requirements for, our working capital needs; EBITDA does not reflect any impact for straight-line rent expense for leases classified as capital and financing lease obligations; EBITDA does not reflect the interest expense, or the cash requirements necessary to service interest or principal payments on our debt; EBITDA does not reflect our tax expense or the cash requirements to pay our taxes; and although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and EBITDA does not reflect any cash requirements for such replacements.
Due to these limitations, EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA as supplemental information.
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SOURCE Natural Grocers by Vitamin Cottage, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-natural-grocers-by-vitamin-cottage-announces-second-quarter-fiscal-2018-results.html |
May 18, 2018 / 12:36 PM / Updated 3 minutes ago French business chief in Iran sees bleak prospects for European firms Reuters Staff
* French Centre for Business in Tehran anticipates mass exit
* European goodwill won’t be enough to protect business
* Total exit sends negative signal to smaller firms
By John Irish
PARIS, May 18 (Reuters) - The head of France’s business lobby in Iran said on Friday he feared a mass exodus of European firms following the U.S. decision to impose new sanctions and that EU government efforts to protect their companies were unlikely to be enough.
European leaders want to salvage the 2015 nuclear deal between Tehran and world powers, which lifted most of the international sanctions that have badly hurt the Iranian economy in exchange for curbs on its nuclear programme.
But EU officials say there is no easy way to protect EU firms and banks from the extraterritorial nature of U.S. sanctions that Washington has reimposed and larger firms have already started signalling their intent to pullback from Iran.
“Sadly, what we can fear is a mass withdrawal of European firms,” Matthieu Etourneau, managing director of the French Centre for Business in Tehran, said at a conference at the French Institute for International Affairs.
“The political pro-activeness of governments is good, but we have the feeling that it will not be enough to ensure companies keep their activities in Iran.”
French energy group Total, which arguably signed the most symbolic contract between Iran and Western powers since 2016, said on Wednesday it might quit its multi-billion-dollar gas project in Iran unless it secured a waiver from the sanctions.
Etourneau said the presence of big companies like Total initially had a ripple effect of bringing smaller companies from the sector into the market, but that its departure would naturally send the opposite signal.
“What we’re seeing develop is that companies will seek exemptions and waivers, but the American stance is so intransigent on the question that we think it’s unlikely they will be granted,” he said.
Among tools being studied, EU officials are trying to revamp a blocking statute to encompass decision to revive Iran-related sanctions after the expiry of 90- and 180-day wind-down periods, including sanctions aimed at Iran’s lifeblood oil sector and transactions with its central bank.
Etourneau said he was sceptical on its efficiency and the ability to introduce it quickly enough, especially as companies needed to make decisions within the next few weeks to ensure they abide by the wind-down periods.
“We have the feeling that the American position for Iran is regime change so what can you do within that framework?” he said.
Smaller French banks with clients operating in Iran have already started telling those customers they are unlikely to be able to continue providing services after Aug. 6, he said, adding that sanctions linked to the central bank would make financial activity even more complicated.
“With the absence of banking support all economic sectors will be impacted, including those which have had exemptions such as health and the food industry,” he said.
Small and medium companies may look to work with Asian affiliates as one option of staying in Iran.
“In the short-term the easiest solution would be for European states to cover the cost of American sanctions imposed on certain companies,” he said. (Reporting by John Irish; Editing by Mark Potter) | ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-france-business/french-business-chief-in-iran-sees-bleak-prospects-for-european-firms-idUSL5N1SP3PX |
May 31, 2018 / 1:05 PM / Updated 17 minutes ago Tennis-Shapovalov's maiden French Open cut short in second round Martyn Herman 2 Min Read
PARIS, May 31 (Reuters) - Denis Shapovalov’s growing fan club were left disappointed as his French Open debut was cut short by Germany’s Maximilian Marterer in the second round on Thursday.
The Canadian 19-year-old’s eye-catching groundstrokes have rocketed him up the rankings in the past 12 months and he arrived to contest only his fourth Grand Slam seeded 24.
Despite taking the first set against fellow left-hander Marterer, three years his senior, he lost an absorbing scrap on the Court 1 bullring 5-7 7-6(4) 7-5 6-4.
Shapovalov’s game first began to fray in the middle of the second set when a double-fault at 3-3 gave Marterer the break.
The 70th-ranked German, also playing in the main draw for the first time, faltered when serving for second set at 5-4 but he made no mistake in the tiebreak, levelling the match when Shapovalov netted a forehand.
Shapovalov struggled to contain the errors in the third set and another double-fault when serving at 5-6 30-30 gave Marterer the chance to move ahead.
Marterer was powerless as Shapovalov found the line with a forehand winner to stave off the set point. But he earned another one and this time produced a superb backhand winner.
It was the German who showed the greater composure at the crucial moments and he sensed his chance as Shapovalov served at 4-5 in the fourth, breaking to love to claim victory and move on to a third-round clash with Estonia’s Jurgen Zopp. (Reporting by Martyn Herman Editing by Peter Graff) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-shapovalov/tennis-shapovalovs-maiden-french-open-cut-short-in-second-round-idUKL5N1T244N |
May 21 (Reuters) - Spirit MTA REIT:
* SPIRIT MTA REIT - ENTERED SEPARATION AND DISTRIBUTION AGREEMENT WITH SPIRIT REALTY CAPITAL, INC - SEC FILING
* SPIRIT MTA REIT - THE AGREEMENT GOVERNS RELATIONSHIPS BETWEEN CO AND SRC SUBSEQUENT TO COMPLETION OF SPIN-OFF
* SPIRIT MTA REIT-AGREEMENT GIVES FOR ALLOCATION BETWEEN CO &SRC OF SRC'S ASSETS, LIABILITIES AND OBLIGATIONS ATTRIBUTABLE TO PERIODS PRIOR TO SPIN-OFF Source text: ( bit.ly/2J058Tl ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-spirit-mta-reit-entered-separation/brief-spirit-mta-reit-entered-separation-and-distribution-agreement-with-spirit-realty-idUSFWN1SS0VD |
May 10 (Reuters) - Main Street Capital Corp:
* MAIN STREET CAPITAL CORP FILES PROSPECTUS SUPPLEMENT RELATED TO OFFERING OF UP TO 4.5 MILLION SHARES OF CO'S COMMON STOCK - SEC FILING Source text: ( bit.ly/2G4CBXb ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-main-street-capital-files-prospect/brief-main-street-capital-files-prospectus-supplement-related-to-offering-of-up-to-4-5-mln-shares-of-cos-common-stock-idUSFWN1SH1PV |
April 30 (Reuters) - YAPI KREDI KORAY GAYRIMENKUL YATIRIM ORTAKLIGI AS:
* Q1 NET LOSS (NOT PROFIT) OF 204,404 LIRA VERSUS PROFIT 158,951 LIRA YEAR AGO
* Q1 REVENUE OF 10.8 MILLION LIRA VERSUS 14.1 MILLION LIRA YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-yapi-kredi-koray-reit-q1-net-resul/brief-yapi-kredi-koray-reit-q1-net-result-turns-to-loss-of-204404-lira-idUSL8N1S762V |
Oprah Winfrey, Rex Tillerson, and Abby Wambach were just a few of the notable people chosen to give commencement addresses that stressed integrity, truthfulness, and courage. Here are some highlights from this year's speeches. | ashraq/financial-news-articles | http://live.wsj.com/video/highlights-from-the-best-commencement-speeches-of-2018/FDE63C70-F481-439F-82DC-1B3BBB5BDF58.html |
CHICAGO--(BUSINESS WIRE)-- LSC Communications, Inc. (NYSE: LKSD) today reported financial results of 2018.
1Q 2018 Highlights:
Net sales of $929 million compared to $821 million of 2017, an increase of $108 million, or 13.2% Organic net sales decrease of 1.7% compared to the first quarter of 2017, an improvement in organic net sales trends GAAP net loss of $11 million, or $0.32 per diluted share compared to a net loss of $1 million, or $0.02 per diluted share of 2017 Non-GAAP net loss of $4 million, or $0.11 per diluted share, compared to non-GAAP net income of $4 million, or $0.14 per diluted share of 2017 Non-GAAP adjusted EBITDA of $53 million, or 5.7% of net sales, compared to $65 million, or 7.9% of net sales, of 2017 Company reaffirms full-year guidance
“We are pleased with the overall revenue trends in the quarter and, as we expected given the sales mix, the first quarter’s margin comparisons were difficult. We anticipate margin improvements as we move through 2018, driven by improved sales mix, integration synergies and cost actions taken earlier this year,” said Thomas J. Quinlan III, LSC Communications’ Chairman, Chief Executive Officer and President. “In 2018, we have continued to execute on our strategic initiatives and are excited to add the Print Logistics component of RRD’s Logistics business to further strengthen our logistics infrastructure to drive growth in warehousing and distribution services. Additionally, we announced the sale of LSC’s retail offset printing facilities as we continue to focus on our adjacencies growth strategy.”
Net Sales
First quarter net sales were $929 million, up $108 million, or 13.2%, from the first quarter of 2017. After adjusting for acquisitions, changes in foreign exchange rates, pass-through paper sales, and the adoption of new revenue recognition standards, organic net sales decreased 1.7% from the first quarter of 2017 which represents an improvement in the Company’s organic net sales trend. This improvement was driven by sales performance in the Print segment, especially within the book reporting unit, that was more than offset by the impact of customer inventory reductions in the Office Products segment.
GAAP Net Income
First quarter 2018 net loss was $11 million, or $0.32 per diluted share, compared to a net loss of $1 million, or $0.02 per diluted share, of 2017. The first quarter 2018 net loss included after-tax charges of $7 million and first quarter 2017 net income included after-tax charges of $5 million, both of which are excluded from the presentation of non-GAAP net income. Additional details regarding the amount and nature of these adjustments and other items are included in the attached schedules.
Non-GAAP Adjusted EBITDA and Non-GAAP Net Income
Non-GAAP adjusted EBITDA of 2018 was $53 million, or 5.7% of net sales, compared to $65 million, or 7.9% of net sales, of 2017. The decrease in non-GAAP adjusted EBITDA margin was primarily due to sales mix, pricing pressure and the impact of lower margins related to recent acquisitions partially offset by on-going productivity and cost control initiatives.
Non-GAAP net loss totaled $4 million, or $0.11 per diluted share, of 2018 compared to non-GAAP net income of $4 million, or $0.14 per diluted share of 2017. Reconciliations of net income to non-GAAP adjusted EBITDA and non-GAAP net income are presented in the attached schedules.
2018 Guidance
The Company reaffirms the following full-year guidance for 2018, which includes the estimated impact of its announced transactions assuming a closing date in the second quarter for the sale of LSC’s retail offset printing facilities and in the third quarter for the Print Logistics component of RRD’s Logistics business (1) :
Guidance
Net sales $3.8 to $3.9 billion Non-GAAP adjusted EBITDA (2) $320 to $360 million Depreciation and amortization $135 to $145 million Interest expense $72 to $76 million Non-GAAP effective tax rate 25% to 29% Capital expenditures $65 to $75 million Free cash flow (3) $120 to $160 million Diluted share count (4) Approximately 35 million (1)
The completion of each transaction is subject to customary closing conditions (2)
Consistent with historical guidance and presentation, non-GAAP adjusted EBITDA includes net pension income. Beginning in 2018, Accounting Standards Update No. 2017-07 requires companies to disaggregate the service cost component of net benefit cost from other components of net benefit cost and present the service cost component with other employee compensation costs. All other components of net benefit cost will need to be presented outside of income from operations. As a result, the Company expects to reclassify approximately $49 million, $46 million and $45 million of net pension income for years ended 2018, 2017 and 2016, respectively, out of income from operations to a line item outside of income from operations, resulting in no impact to net income or non-GAAP adjusted EBITDA. (3)
Free cash flow is defined as net cash provided by operating activities less capital expenditures (4)
This guidance assumes no shares are repurchased under the Board of Director’s authorization to repurchase up to $20 million of the Company’s shares of common stock. Certain components of the guidance given in the table above are provided on a non-GAAP basis only, without providing a reconciliation to guidance provided on a GAAP basis. Information is presented in this manner, consistent with SEC rules, because the preparation of such a reconciliation could not be accomplished without "unreasonable efforts." The Company does not have access to certain information that would be necessary to provide such a reconciliation, including non-recurring items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, restructuring charges, impairment charges, pension settlement charges, acquisition-related expenses, gains or losses on investments and business disposals, losses on debt extinguishment and other similar gains or losses not reflective of the Company's ongoing operations. The Company does not believe that excluding such items is likely to be significant to an assessment of the Company's ongoing operations, given that such excluded items are not indicators of business performance.
Conference Call
LSC Communications will host a conference call and simultaneous webcast to discuss its first-quarter results today, Thursday, May 3, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). The live webcast will be accessible on LSC Communications’ web site: www.lsccom.com . Individuals wishing to participate must register in advance at the following link . After registering, participants will receive dial-in numbers, a passcode, and a link to access the live event. A webcast replay will be archived on the Company’s web site for 90 days after the call.
About LSC Communications
With a rich history of industry experience, innovative solutions and service reliability, LSC Communications (NYSE: LKSD) is a global leader in print and digital media solutions. Our traditional and digital print-related services and office products serve the needs of publishers, merchandisers and retailers around the world. With advanced technology and a consultative approach, our supply chain solutions meet the needs of each business by getting their content into the right hands as efficiently as possible.
For more information about LSC Communications, visit www.lsccom.com .
Use of non-GAAP Information
This news release contains certain non-GAAP measures. The Company believes that these non-GAAP measures, such as non-GAAP adjusted EBITDA, non-GAAP adjusted EBITDA margin, non-GAAP net income/loss and free cash flow, when presented in conjunction with comparable GAAP measures, provide useful information about the Company’s operating results and liquidity and enhance the overall ability to assess the Company’s financial performance. The Company uses these measures, together with other measures of performance under GAAP, to compare the relative performance of operations in planning, budgeting and reviewing the performance of its business. Non-GAAP adjusted EBITDA, non-GAAP adjusted EBITDA margin, non-GAAP net income/loss and free cash flow allow investors to make a more meaningful comparison between the Company’s core business operating results over different periods of time. The Company believes that non-GAAP adjusted EBITDA, non-GAAP adjusted EBITDA margin, non-GAAP net income/loss and free cash flow, when viewed with the Company’s results under GAAP and the accompanying reconciliations, provides useful information about the Company’s business without regard to potential distortions. By eliminating potential differences in results of operations between periods caused by factors such as depreciation and amortization methods, historic cost and age of assets, financing and capital structures, taxation positions or regimes, restructuring, impairment and other charges and gain or loss on certain equity investments and asset sales, the Company believes that non-GAAP adjusted EBITDA, non-GAAP adjusted EBITDA margin and non-GAAP net income/loss can provide useful additional basis for comparing the current performance of the underlying operations being evaluated. By adjusting for the level of capital investment in operations, the Company believes that free cash flow can provide useful additional basis for understanding the Company’s ability to generate cash after capital investment and provides a comparison to peers with differing capital intensity.
Forward-Looking Statements
This news release may contain " " within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these and any such are qualified in their entirety by reference to the following cautionary statements. All speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such , including risks associated with the ability of LSC Communications to perform as expected as a separate, independent entity and risks associated with the volatility and disruption of the capital and credit markets, and adverse changes in the global economy. Readers are strongly encouraged to read the full cautionary statements contained in LSC’s filings with the SEC. LSC disclaims any obligation to update or revise any
LSC Communications, Inc. Condensed Consolidated Balance Sheets As of March 31, 2018 and December 31, 2017 (in millions, except share and per share data) (UNAUDITED) March 31, 2018 December 31, 2017 Assets
Cash and cash equivalents $ 23 $ 34 Receivables, less allowances for doubtful accounts of $13 in 2018 (2017: $11) 694 727 Inventories 242 238 Prepaid expenses and other current assets 53 47 Total Current Assets 1,012 1,046 Property, plant and equipment - net 565 576 Goodwill 82 82 Other intangible assets - net 155 160 Deferred income taxes 45 51 Other noncurrent assets 98 99 Total Assets $ 1,957 $ 2,014 Liabilities
Accounts payable $ 329 $ 406 Accrued liabilities 238 239 Short-term and current portion of long-term debt 176 123 Total Current Liabilities 743 768 Long-term debt 689 699 Pension liabilities 164 182 Restructuring and multi-employer pension liabilities 48 49 Other noncurrent liabilities 66 68 Total Liabilities 1,710 1,766 Commitments and Contingencies Equity
Common stock, $0.01 par value Authorized: 65,000,000 shares; Issued: 34,830,180 shares in 2018 (2017: 34,610,931) — — Additional paid-in capital 819 816 Accumulated deficit (4 ) (90 ) Accumulated other comprehensive loss (564 ) (476 ) Treasury stock, at cost: 201,971 shares in 2018 (2017: 100,256) (4 ) (2 ) Total Equity 247 248 Total Liabilities and Equity $ 1,957 $ 2,014 LSC Communications, Inc. Condensed Consolidated Statements of Operations For the 31, 2018 and 2017 (in millions, except per share data) (UNAUDITED)
For the Three Months
Ended March 31,
2 0 1 8 2 0 1 7 Net sales $ 929 $ 821 Cost of sales (1) 808 692 Selling, general and administrative expenses (SG&A)(1)
83 76 Restructuring, impairment and other charges - net 6 6 Depreciation and amortization 38 40 (Loss) income from operations (6 ) 7 Interest expense-net 20 17 Investment and other (income)-net (11 ) (11 ) (Loss) income before income taxes (15 ) 1 Income tax (benefit) expense (4 ) 2 Net loss $ (11 ) $ (1 ) Net loss per common share: Basic net loss per share $ (0.32 ) $ (0.02 ) Diluted net loss per share $ (0.32 ) $ (0.02 ) Dividends declared per common share $ 0.26 $ 0.25 Weighted average number of common shares outstanding: Basic 34.7 32.6 Diluted 34.7 32.6 Additional information:
Gross margin (1) 13.0 % 15.7 % SG&A as a % of net sales (1) 8.9 % 9.3 % Operating margin (0.6 %) 0.9 % Effective tax rate 24.0 % 148.1 % (1) Exclusive of depreciation and amortization LSC Communications, Inc. Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA For the Three and Twelve Months Ended March 31, 2018 and 2017 (in millions) (UNAUDITED) For the Twelve
Months Ended
For the 31,
2018
March 31,
2018
December 31,
2017
September 30,
2017
June 30,
2017
GAAP net (loss) income $ (67 ) $ (11 ) (58 ) (3 ) $ 5 Adjustments: Restructuring, impairment and other charges - net (1) 129 6 42 60 21 Separation-related expenses (2) 3 — — 1 2 Acquisition-related expenses (3) 6 1 2 2 1 Purchase accounting adjustments (4) 2 3 (2 ) 1 — Loss on debt extinguishment (5) 3 — 3 — — Depreciation and amortization 158 38 42 39 39 Interest expense-net 75 20 20 19 16 Income tax expense (benefit) 7 (4 ) 36 (23 ) (2 ) Total Non-GAAP adjustments 383 64 143 99 77 Non-GAAP adjusted EBITDA $ 316 $ 53 $ 85 $ 96 $ 82 Net sales $ 3,711 $ 929 $ 999 $ 935 $ 848 Non-GAAP adjusted EBITDA margin % 8.5 % 5.7 % 8.5 % 10.3 % 9.7 % For the Twelve
Months Ended
For the 31,
2017
March 31,
2017
December 31,
2016
September 30,
2016
June 30,
2016
GAAP net income (loss) $ 74 $ (1 ) $ 9 $ 38 $ 28 Adjustments: Restructuring, impairment and other charges - net (1) 21 6 7 3 5 Separation-related expenses (2) 6 1 4 1 — Pension settlement charge (6) 1 — — — 1 Depreciation and amortization 165 40 41 40 44 Interest expense (income)-net 35 17 18 1 (1 ) Income tax expense 37 2 1 18 16 Total Non-GAAP adjustments 265 66 71 63 65 Non-GAAP adjusted EBITDA $ 339 $ 65 $ 80 $ 101 $ 93 Net sales $ 3,595 $ 821 $ 919 $ 949 $ 906 Non-GAAP adjusted EBITDA margin % 9.4 % 7.9 % 8.7 % 10.6 % 10.3 % (1) Restructuring, impairment and other charges-net: Restructuring charges for employee termination costs, lease terminations, other costs, and multiemployer pension plan withdrawal obligations; impairment charges for goodwill, intangible assets and other long-lived assets. Refer to the Reconciliation of GAAP to Non-GAAP Measures schedules for more information. (2) Separation-related expenses: One-time transaction expenses associated with becoming a standalone company.
(3) Acquisition-related expenses: Legal, accounting and other expenses associated with completed and contemplated acquisitions. (4) Purchase accounting adjustments: Purchase accounting inventory step-up adjustments and any gains associated with acquisitions. (5) Loss on debt extinguishment: Loss related to a partial debt extinguishment. (6) Pension settlement charge: Charge recognized for lump-sum pension settlement payments. LSC Communications, Inc. Reconciliation of GAAP to Non-GAAP Measures For the 31, 2018 and 2017 (in millions, except per share data) (UNAUDITED) For the 31, 2018 For the 31, 2017 Net (loss) income Net (loss) income
per diluted share
Net (loss) income Net (loss) income
per diluted share
GAAP basis measures $ (11 ) $ (0.32 ) $ (1 ) $ (0.02 ) Non-GAAP adjustments: Restructuring, impairment and other charges - net (1) 4 0.11 3 0.10 Separation-related expenses (2)
— — 1
0.03
Acquisition-related expenses (3) — 0.01 — — Purchase accounting adjustments (4) 2 0.07 — — Income tax adjustments (5) 1 0.02 1
0.03 Total Non-GAAP adjustments 7 0.21 5 0.16 Non-GAAP measures $ (4 ) $ (0.11 ) $ 4 $ 0.14 (1) Restructuring, impairment and other charges - net: Operating results for the three months ended March 31, 2018 and 2017 were affected by the following pre-tax restructuring charges of $6 million ($4 million after-tax) and $6 million ($3 million after-tax), respectively: For the Three Months Ended
March 31,
2018 2017 Employee termination costs (a) $ 4 $ 4 Other restructuring charges (b) 3 1 Reduction of goodwill impairment charges (c) (1 ) — Other charges (d) — 1 Total restructuring, impairment and other charges - net $ 6 $ 6 (a) For the three months ended March 31, 2018, employee-related termination costs resulted from the closure of one facility in the Print segment and the reorganization of certain business units. For the three months ended March 31, 2017, employee-related termination costs resulted from the reorganization of certain business units and corporate functions.
(b) Includes other facility costs. (c) As a result of a $1 million adjustment of previously recorded goodwill associated with acquisitions in 2017, there was a reduction of goodwill impairment charges of $1 million during the three months ended March 31, 2018. (d) Other charges related to the Company's multi-employer pension plan withdrawal obligations unrelated to facility closures. (2) Separation-related expenses: The three months ended March 31, 2017 included pre-tax charges of $1 million ($1 million after-tax) for one-time costs associated with becoming a standalone company. (3) Acquisition-related expenses: The three months ended March 31, 2018 included pre-tax charges of $1 million (a de minimis amount of after-tax charges) related to legal, accounting and other expenses associated with completed and contemplated acquisitions. (4) Purchase accounting adjustments: The three months ended March 31, 2018 included pre-tax charges of $3 million ($2 million after-tax) as a result of purchase accounting inventory step-up adjustments and changes to purchase price allocations related to prior acquisitions. (5) Income tax adjustments: Included tax expense of $1 million for each of the three months ended March 31, 2018 and 2017 that was recorded due to the unfavorable impact associated with share-based compensation awards that lapsed during each of the periods. Note: The income tax impact is calculated using the tax rate in effect for the non-GAAP adjustments. LSC Communications, Inc. Segment GAAP to Non-GAAP Adjusted EBITDA and Margin Reconciliation For the 31, 2018 and 2017 (in millions) (UNAUDITED) Print Office
Products
Corporate Consolidated For the 31, 2018
Net sales $ 806 $ 123 $ — $ 929 Income (loss) from operations 2 2 (10 ) (6 ) Operating margin % 0.2 % 1.6 % nm (0.6 %) Investment and other (income) - net
— — (11)
(11)
Non-GAAP Adjustments
Depreciation and amortization 34 4 — 38 Restructuring charges - net 6 1 — 7 Impairment reduction
(1 ) — — (1 ) Acquisition-related expenses — — 1 1 Purchase accounting adjustments — 1 2 3 Total Non-GAAP adjustments 39 6 3 48 Non-GAAP adjusted EBITDA $ 41 $ 8 $ 4 $ 53 Non-GAAP adjusted EBITDA margin % 5.1 % 6.5 % nm 5.7 % Capital expenditures $ 19 $ — $ 1 $ 20 For the 31, 2017
Net sales $ 710 $ 111 $ — $ 821 Income (loss) from operations 12 9 (14 ) 7 Operating margin % 1.7 % 8.1 % nm 0.9 % Investment and other (income) - net
— — (11 ) (11 ) Non-GAAP Adjustments
Depreciation and amortization 35 4 1 40 Restructuring charges - net 4 1 — 5 Other charges 1 — — 1 Separation-related expenses
— — 1 1 Total Non-GAAP adjustments 40 5 2 47 Non-GAAP adjusted EBITDA $ 52 $ 14 $ (1 ) $ 65 Non-GAAP adjusted EBITDA margin % 7.3 % 12.6 % nm 7.9 % Capital expenditures $ 20 $ — $ 1 $ 21 nm Not meaningful LSC Communications, Inc. Condensed Consolidated Statements of Cash Flows For the 31, 2018 and 2017 (in millions) (UNAUDITED) 2018 2017 Net loss $ (11 ) $ (1 ) Adjustment to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization 38 40 Provision for doubtful accounts receivable 2 1 Share-based compensation 3 3 Deferred income taxes 3 1 Other 2 1 Changes in operating assets and liabilities - net of acquisitions: Accounts receivable - net 56 40 Inventories (33 ) (4 ) Prepaid expenses and other current assets 1 (1 ) Accounts payable (75 ) 3 Income taxes payable and receivable (8 ) (1 ) Accrued liabilities and other (2 ) (18 ) Net cash (used in) provided by operating activities $ (24 ) $ 64 Capital expenditures (20 ) (21 ) Acquisitions of businesses, net of cash acquired 1 (4 ) Net cash used in investing activities $ (19 ) $ (25 ) Payments of current maturities and long-term debt (13 ) (51 ) Net proceeds from credit facility borrowings 55 — Proceeds from issuance of common stock — 18 Dividends paid (9 ) (8 ) Payments to RRD - net — (7 ) Other financing activities (2 ) — Net cash provided by (used in) financing activities $ 31 $ (48 ) Effect of exchange rate on cash and cash equivalents 1 3 Net decrease in cash, cash equivalents and restricted cash $ (11 ) $ (6 ) Cash, cash equivalents and restricted cash at beginning of year 35 97 Cash, cash equivalents and restricted cash at end of period $ 24 $ 91 Reconciliation to the Condensed Consolidated Balance Sheets As of
March 31, 2018
As of
December 31, 2017
Cash and cash equivalents $ 23 $ 34 Restricted cash included in Prepaid expenses and other current assets 1 1 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 24 $ 35 LSC Communications, Inc. Condensed Consolidated Statements of Cash Flows For the 31, 2018 and 2017 (in millions) (UNAUDITED) Additional Information: 2018 2017 For the 31: Net cash (used in) provided by operating activities $ (24 ) $ 64 Less: capital expenditures 20 21 Free cash flow $ (44 ) $ 43 LSC Communications, Inc. Reconciliation of Reported to Pro Forma Net Sales For the 31, 2018 and 2017 (in millions) (UNAUDITED) Print Office Products Consolidated For the 31, 2018
Reported net sales $ 806 $ 123 $ 929 Adjustments (1) — — — Pro forma net sales $ 806 $ 123 $ 929 For the 31, 2017
Reported net sales $ 710 $ 111 $ 821 Adjustments (1) 92 30 122 Pro forma net sales $ 802 $ 141 $ 943 Net sales change
Reported net sales 13.5 % 10.8 % 13.2 % Pro forma net sales 0.5 % (12.8 %) (1.5 %) Supplementary non-GAAP information: Year-over-year impact of changes in foreign exchange (FX) rates 1.5 % --- % 1.3 % Year-over-year impact of changes in pass-through paper sales (0.1 %) --- % (0.1 %) Year-over-year impact of adoption of new revenue recognition standard --- % (7.0 %) (1.0 %) Net organic sales change (2) (0.9 %) (5.8 %) (1.7 %) The reported results of the Company include the results of acquired businesses from the acquisition dates forward. The Company has provided this schedule to reconcile reported net sales for the three months ended March 31, 2018 and 2017 to pro forma net sales as if the acquisitions took place as of January 1, 2017 for purposes of this schedule.
(1) Adjusted for net sales of acquired businesses:
There were no acquisitions during the three months ended March 31, 2018.
For the three months ended March 31, 2017, the adjustments for net sales of acquired businesses reflect the net sales of The Clark Group ("Clark Group") (acquired November 29, 2017), Quality Park (acquired November 9, 2017), Publishers Press (acquired September 7, 2017), NECI LLC ("NECI") (acquired August 21, 2017), CREEL Printing ("CREEL") (acquired August 17, 2017), Fairrington Transportation Corp., F.T.C. Transport, Inc. and F.T.C. Services, Inc. (“Fairrington”) (acquired July 28, 2017), and HudsonYards Studios ("HudsonYards") (acquired March 1, 2017).
(2) Adjusted for net sales of acquired businesses and the impact of changes in FX rates, pass-through paper sales and the Company's adoption of Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers (Topic 606)" (“ASC 606") during the three months ended March 31, 2018.
LSC Communications, Inc. Reconciliation of Reported to Pro Forma Net Sales - Print Segment For the 31, 2018 and 2017 (in millions) (UNAUDITED) Magazines, Catalogs,
and Retail Inserts
Book Europe Directories Print For the 31, 2018
Reported net sales $ 468 $ 249 $ 62 $ 27 $ 806 Adjustments (1) — — — — — Pro forma net sales $ 468 $ 249 $ 62 $ 27 $ 806 For the 31, 2017
Reported net sales $ 383 $ 239 $ 56 $ 32 $ 710 Adjustments (1) 92 — — — 92 Pro forma net sales $ 475 $ 239 $ 56 $ 32 $ 802 Net sales change
Reported net sales 22.2 % 4.2 % 10.7 % (15.6 %) 13.5 % Pro forma net sales (1.5 %) 4.2 % 10.7 % (15.6 %) 0.5 % Supplementary non-GAAP information: Year-over-year impact of changes in foreign exchange (FX) rates 0.4 % --- % 17.9 % --- % 1.5 % Year-over-year impact of changes in pass-through paper sales --- % 0.8 % (1.8 %) (6.3 %) (0.1 %) Year-over-year impact of adoption of new revenue recognition standard (0.1 %) 0.3 % --- % --- % --- % Net organic sales change (2) (1.8 %) 3.1 % (5.4 %) (9.3 %) (0.9 %) The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the three months ended March 31, 2018 and 2017 to pro forma net sales as if the acquisitions took place as of January 1, 2017 for purposes of this schedule.
(1) Adjusted for net sales of acquired businesses:
There were no acquisitions during the three months ended March 31, 2018.
For the three months ended March 31, 2017, the adjustments for net sales of acquired businesses reflect the net sales of Clark Group (acquired November 29, 2017), Publishers Press (acquired September 7, 2017), CREEL (acquired August 17, 2017), Fairrington (acquired July 28, 2017), and HudsonYards (acquired March 1, 2017).
(2) Adjusted for net sales of acquired businesses and the impact of changes in FX rates, pass-through paper sales and the Company's adoption of ASC 606 during the three months ended March 31, 2018.
LSC Communications, Inc. Liquidity, Debt and Pension Summary As of March 31, 2018 and December 31, 2017 (in millions) (UNAUDITED) Total Liquidity (1) March 31,
2018
December 31,
2017
Availability Stated amount of the Revolving Credit Facility (2) $ 400 $ 400 Less: availability reduction from covenants — — Amount available under the Revolving Credit Facility 400 400 Usage Borrowings under Revolving Credit Facility $ 130 $ 75 Impact on availability related to outstanding letters of credit 53 53 $ 183 $ 128 Availability (3) $ 217 $ 272 Cash 23 34 Net Available Liquidity $ 240 $ 306 Short-term and current portion of long-term debt $ 176 $ 123 Long-term debt
689 699 Total debt $ 865 $ 822 Non-GAAP adjusted EBITDA for the twelve months ended March 31, 2018 and the year ended December 31, 2017 $ 316 $ 328 Non-GAAP Gross Leverage (defined as total debt divided by non-GAAP adjusted EBITDA (4) ) 2.74 2.51 Estimated Unfunded Status of Pension Benefit Plans
Based on the fair value of assets and the estimated discount rate used to value benefit obligations as of March 31, 2018, the Company estimates the unfunded status of the pension benefit plans would approximate $140 million compared to $187 million at December 31, 2017. Qualified Non-Qualified &
International
Total Estimated liabilities $ 2,455 $ 91 $ 2,546 Estimated assets 2,405 1 2,406 Estimated unfunded status at March 31, 2018 $ (50 ) $ (90 ) $ (140 ) (1) Liquidity does not include uncommitted credit facilities, located outside of the U.S. (2) The Company has a $400 million senior secured revolving credit agreement (the “Revolving Credit Facility”) which expires on September 30, 2021. The Revolving Credit Facility is subject to a number of covenants, including, but not limited to, a minimum Interest Coverage Ratio and a maximum Consolidated Leverage Ratio, as defined in and calculated pursuant to the Revolving Credit Facility, that, in part, restrict the Company’s ability to incur additional indebtedness, create liens, engage in mergers and consolidations, make restricted payments and dispose of certain assets. There were $130 million and $75 million of borrowings under the Revolving Credit Facility as of March 31, 2018 and December 31, 2017, respectively. (3) The Company would have had the ability to utilize the entire $400 million Revolving Credit Facility and not have been in violation of the terms of the agreement as of March 31, 2018. Availability under the Revolving Credit Facility was reduced by $130 million in borrowings and $53 million related to outstanding letters of credit. (4) The leverage ratio calculation includes non-GAAP adjusted EBITDA since the respective closing date of each acquisition and does not include a full 12 months of non-GAAP adjusted EBITDA.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005409/en/
LSC Communications, Inc.
Investor Contact
Janet M. Halpin, Senior Vice President, Treasurer & Investor Relations
E-mail: [email protected]
Tel: 773.272.9275
Source: LSC Communications, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-lsc-communications-reports-first-quarter-2018-results-and-reaffirms-full-year-2018-guidance.html |
May 31, 2018 / 6:32 AM / Updated 16 minutes ago UK watchdog lodges complaint against Autonomy's auditors and finance executives Reuters Staff 1 Min Read
LONDON (Reuters) - Britain’s Financial Reporting Council has lodged formal complaints against the auditors and two former finance executives of Autonomy, the software business that was sold to Hewlett Packard for $11 billion (8.3 billion pounds) in 2011.
Britain’s accountancy watchdog said on Thursday that the conduct of auditors Deloitte, Richard Knights and Nigel Mercer, as well as that of former chief financial officer Sushovan Hussain and ex-vice president of finance Stephen Chamberlain, had fallen significantly short of standards expected of them. Reporting by Ben Martin; Editing by Edmund Blair | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-autonomy/uk-watchdog-lodges-complaint-against-autonomys-auditors-and-finance-executives-idUKKCN1IW0JZ |
DALLAS--(BUSINESS WIRE)-- Former United States Securities and Exchange Commission attorney Willie Briscoe , founder of The Briscoe Law Firm, PLLC , announces that a federal class action lawsuit has been filed against InnerWorkings, Inc. (“InnerWorkings” or “Company”) (NasdaqGS: INWK) and several officers and directors for acts taken during the period of August 11, 2015 and May 7, 2018 (the “Class Period”).
Based upon the allegations in the class action, the firm is investigating additional legal claims against the officers and Board of Directors of InnerWorkings. If you are an affected InnerWorkings shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at [email protected] or call toll free at (888) 809-2750. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants issued false and/or misleading statements and/or failed to disclose the following: (1) InnerWorkings’ financial statements for the fiscal years ending December 31, 2017, 2016, and 2015 as well as all interim periods contained errors that required restating; and (2) InnerWorkings’ financial statements were materially false and misleading at all relevant times. When this news was revealed to the market, the Company’s stock dropped significantly.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005695/en/
The Briscoe Law Firm, PLLC
Willie Briscoe, 888-809-2750
[email protected]
Source: The Briscoe Law Firm, PLLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-innerworkings-inc-financial-shareholder-alert-former-sec-attorney-willie-briscoe-investigates-possible-breaches-of-fiduciary.html |
May 22 (Reuters) - Nav Canada:
* NAV CANADA REPORTS APRIL TRAFFIC FIGURES * NAV CANADA - TRAFFIC IN APRIL 2018 INCREASED BY AN AVERAGE OF 4.4 PERCENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nav-canada-reports-april-traffic-f/brief-nav-canada-reports-april-traffic-figures-idUSASC0A3AO |
MILAN (Reuters) - Louis Vuitton owner LVMH has invested in online fashion search business Lyst as the world’s biggest luxury brands look to expand their presence online and capture younger shoppers.
London-based Lyst did not disclose how much it had raised in its latest financing round which was led by LVMH and included other investors.
The total investment raised was between 50 million and 100 million pounds ($67-$134 million), a source familiar with the matter said.
LVMH could not be reached for immediate comment.
Long wary that e-commerce would not sit well with their exclusive image, luxury brands are now piling into the market, chasing young consumers comfortable with buying expensive items online, and especially web-savvy buyers in China.
LVMH last year launched 24 Sevres, its own multi-brand shopping site, while Cartier owner Richemont is taking full control of rival platform Yoox Net-A-Porter.
Peers in this segment also include Farfetch, tipped for a U.S. stock market listing this year, and Matchesfashion.com, now majority owned by private equity firm Apax.
Lyst operates as a search engine connecting shoppers to items they are seeking on multi-brand sites or fashion label’s own e-commerce pages, taking commissions when purchases go through.
Lyst said it would use the latest funding to expand into new regions and languages - it has just launched in French - as well as to invest in technology, including to improve search algorithms.
“Today 60 percent of our business comes from the United States, and we’re planning to expand into Europe and Asia in the next 18 months,” Chris Morton, Lyst’s co-founder and chief executive, said in an emailed comment.
The firm’s existing investors include venture capital firms Accel, Balderton, Draper Esprit, 14W and a U.S. hedge fund, Morton said.
LVMH’s digital chief Ian Rogers will sit on Lyst’s board following the group’s investment.
Bernard Arnault, the billionaire boss of LVMH, invested in a previous Lyst financing round through his family office in 2015.
($1 = 0.7481 pounds)
Reporting by Sarah White; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-lvmh-lyst/vuitton-owner-lvmh-makes-e-commerce-push-with-lyst-investment-idUSKCN1IP1AD |
LONDON (Reuters) - Scottish independence will never be off the table until it happens, Scottish First Minister Nicola Sturgeon said on Monday.
Scotland's First Minister, Nicola Sturgeon, speaks at a Reuters Newsmaker event, hosted by Reuters Global Editor, Alessandra Galloni, in London, Britain May 14, 2018. REUTERS/Peter Nicholls Sturgeon, speaking at Thomson Reuters in London, said that just under half of the Scottish electorate still supported independence.
“There will be different opinions as to whether we should do that now or in five years or ten years time, but with that body of opinion, a constitutional option like independence is not going to be off the table,” she said.
Sturgeon said that when there was clarity on the shape of the Brexit deal between the United Kingdom and the EU then she would be ready to give more details about Scotland’s attitude towards a new independence vote.
“I’m not sure independence will ever be off the table until it’s realised,” she said.
Reporting by Alistair Smout; editing by Guy Faulconbridge
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-scotland-independence/scottish-independence-is-never-off-the-table-sturgeon-says-idUSKCN1IF2J3 |
May 18 (Reuters) -
* DELL HAS STARTED TALKING TO HOLDERS OF ITS VMWARE TRACKING STOCK TO GAUGE INTEREST IN A MERGER WITH VMWARE - CNBC, CITING SOURCES
* DELL REMAINS BULLISH ON VMWARE'S FUTURE, WANTS TO OWN AS MUCH OF THE STOCK AS POSSIBLE - CNBC, CITING SOURCES Source text: cnb.cx/2k5DHtk Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dell-has-started-talking-to-holder/brief-dell-has-started-talking-to-holders-of-its-vmware-tracking-stock-to-gauge-interest-in-merger-with-vmware-cnbc-idUSFWN1SP0V1 |
May 15, 2018 / 11:41 AM / Updated 8 hours ago Britain's National Grid offers tool to calculate carbon emissions by region Reuters Staff 2 Min Read
OSLO (Reuters) - British utility National Grid ( NG.L ) has developed a tool that can forecast the carbon intensity of electricity generation by region for up to 48 hours ahead of the power production, the company said in a statement on Tuesday. Migrating starlings fly at dusk past electricity pylons silhouetted by the sunset of a clear autumn evening in the Kent countryside, in Graveney, Britain, October 26, 2015. REUTERS/Dylan Martinez/File Photo
In the previous version of its tool, National grid was able to calculate only the overall carbon emissions in Britain.
The new tool, developed in a partnership with Environmental Defense Fund Europe and WWF, will help consumers understand when and where the power is “greener” in order pick the right moment of the day to consume cleaner energy, said the firm.
“This tailored information can tell people in advance when’s best to turn on the washing machine, load the dishwasher or charge the car, helping everyone to use power when it’s cleanest and most likely more cost efficient,” said Duncan Burt, director of the system operator at National Grid.
On Tuesday, the new forecasting tool predicted that over the next 24 hours North East England and South Scotland will be providing the greenest electricity.
Britain recently clocked up over 72 consecutive hours without the need for coal-fired power, National Grid said, adding that solar energy provided more power than gas did in a day for the first time. Reporting by Lefteris Karagiannopoulos, editing by Terje Solsvik | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-national-grid-carbon/britains-national-grid-offers-tool-to-calculate-carbon-emissions-by-region-idUKKCN1IG1MM |
LEUVEN, Belgium--(BUSINESS WIRE)-- Materialise NV (NASDAQ:MTLS), a leading provider of additive manufacturing software and of sophisticated 3D printing services, today announced its financial results for the first quarter ended March 31, 2018.
Highlights – First Quarter 2018
Total revenue increased 37.5% from the first quarter of 2017 to 43,899 kEUR, driven by strong performances in our Materialise Medical segment and in our recently acquired ACTech business within our Materialise Manufacturing segment. Total deferred revenue from annual software sales and maintenance contracts increased by 2,116 kEUR to 20,839 kEUR from 18,723 kEUR at the end of 2017. Adjusted EBITDA increased 85.7% from 2,813 kEUR for the first quarter of 2017 to 5,224 kEUR. Net result was (183) kEUR, or 0.00 EUR per diluted share, compared to (816) kEUR, or (0.02) EUR per diluted share, over the same period last year.
Executive Chairman Peter Leys commented, “In the year’s opening quarter, we focused as planned on advancing the many initiatives and collaborations we have implemented in recent years to position Materialise at the heart of the additive manufacturing ecosystem. Our efforts showed particular success in Materialise Medical, where we realized revenue growth of 20% and achieved a record EBITDA margin of 17%. Our recently acquired ACTech business also turned in an excellent performance and is strengthening our multi-faceted business model. We believe we are on track to meet our financial guidance for 2018.”
ACTech
On October 4, 2017, we acquired ACTech, a full-service manufacturer of complex metal parts. As described in more detail below, the acquired business has increased the scope of our Materialise Manufacturing segment's operations and had a significant impact on our results of operations for the first quarter of 2018, resulting in increases to our revenues, operating expenses and net result, among other items.
First Quarter 2018 Results
Total revenue for the first quarter of 2018 increased 37.5% (2.4% excluding ACTech) to 43,899 kEUR (32,702 kEUR excluding ACTech) compared to 31,921 kEUR for the first quarter of 2017. Total deferred revenue from annual software sales and maintenance contracts amounted to 20,839 kEUR at the end of the first quarter of 2018 compared to 18,723 kEUR at the end of 2017. Adjusted EBITDA increased to 5,224 kEUR from 2,813 kEUR primarily as a result of the contribution by ACTech. Excluding ACTech, Adjusted EBITDA decreased to 2,383 kEUR. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) in the first quarter was 11.9% (7.3% excluding ACTech) compared to 8.8% in the first quarter of 2017.
Revenue from our Materialise Software segment decreased 2.9% to 8,326 kEUR for the first quarter of 2018 from 8,575 kEUR for the same quarter last year. Including deferred revenues from software sales and maintenance of 1,807 kEUR, the segment’s sales increased 7.5% compared to the prior-year period, reflecting a 26.4% increase of recurrent sales from annual and renewed licenses and maintenance fees. Segment EBITDA decreased to 2,324 kEUR from 2,993 kEUR while the segment EBITDA margin was 27.9% compared to 34.9% in the prior-year period.
Revenue from our Materialise Medical segment increased 20.3% to 11,946 kEUR for the first quarter of 2018 compared to 9,932 kEUR for the same period in 2017. Compared to the same quarter in 2017, revenue from our medical software grew 18.1%, and revenue from medical devices and services grew 21.5%. Segment EBITDA was 2,060 kEUR compared to 314 kEUR while the segment EBITDA margin increased to 17.2% from 3.2% in the first quarter of 2017.
Revenue from our Materialise Manufacturing segment increased 76.3% to 23,632 kEUR for the first quarter of 2018 from 13,407 kEUR for the first quarter of 2017. Segment EBITDA increased to 3,133 kEUR from 1,322 kEUR while the segment EBITDA margin increased to 13.3% from 9.9% for the same quarter in 2017. ACTech contributed revenue of 11,202 kEUR and segment EBITDA of 2,841 kEUR, with a segment EBITDA margin of 25.4%. Excluding ACTech, revenue decreased 7.3% to 12,430 kEUR and segment EBITDA decreased to 292 kEUR.
Gross profit was 23,955 kEUR, or 54.6% of total revenue, for the first quarter of 2018. Excluding ACTech, gross profit was 19,938 kEUR, or 61.0% of total revenue, compared to 18,477 kEUR, or 57.9% of total revenue, for the first quarter of 2017.
Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate, 19.4% to 23,374 kEUR for the first quarter of 2018 from 19,579 kEUR for the first quarter of 2017. Excluding ACTech, operating expenses increased, in the aggregate, 9.6% to 21,456 kEUR. Excluding ACTech, R&D expenses increased from 4,592 kEUR to 5,610 kEUR while S&M expenses increased from 9,608 kEUR to 9,844 kEUR and G&A expenses increased from 5,379 kEUR to 6,002 kEUR.
Net other operating income decreased by 469 kEUR to 549 kEUR compared to 1,018 kEUR for the first quarter of 2017. Excluding ACTech, net other operating income decreased by 172 kEUR. Net other operating income consists primarily of withholding tax exemptions for qualifying researchers, development grants, partial funding of R&D projects, currency exchange results on purchase and sales transactions, and the depreciation of intangible assets from business combinations.
Operating result increased to 1,130 kEUR from (84) kEUR for the same period prior year, primarily as a result of the contribution by ACTech. Excluding ACTech, operating result amounted to (672) kEUR. The decrease in the operating result (excluding ACTech) was the result of the 9.6% increase in operating expenses, which was offset in part by the 7.9% increase in gross profit. The operating result was also negatively affected by depreciation cost, which increased from 2,568 kEUR to 4,006 kEUR (or to 2,968 kEUR excluding ACTech).
Net financial result was (710) kEUR compared to (142) kEUR for the prior-year period. The financial result included (167) kEUR net financial expenses related to ACTech. Excluding ACTech, the variances primarily reflected increases in the interest expense on the company’s financial debt and variances in the currency exchange rates, primarily on the portion of the company’s IPO proceeds held in U.S. dollars versus the euro. The share in loss of joint venture decreased to (103) kEUR from (389) kEUR for the same period last year.
The first quarter of 2018 contained income tax expense of 500 kEUR, of which 416 kEUR was related to ACTech, compared to 201 kEUR in the first quarter of 2017.
As a result of the above, net loss for the first quarter of 2018 was (183) kEUR (or (1,402) kEUR excluding ACTech), compared to net loss of (816) KEUR for the same period in 2017. Total comprehensive loss for the first quarter of 2018, which includes exchange differences on translation of foreign operations, was (278) kEUR compared to a loss of (694) kEUR for the same period in 2017.
At March 31, 2018, we had cash and equivalents of 44,697 kEUR compared to 43,175 kEUR at December 31, 2017. Cash flow from operating activities in the first quarter of 2018 was 6,200 kEUR compared to 1,603 kEUR in the same period in 2017. Net shareholders’ equity at March 31, 2018 was 76,631 kEUR compared to 77,515 kEUR at December 31, 2017.
2018 Guidance
As detailed in the company’s year-end fiscal 2017 earnings announcement, in fiscal 2018, management expects to report consolidated revenue between 180,000 - 185,000 kEUR and Adjusted EBITDA between 22,000 – 25,000 kEUR. Management also expects the amount of deferred revenue the company generates from annual licenses and maintenance in 2018 to increase by an amount between 2,000 - 4,000 kEUR as compared to 2017.
Non-IFRS Measure
Materialise uses EBITDA and Adjusted EBITDA as supplemental financial measures of its financial performance. EBITDA is calculated as net profit plus income taxes, financial expenses (less financial income), shares of loss in a joint venture and depreciation and amortization. Adjusted EBITDA is determined by adding non-cash stock-based compensation expenses and acquisition-related expenses of business combinations to EBITDA. Management believes these non-IFRS measures to be important measures as they exclude the effects of items which primarily reflect the impact of long-term investment and financing decisions, rather than the performance of the company's day-to-day operations. As compared to net profit, these measures are limited in that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the company's business, or the charges associated with impairments. Management evaluates such items through other financial measures such as capital expenditures and cash flow provided by operating activities. The company believes that these measurements are useful to measure a company's ability to grow or as a valuation measurement. The company's calculation of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. EBITDA and Adjusted EBITDA should not be considered as alternatives to net profit or any other performance measure derived in accordance with IFRS. The company's presentation of EBITDA and Adjusted EBITDA should not be construed to imply that its future results will be unaffected by unusual or non-recurring items.
Exchange Rate
This press release contains translations of certain euro amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from euros to U.S. dollars in this press release were made at a rate of EUR 1.00 to USD 1.2321, the reference rate of the European Central Bank on March 31, 2018.
Conference Call and Webcast
Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the first quarter of 2018 on the same day, Friday, May 4, 2018, at 8:30 a.m. ET/2:30 p.m. CET. Company participants on the call will include Wilfried Vancraen, Founder and Chief Executive Officer; Peter Leys, Executive Chairman; and Johan Albrecht, Chief Financial Officer. A question-and-answer session will follow management’s remarks.
To access the conference call, please dial 844-469-2530 (U.S.) or 765-507-2679 (international), passcode #7784338. The conference call will also be broadcast live over the Internet with an accompanying slide presentation, which can be accessed on the company’s website at http://investors.materialise.com .
A webcast of the conference call will be archived on the company's website for one year.
About Materialise
Materialise incorporates more than 25 years of 3D printing experience into a range of software solutions and 3D printing services, which Materialise seeks to form the backbone of the 3D printing industry. Materialise’s open and flexible solutions enable players in a wide variety of industries, including healthcare, automotive, aerospace, art and design, and consumer goods, to build innovative 3D printing applications that aim to make the world a better and healthier place. Headquartered in Belgium, with branches worldwide, Materialise combines one of the largest groups of software developers in the industry with one of the largest 3D printing facilities in the world. For additional information, please visit: www.materialise.com .
Cautionary Statement on 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, regarding, among other things, our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations, plans, objectives, strategies and prospects, both financial and business, including statements concerning, among other things, current estimates of fiscal 2018 revenues, deferred revenue from annual licenses and maintenance and Adjusted EBITDA, the benefits of the ACTech acquisition, results of operations, cash needs, capital expenditures, expenses, financial condition, liquidity, prospects, growth and strategies (including our strategic priorities for 2018), and the trends and competition that may affect the markets, industry or us. Such statements are subject to known and unknown uncertainties and risks. When used in this press release, the words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “forecast,” “will,” “may,” “could,” “might,” “aim,” “should,” and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon the expectations of management under current assumptions at the time of this press release. These expectations, beliefs and projections are expressed in good faith and the company believes there is a reasonable basis for them. However, the company cannot offer any assurance that our expectations, beliefs and projections will actually be achieved. By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics and industry change, and depend on economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. We caution you that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All of the forward-looking statements are subject to risks and uncertainties that may cause the company's actual results to differ materially from our expectations, including risk factors described in the company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2018. There are a number of risks and uncertainties that could cause the company's actual results to differ materially from the forward-looking statements contained in this press release.
The company is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless it has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.
Consolidated income statement (Unaudited)
For the three months ended
March 31,
For the three
months ended
March 31,
In 000 2018 2018 2017 2018 2017 U.S.$ € € € € Revenue 54,088 43,899 31,921 43,899 31,921 Cost of sales (24,573) (19,944) (13,444) (19,944) (13,444) Gross profit 29,515 23,955 18,477 23,955 18,477 Gross profit as % of revenue 54.6% 54.6% 57.9% 54.6% 57.9% Research and development expenses (6,918) (5,615) (4,592) (5,615) (4,592) Sales and marketing expenses (13,059) (10,599) (9,608) (10,599) (9,608) General and administrative expenses (8,822) (7,160) (5,379) (7,160) (5,379) Net other operating income (expenses) 676 549 1,018 549 1,018 Operating (loss) profit 1,392 1,130 (84) 1,130 (84) Financial expenses (1,910) (1,550) (919) (1,550) (919) Financial income 1,036 840 777 840 777 Share in loss of joint venture (127) (103) (389) (103) (389) (Loss) profit before taxes 391 317 (615) 317 (615) Income taxes (616) (500) (201) (500) (201) Net (loss) profit for the period (225) (183) (816) (183) (816) Net (loss) profit attributable to: The owners of the parent (225) (183) (816) (183) (816) Non-controlling interest − − − − − Earnings per share attributable to owners of the parent Basic 0.00 0.00 (0.02) 0.00 (0.02) Diluted 0.00 0.00 (0.02) 0.00 (0.02) Weighted average basic shares outstanding 47,428 47,428 47,325 47,428 47,325 Weighted average diluted shares outstanding 47,428 47,428 47,325 47,428 47,325 Consolidated statements of comprehensive income (Unaudited)
For the three months ended
March 31,
For the three
months ended
March 31,
In 000 2018 2018 2017 2018 2017 U.S.$ € € € € Net profit (loss) for the period (225) (183) (816) (183) (816) Other comprehensive income Exchange difference on translation of foreign operations (117) (95) 122 (95) 122 Other comprehensive income (loss), net of taxes (117) (95) 122 (95) 122 Total comprehensive income (loss) for the year, net of taxes (342) (278) (694) (278) (694) Total comprehensive income (loss) attributable to: The owners of the parent (342) (278) (694) (278) (694) Non-controlling interest − − − − − Consolidated statement of financial position (Unaudited)
As of March
31,
As of December
31,
In 000 2018 2017 € € Assets
Non-current assets Goodwill 18,504 18,447 Intangible assets 27,770 28,646 Property, plant & equipment 88,339 86,881 Investments in joint ventures 31 Deferred tax assets 332 304 Other non-current assets 3,022 3,667 Total non-current assets 138,967 137,976
Current assets Inventories 10,426 11,594 Trade receivables 39,635 35,582 Other current assets 9,927 9,212 Cash and cash equivalents 44,697 43,175 Total current assets 104,685 99,563 Total assets 243,652 237,539 As of March
31,
As of December
31,
In 000 2018 2017 € € Equity and liabilities Equity Share capital 2,735 2,729 Share premium 80,209 79,839 Consolidated reserves (4,603) (3,250) Other comprehensive income (1,898) (1,803) Equity attributable to the owners of the parent 76,443 77,515 Non-controlling interest − − Total equity 76,443 77,515
Non-current liabilities Loans & borrowings 82,598 81,788 Deferred tax liabilities 6,711 7,006 Deferred income 7,051 5,040 Other non-current liabilities 1,833 1,904 Total non-current liabilities 98,193 95,738
Current liabilities Loans & borrowings 12,197 12,769 Trade payables 17,631 15,670 Tax payables 3,574 3,560 Deferred income 22,060 18,791 Other current liabilities 12,554 13,496
Total current liabilities 68,016 64,286 Total equity and liabilities 242,652 237,539 Consolidated statement of cash flows (Unaudited)
For the three months ended March 31, in 000 2018 2017 € € Operating activities Net (loss) profit for the period (183) (816) Non-cash and operational adjustments Depreciation of property, plant & equipment 2,700 1,945 Amortization of intangible assets 1,305 623 Share-based payment expense 89 329 Loss (gain) on disposal of property, plant & equipment − (2) Movement in provisions (16) 4 Movement reserve for bad debt 84 122 Financial income (667) (136) Financial expense 1,067 359 Impact of foreign currencies 310 (81) Share in loss of a joint venture (equity method) 103 389 (Deferred) Income taxes 501 204 Other (88) (72) Working capital adjustment & income tax paid Increase in trade receivables and other receivables (4,372) (3,452) Decrease (increase) in inventories 1,147 (406) Increase in trade payables and other payables 5,027 2,729 Income tax paid (807) (136) Net cash flow from operating activities 6,200 1,603 For the three months ended March 31, in 000 2018 2017 € € Investing activities Purchase of property, plant & equipment (4,275) (7,507) Purchase of intangible assets (324) (327) Proceeds from the sale of property, plant & equipment & intangible assets (net) 20 70 Acquisition of subsidiary − − Investments in joint-ventures − (500) Interest received 14 108 Net cash flow used in investing activities (4,565) (8,156) Financing activities Proceeds from loans & borrowings 12,413 7,710 Repayment of loans & borrowings (11,388) (756) Repayment of finance leases (760) (728) Capital increase 207 Interest paid (404) (152) Other financial income (expense) 5 (166) Net cash flow from (used in) financing activities 73 5,908 Net increase of cash & cash equivalents 1,708 (645) Cash & cash equivalents at beginning of the year 43,175 55,912 Exchange rate differences on cash & cash equivalents (186) (196) Cash & cash equivalents at end of the year 44,697 55,071 Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)
For the three months
ended 31 March
For the three months
ended 31 March
In 000 2018 2017 2018 2017 € € € € Net profit (loss) for the period (183) (816) (183) (816) Income taxes 500 201 500 201 Financial expenses 1,550 919 1,550 919 Financial income (840) (777) (840) (777) Share in loss of joint venture 103 389 103 389 Depreciation and amortization 4,006 2,568 4,006 2,568 EBITDA 5,136 2,484 5,136 2,484 Non-cash stock-based compensation expense (1) 88 329 88 329 Acquisition-related expenses business combinations − − − − ADJUSTED EBITDA 5,224 2,813 5,224 2,813 (1) Non-cash stock-based compensation expenses represent the cost of equity-settled and cash-settled share-based payments to employees. Segment P&L (Unaudited)
In 000 Materialise
Software
Materialise
Medical
Materialise
Manufacturing
Total
segments
Unallocated
(1)
Consolidated
€ € € € € € For the three months ended March 31, 2018 Revenues 8,326 11,946 23,632 43,904 (5) 43,899 Segment EBITDA 2,324 2,060 3,133 7,517 (2,381) 5,136
Segment EBITDA % 27.9% 17.2% 13.3% 17.1% 11.7% For the three months ended March 31, 2017 Revenues 8,575 9,932 13,407 31,914 8 31,922 Segment EBITDA 2,993 314 1,322 4,629 (2,145) 2,484
Segment EBITDA % 34.9% 3.2% 9.9% 14.5% 7.8% (1) Unallocated Revenues consist of occasional one-off sales by our core competencies not allocated to any of our segments. Unallocated Segment EBITDA consists of corporate research and development, corporate headquarter costs and other operating income (expense). Reconciliation of Net Profit (Loss) to Segment EBITDA (Unaudited)
For the three months
ended March 31,
For the three months
ended March 31,
In 000 2018 2017 2018 2017 € € € € Net profit (loss) for the period (183) (816) (183) (816) Income taxes 500 201 500 201 Financial cost 1,550 919 1,550 919 Financial income (840) (777) (840) (777) Share in loss of joint venture 103 389 103 389 Operating profit 1,130 (84) 1,130 (84) Depreciation and amortization 4,006 2,568 4,006 2,568 Corporate research and development 490 509 490 509 Corporate headquarter costs 2,263 2,073 2,263 2,073 Other operating income (expense) (372) (437) (372) (437) Segment EBITDA 7,517 4,629 7,517 4,629
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005038/en/
Investors:
LHA
Harriet Fried/Jody Burfening
212-838-3777
[email protected]
Source: Materialise NV | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-materialise-reports-first-quarter-2018-results.html |
May 21, 2018 / 12:03 PM / Updated 3 minutes ago Greece seen meeting fiscal targets, no fiscal gap in 2018-9- PM Reuters Staff 2 Min Read
ATHENS, May 21 (Reuters) - Greece and its foreign creditors agreed that the country will meet its fiscal targets in the coming years and there will be no fiscal gap in 2018 and 2019, Prime Minister Alexis Tsipras told his cabinet on Monday.
Athens and representatives from its European and International Monetary Fund creditors reached an initial agreement on Saturday on the country’s reform progress under its final bailout review. Greece’s current bailout ends in August.
“All parties’ estimates coincide that Greece will meet its fiscal targets in the coming years,” Tsipras said before presenting a four-year strategy for the post-bailout period.
“It was confirmed that there will be no fiscal gap in 2018 and 2019.”
Euro zone finance ministers are expected to discuss Greece’s progress in June.
Tsipras, whose term ends next year, reiterated that Athens is expected to increase social spending in 2019 and cut taxes in 2020, as agreed with its lenders. Athens and its lenders are still negotiating post-bailout debt relief measures, he said.
Greece has received about 260 billion euros in emergency loans since 2010 in exchange for painful cuts and unpopular reforms. The money has kept it afloat but has also increased its debt, which now stands at 180 percent of GDP.
The leftist premier said that reinstating collective bargaining on wages, increasing the minimum wage and cracking down on unregistered work would be among his top priorities in the next three years.
“It’s not only the need to finish with the institution of underpaid work. Increasing wages will also help increase private consumption and expand economic activity,” he said adding that young Greeks were hurt the most during the crisis and need not only more but also better jobs. (Reporting by Renee Maltezou Editing by Andrew Heavens) | ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-greece-pm/greece-seen-meeting-fiscal-targets-no-fiscal-gap-in-2018-9-pm-idUSL5N1SS2KM |
EditorsNote: Grammar tweaks in first, last graf
Nick Pivetta pitched seven shutout innings, Aaron Altherr and Nick Williams each homered and the Philadelphia Phillies opened an important three-game series with a 3-0 victory over the visiting Atlanta Braves on Monday at Citizens Bank Park.
Pivetta (4-2) gave up four hits, struck out seven and walked just one batter after throwing 107 pitches, 72 for strikes. It marks the third straight superb start for the 25-year-old. After being yanked after just one inning on May 4 against Washington, Pivetta has allowed just one run over his past three starts covering 19 innings.
Hector Neris earned the save after throwing a scoreless ninth.
Williams and Odubel Herrera each had two hits apiece for the Phillies.
Braves starter Mike Foltynewicz (3-3) pitched six solid innings, allowing only one earned run and six hits while striking out five.
The Braves managed just five hits — all singles — and no player had more than one.
Williams hit an opposite-field homer, his third of the season, to left in the fourth to give the Phillies a 1-0 lead. The Phillies have now registered at least one home run in 16 consecutive games, the longest active streak in Major League Baseball.
Pivetta retired 11 straight batters before walking Johan Camargo with one out in the seventh. But after Camargo was thrown out trying to steal second by catcher Jorge Alfaro, Pivetta retired Dansby Swanson on a weak tapper in front of home plate.
In the Phillies’ seventh, Scott Kingery led off with a bunt single. Altherr then came up and delivered a booming pinch-hit homer off Braves reliever Shane Carle to deep left for a 3-0 Phillies advantage. It was the second career pinch-hit home run for Altherr.
Carle hadn’t allowed an earned run in his previous 15 1/3 innings before giving up two on Altherr’s blast.
Seranthony Dominguez pitched a scoreless eighth inning for the Phillies and allowed his first hit in seven appearances this season. Ozzie Albies singled with one out but was left stranded at first. The 23-year-old Dominguez struck out Freddie Freeman with a nasty slider to end the top of the eighth.
In the ninth, Neris got Nick Markakis to line out to deep center field. Kurt Suzuki then struck out and Ender Inciarte was called out at first on a close play after laying down a bunt. Alfaro pounced on the ball and fired a strike to first.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-phi-atl-recap/dominant-pivetta-helps-phillies-blank-braves-idUSMTZEE5M3XG6WY |
May 8, 2018 / 8:20 PM / in 14 hours Svitolina ousted by Suarez Navarro, Halep through in Madrid Reuters Staff 3 Min Read
MADRID (Reuters) - Elina Svitolina suffered a shock 2-6 7-6(3) 6-4 defeat by emotional local favorite Carla Suarez Navarro, while world number one Simona Halep beat Elise Mertens in the Madrid Open second round on Tuesday. Tennis - WTA Mandatory - Madrid Open - Madrid, Spain - May 8, 2018 Spain's Carla Suarez Navarro celebrates winning her second round match against Ukraine's Elina Svitolina REUTERS/Juan Medina
Suarez Navarro was brushed aside in the first set but battled back against Ukraine’s world number four by scraping through a second-set tiebreak to set up a dramatic third.
Breaking to go 5-4 up, Suarez Navarro spurned four match points after leading 40-0 before taking a tumble on the final point but Svitolina sent her return long and the Spaniard burst into tears in front of the raucous home supporters.
“I’m feeling great, I’m very happy because at the end of the day, these type of victories are the victories that you need,” said 29-year-old Suarez Navarro, the world number 25.
In the second set the Spaniard slipped and appeared to hurt her ankle, which was already strapped.
“I fell down because I twisted my ankle, my right ankle, but I feel good,” she said. “I mean, I fell down in the second set (but) I could play all of the final set. Now (I will have) a little bit of treatment, but I will be fine for tomorrow.” Tennis - WTA Mandatory - Madrid Open - Madrid, Spain - May 8, 2018 Ukraine's Elina Svitolina in action during her second round match against Spain's Carla Suarez Navarro REUTERS/Juan Medina
Suarez Navarro will play American Bernarda Pera in the third round after she saw off Britain’s Johanna Konta 6-4 6-3. AGGRESSIVE HALEP
Halep trounced out-of-sorts Elise Mertens 6-0 6-3 to reach the third round and stay on course for her third consecutive title at the event.
The Romanian top seed wrapped up victory in just over an hour, hitting 23 winners with only 18 unforced errors as she ended the Belgian’s 13-match winning streak. Slideshow (4 Images)
Mertens has triumphed in Morocco and Switzerland this year but her form deserted her as she struggled to cope with Halep’s combination of power, guile and relentless court coverage.
“I had to start the match very strongly and aggressively, which I did,” said Halep. “After I played a few games, I felt really good on court. I felt very confident that I could win that match, I think I played well again.”
Halep will face Kristyna Pliskova in the last 16 after the Czech beat Spaniard Sara Sorribes Tormo 7-5 6-2.
Garbine Muguruza struggled at first against Donna Vekic but the third seed eventually found her game to win 2-6 6-4 6-1.
Muguruza has often struggled at the Caja Magica and after Vekic broke the Spaniard three times in the first set it looked like she was going to suffer again.
However as her Croatian opponent tired, Muguruza improved in equal measure and won the final set comfortably to set up a third round clash with 14th seed Daria Kastakina of Russia.
Petra Kvitova, seeded 10th, edged wild card Monica Puig 6-3 7-6(8) and in the third round faces Estonia’s Anett Kontaveit, who beat Belarusian Aliaksandra Sasnovich 6-2 4-6 6-2.
Kvitova dished out nine aces but made an equal number of double faults as she held on to extend her winning streak to seven matches despite her opponent’s aggressive brand of tennis. Reporting by Simon Jennings in Bengaluru and Rik Sharma in Barcelona; Editing by Jon Boyle and Ken Ferris | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-madrid-women/svitolina-ousted-by-suarez-navarro-halep-through-in-madrid-idUSKBN1I9334 |
Thanks to technology, no one has to wait in line anymore. Some people do it anyway.
Every day, Mitchell Burton orders and pays for an Italian B.M.T. sandwich on his Subway mobile app, so the sandwich is waiting at the counter. When he arrives, the 32-year-old Baton Rouge, La., parks and recreation worker frequently heads to the back of the line, to avoid seeming rude to less tech-savvy fellow customers.
Line... | ashraq/financial-news-articles | https://www.wsj.com/articles/why-pre-order-food-then-wait-in-line-i-do-not-want-to-seem-like-an-ass-1525272972 |
May 14 (Reuters) - Great-West Lifeco Inc:
* GREAT-WEST LIFECO ANNOUNCES PRICING OF US$800 MILLION SENIOR NOTES OFFERING
* GREAT-WEST LIFECO INC - PRICED AN OFFERING OF US$300 MILLION AGGREGATE PRINCIPAL AMOUNT OF 4.047% SENIOR NOTES DUE 2028
* GREAT-WEST LIFECO INC - UNIT PRICED $500 MILLION AGGREGATE PRINCIPAL AMOUNT OF 4.581 PERCENT SENIOR NOTES DUE 2048 Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-great-west-lifeco-announces-pricin/brief-great-west-lifeco-announces-pricing-of-800-mln-senior-notes-offering-idUSASC0A25B |
FARMINGTON, Conn., May 14, 2018 /PRNewswire/ -- United Technologies Corp. (NYSE: UTX) announced that it has successfully priced an offering of €750 million aggregate principal amount of 1.150% senior notes due 2024, €500 million aggregate principal amount of 2.150% senior notes due 2030 and €750 million aggregate principal amount of senior floating rate notes due 2020.
The offering is expected to close on May 18, 2018, subject to customary closing conditions. Net proceeds from the offering are expected to be used for general corporate purposes.
The offering is being made under an effective shelf registration statement on file with the Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering of notes may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained for free by visiting EDGAR on the SEC website at www.sec.gov or by contacting:
BNP PARIBAS, at 1-800-854-5674 or by mail to 10 Harewood Avenue, London, NW1 6AA, United Kingdom; Deutsche Bank AG, London Branch, at 1-800-503-4611, or [email protected] ; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing [email protected] ; HSBC Securities (USA) Inc. at 1-866-811-8049 or by mail to 452 Fifth Avenue, New York, New York 10018; Merrill Lynch International at +44 207 995 3966 or by mail to 2 King Edward Street, London EC1A 1HQ, United Kingdom; or Morgan Stanley & Co. International plc, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department, telephone: 1-866-718-1649 or by emailing [email protected] .
United Technologies Corp., based in Farmington, Connecticut, provides high-technology systems and services to the building and aerospace industries.
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of United Technologies or the combined company following United Technologies' proposed acquisition of Rockwell Collins, the anticipated benefits of the proposed acquisition, including estimated synergies, the expected timing of completion of the transaction and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction and in both the commercial and defense segments of the aerospace industry, levels of air travel, financial condition of commercial airlines, the impact of weather conditions and natural disasters and the financial condition of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; (3) the scope, nature, impact or timing of acquisition and divestiture activity, including among other things integration of acquired businesses, including Rockwell Collins, into United Technologies' existing businesses and realization of synergies and opportunities for growth and innovation; (4) future levels of indebtedness, including indebtedness expected to be incurred by United Technologies in connection with the posed Rockwell Collins merger, and capital spending and research and development spending; (5) future availability of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope of future repurchases of United Technologies' common stock, which may be suspended at any time due to market conditions and the level of other investing activities and uses of cash, including in connection with the proposed acquisition of Rockwell; (7) delays and disruption in delivery of materials and services from suppliers; (8) company and customer-directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business or investment opportunities; (10) our ability to realize the intended benefits of organizational changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate, including the effect of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect of changes in tax (including the recently enacted Tax Code and Jobs Act in the U.S.), environmental, regulatory (including among other things import/export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction) and to satisfy the other conditions to the closing of the transaction on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement, including on circumstances that might require Rockwell Collins to pay a termination fee of $695 million to United Technologies or $50 million of expense reimbursement; (19) negative effects of the announcement or the consummation of the transaction on the market price of United Technologies' and/or Rockwell Collins' common stock and/or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in its operation of the business while the merger agreement is in effect; (21) risks relating to the value of the United Technologies' shares to be issued in the transaction, significant transaction costs and/or unknown liabilities; (22) risks associated with third party contracts containing consent and/or other provisions that may be triggered by United Technologies' proposed acquisition of Rockwell Collins; (23) risks associated with merger-related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel. There can be no assurance that United Technologies' proposed acquisition of Rockwell Collins or any other transaction described above will in fact be consummated in the manner described or at all. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the reports of United Technologies and Rockwell Collins on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and United Technologies and Rockwell Collins assume no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
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SOURCE United Technologies Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-united-technologies-prices-offering-of-euro-denominated-senior-notes.html |
DUBAI (Reuters) - Bahrain-based Gulf International Bank’s investment banking arm has been hired by the Saudi city of Jeddah as a financial adviser on a bridge project, the first stage of a larger multi-billion-dollar public transport network in the city.
GIB Capital will advise on the Obhur Creek Bridge project, which will span around 360 meters in length and carry eight lanes of traffic and a metro line, and be located next to the King Abdulaziz International Airport.
The mandate was disclosed by sources and later confirmed on the local government’s Twitter feed.
The larger project encompasses a metro, light rail, tram, rail, local bus and marine transportation.
The government is on a drive to engage the private sector in sectors of the economy including transport, healthcare and industry to ease pressure on state finances.
Proposals for the bridge project were originally unveiled in 2014 when the plan was for it to be government funded.
Editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-transportation/gib-capital-to-advise-on-first-stage-of-jeddah-transport-project-idUSKBN1I9144 |
May 1 (Reuters) - ZTE Corp:
* SAYS ITS A-SHARES TRADE REMAINS SUSPENDED PENDING ANNOUNCEMENT Source text in Chinese: bit.ly/2w4yJFY Further company coverage: (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zte-says-trade-in-a-shares-remains/brief-zte-says-trade-in-a-shares-remains-suspended-pending-announcement-idUSL3N1S821F |
WESTON, FL, May 31, 2018 /PRNewswire/ - Apotex Corp . is voluntarily recalling one ( 1) lot of Fluticasone Propionate Nasal Spray, USP, 50 mcg per spray, 120 Metered Sprays, to the consumer level. The Fluticasone Propionate Nasal Spray USP 50 mcg per spray 120 Metered Sprays has been found to contain small glass particles. The glass particles could block the actuator and impact the functionality of the pump. The issue was discovered through a customer complaint.
Risk Statement: There is a potential for patients to be exposed to the glass particles and mechanical irritation cannot be ruled out. Local trauma to the nasal mucosa might occur with use of the defective product. To date, Apotex Corp. has not received any reports of adverse events related to recall.
Fluticasone Propionate Nasal Spray USP 50 mcg per spray 120 Metered Sprays is indicated for the treatment of seasonal and perennial allergic rhinitis and for the management of sinus pain and pressure associated with allergic rhinitis in patients 4 to 17 years of age The affected Fluticasone Propionate Nasal Spray USP 50 mcg per spray 120 Metered Sprays can be identified by the information in the table below: and on the product label:
NDC
Lot Number
Expiration Date
Strength
Configuration/Count
60505-0829-1
NJ4501
07/2020
50 mcg per spray
120 Metered Sprays
Carton containing 1 Bottle of 50 mcg per spray 120 Metered Sprays
The affected Fluticasone Propionate Nasal Spray, USP, 50 mcg per spray, 120 Metered Sprays was distributed nationwide to wholesalers and distributors.
Apotex Corp. has notified wholesalers/distributor by recall letter to arrange for return of any recalled product.
Consumers/wholesalers/retailers/hospitals/institutions with an existing inventory of the lot subject to this recall should stop use and distribution of the remaining units and quarantine immediately. Healthcare Professionals in your organization should be informed of this recall. If you have further distributed the recalled product, to the wholesale or retail level, please notify any accounts or additional locations which may have received the recalled product from you. For additional assistance, call GENCO Pharmaceutical Services, a subsidiary of FedEx Supply Chain (GENCO) at 1- 877-475-5863 (7:00am – 5:00pm, CST Monday thru Friday), to arrange for return of the product.
Customers with questions regarding this recall can contact Apotex Corp. by phone-number 1-800-706-5575 (8:30am – 5:00pm, EST Monday thru Friday) or email address [email protected] . Customers should contact their physician or healthcare provider if they have experienced any problems that may be related to taking or using this drug product.
Adverse reactions or quality problems experienced with the use of this product may be reported to the FDA's MedWatch Adverse Event Reporting program either online, by regular mail or by fax.
Complete and submit the report Online : www.fda.gov/medwatch/report.htm Regular Mail or Fax : Download form www.fda.gov/MedWatch/getforms.htm or call 1-800-332-1088 to request a reporting form to be completed and returned to the address on the pre-addressed form, or submit by fax to 1-800-FDA-0178
This recall is being conducted with the knowledge of the U.S. Food and Drug Administration.
Company Contact:
Jordan Berman, Global Director, Corporate Communication
Tel: 1 (416) 749-9026 Ext. 7487
Cell: 647-272-2287.
E-Mail: [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/apotex-corp-issues-voluntary-nationwide-recall-of-fluticasone-propionate-nasal-spray-usp-50-mcg-per-spray-120-metered-sprays-due-to-potential-for-small-glass-particles-300657499.html
SOURCE Apotex Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-apotex-corp-issues-voluntary-nationwide-recall-of-fluticasone-propionate-nasal-spray-usp-50-mcg-per-spray-120-metered-sprays.html |
Two and a half decades and six hours later, Los Angeles Chargers head coach Anthony Lynn will be able to call himself a college graduate.
FILE PHOTO: Aug 26, 2017; Los Angeles, CA, USA; Los Angeles Chargers coach Anthony Lynn reacts during a NFL football game against the Los Angeles Rams at Los Angeles Memorial Coliseum. The Chargers defeated the Rams 21-19. Mandatory Credit: Kirby Lee-USA TODAY Sports Lynn, about to start his second season as the Chargers coach, has a date in Las Vegas on Saturday to pick up his bachelor of arts in interdisciplinary studies from UNLV.
When Lynn left Texas Tech 25 years ago to pursue his pro career, he was six hours short of his degree.
“Football has always been my No. 1 priority,” Lynn told ESPN. “Sometimes that’s good, sometimes that’s bad. But I chose football over education, and I kind of did that a few years later when I had a chance to go back; I chose football again over education.
“And so at this time, I thought at some point, no more excuses — just go back and get it done.”
He told his team about his plans in April, although he hadn’t initially intended to be making the stroll across the stage.
“I just wanted my papers,” Lynn said. “Mail me my damn diploma, I give it to my mom and I’m done.
“When I told my counselor, when I told her what my plans were, she’d just assumed that I was walking the whole time. I never assumed I was walking. The disappointment on her face when I told her I wasn’t coming, it was tough. I thought about it. She made me re-think it. I decided to walk, because if it could inspire one person, then it’s worth it.”
One person who found inspiration was Chargers tight end Hunter Henry, who wasn’t even born when Lynn left Texas Tech for the NFL.
Henry left Arkansas before getting his degree, but has resumed work on getting his diploma.
“It’s really cool, especially sometimes I think you can get lost as it can be all ball,” Henry told the Los Angeles Times.
“It’s all about football sometimes,” Henry added. “This just shows that coach Lynn cares about us off the field and not just as players, and is showing what he talks about with us. He’s doing it, too. That’s huge. It gives me reassurance in case I have to go on campus during an offseason. I’m four or five classes away. I know he’ll support me, and that means a lot.”
Lynn said the idea of getting his degree took root in 2014, during his time as an assistant coach for the New York Jets.
Team chaplain Dave Szott told Lynn how he went back to earn his college degree 15 years after he had attended college, and he persuaded Lynn to do the same.
It finally began in the spring of 2017, just after the Chargers hired him as head coach. Lynn began taking online courses, and his professors worked with him to complete those courses throughout the summer because of his school-year conflict with football.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-lac-lynn-degree/chargers-coach-anthony-lynn-to-get-his-degree-idUSKCN1ID0EX |
A Petrobras contractor can be sued for patent infringement in the U.S. based on drilling-waste disposal systems it installed on two U.S.-flagged ships off the coast of Brazil, a federal appeals court held on Monday.
In a unanimous decision, a three-judge panel of the U.S. Court of Appeals for the Federal Circuit reversed the dismissal of a lawsuit that M-I Drilling Fluid UK and M-I LLC, two subsidiaries of Houston-based Schlumberger Limited, filed against Dynamic Air Ltda (DAL), the Brazilian subsidiary of Dynamic Air Inc of St. Paul, Minnesota.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2KoHz3v
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/long-arm-statute-reaches-us-flagged-ship/long-arm-statute-reaches-u-s-flagged-ships-off-brazil-coast-in-drilling-patent-flap-idUSL2N1SM0J2 |
NEW YORK--(BUSINESS WIRE)-- Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI) today reported financial results for the quarter ended March 31, 2018.
First Quarter 2018 Highlights
Reported net income available to common stockholders of $42.6 million, or $0.38 per diluted share of common stock, for the three months ended March 31, 2018, as compared to $37.8 million, or $0.41 per diluted share of common stock, for the three months ended March 31, 2017; Reported Operating Earnings (a non-GAAP financial measure defined below) of $47.8 million, or $0.43 per diluted share of common stock, for the three months ended March 31, 2018, as compared to $38.6 million, or $0.41 per diluted share of common stock, for the three months ended March 31, 2017; Generated $63.2 million of net interest income during the quarter from the Company’s $4.1 billion commercial real estate loan portfolio; Committed $921.9 million to new commercial real estate loans ($488.7 million of which was funded at closing) and funded an additional $18.4 million for loans closed prior to the quarter; Subsequent to quarter end, committed $238.8 million to new commercial real estate loans ($236.3 million of which was funded at closing), bringing year-to-date loan commitments to $1.2 billion; Completed an underwritten public offering of 15.5 million shares of common stock, including the full exercise of the underwriters’ option to purchase additional shares, raising net proceeds of approximately $275.9 million; and Declared a $0.46 dividend per share of common stock for the three months ended March 31, 2017.
“ARI’s solid performance during the first quarter of 2018 underscores the strength of the Company’s commercial real estate debt platform,” said Stuart Rothstein, Chief Executive Officer and President of the Company. “ARI committed to $922 million of new loans during the quarter and we continue to build a healthy pipeline for the Company.”
First Quarter 2018 Investment Activity
New Investments – During the first quarter of 2018, ARI committed capital to the following commercial real estate debt investments:
$863.9 million of first mortgage loans ($477.0 million of which were funded during the quarter); and $58.0 million of subordinate loans ($11.7 million of which were funded during the quarter).
Funding of Previously Closed Loans – During the first quarter of 2018, ARI funded $18.4 million for loans closed prior to the quarter.
Loan Repayments – During the first quarter of 2018, ARI received $137.9 million from loan repayments, including $120.4 million from first mortgage loans and $17.5 million from subordinate loans.
Quarter End Commercial Real Estate Loan Portfolio Summary
The following table sets forth certain information regarding the Company’s commercial real estate loan portfolio at March 31, 2018 ($ amounts in thousands):
Description
Amortized Cost Weighted
Average
Coupon (1)
Weighted
Average
All-in
Yield (1)(2)
Secured Debt (3)
Cost of
Funds
Equity at
Cost (4)
Commercial mortgage loans, net $ 3,029,240 7.2 % 7.7 % $ 1,212,749 4.1 % $ 1,846,772 Subordinate loans, net 1,038,254 12.6 % 13.7 % - - 1,038,254 Total/Weighted Average $ 4,067,494 8.6 % 9.2 % $ 1,209,686 4.1 % $ 2,885,026 (1) Weighted-Average Coupon and Weighted Average All-in-Yield are based upon the applicable benchmark rates as of March 31, 2018 on the floating rate loans. (2) Weighted-Average All-in-Yield includes the amortization of deferred origination fees, loan origination costs and accrual of both extension and exit fees. (3) Net of deferred financing of $14,037. (4) Represents loan portfolio at amortized cost plus loan proceeds held by servicer less secured debt outstanding. Book Value
The Company’s book value per share of common stock was $16.31 at March 31, 2018, as compared to book value per share of common stock of $16.30 at December 31, 2017.
Subsequent Events
The following events occurred subsequent to quarter end:
New Investments – Subsequent to quarter end, ARI committed capital to the following commercial real estate loans:
$238.8 million of first mortgage loans ($236.3 million of which were funded during the quarter); and
Funding of Previously Closed Loans – Subsequent to quarter end, ARI funded $20.4 million for previously closed loans.
Loan Repayments – Subsequent to quarter end, ARI received $71.9 million from loan repayments, including $1.0 million from first mortgage loans and $70.1 million from subordinate loans.
DB Repurchase Facility – Subsequent to quarter end, ARI amended and restated the Company’s master repurchase agreement with Deutsche Bank AG, which ARI uses to finance first mortgage loans. The amendment increased the borrowing capacity from $450.0 million to $800.0 million and enables ARI to elect to receive advances in either U.S. dollars, British pounds or Euros.
Operating Earnings
Operating Earnings is a non-GAAP financial measure that is defined by the Company as net income available to common stockholders, computed in accordance with GAAP, adjusted for (i) equity-based compensation expense (a portion of which may become cash-based upon final vesting and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized gains or losses or other non-cash items included in net income available to common stockholders, (iii) unrealized income from unconsolidated joint ventures, (iv) foreign currency gains (losses) other than realized gains/(losses) related to interest income, (v) the non-cash amortization expense related to the reclassification of a portion of the convertible senior notes to stockholders’ equity in accordance with GAAP, and (vi) provision for loan losses and impairments. Beginning with the quarter ended September 30, 2016, the Company slightly modified its definition of Operating Earnings to include realized gains (losses) on currency swaps related to interest income on investments denominated in a currency other than U.S. dollars. Operating Earnings may also be adjusted to exclude certain other non-cash items, as determined by ACREFI Management, LLC, the Company’s external manager (the “Manager”) and approved by a majority of the Company's independent directors.
In order to evaluate the effective yield of the portfolio, the Company uses Operating Earnings to reflect the net investment income of the Company’s portfolio as adjusted to include the net interest expense related to the Company’s derivative instruments. Operating Earnings allows the Company to isolate the net interest expense associated with the Company’s swaps in order to monitor and project the Company’s full cost of borrowings. The Company also believes that its investors use Operating Earnings, or a comparable supplemental performance measure, to evaluate and compare the performance of the Company and its peers and, as such, the Company believes that the disclosure of Operating Earnings is useful to its investors. In addition, the Company has previously disclosed that it has disposed of all of its CMBS as of December 31, 2017. Accordingly, the Company has disclosed Operating Earnings excluding realized loss and costs from sale of CMBS because the Company believes it is useful to investors to present the results of the Company's ongoing operations while excluding the effects associated with the disposal of its CMBS.
A significant limitation associated with Operating Earnings as a measure of the Company's financial performance over any period is that it excludes unrealized gains (losses) from investments. In addition, the Company’s presentation of Operating Earnings may not be comparable to similarly-titled measures of other companies, who may use different calculations. As a result, Operating Earnings should not be considered as a substitute for the Company’s GAAP net income as a measure of its financial performance or any measure of its liquidity under GAAP.
Reconciliation of Operating Earnings to Net Income Available to Common Stockholders
The table below reconciles Operating Earnings and Operating Earnings per share of common stock with net income available to common stockholders and net income available to common stockholders per share of common stock for the three months ended March 31, 2018 and March 31, 2017($ amounts in thousands, except per share data):
Three Months
Ended
March 31, 2018
Earnings
Per Share
(Diluted)
Three Months
Ended
March 31, 2017
Earnings
Per Share
(Diluted)
Operating Earnings: Net income available to common stockholders $ 42,598 $ 0.38 $ 37,815 $ 0.41 Adjustments: Equity-based compensation expense 3,342 0.03 3,791 0.04 Unrealized gain on securities - - (2,852 ) (0.03 ) Unrealized loss on derivative instruments 11,032 0.10 3,045 0.03 Foreign currency gain, net (10,362 ) (0.09 ) (3,326 ) (0.04 ) Amortization of the convertible senior notes related to equity reclassification 1,140 0.01 608 0.01 Income from unconsolidated joint venture - - (458 ) (0.01 ) Total adjustments: 5,152 0.05 808 - Operating Earnings $ 47,750 $ 0.43 $ 38,623 $ 0.41 Realized loss and costs on sale of CMBS - - 1,042 0.01 Operating Earnings excluding realized loss and costs from sale of CMBS $ 47,750 $ 0.43 $ 39,665 $ 0.42 Basic weighted average shares of common stock outstanding:
110,211,853
91,612,447 Diluted weighted average shares of common stock outstanding:
111,871,429
92,998,250 Teleconference Details:
The Company will host a conference call to discuss its financial results on Thursday, May 3, 2018 at 9:00 a.m. Eastern Time. Members of the public who are interested in participating in the Company’s first quarter 2018 earnings teleconference call should dial from the U.S., (877) 331-6553, or from outside the U.S., (760) 666-3769, shortly before 9:00 a.m. and reference the Apollo Commercial Real Estate Finance, Inc. Teleconference Call (number 7476087). Please note the teleconference call will be available for replay beginning at 1:00 p.m. on Thursday, May 3, 2018 and ending at midnight on Thursday, May 10, 2018. To access the replay, callers from the U.S. should dial (855) 859-2056 and callers from outside the U.S. should dial (404) 537-3406, and enter conference identification number 7476087.
Webcast:
The conference call will also be available on the Company's website at www.apolloreit.com . To listen to a live broadcast, please go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the call will also be available for 30 days on the Company's website.
Supplemental Information
The Company provides supplemental financial information to offer more transparency into its results and make its reporting more informative and easier to follow. The supplemental financial information is available in the investor relations section of the Company's website at www.apolloreit.com .
About Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial real estate mortgage loans, subordinate financings, CMBS and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, LLC, a leading global alternative investment manager with approximately $248.9 billion of assets under management as of December 31, 2017.
Additional information can be found on the Company's website at www.apolloreit.com .
Dividend Reinvestment Plan
The Company adopted a Direct Stock Purchase and Dividend Reinvestment Plan (the “Plan”). The Plan provides new investors and existing holders of the Company’s common stock with a convenient and economical method to purchase shares of its common stock. By participating in the Plan, participants may purchase additional shares of the Company’s common stock by reinvesting some or all of the cash dividends received on their shares of the Company’s common stock. In addition, the Plan permits participants to make optional cash investments of up to $10,000 per month, and, with the Company’s prior approval, optional cash investments in excess of $10,000 per month, for the purchase of additional shares of the Company’s common stock.
The Plan is administered by Equiniti Trust Company (“Equiniti”). Stockholders and other persons may obtain a copy of the Plan prospectus and an enrollment form by contacting Equiniti at (800) 468-9716 or (651) 450-4064, if outside the United States, or visiting Wells’ website at www.shareowneronline.com .
This communication does not constitute an offer to sell or the solicitation of an offer to buy securities.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Apollo Commercial Real Estate Finance, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands—except share data) March 31, 2018 December 31, 2017 Assets: (Unaudited) Cash $ 98,310 $ 77,671 Commercial mortgage loans, net (includes $2,176,126 and $2,148,368 pledged as collateral under secured debt arrangements in 2018 and 2017, respectively)
3,029,240 2,653,826 Subordinate loans, net 1,038,254 1,025,932 Loan proceeds held by servicer 30,281 302,756 Other assets 46,087 28,420 Total Assets $ 4,242,172 $ 4,088,605 Liabilities and Stockholders' Equity Liabilities: Secured debt arrangements, net (net of deferred financing costs of $14,037 and $14,348 in 2018 and 2017, respectively)
$ 1,212,749 $ 1,330,847 Convertible senior notes, net 585,972 584,897 Derivative liabilities, net 14,499 5,644 Accounts payable, accrued expenses and other liabilities 73,330 70,906 Payable to related party 8,092 8,168 Total Liabilities 1,894,642 2,000,462 Commitments and Contingencies Stockholders' Equity: Preferred stock, $0.01 par value, 50,000,000 shares authorized: Series B preferred stock, 6,770,393 shares issued and outstanding ($169,260 aggregate liquidation preference) in 2018 and 2017
68 68 Series C preferred stock, 6,900,000 shares issued and outstanding ($172,500 aggregate liquidation preference) in 2018 and 2017 69 69 Common stock, $0.01 par value, 450,000,000 shares authorized, 122,992,231 and 107,121,235 shares issued and outstanding in 2018 and 2017, respectively 1,230 1,071 Additional paid-in-capital 2,444,036 2,170,078 Accumulated deficit (97,873 ) (83,143 ) Total Stockholders' Equity 2,347,530 2,088,143 Total Liabilities and Stockholders' Equity $ 4,242,172 $ 4,088,605 Apollo Commercial Real Estate Finance, Inc. and Subsidiaries Condensed Consolidated Statement of Operations (in thousands—except share and per share data) Three months ended
March 31, 2018
Three months ended
March 31, 2017
Net interest income: (Unaudited) Interest income from commercial mortgage loans $ 52,114 $ 34,398 Interest income from subordinate loans 33,853 34,390 Interest income from securities - 6,054 Interest expense (22,740 ) (17,030 ) Net interest income 63,227 57,812 Operating expenses: General and administrative expenses (includes equity-based compensation of $3,342 and $3,791 in 2018 and 2017, respectively)
(4,998 ) (5,758 ) Management fees to related party (8,092 ) (7,432 ) Total operating expenses (13,090 ) (13,190 ) Income from unconsolidated joint venture - 458 Other income 203 108 Realized loss on sale of assets - (1,042 ) Unrealized gain on securities - 2,852 Foreign currency gain 10,125 3,172 Loss on derivative instruments (includes unrealized losses of $(8,855) and $(2,889) in 2018 and 2017, respectively)
(11,032 ) (3,045 ) Net income 49,433 47,125 Preferred dividends (6,835 ) (9,310 ) Net income available to common stockholders $ 42,598 $ 37,815 Net income per share of common stock $ 0.38 $ 0.41 Basic weighted average shares of common stock outstanding 110,211,853 91,612,447 Diluted weighted average shares of common stock outstanding 111,871,429 92,998,250 Dividend declared per share of common stock $ 0.46 $ 0.46
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006348/en/
Apollo Commercial Real Estate Finance, Inc.
Hilary Ginsberg, (212) 822-0767
Source: Apollo Commercial Real Estate Finance, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-apollo-commercial-real-estate-finance-inc-reports-first-quarter-2018-financial-results.html |
May 8 (Reuters) - Foresight Energy LP:
* QTRLY COAL SALES OF $238.4 MILLION, AN INCREASE OF NEARLY 5% COMPARED TO Q1 2017
* QTRLY NET LOSS ATTRIBUTABLE TO LIMITED PARTNER UNITS OF $0.12 PER COMMON UNIT
* QTRLY NET LOSS ATTRIBUTABLE TO LIMITED PARTNER UNITS OF $0.18 PER SUBORDINATED UNIT
* TOTAL 2018 CAPITAL EXPENDITURES ARE ESTIMATED TO BE BETWEEN $70 AND $80 MILLION
* FOR 2018 PROJECTING SALES VOLUMES TO BE BETWEEN 21.5 AND 22.8 MILLION TONS
* FORESIGHT EXPECTS TO GENERATE ADJUSTED EBITDA IN A RANGE OF $280 TO $310 MILLION FOR 2018 Source text: [ bit.ly/2jKqq9v ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-foresight-energy-posts-qtrly-coal/brief-foresight-energy-posts-qtrly-coal-sales-of-238-4-mln-idUSFWN1SF0K1 |
(Releads, adds dividend, domicile detail)
By Dasha Afanasieva
LONDON, May 11 (Reuters) - Investment fund 3i Infrastructure said it would increase its target dividend for the current financial year by 10 percent after tripling its total return for the previous 12 months.
Its total return was 480 million pounds ($648 million) in the year to the end of March after it sold stakes in Finnish power company Elenia and British water company Anglian Water, up from 146.3 million pounds in the previous year.
It also said it would move its tax domicile and management of the company to Britain from Jersey with effect from October 1 because of tax changes recommended by the OECD’s Base Erosion and Profit Shifting (BEPS) - part of a crackdown on the exploitation of gaps and mismatches in tax rules to shift profits to no-tax locations.
“This would be significantly negative if we didn’t do it,” Phil White, Managing Partner, Infrastructure of 3i Investments plc told Reuters.
The London-listed group’s return amounted to 28.6 percent on adjusted opening net asset value, exceeding the medium term target of 8 percent to 10 percent a year.
“The outstanding return delivered through the sales of Anglian Water Group and Elenia has underpinned a very strong year for the Company,” White said.
“As well as the special dividend paid in March, the proceeds have been invested to further diversify and balance our portfolio,” he added on Friday. ($1 = 0.7402 pounds)
Reporting by Dasha Afanasieva Editing by Alexander Smith
| ashraq/financial-news-articles | https://www.reuters.com/article/3i-infrasttructure-results/update-1-3i-infrastructure-triples-return-raises-dividend-target-idUSL8N1SI1NL |
Apple is down 10 percent from its March highs. Should investors be cautious into earnings? 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/apple-is-down-10-percent-from-its-march-highs-should-investors-be-cautious-into-earnings.html |
DALLAS, May 9, 2018 /PRNewswire/ --
Executed business transformation Closed on divestiture of company-operated sites to 7-Eleven, Inc. with 15-year take-or-pay fuel distribution contract Converted 207 West Texas company-operated sites to commission agent channel Completed refinancing and equity repurchase initiatives Current quarter cash coverage of 1.00 times and trailing twelve months coverage of 1.22 times with leverage of 3.82 times at the end of the first quarter of 2018 Generated first quarter Net Loss of $315 million, Adjusted EBITDA (1) of $109 million and Distributable Cash Flow (1) , as adjusted, of $85 million Utilized scale to grow fuel distribution and logistics business In April 2018, SUN acquired 26 retail sites from 7-Eleven and converted into commission agent channel In April 2018, SUN acquired the wholesale fuel distribution business and terminal assets from Superior Plus Corporation
Sunoco LP (NYSE: SUN) ("SUN" or the "Partnership") today announced financial and operating results for the three-month period ended March 31, 2018.
Revenue totaled $3.7 billion, an increase of 33.5 percent, compared to $2.8 billion in the first quarter of 2017. The increase was the result of the average selling price of fuel being higher than last year.
Total gross profit increased to $296 million, compared to $256 million in the first quarter of 2017, as a result of higher motor fuel gross profits.
Loss from continuing operations was $78 million, including a $109 million loss on extinguishment of debt and other, versus income of $12 million in the first quarter of 2017.
Loss from discontinued operations, net of income taxes, was $237 million versus a loss from discontinued operations, net of income taxes, of $11 million in the first quarter of 2017.
Net loss was $315 million, or ($3.74) per diluted unit, versus a net income of $1 million, or ($0.22) per diluted unit, in the first quarter of 2017.
Adjusted EBITDA for the quarter totaled $109 million, compared with $155 million in the first quarter of 2017.
Distributable Cash Flow, as adjusted, was $85 million, compared to $77 million a year ago. This year-over-year increase reflects lower cash interest expense and a decrease in maintenance capital spend.
On a weighted-average basis, fuel margin for all gallons sold was 10.5 cents per gallon, compared to 14.5 cents per gallon in the first quarter of 2017. The 4.0 cent per gallon decrease was attributable to a shift in volumes away from the retail segment to the wholesale segment and the adoption of revenue recognition.
Net loss for the wholesale segment was $58 million compared to net income of $38 million a year ago. Adjusted EBITDA was $80 million, versus $91 million in the first quarter of last year. Total wholesale gallons sold were 1,612 million, compared to 1,313 million in the first quarter of 2017, an increase of 22.8 percent. The Partnership earned 8.4 cents per gallon on these volumes, compared to 10.6 cents per gallon a year earlier.
Net loss for the retail segment was $257 million compared to a net loss of $37 million a year ago. Adjusted EBITDA was $29 million, versus $64 million in the first quarter of last year. Total retail gallons sold were 245 million, down from 595 million gallons a year ago as volumes migrated to the wholesale segment. The Partnership earned 24.4 cents per gallon on these volumes, compared to 23.1 cents per gallon a year earlier.
SUN's recent accomplishments include the following:
Closed the strategic divestiture of company-operated sites in the continental United States to 7-Eleven, Inc. on January 23, 2018 for gross proceeds of approximately $3.2 billion Completed the following refinancing and equity repurchase initiatives: Closed the private offering of $2.2 billion of new senior notes on January 23, 2018, comprised of $1.0 billion in aggregate principal amount of 4.875% senior notes due 2023, $800 million in aggregate principal amount of 5.500% senior notes due 2026 and $400 million in aggregate principal amount of 5.875% senior notes due 2028. Proceeds from this offering were used to redeem in full amounts owed under existing senior notes Repaid in full and terminated the term loan agreement and paid down all outstanding amounts owed under the revolving credit facility Redeemed $300 million of Series A Preferred Units held by Energy Transfer Equity for an aggregate redemption amount of approximately $313 million Repurchased 17,286,859 Sunoco common units owned by Energy Transfer Partners for aggregate cash consideration of approximately $540 million at a 10-day volume weighted average price of $31.2376 per unit
Following the conversion of sites to the commission agent channel through April 2018, SUN operates 21 company-operated sites along the New Jersey turnpike and 54 retail sites in Hawaii.
SUN's segment results and other supplementary data are provided after the financial tables below.
Distribution
On April 26, 2018, the Board of Directors of SUN's general partner declared a distribution for the first quarter of 2018 of $0.8255 per unit, which corresponds to $3.3020 per unit on an annualized basis. The distribution will be paid on May 15, 2018 to common unitholders of record on May 7, 2018.
SUN's distribution coverage ratio for the first quarter was 1.00 times. The distribution coverage ratio on a trailing 12-month basis was 1.22 times.
Liquidity
At March 31, SUN had no borrowings against its revolving line of credit and other long-term debt of $2.3 billion. In the first quarter of 2018, SUN did not issue any common units through its at-the-market equity program. The leverage ratio of debt to Adjusted EBITDA, calculated in accordance with SUN's credit facility, was 3.82 times at the end of the first quarter.
(1)
Adjusted EBITDA and Distributable Cash Flow, as adjusted, are non-GAAP financial measures of performance that have limitations and should not be considered as a substitute for net income. Please refer to the discussion and tables under "Reconciliations of Non-GAAP Measures" later in this news release for a discussion of our use of Adjusted EBITDA and Distributable Cash Flow, as adjusted, and a reconciliation to net income.
Earnings Conference Call
Sunoco LP management will hold a conference call on Thursday, May 10, at 9:30 a.m. CT (10:30 a.m. ET) to discuss first quarter results and recent developments. To participate, dial 877-407-6184 (toll free) or 201-389-0877 approximately 10 minutes early and ask for the Sunoco LP conference call. The call will also be accessible live and for later replay via webcast in the Investor Relations section of Sunoco's website at www.SunocoLP.com under Events and Presentations. An investor presentation accompanying the earnings call will be available in the Investor Relations section of Sunoco's website at www.SunocoLP.com under Events and Presentations.
Sunoco LP (NYSE: SUN) is a master limited partnership that distributes motor fuel to approximately 9,200 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states. SUN's general partner is owned by Energy Transfer Equity, L.P. (NYSE: ETE).
Forward-Looking Statements
This press release may include certain statements concerning expectations for the future that are as defined by federal law. Such are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Partnership's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
The information contained in this press release is available on our website at www.SunocoLP.com
Qualified Notice
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100 percent of Sunoco LP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Sunoco LP's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Contacts
Investors:
Scott Grischow, Senior Director – Investor Relations and Treasury
(214) 840-5660, [email protected]
Derek Rabe, CFA, Senior Analyst – Investor Relations and Finance
(214) 840-5553, [email protected]
Media:
Alyson Gomez, Director – Communications
(214) 840-5641, [email protected]
Jeamy Molina, Senior Manager – PR & Communications
(214) 840-5594, [email protected]
– Financial Schedules Follow –
SUNOCO LP
CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31,
2018
December 31,
2017
(in millions, except units)
Assets
Current assets:
Cash and cash equivalents
$
98
$
28
Accounts receivable, net
451
541
Receivables from affiliates
160
155
Inventories, net
434
426
Other current assets
71
81
Assets held for sale
6
3,313
Total current assets
1,220
4,544
Property and equipment, net
1,522
1,557
Other assets:
Goodwill
1,430
1,430
Intangible assets, net
656
768
Other noncurrent assets
91
45
Total assets
$
4,919
$
8,344
Liabilities and equity
Current liabilities:
Accounts payable
$
416
$
559
Accounts payable to affiliates
178
206
Accrued expenses and other current liabilities
759
368
Current maturities of long-term debt
5
6
Liabilities associated with assets held for sale
—
75
Total current liabilities
1,358
1,214
Revolving line of credit
—
765
Long-term debt, net
2,283
3,519
Advances from affiliates
85
85
Deferred tax liability
124
389
Other noncurrent liabilities
137
125
Total liabilities
3,987
6,097
Commitments and contingencies (Note 14)
Equity:
Limited partners:
Series A Preferred unitholder - affiliated (no units issued and outstanding as of March 31, 2018 and 12,000,000 units issued and outstanding as of December 31, 2017)
—
300
Common unitholders (82,492,008 units issued and outstanding as of March 31, 2018 and 99,667,999 units issued and outstanding as of December 31, 2017)
932
1,947
Class C unitholders - held by subsidiary (16,410,780 units issued and outstanding as of March 31, 2018 and December 31, 2017)
—
—
Total equity
932
2,247
Total liabilities and equity
$
4,919
$
8,344
SUNOCO LP
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(unaudited)
For the Three Months Ended March 31,
2018
2017
(in millions, except unit and per unit amounts)
Revenues:
Retail motor fuel
$
445
$
353
Wholesale motor fuel sales to third parties
3,094
2,244
Wholesale motor fuel sales to affiliates
12
21
Merchandise
135
131
Rental income
22
22
Other
41
37
Total revenues
3,749
2,808
Cost of sales:
Retail motor fuel cost of sales
401
317
Wholesale motor fuel cost of sales
2,945
2,143
Merchandise cost of sales
93
88
Other
14
4
Total cost of sales
3,453
2,552
Gross profit
296
256
Operating expenses:
General and administrative
35
32
Other operating
98
92
Rent
15
20
Loss on disposal of assets
3
2
Depreciation, amortization and accretion
49
54
Total operating expenses
200
200
Operating income
96
56
Other expenses:
Interest expense, net
34
58
Loss on extinguishment of debt and other
109
—
Loss from continuing operations before income taxes
(47)
(2)
Income tax expense (benefit)
31
(14)
Income (loss) from continuing operations
(78)
12
Loss from discontinued operations, net of income taxes
(237)
(11)
Net income (loss) and comprehensive income (loss)
$
(315)
$
1
Net loss per limited partner unit - basic:
Continuing operations - common units
$
(1.11)
$
(0.11)
Discontinued operations - common units
(2.63)
(0.11)
Net loss - common units
$
(3.74)
$
(0.22)
Net loss per limited partner unit - diluted:
Continuing operations - common units
$
(1.11)
$
(0.11)
Discontinued operations - common units
(2.63)
(0.11)
Net loss - common units
$
(3.74)
$
(0.22)
Weighted average limited partner units outstanding:
Common units - basic
89,753,950
98,609,608
Common units - diluted
90,271,751
98,715,958
Cash distribution per unit
$
0.8255
$
0.8255
Key Operating Metrics
The following information is intended to provide investors with a reasonable basis for assessing our historical operations but should not serve as the only criteria for predicting our future performance. We operate our business in two primary operating divisions, wholesale and retail, both of which are included as reportable segments.
Key operating metrics set forth below are presented as of and for the three months ended March 31, 2018 and 2017 and have been derived from our historical consolidated financial statements.
The accompanying footnotes to the following two key operating metrics tables can be found immediately preceding our capital spending discussion.
For the Three Months Ended March 31,
2018
2017
Wholesale
Retail
Total
Wholesale
Retail
Total
(dollars and gallons in millions, except gross profit per gallon)
Revenues:
Retail motor fuel
$
—
$
445
$
445
$
—
$
353
$
353
Wholesale motor fuel sales to third parties
3,094
—
3,094
2,244
—
2,244
Wholesale motor fuel sale to affiliates
12
—
12
21
—
21
Merchandise
—
135
135
—
131
131
Rental income
19
3
22
19
3
22
Other
14
27
41
13
24
37
Total revenues
$
3,139
$
610
$
3,749
$
2,297
$
511
$
2,808
Gross profit:
Retail motor fuel
$
—
$
44
$
44
$
—
$
36
$
36
Wholesale motor fuel
161
—
161
122
—
122
Merchandise
—
42
42
—
43
43
Rental and other
29
20
49
28
27
55
Total gross profit
$
190
$
106
$
296
$
150
$
106
$
256
Net income (loss) and comprehensive income (loss) from continuing operations
(58)
(20)
(78)
38
(26)
12
Net loss and comprehensive loss from discontinued operations
—
(237)
(237)
—
(11)
(11)
Net income (loss) and comprehensive income (loss)
$
(58)
$
(257)
$
(315)
$
38
$
(37)
$
1
Adjusted EBITDA (2)
$
80
$
29
$
109
$
91
$
64
$
155
Distributable cash flow, as adjusted (2)
$
85
$
77
Operating Data:
Total motor fuel gallons sold:
Retail (3)
245
245
595
595
Wholesale
1,612
1,612
1,313
1,313
Motor fuel gross profit cents per gallon (1):
Retail (3)
24.4¢
24.4¢
23.1¢
23.1¢
Wholesale
8.4¢
8.4¢
10.6¢
10.6¢
Volume-weighted average for all gallons (3)
10.5¢
14.5¢
Retail merchandise margin (3)
29.7
%
31.6
%
The following table presents a reconciliation of net income to EBITDA, Adjusted EBITDA and distributable cash flow:
For the Three Months Ended March 31,
2018
2017
Wholesale
Retail
Total
Wholesale
Retail
Total
(in millions)
Net income (loss) and comprehensive income (loss)
$
(58)
$
(257)
$
(315)
$
38
$
(37)
$
1
Depreciation, amortization and accretion (3)
28
21
49
22
65
87
Interest expense, net (3)
19
17
36
20
44
64
Income tax expense (benefit) (3)
1
203
204
1
(18)
(17)
EBITDA
$
(10)
$
(16)
$
(26)
$
81
$
54
$
135
Non-cash compensation expense (3)
—
3
3
0
4
4
Loss on disposal of assets (3)
3
23
26
2
5
7
Loss on extinguishment of debt and other (3)
109
20
129
—
—
—
Unrealized gain on commodity derivatives (3)
—
—
—
(5)
—
(5)
Inventory adjustments (3)
(25)
(1)
(26)
13
1
14
Other non-cash adjustments
3
—
3
—
—
—
Adjusted EBITDA
$
80
$
29
$
109
$
91
$
64
$
155
Cash interest expense (3)
34
60
Current income tax expense (3)
468
—
Transaction-related income taxes (4)
(480)
—
Maintenance capital expenditures (3)
3
18
Distributable cash flow
$
84
$
77
Transaction-related expenses (3)
3
—
Series A Preferred distribution
(2)
—
Distributable cash flow, as adjusted
$
85
$
77 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-sunoco-lp-announces-first-quarter-financial-and-operating-results.html |
(Adds Quote: s, detail)
HARARE, May 14 (Reuters) - China’s Sinosteel Corporation has agreed to invest $1 billion in Zimbabwe to build a power plant and increase ferrochrome output, the southern African country’s president Emmerson Mnangagwa said on Monday.
Sinosteel president Andong Liu said the Chinese firm planned to build three additional furnaces at its majority-owned Zimasco business, which would raise ferrochrome output by 120,000 tonnes over the next five years to 300,000 tonnes per year.
Andong said he saw ferrochrome output from Zimasco at 500,000 tonnes annually in ten years’ time.
Sinosteel also plans to build a 400 megawatt coalbed methane-fired power plant in western Zimbabwe, the firm’s president added at a news conference with Mnangagwa.
“We will continue to review our process to facilitate investment inflows as well as ease of doing business,” Mnangagwa said after the signing of the investment agreement.
Mnangagwa, who came to power in November after a de facto military coup ended Robert Mugabe’s 37-year rule, has promised to rebuild the economy by opening it up to foreign investors. (Reporting by MacDonald Dzirutwe; Writing by Alexander Winning; Editing by Mark Potter)
| ashraq/financial-news-articles | https://www.reuters.com/article/zimbabwe-mining/update-1-sinosteel-to-invest-1-bln-in-zimbabwe-lift-ferrochrome-output-idUSL5N1SL6NS |
LUDWIGSHAFEN, Germany, May 4 (Reuters) - BASF’s quarterly operating profit edged 2 percent higher as gains in basic petrochemicals as well as in the oil and gas unit, which it aims to list separately, were tempered by a strong euro.
First-quarter earnings before interest and tax (EBIT), adjusted for one-offs, came in at 2.51 billion euros ($3.01 billion), the German chemicals maker said on Friday. That was in line with the average analyst estimate in a Reuters poll.
BASF said it was still aiming for an increase of up to 10 percent in group operating profit this year.
$1 = 0.8343 euros Reporting by Ludwig Burger Editing by Maria Sheahan
| ashraq/financial-news-articles | https://www.reuters.com/article/basf-results/basf-q1-operating-profit-gains-slightly-on-basic-chemicals-oil-idUSF9N1RV01H |
Alabama "brain dead" boy cheats death 4:08pm EDT - 01:12
Thirteen-year-old Alabama boy Trenton McKinley says God intervened to wake him up the day before doctors were set to take him off life support after declaring him brain dead. Colette Luke has more.
Thirteen-year-old Alabama boy Trenton McKinley says God intervened to wake him up the day before doctors were set to take him off life support after declaring him brain dead. Colette Luke has more. //reut.rs/2G8sGQt | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/alabama-brain-dead-boy-cheats-death?videoId=425967534 |
KUALA LUMPUR, Malaysia (AP) — Malaysia's image as a striving, modern nation that upholds the rule of law has been undermined by an epic corruption scandal at state investment fund 1MDB. Prime Minister Najib Razak, who set up the fund, is facing May 9 national elections that will test his legitimacy. Past Malaysian governments largely succeeded in lifting the country from poverty and attracting foreign investors, part of a long-term goal of reaching developed world income status. But last year, Malaysia sank to its worst-ever rating in the influential Corruption Perceptions Index compiled by Transparency International.
1MDB WHAT?
The fund, 1Malaysia Development Berhad, was set up in 2009 to promote economic development. Najib chaired its advisory board and as finance minister held veto power over its activities. Between 2009 and 2014, top executives and associates of Najib looted $4.5 billion from the fund, laundering it through the U.S., Singapore, Switzerland and other countries, according to a U.S. Justice Department civil case seeking to recover part of that money. About $700 million landed in Najib's bank account, though he denies any wrongdoing. 1MDB now staggers under enormous debt, has sold assets to Chinese interests and is slated to be shuttered.
POLITICAL EARTHQUAKE
Najib in 2015 sacked his attorney general and a deputy prime minister for demanding answers about 1MDB. A parliamentary inquiry found many irregularities but had no mandate to prosecute. Outraged by the scandal, former leader Mahathir Mohammad came out of political retirement and the opposition has united behind him in the national elections. The government recently passed a "fake news" law that could be used to further stifle reporting on the case within Malaysia.
MODUS OPERANDI
The U.S. Justice Department alleges there were four phases to the conspiracy that all involved the use of layers of foreign bank accounts and shell companies to launder the money. It says initially a $1 billion investment was diverted and in subsequent phases money was siphoned from sales of 1MDB bonds. In some cases, the names of shell companies operating the bank accounts mimicked the names of the rightful beneficiaries. When the banks questioned large money transfers, the conspirators used fake business documents to address their concerns, the department says. The U.S. says the money it is seeking to recover was gambled in Las Vegas, used to buy hotels, apartments, a luxury yacht, a jet, diamond jewelry and art works and to finance Hollywood films including the "Wolf of Wall Street" and "Dumb and Dumber To."
KEY PLAYER
U.S. prosecutors allege that Malaysian Low Taek Jho, usually known as Jho Low, was a central figure who orchestrated the ransacking of 1MDB. A friend of Najib's stepson Riza Aziz, Low had no official role at 1MDB but had considerable influence over its dealings and was often in contact with Najib, according to the Justice Department. "Looks like we may have hit a goldmine" he said in an email to family members after organizing a 1MDB deal that would later allegedly become a money laundering vehicle. Singapore fined eight banks for failing to carry out proper anti-money laundering measures in relation to 1MDB and gave prison sentences to several bankers. It has seized 240 million Singapore dollars ($180 million) of property and cash and says about half of that belonged to Low and his immediate family. Earlier this year when U.S. authorities tried to seize a luxury yacht belonging to Low that was anchored off Bali, he accused them of judicial overreach, Malaysian media reported.
$700 MILLION QUESTION
The Justice Department's civil case filings say more than $700 million was transferred from bank accounts used in the money laundering to the bank account of "Malaysian Official 1." It didn't name the official, but corroborating details made it clear it was Najib. Some $20 million landed in Najib's account between February and June 2011, another $30 million between October and November 2012, and $681 million in March 2013. A new attorney general attempted to clear Najib in 2016, saying the $681 million was a political donation from the Saudi royal family and that most of it was returned. The Justice Department says $620 million left Najib's account in August 2013, returning to the account controlled by an associate of Low where it originated. Separately, $238 million was allegedly transferred from an account controlled by Low to Najib's stepson Aziz, founder of Hollywood production company Red Granite Pictures, and used to finance films and buy luxury real estate. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-ap-explains-1mdb-graft-scandal-heats-up-malaysia-politics.html |
All clear in Healthcare? 6 buys 17 Hours Ago The "Fast Money" traders give you 6 buys in healthcare following President Trump's remarks on lowering drug pricing this afternoon. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/all-clear-in-healthcare-6-buys.html |
Healey Becomes Executive Chairman
WEST PALM BEACH, Fla., May 29, 2018 (GLOBE NEWSWIRE) -- Affiliated Managers Group, Inc. (NYSE:AMG), a global asset management company, today announced that Nathaniel Dalton is succeeding Sean M. Healey as Chief Executive Officer, effective immediately, and has been appointed to the Company’s Board of Directors. Mr. Healey becomes Executive Chairman, also effective immediately. Mr. Healey has been diagnosed with amyotrophic lateral sclerosis (a motor neuron disease otherwise known as ALS, or Lou Gehrig’s disease), and will pursue treatment while continuing to play an active role in the execution of AMG’s strategy.
Mr. Dalton, 51, has been Chief Operating Officer of AMG since 2006, and was named President in 2011. He is one of the Company’s founders, initially serving as an advisor, then joining in 1996 as AMG’s first General Counsel, and subsequently holding a series of increasingly broad leadership positions through which he has overseen many areas of the Company.
Mr. Healey said, “I have the utmost confidence in Nate’s ability to lead AMG to the next stages of its success. Nate has been by my side as my partner since AMG’s earliest days, and has been involved in every key strategic decision along the way. With his deep understanding of our Affiliate partnerships, proven experience in building our centralized global distribution platform from the ground up, and outstanding leadership across our business, he has made countless and tireless contributions to AMG’s success, and is the ideal executive to lead the company forward. While I undergo treatment, I look forward to actively supporting Nate and the rest of our executive team.”
Mr. Dalton said, “As CEO of AMG, and with Sean’s partnership, it is my honor to lead our outstanding team in continuing to execute on the tremendous opportunities that AMG has before us to drive growth and shareholder value, and build on our position as the partner of choice to the world’s leading independent investment firms. And, with a friendship spanning almost 25 years, I stand in resolute support of Sean as he pursues treatment in his fight against ALS.”
Patrick T. Ryan, Lead Independent Director, said, “AMG is fortunate to have a deep bench of talent and a proven leader in Nate, who has the confidence of the Board to lead the Company forward following Sean’s extraordinary leadership over the past two decades. Thoughtful, deliberate succession planning is at the very heart of AMG’s business strategy and core philosophy, and this transition reflects the Board’s long-standing framework – now we are executing on that plan. Alongside Sean, the other Directors and I are grateful for Nate’s contributions to date and all of those that are to come.”
About AMG
AMG is a global asset management company with equity investments in leading boutique investment management firms. AMG’s innovative partnership approach allows each Affiliate’s management team to own significant equity in their firm while maintaining operational autonomy. AMG’s strategy is to generate shareholder value through the growth of existing Affiliates, as well as through investments in new Affiliates and additional investments in existing Affiliates. In addition, AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations. As of March 31, 2018, AMG’s aggregate assets under management were approximately $831 billion in more than 550 investment products across a broad range of active, return-oriented strategies. For more information, please visit the Company’s website at www.amg.com .
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws, and could be impacted by a number of factors, including those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov . We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.
Investor and Media Relations: Alexandra Lynn Selene Oh +1 (617) 747-3300 [email protected] [email protected]
Source:Affiliated Managers Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-amg-announces-that-nathaniel-dalton-succeeds-sean-m-healey-as-ceo.html |
Wall Street drops on Italy worries Tuesday, May 29, 2018 - 01:16
The S&P 500 and Dow suffered their biggest one-day percentage drop in a month on Tuesday. As Fred Katayama reports, political turmoil in Italy rattled investors. ▲ Hide Transcript ▶ View Transcript
The S&P 500 and Dow suffered their biggest one-day percentage drop in a month on Tuesday. As Fred Katayama reports, political turmoil in Italy rattled investors. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2H0eiua | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/29/wall-street-drops-on-italy-worries?videoId=431516765 |
JERSEY CITY, N.J., May 01, 2018 (GLOBE NEWSWIRE) -- SITO Mobile, Ltd. (NASDAQ:SITO) (“SITO” or the “Company”), the Consumer Behavior and Location Sciences™ company, announced today that Gabriel Sandoval has been named Chief Data Protection Officer. With the General Data Protection Regulation (GDPR) set to take effect on May 25, 2018, businesses falling under certain criteria are required to hire a Data Protection Officer to establish compliance with the GDPR protocols. SITO, in support of its commitment to data privacy, has made the decision to make such an appointment. In this role, Mr. Sandoval, who has been working with the Company on these matters, will help shape SITO’s privacy strategy and guide the Company and its clients in preparation for GDPR compliance and anticipated future regulations worldwide.
“With so many businesses not yet prepared for GDPR, it is a pleasure to be working with a company that prioritizes compliance,” said Gabriel Sandoval, SITO’s Chief Data Privacy Officer. “We all believe that all businesses should make the necessary steps to ensure compliance with GDPR. SITO has already taken several proactive steps to ensure compliance and the overall protection of the consumer’s right to privacy. I take immense pride in working alongside my colleagues at SITO to implement the proper procedures and protocols to ensure compliance.”
According to Gartner , less than 50% of the companies that will be affected by GDPR will be in full compliance by the deadline of May 25 th of this year. SITO has made strides as a leader in this area, by developing privacy and compliance certification educational programs.
“Data privacy is a mission-critical issue, and, with Gabriel in place, we are now fully prepared for the impending GDPR compliance, along with any similar regulations that may be passed in the United States,” said Tom Pallack, SITO’s Chief Executive Officer. “Privacy compliance is a core tenet of SITO’s data and service offerings, and we will work to ensure the provenance and privacy of our data supply-chain to honor and protect the consumer’s right to privacy.”
Mr. Sandoval is an experienced technology legal and business executive, having overseen legal counsel at Oracle, Ariba, and most recently at Deem, Inc. where he served as their Chief Legal Officer.
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 .
Media Contact:
Katie McGovern
SHIFT Communications
[email protected]
Source:SITO Mobile, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-sito-appoints-gabriel-sandoval-as-chief-data-privacy-officer.html |
Brandon Crawford hit a two-run home run and Brandon Belt drove in the tiebreaking and eventual game-winning run Saturday night as the San Francisco Giants edged the Chicago Cubs 5-4 at Wrigley Field in Chicago.
Gorkys Hernandez went 3-for-5 with two runs scored out of the leadoff spot for San Francisco while starter Chris Stratton (6-3) got the win. Stratton lasted five innings, yielding four hits and three runs with three walks and six strikeouts.
Jose Quintana (5-4) absorbed the loss, allowing five hits and four runs over 4 1/3 innings. He walked two and fanned six.
Coming off a 6-2 win Friday in the series opener, the Cubs got off to a quick start. They initiated scoring in the second when Jason Heyward simply stood at home plate and kept his bat stationary while four straight pitches missed the strike zone, sending Willson Contreras home.
Chicago made it 2-0 in the third when Stratton left a changeup down and in, the nitro zone for Kyle Schwarber. He drilled it over the wall in right-center, his ninth home run of the year.
Crawford evened the score an inning later on one swing. He drove a 91 mph fastball from Quintana the opposite way to left-center with Mac Williamson aboard for his sixth homer of the season.
Javier Baez crushed a high, inside slider on Stratton’s first pitch to him in the bottom of the fourth, launching his 12th homer of the year to left and restoring a one-run edge for the Cubs.
Quintana couldn’t hold that lead, either. The Giants took the lead for good in the fifth. Andrew McCutchen tied the score when he laced an RBI double to center that plated Hernandez, and Belt snapped the deadlock when he singled to left to score McCutchen.
Belt added a sacrifice fly in the seventh for a 5-3 advantage. Anthony Rizzo drew Chicago within a run in the bottom of the eighth by slicing an RBI single to left, plating Schwarber.
Hunter Strickland protected the one-run edge in the ninth, earning his 10th save.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-chc-sf-recap/belts-late-rbis-help-giants-edge-cubs-5-4-idUSMTZEE5RD8BN7D |
May 30, 2018 / 1:08 PM / Updated 16 minutes ago Turkey, U.S. reach agreement on plan for withdrawal of YPG militia from Syria's Manbij - Anadolu Reuters Staff 1 Min Read
ANKARA (Reuters) - Turkey and the United States have reached an agreement on a plan for the withdrawal of the Syrian Kurdish YPG militia from Syria’s Manbij, Turkey’s state-run Anadolu news agency said on Wednesday. U.S. forces set up a new base in Manbij, Syria May 8, 2018. Picture Taken May 8, 2018. REUTERS/Rodi Said
Under the terms of the three-step plan, which will become finalised during a visit by Foreign Minister Mevlut Cavusoglu to Washington on June 4, the YPG will withdraw from Manbij 30 days after the deal is signed, Anadolu said.
Turkish and U.S. military forces will start joint supervision in Manbij 45 days after the agreement is signed and a local administration will be formed 60 days after June 4, Anadolu said. Reporting by Tuvan Gumrukcu and Ece Toksabay; Editing by David Dolan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-turkey/turkey-u-s-reach-agreement-on-plan-for-withdrawal-of-ypg-militia-from-syrias-manbij-anadolu-idUKKCN1IV1NC |
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