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BALTIMORE—Darryl De Sousa resigned Tuesday as Baltimore’s police commissioner, the latest upheaval for a department whose last chief was fired for failing to slow a sharp increase in homicides.
Mr. De Sousa, a 30-year veteran with the force, quit days after federal prosecutors announced they had charged him with failing to file income tax returns in three recent years.
He... | ashraq/financial-news-articles | https://www.wsj.com/articles/baltimore-police-commissioner-resigns-after-federal-charges-1526403779 |
WEST PALM BEACH, Fla, Rennova Health, Inc. (OTCQB: RNVA), (OTCQB: RNVAW) (“Rennova” or the “Company”), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers that recently announced the acquisition of its second Rural Hospital, announces the postponement of its Special Meeting of Stockholders to May 9, 2018 at 11:00 a.m. Eastern time at the offices of Shutts & Bowen LLP, 525 Okeechobee Boulevard, Suite 1100, West Palm Beach, FL 33401. The record date of March 12, 2018 remains unchanged. This Special Meeting was originally scheduled for April 18, 2018, and was subsequently postponed to May 2, 2018.
“Stockholder approval of the proposed increase in authorized common shares plus the ability to enact a reverse stock split is critical for the company going forward,” stated Seamus Lagan, President and Chief Executive Officer of Rennova adding “Should any of the company’s convertible debt or preferred stock holders elect to exercise or convert their debt or preferred shares, the company currently does not have sufficient shares to meet those obligations. If the obligations cannot be met the holders of the convertible debt and preferred shares could benefit from ownership of the assets of the Company at the expense of stockholders”.
“Our Board of Directors has recommended that our shareholders support the approvals requested and believe that to do so is in the best interest of all shareholders” noted Mr. Lagan.
If you have already voted and wish to change your vote or if you are ready to vote your shares now, please call our proxy solicitor, Advantage Proxy toll free at 1-877-870-8565 for assistance.
The Special Meeting is for the following purposes:
1. To approve an amendment to our certificate of incorporation, as amended, to effect a reverse stock split of all of the outstanding shares of our common stock, par value $0.01 per share, at a specific ratio within a range of 1-for-50 to 1-for-300, and to grant authorization to our Board of Directors to determine, in its discretion, the specific ratio and timing of the reverse stock split any time before March 1, 2019, subject to the Board of Directors’ discretion to abandon such amendment;
2. To approve an amendment to our certificate of incorporation, as amended, to increase the number of authorized shares of our common stock from 500,000,000 to 3,000,000,000 shares;
3. To approve the Company’s new 2018 Incentive Award Plan;
4. To authorize an adjournment of the Special Meeting, if necessary, if a quorum is present, to solicit additional proxies if there are not sufficient votes in favor of Proposals 1, 2 and 3; and
5. To transact such other business as may properly come before the Special Meeting or any adjournment or postponement thereof.
About Rennova Health, Inc.
Rennova provides industry-leading diagnostics and supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior clinical outcomes. Through an ever-expanding group of strategic brands that work in unison to empower customers, we are creating the next generation of healthcare. For more information, please visit www.rennovahealth.com .
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company’s most recent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Contacts: Rennova Health Sebastien Sainsbury, 561-666-9818 [email protected]
Source:Rennova Health, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-rennova-health-postpones-special-meeting-of-stockholders-to-may-9-2018.html |
Why the Trump administration is going after auto imports: Asian Trade Centre 17 Hours Ago There is no justification for framing the import of autos into the U.S. as a national security threat, says Deborah Elms of the Asian Trade Centre. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/27/why-the-trump-administration-is-going-after-auto-imports-asian-trade-centre.html |
May 15, 2018 / 9:11 AM / Updated 40 minutes ago Bulgaria will take at least three more years to join euro zone - EU's Dombrovskis Reuters Staff 2 Min Read
BRUSSELS, May 15 (Reuters) - Bulgaria will need at least three more years to join the euro zone, the vice president of the European Commission said on Tuesday.
The Bulgarian government plans to join the ERM-2 mechanism, a preliminary stage for the adoption of the euro currency, in the first half of this year. Rules stipulate that after two years in the ERM-2 a country can join the euro.
But for the Balkan country, which has been a member of the 28-country European Union since 2007, it could take a bit longer.
“The timeline is clear. It takes broadly speaking at least three years between joining the ERM-2 and joining the euro” provided all fiscal criteria are met, Valdis Dombrovskis told a conference organised by Politico in Brussels.
Bulgaria already meets the formal criteria for adopting the euro: It has a budget surplus, very low debt and long-term interest rates and moderate inflation.
But it is the EU’s poorest member and with a gross domestic product per capita, calculated as power purchasing parity, at 49 percent of the EU average. Many blame this on corruption.
Dombrovskis made it clear that “joining the euro area now means also joining the banking union”, the bloc’s flagship project to strengthen EU monitoring of large national banks.
Dombrovskis’ remarks are in line with the requests made by the European Central Bank to Bulgaria. The ECB, which assesses whether a country qualifies for membership of the 19-country euro zone bloc, wants Bulgaria to join the banking union before adopting the euro. This would give the ECB direct powers to oversee big Bulgarian banks.
Bulgarian Finance Minister Vladislav Goranov said the two processes were parallel. “One cannot be a precondition for the other,” he said last month at a meeting of EU finance ministers in Sofia, the Bulgarian capital. (Reporting by Francesco Guarascio Editing by Raissa Kasolowsky) | ashraq/financial-news-articles | https://www.reuters.com/article/bulgaria-eurozone-dombrovskis/bulgaria-will-take-at-least-three-more-years-to-join-euro-zone-eus-dombrovskis-idUSL5N1SM2TM |
May 16, 2018 / 9:19 AM / Updated 10 hours ago Mark Waugh criticises India's 'selfish' day-night test refusal Reuters Staff 2 Min Read
(Reuters) - India’s refusal to play a day-night test in Adelaide is “selfish” and hinders efforts to reinvigorate test cricket, Australia’s former test batsman Mark Waugh said on Wednesday. File photo: Australian cricketer Mark Waugh addresses the audience at the launch of his autobiography in Sydney, August 1, 2002. REUTERS/Mark Baker/Files
India have declined to play their maiden day-night test against Australia, leaving the Dec. 6-10 series-opener in Adelaide a day match, and remain the lone frontline team not to have featured in one.
“It’s a little bit selfish from India’s point of view because we need to revitalise Test cricket,” Waugh said on Australia’s Big Sports Breakfast radio show.
“Day-night test cricket in some countries is going to be one of those ingredients that could transform test cricket back to where it should be.”
India’s reluctance is attributed to their pink-ball inexperience but Waugh, who will step down from his role as national twenty20 selector in August, is baffled by their refusal given the depth in the Virat Kohli-led squad.
“Their team is pretty well suited to day-night cricket, they’ve got a string of fast bowlers, so they don’t just rely on the spinners, and their batsman are technically very good as well,” Waugh explained.
“So for the greater good of the game, I would have loved to have seen that as a day-night Test.”
India play three twenty20 internationals, four tests and three one-day internationals in their tour of Australia from November to January. Reporting by Aditi Prakash in Bengaluru; Editing by Amlan Chakraborty | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-australia-india-mark-waugh/mark-waugh-criticises-indias-selfish-day-night-test-refusal-idINKCN1IH10D |
May 1, 2018 / 7:01 PM / Updated an hour ago Supporters cheer Maltese leader as government faces pressure after journalist murder Francesco Guarascio 2 Min Read
VALLETTA (Reuters) - Several thousand people rallied in the Maltese capital Valletta on Tuesday in a show of support for the government, which is facing judicial inquiries into alleged corruption and European Union questions over the rule of law. Maltese Prime Minister Joseph Muscat (rear) addresses a Labour Party May Day rally, after he urged supporters to attend as a response to the revelations made by the Daphne Project, according to local media, in Valletta, Malta May 1, 2018. REUTERS/Darrin Zammit Lupi
The rally, organised by Malta’s Labour Party to mark Workers’ Day, took place two days after demonstrators marched through Valletta chanting anti-government slogans and calling for justice after the killing of anti-corruption journalist Daphne Caruana Galizia.
Galizia was killed by a car bomb in October. Three people have been charged for carrying out the murder but police have not identified who ordered it. Labour Party supporters celebrate during a May Day rally, after Prime Minister Joseph Muscat urged supporters to attend as a response to the revelations made by the Daphne Project, according to local media, in Valletta, Malta May 1, 2018. REUTERS/Darrin Zammit Lupi
Addressing the crowd, Prime Minister Joseph Muscat said Malta was moving forward on issues of justice but he did not mention the investigation into Caruana Galizia’s murder. Slideshow (14 Images)
He said, however, he had been victim of “the biggest lie” in Malta’s political history, an apparent reference to the journalist’s allegations - so far unproven - that his family had received kickbacks.
After Caruana Galizia’s murder, Malta has come under pressure from European institutions, with a probe underway on its banking supervision by the European Banking Authority, and calls for investigations into the country’s rule of law by the European Parliament and the Council of Europe.
Organisers said about 20,000 people took part in the rally.
The Mediterranean island is the smallest state of the European Union, with a population of 430,000.
It has experienced an economic boom over the last years, partly fuelled by business-friendly measures adopted by Muscat’s government, including a scheme to sell Maltese citizenship to wealthy individuals.
“I have come here for Joseph first, then for Workers’ Day,” said one demonstrator, Joyce Farrugia, 48. Reporting by Francesco Guarascio; additional reporting by Chris Scicluna; Editing by Angus MacSwan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-may-day-malta/supporters-cheer-maltese-leader-as-government-faces-pressure-after-journalist-murder-idUKKBN1I2487 |
By Tim Calkins April 30, 2018
Last week a jury convicted actor Bill Cosby of sexual assault for drugging and assaulting a woman 14 years ago. Cosby may spend the rest of his life in jail.
The news isn’t a surprise; dozens of women have come forward in recent years, accusing Cosby of similar attacks. Still, for many people, the Cosby conviction was a jarring moment, prompting widespread discussion in the news and on social media.
The Cosby verdict is shocking because it is—even now, after all the allegations—a brand disconnect for many people. The entire story conflicts with popular understanding of the Cosby brand, and so it leaves us unmoored and uncertain.
Brands are the associations people have with a name, symbol, product, or service. When people see the Apple logo, for example, they think of innovation, simplicity, the color white, and Steve Jobs. These are all parts of the Apple brand. Caterpillar evokes toughness, ruggedness, masculinity, and power. Louis Vuitton is French, luxurious, historical, and elegant.
One of the reasons brands are so powerful is that their connections strengthen over time, becoming deeply embedded in our minds. In many cases, our belief in a brand can supersede reality. We are quick to forgive brands we trust.
If Apple produced a complicated, unoriginal computer, our brand association might cause many of us to ignore that reality and praise the product anyway. In the same way, if an employee we liked and trusted began to get sloppy, we’d likely be hesitant to acknowledge it and try to explain away their problems.
Over the course of his career, Bill Cosby built a remarkable brand. He did two things exceptionally well. First, he constantly was in the public eye. While he is best known for The Cosby Show and its portrayal of the Huxstable family, Cosby starred in a series of different shows. He began his comedy career back in the early 1960s and stayed in the public eye for more than 40 years. He starred in commercials, did stand-up routines, and performed in television shows.
Second, Cosby maintained a consistent brand image; he was always the jovial, friendly, somewhat goofy character. In his early days, he voiced Fat Albert, a funny, likeable animated character. He continued to reinforce this friendly, approachable image over the years. He was relatable in a way few celebrities were. People could imagine him coming over for Thanksgiving and playing with the kids.
Cosby didn’t push his creative limits. He isn’t remembered for starring in horror films or intense pyscho-thrillers because he didn’t. Bill Cosby was, well, Bill Cosby. His brand was consistent, as all great brands are.
There was another side of Cosby, though—a dark, sinister, manipulative side. And so when accusations of sexual assault first emerged, people were quick to discard them. “Bill Cosby? Oh, that can’t be,” many of us thought. “That’s not the Bill Cosby I know.”
I used to work at Kraft Foods, home of Jell-O. Cosby for many years starred in commercials for Jell-O, in which he joked with children. Jell-O capitalized on Cosby’s friendly uncle image. But marketers who worked with him on the commercial shoots often came back with a different story; he was demanding, difficult to work with, and self-absorbed. It was hard for me to believe these stories. After all, it was Bill Cosby.
The reason Cosby’s conviction is so notable is that it highlights the disconnect between his brand image and reality. The funny, casual Cosby isn’t real. It is an image that he created.
Of course, Cosby isn’t the only example of predator using branding as a cover. Indeed, the #MeToo movement has highlighted dozens of men who built strong personal brands that served as a cover for dangerous behavior. Michigan State University physician Larry Nassar, who was convicted of sexually assaulting young gymnasts, is a vivid example; people believed in the Nassar brand and were slow to understand what was actually happening, even as it occurred sometimes in plain view. Matt Lauer is another example of someone using a well-maintained brand persona to cover his sinister activities. When allegations against him arose, many people were surprised.
The Cosby story shows us why brands are so powerful. It also illustrates their risk. Trusting blindly in a brand is dangerous, as it can sometimes overshadow misbehavior or crimes. We need to be more aware of our own biases toward trusting seemingly amicable and agreeable people—and pay attention to their actions, not their images.
Tim Calkins is a clinical professor of marketing at the Northwestern University Kellogg School of Management . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/04/30/bill-cosby-rape-sexual-assault-trial-jail/ |
MONTREAL, May 14, 2018 (GLOBE NEWSWIRE) -- Laurentian Bank Financial Group (TSX:LB) will disclose its 2018 second quarter financial results on Wednesday, May 30, 2018. It will also hold a conference call for media representatives and the financial community at 10:00 a.m. (ET). The quarterly Report to Shareholders, supplementary financial information and presentation slides will be posted on https://lbcfg.ca/investors-centre/ , under the Financial Results section, prior to the conference call.
Conference call Date: Wednesday, May 30, 2018 Time: 10:00 a.m. (ET) Call-in number: 1-866-548-4713 Access code: 2539506 Live webcast: https://lbcfg.ca/investors-centre/ , under the Financial Results section (listen only mode) Playback Availability: From 1:00 p.m. (ET) on May 30, 2018, until 1:00 p.m. (ET) on June 29, 2018 Playback link: Follow this link About Laurentian Bank Financial Group
Founded in 1846, Laurentian Bank Financial Group is a diversified financial services provider whose mission is to help its customers improve their financial health. The Laurentian Bank of Canada and its entities are collectively referred as Laurentian Bank Financial Group (the “Group” or the "Bank").
With more than 3,700 employees guided by the values of proximity, simplicity and honesty, the Group provides a broad range of advice-based solutions and services to its customers through its businesses: Retail Services, Business Services, B2B Bank and Capital Markets. The Group - with pan-Canadian activities and a presence in the United States - is an important player in numerous market segments.
The Group has $47 billion in balance sheet assets and $31 billion in assets under administration.
For further information:
Hélène Soulard
Assistant Vice President, Communications
514-284-4500, extension 8232
[email protected]
Source: Laurentian Bank of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-laurentian-bank-financial-group-to-disclose-its-second-quarter-financial-results-on-may-30-2018.html |
May 8, 2018 / 6:30 AM / Updated 11 hours ago Taiwan blames China for absence from U.N. health meeting Jess Macy Yu 3 Min Read
TAIPEI (Reuters) - China is disregarding the health of the people of Taiwan by blocking the island’s participation in an annual U.N. health meeting later this month, the Taiwan government said. A man walks past a row of Taiwan's national flags in Taipei, October 14, 2011. REUTERS/Pichi Chuang
Taiwan’s China policy-making body said late on Monday the exclusion of Taiwan from the World Health Assembly (WHA) for a second consecutive year showed Beijing’s lack of will to improve relations.
“China’s use of its one-sided political stance, and persistence in suppressing and blocking our participation in the WHA, disregards Taiwan people’s health safety rights,” the island’s Mainland Affairs Council said in a statement.
“Our government expresses its strong condemnation at this unreasonable action,” the council said ahead of the May 21-26 WHA meeting in Geneva.
Taiwan is one of China’s most sensitive issues. The island is claimed by Beijing as its sacred territory and China has never renounced the use of force to bring under Chinese control what it considers to be a wayward province.
Taiwan is not a member of the United Nations, which recognizes the “one China” policy centered on Beijing, and it does not formally take part in U.N. meetings.
Taiwan has, however, in the past been given observer status at some conferences with Beijing’s acquiescence.
But ties between the mainland and the island have worsened since the 2016 election of Taiwan President Tsai Ing-wen, of the independence-leaning Democratic Progressive Party (DPP) who - unlike the island’s previous China-friendly administration - has not acknowledged the “one China” principle.
Last year, Taiwan blamed China for not being given observer status for the WHA meeting. It said health should not be politicized and barring Taiwan put the health of its people and the world’s health safety net at risk.
China’s foreign ministry said on Monday that Taiwan’s governing party only had itself to blame for the exclusion because it did not abide by the one-China principle.
“Taiwan’s inability to get an invitation completely lies with the fault of the DPP authorities,” the ministry said in a statement.
As it did last year, Taiwan will send a delegation to Geneva to argue its case and seek meetings with officials from attending countries and organizations.
Taiwan foreign ministry spokesman Andrew H.C. Lee said the delegation “will work together to push the work further and strive until the last minute”.
He said more than 10 friends and like-minded countries supported Taiwan’s request and would raise the issue at the meeting.
From 2009 to 2016, Taiwan participated in WHA meetings as an observer, under the name ‘Chinese Taipei’, a special arrangement that was agreed on by both sides during Taiwan’s more China-friendly Ma Ying-jeou administration. Additional reporting by Michael Martina in BEIJING; Editing by Darren Schuettler | ashraq/financial-news-articles | https://www.reuters.com/article/us-taiwan-china-health/taiwan-blames-china-for-absence-from-u-n-health-meeting-idUSKBN1I90J0 |
INDIANAPOLIS (Reuters) - Billed as ‘the Greatest Spectacle in Racing’, the Indianapolis 500 is poised to deliver on that hype on Sunday with a hometown boy on the pole, a trail-blazing woman taking a final bow and the Brickyard’s most exclusive club ready to welcome a new member.
May 19, 2018; Speedway, IN, USA; Verizon IndyCar Series driver Danica Patrick poses for a photo with her car after qualifying for the 102nd Running of the Indianapolis 500 at Indianapolis Motor Speedway. Mandatory Credit: Brian Spurlock-USA TODAY Sports There is rarely a shortage of high-octane drama on the sprawling 2.5 mile oval.
But the 102nd edition of the Indy 500 hints of something truly memorable, with Danica Patrick contesting her final race, charismatic Brazilian Helio Castroneves seeking a record-equaling fourth win and local hero Ed Carpenter chasing glory from pole.
For a time, girl power was all the rage at the Brickyard, with four women sprinkled through the 33-car starting grids in 2010, 2011 and 2013.
But this year Patrick will carry the flag alone in what will be the final race of a ground-breaking career.
The only woman to win an IndyCar race and start from pole at the Daytona 500, Patrick announced her retirement last November.
As far as swansongs go, February’s Daytona 500 was a bust ending in a wreck but the Indy offers the 36-year-old a chance of something special.
May 19, 2018; Speedway, IN, USA; Verizon IndyCar Series driver Danica Patrick (13) makes a qualifying run for the 102nd Running of the Indianapolis 500 at Indianapolis Motor Speedway. Mandatory Credit: Brian Spurlock-USA TODAY Sports As ‘Queen of the Brickyard’, the race has produced most of Patrick’s career highlights and made her one of North America’s most recognizable athletes.
Her third place finish in 2009 remains the best ever result by a woman and her Speedway resume also includes a fourth on debut in 2005 and sixth in 2006.
“What I will remember most will be my first Indy 500 and God I hope I will remember my last one even more,” Patrick told Reuters. “That would be my goal.
“But the first Indy 500 is what I will remember most, the most defining time in my career and the most fond memories.”
Castroneves, who has moved over to race sports cars for Roger Penske and no longer competes full-time on the IndyCar series, also made his name at the Brickyard.
Slideshow (3 Images) EXCLUSIVE CLUB In more than a century of racing at the famed speedway only three men — A.J. Foyt, Al Unser Sr and Rick Mears — have finished the 500 on Victory Lane four times and with a win on Sunday, Castroneves would become the first non-American to join that exclusive club.
As much joy as the Indy 500 has brought him, it has also produced plenty of heartbreak, with three runnerup finishes, including last year when he crossed 0.201 seconds behind Japan’s Takuma Sato.
“You can see people want to be part of history, their wish is my wish, it would be a dream come true,” said Castroneves.
“To have an opportunity to race the Indy 500 it could not be better it would be great to get another one and give the fans number four as well.”
Castroneves is part of the powerhouse Team Penske stable which boasts an all-star lineup of IndyCar Series champions.
American Josef Newgarden (2017) Frenchman Simon Pagenaud (2016) and Australian Will Power (2014) will all be trying to give ‘The Captain’ Roger Penske a 17th trip to Victory Lane.
Pagenaud, Power and Newgarden will line up behind Carpenter while Castroneves qualified eighth and will launch his bid from the middle of row three, sandwiched between Patrick and 2008 winner Scott Dixon.
The king of qualifying, three times Carpenter has started from pole but there has been no hometown magic and he has cracked the top 10 only three times in 14 races.
“It is a career defining race and something that changes your life forever,” said Carpenter.
“It would certainly be fun to be able to be do it and celebrate with the hometown fans.”
Editing by Ian Ransom
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-indy-indy500/motor-racing-indy-500-offers-glimmer-of-something-special-idUSKCN1IP3X1 |
May 21 (Reuters) - Adobe Systems Inc:
* ADOBE TO ACQUIRE MAGENTO COMMERCE * ADOBE SYSTEMS INC - DEAL FOR $1.68 BILLION
* ADOBE SYSTEMS INC - UPON CLOSE OF DEAL, MAGENTO CEO MARK LAVELLE WILL CONTINUE TO LEAD MAGENTO TEAM AS PART OF ADOBE’S DIGITAL EXPERIENCE BUSINESS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-adobe-to-acquire-magento-commerce/brief-adobe-to-acquire-magento-commerce-idUSASC0A33S |
April 30(Reuters) - OBDUCAT:
* REPORTED ON FRIDAY THAT PRELIMINARY RESULTS SHOW WARRANTS ISSUE SUBSCRIBED TO ABOUT 39 PCT
* ISSUE GIVE PROCEEDS OF ABOUT SEK 14 MLN BEFORE ISSUE COSTS Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S70JZ |
May 19, 2018 / 10:52 PM / Updated 14 hours ago In Congo city where Ebola resides, fear but not panic Patient Ligodi 3 In the city of Mbandaka in northwest Congo, Mbombo Roge does not shake hands with friends anymore: Ebola changed all that. A Congolese man washes his hands as a preventive measure against Ebola 19, 2018. REUTERS/Kenny Katombe
Roge simply bowed when he met a group of friends on Saturday afternoon, obeying one of the key lessons taught by health officials since an outbreak of the deadly virus was confirmed in the city of 1.5 million people this week.
“Ebola doesn’t forgive,” said Roge on a street in the center of Mbandaka “We just greet each other with words so as to not get contaminated.”
The outbreak of Ebola in Congo, the vast central African country’s northern Ebola river in the 1970s, is believed to have cost the lives of 25 people since April.
The outbreak is dwarfed by the epidemic which killed over 11,300 in Guinea, Liberia and Sierra Leone between 2013 and 2016, but it brings with it some worrying echoes. A motorcyclist rides along the main street 19, 2018. REUTERS/Kenny Katombe
The first confirmed case in Mbandaka on Thursday raised concerns it could spread much faster than in the rural areas where it had previously been detected.
Mbandaka, a crowded trading hub on the banks of the Congo River where people live in close proximity, has road, water and air links to the capital Kinshasa, whose population is 10 million.
Since Thursday, three other cases have been confirmed in Mbandaka. has declared to the country since those cases were detected. Over 4,000 vaccines are expected to be deployed to the region early next week. Slideshow (10 Images)
The Ebola virus causes hemorrhagic fever person, who suffers severe bouts of vomiting and diarrhea.
So far, the changes in Mbandaka are subtle, but they point to a growing trepidation. At the small regional airport, health inspectors check the temperature of arriving passengers. Local aid agencies have gone to churches and schools to try to educate people of the dangers.
Soap dispensers have been put outside some local businesses so people can wash their hands before entering. Meat sales at riverside markets have dropped off, traders say, because of the fear of eating contaminated bush meat which can pass Ebola on to humans.
“We are scared of this epidemic. We can’t make contact with people coming from outside,” said border hygiene inspector Bolongoyi Juptie.
Not everyone is convinced of the dangers, and one resident said that Ebola can be cured through prayer.
But the general wariness is encouraging for health officials who remember how mistrust of doctors, nurses, authorities and western aid agencies made containment more difficult during the 2013-16 epidemic.
“There is a need to increase awareness,” said Joseph Bolongo, former project manager at the NGO Gashe and local resident, “so that ignorance does not facilitate the spread of the disease.” Writing by Edward McAllister; Editing by Chris Reese | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-ebola-congo/in-congo-city-where-ebola-resides-fear-but-not-panic-idUKKCN1IK0VR |
May 13, 2018 / 6:03 AM / Updated an hour ago Paris knife attacker was French citizen born in Chechnya - sources Reuters Staff 3 Min Read
PARIS (Reuters) - The assailant who killed a 29-year-old man in a central Paris knife attack on Saturday night was a French citizen born in the Chechnya region of Russia in 1997, judicial sources said on Sunday.
The unnamed attacker shouted “Allahu akbar” (God is greatest) as he killed a passer-by and wounded four other people in the busy Opera district of central Paris at around 9:30 p.m., before being shot dead by police, witnesses and the Paris prosecutor said.
The 21-year-old’s father and mother are being held for questioning by police, a judicial source said.
The assailant was categorised in France as “fiche S”, an indication used by law enforcement officials to flag people who may be a threat to national security, said another source close to the investigation.
Earlier, Interior Minister Gerard Collomb told reporters the injured were out of danger.
“I have seen the person who was seriously injured. She is recovering. She was operated on and saved,” he said after visiting the victims in hospital.
France has been on high alert amid a series of attacks commissioned or inspired by the Islamic State militant group that have killed more than 240 people since 2015.
France “will not yield an inch to the enemies of freedom,” President Emmanuel Macron said shortly after the attack, praising police officers for “neutralizing the terrorist”.
Police union representative Rocco Contento told Reuters that the assailant, after attacking bystanders with a knife, rushed at police shouting “I will kill you, I will kill you!”
He was then shot by the officers.
The attack took place in the heart of the French capital, in a district popular with tourists for its many restaurants and cafes, landmark retail stores, and the Paris opera.
A picture seen by Reuters, which a source said showed the attacker, showed a bare-chested and bearded young man dressed in black trousers. A source told Reuters the attacker was not previously known to police.
Islamic State claimed responsibility for the attack via its Amaq news agency, but provided no proof for its claim.
Authorities have not revealed the identity of the person killed in Saturday’s attack, but the judicial source said he was a man aged 29.
(GRAPHIC - Knife attack in Paris, tmsnrt.rs/2KePel5 ) French police secure a street after a man killed a passer-by in a knife attack in the heart of Paris and injured four others before being shot dead by police, according to French authorities in Paris, France, May 12, 2018. REUTERS/Lucien Libert Reporting by Emmanuel Jarry; Writing by Ingrid Melander; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-security-attacker/paris-knife-attacker-was-russian-born-in-1997-in-chechnya-source-idUKKCN1IE06X |
(Recasts; adds details from CEO interview, share move)
TORONTO, May 10 (Reuters) - Canada's TMX Group Ltd is still in discussions with Saudi Aramco to get the oil company to list on the Toronto Stock Exchange (TSX) as part of its highly anticipated initial public offering, expected to be the biggest IPO in history, TMX CEO Lou Eccleston said on Thursday.
Any slice of the Saudi Aramco IPO could raise TMX's global profile and generate significant revenue. TMX has campaigned hard get Aramco to list on the TSX.
"I don't think the door is ever closed," Eccleston told Reuters in an interview on the sidelines of TMX's annual general meeting in Toronto.
"I don't think wherever Aramco does initially list will be the only place ... I don't think we're ever out of the game," he said, adding that TMX was "constantly talking to Aramco".
Saudi Arabia is pushing forward with a massive economic reform plan known as Saudi Vision 2030, which aims to diversify the economy away from oil. Eccleston suggested that could be an opportunity for TMX, saying "there are hundreds of companies that are going to become public."
Shares of TMX, which suffered a major outage that shut down its exchanges for a period of April 27, soared on Thursday after the company reported a stronger-than-expected profit. They were up 8.4 percent at C$80.49.
The Toronto-based company said it had not seen any change in market share after a major outage shut down its exchanges for more than two hours last month.
TMX has replaced permanent systems and was testing alternative technology to avoid future shutdowns, company executives said on a post-earnings conference call with analysts.
The company said it did not incur any material expenses in changing technology after the shutdown. (Reporting by John Tilak in Toronto and Yashaswini Swamynathan in Bengaluru; Editing by David Gregorio) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-update-1-tmx-ceo-says-it-is-still-in-the-running-for-saudi-aramco-listing.html |
NEW YORK (Reuters Breakingviews) - Dealmaking is breaking records. But more tie-ups are being pulled. And recent proposed unions like T-Mobile US with Sprint and Xerox with Fujfilm come with regulatory or boardroom drama. Crisis throwbacks and the careless brag-song of Sainsbury’s CEO are sending warning signals.
A partygoer dances during a Spring Break Europe party in Rovinj June 8, 2012. REUTERS/Antonio Bronic If primary link is not displayed, listen to the podcast here .
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-m-a-deals-breakingviews/breakingviews-viewsroom-ma-gets-carried-away-idUSKBN1I42GI |
DENVER, CO., May 21, 2018 (GLOBE NEWSWIRE) -- Advantego Corporation (OTC PINK: ADGO) today announced financial results for the first quarter ending March 30, 2018 with revenue of $43,977, a net loss of $243,836, equal to a loss of two cents per share, based on weighted average common shares outstanding of 15,524,531 (basic and diluted). There were no comparable results for the similar three-month period in 2017 since operations only commenced in mid-2017.
“We more than doubled sales from the fourth quarter of 2017 and recorded a gross profit of $13,738 as our Business Software as a Service (BPaaS) product lines began to make an impact in the market place for digital communications,” according to CEO Robert W. (Rob) Ferguson.
“During the first quarter, we made great strides in establishing solid ground to embark on our new corporate identity and business plan,” Ferguson pointed out. “In the ensuing months, we expect to capitalize on a number of strategic alliances that we have recently announced to open more markets for our products and services and to continue on an upward trajectory,” he said.
Reviewed, unaudited financial statements for the first quarter of 2018 are available on the Company’s website: www.advantego.com .
About Advantego Corporation
Advantego Corporation (OTC PINK: ADGO) designs, develops and implements digital communications and intelligent software solutions as a specialized Business Process as a Service (BPaaS). The Company’s products and services are provided through its wholly-owned operating subsidiary, Advantego Technologies Inc., which leverages its proprietary “Intelligent Solution Platform.” This platform combines existing data and systems and integrates “best in class”, third-party technologies to provide a comprehensive, managed solution that significantly enhances internal operations and marketing efficiency. These elite, custom business solutions are available to large enterprises, affiliate networks and franchise operators as all-inclusive, managed bundled services. The Company also offers a variety of stand-alone products specific to targeted industries. Website: www.advantego.com .
two-part, plug-and-play solution that every airport in America can afford.
Forward-Looking Statements
This news release may contain within the meaning of the Securities Act. As a general matter, may reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business.
These statements may be identified using forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "outlook and similar expressions. The contained in this news release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may the results discussed in the . Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends.
CONTACT: GREG McANDREWS & ASSOCIATES Gregory A. McAndrews (310) 804-7037 [email protected]
Source:Advantego Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-advantego-corporation-announces-first-quarter-financial-results.html |
Top female athletes who beat the odds and overcame adversity detailed in new book 17 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/new-book-chronicles-inspirational-female-athletes-who-overcame-obstacles.html |
May 22, 2018 / 8:36 PM / Updated 21 minutes ago UPDATE 1-Urban Outfitters first-quarter sales beat estimates Reuters Staff 2 Min Read
(Adds details on results, share price, compares with estimates)
May 22 (Reuters) - Apparel retailer Urban Outfitters Inc reported quarterly results that beat analysts’ estimates on Tuesday, driven by higher online sales.
The company’s shares were down about 2 percent in after-market trading.
The company, which competes with fast-fashion brands such as H&M and Inditex’s Zara, cut down on discount sales and invested more on its digital platforms as shoppers turn towards online shopping.
The move paid off as Urban Outfitters’ retail segment comparable-store sales rose 10 percent in the first quarter, beating estimates of a rise of 8.79 percent, according to Thomson Reuters I/B/E/S.
Net income rose to $41.3 million, or 38 cents per share, in the first quarter ended April 30, from $11.9 million, or 1 cent per share, a year earlier.
Excluding items, the company earned 38 cents. Net sales rose 12.4 percent to $855.7 million.
Analysts on average had expected the company to earn 31 cents per share on revenue of $838.1 million. (Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta) | ashraq/financial-news-articles | https://www.reuters.com/article/urban-outfitters-results/update-1-urban-outfitters-first-quarter-sales-beat-estimates-idUSL3N1ST543 |
May 27, 2018 / 6:19 PM / Updated 6 minutes ago Italy's PM-designate gives up on efforts to form a government Reuters Staff 1 Min Read
MILAN (Reuters) - Italy’s Prime Minister-designate Giuseppe Conte has given up on efforts to form a government, a top official in President Sergio Mattarella’s office said on Sunday. FILE PHOTO: Italy's newly appointed Prime Minister Giuseppe Conte speaks at the media at the end of a round of consultations with political parties at the Lower House in Rome, Italy, May 24, 2018. REUTERS/Tony Gentile/File Photo
The comments were read out following a meeting between Conte and Mattarella to discuss the list of cabinet candidates the would-be coalition partners, the far-right League and the anti-establishment 5-Star Movement, were proposing.
Earlier on Sunday a source said Mattarella had rejected the name of Paolo Savona, the eurosceptic candidate whom the League/5-Star coalition had put forward to head the Economy Ministry. Reporting by Steve Scherer, writing by Stephen Jewkes; Editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics-conte-mandate/italys-pm-designate-gives-up-on-efforts-to-form-a-government-idUKKCN1IS0PN |
Increased quarterly cash distribution by 2.9% sequentially, or 12% compared to the first quarter 2017 distribution, to $0.3975 per unit, the thirteenth consecutive quarterly increase in distributions Quarterly net income attributable to the Partnership of $12.3 million Quarterly MLP distributable cash flow of $14.5 million Quarterly distribution coverage ratio of 1.13x
HOUSTON--(BUSINESS WIRE)-- Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership of $12.3 million, or $0.36 per limited partner unit, for the three months ended March 31, 2018, an increase of $2.5 million compared to first quarter 2017 net income attributable to the Partnership of $9.8 million. The increase in net income attributable to the Partnership was primarily due to the Partnership's increased ownership interest in Westlake Chemical OpCo LP ("OpCo") effective as of July 1, 2017 and increased production as compared to the prior-year period. Cash flows provided by operating activities of 2018 were $106.2 million, a decrease of $42.9 million compared to first quarter 2017 cash flows provided by operating activities of $149.1 million. The decrease in cash flows provided by operating activities was due to a decrease in working capital that occurred of 2017 as OpCo collected certain reimbursements from Westlake Chemical Corporation (“Westlake”) associated with the turnaround and 250 million pound expansion of OpCo’s Petro 1 facility in Lake Charles, Louisiana during 2016. For the three months ended March 31, 2018, MLP distributable cash flow was $14.5 million, an increase of $3.1 million compared to first quarter 2017 MLP distributable cash flow of $11.4 million. The increase in MLP distributable cash flow as compared to the prior-year period was primarily due to the Partnership's increased ownership interest in OpCo. The first quarter of 2017 was negatively impacted by the turnaround and 100 million pound expansion of OpCo’s Calvert City facility, which began in March and was completed in April 2017.
First quarter 2018 net income attributable to the Partnership of $12.3 million, or $0.36 per limited partner unit, decreased by $3.2 million from fourth quarter 2017 net income attributable to the Partnership of $15.5 million due to lower third party sales prices and decreased production resulting from a power outage and supply constraints for industrial gases. First quarter 2018 cash flows provided by operating activities of $106.2 million decreased by $29.2 million compared to fourth quarter 2017 cash flows from operations of $135.4 million. The decrease in cash flows provided by operations was primarily due to lower third party sales prices, decreased production and changes in working capital. First quarter 2018 MLP distributable cash flow of $14.5 million decreased by $2.3 million compared to fourth quarter 2017 MLP distributable cash flow of $16.8 million due to lower third party sales prices and decreased production.
On September 29, 2017, the Partnership issued and sold 5,175,000 common units representing limited partner interests in the Partnership for $113.9 million. The Partnership used the net proceeds of the public offering and approximately $118.6 million of borrowings under the $600 million senior unsecured revolving credit agreement with a subsidiary of Westlake to acquire an additional 5% interest in OpCo for $229.2 million, effective as of July 1, 2017.
On April 30, 2018, the Board of Directors of Westlake Chemical Partners GP LLC, the general partner of the Partnership, announced a quarterly distribution of 2018 of $0.3975 per limited partner unit to be payable on May 24, 2018 to unit holders of record as of May 10, 2018. The first quarter 2018 distribution increased 12% compared to the first quarter 2017 distribution and 2.9% compared to the fourth quarter 2017 distribution. MLP distributable cash flow provided coverage of 1.13x the declared distributions of 2018.
OpCo's Ethylene Sales Agreement with Westlake is designed to provide for stable and predictable cash flows. The agreement provides that 95% of OpCo's ethylene production is sold to Westlake for a cash margin of $0.10 per pound, net of operating costs, maintenance capital expenditures and reserves for future turnaround expenditures.
"We are pleased with the Partnership's performance of 2018. We continue to benefit from the 350 million pounds of ethylene capacity that has been added over the past two years and the additional ownership in OpCo acquired in the third quarter of 2017. This quarter we increased our distribution for the thirteenth consecutive quarter and are evaluating all opportunities available to continue to grow our cash flows and distributions," said Albert Chao, President and Chief Executive Officer.
The statements in this release and the related teleconference relating to matters that are not historical facts, such as those with respect to opportunities to continue to grow our cash flows and distributions, are These are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to, operating difficulties; the volume of ethylene that we are able to sell; the price at which we are able to sell ethylene; changes in the price and availability of feedstocks; changes in prevailing economic conditions; actions of Westlake Chemical Corporation; actions of third parties; inclement or hazardous weather conditions, including flooding, and the physical impacts of climate change; environmental hazards; changes in laws and regulations (or the interpretation thereof); inability to acquire or maintain necessary permits; inability to obtain necessary production equipment or replacement parts; technical difficulties or failures; labor disputes; difficulty collecting receivables; inability of our customers to take delivery; fires, explosions or other industrial accidents; our ability to borrow funds and access capital markets; and other risk factors. For more detailed information about the factors that could materially, please refer to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC in March 2018.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Use of Non-GAAP Financial Measures
This release makes reference to certain "non-GAAP" financial measures, such as MLP distributable cash flow and EBITDA, as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended. We report our financial results in accordance with U.S. generally accepted accounting principles ("GAAP"), but believe that certain non-GAAP financial measures, such as MLP distributable cash flow and EBITDA, provide useful supplemental information to investors regarding the underlying business trends and performance of our ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP. A reconciliation of MLP distributable cash flow and EBITDA to net income and net cash provided by operating activities can be found in the financial schedules at the end of this release. We define distributable cash flow as net income plus depreciation, amortization and disposition of property, plant and equipment, less contributions from turnaround reserves and maintenance capital expenditures. We define MLP distributable cash flow as distributable cash flow less distributable cash flow attributable to Westlake's noncontrolling interest in OpCo and distributions attributable to the incentive distribution rights holder. MLP distributable cash flow does not reflect changes in working capital balances. We define EBITDA as net income before interest expense, income taxes, depreciation and amortization. Because MLP distributable cash flow and EBITDA may be defined differently by other companies in our industry, our definitions of MLP distributable cash flow and EBITDA may not be comparable to similarly titled measures of other companies.
Westlake Chemical Partners LP
Westlake Chemical Partners is a limited partnership formed by Westlake Chemical Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns an 18.3% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com .
Westlake Chemical Partners LP Conference Call Information:
A conference call to discuss Westlake Chemical Partners' first quarter 2018 results will be held Thursday, May 3, 2018 at 12:00 PM Eastern Time (11:00 AM Central Time). To access the conference call, dial (855) 765-5686 or (234) 386-2848 for international callers, approximately 10 minutes prior to the scheduled start time and reference passcode 6086876.
This call will be available for replay beginning at 2:00 PM Eastern Time until 11:59 PM Eastern Time on May 10, 2018. To hear a replay, dial (855) 859-2056 or (404) 537-3406 for international callers. The replay passcode is 6086876.
The conference call will also be available via webcast at: https://edge.media-server.com/m6/p/kuk4tmwe and the earnings release can be obtained via the Partnership web page at: http://investors.wlkpartners.com/CorporateProfile .
WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS") CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) 31, 2018 2017 (In thousands of dollars, except per unit data) Revenue Net sales—Westlake Chemical Corporation ("Westlake") $ 235,031 $ 212,930 Net co-product, ethylene and other sales—third parties 49,241 64,518 Total net sales 284,272 277,448 Cost of sales 191,767 179,487 Gross profit 92,505 97,961 Selling, general and administrative expenses 7,133 7,828 Income from operations 85,372 90,133 Other income (expense) Interest expense—Westlake (4,866 ) (5,460 ) Other income, net 491 1,658 Income before income taxes 80,997 86,331 Provision for income taxes 283 303 Net income 80,714 86,028 Less: Net income attributable to noncontrolling interests in Westlake Chemical OpCo LP ("OpCo")
68,419 76,264 Net income attributable to Westlake Partners $ 12,295 $ 9,764 Net income per limited partners unit attributable to Westlake Partners (basic and diluted) Common units $ 0.36 $ 0.35 Subordinated units $ — $ 0.35 Distributions declared per unit $ 0.3975 $ 0.3549 MLP distributable cash flow $ 14,510 $ 11,447 Distributions declared Limited partner units—public $ 7,201 $ 4,591 Limited partner units—Westlake 5,613 5,012 Incentive distribution rights 733 231 Total distributions declared $ 13,547 $ 9,834 EBITDA $ 113,561 $ 121,941 WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS") CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31,
2018
December 31,
2017 (In thousands of dollars) ASSETS Current assets Cash and cash equivalents $ 24,980 $ 27,008 Receivable under the Investment Management Agreement—Westlake Chemical Corporation ("Westlake")
134,712 136,510 Accounts receivable, net—Westlake 43,257 43,884 Accounts receivable, net—third parties 19,017 18,083 Inventories 5,171 5,590 Prepaid expenses and other current assets 161 314 Total current assets 227,298 231,389 Property, plant and equipment, net 1,183,409 1,196,245 Other assets, net 81,897 87,642 Total assets $ 1,492,604 $ 1,515,276 LIABILITIES AND EQUITY Current liabilities (accounts payable and accrued liabilities) $ 37,287 $ 40,240 Long-term debt payable to Westlake 477,608 473,960 Other liabilities 2,386 2,327 Total liabilities 517,281 516,527 Common unitholders—public 410,786 411,228 Common unitholder—Westlake 49,872 50,265 General partner—Westlake (241,839 ) (241,958 ) Accumulated other comprehensive income 298 279 Total Westlake Partners partners' capital 219,117 219,814 Noncontrolling interest in OpCo 756,206 778,935 Total equity 975,323 998,749 Total liabilities and equity $ 1,492,604 $ 1,515,276 WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS") CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 31, 2018 2017 (In thousands of dollars) Cash flows from operating activities Net income $ 80,714 $ 86,028 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 27,698 30,150 Other balance sheet changes (2,190 ) 32,900 Net cash provided by operating activities 106,222 149,078 Cash flows from investing activities Additions to property, plant and equipment (9,679 ) (23,168 ) Maturities of investments with Westlake under the Investment Management Agreement 112,000 — Investments with Westlake under the Investment Management Agreement (110,000 ) — Other — 1,682 Net cash used for investing activities (7,679 ) (21,486 ) Cash flows from financing activities Proceeds from debt payable to Westlake 3,648 17,000 Repayment of debt payable to Westlake — (11,423 ) Quarterly distributions to noncontrolling interest retained in OpCo by Westlake (91,148 ) (89,617 ) Quarterly distributions to unitholders (13,071 ) (9,478 ) Net cash used for financing activities (100,571 ) (93,518 ) Net increase (decrease) in cash and cash equivalents (2,028 ) 34,074 Cash and cash equivalents at beginning of period 27,008 88,900 Cash and cash equivalents at end of period $ 24,980 $ 122,974 WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS") RECONCILIATION OF MLP DISTRIBUTABLE CASH FLOW TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three Months
Ended December
31,
31, 2017 2018 2017 (In thousands of dollars) Net cash provided by operating activities $ 135,441 $ 106,222 $ 149,078 Changes in operating assets and liabilities and other (37,126 ) (25,508 ) (63,050 ) Net Income $ 98,315 $ 80,714 $ 86,028 Add: Depreciation, amortization and disposition of property, plant and equipment
27,889 28,265 30,150 Less: Contribution to turnaround reserves (7,939 ) (4,148 ) (7,239 ) Maintenance capital expenditures (9,694 ) (7,979 ) (8,490 ) Incentive distribution rights (614 ) (733 ) (231 ) Distributable cash flow attributable to noncontrolling interest in OpCo
(91,149 ) (81,609 ) (88,771 ) MLP distributable cash flow $ 16,808 $ 14,510 $ 11,447 WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS") RECONCILIATION OF EBITDA TO NET INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three Months
Ended December
31,
31, 2017 2018 2017 (In thousands of dollars) Net cash provided by operating activities $ 135,441 $ 106,222 $ 149,078 Changes in operating assets and liabilities and other (37,126 ) (25,508 ) (63,050 ) Net Income $ 98,315 $ 80,714 $ 86,028 Add: Depreciation and amortization 27,483 27,698 30,150 Interest expense 4,269 4,866 5,460 Provision for income taxes 355 283 303 EBITDA $ 130,422 $ 113,561 $ 121,941
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005125/en/
Westlake Chemical Partners LP
Investors:
Steve Bender, 713-585-2900
or
Media:
L. Benjamin Ederington, 713-585-2900
Source: Westlake Chemical Partners LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-westlake-chemical-partners-lp-announces-first-quarter-2018-results.html |
May 16 (Reuters) - Dynacor Gold Mines Inc:
* Q1-2018: DYNACOR REPORTS NET INCOME OF US $1.6 M
* Q1 EARNINGS PER SHARE $0.04 * QTRLY GOLD PRODUCTION OF 19,072 OUNCES, AN INCREASE OF 11.4% COMPARED TO Q1 2017
* QTRLY SALES $26.6 MILLION, UP 7.7% VERSUS Q1 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dynacor-gold-mines-q1-shr-004/brief-dynacor-gold-mines-q1-shr-0-04-idUSL5N1SN45X |
SOUTH PLAINFIELD, N.J., May 9, 2018 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced a corporate update and reported financial results for the first quarter ending March 31, 2018.
"Over the past twenty years it has been our mission to bring clinically differentiated therapies to patients with rare disorders," said Stuart W. Peltz, Ph.D., Chief Executive Officer, PTC Therapeutics, Inc. "As we look forward, we are executing on that mission and consolidating our position as a leading rare disorder biotech company. We intend to continue to leverage our deep scientific expertise and world class commercial capabilities."
First Quarter 2018 Financial Highlights:
Total revenues for were $56.1 million compared to $26.5 million in the same period in 2017. The change in total revenue was a result of Emflaza, which launched in May 2017, and the expanded commercial growth of Translarna. Translarna net product revenues were $36.8 million for , representing 39% growth over $26.4 million reported in the first quarter of 2017. Emflaza net product revenues were $19.2 million for . GAAP R&D expenses were $31.4 million for compared to $27.4 million for the same period in 2017. Non-GAAP R&D expenses were $27.6 million for , excluding $3.7 million in non-cash, stock-based compensation expense, compared to $22.9 million for the same period in 2017, excluding $4.5 million in non-cash, stock-based compensation expense. The increase in R&D expenses for as compared to the prior year period was primarily due to increased investment in research programs and advancement of the clinical pipeline. GAAP SG&A expenses were $33.0 million for compared to $25.5 million for the same period in 2017. Non-GAAP SG&A expenses were $29.0 million for , excluding $4.0 million in non-cash, stock-based compensation expense, compared to $20.9 million for the same period in 2017, excluding $4.6 million in non-cash, stock-based compensation expense. The increase in SG&A expenses for as compared to the prior year period was primarily due to the continued commercial support for the Emflaza launch and continued growth of Translarna marketing activities. Net interest expense for was $3.3 million compared to $2.2 million in the same period in 2017. The increase in net interest expense for as compared to the prior year period was primarily due to increased interest expense related to the $40 million secured loan facility which we closed during the second quarter of 2017 partially offset by interest income from investments. Net loss for was $19.3 million compared to a net loss of $29.1 million for the same period in 2017. Cash, cash equivalents, and marketable securities totaled $178.3 million at March 31, 2018 compared to $191.2 million at December 31, 2017. Shares issued and outstanding as of March 31, 2018 were 41.8 million. In April 2018, PTC completed a public offering of 4,600,000 shares of common stock, resulting in net offering proceeds of $117.9 million.
2018 Guidance
Full year 2018 net product revenues to be between $260 and $295 million. PTC anticipates Translarna net product revenue for the full year 2018 to be between $170 and $185 million. PTC projects a 5-year (December 31, 2022) compound annual growth rate of 15% for net product revenues representing continued strong growth year-over-year by increasing penetration in current countries and pursuing opportunities for label expansion. PTC anticipates Emflaza net product revenue for the full year 2018 to be between $90 and $110 million. GAAP R&D and SG&A expense for the full year 2018 to be between $280 and $290 million. Non-GAAP R&D and SG&A expense for the full year 2018 to be between $250 and $260 million, excluding estimated non-cash, stock-based compensation expense of approximately $30 million.
Key 2018 Corporate Highlights:
Analyst Day highlighting PTC's 20-year commitment to developing therapeutics for rare disorders. PTC's management and research teams provided an in-depth update on the Company's commercial products, Translarna and Emflaza, its scientific platforms including alternative splicing with Spinal muscular atrophy in pivotal trials and two indications, Huntington's disease and Familial dysautonomia which the company anticipates will enter the clinic in 2020. In addition to these indications, PTC also provided updates on our niche oncology pipeline. There are currently two advanced candidates, PTC596 which is currently in the clinic, and PTC299, which PTC anticipates will re-enter the clinic later this year. In 2018, PTC is expecting to initiate clinical trials in two solid tumor indications for PTC596. PTC299, a DHODH inhibitor, is planned to enter clinical trials in hematological tumors in the third quarter of this year. PTC also has a second DHODH inhibitor fast follower currently in late-stage chemical optimization. A replay of the presentations and panel discussions can be found on the Investors page of the website. Encouraging early data from open-label FIREFISH study in Type 1 SMA babies. Data recently presented at the American Academy of Neurology 2018 Annual Meeting from Part 1 of the FIREFISH study, the dose finding portion, showed that there have been no drug-related safety findings leading to withdrawal at any dose level of the investigational molecule RG7916. In addition, no babies have required a tracheostomy or permanent ventilation since study initiation and no baby has lost the ability to swallow. The median age of first dose was 6.7 months and the 21 babies in the study received RG7916 for a duration of up to 14.8 months. It was reported in January that two babies had died from causes related to disease progression and the deaths were determined not to be drug related. The primary endpoint of Part 2, the confirmatory part of the FIREFISH study, is the proportion of patients sitting without support after 12 months on RG7916 treatment. Recruitment is ongoing globally for FIREFISH Part 2. The SMA program is a collaboration between PTC, Roche, and the SMA Foundation. Review of the Translarna Pediatric Label Expansion by the Committee for Medicinal Products for Human Use (CHMP) in progress. The application to expand the label of Translarna for the treatment of nonsense mutation DMD patients who are 2-5 years is currently under review by the CHMP in Europe and a decision is expected mid-year. Dystrophin study for US NDA for ataluren (Translarna) in DMD to begin by the end of 2018. The Office of New Drugs recommended a possible path forward for the ataluren NDA submission based on the accelerated approval pathway. This would involve a re-submission of an NDA containing the current data on effectiveness of ataluren with new data to be generated on dystrophin production. PTC is working to design such a study and expects to initiate such a study by the end of 2018. Successful closing of public offering. PTC offered 4,600,000 shares of common stock, successfully raising $117.9 million in the public market. PTC intends to use the net proceeds from this offering to fund its research and development efforts, including clinical trials and studies with respect to its products and product candidates and potential additional indications, including its programs for alternative splicing for the treatment of rare disorders and oncology, commercialization activities for Translarna for the treatment of nmDMD outside of the United States and Emflaza for the treatment of DMD in the United States and for working capital and other general corporate purposes.
Non-GAAP Financial Measures:
In this press release, the financial results and financial guidance of PTC are provided in accordance with accounting principles generally accepted in the United States (GAAP) and using certain non-GAAP financial measures. In particular, the non-GAAP financial measures exclude stock-based compensation expense. This non-GAAP financial measure is provided as a complement to financial measures reported in GAAP because management uses this non-GAAP financial measure when assessing and identifying operational trends. In management's opinion, this non-GAAP financial measure is useful to investors and other users of PTC's financial statements by providing greater transparency into the historical and projected operating performance of PTC and the company's future outlook. Quantitative reconciliations of non-GAAP financial measures to their closest equivalent GAAP financial measures are included in the tables below.
Today's Conference Call and Webcast Reminder:
Today's conference call will take place at 4:30 pm ET and can be access by dialing (877) 303-9216 (domestic) or (973) 935-8152 (international) five minutes prior to the start of the call and providing the passcode 3757748. A live, listen-only webcast of the conference call can be accessed on the Investor Relations section of the PTC website at www.ptcbio.com . A webcast replay of the call will be available approximately two hours after completion of the call and will be archived on the company's website for two weeks.
About PTC Therapeutics, Inc.
PTC is a science-led, global biopharmaceutical company focused on the discovery, development and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. Founded 20 years ago, PTC Therapeutics has successfully launched two rare disorder products and has a global commercial footprint. This success is the foundation that drives investment in a robust pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need.
For More Information:
Investors:
Emily Hill
+ 1 (908) 912-9327
[email protected]
Media:
Jane Baj
+1 (908) 912-9167
[email protected]
Forward Looking Statements:
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements contained in this release, other than statements of historic fact, are forward-looking statements, including the information provided under the heading "2018 Guidance", including with respect to (i) 2018 net product revenue and net sales guidance for Translarna and Emflaza and (ii) 2018 GAAP and non-GAAP R&D and SG&A expense guidance, and statements regarding: the future expectations, plans and prospects for PTC; the timing of and likelihood of success of its regulatory path forward in the U.S., including as it relates to any clinical trials and non-clinical studies to generate data on dystrophin production in ataluren, a re-submission of an NDA for ataluren to the FDA, and any further interactions between PTC and the FDA; expansion of Translarna; advancement of PTC's joint collaboration program in SMA; PTC's strategy, future operations, future financial position, future revenues, projected costs; or intended use of proceeds from its public offering of common stock; and the objectives of management. Other forward-looking statements may be identified by the words "guidance", "plan," "anticipate," "believe," "estimate," "expect," "intend," "may," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions.
PTC's actual results, performance or achievements could differ materially from those expressed or implied by forward-looking statements it makes as a result of a variety of risks and uncertainties, including those related to: the outcome of pricing, coverage and reimbursement negotiations with third party payors for Emflaza and Translarna; whether, and to what extent, third party payors impose additional requirements before approving Emflaza prescription reimbursement; PTC's ability to complete any dystrophin study necessary in order to resolve the matters set forth in the denial to the Complete Response letter it received from the FDA in connection with its NDA for Translarna for the treatment of nonsense mutation Duchenne muscular dystrophy (nmDMD), and PTC's ability to perform additional clinical trials, non-clinical studies, and CMC assessments or analyses at significant cost; PTC's ability to maintain its marketing authorization of Translarna for the treatment of nmDMD in the European Economic Area (EEA), including whether the European Medicines Agency (EMA) determines in future annual renewal cycles that the benefit-risk balance of Translarna authorization supports renewal of such authorization; PTC's ability to enroll, fund, complete and timely submit to the EMA the results of Study 041, a randomized, 18-month, placebo-controlled clinical trial of Translarna for the treatment of nmDMD followed by an 18-month open-label extension, which is a specific obligation to continued marketing authorization in the EEA; PTC's ability to realize the anticipated benefits of the acquisition of Emflaza, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; significant transaction costs, unknown liabilities, the risk of litigation and/or regulatory actions related to the acquisition of Emflaza, as well as other business effects, including the effects of industry, market, economic, political or regulatory conditions; changes in tax and other laws, regulations, rates and policies; the eligible patient base and commercial potential of Translarna, Emflaza and PTC's other product candidates; the enrollment, conduct, and results of studies under the SMA collaboration and events during, or as a result of, the studies that could delay or prevent further development under the program; PTC's scientific approach and general development progress; PTC's ability to satisfy its obligations under the terms of the senior secured term loan facility with MidCap Financial; the sufficiency of PTC's cash resources and its ability to obtain adequate financing in the future for its foreseeable and unforeseeable operating expenses and capital expenditures; and the factors discussed in the "Risk Factors" section of PTC's most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K as well as any updates to these risk factors filed from time to time in PTC's other filings with the SEC. You are urged to carefully consider all such factors.
As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that any product will receive or maintain regulatory approval in any territory, or prove to be commercially successful, including Translarna or Emflaza.
The forward-looking statements contained herein represent PTC's views only as of the date of this press release and PTC does not undertake or plan to update or revise any such forward-looking statements to reflect actual results or changes in plans, prospects, assumptions, estimates or projections, or other circumstances occurring after the date of this press release except as required by law.
PTC Therapeutics, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
March 31,
2018
2017
Revenues:
Net product revenue
$
55,981
$
26,442
Collaboration and grant revenue
81
105
Total revenues
56,062
26,547
Operating expenses:
Cost of product sales, excluding amortization of acquired
intangible asset
3,045
39
Amortization of acquired intangible asset
5,428
—
Research and development (1)
31,363
27,363
Selling, general and administrative (2)
32,969
25,500
Total operating expenses
72,805
52,902
Loss from operations
(16,743)
(26,355)
Interest expense, net
(3,303)
(2,219)
Other income (expense), net
1,004
(318)
Loss before income tax expense
(19,042)
(28,892)
Income tax expense
(221)
(165)
Net loss attributable to common stockholders
$
(19,263)
$
(29,057)
Weighted-average shares outstanding:
Basic and diluted (in shares)
41,626,617
34,305,948
Net loss per share—basic and diluted (in dollars per share)
$
(0.46)
$
(0.85)
(1) Research and development expense reconciliation
GAAP research and development
$
31,363
$
27,363
Less: share-based compensation
3,747
4,467
Non-GAAP research and development expense
$
27,616
$
22,896
(2) Selling, general and administrative expense reconciliation
GAAP selling, general and administrative
$
32,969
$
25,500
Less: share-based compensation
4,001
4,562
Non-GAAP selling, general and administrative expense
$
28,968
$
20,938
PTC Therapeutics, Inc.
Summary Consolidated Balance Sheets
(In thousands, except per share data)
March 31,
2018
December 31,
2017
Cash, cash equivalents and marketable securities
$
178,270
$
191,246
Total assets
$
379,411
$
391,653
Total debt
$
146,878
$
144,971
Total deferred revenue
9,300
11,891
Total liabilities
$
229,103
$
235,216
Total stockholders' equity (41,809,398 and 41,612,395 common shares
issued and outstanding at March 31, 2018 and December 31, 2017,
respectively)
150,308
156,437
Total liabilities and stockholders' equity
$
379,411
$
391,653
PTC Therapeutics, Inc.
Reconciliation of GAAP to Non-GAAP Projected Full Year 2018 R&D and SG&A Expense
(In thousands)
Low End of
Range
High End of
Range
Projected GAAP R&D and SG&A expense
$
280,000
$
290,000
Less: projected shared-based compensation expense
30,000
30,000
Total projected non-GAAP R&D and SG&A expense
$
250,000
$
260,000
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SOURCE PTC Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-ptc-therapeutics-reports-first-quarter-2018-financial-results-and-provides-a-corporate-update.html |
May 8, 2018 / 3:37 AM / Updated an hour ago China's April exports bounce back more than expected despite U.S. trade brawl Elias Glenn 4 Min Read
BEIJING (Reuters) - China’s exports rebounded more strongly than expected in April after a surprise drop the previous month, suggesting global demand remains relatively resilient and providing a cushion to the economy amid a heated trade dispute with the United States. Containers and trucks are seen on the dock at Rizhao Port in Rizhao, Shandong province, China April 29, 2018. REUTERS/Stringer
Imports in April also grew more robustly than expected, suggesting China’s domestic demand is holding up well, good news for policymakers looking to soften the blow from any trade shocks.
The headline readings came as the world’s two largest economies have threatened each other with tens of billions of dollars’ worth of tariffs in recent months, leading to worries that Washington and Beijing may engage in a full-scale trade war that could damage global growth and roil financial markets.
China’s April exports rose 12.9 percent from a year earlier, beating analysts’ forecasts for a 6.3 percent increase and snapping back from a 2.7 percent drop in March, which economists believe was heavily distorted by seasonal factors.
The heated row with Washington and threats of tit-for-tat punitive measures on trade and investment have added to existing concerns about an economic slowdown in China this year.
High-level discussions between the two sides in Beijing last week appeared to make little substantive progress in defusing tensions apart from an agreement to hold more talks.
China’s top economic official will visit Washington next week to resume trade talks with the Trump administration, the White House said on Monday.
A Reuters report citing sources said China had offered to buy more U.S. goods and lower tariffs on some goods, including cars. FILE PHOTO: Container trucks drive past the container area at the Yangshan Deep Water Port, part of the newly announced Shanghai Free Trade Zone, south of Shanghai September 26, 2013. REUTERS/Carlos Barria/File Photo
The Trump administration has drawn a hard line, demanding a $200 billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies.
China’s trade surplus with the United States widened to $22.19 billion in April, from $15.43 billion in March, according to Reuters calculations based on customs data released on Tuesday. For January-April, it rose to $80.4 billion, compared with about $71 billion in the same period last year.
China’s exports to the United States rose 13.9 percent in the first four months of 2018 from a year earlier, compared with a 14.8 percent rise in January-March. Its imports from the U.S. rose 11.6 percent in the same period. STRONG IMPORTS
China’s April imports also showed strong growth overall, suggesting its domestic demand remains resilient despite rising corporate borrowing costs and cooling property investment.
Imports grew 21.5 percent on-year, beating analysts’ forecast of 16 percent growth, and accelerating from a 14.4 percent rise in March. China’s imports of soybeans and crude oil rose in April from the previous month, though imports of iron ore and coal fell.
That left China with a trade surplus of $28.78 billion for the month, compared with forecasts for a $24.7 billion surplus in April and a rare deficit of $4.98 billion in March.
That led to a wider surplus with the United States in January-April of $80.4 billion, according to China’s customs data. China’s trade surplus with the United States in April alone was $22.19 billion, Reporting by Lusha Zhang and Elias Glenn; Editing by Kim Coghill | ashraq/financial-news-articles | https://uk.reuters.com/article/us-china-economy-trade/china-april-exports-jump-12-9-percent-imports-up-21-5-percent-beat-forecasts-idUKKBN1I909P |
In the midst of an effort to transform from a stodgy hardware business to more of a software company, Cisco has just lost one of its top executives spurring the transition.
Cisco said on Tuesday said that Rowan Trollope, senior vice president and head of the emerging Internet of Things division, is leaving to become CEO of Five9 , which provides cloud software for contact centers.
Trollope was one of CEO Chuck Robbins' leading lieutenants, also running the collaboration technology group, which includes Spark and WebEx. The change is effective on May 3, Cisco said in a statement .
The announcement of Trollope's departure was buried in the fifth paragraph of a press release that was focused on Cisco's $270 million acquisition of Accompany, a start-up that uses artificial intelligence to help companies find new prospects. Accompany founder and CEO Amy Chang is replacing Trollope as head of the collaboration technology group.
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Trollope joined Cisco in 2012 after over two decades at Symantec and has been a senior vice president ever since. At Five9, which went public in 2014, Trollope will replace Mike Burkland, who switched from Five9's CEO to its executive chairman in December for health reasons, Five9 said in a statement .
About Trollope, Five9 said, "During his tenure, his team reinvented Cisco's Collaboration business, pivoting to a SaaS model and making design, simplicity and exponential improvement the guiding principles of product development."
Five9's shares have gained 60 percent in the past year giving it a market value of $1.7 billion.
— Ari Levy contributed to this story. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/cisco-loses-rowan-trollope-one-of-its-top-executives-to-a-small-cloud-software-company.html |
May 1, 2018 / 10:32 AM / Updated 9 minutes ago BRIEF-CommScope Reports Q1 GAAP Earnings Per Share $0.17 Reuters Staff
May 1 (Reuters) - CommScope Holding Company Inc: * COMMSCOPE REPORTS FIRST QUARTER 2018 RESULTS
* Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.49 EXCLUDING ITEMS * Q1 SALES $1.12 BILLION VERSUS I/B/E/S VIEW $1.11 BILLION
* Q1 EARNINGS PER SHARE VIEW $0.47 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 ADJUSTED NON-GAAP EARNINGS PER SHARE $2.33 TO $2.48
* SEES Q2 2018 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.63 TO $0.68 * SEES Q2 2018 REVENUE $1.21 BILLION TO $1.26 BILLION
* SEES FULL YEAR 2018 NON-GAAP ADJUSTED EARNINGS PER DILUTED SHARE OF $2.33 - $2.48
* FY2018 EARNINGS PER SHARE VIEW $2.64, REVENUE VIEW $4.77 BILLION — THOMSON REUTERS I/B/E/S
* Q2 EARNINGS PER SHARE VIEW $0.66, REVENUE VIEW $1.21 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-commscope-reports-q1-gaap-earnings/brief-commscope-reports-q1-gaap-earnings-per-share-0-17-idUSASC09YH3 |
May 31, 2018 / 12:58 PM / Updated 6 hours ago UK watchdog lodges complaint against Autonomy's auditors and finance executives Paul Sandle , Ben Martin 3 Min Read
LONDON (Reuters) - Britain’s accountancy watchdog has filed formal complaints against the auditors and two former finance executives of Autonomy, the software business that was sold to Hewlett Packard (HP) for $11 billion in 2011.
The Financial Reporting Council (FRC) said on Thursday the complaints against auditors Deloitte and the executives would now be handled by its Tribunal, which can levy unlimited fines on individuals and institutions, and exclude individuals from the profession or from certain work until they show improvement.
The move comes a month after Autonomy’s former chief financial officer Sushovan Hussain was convicted by a U.S. jury of wire fraud and other crimes related to claims that he inflated the firm’s value before its sale.
HP bought Autonomy to spearhead a shift into software, but the deal soured a year later when it wrote off three-quarters of Autonomy’s value, alleging it was deceived about Autonomy’s finances and prospects for growth. The two sides have been locked in an acrimonious battle ever since.
The FRC, which was investigating the numbers reported by Autonomy, said the conduct of auditors Deloitte; Deloitte partners Richard Knights and Nigel Mercer; former Autonomy finance chief Sushovan Hussain and former Autonomy vice president of finance Stephen Chamberlain, had fallen significantly short of standards.
Hussain and Chamberlain were alleged to have acted dishonestly and/or recklessly, including when preparing the company’s accounts for 2009 and 2010, the FRC said.
HP has claimed Autonomy’s management fraudulently booked revenue and engineered sham sales to some resellers to inflate the company’s value.
Autonomy’s former management, including its chief executive Michael Lynch, have denied the allegations. Hussain’s lawyer said after his conviction that his client would appeal.
The FRC said its investigation had been carried out in parallel with criminal and civil investigations in both the United States and Britain.
It said Autonomy’s auditors had failed to challenge the company’s accounting and disclosure of purchases and sales of computer hardware and its transactions with resellers.
It also said Knights had failed to correct a misleading statement made by Hussain, and had failed to act with objectivity for a period between 2009 and 2010.
Deloitte UK said it acknowledged Thursday’s announcement from the FRC and had fully cooperated with the investigation.
“We are disappointed that these complaints have been brought and we will defend ourselves against them at Tribunal,” a Deloitte spokesman said, adding that he was also speaking on behalf of Knights and Mercer.
Knights continues to work at Deloitte, but is not doing statutory audit work, while Mercer has retired, the spokesman said.
A date for a Tribunal hearing will be announced in due course. Reporting by Ben Martin and Paul Sandle; Editing by Edmund Blair and Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-autonomy/uk-watchdog-lodges-complaint-against-autonomys-auditors-and-finance-executives-idUSKCN1IW1Q9 |
CARACAS (Reuters) - Venezuela’s President Nicolas Maduro said on Wednesday he intended to defeat the “oligarchs” responsible for the country’s crisis and that he would win the “economic war” they are waging against the once-wealthy country should he be re-elected next week.
FILE PHOTO: Venezuela's President Nicolas Maduro speaks during a campaign rally in La Guaira, Venezuela May 2, 2018. REUTERS/Carlos Garcia Rawlins/File Photo The unpopular president, who is seeking a second term in office despite an economic and social explosion in the OPEC country, blamed “criminal mafias” for hyperinflation and recession at a campaign rally.
Despite millions suffering food and medicine shortages, Maduro is expected to win in next week’s vote due to widespread abstention.
“If you hand me victory on May 20, I swear I will end the economic war,” said Maduro in front of hundreds of people who attended a Socialist Party event in the centre of the country.
“You’ll get your comeuppance in a week’s time,” he said pointedly to critics.
He accused the business community of raising prices in recent days in order to create more discontent among voters. The county’s opposition National Assembly puts annual inflation at more than 13,000 percent in the year to April. Critics blame strict price and currency controls for the mess.
Maduro threatened stronger measures, while government officials visited pharmacies and supermarkets in Caracas to sanction vendors for selling at high prices.
Last week, the government took over the country’s largest private bank and arrested 11 top executives, as part of an operation that seeks to curb black market foreign exchange trades.
The primary opposition parties are boycotting the election, calling it a sham.
U.S. Vice President echoed their words earlier this week and called on the Organization of American States to suspend Venezuela’s membership.
Reporting by Deisy BuitragoWriting by Corina Pons and Girish Gupta; Editing by Richard Chang
| ashraq/financial-news-articles | https://in.reuters.com/article/venezuela-election/venezuelas-maduro-says-will-win-in-economic-war-post-election-idINKBN1IA3KQ |
Washington’s allies in Europe and the Middle East criticized the U.S. for opening a new embassy in Jerusalem on Monday and called on Israel to restrain its forces after dozens of Palestinian protesters were killed in clashes.
The episode marked the latest point of discord to emerge between the U.S. and many of its major partners after Washington withdrew from the nuclear deal with Iran last week.
The... RELATED VIDEO Clashes Over New U.S. Embassy in Jerusalem Leave Dozens Dead Thousands of protesters were injured at the border between the Gaza Strip and Israel ahead of the opening of the U.S. Embassy in Jerusalem. | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-embassy-move-bloodshed-add-to-friction-between-u-s-and-allies-1526334651 |
Eric Ross discusses tech stocks 3 Hours Ago Eric Ross, Cascend Securities Chief Investment Strategist, talks Facebook's IPO anniversary, and other tech companies like Twitter 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/eric-ross-discusses-tech-stocks.html |
BERLIN (Reuters) - The mood among German investors remained unchanged at its lowest level in five and a half years in May, a survey showed on Tuesday, reflecting persisting concerns that Europe’s biggest economy could be hit be a trade dispute with the United States.
The ZEW research institute said its monthly survey showed a reading for economic sentiment among investors remained unchanged at -8.2 , the lowest since November 2012. This was in line with the Reuters consensus forecast.
A separate gauge measuring investors’ assessment of the economy’s current conditions edged down to 87.4 from 87.9 last month. The Reuters consensus forecast was for a reading of 86.2.
“The U.S. decision to back out of the nuclear treaty with Iran and fears of a further escalation of the international trade conflict with the U.S., as well as a further rise in crude oil prices, have had an overall negative impact on economic expectations in Germany”, ZEW researcher Achim Wambach said.
Reporting by Michael Nienaber; Editing by Madeline Chambers
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-economy-zew/trade-dispute-iran-conflict-cloud-german-investor-morale-idUSKCN1IG17I |
NEW YORK, May 29, 2018 /PRNewswire/ -- Purcell Julie & Lefkowitz LLP, a class action law firm dedicated to representing shareholders nationwide, is investigating a potential breach of fiduciary duty claim involving the board of directors of Dick's Sporting Goods, Inc. (NYSE: DKS).
If you are a shareholder of Dick's Sporting Goods, Inc. and are interested in obtaining additional information regarding this investigation, free of charge, please visit us at:
http://pjlfirm.com/dicks-sporting-goods-inc/
You may also contact Robert H. Lefkowitz, Esq. either via email at [email protected] or by telephone at 212-725-1000. One of our attorneys will personally speak with you about the case at no cost or obligation.
Purcell Julie & Lefkowitz LLP is a law firm exclusively committed to representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty and other types of corporate misconduct. For more information about the firm and its attorneys, please visit http://pjlfirm.com . Attorney advertising. Prior results do not guarantee a similar outcome.
View original content: http://www.prnewswire.com/news-releases/shareholder-alert-purcell-julie--lefkowitz-llp-is-investigating-dicks-sporting-goods-inc-for-potential-breaches-of-fiduciary-duty-by-its-board-of-directors-300655853.html
SOURCE Purcell Julie & Lefkowitz LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-shareholder-alert-purcell-julie-lefkowitz-llp-is-investigating-dicks-sporting-goods-inc-for-potential-breaches-of-fiduciary.html |
Chad Morganlander talks about the strong economy 2 Hours Ago Chad Morganlander, Portfolio Manager at Washington Crossing Advisors, talks about inflation rates, market returns, and the overall strength of the economy | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/chad-morganlander-talks-about-the-strong-economy.html |
May 26, 2018 / 2:22 AM / Updated 7 hours ago Major League Baseball notebook: Mariners deal for Colome, Span from Rays Reuters Staff 11 Min Read
Rookie Gleyber Torres homered for the fourth straight game Friday night when he hit a tiebreaking solo home run with two outs in the bottom of the seventh inning, lifting the New York Yankees to a 2-1 win over the Los Angeles Angels at Yankee Stadium. May 25, 2018; Bronx, NY, USA; New York Yankees second baseman Gleyber Torres (25) hits a solo home run against the Los Angeles Angels during the seventh inning at Yankee Stadium. Mandatory Credit: Adam Hunger-USA TODAY Sports
Torres electrified a sellout crowd when he lifted a 3-1 fastball by Jim Johnson (2-2) into the right-center field seats. It was his fifth homer in six games and ninth since making his major league debut April 22. At 21 years, 163 days, Torres became the youngest player in American League history to homer in four straight games and fourth youngest in the majors to do so, according to the Elias Sports Bureau.
Torres drove in both runs for the Yankees, who won for the 23rd time in 29 games and for the 14th time in their last 16 home games.
Mike Trout homered for the Angels, who fell to 16-6 on the road. Shohei Ohtani, who spurned the Yankees to sign with the Angels in the offseason, heard boos before each plate appearance and went 0-for-3, though he narrowly missed hitting a go-ahead two-run homer off Aroldis Chapman in the eighth.
Pirates 8, Cardinals 1
Joe Musgrove, making his Pittsburgh and 2018 debut, pitched seven shutout innings and Francisco Cervelli hit a three-run double in a win over visiting St. Louis.
Josh Harrison was 2-for-5 with two RBIs for Pittsburgh, which had lost five of its previous six games. St. Louis fell to 4-8 in its past 12.
Musgrove (1-0) had been on the disabled list because of a right shoulder strain dating to spring training. He was part of a trade that sent Gerrit Cole to Houston in the offseason. In his seven innings, Musgrove scattered five hits and needed just 67 pitches, 50 of them strikes.
Red Sox 6, Braves 2
Mookie Betts hit a two-run blast for his major league-leading 17th home run and Eduardo Rodriguez struck out seven over 5 2/3 innings of two-run ball as host Boston beat Atlanta.
J.D. Martinez, Xander Bogaerts and Mitch Moreland added solo homers for Boston, which has won seven of its last nine games. Martinez’s fourth-inning homer tied him with Betts before he went deep in the seventh.
Nick Markakis drove in two runs for the Braves, who have lost two straight after dropping two of three games at Philadelphia. Atlanta’s three-game weekend series against Boston marks its first trip to Fenway Park since 2016.
Astros 11, Indians 2
What started as a matchup of recent Cy Young winners Corey Kluber and Dallas Keuchel was determined by the bullpens as Houston rallied in a big way to trounce host Cleveland at Progressive Field.
Held scoreless by Kluber and reliever Andrew Miller for seven innings, the Astros erupted for four runs in the eighth and seven more in the ninth.
The American League West-leading Astros won their fifth in a row and their 10th in 12 games. The Indians remained in first place in the AL Central, although they dropped one game below .500. The Astros also improved to 4-1 against the Indians this season, with two more games to play in this weekend’s series.
Nationals 9, Marlins 5
Max Scherzer earned his major league-leading eighth win as Washington defeated Miami at Marlins Park.
Scherzer (8-1) allowed season highs with seven hits and four earned runs while striking out just four as his ERA rose from 1.78 to 2.13. Fortunately for the Nationals, their offense came through with two-run homers by Michael A. Taylor and Matt Adams. Bryce Harper hit a two-run double in Washington’s game-winning seventh-inning rally.
Marlins starter Jose Urena earned a no-decision but continued his misery. After going 14-7 in a breakout 2017 season, Urena (0-7) leads the majors in losses, and the Marlins are 0-11 when he starts. May 25, 2018; Pittsburgh, PA, USA; Pittsburgh Pirates starting pitcher Joe Musgrove (59) singles for his first major league hit against the St. Louis Cardinals during the sixth inning at PNC Park. Pittsburgh won 8-1. Mandatory Credit: Charles LeClaire-USA TODAY Sports
Brewers 4, Mets 3 (10 innings)
Travis Shaw capped a big night by drawing a bases-loaded walk in the 10th inning as host Milwaukee earned a win over New York at Miller Park.
Shaw had three hits and reached base four times in five plate appearances for the Brewers. He hit a second-inning homer and a third-inning RBI single that scored Milwaukee’s final run until the 10th inning. The Brewers have won seven of nine.
Michael Conforto and Amed Rosario hit solo homers for the Mets while Asdrubal Cabrera had three hits but was thrown out trying to extend his 10th-inning single into a double. The Mets lost for the third time in four games.
Rockies 5, Reds 4
Nolan Arenado homered, Noel Cuevas had a go-ahead pinch-hit triple and Colorado overcame an early deficit to beat visiting Cincinnati at Coors Field.
Jon Gray (5-6) survived a shaky start to get his first win in three outings and Wade Davis pitched the ninth for his 18th save, tied for tops in the majors. The Rockies rallied from three runs down early to take the lead in the sixth. Tony Wolters led off with a walk and Cuevas hit a one-out triple into the right field corner to give Colorado the lead.
Eugenio Suarez homered among his two hits for the Reds, who had won two of their last three.
Tigers 5, White Sox 4
Nicholas Castellanos had three hits and scored the go-ahead run during a three-run eighth as host Detroit edged Chicago.
Castellanos scored two runs and knocked in another during his fifth consecutive multi-hit game. Leonys Martin had two hits, two runs scored and an RBI. Jose Iglesias added two hits, a walk and a run scored. Buck Farmer (1-3) pitched an inning of scoreless relief to get the win. Shane Greene pitched the ninth for his 12th save.
Tim Anderson had three hits, including a solo home run, and drove in two runs for Chicago. Jose Abreu supplied two hits, a run scored and an RBI. White Sox starter Reynaldo Lopez gave up two runs on five hits over seven innings.
Blue Jays 6, Phillies 5
Sam Gaviglio pitched six strong innings, Justin Smoak hit a two-run homer and visiting Toronto held on to defeat host Philadelphia at Citizens Bank Park.
Gaviglio (2-0) allowed three runs, three hits (including two home runs), and two walks while striking out six in his second start since being recalled from Triple-A Buffalo. Ryan Tepera picked up his first save of the season despite allowing one run, a single, a double, two walks and a wild pitch in a hairy ninth inning.
Eflin (1-1) allowed six runs (five earned), nine hits and one walk in 4 2/3 innings. The right-hander struck out seven. The Phillies had home runs from Eflin and Carlos Santana in the opener of a three-game interleague series.
Orioles 2, Rays 0
Jonathan Schoop hit a solo home run and David Hess threw 6 2/3 shutout innings in his third major league start as visiting Baltimore defeated Tampa Bay at Tropicana Field. Slideshow (13 Images)
Hess (2-1) allowed four hits with three strikeouts and three walks. He escaped a few jams, the worst coming in the fifth when Mallex Smith walked and moved to third with no outs thanks to a balk and Schoop’s error while trying to catch a pickoff throw. However, Hess retired the next three batters on groundouts and did not allow a run.
The Rays, experimenting with a new strategy the past week, started right-handed relief pitcher Sergio Romo for the third time in seven days with the expectation that he would last no more than an inning or two as Baltimore has several right-handed power hitters up top. But Romo couldn’t finish the first inning, giving up a run on two hits. Romo also is going to start Sunday, with reliever Ryne Stanek set to start on Saturday.
Rangers 8, Royals 4
Nomar Mazara homered and drove in three runs as host Texas knocked off Kansas City.
The Rangers evened the four-game series at Globe Life Park at a game apiece. Texas hit three home runs, all off Kansas City starter Eric Skoglund (1-5). Rangers starter Mike Minor (4-3) was the beneficiary of the power surge against his former team after working six innings and allowing four runs on seven hits.
The Royals had their season-high three-game winning streak, all coming on the road, snapped. Kansas City also lost for the ninth time in its last 10 games at Texas’ park.
Mariners 2, Twins 1
James Paxton continued his impressive month of May, allowing one run in seven innings as Seattle defeated visiting Minnesota at Safeco Field.
Paxton (4-1) allowed three hits, didn’t walk a batter and struck out 11, the fourth time this season he has reached double digits. The left-hander improved to 3-0 this month, in which he’s had a career-high 16-strikeout game (May 2 vs. Oakland), pitched a no-hitter (May 8 at Toronto) and a three-hitter (May 19 vs. Detroit).
Mitch Haniger broke a 1-1 tie in the sixth inning with a run-scoring single. That helped give the Mariners their 14th one-run victory of the season, most in the major leagues.
Dodgers 4, Padres 1
Matt Kemp and Enrique Hernandez each hit home runs as Los Angeles defeated visiting San Diego for its seventh victory in its past eight games.
Ross Stripling (2-1), in just his fifth start of the season, gave up one run on six hits while striking out 10 over 6 2/3 innings. It was his career high in strikeouts, besting the nine he had while defeating Washington on Saturday in the opener of a doubleheader. Kemp had three hits to go along with his three RBIs, raising his batting average to .338.
Jose Pirela had three hits for the Padres, who went 0-for-7 with runners in scoring position while falling to 11-11 in the month of May.
Diamondbacks 7, Athletics 1
Nick Ahmed hit Sean Manaea’s seventh pitch of the game for a home run and later contributed an RBI single to a three-run fourth inning, sending Arizona on its way to victory over Oakland in the opener of a three-game interleague series in Oakland, Calif.
Left-hander Patrick Corbin (5-1) allowed two or fewer runs for the fourth time in five starts this month, limiting the A’s to four hits and one run in seven innings and helping the Diamondbacks snap a seven-game losing streak.
Mark Canha homered for Oakland’s only run. Manaea (5-5) was charged with six runs and eight hits in 3 2/3 innings. He walked two and struck out two.
Cubs 6, Giants 2
Ben Zobrist broke a tie with a two-run double and Kris Bryant followed two batters later with a two-run single, powering a four-run seventh inning that sent Chicago to a victory over San Francisco in the opener of a three-game series at Wrigley Field.
Kyle Hendricks (4-3) limited the Giants to two hits and one run over seven innings for the Cubs, who busted out after having been held to one run in two games by Cleveland earlier in the week.
Gorkys Hernandez homered for the Giants, who have scored just five runs in three games on a trip that began with a pair of losses in Houston. San Francisco lost for the ninth time in its last 10 road games.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb/major-league-baseball-notebook-mariners-deal-for-colome-span-from-rays-idUSKCN1IR03B |
RIYADH, May 2 (Reuters) - Saudi Arabia’s Almarai aims to refinance its 1.7 billion riyals ($453.3 million) sukuk by the third quarter and has hired an international adviser to complete the process, its chief financial officer told Reuters.
If Almarai were to issue in a currency other than the riyal, it would be the first international debt sale for the Gulf’s largest dairy company. Almarai is still considering both local and international currency denominations, CFO Paul Gay said.
Its current five-year facility matures in September and is a local currency issue. Almarai is considering five, seven and ten years, and plans to keep the issue roughly the same size, he said on the sidelines of a business conference in Riyadh.
Gay declined to name the adviser hired for the issuance.
The company said in its 2017 annual report, released in April, that it was considering pursuing international financing options for the first time. Up until now it has relied exclusively on local Saudi banks and local sukuk issuances.
International debt would provide the firm access to a wider pool of funding options, broaden its investor base, enhance financing costs and allow it to obtain a longer tenor, the report said.
Banque Saudi Fransi, BNP Paribas, HSBC’s Saudi Arabian unit and Standard Chartered helped arrange the company’s previous issuance in 2013. ($1 = 3.7502 riyals) (Editing by David Evans)
| ashraq/financial-news-articles | https://www.reuters.com/article/almarai-sukuk/saudi-arabias-almarai-aims-to-refinance-1-7-bln-riyals-sukuk-by-q3-cfo-idUSL8N1S968F |
May 30, 2018 / 6:40 PM / Updated 22 minutes ago Cricket-Curran called up to England squad for second test Reuters Staff 2 Min Read
May 30 (Reuters) - Uncapped Surrey all-rounder Sam Curran has been drafted in to the England squad for the second test against Pakistan as cover for Ben Stokes, the England and Wales Cricket Board said on Wednesday.
Stokes sustained a hamstring strain during fielding practice, but has not yet been ruled out of the test.
The 19-year-old Curran, a left-arm swing bowler, has taken more than 100 first-class wickets and averages 27.18 with the bat.
He was called up to England’s Twenty20 squad for the Tri-series in Australia and New Zealand, but did not play. His brother Tom played two tests in England’s recent Ashes defeat in Australia.
England lost the first test at Lord’s by nine wickets and fast bowler James Anderson called on the team to show more fight in the final test of the series starting at Headingley on Friday.
“It’s going to take some special individual performances this week,” Anderson told the BBC. “If you get one or two individuals standing up, then people can piggyback on that and take confidence as well.
“It’s quite easy for the confidence of the team to take a hit when you have a defeat like that. So we’ll try, as well as using our skill, to use our heart, to use the fight we have in the dressing room to show people what we can do.” (Reporting by Simon Jennings in Bengaluru, editing by Ed Osmond) | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-test-eng-pak-curran/cricket-curran-called-up-to-england-squad-for-second-test-idINL3N1T15KI |
Cate Blanchett joins women taking over Cannes red carpet Saturday, May 12, 2018 - 00:50
Film stars Cate Blanchett, Salma Hayek and Marion Cotillard were among 82 women who made a symbolic walk up the red carpet at the Cannes Film Festival on Saturday (May 12), in a demonstration of solidarity for women struggling for a voice in the movie industry. Rough cut (no reporter narration).
Film stars Cate Blanchett, Salma Hayek and Marion Cotillard were among 82 women who made a symbolic walk up the red carpet at the Cannes Film Festival on Saturday (May 12), in a demonstration of solidarity for women struggling for a voice in the movie industry. Rough cut (no reporter narration). //reut.rs/2KYCyjl | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/12/cate-blanchett-joins-women-taking-over-c?videoId=426340553 |
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NASHVILLE — Legendary artist Bob Dylan is capitalizing on the Tennessee whiskey boom and investing in the city where he recorded four albums.
Dylan, in partnership with spirits entrepreneur and Angel’s Envy Bourbon co-founder Marc Bushala, unveiled a line of craft American whiskeys this week under the name Heaven’s Door. The New York Times was first to report details on the venture.
The company’s distillery and “brand experience center” will open in a 140-year-old church in Nashville’s SoBro neighborhood in 2019, according to the Heaven’s Door website.
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“We both wanted to create a collection of American whiskeys that, in their own way, tell a story,” Dylan said in a statement. “I’ve been traveling for decades, and I’ve been able to try some of the best spirits that the world of whiskey has to offer. This is great whiskey. I am happy to be partnering with Marc and our entire team as we bring Heaven’s Door to the public.”
Dylan is just the latest in a string of celebrities cashing in on the thriving whiskey industry as demand grows for American-made spirits.
The American whiskey category, which includes bourbon, rye and Tennessee whiskey, is dominating growth in the overall spirits industry with revenues up 8.1% to $3.4 billion last year, according to the Distilled Spirits Council.
Tennessee is now home to more than 30 distilleries after laws were relaxed in 2009, opening the door for craft spirit makers to launch across the state.
The Heaven’s Door distillery will bring a new level of activity to a historic building that has most recently served as the offices for Tuck-Hinton Architects.
In 2017, Bushala along with Darek Bell of Nashville’s Corsair Distillery paid Tuck-Hinton’s founding partners $6.2 million for the 0.77-acre property at 610-614 Fifth Ave. S., which included the church building that was constructed in 1871. The structure was added to the National Register of Historic Places in 1984.
At the time of the purchase, Bushala said it was a portfolio investment and he was exploring options to open a restaurant, brewery or distillery at the site.
The first whiskey releases by Heaven’s Door include a Tennessee Straight Bourbon Whiskey, which has been aged for six-and-a-half years; a Double Barrel Whiskey; and a Straight Rye Whiskey. A limited release 10-year-old Tennessee Straight Bourbon Whiskey will debut in the fall of 2018.
The whiskeys are made in collaboration with different master distillers and blenders from across the U.S. and Dylan’s artwork is incorporated into the packaging.
“Rather than make a single whiskey or work with one master distiller, we thought it would be far more interesting to work with various master distillers and blenders to make whiskeys that would each have their own unique signature,” Bushala said in a statement. “By working with different whiskey artisans for each new expression, the portfolio would be more diverse and eclectic.”
The spirits are available initially in Tennessee, Texas, California, Florida, New York and Illinois with a suggested retail price range of $49.99 to $79.99. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/bob-dylan-to-open-nashville-whiskey-distillery-heavens-door.html/ |
Top Novarits lawyer exits over Trump attorney deal error 8:52am EDT - 01:40
Novartis General Counsel Felix Ehrat will leave the Swiss drugmaker over his role in a $1.2 million contract it struck with the personal lawyer for U.S. President Donald Trump, saying the pact was legal but an error. Sonia Legg
Novartis General Counsel Felix Ehrat will leave the Swiss drugmaker over his role in a $1.2 million contract it struck with the personal lawyer for U.S. President Donald Trump, saying the pact was legal but an error. Sonia Legg //reut.rs/2GnOg3x | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/top-novarits-lawyer-exits-over-trump-att?videoId=427419477 |
Watch CNBC's full interview with Warren Buffett 7 Hours Ago Warren Buffett, Berkshire Hathaway chairman and CEO, talks about Berkshire's annual shareholder meeting, the U.S. economy, business activity, and taking an enormous stake in Apple. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/buffett-interview-.html |
U.S. government debt prices rose, sending yields lower, on Thursday after President Donald Trump announced that he cancelled the hotly anticipated summit with North Korea's Kim Jong Un.
Yields also fell after minutes from the Federal Reserve's May meeting minutes revealed that central bankers would be comfortable allowing inflation to temporarily run above its 2 percent target.
The yield on the benchmark 10-year Treasury note , which moves inversely to price, fell to 2.977 percent, while the yield on the 30-year Treasury bond was lower at 3.128 percent.
The yield on the two-year note hit a fresh low of 2.496 percent, its lowest level since May 7 , when the two-year note yielded as low as 2.493 percent.
The meeting between the Trump and Kim would have been the first face-to-face encounter between a sitting U.S. president and a North Korean leader.
"Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting," Trump wrote in the letter, which was released Thursday morning.
Stocks sold off swiftly following the announcement from the White House as investors pivoted to seemingly safer assets like bonds. The increase in debt prices was also spurred by Wednesday's news from the Federal Reserve.
Symbol Yield Change %Change US 3-MO --- US 1-YR --- US 2-YR --- US 5-YR --- US 10-YR --- US 30-YR --- Following the May meeting, the policymaking arm of the Fed said it wasn't raising rates yet but added the word "symmetric" to describe its inflation goal. Until now, market participants have debated what that language meant.
Specifically, the minutes said "a temporary period of inflation modestly above 2 percent would be consistent with the Committee's symmetric inflation objective."
Though the general tone was that inflation would continue to rise, there was disagreement over how confident the Fed should be after undershooting its target for so long, with some members amenable to letting the prices climb higher.
"It's not like the Minutes were all that earth-shattering, but if you looked closely, you may have seen a bit of the hawkish tone get adjusted," wrote Kevin Giddis, head of fixed income capital markets at Raymond James.
"Regardless of what they say publicly, they don't want to see the yield curve invert, and they don't want to be the cause of a recession," he added. "What all of this means to the bond market is that the Fed may have blinked…a bit."
All signs continued to point at a tight labor market, with Thursday's data on new applications for U.S. unemployment rising just slightly to 234,000 for the week ended May 19.
The Treasury Department auctioned $30 billion in seven-year notes at a high yield of 2.93 percent. The bid-to-cover ratio, an indicator of demand, was 2.62. Indirect bidders, which include major central banks, were awarded 65.5 percent. Direct bidders, which includes domestic money managers, bought 12.9 percent. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/us-treasurys-mixed-as-investors-await-economic-data-auctions.html |
PARIS, May 30 (Reuters) - Below are company-related news and stories from French and Benelux media which could have an impact on the region’s markets or individual stocks.
French CAC futures were down 0.2 percent by 0602 GMT.
CARREFOUR: French supermarket chain Carrefour said on Tuesday it would end its contracts as official sponsor of the French Football Federation and of the Tour de France, the world’s most famous cycling race, from 2019.
PSA: German labour leaders on Tuesday agreed with PSA Group’s Opel unit on an investment plan and job guarantees for German factories in return for wage concessions.
TOTAL: Brazilian environmental agency Ibama on Tuesday rejected French oil company Total SA’s application for an environmental license to drill in the sensitive Foz do Amazonas basin.
VIVENDI/FRENCH SOCCER RIGHTS: Vivendi’s Canal Plus ended up empty-handed in a crucial soccer broadcasting rights auction in France on Tuesday, beaten by Spain’s Mediapro, a Chinese-owned group, as prices boomed by close to 60 percent.
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CNBC Markets Now: May 18, 2018 1 Hour Ago CNBC Markets Now provides a look at the day's market moves with commentary and analysis from Michael Santoli, CNBC Senior Markets Commentator. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/cnbc-markets-now-may-18-2018.html |
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Michelle Obama was raised on the South Side of Chicago in an apartment with her older brother Craig Robinson and their parents, Marian and Fraser Robinson III.
As a Harvard Law School graduate and former first lady, she has spoken openly about her humble beginnings and the impact her parents have had on her success.
In a recent talk with actress Tracee Ellis Ross at The United State of Women Summit in Los Angeles, Obama specifically thanked her mom for teaching her a lesson that she says helped her become the woman and mother she is today.
"The mother that I am today is a direct result of Marian Robinson," said the 54-year-old. "My mom is one of the smartest people with just plain old common sense. The thing she always said that I do remember is that, she told me and my brother, 'I wasn't raising children. I was raising adults.'"
Obama says her mom always treated she and Craig like the adults she wanted them to be, and she never belittled them in conversation because of their age.
"She always talked to us like we had sense," she added. "She never used baby talk. She would ask you to explain yourself. She would include you in big grown up conversations. There was never anything that she wouldn't talk to us about."
Obama says she's put some of those same lessons about raising adults, not children into play with her own daughters, Sasha and Malia. Getty Images First lady Michelle Obama and daughters, Sasha Obama and Malia Obama arrive during the presidential inauguration.
"Life is practice," she says, "and I tell my girls this every day. You are practicing who you are going to be. So if you're getting up late and you're trifling, and you're not getting your homework done, that's what you're practicing."
Obama has always emphasized that no matter her role, raising her family is her first priority.
"I said I'm 'mom-in-chief,' and a lot of women ridiculed me for that, but the first, most important job I have is who my girls are going to be," she explained. "If I can't get them right, I can't get y'all kids right, and I can't work for anybody else."
As her youngest daughter, Sasha, completes high school in Washington, D.C. and her oldest daughter, Malia, continues her studies at Harvard, Obama says she wants her girls and other young people to know that you have to start now with creating good habits.
"Do you want to be dependable? Then you have to be dependable," she says. "If you want people to trust you, then you have to be trustworthy. And you have to start those habits very early." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/michelle-obama-shares-the-no-1-lesson-she-learned-from-her-mom.html |
May 3, 2018 / 11:50 AM / Updated 10 minutes ago REFILE-FOCUS-U.S. hedge fund Elliott amps up campaigns in Europe Reuters Staff
(Refiles to change “opened” to “registered” London office in para 26)
By Maiya Keidan, Arno Schuetze and Agnieszka Flak
LONDON/FRANKFURT/MILAN, May 3 (Reuters) - U.S. hedge fund Elliott is stepping up its activities in Europe, a Reuters review of data shows, as it sees more opportunities to unlock value for shareholders by pushing through management changes, company break-ups and merger deals.
Filings with regulators show that eight of Paul Elliott Singer’s activist fund’s 15 disclosed positions in the first four months of 2018 were in Europe, compared to three out of eight in the same period of 2017.
Activist hedge funds rarely disclose reasons behind their strategy. But, four sources familiar with Elliott’s thinking said Europe offered a lot of scope, as fewer activist funds operated there than in the United States, and European companies have been subject to the attentions of activists for less time.
The first quarter was the most active in Europe for Elliott in at least five years, separate data from research group Activist Insight showed.
Last month, Elliott bought British bookshop chain Waterstones, disclosed stakes in software firm Micro Focus , shopping centre operator Hammerson and hotel and coffee-shop company Whitbread, and upped its holdings in Sky and Telecom Italia (TIM).
Industry experts say Elliott appears to be acting on a plan to open up a region that until recently was regarded as less fertile ground for activist funds.
“I think it’s a concerted effort that there is too much money to be made here and (they’re) not going to be deterred by the structural or cultural defences (anymore),” said Chris Young, who works with companies on the receiving end of activist campaigns at Credit Suisse in New York.
“I think that Elliott - given their size, their relative aggressiveness versus other activists – are saying we’ve got the capital, we’ve got the patience that’s necessary and we’re going to try to now unlock Europe,” said Young, who is working with Telecom Italia (TIM) where Elliott is attempting to overhaul the board at a shareholder meeting on Friday.
Elliott has accused the Italian company’s top shareholder Vivendi of serving only its own interests, while Vivendi says Elliott is looking for short-term financial gains.
A spokesman for Elliott said: “Our activity in Europe is not a specific strategy shift. It’s just a function of the way this market is growing.”
He said there had been a change in the way people view activism. “There has just been a shift in the last few years in thinking and you’re seeing it now in terms of capital deployed.”
The fund, which in London is led by Singer’s son Gordon, manages $35 billion in assets, dwarfing European rivals, like TCI Fund Management, with $17.5 billion, and Cevian Capital, with assets of more than 13 billion euros ($15.6 billion).
It is among the biggest global activists by assets, with peers Icahn Enterprises and Third Point managing around $32 million and $18 billion respectively.
Since it was founded in 1977, Elliott has made gains of 13.3 percent annually after tax, only ever ending a year down in 1998 and 2008, according to an investor letter seen by Reuters. Not all of its positions are activist, as in the case of its investment in Italian football club AC Milan.
As well as making returns, activists say they improve long-term performance.
More traditional investors say Elliott’s swoop on a company does not necessarily mean better returns for long-term shareholders.
“Any time an activist like Elliott comes in, the stock jumps as everyone is betting on some strategic changes happening soon. In reality, it takes much longer than that if it ever gets to that,” said a U.S. investment fund which also owns TIM stock and fears the fight with Vivendi may drag on and harm the company. DISTRUST
The U.S. market, where investors like Singer, Boone Pickens and Carl Icahn sprang up in the 1970s and 1980s, has a long history of so-called “activists”.
Similar moves were not made in Europe until the 1990s and 2000s, when Elliott, TCI and Cevian all set up there.
Europe has long been considered a more difficult place for activists due to cultural and structural impediments.
Many European companies have bylaws, including voting right caps, loyalty schemes and other legal mechanisms that protect management, as well as a deep distrust of activists.
Deutsche Boerse’s Chief Executive Werner Seifert once called TCI’s Chris Hohn the leader of a swarm of locusts in a book about the exchange’s battle with the hedge fund.
The Elliott spokesman said things had started to change and activist investors were getting a better reception.
“In the last 12 months, a lot more shareholders are willing to consider that maybe management doesn’t know best.”
Elliott registered its London office with the UK regulator in 2004. It does not have another base in Europe, but flies its traders in and out of various countries as necessary.
“Corporate constitutions in some European jurisdictions can make it more difficult to yield the right results for activist investors versus the U.S., but for Elliott they know the vagaries of European corporate laws and defence tactics very well,” said Ian Harris, senior analyst at Elevation Securities.
Last year, Elliott failed in its push for Dutch paint maker Akzo Nobel to accept a bid from rival PPG Industries and oust Chairman Antony Burgmans.
Last week, Whitbread yielded to pressure from Elliott and U.S. hedge fund Sachem Head to spin off Costa Coffee, while German activist fund Shareholder Value Management’s slate of board candidates at Italy’s Retelit was approved.
Sources told Reuters government thinking in Europe is gradually changing.
Shortly after Elliott’s investment in TIM became known, state lender CDP bought a 4.8 percent stake, a move seen as political endorsement of the activist investor. Additional reporting by Sudip Kar-Gupta in Paris and Toby Sterling in Amsterdam Editing by Giles Elgood | ashraq/financial-news-articles | https://www.reuters.com/article/hedgefund-elliott/focus-u-s-hedge-fund-elliott-amps-up-campaigns-in-europe-idUSL8N1S8440 |
May 28, 2018 / 10:16 AM / Updated 6 hours ago Cricket: Atherton 'highly sceptical' of spot-fixing claims Reuters Staff 3 Min Read
(Reuters) - Former England captain Michael Atherton is “highly sceptical” of claims made in a television programme that players for England and Australia may have been involved in ‘spot-fixing’ activities during test matches in South Asia. Cricket - Investec Ashes Launch Press Conference - Investec, Gresham Street, London - 2/7/15 Former England cricketer Michael Atherton during the press conference Action Images via Reuters / Andrew Boyers Livepic/Files
The Al Jazeera programme “Cricket’s Match Fixers”, broadcast on Sunday, alleged incidents of spot-fixing in a Chennai match between England and India in December 2016 and the Australia-India test in Ranchi in March 2017.
Match-fixing has become a major concern for the sport in recent years and the International Cricket Council (ICC) has launched an investigation.
‘Spot-fixing’ refers to manipulation of part of a game to deliver a given outcome for betting purposes.
The documentary also made allegations that the stadium manager at Galle in Sri Lanka may have doctored the pitch at the behest of fixers and suggested minor Twenty20 competitions had also been targetted.
In his column for The Times newspaper, Atherton said he felt it unlikely that top test players would engage in such activity given the risks to their careers.
“When it comes to betting and fixing, dangers are ever present. There is a massive black-market operation in India worth many billions of pounds,” Atherton wrote.
“The game, especially around the fringes and where there are enormous discrepancies in earning potential, is vulnerable. But highly paid international players in very visible, high-profile matches? In this case I remain highly sceptical,” he said.
“Since the match-fixing crisis of the 1990s, the awareness among players of the problem of fixing, the potential consequences (time in jail and five years out of the game for Mohammad Amir, remember, for nothing more than a newspaper sting) and stringent controls around dressing rooms by the ICC have made it much less likely to be a problem in international cricket.
“The players are paid too well (especially those from India, England and Australia). They have too much to lose,” the former opener added.
Atherton, who played 115 tests for England between 1989-2001, said there was more likelihood of wrong-doing in the case of poorly paid ground staff and at minor competitions.
Cricket authorities in England and Australia have backed their players.
“There is nothing we have seen that would make us doubt any of our players in any way whatsoever,” England and Wales Cricket Board (ECB) chief executive Tom Harrison said in a statement on Sunday.
“Together with the ICC, we are aware of the investigation by Al Jazeera into alleged corruption in cricket,” Cricket Australia CEO James Sutherland said in a statement.
“Neither the ICC nor Cricket Australia is aware of any credible evidence linking Australian players to corruption in the game,” Sutherland added. Reporting by Simon Evans; Editing by John O'Brien | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-corruption-atherton/cricket-atherton-highly-sceptical-of-spot-fixing-claims-idINKCN1IT0TP |
When the Cleveland Cavaliers hit their low point this season, even their superstar began to wonder about their chances of recovering.
May 30, 2018; Oakland, CA, USA; Cleveland Cavaliers forward LeBron James (right) shoots the basketball next to guard JR Smith (left) during NBA Finals media day at Oracle Arena. Mandatory Credit: Kyle Terada-USA TODAY Sports Now, with the Cavaliers set to open play in the NBA Finals on Thursday, LeBron James opened up about his midseason doubts.
Referencing a stretch in December and January during which Cleveland went 3-9, James told ESPN’s Rachel Nichols on Wednesday, “It was at points where, ‘OK, will the Cavs even make the playoffs?’ And I was like, ‘OK, I am not settling for that conversation — now that is just ridiculous. Now I have got to get into the postseason.’”
James said he had to improve his own attitude because his outlook was affecting the team.
“I was like, ‘OK, I am not quite sure what we are going to do with this ballclub; we are not playing good basketball,’ but you can’t sell yourself short,” James told Nichols. “You have so many people looking up to you, you have so many kids to inspire and you, yourself, you have always talked about be as great as you can be every day, so I kind of hit that switch before the trade deadline.”
The Cavaliers subsequently made a number of moves at the trade deadline, unloading Isaiah Thomas, Channing Frye, Jae Crowder, Derrick Rose, Iman Shumpert and Dwyane Wade while bringing in George Hill, Rodney Hood, Larry Nance Jr. and Jordan Clarkson.
The newcomers haven’t provided major production, yet the Cavaliers still are back in the NBA Finals. For the fourth year in a row, they will meet the Golden State Warriors, looking to even the championship-round rivalry at two titles apiece.
James is the biggest reason for the team’s ongoing success. He is averaging 34.0 points, 9.2 rebounds and 8.8 assists in the postseason after posting regular-season averages of 27.5, 8.6 and 9.1, respectively.
“I’ve tried to put this franchise at a level that is always seen in a positive light,” James said. “From a basketball standpoint, from a social standpoint, from a brand standpoint. I get a lot of the light and the headlines, but I’m one, as long as I’m here playing for this franchise, when you see the Cavaliers, I want you to think of prestige and a great organization.”
James on Wednesday denied that he prompted the Cavaliers to trade away Kyrie Irving last summer. Irving went to the Boston Celtics in exchange for Thomas, Crowder, Ante Zizic and a first-round pick that will be No. 8 in next month’s draft.
“Even if you start back to the summertime where I felt like it was just bad for our franchise just to be able to trade away our superstar point guard,” James told Nichols. “A guy that I had been in so many battles with over the last three years and obviously I wasn’t a part of the communications and know exactly what went on between the two sides. But I just felt like it was bad timing for our team.
“So I felt like the odds were against us from the summer. And then you know we come into the season and our All-Star point guard that we got from Boston (Thomas) wasn’t able to play until January. We just had so many things going with our team. We shuffled in different lineups, we shuffled in different players, we made a trade at the deadline, and I can’t sit here right now and say that the Finals was a part of my thinking.”
Looking ahead to his potential free agency this summer and whether his sometimes shaky relationship with Cavaliers owner Dan Gilbert might affect whether he remains in Cleveland, James said, “We’re going to see.”
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-cle-james/cavs-lebron-james-opens-up-about-midseason-doubts-idUSKCN1IW1AR |
(Adds comments from French foreign minister, details, context)
BERLIN, May 7 (Reuters) - Germany and France on Monday vowed to stand by the 2015 nuclear deal between Iran and world powers even if the United States pulls out, with the German foreign minister saying the world would be less safe without it.
U.S. President Donald Trump has threatened to retreat from the deal by not extending sanctions waivers when they expire on May 12, unless European signatories of the accord fix what he calls its “flaws”.
German Foreign Minister Heiko Maas said it was clear that the agreement made the world securer and there was a risk of escalation were it to be cancelled.
“We don’t think there is any justifiable reason to pull out of this agreement and we continue to make the case for it to our American friends,” Maas said during a joint news conference with visiting French Foreign Minister Jean-Yves Le Drian.
“We’ll deal with the (U.S.) decision but like Jean-Yves said, we want to adhere to this agreement,” Maas added.
Le Drian said France, Britain and Germany would keep to the 2015 nuclear deal with Iran irrespective of the United States’ decision later this week because it is the best way to avoid nuclear proliferation.
“We are determined to save this deal because this accord safeguards against nuclear proliferation and is the right way to stop Iran getting a nuclear weapon,” Le Drian said.
France, Germany and Britain have for weeks been campaigning to keep the deal alive and have been negotiating since January with the U.S. to find ways to convince Trump to keep to the accord.
Maas said “good proposals” had been made in recent weeks.
In an effort to keep Washington in the deal, the three EU states have been discussing how to tackle Iran’s ballistic missile programme, its nuclear activities beyond 2025 - when key provisions of the deal expire - and its role in the wars in Syria and Yemen.
Iranian President Hassan Rouhani said on Monday the United States would regret any decision to leave the deal and Tehran would fiercely resist U.S. pressure to limit its influence in the Middle East. (Reporting by Michelle Martin and Joseph Nasr in Berlin and John Irish in Paris Writing by Michelle Martin; editing by John Irish)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-germany/update-1-germany-france-vow-to-stick-to-iran-deal-if-u-s-pulls-out-idUSL8N1SE2LY |
RIYADH (Reuters) - Saudi Arabia has released veteran women’s rights activist Aisha al-Manea following her arrest last week with several other activists in a crackdown just weeks before a ban on women driving is set to end, Amnesty International said on Thursday.
FILE PHOTO: Women walk past a poster of Saudi Arabia's King Salman bin Abdulaziz Al Saud during Janadriyah Cultural Festival on the outskirts of Riyadh, Saudi Arabia February 12, 2018. REUTERS/Faisal Al Nasser/File Photo The rights group has reported the detention of at least 11 activists, mostly women who previously campaigned for the right to drive and an end to the kingdom’s male guardianship system, which requires women to obtain the consent of a male relative for major decisions.
“We welcome her (Manea) release but we still do not know the conditions around it, and we call on authorities to release the other human rights defenders immediately,” said Samah Hadid, Amnesty’s Middle East Director of Campaigns.
“Unfortunately, the chilling smear campaign of these women and men has caused damage and tarnished not only these women but any form of activism and dissent in the country.”
Government officials were not immediately available to comment.
A government statement last week announced that seven people had been arrested for suspicious contacts with foreign entities and offering financial support to “enemies overseas”, and said authorities would identify others involved.
Manea, 70, had been campaigning for women’s right to drive since the 1990s. She was among six detainees publicly identified by Amnesty, along with Eman al-Nafjan, Loujain al-Hathloul, Aziza al-Yousef, Ibrahim Modeimigh and Mohammed al-Rabea.
State-backed media labeled those held as traitors and “agents of embassies”, unnerving diplomats in Saudi Arabia, a key U.S. ally, with some likening it to repression in neighboring Egypt and saying their governments would privately discuss the matter with Saudi authorities.
Crown Prince Mohammed bin Salman has courted Western allies to support his reforms in a bid to diversify the oil-dependent economy and open up the deeply conservative Muslim kingdom.
Ending a decades-old ban on women driving has been hailed as proof of a new progressive trend in the country, but has been accompanied by a crackdown on dissent, including dozens of arrests last September that appeared to pave the way for lifting the driving ban.
Women who previously participated in protests against the ban told Reuters last year that two dozen activists had received phone calls instructing them not to comment on the decree lifting it. Some of those arrested this week nonetheless continued to speak out.
Reporting by Sarah Dadouch; Editing by Ghaida Ghantous, William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-arrests/saudi-arabia-frees-leading-womens-rights-activist-amnesty-idUSKCN1IP102 |
× × This VR jacket lets you feel sensations like getting hit by a snowball or having a snake slithering on your body 23 Mins Ago Disney Research developed a concept jacket that lets wearers experience virtual reality in a more immersive way. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/disneys-haptic-vr-jacket-lets-you-feel-sensations-on-your-body.html |
Tesla shares under pressure after Musk's 'bonehead' comments on earnings call 2 Hours Ago Former DirectTV Chairman and CEO Michael White discusses Elon Musk's contentious comments on the quarterly earnings call and what that could mean for the future of Tesla. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/tesla-shares-under-pressure-after-musks-bonehead-comments-on-earnings-call.html |
SALT LAKE CITY, May 25, 2018 (GLOBE NEWSWIRE) -- Today, the Board of Directors of Sorenson Holdings, LLC and its operating entities, SVRS and CaptionCall, announced the appointment of R. Scott Wood as Chief Executive Officer (CEO). Wood has served as Sorenson Holdings’ legal counsel since May 2015. He will succeed current CEO Scott K. Sorensen, who will leave the company on May 31 to pursue new career opportunities.
“Scott Sorensen and the executive team have placed the company in its strongest position ever - financially, operationally and strategically,” noted Wood. “I am honored to assume this new role.”
Since May 2015 and as Sorenson Holdings legal counsel, Wood has directed all legal matters for the company, including corporate structuring and financing, intellectual property strategy and protection, regulatory compliance, employee and labor matters, litigation and dispute resolution and has coordinated Board relations.
From 2009 to 2014, Wood was general counsel at Holiday Retirement, then the nation’s largest supplier of independent living services, with more than 300 locations, 13,000 employees, 42,000 residents and more than $1.2 billion in annual revenues. Prior to Holiday Retirement, as general counsel, Wood took Golfsmith, a nationwide golf and tennis retailer, through an initial public offering on the Nasdaq stock exchange. Earlier in his career, Wood was in private practice in Salt Lake City and was associate general counsel at Franklin Covey Co.
“The Board is thrilled that Scott Wood will become Sorenson's new Chief Executive Officer. We've selected a strong leader at a time when Sorenson is in a very strong position,” said Chairman of the Board Jim Continenza. “Scott is uniquely positioned to understand and drive the company’s growth strategy, its regulatory compliance and lead the team to ensure Sorenson’s success in the future.”
Wood said, “I joined Sorenson because I wanted to be part of a mission-driven company, one that provides valuable services and industry-leading products that improve people’s lives. We will continue to focus on strong business fundamentals and operational excellence as we honor our commitment to deliver world-class service to our customers.”
In addition, the Board also named Grant A. Beckmann Chief Operating Officer of SVRS and Jason P. Dunn as Chief Operating Officer of CaptionCall.
Since 2010, Beckmann has led product development teams in launching the ntouch ® and ntouch VP2 videophones as well as ntouch software for iOS ® , Mac ® , Windows ® and Android ™ . Beckmann and his teams have worked passionately to ensure advances in technology are used to enhance the overall SVRS experience for both customers and interpreters.
Dunn joined SVRS in 2004 and has, since then, directed operations for SVRS, SIPRelay, SVRS Canada and CaptionCall. Dunn has been responsible for hiring, training and managing thousands of employees to ensure the companies deliver the nation’s highest-quality communication services for the Deaf and hard-of-hearing.
Sorenson Communications, LLC
Sorenson Communications, LLC ( www.sorenson.com ) is a provider of industry-leading communication products and services for the Deaf. The company's offerings include SVRS ® , the highest-quality video interpreting service; the ntouch ® VP and the ntouch VP2 videophones, designed especially for use by Deaf individuals; ntouch PC, software that connects users to SVRS by using a PC and webcam; ntouch for Mac ® , software that connects users to SVRS by using an Apple ® computer; and ntouch Mobile, an application empowering SVRS communication via tablet and mobile devices.
CaptionCall, LLC
CaptionCall, LLC ( www.captioncall.com ) is another innovative solution from Sorenson Holdings, the worldwide leader in telecommunication relay services. Sorenson has been offering technology and services for assistive communications since 1995. CaptionCall is a revolutionary phone for anyone experiencing hearing loss that keeps them from using the phone effectively. CaptionCall offers amplification and superb sound quality while displaying smooth-scrolling captions of what callers say on a large, easy-to-read screen. CaptionCall helps people with hearing loss stay socially connected for a longer, happier, healthier life.
The trademarks used herein are property of their respective owners. Android is a trademark of Google LLC.
Press Contact Ann Bardsley Sorenson Communications 801-287-9400 [email protected]
Source:Sorenson Communications | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-sorenson-holdings-llc-announces-new-executive-leadership.html |
HOUSTON, May 10, 2018 /PRNewswire/ -- Select Energy Services, Inc. (NYSE: WTTR) ("Select" or "the Company"), a leading provider of total water management and chemical solutions to the North American unconventional oil and gas industry, today announced results for the first quarter .
Revenue for the first quarter of 2018 was $376.4 million as compared to $304.2 million in the fourth quarter of 2017 and $99.9 million in the first quarter of 2017. Net income for the first quarter of 2018 was $16.1 million as compared to a net loss of $14.9 million in the fourth quarter of 2017 and a net loss of $12.3 million in the first quarter of 2017. Adjusted EBITDA was $59.6 million in the first quarter of 2018 as compared to $43.9 million in the fourth quarter of 2017 and $13.8 million in the first quarter of 2017. Due to the timing of Select's merger with Rockwater Energy Solutions, Inc. ("Rockwater") that closed on November 1, 2017, results in the fourth quarter of 2017 do not include Rockwater's operating results for the month of October, which included approximately $70.1 million in revenue, $0.7 million in net income and $7.7 million in Adjusted EBITDA.
Holli Ladhani, President and CEO, stated, "We are very encouraged by how the company progressed during the first quarter. The integration of Rockwater has gone well and is reflected in our first quarter results with solid net income and cash flow. With a supportive backdrop of rising oil prices and overall strong market fundamentals, we will continue to remain focused on further improving our margins in the second quarter."
(1) "Adjusted EBITDA" is not presented in accordance with generally accepted accounting principles in the United States ("GAAP"). Please see the supplemental financial information in the table under "Comparison of Non-GAAP Financial Measures" at the end of this earnings release for a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to its most directly comparable GAAP financial measure.
Cash Flow and Balance Sheet
Cash Flow from Operations for the first quarter was $35.2 million. Capital expenditures for the quarter were $32.6 million, which were fully funded with Cash Flow from Operations, which also included $18.2 million of working capital build. Total cash during the quarter increased $3.3 million and, at March 31, 2018, cash and cash equivalents totaled $6.1 million and outstanding borrowings under our revolving credit facility of $75.0 million. In addition to cash and cash equivalents, the Company had approximately $160.8 million of available borrowing capacity under our revolving credit facility after giving effect to $19.8 million of outstanding letters of credit, providing total liquidity of $166.9 million.
Conference Call
Select has scheduled a conference call on Friday, May 11, 2018 at 10:00 a.m. Eastern time. Please dial 201-389-0872 and ask for the Select Energy Services call at least 10 minutes prior to the start time of the call, or listen live over the Internet by logging on to the web at the address http://investors.selectenergyservices.com/events-and-presentations . A telephonic replay of the conference call will be available through May 18, 2018 and may be accessed by calling 201-612-7415 using passcode 13676696#. A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days.
About Select Energy Services, Inc.
Select is a leading provider of total water management and chemical solutions to the North American unconventional oil and gas industry. Select provides for the sourcing and transfer of water, both by permanent pipeline and temporary hose, prior to its use in the drilling and completion activities associated with hydraulic fracturing, as well as complementary water-related services that support oil and gas well completion and production activities, including containment, monitoring, treatment and recycling, flowback, hauling, and disposal. Select, under its Rockwater Energy Solutions brand, develops and manufactures a full suite of specialty chemicals used in the well completion process and production chemicals used to enhance performance over the producing life of a well. Select currently provides services to exploration and production companies and oilfield service companies operating in all the major shale and producing basins in the United States and Western Canada. For more information, please visit Select's website, http://www.selectenergyservices.com .
Cautionary Statement Regarding Forward-Looking Statements
All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify any forward-looking statements by using words such as "expect," "will," "estimate" and other similar expressions. Although we believe that the expectations reflected, and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Factors that could materially impact such forward-looking statements include, but are not limited to, the factors discussed or referenced in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2017 and in any subsequently filed quarterly reports on Form 10-Q or current reports on Form 8-K. Investors should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.
WTTR-ER
SELECT ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except share and per share data)
Three Months Ended March 31,
2018
2017
Revenue
Water solutions and related services
$
281,555
$
78,377
Accommodations and rentals
14,744
9,515
Wellsite completion and construction services
16,466
12,033
Oilfield chemical product sales
63,630
—
Total revenue
376,395
99,925
Costs of revenue
Water solutions and related services
215,425
60,621
Accommodations and rentals
10,665
7,923
Wellsite completion and construction services
14,390
10,419
Oilfield chemical product sales
57,084
—
Depreciation and amortization
30,882
21,204
Total costs of revenue
328,446
100,167
Gross profit (loss)
47,949
(242)
Operating expenses
Selling, general and administrative
25,681
9,957
Depreciation and amortization
541
446
Impairment of investment
2,000
—
Lease abandonment costs
1,124
1,863
Total operating expenses
29,346
12,266
Income (loss) from operations
18,603
(12,508)
Other income (expense)
Interest expense, net
(1,151)
(730)
Foreign currency losses, net
(400)
—
Other (expense) income, net
(458)
1,064
Income (loss) before tax expense
16,594
(12,174)
Tax expense
(462)
(106)
Net income (loss)
16,132
(12,280)
Less: net (income) loss attributable to noncontrolling interests
(6,033)
8,108
Net income (loss) attributable to Select Energy Services, Inc.
$
10,099
$
(4,172)
Net income (loss) per share attributable to common stockholders:
Class A—Basic
$
0.15
$
(0.21)
Class A-1—Basic
$
—
$
(0.21)
Class A-2—Basic
$
0.15
$
—
Class B—Basic
$
—
$
—
Net income (loss) per share attributable to common stockholders:
Class A—Diluted
$
0.15
$
(0.21)
Class A-1—Diluted
$
—
$
(0.21)
Class A-2—Diluted
$
0.15
$
—
Class B—Diluted
$
—
$
—
SELECT ENERGY SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share data)
March 31, 2018
December 31, 2017
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
6,117
$
2,774
Accounts receivable trade, net of allowance for doubtful accounts of $3,341 and $2,979, respectively
407,046
373,633
Accounts receivable, related parties
7,206
7,669
Inventories
44,501
44,598
Prepaid expenses and other current assets
20,295
17,842
Total current assets
485,165
446,516
Property and equipment
1,051,970
1,034,995
Accumulated depreciation
(578,220)
(560,886)
Property and equipment, net
473,750
474,109
Goodwill
275,795
273,421
Other intangible assets, net
152,215
156,066
Other assets
4,084
6,256
Total assets
$
1,391,009
$
1,356,368
Liabilities and Equity
Current liabilities
Accounts payable
$
62,415
$
52,579
Accounts payable and accrued expenses, related parties
2,600
2,772
Accrued salaries and benefits
20,222
21,324
Accrued insurance
11,928
12,510
Sales tax payable
12,570
12,931
Accrued expenses and other current liabilities
91,400
81,112
Current portion of capital lease obligations
1,706
1,965
Total current liabilities
202,841
185,193
Accrued lease obligations
18,321
18,979
Other long term liabilities
13,577
13,827
Long-term debt
75,000
75,000
Total liabilities
309,739
292,999
Commitments and contingencies
Class A common stock, $0.01 par value; 350,000,000 shares authorized and 66,258,163 shares issued and outstanding as of March 31, 2018; 350,000,000 shares authorized and 59,182,176 shares issued and outstanding as of December 31, 2017
662
592
Class A-2 common stock, $0.01 par value; 40,000,000 shares authorized, no shares issued or outstanding as of March 31, 2018; 40,000,000 shares authorized, 6,731,845 shares issued and outstanding as of December 31, 2017
—
67
Class B common stock, $0.01 par value; 150,000,000 shares authorized and 40,331,989 shares issued and outstanding as of March 31, 2018; 150,000,000 shares authorized and 40,331,989 shares issued and outstanding as of December 31, 2017
404
404
Preferred stock, $0.01 par value; 50,000,000 shares authorized and no shares issued and outstanding as of March 31, 2018 and December 31, 2017
—
—
Additional paid-in capital
675,895
673,141
Accumulated deficit
(7,760)
(17,859)
Accumulated other comprehensive income
43
302
Total stockholders' equity
669,244
656,647
Noncontrolling interests
412,026
406,722
Total equity
1,081,270
1,063,369
Total liabilities and equity
$
1,391,009
$
1,356,368
SELECT ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
Three Months Ended March 31,
2018
2017
Cash flows from operating activities
Net income (loss)
$
16,132
$
(12,280)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization
31,423
21,650
Loss (gain) on disposal of property and equipment
554
(1,105)
Bad debt expense
485
334
Amortization of debt issuance costs
172
309
Equity-based compensation
2,481
643
Impairment of investment
2,000
—
Other operating items, net
117
—
Changes in operating assets and liabilities
Accounts receivable
(33,691)
(21,157)
Prepaid expenses and other assets
(1,017)
1,337
Accounts payable and accrued liabilities
16,549
2,333
Net cash provided by (used in) operating activities
35,205
(7,936)
Cash flows from investing activities
Acquisitions, net of cash received
—
(49,004)
Purchase of property and equipment
(32,612)
(10,806)
Proceeds received from sale of property and equipment
1,609
1,753
Net cash used in investing activities
(31,003)
(58,057)
Cash flows from financing activities
Proceeds from revolving line of credit and issuance of long-term debt
—
34,000
Payments of capital lease obligations
(511)
—
Proceeds from share issuance
130
—
Distributions to noncontrolling interests
(161)
—
Share repurchases
(264)
—
Net cash (used in) provided by financing activities
(806)
34,000
Effect of exchange rate changes on cash
(53)
—
Net increase (decrease) in cash and cash equivalents
3,343
(31,993)
Cash and cash equivalents, beginning of period
2,774
40,041
Cash and cash equivalents, end of period
$
6,117
$
8,048
Supplemental cash flow disclosure:
Cash paid for interest
$
991
$
427
Cash paid for taxes
$
344
$
12
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable and accrued liabilities
$
9,632
$
4,766
Comparison of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA are not financial measures presented in accordance with GAAP. We define EBITDA as net income, plus interest expense, taxes and depreciation & amortization. We define Adjusted EBITDA as EBITDA, plus impairment of investment, lease abandonment costs, non-recurring severance expenses, non-recurring transaction costs, non-cash compensation expenses, plus/(minus) non-cash loss (gain) on sale of subsidiaries and other assets, plus/(minus) foreign currency loss (gain), plus inventory write downs and other non-recurring charges. EBITDA and Adjusted EBITDA are supplemental non-GAAP financial measures that we believe provide useful information to external users of our financial statements, such as industry analysts, investors, lenders and rating agencies because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and non-recurring items outside the control of our management team. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP.
Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measure. Each of these non-GAAP financial measures has important limitations as an analytical tool due to exclusion of some but not all items that affect the most directly comparable GAAP financial measures. You should not consider EBITDA or Adjusted EBITDA in isolation or as substitutes for an analysis of our results as reported under GAAP. Because EBITDA and Adjusted EBITDA may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. For further discussion, please see "Item 6. Selected Financial Data" in our 2017 Annual Report on Form 10-K.
The following tables present a reconciliation of EBITDA and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure for the periods presented:
Rockwater
Three Months Ended
One Month
Ended
October 31,
Three Months
Ended
March 31, 2018
December 31, 2017
2017
March 31, 2017
(unaudited)
(in thousands)
Net income (loss)
$
16,132
$
(14,950)
$
701
$
(12,280)
Interest expense
1,151
4,744
468
730
Tax expense (benefit)
462
(525)
121
106
Depreciation and amortization
31,423
34,993
4,806
21,650
EBITDA
49,168
24,262
6,096
10,206
Impairment of investment
2,000
—
—
—
Lease abandonment costs
1,124
701
50
1,863
Non-recurring severance expenses
—
4,039
125
—
Non-recurring transaction costs
2,694
4,717
627
748
Non-cash compensation expenses
2,481
5,910
387
643
Non-cash loss (gain) on sale of subsidiaries and other assets
1,515
965
(3)
309
Foreign currency loss (gain)
400
(281)
404
—
Inventory write downs
266
—
—
—
Other non-recurring charges
—
3,563
21
—
Adjusted EBITDA
$
59,648
$
43,876
$
7,707
$
13,769
Contacts:
Select Energy Services
Gary Gillette - CFO & SVP
Chris George - Sr. Director, Finance & Investor Relations
(713) 296-1073
[email protected]
Dennard Lascar Investor Relations
Ken Dennard / Lisa Elliott
713-529-6600
[email protected]
View original content: http://www.prnewswire.com/news-releases/select-energy-services-reports-2018-first-quarter-results-300646628.html
SOURCE Select Energy Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-select-energy-services-reports-2018-first-quarter-results.html |
15 COMMENTS A diver recovers bottles, some of which contained beer, from a 1797 shipwreck near Tasmania. Photo: Queen Victoria Museum and Art Gallery Tim Decker hoped some lichen he found in the California hills last summer would contain an exotic strain of yeast that would give a unique flavor to his home-brewed beer.
Have an old one Mr. Decker put the lichen in a jar with a sugary solution to see if the liquid would ferment, a sign that yeast, which consumes sugars and releases alcohol, could be present. Weeks later, a small wormlike grub appeared, likely crawling out of a bit of wood attached to the lichen.
“I knew pretty quickly that wasn’t going to be something I was going to want to put in my beer,” says Mr. Decker, 33 years old, who writes the AltBrau beer blog and plans to start a commercial brewing operation. In another such experiment, he found a spider floating in the jar.
Mr. Decker is in the vanguard of a brewing movement in the beer world: trying to find the weirdest, funkiest yeast. Even global drinks companies are entering the contest, hoping new and exclusive brews with a story behind them will entice consumers who are increasingly migrating to wine and spirits .
But finding new yeasts and successfully using them in a modern brewery can take years of work—and there is no guarantee of success. Brewers sometimes have to dump thousands of gallons of undrinkable beer.
Scientists at the University of Adelaide in Australia recover liquid samples from an old bottle taken from a shipwreck. Photo: Queen Victoria Museum and Art Gallery Danish beer company Carlsberg A/S is now selling Carlsberg 1883, which it says was brewed with a yeast strain taken from a bottle of beer about 130 years old found in a Copenhagen cellar during a construction project. Heineken NV has H41, named for the geographical latitude of an Argentine forest where a scientist found yeast on a mushroom that is thought to be an ancestor of the company’s regular brewing yeast.
In Australia, brewery James Squire—part of Japanese drinks giant Kirin Holdings Co. —started selling its Wreck Preservation Ale this month using a yeast strain it says is more than 200 years old. It was taken from a bottle of beer recovered from a 1797 shipwreck near Tasmania that was in the collection of the Queen Victoria Museum and Art Gallery on the island.
David Thurrowgood, conservator at the Queen Victoria Museum and Art Gallery in Tasmania, examines a bottle recovered from a shipwreck. Photo: Queen Victoria Museum and Art Gallery “We’ve heard of other people running around a botanical garden with a petri dish,” says Mark Schwarz, a former patent lawyer who co-founded Chicago-based Omega Yeast , which sells various yeast strains to beer hobbyists and craft breweries. “People are trying to find yeast everywhere they can.”
Brewers generally use two main species of yeast, which is technically a fungus. One is ale yeast, which at relatively high temperatures ferments extracts made from malted barley and other grains, and is commonly used in baking. The other is lager yeast, which ferments the grain extracts at cooler temperatures.
Small genetic differences within these two species account for the many strains of yeast, which along with hops and other ingredients determine the aroma and flavor of beer. The National Collection of Yeast Cultures in England has compiled more than 4,000 strains of yeast over the past 70 years.
Brewers at James Squire found that the yeast from the shipwreck—they sometimes call it “zombie yeast”—was at times unpredictable. A test batch failed to ferment initially because the temperature was too low, despite laboratory analysis suggesting it should work.
Brewer Stuart Korch pours a glass of Wreck Preservation Ale, made with a yeast strain taken from a bottle from an old shipwreck. Photo: Mike Cherney/The Wall Street Journal “It was a bit alarming,” says brewer Stuart Korch, 29, who expected the batch to start fermenting over a weekend but discovered nothing had happened. “I came in on Monday and I’m just scratching my head.”
They tried several different beer styles, including a standard pale ale and a hoppy version called an India pale ale. The yeasty flavors in the former were too intense, but the hops overshadowed the yeast in the latter. They eventually settled on a porter, a darker beer style.
Take a Look at Other Recent A-Heds
That Endless Series of Menu Options Is Paralyzing Diners Forget the Hackers, Watch Out for the Phone Snoopers Over Your Shoulder Worst Job in America: Responding to Irate Tweets From New York City Subway Riders “When you give that a good swirl, it sometimes produces a bit of a smoky, almost like bourbony, some sort of barrel-aged sort of thing. And that’s all yeast driven,” Haydon Morgan, 37, the head brewer for James Squire, said recently as he sipped a Preservation Ale at his Sydney brewery.
Heineken says a team of 50 people spent two years working with the Argentine yeast before H41 was ready for market. Brewers tossed nearly 80,000 gallons of beer in their quest to perfect the recipe, says Willem van Waesberghe, Heineken’s global master brewer.
H41, a lager that Mr. van Waesberghe says has a unique “clove-like aroma,” is mostly sold in Europe, though some bars in New York City and Miami have it. The company more recently developed another two beers using yeast strains from North Carolina and the Himalayas.
Brewers Haydon Morgan and Stuart Korch examine equipment at the James Squire brewery in Sydney. Photo: Mike Cherney/The Wall Street Journal Not everyone goes for the taste of the exotic new beers. On Untappd, a social network where users rate beers, H41 scores a 3.22 out of 5, based on about 14,200 ratings. Carlsberg 1883 has a 3.03 rating, with about 3,300 reviews. In comparison, the top-rated beer, which is no longer produced, rated 4.74.
One fan of the new Carlsberg brew is Michael Mattingly, 34, who lives in Oregon and bought a can at a convenience store this month while on vacation in Denmark. The beer, which isn’t sold in the U.S., is an amber lager. Mr. Mattingly says he was attracted to the maroon colors on the can, which suggested to him it was a darker beer.
Mr. Mattingly, who works in law enforcement, didn’t know it was made using an older strain of yeast. “That makes it a lot cooler now,” he said after learning of the yeast’s history.
Birgitte Skadhauge, head of the Carlsberg Research Laboratory, took the search for ancient yeast even further: She tasted some of the 130-year-old beer from which the yeast was taken. It had a very dark color and reminded her of port wine.
“As a scientist, sometimes you take a chance,” she says, noting the old brew could have given her digestive problems. “But it didn’t at all. It was beautiful.”
Write to Mike Cherney at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/the-newest-thing-in-beer-ancient-yeast-1526838563 |
May 4 (Reuters) - Hemisphere Media Group Inc:
* HEMISPHERE MEDIA GROUP ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $29 MILLION VERSUS $34.2 MILLION * Q1 FINANCIAL RESULTS IMPACTED BY CONTINUED DISRUPTION CAUSED BY HURRICANE MARIA
* QTRLY NET LOSS WAS $7.6 MILLION , AS COMPARED TO NET INCOME OF $2.7 MILLION IN COMPARABLE PERIOD IN 2017
* HEMISPHERE MEDIA - AS OF MIDNIGHT MAY 4, CO REACHED IMPASSE IN NEGOTIATIONS WITH DIRECTV IN PUERTO RICO REGARDING ITS RETRANSMISSION CONSENT AGREEMENT
* REACHED A DEFINITIVE AGREEMENT TO ACQUIRE A 75% INTEREST IN SNAP GLOBAL LLC
* FINANCIAL TERMS OF AGREEMENT TO ACQUIRE INTEREST IN SNAP GLOBAL, LLC WERE NOT DISCLOSED
* HEMISPHERE MEDIA - DUE TO IMPASSE IN NEGOTIATIONS WITH DIRECTV IN PUERTO RICO, WAPA CURRENTLY NOT BEING BROADCAST IN PUERTO RICO TO DIRECTV CUSTOMERS
* HEMISPHERE MEDIA - ALSO SIGNED CO-PRODUCTION JV WITH MAR VISTA ENTERTAINMENT, A MINORITY OWNER OF SNAP TV, TO CO-PRODUCE NEW ORIGINAL MOVIES & SERIES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hemisphere-media-group-posts-quart/brief-hemisphere-media-group-posts-quarterly-loss-vs-year-ago-profit-idUSASC09ZX9 |
May 2 (Reuters) -
For other diaries, please see:
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This Diary is filed daily. ** Indicates new events
WEDNESDAY, MAY 2 LONDON - Keynote speech by ECB Supervisor Ignazio Angeloni at the FT-Fitch Global Banking Conference "The Lending Landscape and Financial Stability Ten Years On" in London, United Kingdom 1140 GMT. BERLIN - German Finance Minister Olaf Scholz presents his budget plans for 2018 and 2019 during a news conference - 1030 GMT. LONDON - Sweden Central Bank Governor Stefan Ingves will hold a closing address at the Financial Times Global Banking Conference in London 1200 GMT. WASHINGTON, D.C. - U.S. Federal Reserve's Federal Open Market Committee (FOMC) announces decision on interest rate, followed by statement 1800 GMT. THURSDAY, MAY 3
** STOCKHOLM - Riksbank invites interested parties to a discussion on payments in the future. This is the third in a series of seminars on the role of the central bank in the economy - 0600 GMT. ZURICH, Sweden - Swiss National Bank Chairman Thomas Jordan gives speech on "That's why Switzerland's full money," Swiss Institute for Banking and Finance s / bf-HSG, Zurich 1600 GMT. FRANKFURT, Germany - ECB Vice-President Vitor Constancio will give Keynote speech at Joint ECB/EC Conference "Fostering banking union and capital markets union a top-down or bottom-up approach?" organised by the ECB in Frankfurt, Germany - 1200 GMT. FRANKFURT, Germany - ECB Executive Board member Benoit Coeure moderating high-level a policy panel at Joint ECB/EC conference "Fostering banking union and capital markets union a top-down or bottom-up approach?" organised by the ECB in Frankfurt, Germany - 1230 GMT. STOCKHOLM - The Riksdag Committee on Finance will hold an open hearing with Riksbank Governor Stefan Ingves and others on the report Account of Monetary Policy 2017 - 0800 GMT. PARIS - Bank of France Governor Francois Villeroy de Galhau is to speak at a conference hosted by the French central bank and the European Investment Bank titled "Investment in France: gearing up momentum" 0700 GMT.
OLSO - Norway Central Bank announces interest rate decision - 0800 GMT.
FRIDAY, MAY 4
** NEW YORK - Federal Reserve Bank of New York President William Dudley participates in "Financial Tumult of Our Times and Challenges Ahead" conversation hosted by Bloomberg LP - 1645 GMT. VALLETTA - Keynote speech by ECB Vice President Vitor Constancio at a conference on 'Central Banks in Historical Perspective: What Changed After the Financial Crisis?' organised by the Central Bank of Malta in Valletta, Malta 0745 GMT. STANFORD, California - Federal Reserve Bank of San Francisco President John Williams speaks before the Hoover Institution/Stanford University "Currencies, Capital, and Central Bank Balances: a Policy Conference," - 1900 GMT. STANFORD, California - Federal Reserve Vice Chair for Supervision Randal Quarles makes presentation before panel, "Financial Stability, Regulations and the Balance Sheet" at the Hoover Institution/Stanford University "Currencies, Capital, and Central Bank Balances: a Policy Conference," - 2130 GMT. STANFORD, California - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Kansas City President Esther George and Federal Reserve Bank of Dallas President Robert Kaplan participate in "Monetary Policy and Reform in Practice" panel before the Hoover Institution/Stanford University "Currencies, Capital, and Central Bank Balances: a Policy Conference," - 0000 GMT.
OSLO - Norway Central Bank chief Oystein Olsen and Director Yngve Slyngstad participate in the Parliamentary Hearing before the Standing Committee on Finance and Economic Affairs of the Storting. 0700 GMT. STOCKHOLM - Riksbank General Council Meeting - 1100 GMT. SUNDAY, May 6 AMELIA ISLAND, Florida - Federal Reserve Vice Chair for Supervision Randal Quarles speaks before the 2018 Financial Markets Conference, "Machines Learning Finance: Will They Change the Game?" presented by the Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability - 2300 GMT TOKYO - Bank of Japan releases minutes of Monetary Policy Meeting held on Mar 8 and 9 2350 GMT.
MONDAY, MAY 7
** VANBERG, Sweden - Riksbank First Deputy Governor Kerstin af Jochnick will visit Varberg and Halmstad. She will participate in SEB's lunch meeting on changed behaviour. She will discuss developments on the payment market and the need to analyse a possible e-currency, as well as current monetary policy - 0930 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Philadelphia President Patrick Harker moderates "Research Session 1: Artificial Intelligence and Modern Productivity Paradox: a Clash of Expections and Statistics" panel before conference, "Machines Learning Finance: Will They Change the Game?" presented by the Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability 1800 GMT.
FAIRFAX, Va. - Federal Reserve Bank of Richmond President Tom Barkin speaks in a conversation at an event hosted by George Mason University - 1800 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Atlanta President Raphael Bostic gives welcome remarks before the 2018 Financial Markets Conference, "Machines Learning Finance: Will They Change the Game?" presented by the Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability - 1225 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Dallas President Robert Kaplan and Federal Reserve Bank of Chicago President Charles Evans participate in "Policy Session 3: Learning About an ML-Driven Economy" before the 2018 Financial Markets Conference, "Machines Learning Finance: Will They Change the Game?" presented by the Federal Reserve Bank of Atlanta's Center for Financial Innovation and Stability - 1930 GMT. CASCAIS, Portugal Bank of Canada Deputy Governor Timothy Lane participates in panel discussion at Horasis, Cascais 1900 GMT. TUESDAY, MAY 8 STOCKHOLM - Swedish Central Bank publishes Minutes from the Monetary Policy meeting - 0730 GMT.
WEDNESDAY, MAY 9
JACKSONVILLE, Florida - Federal Reserve Bank of Atlanta President Raphael Bostic speaks on the economic outlook and monetary policy before the World Affairs Council, Jacksonville - 1715 GMT. TOKYO - Bank of Japan to release summary of opinions from board members at its April 26-27 policy meeting 2350 GMT. STOCKHOLM - Riksbank executive board meeting - 0700 GMT. THURSDAY. MAY 10 LONDON - Bank of England publishes summary and minutes of the Monetary Policy Committee meeting and Inflation Report - 1100 GMT. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR) and Monetary Policy Statement. FRIDAY, MAY 11
** SPRINGFIELD, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Springfield Business Development Corporation Meeting, - 1230 GMT. TORONTO, Canada - Bank of Canada Senior Deputy Governor Carolyn A. Wilkins participates in panel discussion at Women's Forum Canada, Toronto - 1300 GMT.
MONDAY, MAY 14
** NEW YORK - Federal Reserve Bank of St. Louis President James Bullard gives presentation before CoinDesk's Consensus 2018 - 1340 GMT. PARIS, France - Federal Reserve Bank of Cleveland President Loretta Mester speaks before the Global Interdependence Center "Central Banking Series with Banque de France," - 0645 GMT OSLO - Norway Central Bank chief Oystein Olsen participates in the Parliamentary Hearing before the Standing Committee on Finance and Economic Affairs of the Storting. 1015 GMT.
TUESDAY, MAY 15 MALMO, Sweden - Riksbank Deputy Governor Cecilia Skingsley will discuss the Riksbank's history and the development of money and she will also hold a breakfast presentation in Malmö on the economic situation and current monetary policy (to May. 16). OSLO - Norway Central Bank Deputy Governor Jon Nicolaisen gives a speech at a meeting hosted by Econa, Hoyres Hus Conference Center, Oslo - 1530 GMT. WEDNESDAY, MAY 16
** ST. LOUIS, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives opening remarks before the Homer Jones Memorial Lecture hosted by the Federal Reserve Bank of St. Louis - 2230 GMT. OTTAWA Bank of Canada Deputy Governor Lawrence Schembri will give speech at CFA Society Ottawa and Ottawa Economics Association 1615 GMT.
FRANKFURT, Germany - ECB Governing Council meeting. No interest rate announcements scheduled.
MONDAY, MAY 21 STOCKHOLM - Riksbank executive board meeting - 0700 GMT. WEDNESDAY, MAY 23 MADRID - Bank of Spain Governor Linde to open a Deloitte-ABC economy event in Madrid - 0730 GMT.
BRUSSELS - The European Business Summit's annual 2-day conference at Egmont Palace in Brussels (to May 24). WASHINGTON, D.C. - U.S. Federal Reserve's Federal Open Market Committee (FOMC) will release minutes from its March 20-21 policy meeting 1800 GMT. STOCKHOLM - Swedish Central Bank publishes The Financial Stability Report 2018:1 - 0730 GMT.
THURSDAY, MAY 24 LONDON - Bank of England Governor Mark Carney gives a speech at the annual dinner of London's Society of Professional Economists 1800 GMT. DALLAS - Federal Reserve Banks of Dallas and Atlanta hold a two-day conference on "Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy". Participants include Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans, Federal Reserve Bank of Philadelphia President Patrick Harker and Federal Reserve Bank of Dallas President Robert Kaplan (to May 25). DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic and his Dallas counterpart, Robert Kaplan, give opening remarks at the conference - 1435 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan moderates "Session I: The Disruption Challenge Facing Business" of the conference - 1500 GMT
DALLAS - Federal Reserve Bank of Philadelphia President Patrick Harker participates in "Session III: Broader Labor Market Implications of Technology-Enabled Disruption" of the conference - 1800 GMT.
DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives introductory remarks before the conference - 0000 GMT.
FRIDAY, MAY 25 STOCKHOLM Central Bank Governor Mark Carney from the Bank of England, Finland's central bank manager Erkki Liikanen and central bank governor Jerome Powell from the Federal Reserve System participate in the Riksbank's 350th conference 0615 GMT. DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Dallas President Robert Kaplan participate in "Session VIII: Policymaker Panel" of the conference - 1545 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives closing remarks at the conference - 1830 GMT. TUESDAY, MAY 29 FRANKFURT - Frankfurt Finance Summit 2018.
WEDNESDAY, MAY 30
WASHINGTON, D.C. - U.S. Federal Reserve issues its Beige Book on economic condition - 1800 GMT. WELLINGTON - Reserve Bank of New Zealand publishes Financial Stability Report. OTTAWA - Bank of Canada key policy interest rate announcement and monetary policy report 1400 GMT. THURSDAY, MAY 31 WHISTLER, Canada - G7 finance and development ministers, as well as central bank governors will meet on the theme of "investing in growth that works for everyone" (to June 2). THURSDAY, JUNE 7
OTTAWA - Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will hold a press conference to discuss the contents of the Financial System Review 1530 GMT.
MONDAY, JUNE 11
STOCKHOLM - Riksbank executive board meeting 1100 GMT.
TUESDAY, JUNE 12 WASHINGTON, D.C. - U.S. Federal Reserve's Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to June 13). THURSDAY, JUNE 14
FRANKFURT - ECB Governing Council meeting, followed by interest rate announcement (external meeting).
FRANKFURT - ECB President Mario Draghi holds a press conference, after the interest rate meeting (external meeting) 1230 GMT.
FRIDAY, JUNE 15
TOKYO - Bank of Japan holds Monetary Policy Meeting.
MONDAY, JUNE 18
STOCKHOLM - Riksbank general council meeting 1100 GMT.
TUESDAY, JUNE 19
HELSINKI - Bank of Finland governor and European Central Bank governing council member Erkki Liikanen is due to hold a press conference in Finland. TOKYO - Bank of Japan releases Minutes of Monetary Policy Meeting held on Apr 26 and 27 2350.
THURSDAY, JUNE 21
BERN - Swiss National Bank Financial Stability Report 2018 0430 GMT. BERN - Swiss National Bank (SNB) Monetary policy assessment with news conference 0730 GMT. OSLO - Norway Central Bank holds Announcement of the Executive Board's interest rate decision and publication of Monetary Policy followed by press conference 0800 GMT.
LONDON - Bank of England announces rate decision and publishes the minutes of the meeting, after the rate decision 1100 GMT.
SUNDAY, JUNE 24
TOKYO - Bank of Japan to release summary of opinions from board members at its Jun. 14-15 policy meeting 2350 GMT.
TUESDAY, JUNE 26
STOCKHOLM - Riksbank executive board meeting 0700 GMT.
WEDNESDAY, JUNE 27
FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.
THURSDAY, JUNE 28
FRANKFURT - General Council meeting of the ECB in Frankfurt. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR). | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/reuters-america-diary-top-economic-events-to-june-28.html |
PARIS--(BUSINESS WIRE)-- IDEMIA, the world leader in Augmented Identity, today announced that it will present its Q1 2018 financial results to investors on Friday May 25, 2018.
Didier Lamouche (CEO) and Frédéric Beylier (COO) will be presenting these financial results and taking questions the same day at 1pm CET (12pm London Time / 7am New York Time).
For more information, please refer to our website: http://investors.oberthur.com
About IDEMIA
OT-Morpho is now IDEMIA, the global leader in Augmented Identity, with the ambition to empower citizens and consumers alike to interact, pay, connect, travel and vote in ways that are now possible in a connected environment.
Securing our identity has become mission critical in the world we live in today. By standing for Augmented Identity, we reinvent the way we think, produce, use and protect this asset, whether for individuals or for objects. We ensure privacy and trust as well as guarantee secure, authenticated and verifiable transactions for international clients from Financial, Telecom, Identity, Public Security and IoT sectors.
OT (Oberthur Technologies) and Safran Identity & Security (Morpho) have joined forces to form IDEMIA. With close to $3 billion in revenues and 14,000 employees around the world, IDEMIA serves clients in 180 countries.
For more information, visit www.idemia.com / Follow @IdemiaGroup on Twitter
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005620/en/
Havas Paris
Manon Gaudefroy
[email protected]
Source: IDEMIA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-idemia-will-present-its-q1-2018-financial-results-to-investors-on-may-25-2018.html |
May 4, 2018 / 4:14 AM / in 4 minutes U.S. job growth picks up, unemployment rate falls to 3.9 percent Lucia Mutikani 7 Min Read
WASHINGTON (Reuters) - U.S. job growth increased less than expected in April and the unemployment rate dropped to near a 17-1/2-year low of 3.9 percent as some out-of-work Americans left the labor force.
The Labor Department’s closely watched employment report on Friday also showed wages barely rose last month, which may ease concerns that inflation pressures are rapidly building up, likely keeping the Federal Reserve on a gradual path of monetary policy tightening.
“Fed officials can rest easy that there is not any wage-based inflation on the horizon,” said Chris Rupkey, chief economist at MUFG in New York. “There is no need to speed up the path of interest rates because inflation isn’t heating up in a worrisome manner.”
Nonfarm payrolls increased by 164,000 jobs last month, the Labor Department reported. Data for March was revised to show the economy adding 135,000 jobs instead of the previously reported 103,000. That was the fewest amount of jobs created in six months and followed an outsized gain of 324,000 in February.
While cold weather in March and April probably held back job growth, hiring is moderating as the labor market hits full employment. Employers, especially in the construction and manufacturing sectors, are increasingly reporting difficulties finding qualified workers.
The drop of two-tenths of a percentage point in the unemployment rate from 4.1 percent in March pushed it to a level last seen in December 2000 and within striking distance of the Fed’s forecast of 3.8 percent by the end of this year. It was the first time in six months that the jobless rate dropped.
But 236,000 people left the labor force in April, adding to the 158,000 who quit in March. The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, fell to 62.8 percent last month from 62.9 percent in March. It was the second straight monthly drop in the participation rate.
Economists polled by Reuters had forecast payrolls rising by 192,000 jobs in April and the unemployment rate falling to 4.0 percent. Average hourly earnings rose 0.1 percent last month after a 0.2 percent gain in March. That left the annual increase in average hourly earnings at 2.6 percent.
The dollar shrugged off the employment data, rising to its highest level this year against a basket of currencies. Stocks on Wall Street rallied, with all three indexes closing more than 1.0 percent higher. U.S. Treasury yields were little changed after dropping to multi-week lows. ‘SUSTAINABLE PACE’
Sluggish wage growth and a slowdown in hiring threaten to undercut the Trump administration’s argument that its $1.5 trillion income tax cut package, which came into effect in January and is highlighted by a sharp drop in the corporate income tax rate, would boost wages and hiring.
Companies like Apple have used their tax windfall for share buybacks and dividends.
President Donald Trump cheered the drop in the unemployment rate on Friday.
“I thought the jobs report was very good. The big thing to me was cracking 4,” Trump told reporters. “That hasn’t been done in a long time ... we’re at full employment. We’re doing great.”
Democrats, however, reiterated their criticism of the tax cuts, saying more than $390 billion in share buybacks had been announced since the passage of the tax bill. A help wanted sign is posted at a taco stand in Solana Beach, California, U.S., July 17, 2017. REUTERS/Mike Blake
“President Trump promised American families that they would see a $4,000 annual raise after the tax plan, so far, average weekly wages have increased $11.69,” Democratic Senator Martin Heinrich said.
But average hourly earnings could be understating wage inflation. The Employment Cost Index, widely viewed by policymakers and economists as one of the better measures of labor market slack, showed wages rising at their fastest pace in 11 years during the first quarter.
Inflation is flirting with the Fed’s 2 percent target.
The Fed’s preferred inflation measure, the personal consumption expenditures price index excluding food and energy, was up 1.9 percent year-on-year in March after a 1.6 percent rise in February.
The U.S. central bank on Wednesday left interest rates unchanged and said it expected annual inflation to run close to its “symmetric” 2 percent target over the medium term.
Economists interpreted symmetric to mean policymakers would not be too worried with inflation overshooting the target.
Two Fed officials who are currently voting members of the central bank’s rate-setting committee showed little concern on Friday about price pressures heating up and said they were keeping an open mind on the total number of rate increases needed this year.
The Fed hiked rates in March and has forecast at least two more increases for 2018.
Economists expect the unemployment rate will drop to 3.5 percent by the end of the year. Monthly job gains have averaged about 200,000 this year, more than the roughly 120,000 needed to keep up with growth in the working-age population.
A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment, dropped to 7.8 percent last month, the lowest level since July 2001, from 8.0 percent in March.
Construction payrolls rebounded by 17,000 jobs last month after recording their first drop in eight months in March. Manufacturing employment increased by 24,000 jobs in April after a gain of 22,000 positions in March.
Payrolls for temporary help, seen as a harbinger of future permanent hiring, rose by 10,300 after falling by 2,100 in March. There was a modest gain in leisure and hospitality employment while wholesale traders laid off workers.
Government payrolls fell 4,000 in April amid a decline in education employment at state governments. Job seekers line up at TechFair in Los Angeles, California, U.S. March 8, 2018. REUTERS/Monica Almeida
“The moderation in job gains over the past two months may mark the beginning of the slow deceleration to a sustainable pace of job gains, which we estimate to be around or a little below 100,000 per month,” said Michael Feroli, an economist at JPMorgan in New York. Reporting by Lucia Mutikani; Additional reporting by Roberta Rampton; Editing by Paul Simao | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-economy-jobs/u-s-jobs-growth-expected-to-regain-momentum-in-april-idUSKBN1I508J |
NEW YORK, Spherix Inc. (NASDAQ: SPEX) ("Spherix" or the "Company"), today announced that the Company has negotiated amended terms of the pending acquisition of DatChat Inc., an encrypted personal privacy platform, focused on encrypted communication, internet privacy and digital rights management.
The Company's Board of Directors determined there were material changes in the Company's operations since the date the original merger agreement was executed. Since then, the Company has retained a computer programmer and a developer to help advance DatChat and that assistance is already being provided by Spherix. The Company has also purchased additional Etherium mining equipment to support DatChat's efforts. Moreover, the Company now has approximately $5.2 million in cash to fund operations and further support DatChat's development.
In addition to the above, the Company is pleased to announce that Mr. Greg Blattner has agreed to join the Spherix Board of Directions. Mr. Blattner is the Business Development Manager at Agio. Agio ( www.agio.com) is a Managed IT and Cybersecurity Services Provider that focuses on servicing finance companies. Mr. Blattner's addition is a tremendous value to the Company, as his current company has designed, developed and commercialized cyber security services and products. Mr. Blattner's skill set, which also includes working with developers and programmers, will help guide Spherix towards the monetization of DatChat.
Anthony Hayes, CEO of Spherix, stated, "Today's announcement represents a substantial reduction in the price paid for DatChat and 11,538,479 shares in reduced dilution to our shareholders. We have already developed a strong partnership with DatChat and we thank them for agreeing to this amendment. We look forward to working together to grow this great technology. In addition, we are very pleased that Mr. Greg Blattner has agreed to join our Board of Directors. Mr. Blattner's experience provides the knowledge and experience to build and commercialize a cyber security product.
Closing of the transaction is subject to usual and customary conditions for a transaction of this nature, including shareholder approval.
About Spherix
Spherix Incorporated was launched in 1967 as a scientific research company. Spherix is committed to advancing innovation by participation in the development of new technology.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Contact :
Investor Relations:
Hayden IR
Brett Maas, Managing Partner
Phone: (646) 536-7331
Email: [email protected]
www.haydenir.com
Spherix:
Phone: 212-745-1373
Email: [email protected]
www.spherix.com
View original content with multimedia: releases/spherix-announces-adjustment-to-datchat-acquisition-consideration-300643397.html
SOURCE Spherix Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-spherix-announces-adjustment-to-datchat-acquisition-consideration.html |
0 COMMENTS Readers can subscribe to The Morning Risk Report here: http://on.wsj.com/MorningRiskReportSignup . Follow us on Twitter at @WSJRisk. Join us at our London offices on May 11 for a discussion of how the risks are changing in sanctions. Mara Lemos Stein will interview Michael O’Kane of Peters & Peters and Justine Walker of U.K. Finance. http://go.dowjones.com/BreakfastBriefingMay11London .
A street in Tehran on Tuesday, when President Donald Trump announced the U.S. will withdraw from the Iranian nuclear deal. STRINGER/EPA-EFE/REX/Shutterstock Good morning. Foreign subsidiaries of U.S. companies have six months to leave Iran, according to U.S. government guidance released alongside President Donald Trump’s decision Tuesday to exit the nuclear agreement.
The Iran agreement lifted some U.S. and international sanctions in exchange for Tehran freezing its nuclear program but Mr, Trump called it “defective at its core” during his remarks Tuesday. International watchdogs, European allies and others have said Iran was complying with its end of the deal.
When announcing his decision Mr. Trump said he would impose “the highest level of economic sanctions” against Iran, adding the U.S. would target any nation that helps Iran pursue nuclear weapons. The sanctions will take effect over certain 90- and 180-day periods, depending on the specific type of prohibited transaction, according to the U.S. Treasury Department.
A provision watched closely by sanctions observers was General License H, which allowed foreign subsidiaries of U.S. companies, under certain conditions, to enter into business with Iran. That license expires Nov. 4, according to the guidance issued Tuesday.
Treasury will consider a company’s efforts to exit their operations when considering potential enforcement actions concerning business with Iran after the Nov. 4 deadline, the guidance said.
Companies and banks engaged in Iran will begin assessing their sanctions exposure and at a minimum determine what they need to do to wind down operations, said Andrew Keller, partner at law firm Hogan Lovells LLP. “The aftershocks of today’s announcement will hit businesses around the world,” he said.
As a result of the announcement U.S. sanctions on Iran revert to their pre-agreement state, said Douglas Jacobson, a partner at the international trade-focused firm Jacobson Burton Kelley PLLC. European Union reaction to the decision is important, he said. “EU companies will be faced with the choice of complying with EU law or U.S. law,” said Mr. Jacobson.
Mr. Trump will face immediate diplomatic challenges in his quest to isolate Iran, said Peter Harrell, an adjunct senior fellow with the Center for a New American Security. For example, it will be difficult to get countries, such as China to resume reducing their oil purchases, or to get Iranian banks back off of Swift, the international financial messaging network, he said. “There is not a lot of ambiguity in Trump’s announcement,” he said.
One attorney welcomed the clear timeline for the sanctions on Iran, saying he’d thought there’d be some initial confusion about how the measures would come back into place. “There is some benefit to that kind of clarity” from the U.S. government, said Jason Waite, a partner in the international trade practice at the firm Alston & Bird.
COMPLIANCE
New York names special prosecutor for ex-official . New York Gov. Andrew Cuomo appointed Madeline Singas, Nassau County’s district attorney, as a special prosecutor to investigate claims against former state Attorney General Eric Schneiderman, Mr. Schneiderman, who resigned Monday, denied allegations by four women that he physically assaulted them, the WSJ reports.
Nassau County District Attorney Madeline Singas has been named as a special prosecutor to investigate former Attorney General Eric Schneiderman. PHOTO: SETH WENIG/ASSOCIATED PRESS Congress overturns auto-loan rule. The U.S. House voted to kill an Obama-era regulation designed to curb racial discrimination in auto financing. The Senate had already approved the move, so the legislation now advances to President Donald Trump, who is expected to sign it into law, the WSJ reports.
Hedge fund to pay over insider-trading allegations. Visium Asset Management will pay more than $10 million to settle allegations by securities regulators that included breaking insider-trading rules when it traded drug-company stocks based on tips from inside the U.S. government starting in 2011. The hedge fund didn’t admit or deny the allegations, the WSJ reports.
REPUTATION
More executives leave Nike. A probe of alleged harassment and discrimination against women has led to five more executives leaving the company, the NYT reports. The exits bring to 11 the number of executives who are known to have left amid the probe. None of the five responded to requests for comment.
RISK
California counties seek opioid compensation. Thirty counties in California are filing lawsuits in federal court seeking recovery for alleged taxpayer losses from makers and distributors of opioid painkillers. The companies have repeatedly denied opioid-related claims against them, the WSJ reports.
OPERATIONS
Fire at parts supplier hits Ford. Ford Motor Co. expects to lay off several thousand workers temporarily at a Michigan factory that assembles its F-150 pickup truck after a fire last week damaged the premises of a parts supplier, the WSJ reports. The blaze was at a plant run by Meridian Lightweight Technologies , run by China’s Wanfeng Auto Holding Group .
STRATEGY
Vodafone to buy some Liberty Globalsets. Britain’s Vodafone Group PLC agreed to a nearly $23 billion deal to buy operations in four European countries from John Malone’s Liberty Global PLC , a merger that would create one of the continent’s biggest telecommunications carriers, the WSJ reports.
The Liberty Global and Vodafone deal would represent the latest in a global trend of wireless carriers acquiring cable operations. PHOTO: CHRIS RATCLIFFE/BLOOMBERG NEWS Japan’s Recruit to buy Glassdoor . Glassdoor Inc. , the popular job-hunting platform that gives people a window into conditions at hundreds of thousands of companies, has agreed to be acquired by Japan’s Recruit Holdings for $1.2 billion cash. Recruit Holdings is a full-service human-resources firm, the WSJ reports.
Softbank says Walmart to buy Flipkart. Walmart Inc. has reached an agreement to buy the Indian e-commerce company Flipkart , according to Masayoshi Son, chief executive of Softbank Group , which is one of Flipkart’s biggest shareholders, Reuters reports. An announcement of the deal is expected Wednesday.
The Morning Risk Report from WSJ’s Risk & Compliance Journal cues up the most important news in risk and compliance every weekday morning. Send tips, suggestions and complaints to [email protected] .
Share this: Andrew Cuomo auto-loan rule California opioids Flipkart Ford Motor Glassdoor IRAN DEAL Iran Sanctions Liberty Global Madeline Singas Meridian fire Nike Recruit Schneiderman special counsel Visium Vodafone Walmart Previous Corruption Currents: Ex-Chinese Official Gets Life for Bribery Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte On the Board’s Agenda: Corporate Culture Risk and the Board Recent corporate scandals linked to problematic company cultures have led directors to look for ways to better monitor corporate culture, while trying to understand potential risks and address problems before they become a significant challenge. By treating culture risk as part of an integrated process of oversight that addresses strategy, performance, and risk—and taking a proactive and persistent approach—boards can improve their oversight of culture risk. Learn some general approaches to culture risk oversight that management and boards alike should consider.
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Every new iPad does 'less and less good things for you': Strategist 4 Hours Ago The only future for Apple is in achieving "another technological breakthrough," says David Roche of Independent Strategy. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/every-new-ipad-does-less-and-less-good-things-for-you-strategist.html |
0 COMMENTS
After graduating in the mid-1950s from Columbia University with a degree in English literature, Peter Mayer was at loose ends.
Inspired by Joseph Conrad novels, he worked for a spell on merchant marine ships plying routes between New York and Panama. Then, bumming around Spain, he acted in a movie that wasn’t released and wrote a novel (“The Great Ice Cream Affair”) that wasn’t published.
His parents, German-speaking Jewish immigrants from Europe, made one thing clear when he returned home to New York: Writing might be fine as a sideline, but he needed a day job to pay his bills. He soon made a splash working for paperback publishers in New York. He had dark curly hair, movie-idol looks and a knack for finding big-selling books others had overlooked.
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“I’m very happy,” he said in a 2015 Web of Stories oral history. “I publish books, and I think I can do that until I drop.” He was still shepherding book projects when he died May 11 of complications from amyloidosis at his home in Manhattan, at age 82.
He had no idea what he was in for in 1988 when Penguin’s Viking imprint released Salman Rushdie’s “Satanic Verses.” Islamic scholars found the book blasphemous, setting off riots and book bonfires around the world. Ayatollah Khomeini of Iran issued a fatwa, or religious decree, calling on the faithful to kill Mr. Rushdie, who went into hiding. A Japanese translator of the novel was stabbed to death.
Mr. Mayer refused to withdraw the book and said terrorists must not be allowed to decide what can be published. Amid heavy security at Penguin offices, where dogs sniffed incoming mail, he did delay publication of the paperback version, in defiance of Mr. Rushdie’s wishes. Mr. Mayer said he had already made his point by keeping the hardback in circulation and wouldn’t endanger his staff further. “I will now not stick a poker in the eye of the people who are angry about this book,” he recalled thinking. “I’ll let things calm down.”
Peter Michael Mayer, an only child, was born March 28, 1936, in London. When he was 4, his family resettled in New York, and his father ran a glove-making business.
At 16, Peter Mayer jumped from high school to Columbia University. He spent a year abroad at the University of Oxford and earned his Columbia degree four years later.
He moonlighted as a New York taxi driver. One snowy night, he picked up the poet Allen Ginsberg and friends on the Lower East Side. They invited him to a party, and around 2 a.m. someone suggested a trip to San Francisco. Mr. Mayer volunteered and began driving them west in his cab. The cab company found out a couple days later. “I got fired somewhere around Kansas City,” Mr. Mayer recalled.
After a stint in the Army, Mr. Mayer got job offers on the same day from the august Alfred A. Knopf publishing house and tiny Orion Press. He chose Orion because he figured he would learn more at a small publisher. “It is better to be in the center of small things than to be on the periphery of big things,” he said later.
He moved on to Avon Books and generated huge sales by reviving the Henry Roth novel “Call It Sleep.” In the late 1970s, Penguin recruited him as CEO.
He arrived in London in late 1978 during the “Winter of Discontent,” when Britain was hobbled by strikes and sunk in gloom. “Nobody was working very hard in Britain at all,” he said.
When he called meetings, many Penguin editors and managers didn’t show up. He decided to hold all meetings on Mondays and Fridays. “Absenteeism went down unbelievably because it was quite clear who wasn’t there on Mondays and Fridays, who was extending their weekends,” he said.
Employees refused to pick up phones for colleagues who were away. “It’s not my job,” they told Mr. Mayer. He began answering phones all over the building. “It started to embarrass people to have the CEO pick up everybody’s phone, and soon they started picking up their own phones or helping their buddies,” he said.
His mass-market novels, including racy romances dubbed bonkbusters, horrified old-timers who preferred a more elitist approach. Mr. Mayer explained that Penguin could continue publishing literary novels only if it bumped up profits by putting out popular titles too.
He lost passports and other necessities, ignored no-smoking signs and was so worn out by global travels that he sometimes dozed in meetings, but colleagues prized his charm, erudition and passion for literature.
Peter Mayer in his younger years. Photo: The Overlook Press At his family-owned Overlook Press, he revived “Freddy the Pig” books he remembered from childhood and published everything from literature to Sudoku puzzle books.
His marriage to Mary Hall ended in divorce. He is survived by his partner, Sophy Thompson ; his daughter, Liese Mayer; and a granddaughter.
In his oral history, Mr. Mayer remembered sitting in a coin laundry as a young man and realizing he feared nothing but terminal illness. If he lost a job, he was sure, he could always find another. “I was liberated,” he said, “and I’ve never been frightened since.”
Write to James R. Hagerty at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/peter-mayer-revived-penguin-books-by-giving-readers-what-they-wanted-1527258600 |
Compliance Levels at All Time High, Total Connections Up Over 50% Year-Over-Year
MarketPlace Scales to More Than 700 Suppliers and 100,000 SKUs
Total Converged Platform Now Encompasses More Than 250,000 Connections
Growth Expected to Reaccelerate in Fiscal Fourth Quarter
SALT LAKE CITY--(BUSINESS WIRE)-- Park City Group, Inc. (NASDAQ:PCYG), the parent company of ReposiTrak, Inc., a compliance, supply chain, and e-commerce platform that partners with retailers, wholesalers, and their suppliers, to accelerate sales, control risk, and improve supply chain efficiencies, announced financial results for its fiscal 2018 third quarter ended March 31, 2018.
Strategic and Financial Highlights:
Revenue increased 11% to $5.3 million, growth to reaccelerate in fiscal fourth quarter. “Due to unexpectedly high interest in MarketPlace, we increased investment and focused resources on this initiative. Specifically, the Success Team engaged their customers in pre-revenue recruitment for MarketPlace which pushed other opportunities out of the quarter,” said Randall K. Fields. “As a result, MarketPlace revenue is expected to begin to scale in the fiscal fourth quarter, well ahead of plan. This will compound growth from pending deals for other services on our converged platform, giving us a high level of confidence that growth will reaccelerate to our targeted range in the fiscal fourth quarter.” MarketPlace is successfully driving incremental revenue growth for ReposiTrak suppliers. “MarketPlace has been deployed by a major retailer, and we are now processing hundreds of orders per week for its suppliers,” said Mr. Fields. “This retailer is expanding the use of MarketPlace to new categories, providing an even stronger endorsement of our unique capabilities. By enhancing this retailer’s local control of product assortment, while driving more revenue to our suppliers, MarketPlace makes our converged platform very attractive to both parties, increasing demand for all of our services.” Rapid scaling of MarketPlace to more than 700 suppliers attracts growing pipeline of HUBs. “We now have more than 700 suppliers in MarketPlace with nearly 100,000 SKUs available to buyers,” said Mr. Fields. “The addition of suppliers makes MarketPlace more attractive to buyers, and more buyers makes MarketPlace more attractive to suppliers, creating a virtuous circle. Based on our current pipeline, we expect to add several new HUBs to MarketPlace in the coming months. As a result, we are confident MarketPlace will make a substantial contribution to growth in fiscal 2019. Enhanced focus on supplier HUB compliance to accelerate growth of this segment. “With total compliance connections increasing more than 50% year-over-year, we have cemented our dominance with retail and wholesale HUBs. We are now investing aggressively to tackle the supplier HUB segment by adding food safety applications and audit capabilities to help suppliers better manage these data-intensive processes with a single, easy-to-use solution. As a result, we are seeing a dramatic increase in the rate of supplier HUB sign ups. With literally tens of thousands of suppliers in our network, we expect this segment will join MarketPlace as a growth driver in fiscal 2019,” said Mr. Fields. Interest in supply chain and multi-services deals on converged platform continues to rise. “Our converged platform now encompasses more than 250,000 connections across all services,” said Mr. Fields. “As a result, our network has reached the point where its scale is attracting more customers, and driving a trend toward larger supply chain and multi-service deals. We are currently in negotiations with several customers for large supply chain deals and other multi-service engagements to support continued growth. These take longer to close and must be artfully integrated into the Success Team’s workflow, adding variability to our quarterly results.” First international partnership points to initial fruits of strategic initiative. “Our partnership with SerTech Exchange Ltd. will bring the power of the ReposiTrak platform and “speed retail” concept to the European market. SerTech’s strong relationships in the European retail food and food services markets offers us a pathway to explore the significant opportunities offered by the Global market for our solutions without losing our focus on execution for our domestic customers,” said Mr. Fields. “ReposiTrak has a strong record of creating value for U.S. retailers, and we will continue to explore opportunities to expand our presence in new geographical and vertical markets.”
Financial Results Summary:
Fiscal 3Q18 Quarterly Results: Total revenue increased 11% to $5.3 million for the three months ended March 31, 2018, as compared to $4.7 million during the same period a year ago. Total operating expenses were $4.8 million, a 27% increase from $3.8 million a year ago, primarily reflecting costs related to new product introductions, including MarketPlace and the expansion of ReposiTrak’s compliance capabilities to include new attributes. GAAP net income was $457,000, or 9% of revenue, versus $901,000 a year ago, and GAAP net income to common shareholders was $311,000, or $0.02 per diluted share, as compared to $699,000, or $0.03 per diluted share, a year ago.
Fiscal 2018 Year-to-Date Results: Total revenue increased 14% to $15.7 million for the nine months ended March 31, 2018, as compared to $13.8 million during the same period a year ago. Total operating expenses were $13.5 million, a 26% increase from $10.7 million a year ago, primarily reflecting costs related to new product introductions, including MarketPlace and the expansion of ReposiTrak’s compliance capabilities to include new attributes. GAAP net income was $2.1 million, or 14% of revenue, versus $2.9 million in the same period a year ago, and GAAP net income to common shareholders was $1.7 million, or $0.08 per diluted share, as compared to $2.3 million, or $0.11 per diluted share, in the same period a year ago.
Conference Call:
The Company will host a conference call at 4:15 P.M. Eastern today, May 10, 2018 to discuss the results. Investors and interested parties may participate in the call by dialing 800-263-0877 and referring to Conference ID: 3469837. The conference call is also being webcast and is available via the investor relations section of the Company’s website, www.parkcitygroup.com .
About Park City Group:
Park City Group, Inc. (NASDAQ:PCYG), the parent company of ReposiTrak, Inc., a compliance, supply chain, and e-commerce platform that partners with retailers, wholesalers, and their suppliers, to accelerate sales, control risk, and improve supply chain efficiencies. More information is available at www.parkcitygroup.com and www.repositrak.com .
Specific disclosure relating to Park City Group, including management’s analysis of results from operations and financial condition, are contained in the Company’s annual report on Form 10-Q for the fiscal quarter ended March 31, 2018 and other reports filed with the Securities and Exchange Commission. Investors are encouraged to read and consider such disclosure and analysis contained in the Company’s Form 10-Q and other reports, including the risk factors contained in the Form 10-K for the fiscal year ended June 30, 2017.
Park City Group, Inc.
INCOME STATEMENT
3 Months Ended 9 Months Ended FY ENDS June 3/31/18 3/31/17 % Chg. 3/31/18 3/31/17 % Chg. Total Revenues $ 5,278,783 $ 4,748,652 11 % $ 15,715,654 $ 13,750,786 14 % Operating Expenses Cost of Services and Product Support (1,805,256 ) (1,342,772 ) 34 % (4,649,620 ) (3,736,691 ) 24 % Sales and Marketing (1,574,663 ) (1,350,726 ) 17 % (4,781,752 ) (3,702,975 ) 29 % General and Administrative (1,293,727 ) (1,006,605 ) 29 % (3,569,584 ) (2,967,842 ) 20 % Depreciation and Amortization (165,189 ) (106,899 ) 55 % (487,815 ) (336,340 ) 45 % Total Operating Expenses (4,838,835 ) (3,807,002 ) 27 % (13,488,771 ) (10,743,848 ) 26 % Operating Income $ 439,948 $ 941,650 (53 %) $ 2,226,883 $ 3,006,938 (26 %) Interest Income (Expense) 17,730 (4,729 ) (475 %) (12,157 ) (18,052 ) (33 %) Income Before Taxes 457,678 936,921 (51 %) 2,214,726 2,988,886 (26 %) Provision for Taxes (349 ) (35,471 ) NM (76,063 ) (94,655 ) (20 %) Net Income $ 457,329 $ 901,450 (49 %) $ 2,138,663 $ 2,894,231 (26 %) Dividends on Preferred Stock (146,611 ) (202,036 ) (27 %) (426,737 ) (584,288 ) (27 %) Net Income to Common Shareholders $ 310,718 $ 699,414 (56 %) $ 1,711,926 $ 2,309,943 (26 %) GAAP EPS, Basic $ 0.02 $ 0.04 (56 %) $ 0.09 $ 0.12 (27 %) GAAP EPS, Diluted $ 0.02 $ 0.03 (56 %) $ 0.08 $ 0.11 (26 %) Weighted Average Shares, Basic 19,648,000 19,390,000 19,519,000 19,331,000 Weighted Average Shares, Diluted 20,321,000 20,353,000 20,250,000 20,251,000 Park City Group, Inc.
RECONCILIATION OF NON-GAAP ITEMS
3 Months Ended
9 Months Ended FY ENDS June 3/31/18 3/31/17 % Chg. 3/31/18 3/31/17 % Chg. Net Income $ 457,329 $ 901,450 (49 %) $ 2,138,663 $ 2,894,231 (26 %) Adjustments: Depreciation and Amortization 165,189 106,899 55 % 487,817 336,340 45 % Interest Expense (Income) (17,730 ) 4,729 NM 12,157 18,052 (33 %) Provision for Taxes 349 35,471 (99 %) 76,063 94,655 (20 %) Other (Incl. Bad Debt Exp.) 100,000 75,000 33 % 295,050 230,700 28 % Stock Compensation Expense 101,649 383,509 (73 %) 489,748 961,589 (49 %) Adjusted EBITDA $ 806,786 $ 1,507,058 (46 %) $ 3,499,498 $ 4,535,567 (23 %) Net Income $ 457,329 $ 901,450 (49 %) $ 2,138,663 $ 2,894,231 (26 %) Adjustments: Stock Compensation Expense 101,649 383,509 (73 %) 489,748 961,589 (49 %) Acquisition Related Amortization 32,850 32,850 - 98,550 98,550 - Adjusted non-GAAP Net Income 591,828 1,317,809 (55 %) 2,726,961 3,954,370 (31 %) Preferred Dividends (146,611 ) (202,036 ) (27 %) (426,737 ) (584,288 ) (27 %) Adjusted non-GAAP Net Income to Common Shareholders $ 445,217 $ 1,115,773 (60 %) $ 2,300,224 $ 3,370,082 (32 %) Adjusted Non-GAAP EPS $ 0.02 $ 0.05 (60 %) $ 0.11 $ 0.17 (32 %) Weighted Average Shares, Diluted 20,321,000 20,353,000 20,250,000 20,251,000 Park City Group, Inc.
CONSOLIDATED BALANCE SHEET
Period Ended FY ENDS June 3/31/18 6/30/17 Assets Current Assets: Cash $ 14,828,160 $ 14,054,006 Accounts Receivables, Net Allowences 6,713,690 4,009,127 Prepaid Expenses and Other Current Assets 1,282,667 643,600 Total Current Assets $ 22,824,517 $ 18,706,733 Property and Equipment, Net $ 1,985,021 $ 2,115,277 Other Assets: Long-Term Receivables, Deposits, and Other 1,136,711 2,540,291 Investments 477,884 477,884 Customer Relationships 952,650 1,051,200 Goodwill 20,883,886 20,883,886 Capitalized Software Costs, Net 193,441 137,205 Total Other Assets $ 23,644,572 $ 25,090,466 Total Assets $ 48,454,110 $ 45,912,476 Liabilities Current Liabilities: Accounts Payable $ 1,253,560 $ 565,487 Accrued Liabilities 1,264,721 2,084,980 Deferred Revenue 2,360,394 2,350,846 Lines of Credit 3,230,000 2,850,000 Current Portion of Notes Payable 186,495 318,616 Total Current Liabilities $ 8,295,170 $ 8,169,929 Long-Term Liabilities: Notes Payable, Less Current Portion 1,641,064 1,996,953 Other Long-Term Liabilities 14,642 36,743 Total Long-Term Liabilities $ 1,655,706 $ 2,033,696 Total Liabilities $ 9,950,876 $ 10,203,625 Shareholder Equity Series B Preferred $ 6,254 $ 6,254 Series B-1 Preferred 2,124 2,859 Common Stock 197,657 194,241 Additional Paid-In Capital 76,634,385 75,489,189 Accumulated Deficit (38,337,186 ) (39,983,692 ) Total Shareholder Equity $ 38,503,234 $ 35,708,851 Total Liabilities and Shareholder Equity $ 48,454,110 $ 45,912,476 Park City Group, Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS
9 Months Ended FY ENDS June 3/31/18 3/31/17 Cash Flows From Operating Activities: Net Income $ 2,138,663 $ 2,894,231 Adj. to Reconcile Net Income to Net Cash from Operating Activities: Depreciation and Amortization 487,815 336,340 Stock Compensation Expense 489,748 961,589 Bad Debt Expense 295,050 230,700 Decrease (Increase) in Accounts Receivables (2,999,613 ) (444,022 ) Decrease (Increase) in LT Receivables, Prepaid Expenses and Other Assets 764,513 (1,722,362 ) Increase (Decrease) in Accounts Payable 688,073 169,504 Increase (Decrease) in Accrued Liabilities (98,821 ) 92,281 Increase (Decrease) in Deferred Revenue 9,548 (558,576 ) Net Cash From (Used In) Operating Activities $ 1,774,976 $ 1,959,685 Cash Flows From Investing Activities: Capitalization of Software Costs (111,241 ) - Purchase of Property and Equipment (204,004 ) (337,777 ) Purchase of Long-Term Investments - (3,150 ) Net Cash From (Used In) Investing Activities $ (315,245 ) $ (340,927 ) Cash Flows From Financing Activities: Proceeds from Exercise of Options and Warrants 666,903 121,625 Net Increase in Line of Credit 380,000 130,432 Proceeds from Employee Stock Plans 244,417 223,465 Proceeds from Issuance of Notes Payable 56,078 207,345 Dividends Paid (488,897 ) (7,932 ) Payments on Notes Payable and Capital Leases (544,088 ) (194,539 ) Preferred Stock Redemption (999,990 ) - Net Cash From (Used In) Financing Activities $ (685,577 ) $ 480,396 Net Increase (Decrease) in Cash $ 774,154 $ 2,099,154 Cash at Beginning of Period 14,054,006 11,443,388 Cash at End of Period $ 14,828,160 $ 13,542,542 Non-GAAP Financial Measures
While this press release does not include non-GAAP financial measures, the financial presentation below contains certain financial measures defined as “non-GAAP financial measures” by the Securities and Exchange Commission, including non-GAAP EBITDA and non-GAAP earnings per share. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. Reconciliations of these non-GAAP financial measures to the nearest comparable GAAP measures will be provided upon the completion of the Company’s annual audit.
Non-GAAP EBITDA excludes items such as impairment charges, allowance for doubtful accounts, non-cash stock-based compensation and other one-time cash and non-cash charges. Non-GAAP EPS excludes items such as non-cash stock-based compensation, amortization of acquired intangible assets and other one-time cash and non-cash charges. The Company believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses or net purchases of property and equipment, as the case may be, which may not be indicative of its core operation results and business outlook. Because Park City Group has historically reported certain non-GAAP results to investors, the Company believes that the inclusion of non-GAAP measures in the financial presentation below allows investors to compare the Company’s financial results with the Company’s historical financial results reported using non-GAAP financial measures, as well as with the financial results reported by others.
Forward-Looking Statement
Any statements contained in this document that are not historical facts are as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “if”, “should” and “will” and similar expressions as they relate to Park City Group, Inc. (”Park City Group”) are intended to identify such . Park City Group may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see “Risk Factors” in Park City’s annual report on Form 10-K, its quarterly report on Form 10-Q, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these , which speak only as of the dates on which they are made.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006046/en/
Investor Relations:
Park City Group, Inc.
Todd Mitchell, CFO, 435-645-2216
[email protected]
Source: Park City Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-park-city-group-reports-fiscal-third-quarter-2018-results.html |
PANAMA CITY, April 30, 2018 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. ("Bladex" or "the Bank") (NYSE: BLX) announced today that the Bank filed its annual report on Form 20-F for the fiscal year ended December 31, 2017 (the "2017 Annual Report") with the U.S. Securities and Exchange Commission (the "SEC").
The 2017 Annual Report and audited financial statements can be accessed by visiting either the SEC's website at www.sec.gov or Bladex's website at www.bladex.com . The Bank can also provide a copy of the Bank's audited financial statements or annual report on Form 20-F, upon a written request and without charge.
Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to promote foreign trade finance and economic integration in the Region.
The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, Peru, and the United States of America, supporting the regional expansion and servicing its customer base, which includes financial institutions and corporations.
Bladex is listed on the NYSE in the United States of America (NYSE: BLX), since 1992, and its shareholders include: central banks and state-owned banks and entities representing 23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors through its public listing.
For further information, please access Bladex's website at www.bladex.com or contact:
Mrs. Ana Graciela de Méndez, Chief Financial Officer
E-mail address: [email protected] , Tel.: (+507) 210-8563
Head Office Address: Torre V, Business Park, Avenida La Rotonda, Urb. Costa del Este,
Panama, Republic of Panama
View original content with multimedia: http://www.prnewswire.com/news-releases/bladex-files-annual-report-on-form-20-f-300639362.html
SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-bladex-files-annual-report-on-form-20-f.html |
May 7 (Reuters) - Carbonite Inc:
* CARBONITE ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 NON-GAAP EARNINGS PER SHARE $0.29
* Q1 EARNINGS PER SHARE $0.42 * Q1 EARNINGS PER SHARE VIEW $0.22 — THOMSON REUTERS I/B/E/S
* REVENUE FOR Q1 WAS $64.0 MILLION, AN INCREASE OF 12% FROM $57.1 MILLION IN Q1 OF 2017
* SEES Q2 GAAP REVENUE $75.8 - $77.8 MILLION
* SEES Q2 NON-GAAP REVENUE $78.0- $80.0 MILLION
* SEES Q2 2018 NON-GAAP NET INCOME PER SHARE $0.34 - $0.38
* SEES Q2 NON-GAAP NET INCOME PER SHARE $0.34 - $0.38
* SEES FULL YEAR 2018 GAAP REVENUE $296.9 - $306.9 MILLION
* SEES FULL YEAR 2018 NON-GAAP REVENUE $302.5 - $312.5 MILLION
* SEES FULL YEAR 2018 NON-GAAP NET INCOME PER SHARE $1.51 - $1.59
* FY2018 EARNINGS PER SHARE VIEW $1.49, REVENUE VIEW $307.9 MILLION — THOMSON REUTERS I/B/E/S
* SEES FULL YEAR 2018 BUSINESS BOOKINGS $223.8 - $234.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.22, REVENUE VIEW $63.9 MILLION — THOMSON REUTERS I/B/E/S
* SEES FULL YEAR 2018 ADJUSTED FREE CASH FLOW $32.0 - $38.0 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-carbonite-q1-earnings-per-share-04/brief-carbonite-q1-earnings-per-share-0-42-idUSASC0A06O |
Appointment brings valuable leadership and expertise in growing information technology businesses
BOSTON--(BUSINESS WIRE)-- Sonde Health Inc. , an affiliate of PureTech Health (PureTech Health plc, PRTC.L) developing a voice-based technology platform for monitoring and diagnosing mental and physical medical conditions, today announced that Thai Lee, President and Chief Executive Officer of SHI International Corporation, has joined Sonde’s Board of Directors. Ms. Lee brings a wealth of experience in building and scaling-up one of the largest information technology solutions companies in the world, with $10 billion of annual sales.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180501006721/en/
Thai Lee has joined Board of Directors at Sonde Health (Photo: Business Wire)
“We are excited to welcome Thai to the Board of Directors of Sonde Health as the team advances this leading vocal biomarker technology platform,” said Joi Ito, Chairman of the Board of PureTech Health & Director of the MIT Media Lab. “Thai will contribute her enormous experience to further unlock the power of voice as a platform for detecting physical and mental health conditions.”
Ms. Lee said, “By leveraging machine learning to derive valuable health information from billions of daily voice interactions while maintaining privacy and security, I believe Sonde’s technology is well-suited to meet the high demand for innovative solutions that improve the early recognition and treatment of high-burden health conditions. I am enthusiastic to be joining Sonde’s Board of Directors and working with this creative and dynamic team.”
Ms. Lee is the co-founder of SHI International Corporation, where she currently serves as President and Chief Executive Officer. SHI International is a global provider of information technology products and solutions. Under Ms. Lee’s leadership, SHI has transformed from a $1 million software reseller into a $10 billion in annual sales global provider of information technology products and solutions with 35 offices around the world. Previously, Ms. Lee was involved in brand management for Procter & Gamble.
Ms. Lee serves on the Board of Dean’s Advisors at Harvard Business School, as Vice Chair of Harvard University’s Campaign Executive Committee, and is a Life Trustee at Amherst College. She has been recognized as a top leader and innovator in information technology. In 2012, she was named Ernst & Young's Entrepreneur of The Year, and in 2013, she received the Harvard Business School’s Alumni Achievement Award for distinguished graduates who have contributed significantly to their companies and communities. Ms. Lee holds a BA in Economics and Biology from Amherst College and an MBA in General Management and Leadership from Harvard Business School.
“Thai’s contributions will greatly enhance our ability to realize the extraordinary promise of our vocal biomarker technology,” said Jim Harper, co-founder and Chief Operating Officer of Sonde Health. “Sonde’s vision is to seamlessly turn voice commands to phones and speakers into snapshots of speaker health that catalyze numerous opportunities to partner and improve health and healthcare experiences. To do so, we are building out and scaling Sonde’s platform and information services with unwavering focus on service, quality, value, and security. Thai’s incredible successes at SHI demonstrate her ability to build and lead diverse teams that consistently deliver across these key domains, and I am grateful she has agreed to join us.”
About Sonde Health
Sonde Health , an affiliate of PureTech Health (PureTech Health plc, PRTC.L) is developing a voice-based technology platform to monitor and diagnose psychological and physical medical conditions. Sonde’s proprietary technology works by sensing and analyzing subtle changes in the voice to create a range of persistent brain, muscle, and respiratory health measurements that provide a more complete picture of health in just seconds. To date, Sonde has collected voice data from over 3,000 subjects as part of the ongoing validation of its platform, and it has also initiated research and development to expand its proprietary technology into Alzheimer's, respiratory, and cardiovascular disease, as well as other health and wellness conditions. Sonde’s Vocal Biomarker program has demonstrated the potential to effectively screen and monitor for disease using information obtained from an individual’s voice on commonly-owned devices and it has the potential to fundamentally change the way mental and physical health is monitored and diagnosed.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006721/en/
For Sonde Health Inc.
Investors
Allison Mead Talbot, +1 617-651-3156
[email protected]
or
US media
Tom Donovan, +1 857-559-3397
[email protected]
Source: Sonde Health Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-sonde-health-appoints-thai-lee-to-board-of-directors.html |
May 17, 2018 / 11:04 AM / Updated an hour ago Britain to avoid motor insurance red tape after Brexit - trade body Reuters Staff 2 Min Read
LONDON (Reuters) - The UK government plans to keep Britain within an international motor insurance accord, cutting red tape for drivers and hauliers travelling in European Union states after Brexit, an insurance trade body said on Thursday. FILE PHOTO: Jaguar cars are seen parked in rows at the Castle Bromwich plant in Birmingham, central England, January 19, 2009. REUTERS/Darren Staples/File Photo
“The DfT (Department for Transport) wrote to the ABI (Association of British Insurers) this week stating that the government has formally decided to keep the UK within the Motor Insurance Free Circulation Zone,” the ABI said in a statement.
The ABI said that, once this decision was approved by the European Commission, “drivers, haulage operators and insurers will not face the considerable administrative disruption associated with issuing Green Cards or having to face border checks”.
The green card is based on an international accord backed by 47 countries, including all EU states, and is administered in Britain by the Motor Insurers’ Bureau.
Another trade body, the British Insurance Brokers’ Association, said the decision would be positive for the 2.5 million private and commercial motorists in Britain travelling in the EU annually. Reporting by Carolyn Cohn and Huw Jones; Editing by Kevin Liffey | ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-motor/britain-to-avoid-motor-insurance-red-tape-after-brexit-trade-body-idUSKCN1II1GH |
(Reuters) - Symantec Corp ( SYMC.O ) shares lost a third of their value on Friday after the cyber-security firm disclosed its board’s audit committee was investigating “concerns” raised by a former employee and that it might have to restate results.
The stock, down $9.56 at $19.62 on Nasdaq, shed roughly $6 billion in market value, its steepest decline since 2001. At least nine analysts downgraded the stock.
Symantec disclosed the whistleblower probe late on Thursday, saying it might miss a deadline for filing its annual 10-K report, may need to restate some financial results and might revise guidance.
“This may be far from over,” MoffettNathanson LLC analyst Adam Holt said in a note to investors, cutting his recommendation on the stock to “sell.”
Related Coverage Options traders' caution pays off as Symantec shares sink Symantec Vice President Cynthia Hiponia told analysts on a call on Thursday that the probe began “in connection with concerns raised by a former employee.” She did not say whether that person had approached Symantec or raised the issue with securities regulators.
She added that the company had voluntarily advised the U.S. Securities and Exchange Commission that it was investigating the matter.
FILE PHOTO: The Symantec logo is pictured on a screen June 13, 2016. REUTERS/Thomas White/Illustration/File Photo A spokeswoman for the SEC declined to comment.
Sean X. McKessy, a former chief of an SEC program that rewards whistleblowers for turning in firms that violate U.S. securities laws, said the warning of a delay in filing the 10-K suggests that the issue is related to accounting practices.
He said the SEC has likely begun an informal review of the matter, but would likely wait to see results of the company’s probe before deciding how to proceed.
“While this may all amount to nothing, this is undoubtedly a serious matter, and it could be a while before transparency and investor confidence improves,” analysts at Cowen & Co said in a note to investors.
Cowen also noted it was “shocking” that Symantec had scrapped the question-and-answer portion of its conference call with analysts following its quarterly earnings report on Thursday.
Symantec Chief Executive Officer Greg Clark and the bulk of his senior management team have been with the 36-year-old company for about two years, joining from Blue Coat Inc, which Symantec acquired in August 2016.
Symantec on Thursday also issued an annual outlook that was below Wall Street’s expectations.
Reporting by Arjun Panchadar in Bengaluru and Jim Finkle in Toronto; Additional reporting by Michelle Price in Washington; Editing by Sai Sachin Ravikumar and Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-symantec-research/symantec-shares-set-for-worst-fall-in-17-years-idUSKBN1IC1AW |
Twenty two arrested in India in three rape cases 4:15pm IST - 01:23
Police arrest 22 people in eastern India in three separate rape cases involving teenage girls as grisly new attacks against women come to light despite tougher penalties. ▲ Hide Transcript ▶ View Transcript
Police arrest 22 people in eastern India in three separate rape cases involving teenage girls as grisly new attacks against women come to light despite tougher penalties. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FV4mS1 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/08/twenty-two-arrested-in-india-in-three-ra?videoId=424867385 |
North Korea’s senior envoy for U.S. affairs renewed a threat to call off a planned summit with President Donald Trump and warned that Pyongyang could “make the U.S. taste an appalling tragedy it has neither experienced nor even imagined.”
In its most direct language aimed at Washington following a recent rapprochement between the two countries, Choe Son Hui, the North’s vice minister of foreign affairs, said if the June 12 talks were called off, the U.S. could instead face off with North Korea in a “nuclear-to-nuclear showdown.”
... | ashraq/financial-news-articles | https://www.wsj.com/articles/north-korea-threatens-to-call-off-summit-calls-pence-a-political-dummy-1527122683 |
May 8 (Reuters) - Marriott International Inc’s quarterly profit topped Wall Street forecasts on Tuesday, as the world’s largest hotel chain benefited from higher room prices during a period of growing global travel.
Marriott, which owns the Ritz-Carlton and St. Regis luxury brands, also increased its forecast for a key measure of hotel health.
The company now expects revenue per available room (RevPAR) to rise 3 to 4 percent this year, compared with an earlier forecast of a 1 percent to 3 percent increase.
Last month, Marriott’s smaller rival Hilton Worldwide Holdings Inc also raised its RevPAR forecast, thanks to higher spending from consumers and businesses, which contributed to stronger demand for hotel rooms.
Marriott, which also owns the JW Marriott, Autograph and Courtyard brands, said room rates in North America rose 1.1 percent in the first quarter.
Its net income rose to $398 million or $1.09 per share in the three months ended March 31, from $371 million or 95 cents per share a year earlier.
Excluding items Marriott reported earnings of $1.34 per share, ahead of analysts’ average expectation of $1.22, according to Thomson Reuters I/B/E/S.
Revenue inched up 1.9 percent to $5 billion but fell well short of analysts’ estimates of $5.75 billion.
Marriott shares fell 1 percent to $137.81 in after-hours trading. (Reporting by Diptendu Lahiri and Arunima Banerjee in Bengaluru; Editing by Sai Sachin Ravikumar)
| ashraq/financial-news-articles | https://www.reuters.com/article/marriott-intnl-results/marriott-tops-profit-estimates-on-higher-prices-travel-demand-idUSL3N1SF6N7 |
May 8 (Reuters) - ScanSource Inc:
* SCANSOURCE REPORTS THIRD QUARTER RESULTS * Q3 NON-GAAP EARNINGS PER SHARE $0.68
* Q3 GAAP EARNINGS PER SHARE $0.42 * SEES Q4 2018 NON-GAAP EARNINGS PER SHARE $0.74 TO $0.80
* SEES Q4 2018 SALES $940 MILLION TO $1.0 BILLION * Q3 SALES $895.6 MILLION VERSUS I/B/E/S VIEW $878.7 MILLION
* Q3 EARNINGS PER SHARE VIEW $0.70 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-scansource-reports-q3-non-gaap-ear/brief-scansource-reports-q3-non-gaap-earnings-per-share-0-68-idUSASC0A0MK |
Philip Morris International , which sells Marlboro outside the U.S., says its future is beyond cigarettes. It's now trying to prove it.
The tobacco company has invested more than $4.5 billion since 2008 developing smoke-free products, including IQOS . The device heats tobacco until it's warm enough to emit an aerosol but not quite hot enough to cause combustion, the chemical process responsible for producing toxins in cigarettes.
It's part of a budding group of tobacco products called heat-not-burn. Euromonitor expects the category to reach $15.36 billion by 2021, up from $2.12 billion in 2016. That would account for 45 percent of the broader $33.93 billion alternative market.
show chapters The FDA is going after menthol cigarettes—and maybe even fruity e-cig flavors 5:13 PM ET Tue, 20 March 2018 | 01:04 Cigarette sales, meanwhile, are expected to continue declining. Euromonitor anticipates the market will fall to $676.40 billion in 2021, down from $683.78 billion in 2016.
Philip Morris lowered its full-year adjusted earnings forecast Wednesday to between $5.15 and $5.30 per share, down from the previous estimate of between $5.25 to $5.40 per share, due to less favorable currency.
IQOS is critical to Philip Morris' future. It's the beginning of Philip Morris' promised pivot, and it could show investors whether it can truly transform itself.
Other tobacco companies have also invested in tobacco alternatives, including heat-not-burn products and e-cigarettes. These innovations could bolster the industry — if they're successful.
"Look, I think it's probably one of the most interesting moments in (Philip Morris') history," CEO Andre Calantzopoulos said in an interview with CNBC. "...I think we're all very happy that after 12 years of developing products and investing both in the product development, but most importantly in the scientific substantiation, we have the products on the market."
Since first launching IQOS in Nagoya, Japan, and Milan, in 2014, Philip Morris has introduced it in more than 30 markets around the world. Adoption has been mixed, said Cowen analyst Vivien Azer.
In some places, growth has surged. Japan has been so successful that to a certain extent it's become a proxy for IQOS' potential. Last month, news of a slowdown there spooked Wall Street and sparked the biggest sell-off since PMI spun off from Altria a decade ago.
Shares have now slid 26 percent over the past year.
Chief Financial Officer Martin King told analysts PMI was anticipating market share growth would plateau sometime this year, it just happened earlier than expected. Calantzopoulos told CNBC this week that PMI is still "an enormous distance away" from a plateau and that no new product grows perfectly straight and steady.
Azer said expectations for IQOS are "very high" among the investment community, and the selloff reflected a negative surprise.
"I think it's an overreaction, and I explained to investors there is a lot of variability in this category," Calantzopoulos said. "It's not as predictable as combustible products. And the issue here is that there was I think a misunderstanding that somehow Japan is flat and is going to stay flat forever. And this is absolutely not true."
Heated tobacco represented about 5 percent of PMI's shipments last year. By 2025, PMI wants 30 percent of its volume to come from reduced-risk products.
Reduced-risk products generated $3.73 billion of sales for PMI last year when stripping out excise taxes, currency and acquisitions, a nearly 400 percent increase from 2016. They represented 13 percent of PMI's total $29.19 billion in revenue. The company wants to boost that to between 38 percent and 42 percent by 2025.
PMI has submitted two applications to the U.S. Food and Drug Administration: one that would allow it to simply sell IQOS in the U.S., and another that would allow it to market it as being less risky than a conventional cigarette. Altria will commercialize IQOS in the U.S. if it receives regulatory clearance.
The latter, known as a modified-risk tobacco product application, requires an abundance of scientific evidence. The FDA has never authorized one of these requests.
Knowing the bar was high, PMI decided to build its capabilities to gather and measure clinical data. The bulk of the company's investments into IQOS and other reduced-risk products have gone into this, Calantzopoulos said.
"I think from a consumer perspective, (the modified-risk regulation) is very important," he said. "And I think also for regulators, it's important as well because they need to have a process, test it and control what manufacturers say. And it's also a level playing field for all the players because we invested billions of dollars."
Under Commissioner Scott Gottlieb , the FDA has adopted the idea that tobacco products exist on a continuum of risk, where conventional cigarettes are the most dangerous and others are possibly less harmful. Regulators and industry leaders agree most people don't understand that nicotine, while addictive, isn't deadly on its own.
Regulation on how IQOS can communicate the product with consumers affects how people switch to the product, Calantzopoulos said. PMI decided to apply IQOS for modified-risk tobacco product authorization so it could tell consumers the company's research has shown the product is a safer alternative to cigarettes, he said.
An FDA advisory committee disagreed, saying evidence doesn't back Philip Morris' claims. Its conclusion is non-binding and serves only as a recommendation to the FDA, which will make the ultimate decision.
"The FDA is largely viewed as the gold standard for scientific evaluation, so if they could get the MRTP application authorized, it would put them in a position to go to other foreign governments and use that as support on differentiated advertising and favorable tax rates," Azer said.
Other tobacco companies are also trying to pivot and are investing in novel technologies like e-cigarettes and others.
British American Tobacco has developed its own heat-not-burn tobacco device called Glo. The company plans to apply to sell Glo in the U.S. this year then pursue the modified-risk application in 2020.
Japan Tobacco sells Ploom Tech, a hybrid of an e-cigarette and a heat-not-burn product, overseas. A subsidiary called Logic has started selling it in a few U.S. states under the brand Vapeleaf. Japan Tobacco plans to launch a heat-not-burn product that's similar to IQOS in Japan as soon as the end of the year.
PMI has other offerings in its pipeline. TEEPS warms tobacco in a way similar to IQOS . It looks like a conventional cigarette except a carbon heat source at the tip warms tobacco when it's lit.
The company started a small-scale city test in the Dominican Republic in December and has yet to announce any plans to commercialize it in the U.S. It also plans to launch a new version of IQOS in Japan by the end of the year.
Over time, IQOS will be a key growth driver for PMI, Azer said. For now, she said it's still predominantly a cigarette-focused business. Though PMI wants to change that. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/iqos-is-part-of-philip-morris-internationals-future-beyond-cigarettes.html |
May 30 (Reuters) - Twenty-First Century Fox Inc will hold a special meeting on July 10th for its stockholders to vote on a proposed merger with Walt Disney Co, the company said on Wednesday.
The Fox board also recommended backing the deal but said that it was aware of Comcast Corp’s moves to make an offer for the company.
Comcast said last week it was preparing a higher, all-cash offer for most of the media assets of Fox, but sources say it will only proceed if a federal judge next month allows AT&T Inc’s planned $85-billion acquisition of Time Warner Inc . (Reporting by Sonam Rai in Bengaluru; editing by Patrick Graham)
| ashraq/financial-news-articles | https://www.reuters.com/article/twenty-first-century-fox-ma-disney/fox-sets-disney-deal-vote-for-july-10-idUSL3N1T14PF |
May 9, 2018 / 11:15 AM / Updated 7 hours ago Federal Bank fourth-quarter profit slides, misses forecast Reuters Staff 1 Min Read
(Reuters) - India’s Federal Bank Ltd reported on Wednesday a 43 percent drop in fourth-quarter profit, hurt by higher provisions for bad loans.
Net profit was 1.45 billion rupees ($21.55 million) for the three months ended March 31, compared with 2.57 billion rupees a year ago, the mid-sized private-sector lender said in a statement here .
Analysts had on average expected the lender to post a net profit of 2.87 billion rupees, according to Thomson Reuters data.
Gross bad loans as a percentage of total loans rose to 3 percent at end-March, compared with 2.52 percent in the preceding quarter and 2.33 percent a year ago.
($1 = 67.2725 Indian rupees) | ashraq/financial-news-articles | https://in.reuters.com/article/federal-bank-results/federal-bank-fourth-quarter-profit-slides-misses-forecast-idINKBN1IA1I4 |
President Donald Trump has pulled out of the landmark Iran nuclear deal and vowed to reimpose economy-crippling sanctions on Iran. We answer some key questions:
When do the sanctions go into effect?
All of the Iran sanctions in place before the 2015 agreement are now officially back in force, banning any new deals with Iran and putting a... | ashraq/financial-news-articles | https://www.wsj.com/articles/how-iran-sanctions-affect-countries-and-businesses-1525824925 |
HOUSTON--(BUSINESS WIRE)-- Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today announced the Company’s financial results for the first quarter of 2018 and provided an operational update, which includes the following highlights:
Total production of 51,257 Boe/d, 11% above the first quarter of 2017 and above the high-end of the Company’s guidance range Crude oil production of 34,136 Bbls/d, 18% above the first quarter of 2017 Net income attributable to common shareholders of $14.7 million, or $0.18 per diluted share, and Net cash provided by operating activities of $138.7 million Adjusted net income attributable to common shareholders of $39.5 million, or $0.48 per diluted share, and Adjusted EBITDA of $136.4 million Initial Eagle Ford Shale multipad came online on schedule and has recently been producing at gross rates of more than 12,000 Bbls/d Another strong Delaware Basin Wolfcamp B well that achieved oil production rates of more than 1,000 Bbls/d
Carrizo reported first quarter of 2018 net income attributable to common shareholders of $14.7 million, or $0.18 per basic and diluted share compared to net income attributable to common shareholders of $40.0 million, or $0.61 per basic and diluted share in the first quarter of 2017. The net income attributable to common shareholders for the first quarter of 2018 and the first quarter of 2017 include certain items typically excluded from published estimates by the investment community. Adjusted net income attributable to common shareholders, which excludes the impact of these items as described in the non-GAAP reconciliation tables included below, for the first quarter of 2018 was $39.5 million, or $0.48 per diluted share, compared to $12.1 million, or $0.18 per diluted share, in the first quarter of 2017.
For the first quarter of 2018, Adjusted EBITDA was $136.4 million. Adjusted EBITDA and the reconciliation to net income attributable to common shareholders are presented in the non-GAAP reconciliation tables included below.
Production volumes during the first quarter of 2018 were 4,613 MBoe, or 51,257 Boe/d, an increase of 11% versus the first quarter of 2017. The year-over-year comparison is impacted by a significant amount of acquisition and divestiture (A&D) activity, including the acquisition of properties in the Delaware Basin, and the divestiture of the Company’s Appalachia, DJ Basin, and downdip Eagle Ford Shale assets. Pro forma for this A&D activity, the Company’s production increased by more than 40% versus the first quarter of 2017, driven by development in the Eagle Ford Shale and Delaware Basin. Crude oil production during the first quarter of 2018 averaged 34,136 Bbls/d, an increase of 18% versus the first quarter of 2017; natural gas and NGL production were 53,446 Mcf/d and 8,213 Bbls/d, respectively, during the first quarter of 2018. First quarter of 2018 production exceeded the high end of the Company’s guidance range of 48,600-49,800 Boe/d; this was partially due to an earlier-than-anticipated expansion of the Company’s water-handling capacity in the Delaware Basin.
Drilling, completion, and infrastructure capital expenditures for the first quarter of 2018 were $209.9 million. Approximately 65% of the first quarter drilling, completion, and infrastructure spending was in the Eagle Ford Shale, while approximately 35% was in the Delaware Basin. Land and seismic expenditures during the quarter were $5.5 million, and were primarily focused in the Delaware Basin.
For 2018, Carrizo is maintaining its drilling, completion, and infrastructure capital expenditure guidance of $750-$800 million. The Company’s 2018 development plan continues to call for it to run an average of 5-6 rigs and 2-3 completion crews during the year between its assets in the Eagle Ford Shale and Delaware Basin. Based on this level of activity, Carrizo expects to drill 93-103 gross (82-91 net) operated wells and complete 113-123 gross (96-105 net) operated wells during the year.
Carrizo is reiterating its 2018 production guidance of 58,500-60,100 Boe/d. Crude oil is expected to account for 65%-67% of the Company’s production for the year, while total liquids are expected to account for 80%-84%. This equates to annual production growth of approximately 10% using the midpoint of the range. Pro forma for the Company’s A&D activity, 2018 guidance equates to year-over-year production growth of more than 30%, with crude oil production growth of more than 20%. For the second quarter of the year, Carrizo expects production to be 53,800-54,800 Boe/d; crude oil is expected to account for 67% of production, while total liquids are expected to account for 82%. A full summary of Carrizo’s guidance is provided in the attached tables.
S.P. “Chip” Johnson, IV, Carrizo’s President and CEO, commented on the results, “The first quarter was an excellent start to the year for the Company as we accomplished every milestone we had identified for the period. We wrapped up our previously-announced divestiture program with both the DJ Basin and downdip Eagle Ford divestitures closing on schedule, and we used the proceeds to help retire $370 million of debt and preferred stock. We also delivered operating results that exceeded expectations while executing on our larger operational initiatives in both of our core plays. This included the expansion of our water-handling and disposal infrastructure in the Delaware Basin and the completion of our initial large-scale multipad development in the Eagle Ford Shale, which came online on schedule and has exhibited strong performance.
“We remain focused on the synergistic development of our two core assets, on which we currently have more than a decade’s worth of highly-profitable drilling locations. The positions are complementary, as the Eagle Ford provides us with a high-return, quick-payback, free-cash-flow-generating asset while the Delaware Basin provides us with a high-potential growth engine. Additionally, their geographical proximity and operational similarities allow us to maximize our returns while minimizing risk as we can shift both drilling rigs and completion crews between the plays in order to avoid potential bottlenecks, take advantage of market opportunities, or optimize development activity. By implementing a steady development program across both assets, including a measured increase in activity over time, we believe we can generate double-digit production growth while improving our ROCE and moving toward a free-cash-flow-positive development program.
“We continue to be very pleased with the results we have seen from our Delaware Basin position. During the first quarter, we delivered one of our best Wolfcamp B results to date from the Phantom area. The Griffin State 10H has recorded a peak 30-day rate of approximately 2,150 Boe/d on a restricted choke, with crude oil production of more than 1,150 Bbls/d. Production from the well has remained strong at approximately 2,000 Boe/d. With two of our three dedicated completion crews moving back to the Delaware Basin during the second quarter combined with the recent expansion of our water-handling capacity, we expect to deliver significant growth from our Delaware Basin asset during the remainder of the year.”
Operational Update
In the Eagle Ford Shale, where the Company holds approximately 79,100 net acres, Carrizo drilled 11 gross (9 net) operated wells during the first quarter and completed 31 gross (26 net) operated wells. Production from the play was more than 35,600 Boe/d, down versus the prior quarter as expected due to the divestiture of more than 6,200 Boe/d of production associated with the Company’s downdip Eagle Ford Shale assets at the end of January as well as limited new wells being turned to sales during the quarter. Crude oil production during the first quarter was nearly 27,000 Bbls/d, accounting for more than 75% of the Company’s production from the play. At the end of the quarter, Carrizo had 20 gross (17 net) operated Eagle Ford Shale wells in progress or waiting on completion. Carrizo continues to expect to drill 60-65 gross (56-61 net) operated wells and complete 80-85 gross (71-76 net) operated wells in the play during 2018.
Initial production from the Company’s first large-scale multipad project in the Eagle Ford Shale, located in its Brown Trust project area, began as scheduled at the end of March, and achieved the targeted plateau production rate in early April. Production from the multipad has recently averaged approximately 13,700 Boe/d (91% oil) on restricted chokes, with several wells achieving crude oil production rates of more than 1,000 Bbls/d each. The multipad consists of 16 wells on three pads, with an average lateral length of approximately 9,100 ft. and frac stage spacing of 150-180 ft. Carrizo holds an average working interest of 79% in the wells.
In the Delaware Basin, where the Company holds approximately 38,600 net acres, Carrizo drilled 10 gross (7 net) operated wells during the first quarter and completed 3 gross (2 net) operated wells. Production from the play was more than 15,200 Boe/d for the quarter, holding roughly flat with the prior quarter as forecasted while water-handling infrastructure initiatives were completed and brought online. Crude oil production was more than 6,900 Bbls/d, accounting for more than 45% of the Company’s production from the play. At the end of the quarter, Carrizo had 12 gross (10 net) operated Delaware Basin wells in progress or waiting on completion. Carrizo continues to expect to drill 33-38 gross (26-30 net) operated wells and complete 33-38 gross (25-29 net) operated wells in the play during 2018.
Carrizo recently brought another strong Lower Wolfcamp B well online in its Phantom area. The Griffin State Unit 1922 10H began production in March, and has thus far achieved a peak 30-day rate of approximately 2,150 Boe/d (54% oil, 75% liquids) on a restricted choke from an approximate 9,750 ft. lateral. Carrizo holds an 80% working interest in the Griffin State well, which is the 12th Wolfcamp B well completed in the Company’s main Phantom area block.
Carrizo has made significant progress on its water-handling initiatives in the Delaware Basin since the beginning of the year. During the first quarter, the Company’s 250,000 Bbl/d in-field water-handling system was brought online in the main part of the Phantom area. Complementary third-party disposal capacity upgrades were completed on schedule, increasing overall disposal capacity to approximately 125,000 Bbls/d currently; this should provide Carrizo with ample capacity to achieve its forecasted production ramp from the area. Additionally, Carrizo has currently received permits for operated water-disposal wells totaling 65,000 Bbls/d; these wells can be operational by early 2019 if needed. Using a combination of existing capacity, permitted Company-operated disposal wells, additional committed third-party capacity, and water recycling, Carrizo expects its total water-takeaway capacity to increase to more than 250,000 Bbls/d by mid-2019. This capacity is expected to satisfy Carrizo’s needs for the foreseeable future.
Carrizo recently executed a firm transportation agreement on ONEOK’s Roadrunner pipeline, providing the Company with 40 MMcf/d of guaranteed takeaway capacity through November. This agreement provides certainty of flow on more than 90% of the Company’s current net natural gas production from the Phantom area. Additionally, Carrizo currently has 13,500 Bbls/d of guaranteed capacity on Oryx’s system, which increases to 25,000 Bbls/d later this year. These agreements, combined with the Company’s Midland-Cushing basis hedges, provide Carrizo with a significant amount of insulation from potential bottlenecks or basis blowouts during the year. Carrizo continues to evaluate additional firm transportation agreements for its natural gas as well as crude oil production from the Delaware Basin.
Borrowing Base Update
During May, Carrizo’s banking syndicate, led by Wells Fargo as administrative agent, completed its semi-annual borrowing base redetermination. In conjunction with this, the borrowing base under the Company’s senior credit facility was increased to $1.0 billion, and Carrizo has elected to increase the commitment amount to $900 million. Additionally, the interest rate on the Company’s outstanding borrowings has been reduced by 50 bps, to LIBOR plus 150-250 bps. The next scheduled redetermination of the borrowing base is expected in the fall of 2018.
Hedging Activity
Carrizo currently has hedges in place for approximately 75% of estimated crude oil production for the remainder of 2018 (based on the midpoint of guidance); the Company’s 2018 crude oil hedge portfolio includes both swaps and three-way collars. For 2019, the Company recently added 3,000 Bbls/d of three-way collars, bringing its total crude oil hedge position to 15,000 Bbls/d. Additionally, Carrizo has swap contracts in place for more than 50% and 35% of its estimated NGL and natural gas production, respectively, for the remainder of 2018.
In order to further manage its commodity price exposure, Carrizo has also put various basis hedges in place. For the balance of the year, Carrizo has basis swaps locking in a $0.10/Bbl Midland-Cushing differential on 6,000 Bbls/d. The Company also has basis swaps locking in a $2.91/Bbl LLS-Cushing premium on 6,000 Bbls/d over the same period.
Please refer to the attached tables for full details of the Company’s commodity derivative contracts.
Conference Call Details
The Company will hold a conference call to discuss 2018 first quarter financial results on Tuesday, May 8, 2018 at 10:00 AM Central Daylight Time. To participate in the call, please dial (800) 931-1309 (U.S. & Canada) or +1 (212) 231-2913 (Intl.) ten minutes before the call is scheduled to begin. A replay of the call will be available through Tuesday, May 15, 2018 at 12:00 PM Central Daylight Time at (800) 633-8284 (U.S. & Canada) or +1 (402) 977-9140 (Intl.). The reservation number for the replay is 21887873 for U.S., Canadian, and International callers.
A simultaneous webcast of the call may be accessed over the internet by visiting the Carrizo website at http://www.carrizo.com , clicking on “Upcoming Events”, and then clicking on the “First Quarter 2018 Earnings Call” link. To listen, please go to the website in time to register and install any necessary software. The webcast will be archived for replay on the Carrizo website for 7 days.
Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas from resource plays located in the United States. Our current operations are principally focused in proven, producing oil and gas plays primarily in the Eagle Ford Shale in South Texas and the Permian Basin in West Texas.
Statements in this release that are not historical facts, including but not limited to those related to capital requirements, free cash flow positive program, improving ROCE, capital expenditure, infrastructure program, guidance, rig program, production, average well returns, the estimated production results and , effects of transactions, targeted ratios and other metrics, timing, levels of and potential production, expectations regarding growth, oil and gas prices, drilling and completion activities, drilling inventory, including timing thereof, well costs, break-even prices, production mix, development plans, hedging activity, the Company’s or management’s intentions, beliefs, expectations, hopes, projections, assessment of risks, estimations, plans or predictions for the future, results of the Company’s strategies and other statements that are not historical facts are that are based on current expectations. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Important factors that could those in the include assumptions regarding well costs, estimated recoveries, pricing and other factors affecting average well returns, results of wells and testing, failure of actual production to meet expectations, results of infrastructure program, failure to reach significant growth, performance of rig operators, spacing test results, availability of gathering systems, costs and availability of oilfield services, actions by governmental authorities, joint venture partners, industry partners, lenders and other third parties, actions by purchasers or sellers of properties, risks and effects of acquisitions and dispositions, market and other conditions, risks regarding financing, capital needs, availability of well connects, capital needs and uses, commodity price changes, effects of the global economy on exploration activity, results of and dependence on exploratory drilling activities, operating risks, right-of-way and other land issues, availability of capital and equipment, weather, and other risks described in the Company’s Form 10-K for the year ended December 31, 2017 and its other filings with the U.S. Securities and Exchange Commission. There can be no assurance any transaction described in this press release will occur on the terms or timing described, or at all.
(Financial Highlights to Follow)
CARRIZO OIL & GAS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
March 31,
2018
December 31,
2017
Assets Current assets Cash and cash equivalents $ 4,885 $ 9,540 Accounts receivable, net 98,788 107,441 Other current assets 15,528 5,897 Total current assets 119,201 122,878 Property and equipment Oil and gas properties, full cost method Proved properties, net 1,772,927 1,965,347 Unproved properties, not being amortized 617,754 660,287 Other property and equipment, net 10,304 10,176 Total property and equipment, net 2,400,985 2,635,810 Other assets 18,271 19,616 Total Assets $ 2,538,457 $ 2,778,304 Liabilities and Shareholders’ Equity Current liabilities Accounts payable $ 106,328 $ 74,558 Revenues and royalties payable 47,231 52,154 Accrued capital expenditures 93,531 119,452 Accrued interest 23,737 28,362 Derivative liabilities 115,259 57,121 Other current liabilities 45,495 41,175 Total current liabilities 431,581 372,822 Long-term debt 1,442,898 1,629,209 Asset retirement obligations 15,518 23,497 Derivative liabilities 70,852 112,332 Deferred income taxes 3,828 3,635 Other liabilities 10,381 51,650 Total liabilities 1,975,058 2,193,145 Commitments and contingencies Preferred stock Preferred stock, $0.01 par value, 10,000,000 shares authorized; 200,000 issued and outstanding as of March 31, 2018 and 250,000 issued and outstanding as of December 31, 2017 172,118 214,262 Shareholders’ equity Common stock, $0.01 par value, 180,000,000 shares authorized; 82,065,561 issued and outstanding as of March 31, 2018 and 81,454,621 issued and outstanding as of December 31, 2017 821 815 Additional paid-in capital 1,918,942 1,926,056 Accumulated deficit (1,528,482 ) (1,555,974 ) Total shareholders’ equity 391,281 370,897 Total Liabilities and Shareholders’ Equity $ 2,538,457 $ 2,778,304 CARRIZO OIL & GAS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2018 2017 Revenues Crude oil $ 194,919 $ 128,092 Natural gas liquids 16,902 7,425 Natural gas 13,459 15,838 Total revenues 225,280 151,355 Costs and Expenses Lease operating 39,273 29,845 Production taxes 10,575 6,208 Ad valorem taxes 1,973 2,967 Depreciation, depletion and amortization 64,467 54,382 General and administrative, net 27,292 21,703 (Gain) loss on derivatives, net 29,596 (25,316 ) Interest expense, net 15,517 20,571 Loss on extinguishment of debt 8,676 — Other expense, net 100 974 Total costs and expenses 197,469 111,334 Income Before Income Taxes 27,811 40,021 Income tax expense (319 ) — Net Income $ 27,492 $ 40,021 Dividends on preferred stock (4,863 ) — Accretion on preferred stock (753 ) — Loss on redemption of preferred stock (7,133 ) — Net Income Attributable to Common Shareholders $ 14,743 $ 40,021 Net Income Attributable to Common Shareholders Per Common Share Basic $ 0.18 $ 0.61 Diluted $ 0.18 $ 0.61 Weighted Average Common Shares Outstanding Basic 81,542 65,188 Diluted 82,578 65,778 CARRIZO OIL & GAS, INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
(In thousands, except share amounts)
(Unaudited)
Common Stock Additional
Paid-in
Capital
Accumulated
Deficit
Total
Shareholders’
Equity
Shares Amount Balance as of December 31, 2017 81,454,621 $ 815 $ 1,926,056 ($1,555,974 ) $ 370,897 Stock-based compensation expense — — 5,647 — 5,647 Issuance of common stock upon grants of restricted stock awards and vestings of restricted stock units and performance shares 610,940 6 (12 ) — (6 ) Dividends on preferred stock — — (4,863 ) — (4,863 ) Accretion on preferred stock — — (753 ) — (753 ) Loss on redemption of preferred stock — — (7,133 ) — (7,133 ) Net income — — — 27,492 27,492 Balance as of March 31, 2018 82,065,561 $ 821 $ 1,918,942 ($1,528,482 ) $ 391,281 CARRIZO OIL & GAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2018 2017 Cash Flows From Operating Activities Net income $ 27,492 $ 40,021 Adjustments to reconcile net income to net cash provided by operating activities Depreciation, depletion and amortization 64,467 54,382 (Gain) loss on derivatives, net 29,596 (25,316 ) Cash (paid) received for derivative settlements, net (14,365 ) 1,519 Loss on extinguishment of debt 8,676 — Stock-based compensation expense, net 3,518 2,014 Deferred income taxes 193 — Non-cash interest expense, net 662 1,091 Other, net (2,689 ) 1,620 Changes in components of working capital and other assets and liabilities- Accounts receivable 10,738 (2,749 ) Accounts payable 15,526 6,661 Accrued liabilities (4,317 ) (2,154 ) Other assets and liabilities, net (773 ) (681 ) Net cash provided by operating activities 138,724 76,408 Cash Flows From Investing Activities Capital expenditures (234,685 ) (123,749 ) Acquisitions of oil and gas properties — (7,032 ) Proceeds from divestitures of oil and gas properties, net 342,359 17,372 Other, net (87 ) (417 ) Net cash provided by (used in) investing activities 107,587 (113,826 ) Cash Flows From Financing Activities Redemption of senior notes (326,010 ) — Redemption of preferred stock (50,030 ) — Borrowings under credit agreement 694,260 280,504 Repayments of borrowings under credit agreement (563,860 ) (244,504 ) Payments of debt issuance costs (150 ) (50 ) Payment of dividends on preferred stock (4,863 ) — Other, net (313 ) (335 ) Net cash provided by (used in) financing activities (250,966 ) 35,615 Net Decrease in Cash and Cash Equivalents (4,655 ) (1,803 ) Cash and Cash Equivalents, Beginning of Period 9,540 4,194 Cash and Cash Equivalents, End of Period $ 4,885 $ 2,391 CARRIZO OIL & GAS, INC.
NON-GAAP FINANCIAL MEASURES
(Unaudited)
Reconciliation of Net Income Attributable to Common Shareholders (GAAP) to Adjusted Net Income Attributable to Common Shareholders (Non-GAAP)
Adjusted net income attributable to common shareholders is a non-GAAP financial measure which excludes certain items that are included in net income attributable to common shareholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring.
Adjusted net income attributable to common shareholders is presented because management believes it provides useful additional information to investors for analysis of the Company’s fundamental business on a recurring basis. In addition, management believes that adjusted net income attributable to common shareholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the oil and gas exploration and production industry.
Adjusted net income attributable to common shareholders in isolation or as a substitute for net income attributable to common shareholders or any other measure of a company’s or profitability presented in accordance with GAAP. A reconciliation of the differences between net income attributable to common shareholders and adjusted net income attributable to common shareholders is presented below. Because adjusted net income attributable to common shareholders excludes some, but not all, items that affect net income attributable to common shareholders and may vary among companies, our calculation of adjusted net income attributable to common shareholders may not be comparable to similarly titled measures of other companies.
Three Months Ended
March 31, 2018 2017 (In thousands, except per share amounts) Net Income Attributable to Common Shareholders (GAAP) $ 14,743 $ 40,021 Income tax expense 319 — (Gain) loss on derivatives, net 29,596 (25,316 ) Cash (paid) received for derivative settlements, net (14,365 ) 1,519 Non-cash general and administrative, net 3,518 2,014 Loss on extinguishment of debt 8,676 — Loss on redemption of preferred stock 7,133 — Non-recurring and other expense, net 1,193 974 Adjusted income before income taxes 50,813 19,212 Adjusted income tax expense (1) (11,265 ) (7,089 ) Adjusted Net Income Attributable to Common Shareholders (Non-GAAP) $ 39,548 $ 12,123 Net Income Attributable to Common Shareholders Per Diluted Common Share (GAAP) $ 0.18 $ 0.61 Income tax expense — — (Gain) loss on derivatives, net 0.36 (0.38 ) Cash (paid) received for derivative settlements, net (0.17 ) 0.02 Non-cash general and administrative, net 0.04 0.03 Loss on extinguishment of debt 0.11 — Loss on redemption of preferred stock 0.09 — Non-recurring and other expense, net 0.01 0.01 Adjusted income before income taxes 0.62 0.29 Adjusted income tax expense (0.14 ) (0.11 ) Adjusted Net Income Attributable to Common Shareholders Per Diluted Common Share (Non-GAAP) $ 0.48 $ 0.18 Diluted Weighted Average Shares Outstanding 82,578 65,778
(1) Adjusted income tax expense is calculated by applying the Company’s estimated annual effective income tax rates applicable to the adjusted income before income taxes, which were 22.2% and 36.9% ended March 31, 2018 and 2017, respectively. CARRIZO OIL & GAS, INC.
NON-GAAP FINANCIAL MEASURES
(Unaudited)
Reconciliation of Net Income Attributable to Common Shareholders (GAAP) to Adjusted EBITDA (Non-GAAP) to Net Cash Provided by Operating Activities (GAAP)
Adjusted EBITDA is a non-GAAP financial measure which excludes certain items that are included in net income attributable to common shareholders, the most directly comparable GAAP financial measure. Items excluded are interest, income taxes, depreciation, depletion and amortization, impairments, dividends and accretion on preferred stock and items that the Company believes affect the comparability of operating results such as items whose timing and/or amount cannot be reasonably estimated or are non-recurring.
Adjusted EBITDA is presented because management believes it provides useful additional information to investors and analysts, for analysis of the Company’s financial and operating performance on a recurring basis and the Company’s ability to internally generate funds for exploration and development, and to service debt. In addition, management believes that adjusted EBITDA is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the oil and gas exploration and production industry.
Adjusted EBITDA in isolation or as a substitute for net income attributable to common shareholders, net cash provided by operating activities, or any other measure of a company’s profitability or liquidity presented in accordance with GAAP. A reconciliation of net income attributable to common shareholders to adjusted EBITDA to net cash provided by operating activities is presented below. Because adjusted EBITDA excludes some, but not all, items that affect net income attributable to common shareholders, our calculations of adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Reconciliation of Net Cash Provided by Operating Activities (GAAP) to Discretionary Cash Flows (Non-GAAP)
Discretionary cash flows are a non-GAAP financial measure which excludes certain items that are included in net cash provided by operating activities, the most directly comparable GAAP financial measure. Items excluded are changes in the components of working capital and other items that the Company believes affect the comparability of operating cash flows such as items that are non-recurring.
Discretionary cash flows are presented because management believes it provides useful additional information to investors for analysis of the Company’s ability to generate cash to fund exploration and development, and to service debt. In addition, management believes that discretionary cash flows is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the oil and gas exploration and production industry.
Discretionary cash flows in isolation or as a substitute for net cash provided by operating activities or any other measure of a company’s cash flows or liquidity presented in accordance with GAAP. A reconciliation of net cash provided by operating activities to discretionary cash flows is presented below. Because discretionary cash flows excludes some, but not all, items that affect net cash provided by operating activities and may vary among companies, our calculation of discretionary cash flows may not be comparable to similarly titled measures of other companies.
Three Months Ended
March 31, 2018 2017 (In thousands) Net Income Attributable to Common Shareholders (GAAP) $ 14,743 $ 40,021 Dividends on preferred stock 4,863 — Accretion on preferred stock 753 — Loss on redemption of preferred stock 7,133 — Income tax expense 319 — Depreciation, depletion and amortization 64,467 54,382 Interest expense, net 15,517 20,571 (Gain) loss on derivatives, net 29,596 (25,316 ) Cash (paid) received for derivative settlements, net (14,365 ) 1,519 Non-cash general and administrative, net 3,518 2,014 Loss on extinguishment of debt 8,676 — Non-recurring and other expense, net 1,193 974 Adjusted EBITDA (Non-GAAP) $ 136,413 $ 94,165 Cash interest expense, net (14,855 ) (19,480 ) Dividends on preferred stock (4,863 ) — Other cash and non-cash adjustments, net 738 646 Discretionary Cash Flows (Non-GAAP) $ 117,433 $ 75,331 Changes in components of working capital and other 21,291 1,077 Net Cash Provided By Operating Activities (GAAP) $ 138,724 $ 76,408 CARRIZO OIL & GAS, INC.
PRODUCTION VOLUMES AND REALIZED PRICES
(Unaudited)
Three Months Ended
March 31, 2018 2017 Total production volumes - Crude oil (MBbls) 3,072 2,596 NGLs (MBbls) 739 406 Natural gas (MMcf) 4,810 7,028 Total barrels of oil equivalent (MBoe) 4,613 4,173 Daily production volumes by product - Crude oil (Bbls/d) 34,136 28,844 NGLs (Bbls/d) 8,213 4,508 Natural gas (Mcf/d) 53,446 78,088 Total barrels of oil equivalent (Boe/d) 51,257 46,367 Daily production volumes by region (Boe/d) - Eagle Ford 35,623 32,578 Delaware Basin 15,235 2,418 Niobrara and other 399 11,371 Total barrels of oil equivalent (Boe/d) 51,257 46,367 Realized prices - Crude oil ($ per Bbl) $ 63.45 $ 49.34 NGLs ($ per Bbl) $ 22.87 $ 18.29 Natural gas ($ per Mcf) $ 2.80 $ 2.25 CARRIZO OIL & GAS, INC. COMMODITY DERIVATIVE CONTRACTS - AS OF APRIL 30, 2018 (Unaudited) CRUDE OIL Volume Sub-Floor Price Floor Price Ceiling Price Period Type of Contract (Bbls/d) ($/Bbl) ($/Bbl) ($/Bbl) Q2 2018 Fixed Price Swaps 6,000 $49.55 Basis Swaps 6,000 $2.91 (1) Basis Swaps 6,000 ($0.10 ) (2) Three-Way Collars 24,000 $39.38 $49.06 $60.14 Net Sold Call Options 3,388 $71.33 Q3 2018 Fixed Price Swaps 6,000 $49.55 Basis Swaps 6,000 $2.91 (1) Basis Swaps 6,000 ($0.10 ) (2) Three-Way Collars 24,000 $39.38 $49.06 $60.14 Net Sold Call Options 3,388 $71.33 Q4 2018 Fixed Price Swaps 6,000 $49.55 Basis Swaps 6,000 $2.91 (1) Basis Swaps 6,000 ($0.10 ) (2) Three-Way Collars 24,000 $39.38 $49.06 $60.14 Net Sold Call Options 3,388 $71.33 FY 2019 Basis Swaps 3,000 ($3.92 ) (2) Three-Way Collars 15,000 $41.00 $49.72 $62.48 Net Sold Call Options 3,875 $73.66 FY 2020 Net Sold Call Options 4,575 $75.98
(1) The Company has entered into crude oil basis swaps in order to fix the differential between LLS-Cushing. The weighted average price differential represents the amount of premium to Cushing for the volumes presented in the table above. (2) The Company has entered into crude oil basis swaps in order to fix the differential between Midland-Cushing. The weighted average price differential represents the amount of reduction to Cushing for the volumes presented in the table above. CARRIZO OIL & GAS, INC. COMMODITY DERIVATIVE CONTRACTS - AS OF APRIL 30, 2018 (Unaudited) (Continued) NATURAL GAS LIQUIDS Volume Fixed Price (1) Period Product Stream Type of Contract (Bbls/d) ($/Bbl) Q2 2018 Ethane Fixed Price Swaps 2,200 $12.01 Propane Fixed Price Swaps 1,500 $34.23 Butane Fixed Price Swaps 200 $38.85 Isobutane Fixed Price Swaps 600 $38.98 Natural Gasoline Fixed Price Swaps 600 $55.23 Q3 2018 Ethane Fixed Price Swaps 2,200 $12.01 Propane Fixed Price Swaps 1,500 $34.23 Butane Fixed Price Swaps 200 $38.85 Isobutane Fixed Price Swaps 600 $38.98 Natural Gasoline Fixed Price Swaps 600 $55.23 Q4 2018 Ethane Fixed Price Swaps 2,200 $12.01 Propane Fixed Price Swaps 1,500 $34.23 Butane Fixed Price Swaps 200 $38.85 Isobutane Fixed Price Swaps 600 $38.98 Natural Gasoline Fixed Price Swaps 600 $55.23 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-carrizo-oil-gas-announces-first-quarter-results.html |
EditorsNote: adds “with” in third graf
Yangervis Solarte and Justin Smoak had RBI doubles to key a four-run, eighth-inning rally, and the Toronto Blue Jays came back to defeat the visiting Seattle Mariners 5-2 on Wednesday night.
Teoscar Hernandez had three hits, including a home run, for the Blue Jays, who gained a split of the first two games of a three-game series. Mariners left-hander James Paxton threw a no-hitter in the series opener Tuesday.
With Seattle ahead 2-1 entering the eighth, Josh Donaldson led off with a double against Mariners reliever Juan Nicasio (1-1). The Blue Jays then got RBI doubles from Solarte, who was replaced by pinch runner Anthony Alford, and Smoak.
Kevin Pillar followed with an RBI single and was out trying for a double. Russell Martin also doubled, and Erik Goeddel replaced Nicasio. Luke Maile hit an RBI single to produce the fourth run of the inning.
Ryan Tepera (3-1) held the Mariners scoreless in the top of the eighth. Tyler Clippard pitched around a ninth-inning single to earn his first save of the season, finishing the game with two strikeouts.
Seattle starter Wade LeBlanc allowed one run, four hits and no walks while striking out three in five innings.
Toronto starter Jaime Garcia yielded two runs (one earned), three hits, five walks and one wild pitch in five innings. He also struck out three and hit a batter.
The Mariners scored a first-inning run on a double by Jean Segura that scored Dee Gordon, who had reached first base on a wild pitch while striking out.
Seattle took a 2-0 lead in third on a double by Mitch Haniger. The hit scored Segura, who continued to second on a throwing error by Garcia on his infield hit and took third on a groundout.
The Blue Jays, coming off the no-hitter, got a single from their first batter of the game, Hernandez. He was erased on an inning-ending double play.
Toronto did not get another hit until Hernandez led off the bottom of the fourth with his sixth homer of the season.
Seung Hwan Oh replaced Garcia and pitched a perfect sixth.
Mariners reliever Chasen Bradford allowed a double and a walk in the bottom of the sixth before Nick Vincent replaced him to get the final out.
After Toronto’s John Axford pitched around a single in the Mariners’ seventh, Vincent survived a two-out triple and a walk in the bottom of the inning.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-tor-sea-recap/jays-rally-past-mariners-with-four-runs-in-8th-idUSMTZEE5AHQU4MT |
May 20, 2018 / 5:58 PM / Updated an hour ago Unemployed threaten Libya oilfields feeding Es Sider; production normal Ayman al-Warfalli 2 Min Read
BENGHAZI, Libya (Reuters) - A group of unemployed Libyan youths will shut down oilfields in Marada town in the east unless demands for better state services are met, the group said on Sunday.
An oil engineer said that despite the threat, oil production was running normally through the pipeline feeding the Es Sider terminal, which runs near Marada.
But officials said they were closely monitoring the protests as similar action by the unemployed had led to pipeline closures in other parts of the North African country, which has been in turmoil since the toppling of leader Muammar Gaddafi in 2011.
“We the youth have decided to shut down all oilfields in Marada...unless all problems are solved urgently,” the group of unidentified youth said in a statement.
The statement complained about an absent state, lack of health care and other services, and Marada town’s lack of road links to other communities.
The youths were also demanding jobs at state oil firm NOC, one security official said.
State services have been failing for years in remote Marada, as they have in other communities across Libya, with anything from banknotes to functioning hospitals scarce in the OPEC oil producer.
Armed men have twice blown up the pipeline near Marada since December amid volatile security in the area.
Islamic State fighters had a presence there until government forces expelled them from their main stronghold in Sirte in 2016.
The operator of the pipeline is Waha, a subsidiary of the NOC and a joint venture with Hess Corp, Marathon Oil Corp and ConocoPhillips.
French energy major Total earlier this year closed a $450 million (333.95 million pounds) deal with Marathon Oil to take over the U.S. firm’s 16 percent share in the Waha concession, but Libyan officials are considering to intervene to get better terms, oil sources have said.
Waha pumps 260,000 barrels a day, company executives have said. Reporting by Ayman al-WarfalliWriting by Ulf Laessing; Editing by Dale Hudson, William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-libya-oil-protests/libyan-youth-group-will-shut-oilfields-unless-demands-met-statement-idUKKCN1IL0Q1 |
Airlines' social media mentions are usually full of travelers' frequent frustrations: a downgrade, a missed connection, a refund.
But air travelers are feeling more satisfied with airlines in North America, according to a survey released Wednesday by J.D. Power & Associates.
The survey found passengers' satisfaction with the region's airlines rose 6 points from a year earlier to 762 on a 1,000-point scale with the biggest improvements in satisfaction with aircraft, deplaning and baggage claim and the reservation system.
show chapters It's not just your eyes. Airline seats really are getting smaller. 12:24 PM ET Thu, 17 May 2018 | 02:38 Alaska Airlines scored highest in the list of traditional carriers, followed by Delta Air Lines .
American slipped a bit in its score from a year ago and United fell to the bottom of the rankings from second-to-last place in 2017. Both had made strides in the past five years, said Michael Taylor, who heads the travel unit at J.D. Power.
Some pain points included in-flight services and the perception of costs and fees, Taylor said. Both airlines have been expanding restrictive, no-frills basic economy fares. In exchange for the lowest fare on the plane, basic economy tickets on these airlines' domestic routes don't include advance seat selection or the possibility of access to overhead bins .
J.D. Power wrapped up last year's survey just before a string of public relations disasters for United that started with the violent dragging of passenger David Dao off of a plane flying for the airline in April 2017. Several high-profile animal deaths and mix-ups followed.
" This survey was conducted during a challenging period for United, so the results are not surprising," said a United spokesperson. "In fact, we've already designed and implemented steps to empower our 90,000 employees to take better care of our customers."
The airline this year rolled out special training that aims to give staff working with customers like flight attendants and gate agents more power to solve problems themselves. It also seeks to ensure that they are compassionate toward travelers .
The J.D. Power survey was based on the responses of 11,508 passengers who flew on a major North American airline between March 2017 and March 2018. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/flyers-are-actually-more-satisfied-with-most-airlines-in-the-us.html |
VANCOUVER, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX:NCU) (“Nevada Copper” or the “Company”) is pleased to welcome Mr. Matthew Gili to its Board of Directors following his appointment as President and CEO of the Company.
About Nevada Copper
Nevada Copper (TSX:NCU) owns Pumpkin Hollow - the only major, shovel-ready and fully-permitted copper project in North America. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold, silver, as well as a large iron resource.
Its two fully-permitted projects include: the high-grade Pumpkin Hollow underground mine which is expected to move into construction shortly with a view to near-term commencement of copper production; and the Pumpkin Hollow open pit, a large-scale copper deposit which is currently undergoing an optimization program to target a reduced-capex, staged-development approach.
Additional Information
For further information please visit the Nevada Copper corporate website ( www.nevadacopper.com ) and visit our Pumpkin Hollow virtual tour.
NEVADA COPPER CORP.
Stephen Gill, Non-Executive Chairman
For further information call:
Rich Matthews,
VP Marketing and Investor Relations
Phone 604-355-7179
Toll free: 1-877-648-8266
Email: [email protected]
We seek safe harbour
Source: Nevada Copper Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-nevada-copper-announces-appointment-of-director.html |
JERUSALEM (Reuters) - Israeli Defence Minister Avigdor Lieberman said on Thursday he hoped the latest round of violence with Iran on the Syrian frontier was over.
Israeli Defence Minister Avigdor Lieberman attends the Herzliya Conference, in Herzliya, Israel, May 10, 2018. REUTERS/Nir Elias “I hope we finished this chapter and everyone got the message,” Lieberman said at the Herzliya security conference near Tel Aviv.
Iranian forces in Syria had launched a rocket attack on Israeli army bases in the Golan Heights early on Thursday, Israel said, prompting one of the heaviest Israeli barrages in Syria since the conflict there began in 2011.
Slideshow (2 Images) Lieberman said Israel hit “almost all the Iranian infrastructure in Syria.”
He said none of the Iranian rockets struck inside Israeli-held territory, and they either fell short or were shot down by Israeli defenses.
On the Golan Heights, Israeli schoolchildren went to class as usual on Thursday morning and sirens had sent residents into shelters overnight.
Reporting by Jeffrey Heller, Editing by Ari Rabinovitch
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-lieberman/israeli-defense-chief-hopes-fighting-with-iran-in-syria-over-for-now-idUSKBN1IB0NH |
May 22, 2018 / 9:45 PM / Updated 18 hours ago Doctors distressed by 'unethical' dialysis rules for undocumented immigrants Lisa Rapaport 5 Min Read
(Reuters Health) - Doctors who take an oath to ‘do no harm’ are morally distressed by dialysis payment policies in many U.S. states that don’t cover services for undocumented immigrants until they’re near death, a new study found.
An estimated 6,500 undocumented immigrants in the U.S. have end-stage kidney disease (ESKD) and many of them can’t receive routine dialysis to keep them alive under payment policies that only cover these treatments in an emergency, according to a report in the Annals of Internal Medicine.
Beyond the toll in patient lives and increased costs, payment policies that allow only emergency dialysis for undocumented immigrants are putting doctors in an impossible ethical position and contributing to job dissatisfaction and burnout, the authors say.
“Undocumented immigrants that rely on emergency-only hemodialysis are near-death and critically ill weekly and so we form personalized relationships with the patients and their families,” said lead author Dr. Lilia Cervantes of Denver Health and the University of Colorado School of Medicine.
“We are invited to their weddings, quinceaneras, and other family events because they become friends,” Cervantes said by email. “Sadly, we are also invited to their funerals.”
Compared with routine dialysis, which can keep some patients alive for years, people who with ESKD who receive only emergency dialysis when they’re in critical condition have a 14-fold higher mortality rate, researchers note. Emergency-only dialysis is also nearly four times more expensive than routine dialysis.
“It is emotionally distressing to witness needless suffering and high mortality,” Cervantes said.
People rely on the kidneys to filter blood and remove excess fluid and toxins from the body in the form of urine. When the kidneys fail, people may survive days to a few weeks unless they receive a transplant or start dialysis.
During hemodialysis, a machine filters the blood for four hours three times per week to remove the excess fluid and toxins. Undocumented immigrants are the only subset of patients in the U.S. who can’t get this type of dialysis covered by programs like Medicare or Medicaid, and as a result they’re only covered if states set aside funds to pay for this care.
When patients can only get emergency dialysis, they may arrive at the hospital short of breath and complaining of a drowning sensation because so much fluid has accumulated in their bodies, Cervantes said. Sometimes they suffer from nausea, vomiting and confusion or require cardiopulmonary resuscitation (CPR) because of the abnormal heart rhythm.
For the study, Cervantes and colleagues surveyed 50 clinicians - including doctors, nurses and other health professionals - about how providing emergency-only dialysis had impacted their feelings about practicing medicine.
Clinicians reported that they felt emotionally and physically exhausted by daily organizational and system-level barriers to providing care. In addition, they were troubled by witnessing unnecessary suffering and high mortality.
They also felt it was unethical to provide substandard care to patients based on their immigration status and frustrated by payment policies that made it impossible to give all patients equal access to high quality treatment.
The study offers fresh evidence that denial of dialysis care to undocumented immigrants contributes to clinician burnout, moral distress, and discomfort about financial incentives that stop patients from getting needed care, said Dr. Ashwini Sehgal, of MetroHealth Medical Center and Case Western Reserve University in Cleveland, Ohio.
“This is the first study to examine the impact of emergency only dialysis on physicians and nurses,” Sehgal, author of an accompanying editorial, said by email. “It was surprising to learn that emergency only dialysis is bad not just for patients but also for physicians and nurses.”
SOURCE: bit.ly/2IFwsHe Annals of Internal Medicine, online May 21, 2018. | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-physicians-moral-distress/doctors-distressed-by-unethical-dialysis-rules-for-undocumented-immigrants-idUSKCN1IN30T |
May 25, 2018 / 4:22 PM / Updated 30 minutes ago REFILE-Trump lawyer met Russian oligarch shortly before inauguration - source Reuters Staff 2 Min Read
(Adds reporting credits.)
WASHINGTON, May 25 (Reuters) - A Russian oligarch with links to the Kremlin met Donald Trump’s lawyer Michael Cohen at the Trump Tower in New York City less than two weeks before Trump’s inauguration as president, a source familiar with the meeting said on Friday.
During a discussion in Cohen’s office, located on the skyscraper’s 26th floor eleven days before the inauguration, Cohen and Russian businessman Viktor Vekselberg talked about improving relations between Moscow and Washington and arranged to meet again at the inauguration, the New York Times first reported. The paper quoted Andrew Intrater, an American who attended the meeting and manages investments for Vekselberg.
The source, who asked for anonymity as private conversations were being discussed, confirmed the New York Times’ account to Reuters by telephone.
Cohen and a lawyer for Intrater could not immediately be reached for comment.
The paper reported that days after Trump’s inauguration as president in January 2017, Intrater’s private equity firm, Columbus Nova, gave Cohen a $1 million consulting contract, which was now under investigation by U.S. federal authorities.
Special Counsel Robert Mueller is conducting an extensive investigation into alleged contacts and dealings between Trump, his associates and Russia, before and after the 2016 U.S. presidential election.
Federal prosecutors at the U.S. Attorney’s office in Manhattan are, meanwhile, conducting a separate investigation into financial and business dealings by Cohen.
Intrater told The New York Times that Vekselberg, his cousin and biggest client, did not instruct Columbus Nova to hire Cohen as a consultant. (Reporting by Mark Hosenball, Nathan Layne and Karen Freifeld; Editing by Bernadette Baum) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-russia-cohen/trump-lawyer-met-russian-oligarch-shortly-before-inauguration-source-idUSL2N1SW14V |
NORTHLAKE, Texas, May 08, 2018 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ:FARM) (the "Company") today reported financial results for its third fiscal quarter ended March 31, 2018.
Third Quarter Fiscal 2018 Highlights:
Volume of green coffee processed and sold increased by 3.3 million pounds, reaching 27.7 million pounds, a 13.7% increase over the prior year period; Gross profit increased $5.0 million to $58.8 million and gross margin decreased 170 basis points to 37.2% over the prior year period; Net loss was $(3.9) million compared to net income of $1.6 million in the prior year period; Adjusted EBITDA was $10.5 million compared to $12.2 million in the prior year period.* SQF certification of new Northlake, Texas facility was completed during the quarter, with annual run-rate production levels of six million pounds expected by end of the fiscal year; Continued executing integration plan related to the acquisition of substantially all of the assets of Boyd Coffee Company ("Boyd"); and Completed deployment of Smart Touch selling platform to all of our DSD routes in April 2018.
(*Adjusted EBITDA, a non-GAAP financial measure, is reconciled to its corresponding GAAP measure at the end of this press release.)
“We continue to make meaningful progress in executing our strategy and working to leverage our solid platform for growth,” said Mike Keown, President and CEO. “While we did not achieve year-to-date results at the level we had initially projected to reach our Adjusted EBITDA objective for the fiscal year, we expect that our recently achieved SQF certification and the continued ramp-up of our state of the art Northlake, Texas facility will position us well to secure more national accounts. Further, we are pleased with the continued integration of the Boyd’s business, which remains on-track. Looking ahead, we continue to be focused on leveraging the investments we have made in our roasting facilities, expanding our distribution network, adding new customers, and increasing business with existing customers. Our pipeline remains robust and we believe that Farmer Brothers has the right foundation and strategy in place for long-term growth.”
Third Quarter Fiscal 2018 Results:
Selected Financial Data
The selected financial data presented below under the captions “Income statement data,” “Operating data” and “Balance sheet and other data” summarizes certain performance measures for the three and nine months ended March 31, 2018 and 2017 (unaudited).
Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 (In data) Income statement data: Net sales $ 157,927 $ 138,187 $ 457,006 $ 407,700 Gross margin 37.2 % 38.9 % 37.9 % 39.3 % (Loss) income from operations $ (2,864 ) $ 2,058 $ (1,680 ) $ 40,473 Net (loss) income $ (3,908 ) $ 1,594 $ (23,655 ) $ 23,288 Net (loss) income per common share available to common stockholders-diluted $ (0.24 ) $ 0.10 $ (1.43 ) $ 1.39 Operating data: Coffee pounds 27,732 24,393 80,031 72,211 Non-GAAP net (loss) income $ (3,362 ) $ 3,049 $ (21,035 ) $ 8,447 Non-GAAP net (loss) income per diluted common share $ (0.20 ) $ 0.17 $ (1.26 ) $ 0.50 EBITDA $ 4,688 $ 10,049 $ 21,855 $ 57,241 EBITDA Margin 3.0 % 7.3 % 4.8 % 14.0 % Adjusted EBITDA $ 10,547 $ 12,180 $ 32,779 $ 34,345 Adjusted EBITDA Margin 6.7 % 8.8 % 7.2 % 8.4 % Balance sheet and other data: Capital expenditures related to maintenance $ 8,316 $ 6,421 $ 17,373 $ 19,780 Total capital expenditures $ 11,217 $ 13,503 $ 27,466 $ 62,150 Depreciation and amortization expense $ 7,397 $ 6,527 $ 22,727 $ 16,613 Non-GAAP net (loss) income, Non-GAAP net (loss) income per diluted common share, EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures; a reconciliation of these non-GAAP measures to their corresponding GAAP measures is included at the end of this press release.
Volume of green coffee processed and sold increased 13.7% for the quarter to 27.7 million pounds, with volume associated with the Boyd business acquired in October 2017 contributing approximately 15.4% of this total volume.
In the third quarter of fiscal 2018, green coffee pounds processed and sold through our DSD network were 9.6 million, or 34.8% of total green coffee pounds processed and sold, while Direct Ship customers represented 17.8 million, or 64.2%, of total green coffee pounds processed and sold. Distributor customers represented 0.3 million pounds, or 1.0%, of total green coffee pounds processed and sold.
Net sales were $157.9 million in the third quarter of fiscal 2018, an increase of 14.3%, or $19.7 million, over the prior year period. This increase compared to the prior year period was driven primarily by a $11.5 million increase in net sales of roast and ground coffee products, a $4.4 million increase in net sales of other beverages, a $3.0 million increase in net sales of culinary products, and a $0.4 million increase in net sales of frozen liquid coffee. The addition of the Boyd business contributed $22.8 million to net sales, offset by a $3.2 million decline in our base business primarily due to price decreases to our cost plus customers, a shortfall in sales from our DSD organization and softness in a few large direct ship accounts.
Gross profit in the third quarter of fiscal 2018 increased $5.0 million, or 9.3%, to $58.8 million from $53.8 million, and gross margin decreased 170 basis points to 37.2% from 38.9% in the prior year period. The increase in gross profit was primarily due to the addition of the Boyd business. The decrease in gross margin was primarily due to higher manufacturing costs associated with the production operations in the our new Northlake, Texas facility, the addition of the Boyd business which carries a lower gross margin rate compared to our base business and the absence of the beneficial effect of the liquidation of LIFO inventory quantities in the three months ended March 31, 2018, as compared to the $0.8 million benefit recorded in the three months ended March 31, 2017.
Operating expenses in the third quarter of fiscal 2018 increased $9.9 million, or 19.1%, to $61.7 million, or 39.1% of net sales, from $51.8 million, or 37.5% of net sales, in the prior year period. The increase in operating expenses during the period was primarily due to a $4.6 million increase in general and administrative expenses, a $4.4 million increase in selling expenses and $3.8 million in impairment losses on intangible assets. The increase in operating expenses was partially offset by a $2.5 million decrease in restructuring and other transition expenses associated with the corporate relocation plan and the DSD restructuring plan compared to the prior year period as well as an increase in net gains from sales of other assets of $0.5 million primarily from the sale of real estate. The increases in selling expenses and general and administrative expenses during the third quarter of fiscal 2018 were primarily driven by the addition of the Boyd business which added $6.8 million and $1.6 million, respectively, to operating expenses exclusive of their related depreciation and amortization expense, acquisition and integration costs of $1.6 million, and an increase of $1.1 million in depreciation and amortization expense, partially offset by a $1.3 million reduction in payroll and benefits excluding the Boyd business and the absence of $0.2 million in non-recurring 2016 proxy contest expenses incurred in the three months ended March 31, 2017.
During the quarter we completed our annual test of impairment of goodwill and intangible assets and determined that the book value of certain intangible assets acquired in connection with the China Mist acquisition was higher than the estimated fair value resulting in an impairment charge of $3.8 million to earnings in the three months ended March 31, 2018.
As a result of the foregoing factors, loss from operations in the third quarter of fiscal 2018 was $(2.9) million, as compared to income from operations of $2.1 million in the prior year period.
Total other expense in the third quarter of fiscal 2018 was $(0.7) million, as compared to total other income of $0.9 million in the prior year period, an increase of $1.6 million, primarily due to the liquidation of substantially all of our preferred stock portfolio in the fourth quarter of fiscal 2017 to fund expenditures associated with our new facility, higher mark-to-market losses on coffee-related derivative instruments and higher interest expense due to an increase in borrowings under our revolving credit facility, partially offset by the change in estimated fair value of the China Mist contingent earnout consideration. In the third quarter of fiscal 2018, net losses on coffee-related derivative instruments were $(0.4) million compared to net gains of $0.2 million in the prior year period.
Income tax expense was $0.3 million in the third quarter of fiscal 2018 as compared to income tax expense of $1.4 million in the prior year period. The decrease in income tax expense was primarily a result of the change in net (loss) income.
As a result of the foregoing factors, net loss was $(3.9) million, or $(0.24) per common share available to common stockholders, in the third quarter of fiscal 2018, as compared to net income of $1.6 million, or $0.10 per common share available to common stockholders-diluted, in the prior year period.
Non-GAAP Financial Measures:
Non-GAAP net (loss) income, Non-GAAP net (loss) income per diluted common share, EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures; a reconciliation of these non-GAAP measures to their corresponding GAAP measures is included at the end of this press release.
Beginning in the fourth quarter of fiscal 2017, we modified the calculation of Non-GAAP net (loss) income, Non-GAAP net (loss) income per diluted common share, Adjusted EBITDA and Adjusted EBITDA Margin to exclude acquisition and integration costs. Acquisition and integration costs include legal expenses, consulting expenses and internal costs associated with acquisitions and integration of those acquisitions. Beginning in the fourth quarter of fiscal 2017 acquisition and integration costs were significant and, we believe, excluding them will help investors to better understand our operating results and more accurately compare them across periods. We have not adjusted the historical presentation of Non-GAAP net (loss) income, Non-GAAP net (loss) income per diluted common share, Adjusted EBITDA and Adjusted EBITDA Margin because acquisition and integration costs in prior periods were not material to the Company’s results of operations.
Non-GAAP net loss in the third quarter of fiscal 2018 was $(3.4) million, as compared to Non-GAAP net income of $3.0 million in the third quarter of the prior fiscal year. Non-GAAP net loss per diluted common share was $(0.20) in the third quarter of fiscal 2018, as compared to Non-GAAP net income per diluted common share of $0.17 in the third quarter of the prior fiscal year.
Adjusted EBITDA was $10.5 million in the third quarter of fiscal 2018, as compared to $12.2 million in the prior year period, and Adjusted EBITDA Margin was 6.7% in the third quarter of fiscal 2018, as compared to 8.8% in the prior year period.
About Farmer Bros. Co.
Founded in 1912, Farmer Bros. Co. is a national coffee roaster, wholesaler and distributor of coffee, tea and culinary products. The Company’s product lines include organic, Direct Trade and sustainably-produced coffee. With a robust line of coffee, hot and iced teas, cappuccino mixes, spices, and baking/biscuit mixes, the Company delivers extensive beverage planning services and culinary products to its U.S. based customers. The Company serves a wide variety of customers, from small independent restaurants and foodservice operators to large institutional buyers like restaurant and convenience store chains, hotels, casinos, healthcare facilities, and gourmet coffee houses, as well as grocery chains with private brand coffee and consumer branded coffee and tea products.
Headquartered in Northlake, Texas, Farmer Bros. Co. generated net sales of over $540 million in fiscal 2017 and has approximately 1,600 employees nationwide. The Company’s primary brands include Farmer Brothers ® , Artisan Collection by Farmer Brothers ™ , Superior ® , Metropolitan ™ , Cain’s ™ , McGarvey ® , China Mist ® and Boyds ® .
Investor Conference Call
Mike Keown, President and CEO, and David G. Robson, Treasurer and CFO, will host an audio-only investor conference call today, May 8, 2018, at 5:00 p.m. Eastern time (4:00 p.m. Central time) to review the Company’s financial results for the third quarter ended March 31, 2018. The Company’s earnings press release will be available on the Company’s website at www.farmerbros.com under “Investor Relations.”
The call will be open to all interested investors through a live audio web broadcast via the Internet at https://edge.media-server.com/m6/p/w7wep6cz and at the Company’s website www.farmerbros.com under “Investor Relations.” The call also will be available to investors and analysts by dialing Toll Free: 1-(844) 423-9890 or international: 1-(716) 247-5805. The passcode/ID is 8399604.
The audio-only webcast will be archived for at least 30 days on the Investor Relations section of the Farmer Bros. Co. website, and will be available approximately two hours after the end of the live webcast.
Forward-Looking Statements
Certain statements contained in this press release are not based on historical fact and are forward-looking statements within the meaning of federal securities laws and regulations. These statements are based on management's current expectations, assumptions, estimates and observations of future events and include any statements that do not directly relate to any historical or current fact. can be identified by the use of words like “anticipates,” “estimates,” “projects,” “expects,” “plans,” “believes,” “intends,” “will,” “could,” “assumes” and other words of similar meaning. Owing to the uncertainties inherent in forward- looking statements, actual results could differ materially from those set forth in forward-looking statements. The Company intends these forward-looking statements to speak only at the time of this press release and does not undertake to update or revise these statements as more information becomes available except as required under federal securities laws and the rules and regulations of the Securities and Exchange Commission (“SEC”). Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, the success of our corporate relocation plan, the timing and success of implementation of our direct-store-delivery restructuring plan, our success in consummating acquisitions and integrating acquired businesses, the impact of capital improvement projects, the adequacy and availability of capital resources to fund our existing and planned business operations and our capital expenditure requirements, the relative effectiveness of compensation-based employee incentives in causing improvements in Company performance, the capacity to meet the demands of the Company’s large national account customers, the extent of execution of plans for the growth of Company business and achievement of financial metrics related to those plans, the success of the Company to retain and/or attract qualified employees, the effect of the capital markets as well as other external factors on stockholder value, fluctuations in availability and cost of green coffee, competition, organizational changes, the effectiveness of our hedging strategies in reducing price risk, changes in consumer preferences, our ability to provide sustainability in ways that do not materially impair profitability, changes in the strength of the economy, business conditions in the coffee industry and food industry in general, the Company's continued success in attracting new customers, variances from budgeted sales mix and growth rates, weather and special or unusual events, as well as other risks described in this press release and other factors described from time to time in the Company's filings with the SEC. The results of operations for the three and nine months ended March 31, 2018 are not necessarily indicative of the results that may be expected for any future period.
FARMER BROS. CO. CONDENSED OPERATIONS (UNAUDITED) (In thousands, except share and per share data) Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Net sales $ 157,927 $ 138,187 $ 457,006 $ 407,700 Cost of goods sold 99,117 84,367 283,670 247,586 Gross profit 58,810 53,820 173,336 160,114 Selling expenses 44,736 40,377 132,979 117,912 General and administrative expenses 13,766 9,196 39,007 31,925 Restructuring and other transition expenses 52 2,547 311 9,542 Net gain from sale of Torrance facility — — — (37,449 ) Net gains from sale of spice assets (110 ) (272 ) (655 ) (764 ) Net gains from sales of other assets (590 ) (86 ) (446 ) (1,525 ) Impairment losses on intangible assets 3,820 — 3,820 — Operating expenses 61,674 51,762 175,016 119,641 (Loss) income from operations (2,864 ) 2,058 (1,680 ) 40,473 Other (expense) income: Dividend income 1 273 12 808 Interest income — 147 2 435 Interest expense (902 ) (517 ) (2,286 ) (1,430 ) Other, net 154 1,044 794 (1,088 ) Total other (expense) income (747 ) 947 (1,478 ) (1,275 ) (Loss) income before taxes (3,611 ) 3,005 (3,158 ) 39,198 Income tax expense 297 1,411 20,497 15,910 Net (loss) income $ (3,908 ) $ 1,594 $ (23,655 ) $ 23,288 Less: Cumulative preferred dividends, undeclared and unpaid 128 — 257 — Net (loss) income available to common stockholders $ (4,036 ) $ 1,594 $ (23,912 ) $ 23,288 Net (loss) income per common share available to common stockholders—basic $ (0.24 ) $ 0.10 $ (1.43 ) $ 1.40 Net (loss) income per common share available to common stockholders—diluted $ (0.24 ) $ 0.10 $ (1.43 ) $ 1.39 Weighted average common shares outstanding—basic 16,760,145 16,605,754 16,727,624 16,584,125 Weighted average common shares outstanding—diluted 16,760,145 16,721,774 16,727,624 16,704,200
FARMER BROS. CO. CONDENSED (UNAUDITED) (In thousands, except share and per share data) March 31, 2018 June 30, 2017 ASSETS Current assets: Cash and cash equivalents $ 6,974 $ 6,241 Short-term investments — 368 Accounts receivable, net 61,988 46,446 Inventories 75,080 56,251 Income tax receivable 156 318 Prepaid expenses 8,841 7,540 153,039 117,164 Property, plant and equipment, net 183,501 176,066 Goodwill 36,561 10,996 Intangible assets, net 32,207 18,618 Other assets 7,127 6,837 Deferred income taxes 45,779 63,055 Total assets $ 458,214 $ 392,736 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable 59,059 39,784 Accrued payroll expenses 16,369 17,345 Short-term borrowings under revolving credit facility 85,885 27,621 Short-term obligations under capital leases 239 958 Short-term derivative liabilities 2,604 1,857 Other current liabilities 10,878 9,702 Total current liabilities 175,034 97,267 Accrued pension liabilities 49,988 51,281 Accrued postretirement benefits 18,435 19,788 Accrued workers’ compensation liabilities 6,365 7,548 Other long-term liabilities-capital leases 77 237 Other long-term liabilities 2,008 1,480 Total liabilities $ 251,907 $ 177,601 Commitments and contingencies Stockholders’ equity: Preferred stock, $1.00 par value, 500,000 shares authorized; Series A Convertible Participating Cumulative Perpetual Preferred Stock, 21,000 shares authorized; 14,700 and zero shares issued and outstanding as of March 31, 2018 and June 30, 2017, respectively; liquidation preference of $821 and $0 as of March 31, 2018 and June 30, 2017, respectively 15 — Common stock, $1.00 par value, 25,000,000 shares authorized; 16,927,988 and 16,846,002 shares issued and outstanding as of March 31, 2018 and June 30, 2017, respectively 16,928 16,846 Additional paid-in capital 54,780 41,495 Retained earnings 199,252 221,182 Unearned ESOP shares (2,145 ) (4,289 ) Accumulated other comprehensive loss (62,523 ) (60,099 ) Total stockholders’ equity $ 206,307 $ 215,135 Total liabilities and stockholders’ equity $ 458,214 $ 392,736
FARMER BROS. CO. CONDENSED CASH FLOWS (UNAUDITED) (In thousands) Nine Months Ended March 31, 2018 2017 Cash flows from operating activities: Net (loss) income $ (23,655 ) $ 23,288 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 22,727 16,613 Provision for (recovery of) doubtful accounts 369 (44 ) Impairment losses on intangible assets 3,820 — Change in estimated fair value of contingent earnout consideration (500 ) — Interest on sale-leaseback financing obligation — 681 Restructuring and other transition expenses, net of payments (1,084 ) 2,191 Deferred income taxes 20,138 15,766 Net gain from sale of Torrance facility — (37,449 ) Net gains from sales of spice assets and other assets (1,101 ) (2,289 ) ESOP and share-based compensation expense 2,892 2,996 Net losses on derivative instruments and investments 3,292 793 Change in operating assets and liabilities: Purchases of trading securities — (4,216 ) Proceeds from sales of trading securities 375 2,911 Accounts receivable (8,417 ) (3,994 ) Inventories (9,533 ) (13,242 ) Income tax receivable 162 (46 ) Derivative (liabilities) assets, net (6,091 ) 3,845 Prepaid expenses and other assets 920 (203 ) Accounts payable 7,516 11,293 Accrued payroll expenses and other current liabilities 353 (5,712 ) Accrued postretirement benefits (1,353 ) (624 ) Other long-term liabilities (2,476 ) (2,028 ) Net cash provided by operating activities $ 8,354 $ 10,530 Cash flows from investing activities: Acquisition of businesses, net of cash acquired $ (39,608 ) $ (25,853 ) Purchases of property, plant and equipment (25,889 ) (35,497 ) Purchases of assets for construction of new facility (1,577 ) (26,653 ) Proceeds from sales of property, plant and equipment 1,565 3,984 Net cash used in investing activities $ (65,509 ) $ (84,019 ) (continued on next page)
FARMER BROS. CO. CONDENSED CASH FLOWS (UNAUDITED) (In thousands) Nine Months Ended March 31, 2018 2017 Cash flows from financing activities: Proceeds from revolving credit facility $ 76,513 $ 67,583 Repayments on revolving credit facility (18,249 ) (23,517 ) Proceeds from sale-leaseback financing obligation — 42,455 Proceeds from new facility lease financing obligation — 7,662 Repayments of new facility lease financing obligation — (35,772 ) Payments of capital lease obligations (878 ) (1,107 ) Payment of financing costs (560 ) — Proceeds from stock option exercises 1,062 823 Tax withholding payment - net share settlement of equity awards — (6 ) Net cash provided by financing activities $ 57,888 $ 58,121 Net increase (decrease) in cash and cash equivalents $ 733 $ (15,368 ) Cash and cash equivalents at beginning of period 6,241 21,095 Cash and cash equivalents at end of period $ 6,974 $ 5,727
Supplemental disclosure of non-cash investing and financing activities: Equipment acquired under capital leases $ — $ 353 Net change in derivative assets and liabilities included in other comprehensive (loss) income, net of tax $ (2,424 ) $ (1,615 ) Non-cash additions to property, plant and equipment $ 2,146 $ 8,515 Non-cash portion of earnout receivable recognized—spice assets sale $ 183 $ 229 Non-cash portion of earnout payable recognized—China Mist acquisition $ — $ 500 Non-cash portion of earnout payable recognized—West Coast Coffee acquisition $ — $ 600 Non-cash receivable from West Coast Coffee—post-closing final working capital adjustment $ 218 $ — Non-cash consideration given—Issuance of Series A Preferred Stock $ 11,756 $ — Non-cash multiemployer plan holdback payable recognized—Boyd coffee acquisition $ 1,056 $ — Option costs paid with exercised shares $ — $ 174 Cumulative preferred dividends, undeclared and unpaid $ 257 $ — Non-GAAP Financial Measures
In addition to net (loss) income determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we use the following non-GAAP financial measures in assessing our operating performance:
“Non-GAAP net (loss) income” is defined as net (loss) income available to common stockholders excluding the impact of:
restructuring and other transition expenses; net gains and losses from sales of assets; non-cash income tax expense (benefit), including the release of valuation allowance on deferred tax assets; non-recurring 2016 proxy contest-related expenses; non-cash interest expense accrued on the Torrance facility sale-leaseback financing obligation; acquisition and integration costs;
and including the impact of:
income taxes on non-GAAP adjustments.
“Non-GAAP net (loss) income per diluted common share” is defined as Non-GAAP net (loss) income divided by the weighted-average number of common shares outstanding, inclusive of the dilutive effect of common equivalent shares outstanding during the period.
“EBITDA” is defined as net (loss) income excluding the impact of:
income taxes; interest expense; and depreciation and amortization expense.
“EBITDA Margin” is defined as EBITDA expressed as a percentage of net sales.
“Adjusted EBITDA” is defined as net (loss) income excluding the impact of:
income taxes; interest expense; (loss) income from short-term investments; depreciation and amortization expense; ESOP and share-based compensation expense; non-cash impairment losses; non-cash pension withdrawal expense; other similar non-cash expenses; restructuring and other transition expenses; net gains and losses from sales of assets; non-recurring 2016 proxy contest-related expenses; and acquisition and integration costs.
“Adjusted EBITDA Margin” is defined as Adjusted EBITDA expressed as a percentage of net sales.
Restructuring and other transition expenses are expenses that are directly attributable to (i) the corporate relocation plan, consisting primarily of employee retention and separation benefits, facility-related costs and other related costs such as travel, legal, consulting and other professional services; and (ii) beginning in the third quarter of fiscal 2017, the DSD restructuring plan, consisting primarily of severance, prorated bonuses for bonus eligible employees, contractual termination payments and outplacement services, and other related costs, including legal, recruiting, consulting, other professional services, and travel.
In the first quarter of fiscal 2017, we modified the calculation of Non-GAAP net (loss) income and Non-GAAP net (loss) income per diluted common share (i) to exclude non-recurring expenses for legal and other professional services incurred in connection with the 2016 proxy contest that were in excess of the level of expenses normally incurred for an annual meeting of stockholders ("2016 proxy contest-related expenses") and non-cash interest expense accrued on the Torrance facility sale-leaseback financing obligation which has been included in the computation of the gain on sale upon conclusion of the leaseback arrangement, and (ii) to include income tax expense (benefit) on the non-GAAP adjustments based on the Company’s applicable marginal tax rate. We also modified Adjusted EBITDA and Adjusted EBITDA Margin to exclude 2016 proxy contest-related expenses. These modifications to our non-GAAP financial measures were made because such expenses are not reflective of our ongoing operating results and adjusting for them will help investors with comparability of our results.
Beginning in the third quarter of fiscal 2017 and for all periods presented, we include EBITDA in our non-GAAP financial measures. We believe that EBITDA facilitates operating performance comparisons from period to period by isolating the effects of certain items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies. These potential differences may be caused by variations in capital structures (affecting interest expense), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense). We also present EBITDA and EBITDA Margin because (i) we believe that these measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry, (ii) we believe that investors will find these measures useful in assessing our ability to service or incur indebtedness, and (iii) we use these measures internally as benchmarks to compare our performance to that of our competitors.
Beginning in the third quarter of fiscal 2017, we modified the calculation of Adjusted EBITDA and Adjusted EBITDA Margin to exclude (loss) income from our short-term investments because we believe excluding (loss) income generated from our investment portfolio is a measure more reflective of our operating results. The historical presentation of Adjusted EBITDA and Adjusted EBITDA Margin was recast to be comparable to the current period presentation.
Beginning in the fourth quarter of fiscal 2017, we modified the calculation of Non-GAAP net (loss) income, Non-GAAP net (loss) income per diluted common share, Adjusted EBITDA and Adjusted EBITDA Margin to exclude acquisition and integration costs. Acquisition and integration costs include legal expenses, consulting expenses and internal costs associated with acquisitions and integration of those acquisitions. Beginning in the fourth quarter of fiscal 2017 acquisition and integration costs were significant and, we believe, excluding them will help investors to better understand our operating results and more accurately compare them across periods. We have not adjusted the historical presentation of Non-GAAP net (loss) income, Non-GAAP net (loss) income per diluted common share, Adjusted EBITDA and Adjusted EBITDA Margin because acquisition and integration costs in prior periods were not material to the Company’s results of operations.
Beginning in the third quarter of fiscal 2018, we modified the calculation of Non-GAAP net (loss) income and Non-GAAP net (loss) income per diluted common share to begin with net (loss) income available to common stockholders to reflect undeclared and unpaid cumulative preferred dividends on the preferred stock issued in the second quarter of fiscal 2018 in connection with the Boyd acquisition.
We believe these non-GAAP financial measures provide a useful measure of the Company’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the Company's ongoing operating performance. Further, management utilizes these measures, in addition to GAAP measures, when evaluating and comparing the Company's operating performance against internal financial forecasts and budgets.
Non-GAAP net (loss) income, Non-GAAP net (loss) income per diluted common share, EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin, as defined by us, may not be comparable to similarly titled measures reported by other companies. We do not intend for non-GAAP financial measures to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP.
Set forth below is a reconciliation of reported net (loss) income available to common stockholders to Non-GAAP net (loss) income and reported net (loss) income per common share available to common stockholders—diluted to Non-GAAP net (loss) income per diluted common share (unaudited):
Three Months Ended March 31, Nine Months Ended March 31, (in $ data) 2018 2017 2018 2017 Net (loss) income available to common stockholders, as reported $ (4,036 ) $ 1,594 $ (23,912 ) $ 23,288 Restructuring and other transition expenses 52 2,547 311 9,542 Net gain from sale of Torrance facility — — — (37,449 ) Net gains from sale of spice assets (110 ) (272 ) (655 ) (764 ) Net gains from sales of other assets (590 ) (86 ) (446 ) (1,525 ) Non-recurring 2016 proxy contest-related expenses — 196 — 5,186 Interest expense on sale-leaseback financing obligation — — — 681 Acquisition and integration costs 1,639 — 5,021 — Income tax (benefit) expense on non-GAAP adjustments (317 ) (930 ) (1,354 ) 9,488 Non-GAAP net (loss) income $ (3,362 ) $ 3,049 $ (21,035 ) $ 8,447 Net (loss) income per common share available to common stockholders—diluted, as reported $ (0.24 ) $ 0.10 $ (1.43 ) $ 1.39 Impact of restructuring and other transition expenses $ — $ 0.15 $ 0.02 $ 0.57 Impact of net gain from sale of Torrance facility $ — $ — $ — $ (2.24 ) Impact of net gains from sale of spice assets $ — $ (0.02 ) $ (0.04 ) $ (0.05 ) Impact of net gains from sales of other assets $ (0.04 ) $ (0.01 ) $ (0.03 ) $ (0.09 ) Impact of non-recurring 2016 proxy contest-related expenses $ — $ 0.01 $ — $ 0.31 Impact of interest expense on sale-leaseback financing obligation $ — $ — $ — $ 0.04 Impact of acquisition and integration costs $ 0.10 $ — $ 0.30 $ — Impact of income tax (benefit) expense on non-GAAP adjustments $ (0.02 ) $ (0.06 ) $ (0.08 ) $ 0.57 Non-GAAP net (loss) income per diluted common share $ (0.20 ) $ 0.17 $ (1.26 ) $ 0.50 Set forth below is a reconciliation of reported net (loss) income to EBITDA (unaudited):
Three Months Ended March 31, Nine Months Ended December 31, (In thousands) 2018 2017 2018 2017 Net (loss) income, as reported $ (3,908 ) $ 1,594 $ (23,655 ) $ 23,288 Income tax (benefit) expense 297 1,411 20,497 15,910 Interest expense 902 517 2,286 1,430 Depreciation and amortization expense 7,397 6,527 22,727 16,613 EBITDA $ 4,688 $ 10,049 $ 21,855 $ 57,241 EBITDA Margin 3.0 % 7.3 % 4.8 % 14.0 % Set forth below is a reconciliation of reported net (loss) income to Adjusted EBITDA (unaudited):
Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Net (loss) income, as reported $ (3,908 ) $ 1,594 $ (23,655 ) $ 23,288 Income tax expense 297 1,411 20,497 15,910 Interest expense 902 517 2,286 1,430 Income from short-term investments — (1,156 ) (19 ) (882 ) Depreciation and amortization expense 7,397 6,527 22,727 16,613 ESOP and share-based compensation expense 1,048 902 2,892 2,996 Restructuring and other transition expenses 52 2,547 311 9,542 Net gain from sale of Torrance facility — — — (37,449 ) Net gains from sale of spice assets (110 ) (272 ) (655 ) (764 ) Net gains from sales of other assets (590 ) (86 ) (446 ) (1,525 ) Impairment losses on intangible assets 3,820 — 3,820 — Non-recurring 2016 proxy contest-related expenses — 196 — 5,186 Acquisition and integration costs 1,639 — 5,021 — Adjusted EBITDA $ 10,547 $ 12,180 $ 32,779 $ 34,345 Adjusted EBITDA Margin 6.7 % 8.8 % 7.2 % 8.4 % Contact:
Joele Frank, Wilkinson Brimmer Katcher
Leigh Parrish / Amy Feng
212-355-4449
Source:Farmer Bros. Co. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-farmer-bros-co-reports-third-quarter-fiscal-2018-financial-results.html |
ROME (Reuters) - Pope Francis told Chilean victims of clerical sexual abuse “I was part of the problem” and apologised for dismissing accusations of a cover-up by Catholic bishops, one of the victims said on Wednesday.
Three victims of clerical sexual abuse in Chile, Juan Carlos Cruz, James Hamilton and Jose Andres Murillo pose before a news conference at the Foreign Press in Rome, Italy, May 2, 2018. REUTERS/Stefano Rellandini At an emotional news conference after four days of private meetings with the pope, three men who were victims of Chile’s most notorious paedophile urged Francis to take action against several Chilean bishops.
“For almost 10 years we have been treated as enemies because we fight against sexual abuse and cover-up in the Church,” Juan Carlos Cruz, James Hamilton and Jose Andres Murillo, said in a joint statement read out to reporters.
The three men, who were guests of the pope at his residence, said that during their long conversations, Francis had been attentive, receptive and very empathetic.
“I have never, never seen someone be so contrite ... I felt that he was hurting, which for me was very solemn. It’s not often that the pope says sorry to you and apologises to you for something,” Cruz said in response to a question.
“He (the pope) said “I was part of the problem, I caused this and I apologise to you,’” Cruz said. “I believe that he was sincere.”
In a dramatic U-turn last month, Pope Francis said in a letter to Chilean bishops that he had made “grave mistakes” in the handling of the sexual abuse crisis there, saying he felt shame for what had happened.
The letter followed a Vatican investigation into Bishop Juan Barros, who was appointed by the pope in 2015 despite allegations that he had covered up sexual abuse of minors by his mentor, Father Fernando Karadima.
Barros has said he was unaware of any wrongdoing.
EYE-OPENING REPORT
In his letter to Chilean bishops last month, Francis said there had been a “lack of truthful and balanced information” about the situation in Chile before he sent the Vatican’s most experienced investigator of sexual abuse, Archbishop Charles Scicluna of Malta, to investigate.
“Scicluna really opened his (the pope’s) eyes,” Cruz said.
Scicluna produced a 2,300-page report, which prompted the pope to summon the bishops to Rome for a meeting this month.
“We are waiting for action. We are not here to do public relations,” said Murillo when asked what he wanted Francis to do.
Hamilton said the pope had told him “there is no turning back now”.
All three agreed the pope should follow through by taking action against Barros and other bishops they say covered up the abuse by Karadima and discredited their claims.
“I went to (Church officials in Chile) for help when I was dying inside and they killed a second time,” Hamilton said of the bishops who ignored him even though there was overwhelming evidence against Karadima.
Hamilton called the bishops who he said had covered up the abuse “criminals” who deserved to be jailed.
Karadima was found guilty in a Vatican investigation in 2011 of abusing boys in Santiago in the 1970s and 1980s. But he never faced civilian justice because of the statute of limitations.
Now 87 and living in a nursing home in Chile, Karadima has always denied the allegations and Barros said he was unaware of any wrongdoing.
The joint statement said they told the pope he had to do something about the “pathological and unlimited exercise of power” in the Church that can foster abuse.
Three victims of clerical sexual abuse in Chile, Juan Carlos Cruz, James Hamilton and Jose Andres Murillo attend a news conference at the Foreign Press in Rome, Italy, May 2, 2018. REUTERS/Stefano Rellandini Reporting by Philip Pullella; Editing by Gareth Jones
| ashraq/financial-news-articles | https://in.reuters.com/article/chile-abuse-victims/chilean-clerical-abuse-victims-denounce-pathological-use-of-power-in-church-idINKBN1I31ST |
May 31, 2018 / 5:35 PM / Updated 3 hours ago Uganda imposes tax on social media use Elias Biryabarema 3 Min Read
KAMPALA (Reuters) - Uganda’s parliament has imposed a tax on the use of social media in a bid to raise revenue but opponents of the law say it aims to stifle criticism of President Yoweri Museveni, who has been in power since 1986.
Users will be charged 200 shillings ($0.0531) per day for services such as Facebook, Twitter and WhatsApp. That amounts to around $19 per year in a country where gross domestic product per capita was around $615 in 2016, according to World Bank figures.
The tax was passed on Wednesday as part of an overhaul of an excise duty law due to take effect next financial year which starts in July, parliament spokesman Chris Obore told Reuters.
A junior finance minister previously told journalists the tax would be levied daily by mobile phone operators on each SIM card used to access any of the targeted social media platforms.
There was no immediate comment from cell phone operators or social media companies, but rights advocates denounced the move.
“It (tax) is a new tool of stifling free expression and citizen organising that has been beyond the control of the state,” said Nicholas Opiyo, a Kampala-based lawyer who also heads a local rights organisation.
“It’s intended to curtail the ever increasing central role of social media in political organising,” he said.
A government spokesman did not return a call seeking comment but authorities have previously denied such accusations.
About 40 percent of Uganda’s 40 million people use the internet, according to data from the regulating body Uganda Communications Commission. Facebook and WhatsApp are widely used in Uganda and many other African countries.
Digital advocacy group the World Wide Web Foundation says data costs in Africa are among the world’s highest, a fact blamed for slow internet penetration and limited use even for those connected.
“Data right now is essential in nearly every worker’s day to day business, a responsible government should be lowering its price not the opposite,” said Diana Taremwa, a charity worker in the capital Kampala.
Critics of Museveni, 73, say his government employs a wide array of tactics to limit political debate, trample on civil rights and stifle the opposition.
Museveni has won a series of elections but his opponents say these have been rigged in his favour. His main rival, Kizza Besigye, has been jailed dozens of times since he first run against him in 2001.
Some opposition critics have in the past been charged for allegedly insulting him in posts on Facebook.
In the last presidential election in 2016, authorities also blocked access to Facebook, Twitter and WhatsApp saying the platforms would be used by the opposition to mobilise protests. Editing by Aaron Maasho and Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-uganda-internet/uganda-imposes-tax-on-social-media-use-idUKKCN1IW2IS |
* Expected Saudi and Russian output boost weighs on prices
* Brent/WTI spread reaches widest since March 2015
* Demand picks up for bearish sell options (Adds comment, refreshes prices)
LONDON, May 29 (Reuters) - Brent crude oil rose on Tuesday, paring losses triggered by expectations that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall.
Brent crude futures were up 57 cents on the day at $75.87 a barrel by 1200 GMT, while U.S. futures fell 89 cents to $66.99.
Brent crude now commands its largest premium over U.S. futures in more than three years, meaning that U.S. exports are rapidly becoming far more competitive globally than those from northern Europe, Russia or parts of the Middle East.
"Rising anticipation of a gradual exit from the OPEC-led output-cut agreement has continued to weigh on oil prices in todays trading session," said Abhishek Kumar, senior energy analyst at Interfax Energy Global Gas Analytics, adding that the devil will be in the detail when the cartel meets in June.
"Market participants will closely watch how quickly any such measure is implemented and whether it will go beyond just balancing the output drop from Venezuela."
Concerns that Saudi Arabia and Russia could boost output have exerted downward pressures on oil prices, along with rising production in the United States.
The Brent price has fallen by nearly 7 percent since hitting a 2014 high above $80 on May 22.
Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.
"High uncertainty clouds the short-term outlook and we maintain a neutral view. In the medium to longer term, we still see oil prices falling as indicated by the downward-sloping futures curve. Our low for longer view is deferred, not refuted," Julius Baer's Norbert Ruecker said in a note.
The Organization of the Petroleum Exporting Countries (OPEC) is due to meet in Vienna on June 22.
Volatility, a way of measuring demand for a derivative, on highly bearish Brent crude sell options that expire just after the meeting has shot to its highest since February.
The spread between Brent and WTI <CL-LCO1=R> stands at nearly $9 a barrel, its widest since March 2015 because of the depressed price of U.S. crude compared with Brent.
Record crude oil volumes from the United States are expected to head to Asia in the coming months, nibbling away the market share of OPEC and Russia.
U.S. oil production <C-OUT-T-EIA> has surged by more than 27 percent in the past two years to 10.73 million bpd. That puts the United States ahead of Saudi Arabia and within reach of top producer Russia, which pumps about 11 million bpd. (Additional reporting by Jane Chung in SEOUL Editing by David Goodman) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-update-4-brent-crude-pares-losses-but-spectre-of-output-boost-remains.html |
Mark Zuckerberg tells EU 'sorry' for data leak 4:08pm EDT - 02:07
Facebook boss Mark Zuckerberg apologized to European Union lawmakers on Tuesday for a massive data leak, in his latest attempt to draw a line under a scandal that has rocked the world’s biggest social media network. ▲ Hide Transcript ▶ View Transcript
Facebook boss Mark Zuckerberg apologized to European Union lawmakers on Tuesday for a massive data leak, in his latest attempt to draw a line under a scandal that has rocked the world’s biggest social media network. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KKVW2l | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/22/mark-zuckerberg-tells-eu-sorry-for-data?videoId=429382344 |
May 30, 2018 / 5:04 PM / Updated a day ago English Domestic One-Day Competition Scoreboard Reuters Staff 3 Min Read May 30 (OPTA) - Scoreboard at close of play of between Middlesex and Hampshire on Wednesday at Northwood, England Hampshire win by 5 wickets Middlesex 1st innings Paul Stirling c Joe Weatherley b Reece Topley 12 Nick Gubbins c Brad Taylor b Reece Topley 9 Stevie Eskinazi lbw James Vince 42 Max Holden c Lewis McManus b Reece Topley 38 Hilton Cartwright b Gareth Berg 28 John Simpson c Reece Topley b Mason Crane 18 James Franklin lbw Mason Crane 4 Nathan Sowter Not Out 15 Tom Helm b Reece Topley 20 Steven Finn Not Out 1 Extras 0b 2lb 2nb 0pen 8w 12 Total (45.0 overs) 199-8 Fall of Wickets : 1-15 Gubbins, 2-31 Stirling, 3-93 Eskinazi, 4-115 Holden, 5-154 Simpson, 6-158 Cartwright, 7-169 Franklin, 8-195 Helm Did Not Bat : Patel Bowling Ov Md Rn Wk Econ Ex Chris Wood 9 0 43 0 4.78 Reece Topley 9 0 40 4 4.44 3w Gareth Berg 9 0 38 1 4.22 2w 1nb Brad Taylor 4 0 22 0 5.50 1w James Vince 5 0 19 1 3.80 1w Mason Crane 9 0 35 2 3.89 1w Hampshire 1st innings Tom Alsop c Stevie Eskinazi b Steven Finn 18 Rilee Rossouw c John Simpson b Steven Finn 11 James Vince Run Out James Franklin 56 Joe Weatherley c Steven Finn b Nathan Sowter 38 Jimmy Adams Not Out 33 Brad Taylor c John Simpson b Nathan Sowter 11 Lewis McManus Not Out 30 Extras 0b 1lb 2nb 0pen 0w 3 Total (38.4 overs) 200-5 Fall of Wickets : 1-14 Rossouw, 2-60 Alsop, 3-123 Vince, 4-124 Weatherley, 5-140 Taylor Did Not Bat : Berg, Crane, Wood, Topley Bowling Ov Md Rn Wk Econ Ex Tom Helm 7.4 1 51 0 6.65 Steven Finn 9 0 42 2 4.67 1nb Ravi Patel 8 0 42 0 5.25 James Franklin 3 0 15 0 5.00 Nathan Sowter 9 0 37 2 4.11 Max Holden 2 0 12 0 6.00 Umpire Richard Illingworth Umpire Ian Blackwell Home Scorer Donald Shelley Away Scorer Kevin Baker | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5UJWKCTR |
JOHNS CREEK, Ga., May 09, 2018 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries, today reported results for its first quarter ended March 31, 2018. Ebix will host a conference call to review its results today at 11:00 a.m. EDT (details below).
Ebix delivered the following results for the first quarter of 2018:
Revenue: Q1 2018 revenue rose 37% to $108.2 million compared to $79.1 million in Q1 2017 and increased 3% over Q4 2017 revenue of $104.7 million. The year over year revenue improvement reflected growth in the Company’s Exchange channel as well as higher revenue from the Risk Compliance channel, with the revenues from the EbixCash Financial Exchange reflected in the Exchange channel.
On a constant currency basis, Ebix Q1 2018 revenue increased 35% to $107.2 million compared to $79.1 million in Q1 2017. The Exchange channel continued to be Ebix’s largest, accounting for 76% of Q1 2018 revenues.
(dollar amounts in thousands) Channel Q1 2018 Q1 2017 Change Exchanges $ 81,858 $ 52,614 +56 % Risk Compliance Solutions (RCS) 22,267 21,852 +2 % Broker Solutions 3,610 3,788 -5 % Carrier Systems 495 849 -42 % Total Revenue $ 108,230 $ 79,103 +37 % Total Revenue on Constant Currency Basis $ 107.2 $ 79.1M +35 % Operating Income and Margins: Q1 2018 operating margins decreased to 31% as compared to 32% in Q1 2017. Operating income for Q1 2018 rose 32% to $33.9 million compared to $25.7 million in Q1 2017.
Net Income : Q1 2018 net income decreased 1% to $26.2 million compared to $26.4 million in Q1 2017, despite the 32% increase in operating income. The decrease principally reflected an $8.4 million increase in non-operating expenses like foreign exchange loss, net interest charges and tax expense from Q1 2017 to Q1 2018, as follows:
a $0.6 million foreign exchange loss in Q1 2018 vs. a gain of $3.5 million in Q1 2017 a $3.0 million increase in net interest expense in Q1 2018 vs. Q1 2017 a $2.1 million tax expense in Q1 2018 vs. $0.9 million in Q1 2017. The Q1 2018 taxes reflect a provision for the Global Intangible Low- Taxed Income (“GILTI”) tax, as per the 2017 Tax Cuts and Jobs Act.
Earnings per Share: Q1 2018 diluted earnings per share were unchanged from Q1 2017 at $0.83. Ebix’s weighted average diluted shares outstanding decreased to 31.7 million in Q1 2018 compared to 32.0 million in Q1 2017 and 31.7 million in Q4 2017, reflecting the benefit of share repurchase activity.
Operating Cash: Cash generated from operations rose $9.7 million or 61% in Q1 2018 to $25.5 million compared to $15.8 million in Q1 2017. Q1 2018 cash flows reflected cumulative cash payment of $11.0 million for bank interest and income tax, including non-recurring advance Minimum Alternate Tax (MAT) payments in India.
Share Repurchases: In Q1 2018, Ebix repurchased 30,000 shares of its outstanding common stock for aggregate cash consideration of $2.2 million that were settled in April 2018.
Q2 2018 Diluted Share Count: As of today, Ebix expects its diluted share count for Q2 2018 to be approximately 31.7 million.
Dividend: Ebix paid its regularly quarterly dividend of $0.075 per share in Q1 2018 for a total cost of $2.4 million.
Ebix Chairman, President and CEO Robin Raina said, “We are pleased to start 2018 with record revenue and operating income and a 61% increase in cash generated from operations. With a worldwide annualized revenue run rate of approximately $433 million as of Q1 2018, we believe that we are well on track to surpass our half a Billion-dollar annualized revenue run rate aspirational goal by year end or perhaps earlier.”
Robin said, “From a business development standpoint, Q1 was strong as we secured a few substantial contracts that involve implementations that should contribute to our results over the balance of 2018 and 2019. We faced head winds in Q1 2018 that impacted our sequential revenue comparison with Q4 2017 by $5 million, including a $4 million reduction in our Continuing Education and Health administration exchange segment in Q1 2018, related to seasonal revenue increases in Q4 2017, and approximately $1 million in lower transaction volumes in Q1 2018 because of certain regulatory guidelines associated with the new “Know Your Customer” rule implementation in India. We are pleased that in spite of those factors, Ebix achieved a $3.6 million sequential revenue improvement in Q1 2018 as compared to Q4 2017.”
“Our Indian operations continue to grow in terms of top line and bottom line both. Our EbixCash retail outlet count in India is now approaching 260,000 and we have over 500 sales people on the ground committed to organically growing our outlet footprint as well as the customer penetration of our EbixCash business. With India business contributing $32.9 million in revenues in Q1 2018 as compared to $5.6 million in Q1 2017, we are now targeting an annualized revenue run rate of $200 million or more by Q4 2018.”
Sean Donaghy, Ebix CFO said, “In Q1 2018 Ebix continued to demonstrate solid cash generation to fund growth and investor friendly initiatives, with cash flow from operations increasing to $25.5 million. During Q1 2018, we spent $9.7 million on dividends, tax payments and building construction. Specifically, in Q1 2018 we paid taxes of $6.8 million; invested $531 thousand on building capex; invested $6.6 million for the purchase of the Transcorp inward remittance assets; and returned $2.4 million in dividends to shareholders, while we drew only $20.0 million from our Bank credit facilities. Ebix ended the quarter with $130.3 million of cash, cash equivalents, and short-term investments, an increase of $40.8 million as compared to December 31, 2017.”
Conference Call Details:
Call Date/Time: Wednesday, May 9, 2018 at 11:00 a.m. EDT
Call Dial-In: +1-877-837-3909 or 1-973-409-9690; Call ID # 7585634
Live Audio Webcast: www.ebix.com/webcast
Audio Replay URL: www.ebix.com/result_18_Q1 after 2:00 p.m. EDT on May 9 th
About Ebix, Inc.
With 50+ offices across 5 continents, Ebix, Inc., (NASDAQ:EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial and healthcare industries. In the Insurance sector, the Company’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administrative and risk compliance, across the world.
With a "Phygital” strategy that combines 260,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, travel, pre-paid & gift cards, utility payments, etc., in an emerging country like India. EbixCash, through its travel portal Via.com , is also one of Southeast Asia’s leading travel exchanges with over 110,000 distribution outlets and 8,000 corporate clients processing over 24.5 million transactions every year. For further details, visit www.ebixcash.com
Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com
SAFE HARBOR REGARDING FORWARD-LOOKING STATEMENTS
As used herein, the terms “Ebix,” “the Company,” “we,” “our” and “us” refer to Ebix, Inc., a Delaware corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Ebix, Inc.
The information contained in this Press Release contains forward-looking statements and information within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. This information includes assumptions made by, and information currently available to management, including statements regarding future economic performance and financial condition, liquidity and capital resources, acceptance of the Company's products by the market, and management's plans and objectives. In addition, certain statements included in this and our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us or with our approval, which are not statements of historical fact, are forward-looking statements. Words such as "may," "could," "should," "would," "believe," "expect," "anticipate," "estimate," "intend," "seeks," "plan," "project," "continue," "predict," "will," "should," and other words or expressions of similar meaning are intended by the Company to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are found at various places throughout this report and in the documents incorporated herein by reference. These statements are based on our current expectations about future events or results and information that is currently available to us, involve assumptions, risks, and uncertainties, and speak only as of the date on which such statements are made.
Our actual results may differ materially from those expressed or implied in these forward-looking statements. Factors that may cause such a difference, include, but are not limited to those discussed in our Annual Report on Form 10-K and subsequent reports filed with the SEC, as well as: the risk of an unfavorable outcome of the pending governmental investigations or shareholder class action lawsuits, reputational harm caused by such investigations and lawsuits, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties; pricing and other competitive pressures and the Company's ability to gain or maintain share of sales as a result of actions by competitors and others; changes in estimates in critical accounting judgments; changes in or failure to comply with laws and regulations, including accounting standards, taxation requirements (including tax rate changes, new tax laws and revised tax interpretations) in domestic or foreign jurisdictions; exchange rate fluctuations and other risks associated with investments and operations in foreign countries (particularly in Australia, UK and India wherein we have significant operations); equity markets, including market disruptions and significant interest rate fluctuations, which may impede our access to, or increase the cost of, external financing; and international conflict, including terrorist acts.
Except as expressly required by the federal securities laws, the Company undertakes no obligation to update any such factors, or to publicly announce the results of, or changes to any of the forward-looking statements contained herein to reflect future events, developments, changed circumstances, or for any other reason.
Readers should carefully review the disclosures and the risk factors described in the documents we file from time to time with the SEC, including future reports on Forms 10-Q and 8-K, and any amendments thereto.
You may obtain our SEC filings at our website, www.ebix.com under the "Investor Information" section, or over the Internet at the SEC's web site, www.sec.gov .
Ebix, Inc. and Subsidiaries Condensed Consolidated Statements of Income (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2018 2017 Operating revenue $ 108,230 $ 79,103 Operating expenses: Cost of services provided 39,591 25,187 Product development 8,434 8,350 Sales and marketing 3,998 4,337 General and administrative, net 19,504 12,684 Amortization and depreciation 2,807 2,855 Total operating expenses 74,334 53,413 Operating income 33,896 25,690 Interest income 121 774 Interest expense (4,847 ) (2,468 ) Non-operating income 53 — Foreign currency exchange (loss) gain (641 ) 3,496 Income before income taxes 28,582 27,492 Income tax expense (2,126 ) (869 ) Net income including noncontrolling interest 26,456 26,623 Net income attributable to noncontrolling interest 248 196 Net income attributable to Ebix, Inc. $ 26,208 $ 26,427 Basic earnings per common share attributable to Ebix, Inc. $ 0.83 $ 0.83 Diluted earnings per common share attributable to Ebix, Inc. $ 0.83 $ 0.83 Basic weighted average shares outstanding 31,482 31,807 Diluted weighted average shares outstanding 31,659 31,973
Ebix, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands, except share amounts) March 31,
2018 December 31,
2017 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 111,898 $ 63,895 Short-term investments 18,356 25,592 Restricted cash 3,992 4,040 Fiduciary funds- restricted 8,645 8,035 Trade accounts receivable, less allowances of $5,138 and $4,143, respectively 117,443 117,838 Other current assets 30,533 33,532 Total current assets 290,867 252,932 Property and equipment, net 40,647 41,704 Goodwill 672,159 666,863 Intangibles, net 43,679 45,711 Indefinite-lived intangibles 42,055 42,055 Capitalized software development costs, net 8,659 8,499 Deferred tax asset, net 48,489 43,529 Other assets 15,889 11,720 Total assets $ 1,162,444 $ 1,113,013 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 77,231 $ 75,073 Accrued payroll and related benefits 7,235 8,201 Cash overdraft 9,941 9,243 Fiduciary funds- restricted 8,645 8,035 Short term debt, net of deferred financing costs of $449 and $136, respectively 13,824 14,364 Capital lease obligations 17 17 Deferred rent 205 278 Contingent liability for accrued earn-out acquisition consideration 4,000 4,000 Deferred revenue 27,492 22,562 Other current liabilities 10,085 5,159 Total current liabilities 158,675 146,932 Revolving line of credit 173,694 274,529 Long term debt and capital lease obligations, less current portion, net of deferred financing costs of $1,748 and $298, respectively 235,778 110,978 Other liabilities 11,632 11,658 Contingent liability for accrued earn-out acquisition consideration 32,511 33,096 Deferred revenue 8,822 1,423 Deferred rent 405 638 Total liabilities 621,517 579,254 Stockholders’ equity: Preferred stock, $0.10 par value, 500,000 shares authorized, no shares issued and outstanding at March 31, 2018 and December 31, 2017 — — Common stock, $0.10 par value, 120,000,000 shares authorized, 31,458,976 issued and outstanding, at March 31, 2018, 2017 and 120,000,000 shares authorized, 31,476,428 issued and outstanding at December 31, 2017 3,146 3,148 Additional paid-in capital — 1,410 Retained earnings 523,668 510,975 Accumulated other comprehensive loss (28,782 ) (24,023 ) Total Ebix, Inc. stockholders’ equity 498,032 491,510 Noncontrolling interest 42,895 42,249 Total stockholders' equity 540,927 533,759 Total liabilities and stockholders’ equity $ 1,162,444 $ 1,113,013
Ebix, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net income attributable to Ebix, Inc. $ 26,208 $ 26,427 Net income attributable to noncontrolling interest 248 196 Adjustments to reconcile net income to net cash provided by operating activities: Amortization and depreciation 2,807 2,855 Benefit for deferred taxes (1,874 ) (850 ) Share based compensation 753 686 Provision for doubtful accounts 1,045 407 Unrealized foreign exchange loss (gain) 419 (860 ) Amortization of capitalized software development costs 525 410 Purchase accounting adjustment — (948 ) Changes in assets and liabilities, net of effects from acquisitions: Accounts receivable (1,401 ) (5,661 ) Other assets (554 ) 198 Accounts payable and accrued expenses 1,438 (7,118 ) Accrued payroll and related benefits (946 ) (1,021 ) Deferred revenue (2,361 ) 382 Deferred rent (317 ) (102 ) Reserve for potential uncertain income tax return positions 30 518 Other liabilities (527 ) 268 Net cash provided by operating activities 25,493 15,787 Cash flows from investing activities: Acquisition of Transcorp (6,554 ) — Cash received from Paul Merchants for 10% stake in MTSS combined business 4,996 — Capitalized software development costs (622 ) (514 ) Maturities (Purchases) of marketable securities 5,198 (1,005 ) Capital expenditures (531 ) (2,705 ) Net cash provided by (used in) investing activities 2,487 (4,224 ) Cash flows from financing activities: (Repayments of) Proceeds from revolving line of credit, net (100,835 ) 40,000 Proceeds from term loan 124,250 — Principal payments of term loan obligation — (3,125 ) Repurchases of common stock — (40,517 ) Proceeds from the exercise of stock options — 52 Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (36 ) (167 ) Dividend payments (2,369 ) (2,428 ) Cash Overdraft 745 — Payments of capital lease obligations — (1 ) Net cash provided by (used in) financing activities 21,755 (6,186 ) Effect of foreign exchange rates on cash (1,723 ) 786 Net change in cash and cash equivalents 48,012 6,163 Cash and cash equivalents, and restricted cash at the beginning of the period 70,867 116,941 Cash and cash equivalents, and restricted cash at the end of the period $ 118,879 $ 123,104 Supplemental disclosures of cash flow information: Interest paid $ 4,280 $ 2,289 Income taxes paid $ 6,751 $ 6,663 CONTACT: Darren Joseph 678 -281-2027 or [email protected] David Collins or Chris Eddy Catalyst Global - 212-924-9800 or [email protected]
Source:Ebix, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-ebix-q1-revenues-rose-36-point-8-percent-to-record-108-point-2m-operating-income-rose-31-point-9-percent-to-33-point-9m-eps.html |
LONDON (Reuters) - AstraZeneca’s ( AZN.L ) first-quarter profit was hit by generic competition to cholesterol fighter Crestor and higher costs, but the drugmaker expects a better second half and said it remained on track for a promised return to sales growth in 2018.
FILE PHOTO: The logo of AstraZeneca is seen on a medication package at a pharmacy in London April 28, 2014. REUTERS/Stefan Wermuth/File Photo Core operating profit tumbled 46 percent to $896 million, well below market forecasts, and Crestor sales fell 38 percent as cheap copycat versions of the drug stole market share in Europe and Japan.
Chief Executive Pascal Soriot said on Friday the performance was in line with his expectations, adding that the company’s latest arrivals - Imfinzi for cancer and Fasenra for severe asthma - had both got off to a strong start.
China sales, up 31 percent at more than $1 billion, also continued to be a bright spot and Soriot said the hit from Crestor patent expiries would decline materially in the second half.
“The headwinds that we are experiencing from patent expiries will be very much behind us by the end of this year,” he said.
Still, the shares fell more than 2 percent as investors focused on the profit miss and the battle AstraZeneca faces as it strives to replace former blockbuster medicines.
The drugmaker has suffered the industry’s biggest patent cliff since 2012, wiping out more than half of its sales, although analysts are now forecasting that it will show good growth in the years ahead as new drugs deliver.
While sales of some of these products are small at present, Deutsche Bank analyst Richard Parkes said Imfinzi and Fasenra had beaten expectations by 39 percent and 103 percent respectively, auguring well for the future.
Barclays analysts agreed. “Despite the headline miss we actually regard this as a positive set of numbers,” they wrote in a note to clients.
IMMUNOTHERAPY FIGHT Imfinzi, AstraZeneca’s key bet in lung cancer immunotherapy, has stolen a march over rival drugs from Merck & Co ( MRK.N ), Bristol-Myers Squibb ( BMY.N ) and Roche ( ROG.S ) in treating certain mid-stage patients, although it lags elsewhere.
The group’s total product sales in the three months rose a modest 3 percent, helped by a weaker dollar, but were down 2 percent in constant currencies, which is the benchmark AstraZeneca uses for measuring its return to growth this year.
Total revenue fell 4 percent in dollar terms to $5.18 billion, reflecting investment in new drug launches and a lack of divestments compared with a year earlier. Core earnings per share, which exclude some items, slumped 51 percent to 48 cents.
Analysts, on average, had forecast earnings of 60 cents on revenue of $5.28 billion, Thomson Reuters data showed. For the year, the company continues to predict EPS of $3.30 to $3.50.
Soriot, who saw off a 2014 takeover bid from Pfizer ( PFE.N ) in part by promising annual sales of $45 billion by 2023, has presided over a volatile period at AstraZeneca.
AstraZeneca shares suffered their biggest ever daily fall last July on disappointing initial results from a lung cancer immunotherapy trial dubbed Mystic. The stock has since rallied, helped by good news from two other studies.
More data from the Mystic trial is due in the second half of this year.
Despite the recovery in AstraZeneca’s shares in recent months, some investors are unhappy at the bonuses Soriot has been paid and the company could face a revolt over executive pay at its annual meeting later on Friday.
“We are in ongoing discussion with the shareholders to address their concerns,” Soriot said.
Reporting by Ben Hirschler; editing by Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-astrazeneca-results/astrazeneca-hit-by-falling-crestor-sales-higher-costs-idUSKCN1IJ0H4 |
KUALA LUMPUR (Reuters) - Malaysia’s new government is girding for a volatile start to trading on Monday when local currency, debt and equity markets open for the first time since the stunning election defeat of the coalition that had ruled the country for six decades.
Malaysia's newly elected Prime Minister Mahathir Mohamad attends a news conference in Menara Yayasan Selangor, Pataling Jaya, Malaysia May 12, 2018. REUTERS/Stringer “We will watch the market and take necessary action whichever way the market goes,” Prime Minister Mahathir Mohamad said on Saturday, after offshore investors expressed concern that his populist promises could undermine economic prospects.
Mahathir’s alliance had pledged during the campaign to remove a goods and services tax, scrap toll fees, reinstate fuel subsidies and review Chinese investment deals.
The ringgit lost four percent in offshore trading, while an overseas Malaysian equity fund showed a 6 percent drop in share values after the results were announced early on Thursday.
The currency “may need to play catch up” on Monday, and fall in line with a four percent drop in three month non-deliverable forwards, while government bonds are likely to be under selling pressure, Frances Cheung Head of Macro Strategy, Asia at Westpac bank said by e-mail.
Mahathir named Lim Guan Eng, a relative unknown, as finance minister over the weekend, but also appointed billionaire tycoon Robert Kuok and highly-regarded former central bank governor Zeti Akhthar Aziz as advisers on financial matters to allay investor worries.
Local economic analysts said Lim had built a good reputation as chief minister of Penang state and would be welcomed by Malaysian investors.
But tensions within the ruling alliance over cabinet picks that emerged at the weekend would weigh on sentiment, analysts said. Mahathir and his jailed ally, Anwar Ibrahim, both stepped in to ease the tensions on Sunday.
“This is a coalition of four different parties with different agendas. The easy part was being in opposition - now they have to form government, and that’s creating uncertainty,” Trinh Nguyen, senior economist at Natixis, told Reuters by phone from Hong Kong.
“This will have an impact on prices and they will have to correct to reflect this higher level of uncertainty...I think the markets have been wrong-footed,” she said, though adding, that the economy, especially with oil prices rising, was well placed to absorb the shock.
Analysts also pointed to the possibility of reshuffles at the top of government-linked corporations and, if sentiment sours at the bourse, ratings agency Moody’s sees the banking sector hardest hit.
“We will see increasing risks of capital outflows and a further weakening of the ringgit. That could in turn dampen private sector consumption and operating conditions for banks in Malaysia,” said Moody’s senior banks analyst Simon Chen.
The local share market is Asia’s top performer so far this year after Vietnam, with more than 7 percent gains in dollar terms. Its open at 9 a.m. local time (0100 GMT) on Monday, provides some time for investors to absorb the surprise election results, analysts said.
“There will be some uncertainty in the near term but at least higher oil prices will provide additional revenue for the new administration,” Khoon Goh, Head of Asia Research at ANZ Bank in Singapore told Reuters by e-mail.
Reporting by Liz Lee and Tom Westbrook
| ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-politics-markets/mahathir-girds-for-volatile-start-to-malaysian-market-trading-idINKCN1IE0IZ |
PHILADELPHIA, PA; RALEIGH, NC; and WINSTON-SALEM, NC, May 14, 2018 (GLOBE NEWSWIRE) -- Clinical Ink , the pioneering provider of eSource and next-generation ePRO/eCOA solutions for clinical development, today announced that the private equity team at NovaQuest Capital Management, L.L.C. (“NovaQuest”) has acquired a majority of the outstanding shares of the company from existing investors and provided a substantial infusion of additional growth capital. The deep clinical, operational, and financial resources of NovaQuest will allow Clinical Ink to aggressively pursue growth opportunities and fuel investment in new products and operational capabilities.
“The pharmaceutical industry is anxiously seeking technology solutions that reduce costs and simplify clinical trials for patients, sites, sponsors and CROs,” said Ed Seguine, CEO of Clinical Ink. “Clinical Ink’s new partnership with NovaQuest is a testament to our strong financial performance and validation of our approach to provide a better clinical trial experience. The landscape of emerging clinical technology companies is littered with unrealized potential and we now have the resources, expertise, and relationships to successfully compete with the entrenched legacy providers to establish a new business model for conducting clinical trials.”
“Clinical Ink is uniquely positioned to address the most challenging problems associated with conducting clinical trials,” said Michael Sorensen, Partner at NovaQuest. “NovaQuest’s experience directly funding major clinical programs with the world’s largest pharmaceutical companies affords us deep insights into the opportunities to fundamentally improve this complex process. The Clinical Ink management team has achieved notable success and the company is at a critical inflection point where NovaQuest’s expertise and relationships can help the company accelerate growth and continue to innovate.”
RTI International, a leading research institute, provide strategic co-investment in support of Clinical Ink, to help solve the problem of reducing the cost and complexity of clinical research for sites, sponsors and patients. “We are excited to be a co-investment partner with NovaQuest and extend our healthcare and life sciences expertise to Clinical Ink,” said Matt Jenkins, vice president and head of corporate development at RTI. “This deal fits well with our philosophy of investing alongside strong management teams and investment partners in high growth markets with a connection to our core research work and mission.”
In a related transaction, Silicon Valley Bank also provided a flexible credit facility to Clinical Ink.
Baird served as exclusive financial advisor to Clinical Ink while Hogan Lovells provided the company legal advice. Wyrick Robbins provided legal advice to NovaQuest.
About Clinical Ink
Founded in 2007, Clinical Ink is dedicated to transforming clinical development with innovative technologies that make clinical research easier for patients, sites and sponsors. Clinical Ink’s SureSource® platform directly captures eSource, ePRO, and eCOA data and documents and facilitates risk-based monitoring. Our approach puts the focus on protocol execution by focusing on the critical moments that matter. Clinical Ink maintains offices in Winston-Salem, NC and Philadelphia, PA. Find more at www.clinicalink.com .
About NovaQuest Capital Management, L.L.C.
NovaQuest Capital Management is a leading investor in life sciences and healthcare through its Product Finance and Private Equity strategies. NovaQuest was formed in 2000 with the vision of building an investment platform to provide strategic capital to life sciences and healthcare companies. Today, NovaQuest Capital Management manages over $1.8 billion through its Product Finance and Private Equity strategies. The investment team consists of highly seasoned operational and investment professionals with significant investment experience and deep life science and healthcare expertise. Furthermore, NovaQuest benefits from an extensive network of industry experts and relationships that assist in identifying, analyzing and growing NovaQuest portfolio companies and investments. For more information, please visit www.novaquest.com .
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Jessica Romero Clinical Ink 336-728-6541 [email protected]
Source: Clinical Ink | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-clinical-ink-to-accelerate-innovation-and-growth-with-major-investment-by-novaquest-private-equity.html |
European stocks open slightly lower as Italian crisis batters financial markets 36 Mins Ago European markets opened slightly lower Wednesday morning amid a deepening political crisis in the euro zone's third-largest economy. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/european-stocks-open-slightly-lower-as-italian-crisis-batters-financial-markets.html |
Model Bella Hadid mulls acting future 8:23pm BST - 01:37
On the fringes of Cannes Film Festival model Bella Hadid and fashion designer Alexander Wang talk about acting ahead of the annual Magnum ice cream party. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
On the fringes of Cannes Film Festival model Bella Hadid and fashion designer Alexander Wang talk about acting ahead of the annual Magnum ice cream party. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2ryy4Hq | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/10/model-bella-hadid-mulls-acting-future?videoId=425662330 |
May 2, 2018 / 11:57 AM / Updated an hour ago French President in 'delicious' faux pas on tour Down Under Jonathan Barrett 2 Min Read
SYDNEY (Reuters) - France’s President Emmanuel Macron may have had le vin rouge on his mind when he thanked Australian Prime Minister Malcolm Turnbull and his “delicious wife” for their warm welcome on his official visit. President of France Emmanuel Macron meets Australia's Prime Minister Malcolm Turnbull and his wife Lucy Turnbull at the Sydney Opera House, Australia May 1, 2018. AAP/Mick Tsikas/via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. NO RESALES. NO ARCHIVE. AUSTRALIA OUT. NEW ZEALAND OUT
Macron and Turnbull had navigated their way through several sensitive diplomatic issues at a news conference in Sydney on Wednesday, only for the president to make the linguistic slip while making closing remarks in English.
He thanked Turnbull and his wife, Lucy, for being good hosts and acknowledged the fine food and wine he had enjoyed on his visit, before exclaiming: “I want to thank you for your welcome, you and your delicious wife for the warm welcome.”
The comment lit up social media, replacing discussion about the leaders’ deliberations on more weighty issues such as China’s growing influence in the region.
But what exactly did Macron try to say?
He may have had the word “delicieux” in mind, which, though sounding similar to “delicious,” would better translate into “lovely” or “delightful.”
While more often used to describe a pastry or a meal, the word “delicieux” can also describe a person, even if it is a somewhat old-fashioned usage.
Though Macron speaks better English than several of his predecessors and often speaks the language when abroad, his only experience of living in an English-speaking country is six months in the French embassy in Nigeria.
It is not the first time a stray comment - in this case, unintentional - on a high-profile visit has overshadowed more official business.
Last year, U.S. President Donald Trump praised French first lady Brigitte Macron for being in “such good shape” on a state visit to France. Additional reporting by Ingrid Melander and Michel Rose in Paris; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-australia-france/french-president-in-delicious-faux-pas-on-tour-down-under-idUKKBN1I31K4 |
May 2, 2018 / 10:40 AM / Updated 5 minutes ago BRIEF-Clorox Reports Q3 Earnings Per Share $1.37 From Continuing Operations Reuters Staff
May 2 (Reuters) - Clorox Co:
* CLOROX REPORTS Q3 FISCAL YEAR 2018 RESULTS, UPDATES FISCAL YEAR 2018 OUTLOOK
* SEES FY 2018 EARNINGS PER SHARE $6.15 TO $6.30 FROM CONTINUING OPERATIONS * SEES FY 2018 SALES UP ABOUT 3 PERCENT
* Q3 EARNINGS PER SHARE VIEW $1.31 — THOMSON REUTERS I/B/E/S * Q3 REVENUE VIEW $1.51 BILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $6.17 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-clorox-reports-q3-earnings-per-sha/brief-clorox-reports-q3-earnings-per-share-1-37-from-continuing-operations-idUSASC09YWN |
May 9, 2018 / 3:24 PM / Updated 18 minutes ago UK firms should consider implications of U.S. sanctions on Iran - May's spokesman Reuters Staff 1 Min Read
LONDON (Reuters) - Britain continues to support boosting trade with Iran but businesses may want to consider the implications of U.S. sanctions on their activities and seek legal advice, Prime Minister Theresa May’s spokesman said on Wednesday. FILE PHOTO: The Canary Wharf financial district is reflected in the river Thames on a sunny morning in London, Britain, May 8, 2018. REUTERS/Hannah McKay
“The UK continues to be party to the JCPOA and as such the UK government continues to fully support expanding our trade relationship with Iran and encourage UK businesses to take advantage of the commercial opportunities that arise,” he told reporters.
“However with the reimposition of U.S. sanctions, UK businesses may wish to consider the implications for their business activities in Iran and where necessary seek appropriate legal advice.” Reporting by Elizabeth Piper; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-government-businesses/uk-firms-should-consider-implications-of-u-s-sanctions-on-iran-mays-spokesman-idUKKBN1IA2I2 |
* Federal Reserve to issue proposal on Wednesday afternoon
* Proposal expected to be moderate, streamline rule
By Michelle Price and Pete Schroeder
WASHINGTON, May 30 (Reuters) - U.S. regulators are set to rewrite rules reining in banks’ risky trading behavior, making changes that will cut compliance costs but stopping far short of allowing firms to return to their gambling days seen before the 2007-2009 global financial crisis.
The Federal Reserve’s long-anticipated proposal to alter the so-called Volcker Rule on Wednesday marks another step by Trump administration regulators to ease banking rules in a bid to boost lending and economic growth.
Part of the 2010 Dodd-Frank financial reform law, the Volcker Rule is aimed at preventing banks from making market bets while accepting taxpayer-insured deposits. It has forced many Wall Street banks to overhaul their trading operations and hive off billions of dollars worth of hedge funds and private equity funds.
Banks have long complained that the rule, which took four years to write and runs at more than 1,000 pages, is vague and complex, creating a disproportionate compliance burden and limiting their ability to facilitate investments and hedges for investors.
“This revision is likely to make only modest changes to the rule that would benefit banks at the margin. It will not mark the wholesale return of bank proprietary trading. The fundamental framework remains,” said Isaac Boltanksy, director of policy research at Compass Point Trading & Research LLC in Washington.
Still, Wednesday’s proposal should provide clarity over how banks can show trades qualify for certain safe harbors, especially when facilitating client trades, according to people familiar with the matter. Reuters had reported the expected changes in February.
JPMorgan Chase & Co chief executive Jamie Dimon was once Quote: d as saying traders would need a lawyer and a psychiatrist by their side in order to prove their trading intentions complied with the rule.
The proposed changes will also likely tailor compliance requirements to an institution’s size and alter aspects of the rule so it no longer encroaches upon some overseas firms, the people said.
JPMorgan is looking forward to more clarity on its requirements and to spending less to prove compliance, Daniel Pinto, chief executive for the bank’s corporate and investment banking business, said at an investor conference on Tuesday.
But the Volcker Rule proposal “is not going to change too much what we do and how we do it,” Pinto said. Banks of all sizes as well as private equity funds and investor groups have lobbied hard for the rule to be simplified, according to public records and sources. U.S. Congress wrote the broad strokes of the Volcker Rule into law, but five regulators oversee the rule and wrote its finer details.
Industry attempts to persuade Congress to overhaul the Volcker Rule so far have failed, but regulators agree after three years of trying to enforce it that revisions are necessary to help all parties.
They have been working on tweaks ever since the rule became effective in 2015, but efforts behind the scenes to draft a new rule accelerated over the past two months, the sources said.
The Fed has been leading the efforts and other regulators are expected to propose the same changes in the coming days.
Some bank lobbyists hope for another opportunity to push for a more radical overhaul. But such changes could take years, analysts said.
“The only way that the Volcker Rule can be fundamentally altered is if Congress chooses to do so, and that clearly isn’t happening this year or anytime in the near future,” said Boltansky.
Reporting by Michelle Price and Pete Schroeder; additional reporting by Patrick Rucker and David Henry in New York; Editing by Meredith Mazzilli
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