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Watch Mark Zuckerberg speak at Facebook's F8 developer conference 3 Hours Ago Breaking News
Mark Zuckerberg is delivering the keynote address at Facebook 's annual F8 developer conference Tuesday.
The conference, often an opportunity to announce new developer tools or hardware, is likely to focus more heavily on privacy and policy this year.
The company has already announced one change that will likely be discussed at F8: a plan to tell users which websites track them across the web, and offer them the option to delete the personal data. The feature, called " Clear History " — which will roll out in upcoming months — will essentially let users see and clear certain data collected on them from third party apps and websites that is sent to Facebook.
Facebook for months has been dealing with the fallout of a massive data leak and questions of user privacy — a firestorm set off by reports that an app developer mishandled sensitive user information.
The social media giant in March delayed the launch of a long-reported smart speaker, according to news reports.
The stream is slated to start at 1 p.m. ET. Please refresh the page if you do not see a player above at that time. CNBC NEWSLETTERS
Get the best of CNBC in your inbox Please choose a subscription A daily email for dreamers, seekers and game changers. Breaking News | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/watch-mark-zuckerberg-speak-at-facebooks-f8-developer-conference.html |
May 2 (Reuters) - CCC SA:
* APRIL 2018 REVENUE AT 455.4 MILLION ZLOTYS, UP 32.5 PERCENT YOY Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ccc-april-revenue-up-325-percent-y/brief-ccc-april-revenue-up-32-5-percent-yoy-idUSFWN1S90EG |
May 8 (Reuters) - Martin Marietta Materials Inc:
* MARTIN MARIETTA REPORTS FIRST QUARTER 2018 RESULTS * COMPANY INCREASES 2018 GUIDANCE TO REFLECT CONTRIBUTION FROM BLUEGRASS MATERIALS ACQUISITION
* QTRLY EARNINGS PER SHARE $0.16 * MARTIN MARIETTA MATERIALS - QTRLY TOTAL REVENUES $802.0 MILLION VERSUS $843.9 MILLION
* SEES 2018 TOTAL REVENUES $4,300 MILLION - $4,500 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.22, REVENUE VIEW $778.0 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 REVENUE VIEW $4.00 BILLION — THOMSON REUTERS I/B/E/S
* SEES 2018 CAPITAL EXPENDITURES $450 MILLION TO $500 MILLION
* MARTIN MARIETTA MATERIALS - SEES 2018 NET EARNINGS ATTRIBUTABLE TO CO $525 MILLION TO $640 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-martin-marietta-materials-reports/brief-martin-marietta-materials-reports-qtrly-earnings-per-share-of-0-16-idUSASC0A0FA |
LAS VEGAS--(BUSINESS WIRE)-- VICI Properties Inc. (NYSE:VICI) (“VICI Properties” or the “Company”), an experiential-asset real estate investment trust (REIT), announced today that it will be added to the MSCI U.S. REIT Index (RMZ), effective as of the close of the market on May 31, 2018.
The RMZ is a free float-adjusted market capitalization weighted index that is comprised of equity REITs. The index represents about 99% of the U.S. REIT universe and securities are classified under the Equity REITs Industry (under the Real Estate Sector) according to the Global Industry Classification Standard (GICS), have core real estate exposure and carry REIT tax status.
Ed Pitoniak, Chief Executive Officer of the Company, stated, “We are pleased to be joining the MSCI U.S. REIT Index so quickly after our IPO this past February. Inclusion in the RMZ is another important milestone for VICI Properties as we continue to build the next great American REIT through our investment in experiential real estate."
About VICI Properties
VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 20 gaming facilities comprising over 36 million square feet and features approximately 14,500 hotel rooms and more than 150 restaurants, bars and nightclubs. Its properties are leased to leading brands such as Caesars, Horseshoe, Harrah’s and Bally’s, which prioritize customer loyalty and value through great service, superior products and constant innovation. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516005310/en/
Investor Contacts:
[email protected]
(725) 201-6415
or
ICR
Jacques Cornet
[email protected]
or
Media Contacts:
[email protected]
(725) 201-6414
or
ICR
Phil Denning and Jason Chudoba
[email protected] , (646) 277-1258
[email protected] , (646) 277-1249
Source: VICI Properties Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-vici-properties-inc-to-be-added-to-the-msci-u-s-reit-index.html |
May 1, 2018 / 12:42 AM / Updated 8 minutes ago Dollar turns positive for 2018, U.S. stocks mostly lower Caroline Valetkevitch 4 Min Read
NEW YORK (Reuters) - The dollar broke into positive territory for the year and U.S. bond yields inched higher again on Tuesday as the recent rise in oil prices fueled expectations the Federal Reserve could flag more interest rate hikes at its policy meeting this week. An investor looks at an electronic board showing stock information at a brokerage house in Nanjing, Jiangsu province, China April 16, 2018. REUTERS/Stringer
The Dow and S&P 500 were lower in late afternoon trading as the latest batch of earnings from companies such as Pfizer and Tapestry, formerly Coach, disappointed investors, and as energy shares fell.
Apple’s quarterly results are due after Wall Street closes and will be a big focus after several weeks of speculation about ebbing smartphone demand based on selective reports from companies in its supply chain.
Technology sector results so far – at least from the likes of Amazon, Alphabet, Microsoft, Samsung and SAP – have broadly beaten forecasts for Q1 and the overall aggregate U.S. earnings growth is tracking seven-year highs of almost 25 percent.
The dollar attracted attention as it turned positive for 2018 just ahead of a two-day Fed meeting that is expected to pave the way for more rate hikes this year.
A divergence between growth and the rate outlook versus those of other countries prompted investors to push the currency higher. FILE PHOTO: A worker walks through an aluminium ingots depot in Wuxi, Jiangsu province, China September 26, 2012. REUTERS/Aly Song/File Photo
The dollar index rose 0.71 percent, with the euro down 0.74 percent to $1.1988.
“We’re pretty much back to where we were at the beginning of the year, so a lot of the dollar weakness has been pretty much wiped out,” said Sireen Harajli, foreign exchange strategist at Mizuho in New York.
The Dow Jones Industrial Average fell 153.05 points, or 0.63 percent, to 24,010.1, the S&P 500 lost 3.5 points, or 0.13 percent, to 2,644.55 and the Nasdaq Composite added 35.32 points, or 0.5 percent, to 7,101.59.
MSCI’s gauge of stocks across the globe shed 0.38 percent. FILE PHOTO: Aluminium bar stock is seen inside a factory in Dongguan, China April 10, 2018. REUTERS/Bobby Yip/File Photo
May Day holidays across Asia and Europe meant trading was thinner than usual.
For Europe’s stocks followers, only London’s FTSE and Denmark’s bourse were open. [.EU]
U.S. Treasury yields rose, with prices pressured ahead of a quarterly refunding announcement. The U.S. Treasury is scheduled to announce its findings on a refunding survey on Wednesday, with analysts projecting an increase in auction sizes, or new issuance at different points on the yield curve.
Benchmark 10-year notes last fell 9/32 in price to yield 2.9681 percent, from 2.936 percent late on Monday.
Brent oil prices eased off four-month highs of just over $75 a barrel set on Monday on worries that U.S. President Donald Trump may pull out of the 2015 Iran nuclear deal and thereby bring back sanctions on its oil output.
The White House had said on Monday that information provided by Israel on Iran’s nuclear program had provided “new and compelling details”.
A high-level U.S. trade delegation will also be in Beijing for meetings later this week, amid lingering worries about a possible trade war between the world’s top two economies.
U.S. crude fell $1.32 to settle at $67.25 a barrel, while Brent dropped $1.56 to $73.13.
Gold slid to a four-month low as the dollar strengthened. Spot gold was down 0.7 percent at $1,306.26 an ounce, off an earlier low $1,301.51, its weakest since Dec. 29. [GOL/] Additional report by Karen Brettell in New York, Marc Jones and Jan Harvey in London and Hideyuki Sano in, Tokyo; Editing by Hugh Lawson, Chizu Nomiyama and Susan Thomas | ashraq/financial-news-articles | https://www.reuters.com/article/us-global-markets/u-s-stock-futures-pare-losses-after-u-s-extends-tariff-exemptions-idUSKBN1I22JH |
May 2, 2018 / 11:23 AM / Updated 6 minutes ago BRIEF-Chesapeake Energy Q1 Adjusted Earnings Per Share $0.34 Reuters Staff
May 2 (Reuters) - Chesapeake Energy Corp:
* REPORTS 2018 FIRST QUARTER FINANCIAL AND OPERATIONAL RESULTS * Q1 EARNINGS PER SHARE $0.29
* Q1 EARNINGS PER SHARE VIEW $0.27 — THOMSON REUTERS I/B/E/S
* CHESAPEAKE ENERGY - AVERAGE Q1 PRODUCTION OF ABOUT 554,000 BOE PER DAY, UP 11 PERCENT COMPARED TO 2017 Q1, ADJUSTED FOR ASSET SALES
* CHESAPEAKE ENERGY - AVERAGE Q1 OIL PRODUCTION OF ABOUT 92,000 BARRELS OF OIL PER DAY, UP 16 PERCENT COMPARED TO 2017 Q1, ADJUSTED FOR ASSET SALES
* CHESAPEAKE - QTRLY TOTAL REVENUE $2,489 MILLION VERSUS $2,753 MILLION * Q1 REVENUE VIEW $2.53 BILLION — THOMSON REUTERS I/B/E/S
* DURING Q1, CLOSED CERTAIN PROPERTY SALES FOR NET PROCEEDS OF APPROXIMATELY $387 MILLION
* IN FEB, SOLD ABOUT 4.3 MILLION SHARES OF FTS INTERNATIONAL FOR APPROXIMATELY $74 MILLION IN NET PROCEEDS
* SEES 2018 OIL ABSOLUTE PRODUCTION 31.0 MMBBLS - 33.0 MMBBLS
* SEES 2018 NGL ABSOLUTE PRODUCTION 20.0 MMBBLS - 22.0 MMBBLS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-chesapeake-energy-q1-adjusted-earn/brief-chesapeake-energy-q1-adjusted-earnings-per-share-0-34-idUSASC09YXV |
WASHINGTON, May 16 (Reuters) - The United States and China will hold trade talks on Thursday and Friday, the White House said on Wednesday, as the two economic giants at loggerheads on a number of issues seek to avoid a trade war. (Reporting by Eric Beech; Editing by Mohammad Zargham)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-china-talks/u-s-to-hold-trade-talks-with-china-on-thursday-and-friday-white-house-idUSW1N1RT02K |
Opening Bell, May 9 2018 4 Hours Ago Ringing today's opening bells are Ron Taylor, board of directors member at Adtalem Global Education, at the NYSE, and Alan Joyce, Qantas CEO, at the Nasdaq. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/opening-bell-may-9-2018.html |
TACOMA, Wash., May 8, 2018 /PRNewswire/ -- Propel Insurance, one of the nation's leading insurance agencies, today announced that its management team and employee shareholders have partnered with Flexpoint Ford, a financial services focused private equity firm. Following the investment by Flexpoint, Propel Insurance's current shareholders will retain a significant ownership. The new partnership will build on Propel's track record of organic growth and provide funding for the Company's ongoing geographic expansion program. Terms of the transaction were not disclosed.
Propel is the second largest independent insurance agency in the Northwest with six offices throughout Washington and Oregon. The Company is a recognized leader in providing innovative insurance solutions for its clients and has developed substantial expertise across a number of industry verticals, including construction, senior living, real estate, transportation, timber, consumer products and sports and recreation.
Kurt Carlson, CEO of Propel, commented, "We are excited about our next chapter of growth, and the capital base that we have put in place to support it. We look forward to continuing to invest in the development and growth of Propel and its service offerings, while adding to our team of industry experts via strategic acquisitions." Carlson added, "Flexpoint's deep understanding of the insurance sector and its access to capital will allow us to expand our geographic footprint and develop new areas of industry specialization. We will be actively seeking partnerships with agencies and select producers that share our values and entrepreneurial spirit and desire to join a growing agency platform with an exceptional team-based culture."
Chris Ackerman, Managing Director of Flexpoint Ford, noted, "We have evaluated investment opportunities in the insurance brokerage industry for a number of years, and we are excited to partner with a management team with a consistent track record of successful growth and a shared vision for the future. Propel's emphasis on building a fully-integrated agency with a single culture has positioned the Company to achieve substantial growth in the coming years. We look forward to working with this management team, led by Kurt Carlson, to support and drive the execution of its client focused growth strategy."
Michael Ferreira, Executive Vice President of Propel, added, "Our focus remains on providing expert insurance solutions and continued high-quality customer service which has driven extraordinary organic growth at Propel. We are confident that our alignment with Flexpoint will provide us with strategic resources to accelerate our existing momentum."
Dominic Hood, Principal of Flexpoint Ford, added, "We look forward to supporting Propel's effort to strategically expand the Company's footprint beyond the Northwest. We believe this partnership will create valuable future opportunities for Propel's employees, an increased level of service for its customers and exciting growth opportunities for carrier partners."
Waller Helms Advisors acted as financial advisor to Propel Insurance and Harlowe & Falk LLP acted as legal counsel in connection with the transaction. SunTrust Robinson Humphrey acted as financial advisor to Flexpoint Ford and Kirkland & Ellis LLP acted as legal counsel in connection with the transaction.
About Propel Insurance
Propel Insurance is one of the nation's largest privately owned insurance agencies and provides a broad array of property, casualty, risk management, workers' comp, employee benefits, personal insurance and other products across North America. Propel is dedicated to helping businesses and individuals manage their insurance needs and find their momentum. For more information, visit www.propelinsurance.com .
About Flexpoint Ford, LLC
Flexpoint Ford is a private equity investment firm that has raised more than $2.3 billion in capital and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm's formation in 2005, Flexpoint Ford has completed investments in more than 30 companies across a broad range of investment sizes, structures and asset classes. Flexpoint Ford is headquartered in Chicago, Illinois. For more information about Flexpoint Ford, please visit www.flexpointford.com .
CONTACT: Chris Ackerman, 312-327-4540
View original content: http://www.prnewswire.com/news-releases/propel-insurance-partners-with-flexpoint-ford-to-accelerate-growth-and-support-strategic-acquisitions-300644119.html
SOURCE Flexpoint Ford, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-propel-insurance-partners-with-flexpoint-ford-to-accelerate-growth-and-support-strategic-acquisitions.html |
Richard Clarida, President Donald Trump’s nominee for Federal Reserve vice chairman, holds employment-related financial assets valued at between $9 million and $39 million, according to documents certified by the U.S. Office of Government Ethics.
Most of those assets come from deferred compensation, anticipated bonuses and other funds from his job as a managing director at Pacific Investment Management Co. and from retirement accounts from Columbia University, where he is a professor.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/fed-pick-clarida-holds-at-least-9-million-in-job-related-financial-assets-1526587844 |
May 2, 2018 / 11:17 AM / Updated 23 minutes ago Vedanta considers building zinc smelter in South Africa Reuters Staff 2 Min Read
(Reuters) - Vedanta Resources’ Zinc International unit said it was exploring the feasibility of developing and constructing a smelter to process zinc mined from its flagship Gamsberg project in South Africa. FILE PHOTO: A bird flies past the logo of Vedanta installed on the facade of its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui/File Photo
The global mining conglomerate said in February it may accelerate expansion of its African zinc operations to take advantage of a surge in prices of the metal.
Zinc prices have rallied to their highest since 2007, boosting overall profits of Vedanta, which has zinc projects in India, South Africa and Namibia.
The company could invest between $700 million and $800 million at the Gamsberg refinery, Vedanta Zinc International said bit.ly/2Kxxt14.
The first phase of the smelter-refinery complex is expected to have a capacity of 250,000 tonnes per year of finished zinc metal, matching Gamsberg’s expected annual output by early 2019.
The smelting plant will make Gamsberg, one of the world’s largest undeveloped zinc resource, a fully integrated zinc production site. Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty | ashraq/financial-news-articles | https://in.reuters.com/article/vedanta-res-plc-zinc-smelter/vedanta-considers-building-zinc-smelter-in-south-africa-idINKBN1I31ER |
LOS ANGELES, May 30, 2018 (GLOBE NEWSWIRE) -- The Trade Desk, Inc . (Nasdaq:TTD), a global technology platform for buyers of advertising, today announced that Gokul Rajaram has joined its board of directors. Rajaram currently leads Caviar, Square's food ordering service, and serves on Square’s executive team. Prior to Square, he served as Product Director of Ads at Facebook, where he helped Facebook transition its advertising business to become mobile-first. Earlier in his career, Rajaram served as a Product Management Director for Google AdSense, where he helped launch the product and grow it into a substantial portion of Google’s business.
Rajaram currently serves as a board member of privately held Course Hero, Inc., an online learning platform. He previously served as a board member of publicly traded RetailMeNot, Inc. (SALE) from 2013 to 2017, prior to the company's acquisition by Harland Clarke.
"I am pleased to have Gokul join our board of directors," said Jeff Green, Founder and CEO of The Trade Desk. "Gokul's computer science experience and deep understanding of digital advertising add a valuable perspective and voice to our board. With large growth opportunities like the generational shift driving the convergence of internet and TV, and large markets like China just beginning to adopt programmatic, Gokul's counsel to the board will be invaluable."
"I am honored to join as a member of The Trade Desk Board of Directors during such a pivotal time,” said Rajaram. "I believe there is no company better positioned for significant growth in the ad-funded, connected TV market than The Trade Desk. Coupling that with the opportunity in international markets that are only in the early stages of programmatic adoption makes this opportunity incredibly exciting. I look forward to contributing my expertise and perspective to Jeff, the board and The Trade Desk’s leadership team."
Rajaram holds a bachelor’s degree in Computer Science Engineering from the Indian Institute of Technology, Kanpur. He also holds an M.B.A. from The Massachusetts Institute of Technology and a Master of Computer Science from the University of Texas at Austin.
About The Trade Desk, Inc.
The Trade Desk™ is a technology company that empowers buyers of advertising. Through its self-service, cloud-based platform, ad buyers can create, manage, and optimize more expressive data-driven digital advertising campaigns across ad formats, including display, video, audio, native and, social, on a multitude of devices, such as computers, mobile devices, and connected TV. Integrations with major data, inventory, and publisher partners ensure maximum reach and decisioning capabilities, and enterprise APIs enable custom development on top of the platform. Headquartered in Ventura, CA, The Trade Desk has offices across North America, Europe, and Asia. To learn more, visit thetradedesk.com or follow us on Facebook , Twitter , and LinkedIn .
Contact:
Investors
Chris Toth
Vice President Investor Relations, The Trade Desk
[email protected]
310-334-9183
Media
Austin Rotter
Associate Vice President, 5WPR
[email protected]
646-862-6866
Source:The Trade Desk, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-the-trade-desk-welcomes-gokul-rajaram-to-its-board-of-directors.html |
NYT’s Jim Stewart: Why Ford is saving the Mustang 1 Hour Ago Jim Stewart, The New York Times, discusses Ford’s decision to continue the Mustang model as it refocuses its product line away from passenger cars. He also weighs in on potential auto tariffs, Harvey Weinstein and the media merger frenzy. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/nyts-jim-stewart-why-ford-is-saving-the-mustang.html |
BEIJING, May 15 (Reuters) - Steady economic growth in April lays a good foundation for achieving China’s full-year growth target, a spokeswoman from the country’s statistics bureau said Tuesday.
Liu Aihua said she expects investment will maintain healthy growth but that there is less room for a boost from infrastructure investment.
China’s government has set a GDP growth target of around 6.5 percent this year, down from the actual 6.9 percent in 2017.
Reporting by Kevin Yao; Writing by Elias Glenn Editing by Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-investment/chinas-statistics-bureau-says-economy-on-track-to-meet-growth-target-idUSB9N1RM012 |
Pyxis Tankers Inc. Announces Financial Results for the Three Months Ended March 31, 2018
Maroussi, Greece, May 14, 2018 - Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the "Company" or "Pyxis Tankers") an emerging growth pure play product tanker company, today announced unaudited results for the three months ended March 31, 2018.
Summary
For the three months ended March 31, 2018, our time charter equivalent revenues were $4.5 million, which resulted in net income of $0.6 million, or earnings per share (basic and diluted) of $0.03, and our Adjusted EBITDA (see "Non-GAAP Measures and Definitions" below) was $0.1 million.
On February 28, 2018, we refinanced existing indebtedness of $26.9 million for Secondone, Thirdone and Fourthone with a new 5-year secured term loan of $20.5 million and cash of $2.1 million. The remaining balance of approximately $4.3 million was written-off by the previous lender at closing, which was recorded as gain from debt extinguishment in the first quarter of 2018.
Valentios Valentis, our Chairman and CEO commented:
"Overall, our operating results for the first quarter of 2018 were mixed. Early in the period, we expected a challenging spot charter market for medium range tankers ("MRs"), and consequently, we took the opportunity to fix all of our MR's under short-term time charters at fair rates which averaged around $14,900 per day. However, our small tankers underperformed, and we continue to explore avenues to maximize value, including longer-term solutions, such as, vessel sale or bare boat charter arrangements. During the quarter, we also incurred unscheduled work for one of our vessels, which negatively affected the total operating days for the period.
"As for the balance of 2018, we continue to expect chartering activity to be choppy but with a modest upward trend, especially for the second half of the year. As of May 7, 2018, 66% of the available days in the second quarter were booked for our MRs at an average of $14,900/day, exclusive of options. Our recent employment strategy positions us to take advantage of improving rates later this year. We continue to believe in a longer term, sustainable improvement in charter rates as a result of attractive market fundamentals, such as, significantly lower scheduled deliveries of new build MRs combined with projected solid growth in consumption by end-markets and increasing export-oriented petroleum refinery cargoes. Over the long-term, we intend to maintain our strategy of a mix of time and spot charters.
"While the capital markets continue to be challenging for tanker companies, we will continue to pursue cost-effective, growth capital to further improve our liquidity and selectively acquire MR2s. We remain optimistic about the fundamentals of the product tanker market, specifically for MR's, and believe that Pyxis Tankers has the platform and position to take advantage of them."
Results for the three months ended March 31, 2017 and 2018
For the three months ended March 31, 2018, we reported a net income of $0.6 million, or $0.03 basic and diluted earnings per share, compared to a net loss of $1.7 million, or $0.09 basic and diluted loss per share, for the same period in 2017. The improvement in our net result in the first quarter of 2018 was primarily due to the gain from debt extinguishment of $4.3 million, partially offset by the non-cash vessel impairment charge of $1.5 million ($0.07 per share) related to the write down of the carrying amount of Northsea Alpha and Northsea Beta to their fair values. Our Adjusted EBITDA was $0.1 million, representing a decrease of $0.3 million from $0.4 million for the same period in 2017.
Three Months ended March 31, 2017 2018 (Thousands of U.S. dollars, except for daily TCE rates) Voyage revenues 7,640 6,590 Voyage related costs and commissions (2,931) (2,057) Time charter equivalent revenues* 4,709 4,533 Total operating days 480 425 Daily time charter equivalent rate* 9,810 10,667 * Subject to rounding; please see "Non-GAAP Measures and Definitions" below.
Management's Discussion and Analysis of Financial Results for the Three Months ended March 31, 2017 and 2018 (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted)
Voyage revenues: Voyage revenues of $6.6 million for the three months ended March 31, 2018, represented a decrease of $1.1 million, or 13.7%, from $7.6 million in the comparable period in 2017. The decrease in gross voyage revenues during the first quarter of 2018 was related to a decrease in total operating days attributed to increased idle days between voyage charter employments.
Voyage related costs and commissions: Voyage related costs and commissions of $2.1 million for the three months ended March 31, 2018, represented a decrease of $0.9 million, or 29.8%, from $2.9 million in the comparable period in 2017. The decrease was primarily attributed to lower spot charter activity, which incurs voyage costs.
Vessel operating expenses: Vessel operating expenses of $3.3 million for the three months ended March 31, 2018, represented an increase of $0.3 million, or 11.3%, from $3.0 million in the comparable period in 2017. The increase was primarily attributed to certain unscheduled repairs performed in one of the vessels in our fleet.
General and administrative expenses: General and administrative expenses of $0.7 million for the three months ended March 31, 2018, represented a decrease of $0.1 million, or 13.3%, from $0.8 million in the comparable period in 2017. The decrease in general and administrative expenses was primarily attributed to improved cost efficiencies.
Management fees: For the three months ended March 31, 2018, management fees payable to our ship manager, Pyxis Maritime Corp. ("Maritime"), and to International Tanker Management Ltd., our fleet's technical manager, of $0.4 million in the aggregate, remained stable compared to the three-month period ended March 31, 2017.
Amortization of special survey costs: Amortization of special survey costs of less than $0.1 million for the three-month period ended March 31, 2018, remained relatively stable compared to the comparable period in 2017.
Depreciation: Depreciation of $1.4 million for the three months ended March 31, 2018, remained flat compared to the three-month period ended March 31, 2017.
Vessel impairment charge: Vessel impairment charge of $1.5 million (non-cash) for the three months ended March 31, 2018, relates to the write down of the carrying amount of Northsea Alpha and Northsea Beta to their fair values. There was no such charge recorded in the comparable period in 2017.
Bad debt provisions: Bad debt provisions of $0.1 million for the three months ended March 31, 2018, represented an increase in doubtful trade accounts receivable.
Gain from debt extinguishment: Gain from debt extinguishment of $4.3 million for the three months ended March 31, 2018, relates to the refinancing of existing indebtedness of Secondone, Thirdone and Fourthone with a new 5-year secured term loan. Approximately $4.3 million was written-off by the previous lender at closing, which was recorded as gain from debt extinguishment in the first quarter of 2018. There was no such gain recorded in the comparable period in 2017.
Gain from financial derivative instrument: The gain from financial derivative instrument for the three months ended March 31, 2018, relates to the net gain from the change in fair value of the interest rate cap for a notional amount of $10.0 million the Company purchased in January 2018. There was no such instrument in the comparable period in 2017.
Interest and finance costs, net: Interest and finance costs, net, of $0.9 million for the three months ended March 31, 2018, represented an increase of $0.2 million, or 24.7%, from $0.7 million in the comparable period in 2017. The increase was mainly attributed to the increase of the LIBOR-based interest rates applied to our outstanding bank debt, as well as the write-off of the unamortized deferred financing costs following the refinancing and extinguishment of the existing indebtedness of Secondone, Thirdone and Fourthone.
Unaudited Consolidated Statements of Comprehensive (Loss) / Income
For the three months ended March 31, 2017 and 2018
(Expressed in thousands of U.S. dollars, except for share and per share data)
Three Months Ended Three Months Ended March 31, 2017 March 31, 2018 Voyage revenues 7,640 6,590 Expenses: Voyage related costs and commissions (2,931) (2,057) Vessel operating expenses (2,965) (3,299) General and administrative expenses (769) (667) Management fees, related parties (175) (178) Management fees, other (232) (232) Amortization of special survey costs (18) (26) Depreciation (1,373) (1,373) Vessel impairment charge - (1,543) Bad debt provisions (181) (56) Operating loss (1,004) (2,841) Other (expenses) / income: Gain from debt extinguishment - 4,306 Gain from financial derivative instrument - 11 Interest and finance costs, net (699) (872) Total other (expenses) / income, net (699) 3,445 Net (loss) / income (1,703) 604 (Loss) / earnings per common share, basic and diluted ($ 0.09) $0.03 Weighted average number of common shares, basic and diluted 18,277,893 20,877,893 Consolidated Balance Sheets
As of December 31, 2017 and March 31, 2018 (unaudited)
(Expressed in thousands of U.S. dollars, except for share and per share data)
December 31, 2017 March 31, 2018 ASSETS CURRENT ASSETS: Cash and cash equivalents 1,693 1,427 Restricted cash, current portion 141 141 Inventories 1,016 641 Trade accounts receivable, net 703 359 Prepayments and other assets 342 465 Total current assets 3,895 3,033 FIXED ASSETS, NET: Vessels, net 115,774 112,858 Total fixed assets, net 115,774 112,858 OTHER NON-CURRENT ASSETS: Restricted cash, net of current portion 4,859 4,765 Financial derivative instrument - 58 Deferred charges, net 285 527 Total other non-current assets 5,144 5,350 Total assets 124,813 121,241 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt, net of deferred financing costs, current 7,304 5,521 Trade accounts payable 2,293 2,832 Due to related parties 2,125 4,167 Hire collected in advance - 929 Accrued and other liabilities 809 857 Total current liabilities 12,531 14,306 NON-CURRENT LIABILITIES: Long-term debt, net of current portion and deferred financing costs, non-current 59,126 53,175 Promissory note 5,000 5,000 Total non-current liabilities 64,126 58,175 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock ($0.001 par value; 50,000,000 shares authorized; none issued) - - Common stock ($0.001 par value; 450,000,000 shares authorized; 20,877,893 shares issued and outstanding at each of December 31, 2017 and March 31, 2018) 21 21 Additional paid-in capital 74,766 74,766 Accumulated deficit (26,631) (26,027) Total stockholders' equity 48,156 48,760 Total liabilities and stockholders' equity 124,813 121,241 Unaudited Consolidated Statements of Cash Flow
For the three months ended March 31, 2017 and 2018
(Expressed in thousands of U.S. dollars)
Three Months Ended Three Months Ended March 31, 2017 March 31, 2018 Cash flows from operating activities: Net (loss) / income (1,703) 604 Adjustments to reconcile net (loss) / income to net cash provided by operating activities: Depreciation 1,373 1,373 Amortization of special survey costs 18 26 Amortization and write-off of financing costs 38 94 Vessel impairment charge - 1,543 Gain from debt extinguishment - (4,306) Change in fair value of financial derivative instrument - (58) Bad debt provisions 181 56 Changes in assets and liabilities: Inventories 110 375 Trade accounts receivable, net (1,468) 288 Prepayments and other assets 2 (123) Special survey cost - (268) Trade accounts payable - 574 Due to related parties 3,071 2,042 Hire collected in advance 31 929 Accrued and other liabilities 150 48 Net cash provided by operating activities 1,803 3,197 Cash flow from investing activities: Net cash provided by / (used in) investing activities - - Cash flows from financing activities: Proceeds from long-term debt - 20,500 Repayment of long-term debt (2,121) (23,550) Common stock offering costs - (35) Payment of financing costs - (472) Net cash used in financing activities (2,121) (3,557) Net decrease in cash and cash equivalents and restricted cash (318) (360) Cash and cash equivalents and restricted cash at the beginning of the period 5,783 6,693 Cash and cash equivalents and restricted cash at the end of the period 5,465 6,333 Liquidity, Debt and Capital Structure
Pursuant to our loan agreements, as of March 31, 2018, we were required to maintain minimum liquidity of $4.9 million. Total cash and cash equivalents, including restricted cash, aggregated to $6.3 million as of March 31, 2018.
Total debt (in thousands of U.S. dollars), net of deferred financing costs:
As of December As of March 31, 2017 31, 2018 Bank debt $ 66,430 $ 58,696 Promissory Note - related party 5,000 5,000 Total $ 71,430 $ 63,696 Our weighted average interest rate on our total funded debt for the three months ended March 31, 2018 was 4.47%.
Refinancing of Certain Loan Agreements: On February 28, 2018, we refinanced existing indebtedness of $26.9 million for Secondone, Thirdone and Fourthone with a new 5-year secured term loan of $20.5 million and cash of $2.1 million. The remaining balance of approximately $4.3 million was written-off by the previous lender at closing, which was recorded as gain from debt extinguishment in the first quarter of 2018. Interest is charged at LIBOR plus a margin of 4.65% per annum. The new loan is repayable in 20 quarterly installments amounting to $10.3 million in the aggregate, the first falling due in May 2018, and the last installment accompanied by a balloon payment of $10.2 million falling due in February 2023. Standard loan covenants include, among others, a minimum loan to value ratio and liquidity.
ATM Program: On March 30, 2018, we filed a prospectus supplement with the Securities and Exchange Commission for an At-the-Market program to potentially publicly sell up to $2.3 million of our shares of common stock. To date, we have chosen not to sell any shares under this program.
Non-GAAP Measures and Definitions
Earnings before interest, taxes, depreciation and amortization ("EBITDA") represents the sum of net income / (loss), interest and finance costs, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents EBITDA before vessel impairment charge, gain from debt extinguishment and gain from financial derivative instrument. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP.
EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with means of evaluating and understanding how our management evaluates operating performance. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. In addition, these non-GAAP measures do not have standardized meanings, and are therefore, unlikely to be comparable to similar measures presented by other companies.
Three Months Ended (In thousands of U.S. dollars) March 31, 2017 March 31, 2018 Reconciliation of Net (loss) / income to Adjusted EBITDA Net (loss) / income $ (1,703) $ 604 Depreciation 1,373 1,373 Amortization of special survey costs 18 26 Interest and finance costs, net 699 872 EBITDA $ 387 $ 2,875 Vessel impairment charge - 1,543 Gain from debt extinguishment - (4,306) Gain from financial derivative instrument - (11) Adjusted EBITDA $ 387 $ 101 Daily time charter equivalent ("TCE") is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. TCE is not calculated in accordance with U.S. GAAP. We utilize TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our management also utilizes TCE to assist them in making decisions regarding employment of the vessels. We calculate TCE by dividing voyage revenues after deducting voyage related costs and commissions by operating days for the relevant period. Voyage related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract.
Vessel operating expenses ("Opex") per day are our vessel operating expenses for a vessel, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and maintenance, divided by the ownership days in the applicable period.
We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimizing the amount of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances.
Recent Daily Fleet Data: (Amounts in U.S.$) Three Months Ended March 31, 2017 2018 Eco-Efficient MR2: (2 of our vessels) TCE 14,043 14,012 Opex 5,622 6,011 Utilization % 84.4% 91.7% Eco-Modified MR2: (1 of our vessels) TCE 11,050 7,861 Opex 6,347 7,568 Utilization % 97.8% 61.8% Standard MR2: (1 of our vessels) TCE 10,119 14,066 Opex 5,931 6,150 Utilization % 96.7% 100.0% Small Tankers: (2 of our vessels) TCE 4,717 4,885 Opex 4,711 5,459 Utilization % 85.0% 71.1% Fleet: (6 vessels) TCE 9,810 10,667 Opex 5,491 6,110 Utilization % 88.9% 82.0% Conference Call and Webcast
We will host a conference call to discuss our results at 10:30 a.m., Eastern Time, on May 14, 2018.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers:
1 (866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or (+44) (0) 1452 542 301 (Standard International Dial In). Please Quote: "Pyxis Tankers."
A telephonic replay of the conference call will be available until Thursday, May 21, 2018. The United States replay number is 1 (866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is
(+44) (0) 1452 550 000 and the access code required for the replay is: 5478965#.
A live webcast of the conference call will be available through our website ( http://www.pyxistankers.com ) under our Events & Presentations page. Webcast participants of the live conference call should register on the website approximately 10 minutes prior to the start of the webcast and can also access it through the following link:
https://event.on24.com/wcc/r/1625955/71A2C3E95297A89C86C1261BE4C48968
An archived version of the webcast will be available on the website within approximately two hours of the completion of the call.
About Pyxis Tankers Inc.
We own a modern fleet of six tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their "eco" features and modifications. We are positioned to opportunistically expand and maximize our fleet due to competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http:// www.pyxistankers.co m.
Pyxis Tankers Fleet (as of May 7, 2018)
Carrying Charter Anticipated Capacity Year Type of Rate Redelivery Vessel Name Shipyard Vessel Type (dwt) Built Charter (per day) (1) Date Pyxis Epsilon SPP / S. Korea MR 50,295 2015 Time $16,250 May 2018 Pyxis Theta SPP / S. Korea MR 51,795 2013 Time $15,000 May 2018 Pyxis Malou SPP / S. Korea MR 50,667 2009 Time $14,000 July 2018 Pyxis Delta Hyundai / S. Korea MR 46,616 2006 Time $14,325 May 2018 Northsea Alpha Kejin / China Small Tanker 8,615 2010 Spot n/a n/a Northsea Beta Kejin / China Small Tanker 8,647 2010 Spot n/a n/a 216,635
This table shows gross rates and does not reflect any commissions payable.
Our next drydocking is for the Pyxis Theta, scheduled in the third quarter of 2018.
Forward Looking Statements
This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "seek," "predict," "schedule," "project," "intend," "plan," "anticipate," "believe," "estimate," "potential," "position," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management team, are inherently uncertain. A more complete description of these risks and uncertainties can be found in our filings with the U.S. Securities and Exchange Commission, including under the caption "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2017. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws.
Company
Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi 15125 Greece
[email protected]
Visit our website at www.pyxistankers.com
Company Contact
Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: [email protected]
Source: Pyxis Tankers Inc.
Source:Pyxis Tankers Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-pyxis-tankers-inc-announces-financial-results-for-the-three-months-ended-march-31-2018.html |
May 23 (Reuters) - Renaissance Oil Corp:
* RENAISSANCE REPORTS FIRST QUARTER 2018 RESULTS * PRODUCTION HAS SUBSEQUENTLY BEEN RESTORED TO AN AVERAGE OF 1,663 BOE/D FOR APRIL 2018
* QTRLY LOSS EARNINGS PER SHARE $0.01 * QTRLY REVENUE $5.02 MILLION VERSUS $5.53 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-renaissance-reports-first-quarter/brief-renaissance-reports-first-quarter-loss-per-share-of-0-01-idUSASC0A3HR |
NOVATO, Calif. (AP) _ Hennessy Advisors Inc. (HNNA) on Wednesday reported fiscal second-quarter earnings of $4.6 million.
The Novato, California-based company said it had net income of 58 cents per share.
The investment manager posted revenue of $14 million in the period.
Hennessy Advisors shares have increased 16 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $19.25, a climb of 12 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on HNNA at https://www.zacks.com/ap/HNNA | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-hennessy-advisors-fiscal-2q-earnings-snapshot.html |
May 22, 2018 / 5:55 AM / Updated an hour ago Airbus says obeying WTO subsidy verdict as sanctions loom Tim Hepher 4 Min Read
PARIS (Reuters) - Airbus ( AIR.PA ) said on Tuesday it had taken steps to comply with a World Trade Organization (WTO) ruling on subsidies for its A350 and A380 jets, which has seen the United States and Europe trade legal blows on behalf of Boeing ( BA.N ) and Airbus.
The move comes days after the United States won a partial victory against European Union support for Airbus at the WTO, clearing the way for possible U.S. sanctions in a 14-year-old dispute over claims of illegal handouts for planemakers.
The EU says it expects to strike a similar legal blow later this year in a parallel WTO case about U.S. support for Boeing, raising the prospect of a tit-for-tat sanctions battle.
The row threatens to exacerbate transatlantic tensions over U.S. aluminum and steel tariffs, and the impact on European firms from Washington’s decision to exit an Iran nuclear pact. But both sides agree any sanctions would not happen before 2019.
In a rare public face-off between key strategists behind the long-running dispute, Boeing’s chief external lawyer in the case told BBC radio that the United States would be free to target any European products, not just aerospace.
“The WTO will decide what the proper number is and ... give the U.S. that authority,” Robert Novick, co-managing partner at U.S. law firm WilmerHale, told the BBC Today program. Related Coverage Airbus confirms amendments to comply with WTO over subsidies
“In parallel, the U.S. will develop a list of products on which it might consider imposing counter-measures,” he added.
Airbus’s chief in-house lawyer in the case said he expected a “devastating” ruling on U.S. support for Boeing’s 777 and 787 jets when the WTO issues its final report on those this year. LEGAL MARATHON
The dispute - Dickensian in its scope, with 5,000 pages of findings and tens of millions of dollars in legal fees - stems from claims that the world’s two largest planemakers benefited from illegal aid in the form of subsidized government loans to Airbus and research grants or tax breaks to Boeing. Slideshow (4 Images)
Airbus did not say how it would comply with the WTO ruling but a European Commission document said it would repay an A350 loan to the UK government this year and reduce the drawdown of other loans.
It also said the bankruptcy of Russian carrier Transaero, resulting in fewer A380 deliveries, had helped to limit the impact of subsidies, while other aid had been blunted by the passage of time - an argument previously rejected by Washington.
Tuesday’s pledge of compliance by Airbus does not necessarily mean the dispute is over.
The two sides have been arguing since 2011 about whether they obeyed earlier rulings and while there was no immediate U.S. response to Airbus’s statement, experts say there is no sign so far that this occasion will be any different.
Karl Hennessee, senior vice president and head of litigation at Airbus, told BBC Today that Airbus wanted to move beyond the “ridiculousness” of the WTO legal marathon and forge a peace settlement with the U.S. similar to one between Canada and Brazil that set the tone for global aircraft export financing.
Boeing, however, appeared skeptical about the offer.
“The most important message that Europe and Airbus can send to the rest of the world about the rules of trade in civil aircraft is to comply with this decision,” Novick told the BBC. Reporting by Tim Hepher; Editing by Sudip Kar-Gupta and Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-usa-wto-aircraft/airbus-says-will-obey-wto-ruling-on-aircraft-subsidies-idUSKCN1IN0HI |
May 8 (Reuters) - Evoqua Water Technologies Corp:
* EVOQUA WATER TECHNOLOGIES REPORTS SECOND QUARTER 2018 RESULTS
* Q2 EARNINGS PER SHARE $0.10 * Q2 REVENUE $333.7 MILLION VERSUS I/B/E/S VIEW $321.3 MILLION
* Q2 EARNINGS PER SHARE VIEW $0.16 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-evoqua-water-technologies-reports/brief-evoqua-water-technologies-reports-q2-earnings-per-share-of-0-10-idUSASC0A0DO |
NEW YORK--(BUSINESS WIRE)-- Naked Brand Group Inc. (NASDAQ:NAKD) (“Naked”), an innovative fashion and lifestyle brand, today announced that its special meeting of stockholders, which was called for stockholders to vote upon, among other things, the adoption of the Agreement and Plan of Merger, as amended, by and among Naked, Bendon Limited (“Bendon”), Bendon Group Holdings Limited (“Holdco”) and the principal shareholder of Bendon, and the approval of the merger involving Naked contemplated thereby, has been postponed. The special meeting of stockholders of Naked to consider and vote upon the proposed business combination will now be held on June 8, 2018, at 10:00 a.m., Eastern Time, at the offices of Duane Morris LLP, Naked’s counsel, located at 1540 Broadway, 14th Floor, New York, NY 10036.
Naked and Bendon plan to file with the Securities and Exchange Commission supplemental information which supplements and amends Naked’s definitive proxy statement and Holdco’s prospectus, each dated April 27, 2018, previously sent to Naked’s stockholders in connection with the special meeting.
Stockholders of record at the close of business on April 17, 2018, previously received Naked’s definitive proxy statement/prospectus and will be entitled to vote by proxy or in person at the special meeting. Stockholders should review the definitive proxy statement/prospectus and any supplements or amendments thereto and other proxy materials carefully.
Stockholders that need assistance or have questions about voting their shares should contact Naked’s proxy solicitor, Morrow Sodali, at 800-662-5200 or [email protected] .
About Naked Brand Group Inc.:
Naked was founded on one basic desire - to create a new standard for how products worn close to the skin fit, feel, and function. Currently featuring an innovative and luxurious collection of innerwear products, the Company plans to expand into additional apparel and product categories that exemplify the mission of the brand, such as activewear, swimwear, sportswear and more. Naked's women's and men's collections are available at www.wearnaked.com , as well as through some of the leading online retailers and department stores in North America, including Nordstrom.com Bloomingdale's, Dillard's, Soma.com , SaksFifthAvenue.com , Amazon.com , and BareNecessities.com , among others. Renowned designer and sleepwear pioneer and Chief Executive Officer, Carole Hochman, leads Naked from its headquarters in New York City. http://www.nakedbrands.com/
No Offer or Solicitation
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Additional Information and Where to Find It
In connection with the proposed business combination among Naked, Bendon and Holdco (the “Business Combination”), Holdco filed with the SEC, and the SEC has declared effective on April 26, 2018, a Registration Statement on Form F-4 (File No. 333-223786) (as amended and supplemented, the “Registration Statement”). The Registration Statement includes a proxy statement/prospectus that is both the definitive proxy statement distributed to holders of the Naked’s common stock in connection with the solicitation by Naked of proxies for the vote by the stockholders on the Business Combination and a prospectus of Holdco in connection with the distribution of its securities to such holders. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE BUSINESS COMBINATION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT MATERIALS THAT ARE FILED OR WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT NAKED, BENDON AND HOLDCO AND THE PROPOSED BUSINESS COMBINATION. Stockholders are able to obtain copies of the Registration Statement, the definitive proxy statement/prospectus and other relevant materials containing important information about Naked, Bendon and Holdco, without charge, at the SEC's Internet site at http://www.sec.gov or by directing a request to: Naked Brand Group Inc., 180 Madison Avenue, Suite 1505, New York, New York, 10016, Attention: Investor Relations; and/or on Bendon’s website at www.bendongroup.com or by directing a written request to Bendon Limited, 8 Airpark Drive, Airport Oaks, Auckland 2022, New Zealand or by emailing [email protected] .
Participants in the Solicitation
This is not a solicitation of a proxy from any investor or security holder. Naked and its directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of Naked’s stockholders in connection with the proposed Business Combination. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed Business Combination of Naked’s directors and officers in Naked’s filings with the SEC. Additional information regarding the directors and executive officers of Naked is also included in Naked’s Annual Report on Form 10-K for the year ended January 31, 2018 and in the definitive proxy statement/prospectus. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Naked’s shareholders in connection with the proposed Business Combination are set forth in the definitive proxy statement/prospectus for the proposed Business Combination. This document is available free of charge at the SEC’s web site ( www.sec.gov ) and from Naked’s Investor Relations department at the address described above.
Forward-Looking Statements
Certain statements either contained in or incorporated by reference into this communication, other than purely historical information, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in or incorporated by reference into this communication regarding strategy, future operations, future transactions, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements regarding: Holdco’s anticipated listing on the Nasdaq Capital Market in connection with the closing of the Business Combination, the filing of supplemental information with the Securities and Exchange Commission, the special meeting of stockholders of Naked and the completion of the proposed Business Combination. Naked, Bendon and/or Holdco may not actually achieve the plans, carry out the intentions or meet the expectations disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, risks and uncertainties associated with the ability of Naked, Holdco and Bendon to consummate the transaction contemplated by the Agreement and Plan of Reorganization, as amended, the risk that one or more of the conditions to closing contained in the Agreement and Plan of Reorganization may not be satisfied, including, without limitation, the receipt of stockholder approval of the Naked stockholders, or the listing of Holdco’s ordinary shares on the Nasdaq Capital Market, the risk that the parties may otherwise be unable to consummate the proposed Business Combination, and the risk that competing offers or acquisition proposals will be made. Naked, Bendon and Holdco disclaim any intent or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006431/en/
ICR for Naked
Investors:
Jean Fontana/Megan Crudele, 646-277-1200
[email protected]
or
Media:
Alecia Pulman/Brittany Fraser, 203-682-8200
[email protected]
Source: Naked Brand Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-naked-brand-group-announces-new-date-for-shareholder-meeting.html |
May 30, 2018 / 3:03 AM / 2 days ago Cricket-Morgan confident of facing Australia despite finger fracture Reuters Staff 1 Min Read
May 30 (Reuters) - England’s limited-overs captain Eoin Morgan suffered a fractured finger while playing for club side Middlesex on Sunday but hopes to return for next month’s one-day international series against Australia, British media reported.
Morgan fractured the ring finger on his right hand while fielding against Somerset in a Royal London One-Day Cup match and will not play for the World XI in Thursday’s charity Twenty20 game against the West Indies at Lord’s.
England take on Scotland in an ODI on June 10 and that game will be followed by five ODIs and a T20 international against Australia. The opening ODI against the visitors is on June 13. (Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Peter Rutherford ) | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-morgan/cricket-morgan-confident-of-facing-australia-despite-finger-fracture-idUKL3N1T11QC |
Despite being a Rockefeller, as a child Ariana Rockefeller had to record her allowance — how much she got, how much she spent and where, she said.
"The message was, a dollar is a dollar and to value that and to put a lot of value on hard work and the enjoyment of life, of course, and to give back," Rockefeller told CNBC's Robert Frank on " Power Lunch " Thursday.
In fact, her grandfather, David Rockefeller , the legendary American banker who died in 2017, gave back about $2 billion over his lifetime to various philanthropic endeavors.
This week David and Peggy Rockefeller's personal collection is on sale during a weeklong auction at Christie's in New York .
"There's a time for private life, and there's a time to step forward," Ariana Rockefeller said. "This was really my grandparents' vision."
The auction house estimated the collection to be worth about $500 million. As of Thursday, the collection had made more than $765 million, including the sale of a Picasso painting for $115 million. Proceeds from the auction will go to charity.
The collection includes the family's personal artifacts, such as a treasured picnic basket, candlesticks, paintings and fine china, among other things. Rockefeller said she is excited that the public loves the collection as much as her grandfather did.
"He really used almost every piece in his collection and loved it," she said. "I think my grandfather had such great taste, and he really cherished beautiful things."
All family members got to keep one item from the collection, worth up to $1 million, she said. Rockefeller, who launched her own fashion and apparel label in 2011, chose a bracelet her grandfather once bought for her grandmother.
Dia Dipasupil | WireImage Ariana Rockefeller attends the Heavenly Bodies: Fashion & The Catholic Imagination Costume Institute Gala at The Metropolitan Museum of Art on May 7, 2018 in New York City. She wore the bracelet to Monday's Met Gala event.
The Rockefellers are seven generations rich . Ariana Rockefeller said the secret to her family's success — and by extension her own — is having a close-knit family that works hard and budgets wisely.
Hulton Archive | Getty Images The five Rockefeller brothers. From left to right: David Winthrop, John D Rockefeller III, Nelson and Laurance. "There's such a value of having a work ethic in my family and of working hard at whatever it is we choose to do and focus on," Ariana Rockefeller said.
"I definitely try to honor that," she said.
show chapters Christie's Rockefeller sale the largest single auction ever 3:06 PM ET Fri, 27 April 2018 | 03:11 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/ariana-rockefeller-says-family-taught-the-value-of-hard-work-and-giving-back.html |
Democratic Rep. Elijah Cummings on Friday said President Donald Trump may have broke the law by not disclosing a debt to his personal lawyer for paying porn star Stormy Daniels to keep quiet about an alleged affair with the president.
Cummings, in a letter, said Trump failed to note the payment to his attorney Michael Cohen when he filed his annual government financial disclosure last June.
Cummings noted that under federal law "it is a crime to knowingly and willfully make a false and fraudulent representation to a federal office or entity."
That suggestion that Trump broke the law, which Cummings now wants the House Oversight and Government Reform Committee to investigate, was triggered by Trump's belated admission Thursday that he had reimbursed Cohen for the $130,000 payment to Daniels.
Cummings asked the committee's chairman, Rep. Trey Gowdy, R-SC, in asking Trump and his presidential campaign for documents related to the payment.
The White House had no immediate comment on Cummings' letter.
Cohen is already under criminal investigation by federal prosecutors in New York City, where FBI agents last month seized records from the lawyer related to the payoff to Daniels.
The adult film actress, whose real name is Stephanie Clifford, claims she had sex with Trump in 2006.
She also says that Cohen agreed to pay her $130,000 right before the 2016 presidential election to not talking about that tryst .
Getty Images President Donald Trump and Stormy Daniels. Cohen had denied that Trump ever reimbursed him for that payment, and the president had denied knowing about the deal his lawyer cut with Daniels.
But Wednesday night, another lawyer for Trump, former New York City mayor Rudy Giuliani , revealed that the president had paid Cohen back for the money to Daniels.
Trump a day later confirmed he had made a series of monthly retainer payments to Cohen that covered the reimbursement.
Both the president and Giuliani have said the payment to Daniels by Cohen had nothing to do with the presidential election. But others have said that Trump may have violated election law by not disclosing the payment by his lawyer, which kept Daniels silent in the days before voters went to polling booths.
Getty Images Michael Cohen, U.S. President Donald Trump's personal attorney, walks to the Loews Regency hotel on Park Ave on April 13, 2018 in New York City. The Maryland representative Cummings, in the letter released Friday, said that Trump and Giuliani, in arguing "against potential prosecution for illegal campaign donations ... have now opened up an entirely new legal concern."
"That the President may have violated federal law when he concealed the payment to Ms. Clifford and his reimbursements for this payment by omitting them from his annual financial forms," Cummings wrote.
The letter said that Trump, in his government financial disclosure form signed June 14, 2017, "did not disclose any liability to Mr. Cohen or any reimbursement for that liability."
"Although fees for legal services rendered may be exempt from disclosure ... President Trump's payment to Mr. Cohen was not for legal services," Cummings wrote. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/trump-may-have-broke-law-by-not-disclosing-debt-to-cohen-for-daniels.html |
Nine killed in Texas high school shooting 45 Mins Ago 04:45 04:45 | 1 Hr Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/nine-killed-in-texas-high-school-shooting.html |
(Reuters) - Nissan Motor Co Ltd ( 7201.T ) is slashing vehicle production by as much as 20 percent in North America to cope with falling profitability in the United States, its biggest sales market, Japan’s Nikkei business daily reported on Monday.
A car with the Nissan logo badge is seen on display at the North American International Auto Show in Detroit, Michigan, U.S., January 16, 2018. REUTERS/Jonathan Ernst Japan’s No. 2 automaker has been slowing production in the United States, where an aggressive ramp-up in vehicle sales has come at the cost of increased discounting and fleet sales, which has eroded profitability in the world’s second-largest auto market.
Cuts are already in progress at two assembly plants in the United States and three in Mexico, the Nikkei said, adding that employees will not be let go, and production lines will not be completely halted, with the cutbacks expected to wrap up later this year.
Nissan said that the report was not based on any announcement by the company. U.S. production of Nissan vehicles, including the popular Rogue crossover SUV and its high-volume Altima sedan fell 9.2 percent in the year ended March, company figures show, following a period of increased sales in 2016.
The automaker earlier this month repeated that it was shifting its U.S. strategy to one of sustained profitability from one which focused on aggressive growth, and that it had been lowering plant utilization to enable its dealers to sell down built-up inventories.
Nissan has seen U.S. sales slide around 6.5 percent so far in 2018, partly due to sluggish demand for its high-volume Altima sedan, a revamped model of which will be released later this year.
Price discounts for the Altima, the popular Rogue crossover SUV and other models were a big factor in the 30.5 percent drop in Nissan’s North American operating profit in the year just ended.
Since 2010, the automaker has roughly doubled car sales in the region to around 1.6 million units, in line with a target to corner around a 10 percent share of the U.S. vehicle market.
But achieving that has come at the cost of hefty discounting in the region, and Nissan has said it now plans to focus on improving profitability in North America, while also expanding sales in China, the world’s biggest car market.
Nissan operates two manufacturing plants in the United States, and three in Mexico. Roughly 60 percent of all of its vehicles sold in the United States are produced locally.
Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates and Michael Perry
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nissan-usa/nissan-to-cut-north-american-production-by-up-to-20-percent-nikkei-idUSKCN1IT26C |
May 3 (Reuters) - Nishoku Technology Inc
* Says it will repurchase 3.4 million shares(4.3 percent stake), at the price of T$67 to T$100 per share, for up to T$3.79 billion in total, during the period from May 3 to July 2
Source text in Chinese: goo.gl/yZAcsz
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nishoku-technology-to-repurchase-3/brief-nishoku-technology-to-repurchase-3-4-mln-shares-for-up-to-t3-79-bln-idUSL3N1SA1IW |
BROOKFIELD, NEWS, May 10, 2018 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. (NYSE:BAM) (TSX:BAM.A) (Euronext:BAMA), a leading global alternative asset manager, today announced financial results for the quarter ended March 31, 2018.
Bruce Flatt, CEO of Brookfield, stated, “We reported record results and significantly advanced our business plan. Fundraising for our latest flagship real estate fund is well advanced and we recently launched fundraising for our next flagship private equity fund. Investment performance has been strong across our business, and we continue to monetize assets at attractive valuations.”
Operating Results
Unaudited
For the periods ended March 31
(US$ millions, except per share amounts) Three Months Ended Last Twelve Months 2018 2017 2018 2017 Net income $ 1,855 $ 518 $ 5,888 $ 3,220 Per Brookfield share 1 0.84 (0.08 ) 2.26 1.25 Funds from operations 1,2 $ 1,170 $ 674 $ 4,306 $ 3,208 Per Brookfield share 1,2 1.16 0.65 4.25 3.15 1. Excludes amounts attributable to non-controlling interests
2. See Basis of Presentation on page 3 and a reconciliation of net income to FFO on page 9
Net income increased significantly for both the quarter and the last twelve months ("LTM"). The increase reflects improvements at existing operations as well as strong contributions from acquisitions across each of our businesses. We also recorded a higher level of valuation gains in our opportunistic real estate portfolio and a gain on the sale of a utility asset whereas the prior period included the impact of lower stock market prices on market-valued investments.
First quarter funds from operations (“FFO”) also increased significantly to $1.2 billion, an increase of 74% from the prior year. Fee related earnings continue to increase as a result of the growth in fee bearing capital and higher performance fee income. This was due to fee bearing capital growth generated by both increases in new private fund capital and listed issuers. We received a performance fee from Brookfield Business Partners in the quarter as the partnership continues to exceed performance hurdles. The increased contribution from our invested capital reflects improved results across our businesses, including higher pricing in our renewable power and private equity operations. FFO included $473 million of disposition gains from assets sold, including the aforementioned utility asset and a partial sale of a core office property.
Dividend Declaration
The Board declared a quarterly dividend of US$0.15 per share (representing US$0.60 per annum), payable on June 29, 2018 to shareholders of record as at the close of business on May 31, 2018. The Board also declared all the regular monthly and quarterly dividends on its preferred shares.
Operating Highlights
Fee bearing capital reached $127 billion, a 12% increase over March 2017. Growth during this quarter was led by our private funds and our public securities businesses.
We continue to raise capital for our third real estate flagship fund, which is now over $9 billion after the first close. This already matches the total capital in the predecessor fund in that series, and we expect to raise substantial further capital throughout the remainder of 2018 to make this our largest real estate fund to date. As we continue to grow our private funds, our capital base is diversifying with increased commitments from clients outside of North America, and increased allocations from both public and private pension plans. We are also progressing significant initiatives with high net worth clients.
Our current private equity flagship fund is over 90% committed and invested and we launched the successor fund in the quarter, with a first close anticipated later in the year. Our latest infrastructure flagship fund is 50% committed and invested.
In addition to establishing new funds, we are also continuing to expand through targeted acquisitions and strategic partnerships. In our public securities business we completed the previously announced acquisition of an investment advisor with an established retail distribution network and $4 billion of fee bearing capital. We also recently announced the acquisition of a 25% strategic interest in a European alternative credit manager, expanding our reach in Europe, and broadening our credit platform scale and experience.
As our managed capital expands, ongoing fee related earnings and carry potential grow. Carry potential is also benefiting from our funds progressing into more mature phases of their lives.
Fee related earnings increased by 56% to over $1.0 billion over the LTM, attributable to new capital raised across multiple fund strategies and stronger market valuations of our listed partnerships. Earnings included performance fees of $143 million in the quarter from continued strong unit price performance by Brookfield Business Partners.
We also achieved growth in economic net income from our asset management activities, which more than doubled from the prior LTM period to $2.1 billion. Unrealized carried interest was $1.5 billion before costs, or $1.0 billion net of costs in the last twelve months, more than triple that of the prior period. The step-change is a result of our earlier vintage funds starting to generate significant amounts of carried interest for the first time. As our fund series have been growing and should continue to grow, we expect to see continued increases in carried interest, as carry eligible capital grows.
We continue to generate increasingly significant free cash at the corporate level. We receive significant cash flow from our asset management business as well as distributions from our invested capital, which adds to our robust liquidity profile.
On an annual basis, we receive approximately $1 billion in asset management fee related earnings and $1.5 billion of cash distributions from our invested capital annually based on our current profile. After paying approximately $500 million of interest expense, preferred share dividends and corporate costs, we are generating approximately $2 billion of cash flows before common share dividends that is available for distribution or reinvestment. We have few capital requirements at the corporate level and this positions us well to use our cash flow to support larger fund transactions, providing bridge capital, and seeding new fund products.
We have significant liquidity to deploy for future opportunities. This includes $22 billion of third-party private fund commitments and $10 billion of core liquidity.
We continue to focus on asset sales and capital structure in strong markets. We generated almost $500 million from disposition gains in the quarter.
In March, our infrastructure business closed the sale of a 28% interest in Transelec, a Chilean electricity transmission business with approximately 10,000 kilometers of lines. During our ownership, we re-invested capital within the business to expand and grow the system, and returned cash dividends to us and our partners of over $1 billion. Our infrastructure business sold its share of the investment for $1.3 billion ($390 million at BAM's share). BAM recognized a disposition gain of approximately $245 million in FFO on the sale.
Asset sales also included the sale of a 50% interest in the Bay Adelaide Centre West and East towers located in downtown Toronto for C$850 million. Brookfield developed both towers which were completed in 2009 and 2015, respectively, and with the sale has realized net proceeds of $292 million to BPY, and $164 million net to BAM. In April, our private equity business completed an IPO of GrafTech, selling an approximate 13% interest in the company for gross proceeds of $571 million, and in February, we completed a $1.5 billion refinancing of GrafTech which resulted in a $1.1 billion dividend to us and our partners. We have now returned 2.1x our invested capital, and still own approximately 87% of GrafTech’s equity and a $750 million promissory note.
Basis of Presentation
This news release and accompanying financial statements are based on International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), unless otherwise noted.
We make reference to Funds from Operations (“FFO”) . We define FFO as net income attributable to shareholders prior to fair value changes, depreciation and amortization, and deferred income taxes, and include realized disposition gains that are not recorded in net income as determined under IFRS. FFO also includes the company’s share of equity accounted investments’ FFO on a fully diluted basis. FFO consists of the following components:
FFO from Operating Activities represents the company’s share of revenues less direct costs and interest expenses; excludes realized carried interest and disposition gains, fair value changes, depreciation and amortization and deferred income taxes; and includes our proportionate share of FFO from operating activities recorded by equity accounted investments on a fully diluted basis. We present this measure as we believe it assists in describing our results and variances within FFO.
Realized Carried Interest represents our contractual share of investment gains generated within a private fund after considering our clients minimum return requirements. Realized carried interest is determined on third-party capital that is no longer subject to future investment performance.
Realized Disposition Gains are included in FFO because we consider the purchase and sale of assets to be a normal part of the company’s business. Realized disposition gains include gains and losses recorded in net income and equity in the current period, and are adjusted to include fair value changes and revaluation surplus balances recorded in prior periods which were not included in prior period FFO.
We use FFO to assess our operating results and the value of Brookfield’s business and believe that many shareholders and analysts also find this measure of value to them.
We note that FFO, its components, and its per share equivalent are non-IFRS measures which do not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies.
We make reference to Economic Net Income ("ENI") . We use ENI as a supplement to FFO for our Asset Management segment to assess operating performance, including the fee revenues and carried interest generated on unrealized changes in value of our private fund investment portfolios. We use this measure to evaluate the total value created within our funds in a period and it is a leading indicator for future growth of our Asset Management FFO.
We make reference to Invested Capital . Invested Capital is defined as the amount of common equity in our segments and underlying businesses within the segments.
We make reference to cash flows before common share dividends that is Available for distribution or reinvestment . It is the sum of our Asset Management segment FFO and distributions received from our ownership of listed investments, net of Corporate FFO and preferred share dividends. This provides insight into earnings received by the corporation that are available for distribution to common shareholders or to be reinvested into the business.
We also make reference to Unrealized Carried Interest , which represents our share of fund profits if all of our funds were wound up and liquidated at period end values. We use this measure to gain additional insight into how investment performance is impacting our ability to earn carried interest in the future.
We provide additional information on key terms and non-IFRS measures in our filings available at www.brookfield.com .
Additional Information
The Letter to Shareholders and the company’s Supplemental Information for the three months ended March 31, 2018 contain further information on the company’s strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on the company’s website.
The attached statements are based primarily on information that has been extracted from our financial statements for the quarter ended March 31, 2018, which have been prepared using IFRS, as issued by the IASB. The amounts have not been audited by Brookfield’s external auditor.
Brookfield's Board of Directors have reviewed and approved this document, including the summary unaudited consolidated financial statements prior to its release.
Information on our dividends can be found on our website under Stock & Distributions/Distribution History.
Quarterly Earnings Call Details
Investors, analysts and other interested parties can access Brookfield Asset Management’s 2018 First Quarter Results as well as the Shareholders’ Letter and Supplemental Information on Brookfield’s website under the Reports & Filings section at www.brookfield.com .
The conference call can be accessed via webcast on May 10, 2018 at 11:00 a.m. Eastern Time at www.brookfield.com or via teleconference at 1-866-521-4909 toll free in North America. For overseas calls please dial 1-647-427-2311, at approximately 10:50 a.m. Eastern Time. A recording of the teleconference can be accessed at 1-800-585-8367 or 1-416-621-4642 (password: 2377377).
Brookfield Asset Management Inc. is a leading global alternative asset manager with approximately $285 billion in assets under management. The company has more than a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. Brookfield offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges under the symbol BAM, BAM.A and BAMA, respectively. For more information, please visit our website at www.brookfield.com .
Please note that Brookfield’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR and can also be found in the investor section of its website at www.brookfield.com . Hard copies of the annual and quarterly reports can be obtained free of charge upon request.
For more information, please visit our website at www.brookfield.com or contact:
Claire Holland
Communications & Media
Tel: (416) 369-8236
Email: [email protected] Linda Northwood
Investor Relations
Tel: (416) 359-8647
Email: [email protected] Forward-Looking Statements
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “ ” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.”
Although we believe that our anticipated future results, performance or achievements expressed or implied by the and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield to anticipated future results, performance or achievement expressed or implied by such and information.
Factors that could cause actual results to those contemplated or implied by include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; ability to collect amounts owed; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our , investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, Brookfield undertakes no obligation to publicly update or revise any or information, whether written or oral, that may be as a result of new information, future events or otherwise.
This release does not constitute an offer of any Brookfield fund.
CONSOLIDATED BALANCE SHEETS
Unaudited
(US$ millions) March 31 December 31 2018 2017 Assets Cash and cash equivalents $ 6,044 $ 5,139 Other financial assets 5,271 4,800 Accounts receivable and other 12,257 11,973 Inventory 6,638 6,311 Assets classified as held for sale 302 1,605 Equity accounted investments 30,750 31,994 Investment properties 58,309 56,870 Property, plant and equipment 54,431 53,005 Intangible assets 14,231 14,242 Goodwill 5,516 5,317 Deferred income tax assets 2,186 1,464 Total Assets $ 195,935 $ 192,720 Liabilities and Equity Accounts payable and other $ 18,656 $ 17,965 Liabilities associated with assets classified as held for sale 568 1,424 Corporate borrowings 6,476 5,659 Non-recourse borrowings Property-specific mortgages 65,901 63,721 Subsidiary borrowings 7,938 9,009 Deferred income tax liabilities 11,146 11,409 Subsidiary equity obligations 3,935 3,661 Equity Preferred equity 4,192 4,192 Non-controlling interests in net assets 52,667 51,628 Common equity 24,456 24,052 Total Equity 81,315 79,872 Total Liabilities and Equity $ 195,935 $ 192,720 CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
For the three months ended March 31
(US$ millions, except per share amounts) 2018 2017 Revenues $ 12,631 $ 6,001 Direct costs (10,091 ) (4,387 ) Other income and gains 342 265 Equity accounted income 288 335 Expenses Interest (1,037 ) (843 ) Corporate costs (27 ) (25 ) Fair value changes 572 (204 ) Depreciation and amortization (670 ) (499 ) Income tax (153 ) (125 ) Net income $ 1,855 $ 518 Net income (loss) attributable to: Brookfield shareholders $ 857 $ (37 ) Non-controlling interests 998 555 $ 1,855 $ 518 Net income (loss) per share Diluted $ 0.84 $ (0.08 ) Basic 0.85 (0.08 )
SUMMARIZED FINANCIAL RESULTS
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS
Unaudited
For the periods ended March 31
(US$ millions) Three Months Ended Last Twelve Months
Ended 2018 2017 2018 2017 Net income $ 1,855 $ 518 $ 5,888 $ 3,220 Equity accounted fair value changes and other non-FFO items 333 122 1,067 306 Fair value changes (572 ) 204 (1,197 ) 686 Depreciation and amortization 670 499 2,516 2,038 Deferred income taxes (74 ) 108 145 (620 ) Realized disposition gains in fair value changes or prior periods 420 152 1,384 706 Non-controlling interests (1,462 ) (929 ) (5,497 ) (3,128 ) Funds from operations 1 $ 1,170 $ 674 $ 4,306 $ 3,208 SEGMENT FUNDS FROM OPERATIONS
Unaudited
For the periods ended March 31
(US$ millions, except per share amounts) Three Months Ended Last Twelve Months
Ended 2018 2017 2018 2017 Asset management $ 363 $ 166 $ 1,167 $ 848 Property 439 325 2,118 1,513 Renewable power 100 67 303 179 Infrastructure 341 83 603 386 Private equity 54 102 285 430 Residential (33 ) (8 ) 9 70 Corporate (94 ) (61 ) (179 ) (218 ) Funds from operations 1 $ 1,170 $ 674 $ 4,306 $ 3,208 Per share $ 1.16 $ 0.65 $ 4.25 $ 3.15 RECONCILIATION OF ASSET MANAGEMENT FFO TO ECONOMIC NET INCOME
Unaudited
For the periods ended March 31
(US$ millions) Three Months Ended Last Twelve Months
Ended 2018 2017 2018 2017 Asset Management FFO $ 363 $ 166 $ 1,167 $ 848 Less: Realized carried interest, net (20 ) (3 ) (91 ) (152 ) Less: Realized disposition gains — — — (5 ) Unrealized carried interest generated in the period, net 246 137 1,037 330 Economic net income $ 589 $ 300 $ 2,113 $ 1,021 Notes:
Excludes amounts attributable to non-controlling interests
EARNINGS PER SHARE
Unaudited
For the periods ended March 31
(US$ millions, except per share amounts) Three Months Ended Last Twelve Months
Ended 2018 2017 2018 2017 Net income $ 1,855 $ 518 $ 5,888 $ 3,220 Non-controlling interests (998 ) (555 ) (3,532 ) (1,863 ) Net income attributable to shareholders 857 (37 ) 2,356 1,357 Preferred share dividends (38 ) (36 ) (147 ) (136 ) Net income available to common shareholders $ 819 $ (73 ) $ 2,209 $ 1,221 Weighted average shares 957.9 958.5 958.6 958.8 Dilutive effect of the conversion of options and escrowed shares using treasury stock method 1 19.1 — 19.5 15.3 Shares and share equivalents 977.0 958.5 978.1 974.1 Diluted earnings per share $ 0.84 $ (0.08 ) $ 2.26 $ 1.25 CASH AVAILABLE FOR DISTRIBUTION
Unaudited
For the periods ended March 31
(US$ millions) Three Months Ended Last Twelve Months
Ended 2018 2017 2018 2017 Asset management FFO $ 363 $ 166 $ 1,167 $ 848 Dividends received from listed investments 343 307 1,313 1,215 Corporate activities FFO Financial assets earnings 22 19 148 123 Corporate costs, cash taxes and other (38 ) (18 ) (50 ) (94 ) Corporate interest expense (78 ) (62 ) (277 ) (247 ) (94 ) (61 ) (179 ) (218 ) Preferred share dividends (38 ) (36 ) (147 ) (136 ) Available for distribution/reinvestment $ 574 $ 376 $ 2,154 $ 1,709 Notes:
Includes management share option plan and escrowed stock plan
Source:Brookfield Asset Management Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-brookfield-asset-management-reports-first-quarter-2018-results.html |
SAN JOSE, Calif.--(BUSINESS WIRE)-- Western Digital Corp. (NASDAQ: WDC) (“Western Digital” or the “company”) today announced that it has successfully priced $2.455 billion of new U.S. dollar-denominated term B-4 loans at an interest rate of LIBOR + 1.75%, which priced 25 basis points lower than its previous term B-3 loans issued in November 2017. This new financing marks the company’s fourth successful repricing of U.S. dollar-denominated term B loans since issuing its original term B loans in connection with its acquisition of SanDisk Corporation in May 2016. In connection with this transaction, Western Digital settled the previous U.S. dollar-denominated term B-3 loans with the proceeds of this new loan. The new financing is expected to generate annual cash interest savings of approximately $6 million beginning on May 15, 2018. The new term loans have the same remaining tenor as the previous U.S. dollar-denominated term B loans and mature on April 29, 2023.
The company repurchased shares of its common stock in the amount of $155 million during its third fiscal quarter and intends to repurchase additional shares under its existing stock repurchase program for an amount of up to $1 billion. At least 50 percent of the repurchases are targeted for the remainder of the company’s current fiscal quarter. The company has already commenced repurchasing its common stock and the exact amount of repurchases will depend on market conditions.
About Western Digital
Western Digital creates environments for data to thrive. The company is driving the innovation needed to help customers capture, preserve, access and transform an ever-increasing diversity of data. Everywhere data lives, from advanced data centers to mobile sensors to personal devices, our industry-leading solutions deliver the possibilities of data. Western Digital ® data-centric solutions are marketed under the G-Technology™, HGST, SanDisk ® , Tegile™, Upthere™ and WD ® brands. Financial and investor information is available on the company's Investor Relations website at investor.wdc.com .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning expected annual interest expense savings and potential repurchases in the future by the company of its common stock. These forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including: volatility in global economic conditions; business conditions and growth in the storage ecosystem; impact of competitive products and pricing; market acceptance and cost of commodity materials and specialized product components; actions by competitors; unexpected advances in competing technologies; the development and introduction of products based on new technologies and expansion into new data storage markets; risks associated with acquisitions, mergers and joint ventures; difficulties or delays in manufacturing; impacts of new tax legislation; and other risks and uncertainties listed in the company's filings with the Securities and Exchange Commission (the "SEC"), including the company's Form 10-Q filed with the SEC on May 8, 2018, to which your attention is directed. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
Western Digital, the Western Digital logo, G-Technology, HGST, SanDisk, Tegile, Upthere and WD are registered trademarks or trademarks of Western Digital Corporation or its affiliates in the U.S. and/or other countries.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005874/en/
Western Digital Corp.
Investor Contact:
Jay Iyer, 408.801.2067
[email protected]
[email protected]
or
Media Contact:
Jim Pascoe, 408.717.6999
[email protected]
Source: Western Digital | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-western-digital-announces-successful-repricing-of-2-point-455-billion-of-usd-term-b-loans-plans-stock-buyback-up-to-1-point.html |
Dividend Increased for 11 th Consecutive Year
Paul Brink Appointed President and COO
(in U.S. dollars unless otherwise noted)
TORONTO, May 9, 2018 /PRNewswire/ - "Franco-Nevada's diversified portfolio continues to deliver with record quarterly revenue and net income being realized in the first quarter" commented David Harquail, CEO. "Over the next year, we expect further growth with higher production from Tasiast, Subika, Candelaria and our Oil & Gas assets as well as the start of production from Cobre Panama. It is a testament to both our business model and portfolio that today Franco-Nevada has declared its 11 th consecutive year of dividend increases. Franco-Nevada remains debt free and we continue to see opportunities to add further to the portfolio. I am also pleased to announce that as part of our orderly succession planning, Paul Brink has been promoted to President and Chief Operating Officer. Paul is a talented and seasoned executive and will serve Franco-Nevada's shareholders very well."
Pierre Lassonde, Chair, added: "Today Graham Farquharson retired from the Franco-Nevada board after more than 10 years of distinguished service. Graham's over 50 years of mining sector experience has been invaluable to Franco-Nevada. I am happy that he has accepted our invitation to remain involved as an honorary director."
Q1/2018 Financial Highlights
$173.1 million in revenue – a new record 115,671 Gold Equivalent Ounces 1 ("GEOs") sold $139.9 million of Adjusted EBITDA 2 or $0.75 per share $64.6 million of net income (new record) or $0.35 per share $63.9 million of Adjusted Net Income 3 (new record) or $0.34 per share $87.7 million in cash and cash equivalents at quarter-end and no debt Quarterly dividend increased from $0.23 to $0.24 per share – increased for 11 th consecutive year
Revenue and GEOs by Asset Categories
Q1/2018
Q1/2017
GEOs
Revenue
GEOs
Revenue
#
(in millions)
#
(in millions)
Precious Metals
Gold
88,794
$
118.3
100,540
$
122.9
Silver
17,672
23.5
19,746
24.4
PGMs
6,935
9.3
8,224
10.7
Precious Metals - Total
113,401
$
151.1
128,510
$
158.0
Other Minerals
2,270
3.0
3,068
3.8
Oil & Gas
—
19.0
—
10.9
115,671
$
173.1
131,578
$
172.7
For Q1/2018, revenue was sourced 87.3% from precious metals (68.3% gold, 13.6% silver and 5.4% PGM) and 80.6% from the Americas (44.5% Latin America, 17.7% U.S., and 18.4% Canada). Operating costs and expenses decreased year-over-year due to lower stream GEOs sold during the quarter. Oil & Gas revenue increased 74.3% year-over-year, reflecting the addition of the STACK, Midland, Orion and Delaware royalties, higher prices and increased payments from Weyburn. Cash provided by operating activities was $137.5 million, an increase of 14.8% compared to Q1/2017, reflecting increased net income.
Corporate Updates
Cobre Panama: Franco-Nevada funded the additional precious metals stream on the Cobre Panama project for $356.0 million on March 16, 2018. Franco-Nevada now has exposure to the precious metals produced from 100% of the ownership of the Cobre Panama project. Delaware Oil & Gas Royalties: Franco-Nevada finalized the purchase of a royalty portfolio in the Delaware, which represents the western portion of the larger Permian Basin in Texas for $101.3 million on February 20, 2018. The royalties are derived principally from mineral title which provides a perpetual interest in royalty lands. The transaction has an effective date of October 1, 2017. Revenue in Q1/2018 included $1.3 million from the Delaware royalties.
Q1/2018 Portfolio Updates
Precious Metals — Latin America: GEOs from Latin American precious metals assets decreased 17.9% year-over-year, with 57,854 precious metal GEOs earned in Q1/2018, reflecting decreased deliveries from Candelaria and Guadalupe-Palmarejo which was partially offset by increases from Antapaccay. • Cobre Panama (gold and silver stream) – During Q1/2018, excluding the funding of $356 million from the additional stream, Franco-Nevada contributed $70.2 million of its share of construction capital for the Cobre Panama project. Franco-Nevada at quarter-end has contributed $796.8 million of its total maximum $1 billion commitment for the construction of Cobre Panama. For the remainder of 2018, Franco-Nevada expects to fund between $160 and $180 million towards the $1 billion deposit. Recently, First Quantum announced plans to expand throughput capacity to 85 million tonnes per annum and potentially accommodate a further increase to 100 million tonnes per annum after 2022. Development activities in some areas were affected for about six weeks by industrial action which has been resolved. First Quantum continues to anticipate phased commissioning during 2018 and continued ramp-up during 2019. NuevaUnión (1.5% royalty) – JV partners Teck and Goldcorp completed a pre-feasibility study at NuevaUnión and now are advancing the project to the feasibility stage which is expected in 2019. The project has 8.9 million ounces of proven and probable gold mineral reserves and 17.9 billion pounds of proven and probable copper mineral reserves (100% basis) to be produced over a 36 year mine life. Franco-Nevada's interest is on the Relincho section of the project. Candelaria (gold and silver stream) – Candelaria delivered 14,075 GEOs, compared to 22,483 GEOs in Q1/2017. Production levels are lower as a result of a pit slide and are expected to recover in 2019. Lundin continues to ramp-up underground production and studies continue to further optimize underground operations including a potential production increase beyond the currently permitted 14,000 tonnes per day. Antapaccay (gold and silver stream) – Antapaccay delivered 21,766 GEOs in Q1/2018, an increase of 44.9% year-over-year, as the mine sequencing moves to a new phase of production with higher grades. Antamina (silver stream) –11,760 GEOs from Antamina were sold during the quarter. This is in-line with expectations and a decrease compared to 13,130 GEOs in Q1/2017. Franco-Nevada has partnered with Compania Miñera Antamina S.A. ("CMA"), the Antamina joint venture company, in supporting and expanding CMA's support of Enseña Peru, which aims to improve education at existing schools in the region. Guadalupe-Palmarejo (gold stream) – Guadalupe-Palmarejo delivered 9,906 GEOs in Q1/2018 which is in-line with expectations, compared to 19,300 GEOs in Q1/2017 which represented an unusually strong quarter. Cerro Moro (2% royalty) – Yamana reports that the first ore was fed to the mill on April 25 th and that first doré is expected to be produced in May.
Precious Metals — U.S.: GEOs from U.S. precious metals assets decreased by 6.0% year-over-year mainly due to reduced deliveries from South Arturo as Phase 2 mining is complete. 18,364 GEOs were earned from U.S. precious metal assets. Fire Creek/Midas (fixed gold deliveries and royalty) & Hollister (3-5% royalty) – Hecla announced in March 2018 plans to acquire Klondex's three underground operations in Nevada including Fire Creek, Midas and Hollister. Franco-Nevada has agreements and royalties covering all three properties. Stibnite Gold (1.7% royalty) – Barrick announced that it has acquired a 19.9% interest in Midas Gold Corp., the operator of the Stibnite Gold project in Idaho, which is currently in the permitting phase. South Arturo (4-9% royalty) – Joint venture operators Barrick and Premier Gold announced a significant increase to Mineral Reserves and Mineral Resources for the South Arturo operation. Phase 2 mining was completed in 2017 and the joint venture now expects to start development of the Phase 1 open pit in mid-2018 and the El Nino underground mine in the second half of 2018. Premier recently released exploration results indicating further high grade reserve potential. Stillwater (5% royalty) – The Blitz project achieved first production in September 2017 and is expected to reach full production by late 2021 or early 2022. Blitz is anticipated to increase total PGM production from Stillwater by more than 50% to approximately 850,000 ounces per year.
Precious Metals — Canada : Sales of 12,756 GEOs from Canadian precious metals assets were essentially unchanged year-over-year compared with Q1/2017. Increases from Hemlo and Detour Lake were offset by decreased deliveries from the Sudbury assets. Taylor (1.0% royalty) – Kirkland Lake announced new drill results from surface and underground at Taylor which extend the mineralization at depth to 500 meters below the current mining area and 150 meters below any previous intercept. Dublin Gulch (Eagle) (1.5-2.0% royalty) – Victoria entered into a financing package for C$505 million that will fully fund the development of the Eagle Gold project through commercial production. Victoria estimates first gold pour in the second half of 2019. Kirkland Lake (1.5-5.5% royalty & 20% NPI) – Continued exploration success at Macassa supports potential for future resource growth and resource conversion. Kirkland Lake Gold has previously announced plans for a new shaft at the Macassa mine which would support higher levels of production and offer more effective underground exploration. The two phase project is expected to be completed by the end of 2023. Detour (2% royalty) – Detour Gold provided an updated plan to accelerate access to higher grades to smooth the production profile in 2019 and 2020. Preliminary assessment sees production increasing 50,000 ounces per year in 2019 and 2020 but overall production decreasing from an average of 630,000 ounces (2019 – 2023) under the 2017 LOM plan to 606,000 ounces under the preliminary 2018 LOM plan. Detour Gold is in the process of revising its life of mine plan which is expected in June 2018. Red Lake (Phoenix) (2% royalty) – Rubicon announced a new mineral resource estimate for the Phoenix project which included a 113% increase in measured and indicated resources. Musselwhite (5.0% NPI) – The Materials Handling project was 65% complete as at March 31, 2018 according to operator Goldcorp. The project is progressing on schedule and expected to be approximately 10% under budget which should positively impact the NPI contributions. Brucejack (1.2% royalty) – As of March 31, 2018, Brucejack has produced approximately 225,000 ounces of gold since start-up. Franco-Nevada's royalty begins after approximately 500,000 ounces have been produced. Pretium instituted a number of operational improvement initiatives including a grade control program as well as increased underground development to provide additional working stopes.
Precious Metals — Rest of World: 24,427 GEOs from Rest of World precious metals assets were earned during the quarter, a decrease of 5.7% year-over-year, due to decreased deliveries from MWS and reduced sales from Sabodala and Karma. Sissingué (0.5% royalty) – Perseus Mining declared commercial production at Sissingué on April 1, 2018 following first gold on January 26, 2018. Subika (2% royalty) – The Ahafo mill expansion was impacted by a tragic accident that resulted in six fatalities. Production has recommenced but civil construction remains suspended. The Ahafo expansion projects (Subika underground and mill expansion) are expected to increase Ahafo's production to 550 - 650,000 ounces per year for the first five full years of production (2020–2024). Franco-Nevada estimates that the majority of underground reserves are covered by its royalty. Sabodala (fixed gold deliveries and stream) – 5,625 GEOs were delivered and sold in Q1/2018 compared with 7,500 GEOs in Q1/2017, which included an extra month of deliveries which were not sold in the previous quarter. Karma (fixed gold deliveries and stream) – 4,453 GEOs were sold in the quarter, a decrease compared to 5,000 GEOs in Q1/2017, which included an extra month of deliveries which were not sold in the previous quarter. Tasiast (2% royalty) – Kinross announced plans to proceed with the Phase Two expansion at Tasiast. Phase Two is expected to increase mill capacity to 30,000 tonnes per day and produce an average of approximately 812,000 gold ounces per year for the first five years. The Phase One expansion remains on schedule for full production in Q2/2018 with Phase Two commercial production expected in Q3/2020. Kinross announced it is assessing the Government of Mauritania's request to enter into mutually beneficial discussions respecting all of Kinross' activities in Mauritania with a view to improving economic benefits to the country.
Oil & Gas: Revenue from Oil & Gas assets increased to $19.0 million in Q1/2018 compared to $10.9 million in Q1/2017, reflecting the addition of the STACK, Midland, Orion and Delaware royalties, higher prices and increased payments from Weyburn. Weyburn (NRI, ORR, WI) – Weyburn generated $10.1 million in the quarter versus $8.3 million in the previous year with continued strong performance under Whitecap, the new operator. Orion (GORR) – Osum Oil Sands Corp. continues with its expansion of the Orion asset to over 18,000 barrels per day. Differentials for heavy oil prices in Western Canada widened during the quarter which negatively impacted revenue. Delaware (various royalty rates) – The Delaware transaction was closed in February 2018. The effective date of the transaction was October 1, 2017 and the royalties generated $1.3 million in revenue for Q1/2018. Rig activity is ahead of original expectations.
Dividend Declaration
Franco-Nevada is pleased to announce that its Board of Directors has declared a quarterly dividend of $0.24 per share. The dividend is a 4.3% increase from the previous $0.23 per share quarterly dividend and marks the 11 th consecutive annual dividend increase for Franco-Nevada shareholders. Canadian investors in Franco-Nevada's IPO in December 2007 are now receiving an effective 8.1% yield on their cost base. The dividend will be paid on June 28, 2018 to shareholders of record on June 14, 2018 (the "Record Date"). The Canadian dollar equivalent is to be determined based on the daily average rate posted by the Bank of Canada on the Record Date. Under Canadian tax legislation, Canadian resident individuals who receive "eligible dividends" are entitled to an enhanced gross-up and dividend tax credit on such dividends.
The Company has a Dividend Reinvestment Plan ("DRIP"). Participation in the DRIP is optional. The Company will issue additional common shares through treasury at a 3% discount to the Average Market Price, as defined in the DRIP. However, the Company may, from time to time, in its discretion, change or eliminate the discount applicable to treasury acquisitions or direct that such common shares be purchased in market acquisitions at the prevailing market price, any of which would be publicly announced. The DRIP and enrollment forms are available on the Company's website at www.franco-nevada.com . Registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal at www.investorcentre.com/franco-nevada . Beneficial shareholders should contact their financial intermediary to arrange enrollment.
This press release is not an offer to sell or a solicitation of an offer of securities. A registration statement relating to the DRIP has been filed with the U.S. Securities and Exchange Commission and may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at www.sec.gov .
Shareholder Information
The complete Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis can be found today on Franco‑Nevada's website at www.franco-nevada.com , on SEDAR at www.sedar.com and on EDGAR at www.sec.gov .
Management will host a conference call tomorrow, Thursday, May 10, 2018 at 8:30 a.m. Eastern Time to review Franco‑Nevada's Q1/2018 results.
Interested investors are invited to participate as follows:
Via Conference Call: Toll-Free: (888) 231-8191; International: (647) 427-7450 Conference Call Replay until May 17 th : Toll-Free (855) 859-2056; Toronto (416) 849-0833; Pass code 1867504 Webcast: A live audio webcast will be accessible at www.franco-nevada.com
Corporate Summary
Franco-Nevada Corporation is the leading gold-focused royalty and stream company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to many of the risks of operating companies. Franco-Nevada is debt free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.
Forward Looking Statements
This press release contains "forward looking information" and "forward looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, carrying value of assets, future dividends and requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities. In addition, statements (including data in tables) relating to reserves and resources and gold equivalent ounces ("GEOs") are forward looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such reserves and resources and GEOs will be realized. Such forward looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. A number of factors could cause actual events or results to differ materially from any forward looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican Peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not Franco-Nevada is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; actual mineral content may differ from the reserves and resources contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; and the integration of acquired assets. The forward looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; Franco-Nevada's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; risks related to the completion of previously announced transactions; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could anticipated in such statements. Investors are cautioned that forward looking statements are not guarantees of future performance. Franco-Nevada cannot assure investors that actual results will be consistent with these forward looking statements and investors should not place undue reliance on forward looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to the "Risk Factors" section of Franco-Nevada's most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedar.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov . The forward looking statements herein are made press release only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.
NON-IFRS MEASURES: Adjusted Net Income and Adjusted EBITDA are intended to provide additional information only and do not have any standardized meaning prescribed under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. For a reconciliation of these measures to various IFRS measures, please see below or the Company's current MD&A disclosure found on the Company's website, on SEDAR and on EDGAR. Comparative information has been recalculated to conform to current presentation.
GEOs include our gold, silver, platinum, palladium and other mineral assets. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Platinum, palladium, silver and other minerals are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The gold price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may make reference to the market price realized by the operator, or the average for the month, quarter, or year in which the mineral was produced or sold. For Q1/2018, the average commodity prices per ounce were as follows: $1,329 gold (Q1/2017 - $1,219), $16.77 silver (Q1/2017 - $17.42), $978 platinum (Q1/2017 - $981) and $1,035 palladium (Q1/2017 - $767). Adjusted EBITDA and Adjusted EBITDA per share are non-IFRS financial measures, which exclude the following from net income and earnings per share ("EPS"): income tax expense/recovery; finance expenses; finance income; depletion and depreciation; non-cash costs of sales; impairment charges related to royalty, stream and working interests and investments; gains/losses on sale of royalty interests; gains/losses on investments; foreign exchange gains/losses and other income/expenses and unusual non-recurring items. Adjusted Net Income and Adjusted Net Income per share are non-IFRS financial measures, which exclude the following from net income and EPS: foreign exchange gains/losses and other income/expenses; impairment charges related to royalty, stream and working interests and investments; gains/losses on sale of royalty interests; gains/losses on investments; unusual non-recurring items; and the impact of income taxes on these items.
Reconciliations to IFRS measures:
For the three months ended
March 31,
(expressed in millions, except per share amounts)
2018
2017
Net Income
$
64.6
$
45.6
Income tax expense
13.5
10.4
Finance expenses
0.9
0.8
Finance income
(1.0)
(0.9)
Depletion and depreciation
60.6
71.5
Non-cash costs of sales
1.9
1.8
Foreign exchange (gains)/losses and other (income)/expenses
(0.6)
(0.7)
Adjusted EBITDA
$
139.9
$
128.5
Basic weighted average shares outstanding
185.9
178.5
Adjusted EBITDA per share
$
0.75
$
0.72
For the three months ended
March 31,
(expressed in millions, except per share amounts)
2018
2017
Net Income
$
64.6
$
45.6
Foreign exchange (gains)/losses and other (income)/expenses
(0.6)
(0.7)
Tax effect of adjustments
(0.1)
(0.1)
Adjusted Net Income
$
63.9
$
44.8
Basic weighted average shares outstanding
185.9
178.5
Adjusted Net Income per share
$
0.34
$
0.25
Franco-Nevada Corporation
Condensed Consolidated Statement of Financial Position
(unaudited, in millions of U.S. dollars)
At March 31,
At December 31,
2018
2017
ASSETS
Cash and cash equivalents (Note 4)
$
87.7
$
511.1
Receivables
61.4
65.9
Prepaid expenses and other (Note 6)
39.2
39.4
Current assets
188.3
616.4
Royalty, stream and working interests, net (Note 3)
4,385.0
3,939.2
Investments (Note 5)
169.4
203.1
Deferred income tax assets
14.5
14.5
Other assets (Note 7)
14.6
15.2
Total assets
$
4,771.8
$
4,788.4
LIABILITIES
Accounts payable and accrued liabilities
$
21.4
$
21.5
Current income tax liabilities
1.6
1.1
Current liabilities
23.0
22.6
Deferred income tax liabilities
61.7
60.3
Total liabilities
84.7
82.9
SHAREHOLDERS' EQUITY (Note 14)
Common shares
5,115.5
5,107.8
Contributed surplus
15.7
14.2
Deficit
(261.6)
(310.0)
Accumulated other comprehensive loss
(182.5)
(106.5)
Total shareholders' equity
4,687.1
4,705.5
Total liabilities and shareholders' equity
$
4,771.8
$
4,788.4
The accompanying notes are an integral part of these condensed consolidated interim financial statements and can be found in our Q1/2018
Report available on our website
Franco-Nevada Corporation
Condensed Consolidated Statements of Income and Comprehensive Income (Loss)
(unaudited, in millions of U.S. dollars, except per share amounts)
For the three months ended
March 31,
2018
2017
Revenue (Note 10)
$
173.1
$
172.7
Cost of sales
Costs of sales (Note 11)
30.2
39.9
Depletion and depreciation
60.6
71.5
Total cost of sales
90.8
111.4
Gross profit
82.3
61.3
Other operating expenses (income)
Corporate administration
4.5
5.3
Business development
0.7
0.8
Gain on sale of gold bullion
(0.3)
—
Total other operating expenses
4.9
6.1
Operating income
77.4
55.2
Foreign exchange gain (loss) and other income (expenses)
0.6
0.7
Income before finance items and income taxes
78.0
55.9
Finance items
Finance income
1.0
0.9
Finance expenses
(0.9)
(0.8)
Net income before income taxes
78.1
56.0
Income tax expense (Note 13)
13.5
10.4
Net income
$
64.6
$
45.6
Other comprehensive (loss) income:
Items that may be reclassified subsequently to profit and loss:
Changes in the fair value of available-for-sale investments, net of income tax (Note 5)
—
1.5
Currency translation adjustment
(23.2)
9.7
Items that will not be reclassified subsequently to profit and loss:
Changes in the fair value of equity investments at fair value through other comprehensive
income, net of income tax (Note 5)
(25.7)
—
Other comprehensive (loss) income
(48.9)
11.2
Total comprehensive income
$
15.7
$
56.8
Basic earnings per share (Note 15)
$
0.35
$
0.26
Diluted earnings per share (Note 15)
$
0.35
$
0.25
The accompanying notes are an integral part of these condensed consolidated interim financial statements and can be found in our Q1/2018
Report available on our website
Franco-Nevada Corporation
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions of U.S. dollars)
For the three months ended
March 31,
2018
2017
Cash flows from operating activities
Net income
$
64.6
$
45.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and depreciation
60.6
71.5
Non-cash costs of sales
1.9
1.8
Share-based payments
1.2
1.5
Unrealized foreign exchange gain
—
(0.4)
Deferred income tax expense
6.1
2.6
Other non-cash items
(0.3)
(0.4)
Acquisition of gold bullion
(6.4)
(5.9)
Proceeds from sale of gold bullion
5.6
3.1
Operating cash flows before changes in non-cash working capital
133.3
119.4
Changes in non-cash working capital:
Decrease in receivables
4.5
2.0
(Increase) decrease in prepaid expenses and other
(0.7)
4.1
Increase (decrease) in current liabilities
0.4
(5.7)
Net cash provided by operating activities
137.5
119.8
Cash flows from investing activities
Acquisition of royalty, stream and working interests
(523.0)
(61.5)
Acquisition of oil & gas well equipment
(0.2)
(0.4)
Net cash used in investing activities
(523.2)
(61.9)
Cash flows from financing activities
Credit facility amendment costs
(0.5)
(1.0)
Payment of dividends
(35.6)
(30.1)
Proceeds from exercise of stock options
—
0.1
Net cash used in financing activities
(36.1)
(31.0)
Effect of exchange rate changes on cash and cash equivalents
(1.6)
3.1
Net change in cash and cash equivalents
(423.4)
30.0
Cash and cash equivalents at beginning of period
511.1
253.0
Cash and cash equivalents at end of period
$
87.7
$
283.0
Supplemental cash flow information:
Cash paid for interest expense and loan standby fees
$
0.6
$
0.6
Income taxes paid
$
7.7
$
10.1
The accompanying notes are an integral part of these condensed consolidated interim financial statements and can be found in our Q1/2018
Report available on our website
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SOURCE Franco-Nevada Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-franco-nevada-reports-record-q1-results.html |
May 21, 2018 / 5:08 AM / Updated 16 minutes ago Energy may give further impetus to U.S. small-cap stocks Caroline Valetkevitch , April Joyner 4 Min Read
NEW YORK (Reuters) - U.S. small-cap stocks look poised to extend a breakout move higher, especially if oil prices rally further and drive gains in smaller energy companies that have provided leadership in recent weeks, analysts and investors said. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., March 24, 2016. REUTERS/Nick Oxford/File Photo
The Russell 2000 index of small capitalization stocks was on track for a fourth consecutive record closing high on Monday and registered its third week of gains Friday, sharply outperforming large-cap stocks on Wall Street. All three major indexes posted losses for the week.
The Russell is up 11.8 percent since its Feb. 8 low for the year, while the S&P 500 is up just 5.8 percent since that date.
The S&P 600 small-cap index is also at a record high. Energy shares within the S&P 600 have led recent gains, thanks to a jump in oil prices, which analysts said should boost earnings forecasts for the sector.
The outperformance of small-cap stocks has been driven partly by the December U.S. tax overhaul. The legislation included steep corporate tax cuts that particularly benefited smaller-cap companies, which had been paying higher rates than large-cap companies overall.
Recent trade tensions have also lifted shares of small caps, whose business is largely domestic, along with stronger U.S. economic growth.
Some of those benefits have been reflected in small-cap earnings growth, which has outpaced growth of larger names. First-quarter profit growth for Russell 2000 companies is estimated at 33.8 percent, while earnings for the S&P 500 companies increased 26.2 percent from a year ago, according to Thomson Reuters data.
For a graphic on S&P 500 vs Russell 2000, click reut.rs/2Llq9WT ENERGY SPIKES UP
The S&P 600 energy index is up 33.1 percent for the quarter so far, the best-performing group, followed by health care, up about 12 percent.
U.S. crude futures rose on Monday, trading above $72 a barrel, after registering a third straight week of gains on Friday, lifted by falling Venezuelan production, strong global demand and looming U.S. sanctions on Iran.
“Even though (energy stocks have) had a good run, estimates will be climbing because analysts are raising their oil forecasts. So even though the stocks go up, they can still look cheap because the earnings estimate is going to go up as fast as the stock,” said Steve DeSanctis, equity strategist at Jefferies in New York, which has been overweight energy since January.
J. Bryant Evans, portfolio manager at Cozad Asset Management in Champaign, Illinois, said he has been buying shares of small-cap energy service providers.
“Some of the smaller energy service providers got banged up so badly when oil went down,” he said. “But the ones who survived have a real opportunity to grow and take market share now that oil is at $70 a barrel.” BANKS, HEALTH CARE ALSO FAVORED
Several investors also said they favored financials within the small-cap space, particularly regional banks, which have risen sharply this year compared with bigger banks. The S&P 500 bank index is up 0.5 percent year to date, compared with an 8 percent gain in the KBW regional banking index.
The prospect of regulations being reduced further for some smaller banks has been a positive.
Regulations have “been a big headwind in the last couple of years,” said Anthony Saglimbene, global market strategist at Ameriprise Financial in Troy, Michigan. “Easing regulation would benefit small-cap banks.”
The health care group has benefited from merger activity, including Zoetis Inc’s announcement this week to buy Abaxis Inc .
Health care has been the best-performing sector within the S&P 600 so far this year, up 26.3 percent. Reporting by Caroline Valetkevitch and April Joyner; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-stocks-smallcaps/energy-may-give-further-impetus-to-u-s-small-cap-stocks-idUSKCN1IM0EC |
May 30, 2018 / 11:59 AM / Updated an hour ago Mertens turns to Spanish teammate for World Cup winning tips Reuters Staff 2 Min Read
(Reuters) - Belgium midfielder Dries Mertens has turned to his Napoli teammate, former Spanish World Cup winner Pepe Reina, for advice on how best to try and win this year’s tournament in Russia. FILE PHOTO: Soccer Football - Serie A - Napoli vs Torino - Stadio San Paolo, Naples, Italy - May 6, 2018 Napoli's Dries Mertens celebrates scoring their first goal REUTERS/Ciro De Luca
But although Reina could not pinpoint specific tips for success, Mertens said Belgium must show the hunger and desire that Spain did in winning the World Cup in 2010, as well as back-to-back European Championships in 2008 and 2012.
“Pepe told me he couldn’t give me any concrete tips. He just said they had a young group that were hungry for success and also had a bit of luck along the way,” he told reporters as Belgium continued their World Cup preparations.
“We also need to show that hunger. We always have had it tough against the top teams. Just look at the friendly against Spain (in September 2016) where they played us off the park.
“We learnt we must not be afraid and we have to always go at full tilt.
“After we came back from losing the Euro 2016 quarter-final to Wales, there was a lot of pain. We had not realised that every match could be our last and that we had to put everything into it to go on to the next stage. But that realisation is there now and that we have to be a lot harder in our approach.
“We are not always strong in possession but in transition we have quality. Our greatest strength is to press with power and turn over the ball. The stamp of coach (Roberto) Martinez is now more visible.
“Under (previous coach) Marc Wilmots we played mostly man on man, but now we work together to put pressure on the opponent. I think that makes a big difference,” Mertens added.
Belgium play the first of three warm-ups in Brussels on Saturday against Portugal, followed by matches against Egypt and Costa Rica. At the World Cup they are in Group G with Panama, Tunisia and England. Reporting by Mark Gleeson in Johannesburg; Editing by David Holmes | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-bel/mertens-turns-to-spanish-teammate-for-world-cup-winning-tips-idUKKCN1IV1GQ |
LOS ANGELES, May 1, 2018 /PRNewswire/ -- The Los Angeles Auto Show (LA Auto Show®) and AutoMobility LA today announced a new leader of its growing marketing team, as Ms. Fabrizia Cannalonga has joined the company as Vice President of Strategic Marketing and Communications. In her new role, Cannalonga will oversee the marketing team, applying her experience, talent and energy to help bring the company's ambitious vision of growth and expansion to fruition.
"Our vision for the future of The Los Angeles Auto Show is to achieve a trajectory that is impossible to ignore by fostering a glow of notoriety appropriate to Los Angeles," said Lisa Kaz, President and CEO of the LA Auto Show and AutoMobility LA. "Los Angeles is an automotive mecca by any measure and the ideal intersection where our most beloved cultural legacy can meet its technology driven future. We believe by adding Fabrizia to the team, we are poised to take advantage of every opportunity to stay at the forefront of the evolving automotive industry."
Cannalonga brings more than 20 years of experiential marketing leadership and has worked with some of the world's leading automotive brands. Most recently as Vice President of Experiential Marketing at INNOCEAN Worldwide Americas (Innocean USA), she led a large and aggressive team of auto marketers whose scope included auto show programs and engagements, sponsorships, major new product launches and press conferences for both Hyundai Motor America, and its recently debuted luxury brand, Genesis Motor America.
"Fabrizia's marketing and communications expertise and extensive knowledge of the automotive industry is sure to help us gain traction as we continue to build and grow our brand," said Terri Toennies, EVP and General Manager of the LA Auto Show and AutoMobility LA. "We are excited to have her onboard to help us take this organization to the next level."
"LA is a place where dreams are made of," said Cannalonga. "The Los Angeles Auto Show is a one of a kind event that can become the annual global destination converging automotive and tech. Our love for vehicles here is legendary, it's our mindset. Becoming a part of an exceptional team whose mission is to help AutoMobility LA and the LA Show achieve its rightful place among the most highly contested and most visible event venues in the world was just too irresistible to pass up."
AutoMobility LA and the 111-year-old LA Auto Show take place at the Los Angeles Convention Center November 26-29 and November 30-December 9, respectively. For information on AutoMobility LA and the LA Auto Show, please visit: AutoMobilityLA.com and LAAutoShow.com .
About the Los Angeles Auto Show and AutoMobility LA
Founded in 1907, the Los Angeles Auto Show (LA Auto Show®) is the first major North American auto show of the season each year. In 2016, the show's Press & Trade Days merged with the Connected Car Expo (CCE) to become AutoMobility LA TM , the industry's first trade show converging the technology and automotive industries to launch new products and technologies and to discuss the most pressing issues surrounding the future of transportation and mobility. AutoMobility LA 2018 will take place at the Los Angeles Convention Center Nov. 26-29, with manufacturer vehicle debuts intermixed. LA Auto Show 2018 will be open to the public Nov. 30–Dec. 9. AutoMobility LA is where the new auto industry gets business done, unveils groundbreaking new products and makes strategic announcements in front of media and industry professionals from around the globe. LA Auto Show is endorsed by the Greater L.A. New Car Dealer Association and is operated by ANSA Productions. To receive the latest show news and information, follow LA Auto Show on Twitter at twitter.com/LAAutoShow , via Facebook at facebook.com/LAAutoShow or on Instagram at https://www.instagram.com/laautoshow/ and sign up for alerts at http://www.laautoshow.com/ . For more information about AutoMobility LA, please visit https://www.automobilityla.com/ .
Media Contacts:
Sanaz Marbley/Devon Zahm
JMPR Public Relations, Inc.
(818) 992-4353
[email protected]
[email protected]
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SOURCE Los Angeles Auto Show | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-the-los-angeles-auto-show-and-automobility-la-hire-fabrizia-cannalonga-as-vice-president-of-strategic-marketing-and.html |
MENLO PARK, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- Corium International, Inc. (NASDAQ:CORI) today announced that it will report financial results for the second quarter ended March 31, 2018 on Monday, May 14, 2018 after the close of the U.S. financial markets. Corium will host a conference call and live audio webcast at 5:00 p.m. Eastern time, 2:00 p.m. Pacific time to discuss its financial results and report on recent progress.
Conference Call and Webcast Details
Investors and analysts can access the call toll-free by dialing (844) 831-3024 (United States) or +1 (315) 625-6887 (international). The conference ID# is 7690614. The conference call will also be available via a live audio webcast which may be accessed here , or by visiting the Investors section of Corium's website at http://ir.coriumgroup.com/events.cfm . The webcast will be archived on the Corium website for two weeks following the presentation.
About Corium
Corium International, Inc. is a commercial-stage biopharmaceutical company focused on the development, manufacture and commercialization of specialty pharmaceutical products that leverage the company's broad experience with advanced transdermal and transmucosal delivery systems. Corium has multiple proprietary programs in preclinical and clinical development, focusing primarily on the treatment of neurological disorders, with lead programs in Alzheimer's disease. Corium has developed and is the sole commercial manufacturer of seven prescription drug and consumer products with partners Mayne Pharma and Procter & Gamble. The company has two proprietary transdermal platforms: Corplex™ for small molecules and MicroCor ® , a biodegradable microstructure technology for small molecules and biologics, including vaccines, peptides and proteins. In addition to its proprietary Alzheimer's program, the company's late-stage pipeline includes a contraceptive patch co-developed with Agile Therapeutics and additional transdermal products that are being developed with other partners. For further information, please visit www.coriumintl.com .
Corplex™ and MicroCor ® are registered trademarks of Corium International, Inc.
Investor and Media Contact:
SMP Communications
Susan Pietropaolo
[email protected]
(201) 923-2049
Source: Corium
Source:Corium International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-corium-to-report-second-quarter-fiscal-2018-financial-results-on-monday-may-14-2018.html |
WATERTOWN, Mass., May 7, 2018 /PRNewswire/ -- athenahealth, Inc. (NASDAQ: ATHN), a leading provider of network-enabled services for hospital and ambulatory customers nationwide, today confirmed that it has received an unsolicited proposal from Elliott Management to acquire the Company for $160 per share in cash.
Consistent with its fiduciary duties and following consultation with its independent financial and legal advisors, the athenahealth Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and athenahealth shareholders. athenahealth shareholders do not need to take any action at this time.
Lazard is serving as financial advisor to athenahealth, and Weil, Gotshal & Manges LLP is serving as legal counsel.
About athenahealth, Inc.
athenahealth partners with hospital and ambulatory customers to drive clinical and financial results. We offer medical record, revenue cycle, patient engagement, care coordination, and population health services. We combine insights from our network of 114,000 providers and 110 million patients with deep industry knowledge and perform administrative work at scale. For more information, please visit www.athenahealth.com .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding management's expectations to advance value creation across the athenahealth business and to become healthcare's first platform company; statements regarding management's expectations for future financial and operational performance, expected growth, positioning in the market, and business outlook; statements regarding management's focus on the execution of our strategic plan and expected outcomes, including anticipated cost savings, increased efficiencies, streamlined workflow, margin improvements, and improvements in employee engagement; statements regarding recently announced changes to the Company's leadership and governance structure and expected outcomes. Forward-looking statements may be identified with words such as "will," "may," "expect," "plan," "anticipate," "upcoming," "believe," "estimate," or similar terminology, and the negative of these terms. Forward-looking statements are not promises or guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. These risks and uncertainties include: our ability to successfully implement our strategic initiatives and achieve their anticipated impact; our ability to manage changes in our management team and changes resulting from our workforce reduction and office closures; our highly competitive industry and our ability to compete effectively and remain innovative; the development of the market for cloud-based healthcare information technology services; changes in the healthcare industry and their impact on the demand for our services; our ability to successfully recruit qualified new executive and board talent and to manage our management transition; our ability to maintain consistently high growth rates due to lengthening customer sales cycles and lower utilization; the impact of changes in our business model and structure; our ability to successfully implement operational and leadership initiatives; our ability to effectively manage our growth; our ability to protect our intellectual property; current and future litigation, including for intellectual property infringement; our dependence on third-party providers; risks and costs associated with our worldwide operations; our ability to attract and retain highly-skilled employees; our fluctuating operating results; our ability to retain our customers and maintain customer revenue; our tax liability; our variable sales and implementation cycles; the timing at which we recognize certain revenue and our ability to evaluate our prospects; defects and errors in our software or services, or interruptions or damages to our systems or those of third parties on which we rely; a data security breach; limitations on our use of data; the effect of payer and provider conduct; the failure of our services to provide accurate and timely information; changing government regulation and the costs and challenges of compliance; the potential for illegal behavior by employees or subcontractors; and the price volatility of our common stock. Forward-looking statements speak only as of the date hereof and, except as required by law, we undertake no obligation to update or revise these forward-looking statements. For additional information regarding these and other risks faced by us, refer to our public filings with the Securities and Exchange Commission ("SEC"), available on the Investors section of our website at www.athenahealth.com and on the SEC's website at www.sec.gov .
Contacts:
Investors
Dana Quattrochi
[email protected]
617-402-1329
Media
Holly Spring
[email protected]
617-402-1631
Barrett Golden / Nick Lamplough / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
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SOURCE athenahealth, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-athenahealth-to-review-unsolicited-acquisition-proposal-from-elliott-management.html |
TORONTO/KIEV (Reuters) - Hackers have infected at least 500,000 routers and storage devices in dozens of countries, some of the world’s biggest cyber security firms warned on Wednesday, in a campaign that Ukraine said was preparation for a future Russian cyber attack.
The U.S. Department of Homeland Security said it was investigating the malware, which targets devices from Linksys, MikroTik, Netgear Inc, TP-Link and QNAP, advising users to install security updates.
Ukraine’s SBU state security service said the activity showed Russia was readying a large-scale cyber attack ahead of the Champions League soccer final, due to be held in Kiev on Saturday.
“Security Service experts believe the infection of hardware on the territory of Ukraine is preparation for another act of cyber-aggression by the Russian Federation aimed at destabilising the situation during the Champions League final,” it said in a statement.
Cisco Systems Inc, which has been investigating the threat for several months, has high confidence that the Russian government is behind the campaign, according to Cisco researcher Craig Williams. He cited the overlap of hacking code with malware used in previous cyber attacks that the U.S. government have attributed to Moscow.
Cisco, which uncovered the campaign several months ago, alerted authorities in Ukraine and the United States before going public with its findings about the malware it dubbed VPNFilter.
It also shared technical details with rivals who sell security software, hardware and services so they could issue alerts to their customers and protect against the threat.
Cisco described the mechanisms that the malware uses to hide communications with hackers and a module that targets industrial networks like ones that operate electric grids, said Michael Daniel, chief executive officer of Cyber Threat Alliance, a nonprofit group.
A man types on a computer keyboard in Warsaw in this February 28, 2013 illustration file picture. REUTERS/Kacper Pempel/Files “We should be taking this pretty seriously,” said Daniel, whose group’s 17 members include Cisco, Check Point Software Technologies Ltd, Palo Alto Networks Inc and Symantec Corp.
Cyber security firms, governments and corporate security teams closely monitor events in Ukraine, where some of the world’s most costly and destructive cyber attacks have been launched.
They include the first documented cases where hacks have caused power outages and the June 2017 NotPetya cyber attack that quickly spread around the world, causing network outages that lasted weeks at some companies. Victims included Beiersdorf AG, FedEx Corp, Merck & Co Inc, Mondelez International Inc and Reckitt Benckiser Group Plc.
Cisco said it does not know what the hackers have planned. The malware could be used for espionage, to interfere with internet communications or launch a destructive attack like NotPetya, according to Williams.
The Kremlin did not immediately respond to a request for comment. Russia has denied assertions by nations including Ukraine and Western cyber-security firms that it is behind a massive global hacking program that has included attempts to harm Ukraine’s economy and interfering in the 2016 U.S. presidential election.
VPNFilter has infected devices in at least 54 countries, but by far the largest number is in Ukraine, according to Cisco.
A photo illustration shows a USB device being plugged into a laptop computer in Berlin July 31, 2014. REUTERS/Thomas Peter/Files Netgear representative Nathan Papadopulos said the company was looking into the matter. He advised customers to make sure their routers are patched with the latest version of its firmware, disable remote management and make sure they have changed default passwords shipped with the device.
A Linksys spokeswoman had no immediate comment. MikroTik, TP-Link and QNAP could not be reached.
Reporting by Jim Finkle in Toron to and Pavel Polityuk in Live; Writing by Jim Finkle and Jack Stubbs; Editing by Mark Heinrich and Jeffrey Benkoe
| ashraq/financial-news-articles | https://in.reuters.com/article/cyber-routers-ukraine/cyber-firms-ukraine-warn-of-planned-russian-attack-idINKCN1IO2CE |
SOUTH JORDAN, Utah, May 31, 2018 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ:MMSI), a leading manufacturer and marketer of proprietary disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy, today announced that Bernard Birkett has resigned as Chief Financial Officer to pursue other business opportunities. It is Merit’s understanding that Mr. Birkett’s departure is not attributable to any disagreement with Merit’s accounting principles or practices or financial statement disclosures.
"We appreciate the contributions Bernard has made over the years in Europe and over the past few years on a company-wide basis and wish him all the best in his future endeavors,” said Fred P. Lampropoulos, Merit’s Chairman and Chief Executive Officer.
Raul Parra, CPA, a Merit veteran of more than eight years, has been appointed as Merit’s interim Chief Financial Officer. Parra worked in various audit positions for Deloitte & Touche prior to joining Merit. During his tenure at Merit he has served in various roles, most recently as Corporate Controller and Vice President of Accounting.
“Raul has built a very effective team over the past several years and has a great working relationship with the entire management team,” Lampropoulos said. “We are fortunate to have an experienced leader during this transition. Our efforts will continue to focus on our broad global infrastructure while meeting our objectives for the business.”
ABOUT MERIT
Founded in 1987, Merit Medical Systems, Inc. is engaged in the development, manufacture and distribution of proprietary disposable medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. Merit serves client hospitals worldwide with a domestic and international sales force totaling approximately 290 individuals. Merit employs approximately 5,000 people worldwide with facilities in South Jordan, Utah; Pearland, Texas; Richmond, Virginia; Malvern, Pennsylvania; Rockland, Massachusetts; San Jose, California; Maastricht and Venlo, The Netherlands; Paris, France; Galway, Ireland; Beijing, China; Tijuana, Mexico; Joinville, Brazil; Markham, Ontario, Canada; Melbourne, Australia; Tokyo, Japan; and Singapore.
FORWARD-LOOKING STATEMENTS
Statements contained in this release which are not purely historical, including, without limitation, statements regarding Merit's forecasted plans, revenues, net income, financial results or anticipated or completed acquisitions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties such as those described in Merit's Annual Report on Form 10-K for the year ended December 31, 2017 and subsequent filings with the Securities and Exchange Commission. Such risks and uncertainties include risks relating to Merit's potential inability to successfully manage growth through acquisitions, including the inability to commercialize technology acquired through completed, proposed or future transactions; expenditures relating to research, development, testing and regulatory approval or clearance of Merit's products and risks that such products may not be developed successfully or approved for commercial use; governmental scrutiny and regulation of the medical device industry, including governmental inquiries, investigations and proceedings involving Merit; restrictions on Merit's liquidity or business operations resulting from its debt agreements; infringement of Merit's technology or the assertion that Merit's technology infringes the rights of other parties; product recalls and product liability claims; changes in customer purchasing patterns or the mix of products we sell; the potential of fines, penalties or other adverse consequences if Merit's employees or agents violate the U.S. Foreign Corrupt Practices Act or other laws or regulations; laws and regulations targeting fraud and abuse in the healthcare industry; potential for significant adverse changes in governing regulations, including reforms to the procedures for approval or clearance of our products by the U.S. Food & Drug Administration or comparable regulatory authorities in other jurisdictions; changes in tax laws and regulations in the United States or other countries; increases in the prices of commodity components; negative changes in economic and industry conditions in the United States or other countries; termination or interruption of relationships with Merit's suppliers, or failure of such suppliers to perform; fluctuations in exchange rates; concentration of a substantial portion of Merit's revenues among a few products and procedures; development of new products and technology that could render Merit's existing products obsolete; market acceptance of new products; volatility in the market price of Merit's common stock; modification or limitation of governmental or private insurance reimbursement policies; changes in healthcare policies or markets related to healthcare reform initiatives; failure to comply with applicable environmental laws; changes in key personnel; work stoppage or transportation risks; introduction of products in a timely fashion; price and product competition; availability of labor and materials; fluctuations in and obsolescence of inventory; and other factors referred to in Merit's Annual Report on Form 10-K for the year ended December 31, 2017 and other materials filed with the Securities and Exchange Commission. All subsequent forward-looking statements attributable to Merit or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Actual results will likely differ, and may differ materially, from anticipated results. Financial estimates are subject to change and are not intended to be relied upon as predictions of future operating results, and Merit assumes no obligation to update or disclose revisions to those estimates.
Contact: Anne-Marie Wright, Vice President, Corporate Communications
Phone: (801) 208-4167 e-mail: [email protected] Fax: (801) 253-1688
Source:Merit Medical Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-merit-medical-announces-leadership-change-and-appointment-of-interim-cfo.html |
Rolls-Royce Thursday unveiled the most expensive SUV on the market, setting a new level for price and luxury in the increasingly crowded SUV segment. Among its features: a retractable table and chairs on the tailgate.
Called "The Cullinan" — named after the world's largest diamond — the plush behemoth packs all the creature comforts and smooth ride of a Rolls with offload capabilities from all-wheel drive. In fact, Rolls is so convinced the Cullinan is different that it's not calling it an SUV but a "high-sided vehicle."
"This car not only has the performance that we are well known for, the 'magic carpet ride' and materials," Torsten Muller-Otvos, CEO of Rolls-Royce Motorcars, told CNBC. "But it also has capabilities that are firsts for Rolls-Royce."
Source: Rolls-Royce Rolls-Royce Cullinan He added: "This Rolls-Royce is probably the most anticipated car in our history but also maybe this year in the automotive industry."
The first thing to know about the Cullinan is that it is big. Really big. It stands six feet off the ground, weighs in at over 5,800 pounds and packs Rolls-Royce's 6.75 liter, twin-turbo V12 engine that gets 563 horsepower. And in a first for a Rolls, there's all-wheel drive and an all-wheel-steering system — so all that weight can move quickly on the streets of Beverly Hills and the dunes of Namibia with equal aplomb. Its top speed is 155 miles per hour.
It's the interior, however, that makes a Rolls. The Cullinan can fit five people, but the car is so big all of them could be NFL linebackers. The back seat comes in two configurations, either two cockpit-style seats or one long seat that's the size of most sofas. When the seats are folded down, there is a staggering 21 cubic feet of cargo space.
For drivers, the Cullinan is loaded with night vision (that includes a "nighttime wildlife" setting), an alertness assistant for when you're tired, a four-camera parking system with panoramic view, and Wi-Fi and entertainment systems.
But perhaps the coolest feature of the Cullinan is in the very back. One of the options is to have a retractable table and leather chairs that instantly transform the tailgate into an outdoor dining lounge for what Rolls-Royce calls "the best seat in the house." Perfect for those starry nights on the Serengeti or dipping into the Grey Poupon at Giants games.
"This is a more casual car," Muller-Otvos said, "so it's not only for watching polo matches or horse races, but it might also be that you're going to watch your kids playing soccer. It's a different kind of lifestyle and we cater to these lives."
The Cullinan will also open up new markets for Rolls, both geographically and demographically.
The poor road conditions in many emerging market and less developed countries makes driving a typical Rolls nearly impossible. So the Cullinan could attract new customers in Brazil, Russia, and parts of Asia. Northern countries prone to snow, like Canada, may also become attractive markets.
"This car was mean to be a global car all over the world," he said. "We will definitely see a completely new breed of customer." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/take-a-tour-of-the-new-rolls-royce-325000-suv.html |
May 2 (Reuters) - OC Oerlikon Corporation AG Pfaeffikon :
* GUIDANCE CONFIRMED * EBIT FOR Q1 2018 STOOD AT CHF 72 MILLION, OR 8.9 % OF SALES
* Q1 EBITDA INCREASED TO CHF 123 MILLION, YIELDING A HIGH EBITDA MARGIN OF 15.1 %
* OVER 35 % INCREASE IN GROUP ORDER INTAKE AND SALES * Q1 SALES 813 MILLION CHF, UP 35.7 % Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-oc-oerlikon-q1-ebit-up-846-pct-at/brief-oc-oerlikon-q1-ebit-up-84-6-pct-at-chf-72-million-idUSFWN1S900Y |
May 28, 2018 / 6:13 AM / Updated 8 hours ago New Zealand to spend $600 million to eradicate cattle disease Reuters Staff 2 Min Read
WELLINGTON (Reuters) - New Zealand, the world’s biggest dairy exporter, will spend more than NZ$880 million ($610 million) in a bid to eradicate the mycoplasma bovis cattle disease, Prime Minister Jacinda Ardern said on Monday. FILE PHOTO: A cow is seen near the fence of a pastoral farm near Auckland August 6, 2013. REUTERS/Nigel Marple/File photo
About 126,000 cows are expected to be culled, mainly over the next two years, as government and industry work to depopulate all infected farms, the government said in a statement.
The disease, which is common in many countries, was first detected in New Zealand at a farm in the South Island last July and some 37 properties have now tested positive for the illness.
“Today’s decision to eradicate is driven by the government’s desire to protect the national herd from the disease and protect the base of our economy – the farming sector,” Ardern said in a statement.
Mycoplasma bovis can lead to conditions such as udder infection, pneumonia and arthritis in affected cattle, but does not pose a food safety risk or any risk to humans. FILE PHOTO: Clouds gather above a cow as it grazes in a drought-effected paddock on the outskirts of the New Zealand town of Blenheim, located in the south island's Marlborough district March 12, 2013. Picture taken March 12, 2013. REUTERS/David Gray/File photo
The initial outbreak led to concerns that the disease could affect market access for New Zealand’s dairy products, and caused a brief dip in the New Zealand dollar.
The government would contribute about NZ$591 million to the eradication program, while the rest would be borne by industry bodies and farmers, Ardern said. The bulk of the work would take place in the next two years.
New Zealand’s dairy sector contributes about NZ$7.8 billion annually to the country’s gross domestic product and accounts for around a fifth of the country’s exports.
($1 = 1.4397 New Zealand dollars) Reporting by Charlotte Greenfield; editing by Richard Pullin | ashraq/financial-news-articles | https://www.reuters.com/article/us-newzealand-dairy-disease/new-zealand-to-spend-600-million-to-eradicate-cattle-disease-idUSKCN1IT0E6 |
WASHINGTON, May 22, 2018 /PRNewswire/ -- Greenspoon Marder is pleased to announce the acquisition of The Liaison Group , a premier federal advocacy firm for the cannabis industry in the United States. The Liaison Group will be a wholly-owned subsidiary of Greenspoon Marder LLP based in Washington, D.C.
The Liaison Group is dedicated to shaping the federal legislative ad policy landscape for the cannabis industry. The federal lobbying firm focuses its efforts and expertise in both the House and Senate with the overarching goal of protecting and preserving state-authorized cannabis programs.
"Since the launch of our national Cannabis Law practice in 2016, Greenspoon Marder has been dedicated to serving the legal and regulatory needs of the cannabis sector nationally," comments Gerry Greenspoon , Co-Managing Director of Greenspoon Marder. "Our work with The Liaison Group is the next step in our efforts to aid in the protection and growth of the cannabis sector on a federal and state level."
The Liaison Group is led by Principal Saphira Galoob, an entrepreneur, strategist, business lawyer and legislative professional with over two decades of experience in Washington, D.C.. She has a first-hand understanding and success with balancing the intersection between the passion and priorities of start-up enterprise with regulations and business realities. Within the Cannabis space, she has experience in designing and executing strategies to assist cannabis businesses to effectively navigate, participate and communication within the Congressional and Federal Agency landscape.
"I am honored to be working with Greenspoon Marder – a true leader in the cannabis law sector and one of the largest law firms serving this burgeoning industry," says Ms. Galoob. "Along with this team of talented and knowledgeable attorneys, we will have the opportunity to make a significant impact on the regulatory and legislative landscape governing medicinal and recreational cannabis use."
During her early career, Ms. Galoob worked on Capitol Hill for Congressman Bill Brewster. She worked as an Associate as DC-based law firm, Cole, Raywid & Braverman (now Davis, Wright, Tremaine). She also served as Regulatory Counsel for France Telecom's International Law Department in Paris, France. Additionally, Ms. Galoob pivoted to Legislative Affairs with a focus on a Federal Appropriations portfolio for Salem & Saxon. She also served as the Director of Institutional Advancement for Landmine Survivors' Network, responsible for institutional, public and private sector donors including US and foreign governments, foundations and high net worth donors.
About Greenspoon Marder
Greenspoon Marder LLP is committed to providing excellent client service through our cross-disciplinary, client-team approach. Our goal is to understand the challenges that our clients face, build collaborative relationships, and craft creative solutions designed and executed with long-term strategic goals in mind. Since our inception in 1981, Greenspoon Marder has become a full-service, Am Law 200 and NLJ 500 ranked law firm with more than 200 attorneys. We serve Fortune 500, middle-market public and private companies, start-ups, emerging businesses, individuals and entrepreneurs across the United States. For more information, visit www.gmlaw.com .
View original content: http://www.prnewswire.com/news-releases/greenspoon-marder-announces-the-acquistion-of-the-liaison-group-300652873.html
SOURCE Greenspoon Marder | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-greenspoon-marder-announces-the-acquistion-of-the-liaison-group.html |
SHANGHAI, PPDAI Group Inc. ("PPDAI," "Paipaidai," or the "Company") (NYSE: PPDF), a leading online consumer finance marketplace in China, today announced its unaudited financial results for the first quarter ended March 31, 2018.
As of
March 31 , 2017
December 31, 2017
March 31, 2018
Cumulative registered users 1 ('000)
40,027
65,409
71,424
Cumulative number of borrowers 2 ('000)
5,066
10,518
11,282
Cumulative number of individual investors 3
411,456
559,760
581,977
For Three Months Ended
YoY Change
March 31, 2017
March 31, 2018
Number of unique borrowers 4 ('000)
2,571
2,501
-2.7%
Loan origination volume 5
(RMB, million)
10,543
12,349
17.1%
Repeat borrowing rate 6 (%)
66.1%
78.7%
19.1%
Average loan size 7 (RMB)
2,455
3,066
24.9%
First Quarter 2018 Financial and Operating Highlights
Operating revenues increased by 37.1% to RMB916.8 million (US$146.2 million) in the first quarter of 2018 from RMB668.5 million in the same period of 2017. Loan facilitation service fees increased by 22.8% to RMB620.8million (US$99.0 million) in the first quarter of 2018 from RMB505.3 million in the same period of 2017. Post-facilitation service fees increased by 166.0% to RMB227.2 million (US$36.2 million) in the first quarter of 2018 from RMB85.4 million in the same period of 2017. Non-GAAP adjusted operating income increased by 47.5% to RMB414.7 million (US$66.1 million) for the first quarter of 2018 from RMB281.2 million in the same period of 2017. Cumulative registered users 1 reached 71.4 million as of March 31, 2018. Cumulative number of borrowers 2 reached 11.3 million as of March 31, 2018. Cumulative number of individual investors 3 reached 581,977 as of March 31, 2018. Number of unique borrowers 4 was 2.5 million for the first quarter of 2018, representing a slight decrease of 2.7% from the same period of 2017. Loan origination volume 5 was RMB12.3 billion for the first quarter of 2018, representing an increase of 17.1% from the same period of 2017. Average loan tenure 8 was 9.3 months for the first quarter of 2018.
1 On a cumulative basis, number of users registered on PPDAI platform as of March 31, 2018.
2 On a cumulative basis, number of borrowers whose loans were funded on or prior to March 31, 2018.
3 On a cumulative basis, number of individual investors who have made at least one investment in loans on or prior to March 31, 2018.
4 Represents the total number of borrowers whose loans on PPDAI platform were funded during the period presented.
5 Represents the loan origination volume generated during the period presented.
6 Represents percentage of loan volume generated by repeat borrowers who have successfully borrowed on PPDAI platform before.
7 Represents the average loan size on PPDAI platform during the period presented.
8 Represents the average loan tenure period on PPDAI platform during the period presented.
Mr. Jun Zhang, the Chairman and the Chief Executive Officer of PPDAI, commented, "We are pleased to kick off 2018 fiscal year by achieving an operating revenue growth of 37.1% on a year-over-year basis, as well as achieving significant improvement in operating efficiencies in the first quarter of 2018. Our strong profitability clearly demonstrates the resilience of our core business model despite the changes in the operating and regulatory environment during the past few months. With delinquency trends improving and volume growth resuming since March, we are confident the consumer lending market in China will continue to present significant growth opportunities for PPDAI.
"We are committed to driving the expansion of our core business and also investing in new avenues of growth. One of those avenues is capitalizing on our proprietary technological capabilities, massive data sets and accumulated expertise garnered throughout our 11-year operating history to provide a suite of cutting-edge technologies as a service to third party financial services providers. As a pioneer and industry leader, we are dedicated to delivering the most innovative technology solutions in China's consumer finance market." concluded Mr. Zhang.
Mr. Simon Ho, the Chief Financial Officer of PPDAI, added, "During the quarter, we remained focused on enhancing operating efficiencies and increasing profitability as well as implementing operational adjustments to ensure regulatory compliance. Notably, we achieved non-GAAP adjusted operating income growth of 47.5% year-over-year and a healthy non-GAAP operating margin of 43.9%. We believe our scalable operations and advanced technology platform position us well to capture increasing opportunities as market conditions improve while also ensuring we maintain regulatory compliance."
Accounting Policy Change
Effective January 1, 2018, PPDAI adopted the new revenue recognition policy, ASC 606 — Revenue from Contracts with Customers, using the modified retrospective method in accordance with US GAAP ("ASC 606"). As a result of adopting ASC 606, the Company recognized the cumulative effect of initially applying the revenue standard as an increase of approximately RMB176.0 million to the opening balances of retained earnings, and the Company also recognized an increase in revenue of approximately RMB170.0 million (US$27.1 million). These adjustments primarily arose from the timing of revenue recognition for transaction fees collected in monthly instalments related to our loan products being recognized earlier under ASC 606. The Company provides the loan facilitation services and post-facilitation services as multiple derivable arrangements. Under ASC 605, transaction fees collected in monthly instalments are considered contingent and, therefore, are not allocable to different deliverables until the contingency is resolved (i.e. upon receipt of the monthly transaction fee). Upon adoption of ASC 606, revenue is recognized upon successful matching of borrowers and investors using the total consideration estimated to be received and allocated to the different performance obligations based upon their relative fair value. Other significant changes relate to timing of revenue recognition for the accounting management fee of certain investment programs. The Company begins to recognize revenue from account management fee from certain types of investment programs over the term of the investment programs, which is substantially within twelve months, rather than waiting until the maturity of the investment program, generally twelve months after the date of issuance of the investment program.
The ASC 606 revenue recognition standard also considers certain loan collection fees as variable consideration related to loan facilitation and post-facilitation performance obligations, and therefore loan collection fees of RMB110.3 million (US$17.6 million) have been allocated from other revenues to loan facilitation and post-facilitation service fees in the first quarter of 2018.
First Quarter 2018 Financial Results
Operating revenues for the first quarter of 2018 increased by 37.1% to RMB916.8 million (US$146.2 million) from RMB668.5 million in the same period of 2017, primarily due to the increase in loan facilitation service fees, post-facilitation service fees and other revenues as a result of an increase in loan origination volume. As a result of the adoption of the ASC 606, revenue is generally recognized earlier in the life of the contract. For the three months ended March 31, 2018, the impact of applying the new revenue standard resulted in an increase in revenue of approximately RMB170.0 million (US$27.1 million).
Loan facilitation service fees increased by 22.8% to RMB620.8 million (US$99.0 million) for the first quarter of 2018 from RMB505.3 million in the same period of 2017, primarily due to an increase in loan origination volume on the Company's platform and the adoption of ASC 606 new revenue recognition standard effective January 1, 2018. Loan collection fees of RMB83.1 million (US$13.3 million) have been allocated from other revenues to loan facilitation services fees related to the adoption of ACS 606. The average rate of transaction fees charged to borrowers was 6.32% in the period, compared to 6.24% in the fourth quarter of 2017 and 6.95% in the first quarter of 2017.
Post-facilitation service fees increased significantly by 166.0% to RMB227.2 million (US$36.2 million) for the first quarter of 2018 from RMB85.4 million in the same period of 2017, primarily due to the increase in loan origination volume, the rolling impact of deferred transaction fees and the adoption of ASC 606 effective January 1, 2018. Loan collection fees of RMB27.2 million (US$4.3 million) have been allocated from other revenue to post facilitation service fees related to the adoption of ASC 606.
Other revenue decreased by 11.5% to RMB68.8 million (US$11.0 million) for the first quarter of 2018 from RMB77.8 million in the same period of 2017, primarily due to the adoption of ASC 606 from January 1, 2018, offset by an increase in management fees from investment programs that invest in loans protected by the quality assurance fund.
Net interest income and loan provision losses for the first quarter of 2018 was a gain of RMB27.0 million (US$4.3 million), compared to a gain of RMB0.5 million in the same period of 2017, mainly due to the increased number of trusts we set up in 2017 for the purpose of serving institutional investors.
Origination and servicing expenses increased by 42.5% to RMB247.1 million (US$39.4 million) for the first quarter of 2018 from RMB173.4 million in the same period of 2017, primarily due to the increase in headcount related costs.
Sales and marketing expenses increased by 10.1% to RMB151.1 million (US$24.1 million) for the first quarter of 2018 from RMB137.2 million in the same period of 2017, primarily due to the increase in expenses associated with (i) online customer acquisition, which mainly include expenses paid to internet marketing channels for online advertising and search engine marketing, as well as to certain websites that give PPDAI access to quality borrowers, and (ii) enhancing brand image.
General and administrative expenses increased by 88.7% to RMB145.5 million (US$23.2 million) for the first quarter of 2018 from RMB77.1 million in the same period of 2017, primarily due to the increase in staff costs. General and administrative expenses for the period included share-based compensation of RMB14.7 million (US$2.3 million).
Operating income increased by 42.3% to RMB400.1 million (US$63.8 million) for the first quarter of 2018 from RMB281.2 million in the same period of 2017.
Non-GAAP adjusted operating income , which excludes share-based compensation before tax, was RMB414.7 million (US$66.1 million), representing an increase of 47.5% from RMB281.2 million in the same period of 2017.
Other income was RMB132.1 million (US$21.1 million) for the first quarter of 2018, compared with RMB209.2 million in the same period of 2017. Other income primarily consisted of a RMB59.7 million (US$9.5 million) gain from the quality assurance fund resulting from increase in loans facilitated on the Company's platform that are protected by the quality assurance fund, and a gain of RMB71.5 million (US$11.4 million) from fair value change of financial guarantee derivatives due to an improvement in the expected default rate for loans invested by outstanding investment programs protected by the investor reserve funds, a realized loss of RMB45.2 million (US$7.2 million) from financial guarantee derivatives due to the amount of investment programs maturing during the period. The Company re-evaluates the fair value of outstanding guarantee derivatives at each balance sheet date to reflect the views of market participants on the expected default rate based on the latest market changes. For the first quarter of 2018, RMB7.8 billion of loans facilitated on the Company's platform were protected by the quality assurance fund.
Income tax expenses were RMB94.6 million (US$15.1 million) for the first quarter of 2018, compared with RMB73.6 million in the same period of 2017.
Net profit increased by 5.0% to RMB437.6 million (US$69.8 million) for the first quarter of 2018 from RMB416.8 million in the same period of 2017.
Net profit attributable to ordinary shareholders of the Company was RMB439.0 million (US$70.0 million) for the first quarter of 2018, compared with net loss attributable to ordinary shareholders of RMB285.1 million in the same period of 2017 due to the accretion losses on the Company's Series A, B and C preferred shares in the first quarter of 2017.
As of March 31, 2018, the Company had cash and cash equivalents of RMB1,476.2 million (US$235.3 million) and short-term investments mainly in wealth management products of RMB2,261.9 million (US$360.6 million).
The total balance of the quality assurance fund, which includes restricted cash of RMB1,163.6 million (US$185.5 million) and the quality assurance fund receivable of RMB1,325.3 million (US$211.3 million), was equivalent to 19.0% of the total outstanding loans protected by the quality assurance fund.
The following table provides the delinquency rates for all outstanding loans on the Company's platform as of the respective dates indicated.
As of
15-29
days
30-59
days
60-89
days
90-119 days
120-149 days
150-179 days
March 31, 2015
0.79%
1.75%
1.10%
1.01%
0.87%
0.67%
June 30, 2015
0.88%
1.06%
0.67%
0.54%
0.89%
0.67%
September 30, 2015
0.67%
0.89%
0.61%
0.54%
0.44%
0.35%
December 31, 2015
0.80%
0.93%
0.51%
0.49%
0.39%
0.32%
March 31, 2016
0.62%
0.93%
0.72%
0.61%
0.48%
0.32%
June 30, 2016
0.82%
1.01%
0.63%
0.43%
0.47%
0.44%
September 30, 2016
0.83%
1.11%
0.80%
0.63%
0.49%
0.39%
December 31, 2016
0.63%
0.91%
0.75%
0.79%
0.69%
0.57%
March 31, 2017
0.57%
0.95%
0.79%
0.59%
0.54%
0.51%
June 30, 2017
0.86%
1.11%
0.79%
0.51%
0.55%
0.52%
September 30, 2017
0.89%
1.40%
1.15%
1.02%
0.79%
0.60%
December 31, 2017
2.27%
2.21%
1.72%
1.63%
1.36%
1.20%
March 31, 2018
0.87%
2.11%
2.43%
3.83%
2.29%
1.89%
The following chart and table display the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for all continuing loan products facilitated through the Company's online marketplace.
Click here to view the chart.
Month on Book
Vintage
2 nd
3 rd
4 th
5 th
6 th
7 th
8 th
9 th
10 th
11 th
12 th
2015Q1 . . . .
1.95%
2.75%
3.46%
3.98%
4.36%
4.58%
4.67%
4.69%
4.73%
4.76%
4.74%
2015Q2 . . . .
1.74%
2.66%
3.38%
3.75%
4.02%
4.15%
4.30%
4.38%
4.45%
4.46%
4.46%
2015Q3 . . . .
1.46%
2.13%
2.70%
3.15%
3.47%
3.68%
3.77%
3.85%
3.93%
4.01%
4.02%
2015Q4 . . . .
1.54%
2.27%
2.88%
3.17%
3.53%
3.77%
3.97%
4.12%
4.26%
4.32%
4.33%
2016Q1 . . . .
1.00%
1.57%
2.21%
2.82%
3.33%
3.77%
4.09%
4.33%
4.45%
4.57%
4.59%
2016Q2 . . . .
1.75%
2.49%
3.21%
3.77%
4.17%
4.39%
4.59%
4.76%
4.88%
4.94%
4.96%
2016Q3 . . . .
1.67%
2.45%
2.96%
3.47%
3.87%
4.11%
4.27%
4.44%
4.59%
4.70%
4.77%
2016Q4 . . . .
1.29%
2.07%
2.66%
3.15%
3.59%
3.97%
4.32%
4.62%
4.88%
5.07%
5.18%
2017Q1 . . . .
1.20%
2.01%
2.68%
3.32%
3.87%
4.33%
4.68%
4.98%
5.33%
5.61%
5.80%
2017Q2 . . . .
1.72%
2.89%
3.81%
4.55%
5.14%
5.78%
6.32%
6.79%
—
—
—
2017Q3 . . . .
1.82%
2.93%
4.08%
5.16%
6.13%
—
—
—
—
—
—
2017Q4 . . . .
2.51%
4.12%
—
—
—
—
—
—
—
—
—
Business Outlook
PPDAI currently expects total loan volume for the fiscal year 2018 to be in the range of RMB70 billion to RMB80 billion. This forecast is PPDAI's current and preliminary view, which is subject to changes.
Conference Call
The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on May 15, 2018 (8:00 PM Beijing/Hong Kong time on May 15, 2018).
Dial-in details for the earnings conference call are as follows:
United States (toll free):
1-888-346-8982
International:
1-412-902-4272
Hong Kong (toll free):
800-905-945
Hong Kong:
852-3018-4992
China:
400-120-1203
Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "PPDAI Group."
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.ppdai.com .
A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until May 22, 2018, by dialing the following telephone numbers:
United States (toll free):
1-877-344-7529
International:
1-412-317-0088
Replay Access Code:
10120252
About PPDAI Group Inc.
PPDAI is a leading online consumer finance marketplace in China with strong brand recognition. Launched in 2007, the Company is the first online consumer finance marketplace in China connecting borrowers and investors. As a pioneer in China's online consumer finance marketplace, the Company benefits from both its early-mover advantages and the invaluable data and experience accumulated throughout multiple complete loan lifecycles. The Company's platform, empowered by its proprietary, cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience, as evidenced by the rapid growth of the Company's user base and loan origination volume. As of March 31, 2018, the Company had over 71 million cumulative registered users.
For more information, please visit http://ir.ppdai.com .
Use of Non-GAAP Financial Measures
We use Non-GAAP operating income, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that adjusted operating income help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that adjusted operating income provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
Non-GAAP adjusted operating income is not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net (loss)/income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.
For more information on this Non-GAAP financial measure, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB RMB6.2726 to US$1.00, the rate in effect as of March 30, 2018 as certified for customs purposes by the Federal Reserve Bank of New York. https://www.federalreserve.gov/releases/h10/20180402/ .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company's marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and PPDAI does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
PPDAI Group Inc.
Jimmy Tan / Sally Huo
Tel: +86 (21) 8030 3200-8601
E-mail: [email protected]
The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 5730-6200
E-mail: [email protected]
In the United States:
The Piacente Group, Inc.
Alan Wang
Tel: +1-212-481-2050
E-mail: [email protected]
PPDAI GROUP INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share data, or otherwise noted)
As of December 31,
As of March 31,
2017
2018
RMB
RMB
USD
Assets
Cash and cash equivalents
1,891,131
1,476,238
235,347
Restricted cash
2,392,573
2,563,707
408,715
Short-term investments
1,958,910
2,261,907
360,601
Available for sale securities
3,377
3,250
518
Quality assurance fund receivable
1,152,769
1,325,312
211,286
Intangible asset
63,760
63,760
10,165
Property, equipment and software, net
108,248
113,683
18,124
Loans and receivables, net of allowance for loan losses
681,794
656,670
104,689
Investment in equity investees
8,857
12,814
2,043
Accounts receivable
17,773
340,306
54,253
Deferred tax assets
128,361
81,185
12,943
Contract asset
-
43,660
6,961
Other assets
145,699
166,251
26,504
Goodwill
50,411
50,676
8,079
Total assets
8,603,663
9,159,419
1,460,228
Liabilities and Shareholders' Equity
Liabilities:
Payable to platform users
1,113,966
1,241,020
197,848
Quality assurance fund payable
2,062,844
2,280,623
363,585
Deferred revenue
265,094
-
-
Payroll and welfare payable
156,831
103,874
16,560
Taxes payable
257,143
210,328
33,531
Provision for payment to investor reserve fund investor
107,660
107,660
17,164
Short-term borrowing loan
-
52,110
8,308
Loans payable
502,641
407,341
64,940
Contract liability
-
151,823
24,204
Due to related party
11,972
5,097
813
Deferred tax liabilities
15,940
15,940
2,541
Accrued expenses and other liabilities
211,614
178,501
28,457
Financial guarantee derivative
215,770
144,239
22,995
Total liabilities
4,921,475
4,898,556
780,946
Shareholders' equity:
Paid in capital
100
100
16
Additional paid-in capital
5,951,044
5,965,722
951,076
Treasury stock
-
(8,765)
(1,397)
Statutory reserves
55,090
55,090
8,783
Accumulated other comprehensive income /(loss)
14,917
(26,379)
(4,205)
Accumulated deficit
(2,398,984)
(1,783,444)
(284,324)
Total PPDai Group Inc. shareholders' equity
3,622,167
4,202,324
669,949
Non-controlling interest
60,021
58,539
9,333
Total shareholders' equity
3,682,188
4,260,863
679,282
Total liabilities and shareholders' equity
8,603,663
9,159,419
1,460,228
PPDAI GROUP INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(All amounts in thousands, except share data, or otherwise noted)
For the three months ended March 31,
2017
2018
RMB
RMB
USD
Operating revenues:
Loan facilitation service fees
505,344
620,809
98,972
Post-facilitation service fees
85,398
227,164
36,215
Other revenue
77,770
68,807
10,969
Total operating revenues
668,512
916,780
146,156
Net interest income/(expense) and loan provision losses
465
26,991
4,303
Net revenues
668,977
943,771
150,459
Operating expenses:
Origination and servicing expense-related party
(157,469)
(25,333)
(4,039)
Origination and servicing expense
(15,937)
(221,766)
(35,355)
Sales and marketing expenses
(137,207)
(151,063)
(24,083)
General and administrative expenses
(77,118)
(145,539)
(23,202)
Total operating expenses
(387,731)
(543,701)
(86,679)
Other income:
Gain from quality assurance fund
98,783
59,743
9,524
Realized gain/(loss) from financial guarantee derivatives
63,561
(45,222)
(7,210)
Fair value change of financial guarantee derivatives
43,345
71,530
11,404
Other income, net
3,469
46,028
7,339
Profit before income tax expense
490,404
532,149
84,837
Income tax expenses
(73,604)
(94,585)
(15,079)
Net profit
416,800
437,564
69,758
Net loss attributable to non-controlling interest shareholders
-
(1,482)
(236)
Net profit attributable to PPDai Group Inc.
416,800
439,046
69,994
Series A preferred shares
(280,010)
-
-
Series B preferred shares
(204,264)
-
-
Series C preferred shares
(217,638)
-
-
Net profit/(loss) attributable to ordinary shareholders
(285,112)
439,046
69,994
Net profit attributable to PPDai Group Inc.
416,800
439,046
69,994
Foreign currency translation adjustment, net of nil tax
8,335
(41,296)
(6,584)
Comprehensive income/(loss)
425,135
397,750
63,410
Weighted average number of ordinary shares
used in computing net income/(loss) per share
Basic
665,000,000
1,503,034,952
1,503,034,952
Diluted
665,000,000
1,623,915,472
1,623,915,472
Income/(loss) per share -Basic
(0.4287)
0.2921
0.0466
Income/(loss) per ADS-Basic
(2.1437)
1.4605
0.2328
Income/(loss) per share -Diluted
(0.4287)
0.2704
0.0431
Income/(loss) per ADS-Diluted
(2.1437)
1.3518
0.2155
PPDAI GROUP INC.
UNAUDITED Reconciliation of GAAP And Non-GAAP Results
(All amounts in thousands, except share data, or otherwise noted)
Three months ended Mar 31,
2017
2018
RMB
RMB
USD
Net Revenues
668,977
943,771
150,459
Less: total operating expenses
(387,731)
(543,701)
(86,679)
Operating Income
281,246
400,070
63,780
Less: Expected discretionary payment to IRF
investors
-
-
-
Add: share-based compensation expenses
-
14,678
2,340
Non-GAAP adjusted operating income
281,246
414,748
66,120
: releases/ppdai-group-inc-reports-first-quarter-2018-unaudited-financial-results-300648450.html
SOURCE PPDAI Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-ppdai-group-inc-reports-first-quarter-2018-unaudited-financial-results.html |
ORLANDO, Fla., May 3, 2018 /PRNewswire/ -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced results for the quarter ended March 31, 2018.
First Quarter 2018 Highlights
Net Income: Net income attributable to common stockholders was $55.7 million and net income per diluted share was $0.52, including a $42.3 million gain on sale of investment properties. Same-Property RevPAR: Same-Property RevPAR decreased 2.8% compared to the first quarter of 2017 to $159.47, as occupancy decreased 60 basis points and ADR decreased 2.0%. The Company estimates disruption due to renovations negatively impacted Same-Property RevPAR by approximately 215 basis points during the first quarter. Same-Property Hotel EBITDA Margin: Same-Property Hotel EBITDA Margin was 29.9%, a decrease of 73 basis points compared to the first quarter of 2017. Total Portfolio RevPAR: Total Portfolio RevPAR was $158.81, 7.9% higher than of 2017 due to improvements in portfolio composition. Adjusted EBITDAre: Adjusted EBITDAre increased $14.6 million to $73.7 million, an increase of 24.7% compared to the first quarter of 2017, due largely to portfolio acquisitions and corresponding seasonality changes. Adjusted FFO per Diluted Share: Adjusted FFO per diluted share was $0.53, an increase of 20.5% compared to the first quarter of 2017. Disposition Activity: As previously announced, the Company completed the sale of the leasehold interest in Aston Waikiki Beach Hotel for $200 million, resulting in a gain of $42.3 million. Financing Activity: The Company amended, restated, and upsized its senior unsecured revolving credit facility and obtained a new $65 million mortgage loan. Dividends: The Company declared its first quarter dividend of $0.275 per share to common stockholders of record on March 30, 2018.
"Our first quarter performance exceeded our outlook as results in March were stronger than anticipated," commented Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "Given the fact that seven hotels, representing nearly 15% of our total room count, were impacted by significant renovations during the quarter, we were pleased with our modest Same-Property RevPAR decline of 2.8% and Same-Property Hotel EBITDA Margin decrease of 73 basis points, particularly in light of the lingering impact of the natural disasters in Key West, Napa and Santa Barbara, and a difficult comparison to the first quarter of last year."
"It should be noted that our current Same-Property Portfolio performed exceedingly well during the first quarter in 2017 as RevPAR increased by 4.3% and Hotel EBITDA Margin increased by 156 basis points last year, aided by non-recurring events such as the Super Bowl in Houston and the presidential inauguration. While results in markets like Houston, Washington, D.C., and several smaller markets were challenged as a result of these factors, we were pleased with our performance in markets that did not suffer from these temporary anomalies, with our hotels in Orlando, Phoenix, Boston, Santa Clara, Atlanta, Philadelphia, San Diego, and Salt Lake City performing particularly well. Additionally, our portfolio performance in April was encouraging, as Same-Property RevPAR for the month increased approximately 6%."
"We remain excited about the results of our portfolio improvements, a process we continued during the quarter through the completion of a number of impactful rooms and food and beverage outlet renovations, and the closing of the sale of Aston Waikiki Beach Hotel," Mr. Verbaas continued. "Our Total Portfolio RevPAR was 7.9% higher than during the same period last year, a clear indication of the quality improvement we have been able to achieve within the portfolio while maintaining a strong and flexible balance sheet. While the renovations we completed during and subsequent to the first quarter impacted our results during this period, we have positioned our portfolio well for future growth."
Operating Results
The Company's results include the following:
31,
2018
2017
Change
($ amounts in thousands, except hotel statistics and per
share amounts)
Net income attributable to common stockholders
$
55,656
$
8,113
586.0
%
Net income per share available to common stockholders
$
0.52
$
0.07
642.9
%
Same-Property Number of Hotels
38
38
—
Same-Property Number of Rooms
10,852
10,896
(44)
Same-Property Occupancy (1)
74.1
%
74.7
%
(60)
bps
Same-Property Average Daily Rate (1)
$
215.24
$
219.55
(2.0)
%
Same-Property RevPAR (1)
$
159.47
$
164.06
(2.8)
%
Same-Property Hotel EBITDA (1)(2)
$
76,760
$
80,280
(4.4)
%
Same-Property Hotel EBITDA Margin (1)(2)
29.9
%
30.7
%
(73)
bps
Total Portfolio Number of Hotels (3)
38
42
(4)
Total Portfolio Number of Rooms (3)
10,852
10,902
(50)
Total Portfolio RevPAR (4)
$
158.81
$
147.14
7.9
%
Adjusted EBITDAre (2)
$
73,735
$
59,107
24.7
%
Adjusted FFO (2)
$
56,187
$
47,603
18.0
%
Adjusted FFO per diluted share
$
0.53
$
0.44
20.5
%
(1)
"Same-Property" includes all hotels owned as of March 31, 2018. "Same-Property" includes periods prior to the Company's ownership of Hyatt Regency Grand Cypress, Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, Royal Palms Resort & Spa, and The Ritz-Carlton, Pentagon City, and excludes the NOI guaranty payment at Andaz San Diego. "Same-Property" also includes renovation disruption for multiple capital projects during the periods presented. The pre-acquisition operating results were obtained from the seller and/or the manager of the hotels during the acquisition due diligence process. We have made no adjustments to the historical operating amounts provided to us by the seller and/or the manager, other than to reflect the removal of historical intercompany lease revenue/expense or any other items, such as amounts related to guaranty/key money payments, that are not applicable to us under our ownership. The pre-acquisition operating results are not audited or reviewed by our independent auditors. Pre-acquisition operating results for periods prior to the Company's ownership have not been included in the Company's actual consolidated financial statements and are included only in "Same-Property" for comparison purposes.
(2)
See tables later in this press release for reconciliations from net income to Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds From Operations ("FFO"), Adjusted FFO, and Same-Property Hotel EBITDA. EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, Same-Property Hotel EBITDA, and Same-Property Hotel EBITDA Margin are non-GAAP financial measures.
(3)
As of end of periods presented.
(4)
Results of all hotels as owned during the periods presented, including the results of hotels sold or acquired for the actual period of ownership by the Company.
Transactions
As previously announced, the Company completed the sale of its leasehold interest in the 645-room Aston Waikiki Beach Hotel in Oahu, Hawaii for a sale price of $200 million, resulting in a gain of $42.3 million.
Financings and Balance Sheet
As previously announced, in January, the Company successfully amended, restated, and upsized its senior unsecured revolving credit facility ("Credit Facility"). The Credit Facility was increased from $400 million to $500 million and the maturity was extended three years to February 2022, with two additional six-month extension options. The Credit Facility's interest rate is now based on a pricing grid with a range of 150 to 225 basis points over LIBOR as determined by the Company's leverage ratio, a reduction from the previous pricing grid which ranged from 150 to 245 basis points over LIBOR.
Additionally during the quarter, the Company obtained a new $65 million mortgage loan collateralized by The Ritz-Carlton, Pentagon City. The loan bears an interest rate of LIBOR plus 210 basis points and matures in January 2025. The Company used a portion of the loan proceeds to pay off the $18 million mortgage loan collateralized by Hotel Monaco Chicago.
As of March 31, 2018, the Company had total outstanding debt of $1.3 billion with a weighted average interest rate of 3.83%, with over 70% of its debt fixed or hedged to fixed. In addition, the Company had $255.5 million of cash and cash equivalents, and full availability on its Credit Facility. Total net debt to trailing twelve month Corporate EBITDA (as defined in Section 1.01 of the Company's unsecured credit facility) was 3.7x.
Subsequent to quarter end, the Company paid off the $21.5 million mortgage loan collateralized by Andaz Savannah and the $41.0 million mortgage loan collateralized by Hotel Monaco Denver.
Capital Expenditures
During the first quarter of 2018, the Company invested $24 million in its portfolio. The majority of these projects were complete renovations of guestrooms, guest corridors, and bathrooms including the conversion of a large number of bathtubs to walk-in showers in order to improve each hotel's competitive position within its market.
In a typical guestroom and guest corridor renovation, the Company replaces carpet and base, wall vinyl and paint, window treatments, artwork and mirrors, and decorative lighting. Additionally, the Company replaces or refinishes upholstered seating, headboards, nightstands, desks, consoles and dressers, and tables. In a typical guest bathroom renovation, the Company replaces vanities, wall coverings, mirrors, sliding door systems, and accessories and amenities.
The following renovations were completed or substantially completed during the quarter:
Lorien Hotel & Spa - Renovation of all guestrooms and guest corridors, including new mattresses. The renovation included minor updates to the bathrooms of which 80% have walk-in showers. This renovation was completed in February. Marriott San Francisco Airport Waterfront - Lobby and great room renovation including redevelopment of the lobby bar, replacement of all flooring surfaces, and new furniture with additional seating options. This project was completed in February. Hotel Monaco Denver - Renovation of all guestrooms, guest corridors, and bathrooms, bathtub to shower conversions in 75% of the guestrooms, new mattresses, headboards, new TVs, and RFID door locks. This renovation was completed in March. Residence Inn Denver City Center - Renovation of all guestrooms, guest corridors, and bathrooms, bathtub to shower conversions in approximately half of the guestrooms, new TVs, upgraded kitchen appliances and cabinets, and new mattresses. This renovation was completed in March. Hilton Garden Inn Washington DC - Renovation of all guestrooms, guest corridors, and bathrooms, bathtub to shower conversions in 70% of the guestrooms, new mattresses, and new RFID door locks. This renovation was completed in March. Marriott Chicago at Medical District/UIC - Renovation of all guestrooms, guest corridors, and bathrooms, bathtub to shower conversions in over 80% of the guestrooms, upgraded closets, new TVs, and RFID door locks. This renovation was completed in March. Andaz Savannah - Renovation of all guestrooms including new under counter refrigerators, new TVs, and new mattresses. The renovation included minor updates to the bathrooms of which 100% have walk-in showers. This renovation was completed in April. Hotel Monaco Chicago - Complete renovation of the restaurant and bar, including a new layout, which allows for the addition of meeting and flexible prefunction space, and reconcepting to Fisk & Co. This renovation and reconcepting was completed in April. RiverPlace Hotel - Renovation of bar area and increased seating, with renovation of the restaurant allowing for a social catering space and new fitness room, and reconcepting to King Tide Fish & Shell. This project was completed in April. Westin Galleria Houston - Transformation of the 24th floor at the Westin Galleria Houston, including the creation of a concierge lounge and fitness center. This project was substantially complete in April. Westin Oaks Houston - Renovation of all guestrooms, guest corridors, and bathrooms, bathtub to shower conversions in 75% of the guestrooms, new mattresses, new TVs, new amenity cabinets with under counter refrigerators, the conversion of all double queen-bedded rooms to double kings, and the transformation of 16 large guestrooms into one-bedroom suites. This project is expected to conclude in May.
"We are pleased with the renovation progress we have made across the portfolio this year and look forward to completing the remainder of our scheduled projects as the year progresses. Our guestroom renovations at Marriott Dallas City Center and Hyatt Regency Grand Cypress are on-track to begin this summer, and we have made substantial progress in the planning and design of the new ballroom at Grand Cypress as well. We remain confident that we made a prudent decision to accelerate several renovation projects into 2017 and 2018," commented Mr. Verbaas. "We strongly believe each of these strategic renovations will position our hotels to combat new supply and compete very effectively in their respective markets. We anticipate significant performance improvements from our guestroom renovations in particular and anticipate differentiated growth in 2019 and beyond."
Capital Markets
During the quarter, the Company entered into an "At the Market" ("ATM") program pursuant to an Equity Distribution Agreement ("ATM Agreement") with Wells Fargo Securities, LLC, Robert W. Baird & Co. Incorporated, Jefferies LLC, KeyBanc Capital Markets, Inc., and Raymond James & Associates, Inc. Under the ATM Agreement, the Company is authorized to issue common stock having an aggregate offering amount of up to $200 million.
During the first quarter, the Company did not issue any shares under its ATM program and did not repurchase any shares under its existing share repurchase authorization.
2018 Outlook and Guidance
The Company's outlook for 2018 is based on the current economic environment, incorporates all expected renovation disruption, and assumes no acquisitions, dispositions, equity offerings, or share repurchases. Same-Property RevPAR change includes all 38 hotels owned as of May 3, 2018.
2018 Guidance
Variance to Prior Guidance
Low End
High End
Low End
High End
($ amounts in millions, except per share data)
Net Income
$105
$115
$47
$43
Same-Property RevPAR Change
0.50%
2.00%
0.50%
—%
Adjusted EBITDAre (1)
$286
$296
$5
$1
Adjusted FFO
$228
$238
$6
$2
Adjusted FFO per Diluted Share
$2.13
$2.23
$0.05
$0.02
Capital Expenditures
$115
$135
$—
$—
(1)
Company previously provided Adjusted EBITDA guidance for the year. There is no difference between the Company's calculation of Adjusted EBITDA and Adjusted EBITDAre, as further described on page 10.
Additional guidance details:
Disruption due to renovations is expected to negatively impact Same-Property RevPAR Change by approximately 75 basis points. General and administrative expense of $21 million to $23 million, excluding non-cash share-based compensation. Interest expense of $50 million to $52 million, excluding non-cash loan related costs. Income tax expense of $6 million to $8 million.
First Quarter 2018 Earnings Call
The Company will conduct its quarterly conference call on Thursday, May 3, 2018 at 1:00 PM eastern time. To participate in the conference call, please dial (855) 656-0921. Additionally, a live webcast of the conference call will be available through the Company's website, www.xeniareit.com . A replay of the conference call will be archived and available online through the Investor Relations section of the Company's website for 90 days.
About Xenia Hotels & Resorts, Inc.
Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT that invests primarily in premium full service and lifestyle hotels, with a focus on the top 25 U.S. lodging markets as well as key leisure destinations in the United States. The Company owns 38 hotels, including 36 wholly owned hotels, comprising 10,852 rooms, across 17 states and the District of Columbia. Xenia's hotels are primarily in the luxury and upper upscale segments, and operated and/or licensed by industry leaders such as Marriott®, Hyatt®, Kimpton®, Fairmont®, Hilton®, and Loews®, as well as leading independent management companies including Sage Hospitality, The Kessler Collection, Urgo Hotels & Resorts, and Davidson Hotels & Resorts. For more information on Xenia's business, refer to the Company website at www.xeniareit.com .
This press release, together with other statements and information publicly disseminated by the Company, contains certain within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such to be covered by the safe harbor provisions for contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company's future plans, strategies and expectations. Forward-looking statements are generally identifiable by use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "illustrative," references to "outlook" and "guidance," and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include, among others, statements about our plans, strategies, the outlook for RevPAR growth, Net Income, Adjusted EBITDAre, Adjusted FFO, Adjusted FFO per share, capital expenditures and derivations thereof, financial performance, prospects or future events. Such are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these , which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may materially from current expectations include, but are not limited to, (i) the Company's dependence on third-party managers of its hotels, including its inability to implement strategic business decisions directly, (ii) risks associated with the hotel industry, including competition, increases in wages, energy costs and other operating costs, actual or threatened terrorist attacks, downturns in general and local economic conditions and cancellation of or delays in the completion of anticipated demand generators, (iii) the availability and terms of financing and capital and the general volatility of securities markets, (iv) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws, (v) interest rate increases, (vi) the possible failure of the Company to qualify as a REIT and the risk of changes in laws affecting REITs, (vii) the possibility of uninsured or underinsured losses, including those relating to natural disasters or terrorism, (viii) risks associated with redevelopment and repositioning projects, including delays and cost overruns, (ix) levels of spending in business and leisure segments as well as consumer confidence (x) declines in occupancy and average daily rate, (xi) the seasonal and cyclical nature of the real estate and hospitality businesses, (xii) changes in distribution arrangements, such as through Internet travel intermediaries, (xiii) relationships with labor unions and changes in labor laws, (xiv) the impact of changes in the tax code as a result of recent U.S. federal income tax reform and uncertainty as to how some of those changes may be applied, and (xv) the risk factors discussed in the Company's Annual Report on Form 10-K, as updated in its Quarterly Reports. Accordingly, there is no assurance that the Company's expectations will be realized. We caution you not to place undue reliance on any , which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting , except to the extent required by applicable law. If we update one or more , no inference should be drawn that we will make additional updates with respect to those or other
For further information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company's website at www.xeniareit.com .
All information in this press release is as of the date of its release. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company's expectations.
Availability of Information on Xenia's Website
Investors and others should note that Xenia routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts and the Xenia Investor Relations website. While not all of the information that the Company posts to the Xenia Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Xenia to review the information that it shares at the Investor Relations link located on www.xeniareit.com . Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Email Alerts / Investor Information" in the "Corporate Overview" section of Xenia's Investor Relations website at www.xeniareit.com .
For additional information or to receive press releases via email, please visit our website at www.xeniareit.com .
Xenia Hotels & Resorts, Inc.
Condensed Consolidated Balance Sheets
As of March 31, 2018 and December 31, 2017
($ amounts in thousands, except per share data)
March 31, 2018
December 31, 2017
Assets
(Unaudited)
(Audited)
Investment properties:
Land
$
440,930
$
440,930
Buildings and other improvements
2,909,166
2,878,375
Total
$
3,350,096
$
3,319,305
Less: accumulated depreciation
(666,116)
(628,450)
Net investment properties
$
2,683,980
$
2,690,855
Cash and cash equivalents
255,513
71,884
Restricted cash and escrows
62,320
58,520
Accounts and rents receivable, net of allowance for doubtful accounts
49,483
35,865
Intangible assets, net of accumulated amortization
67,076
68,000
Other assets
49,155
37,512
Assets held for sale
—
152,672
Total assets (including $69,284 and $70,269, respectively, related to consolidated variable interest entities)
$
3,167,527
$
3,115,308
Liabilities
Debt, net of loan discounts and unamortized deferred financing costs
$
1,328,086
$
1,322,593
Accounts payable and accrued expenses
79,820
77,005
Distributions payable
29,906
29,930
Other liabilities
47,278
40,694
Total liabilities (including $46,050 and $46,637, respectively, related to consolidated variable interest entities)
$
1,485,090
$
1,470,222
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 106,839,289 and 106,735,336 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively
1,069
1,068
Additional paid in capital
1,923,768
1,924,124
Accumulated other comprehensive income
19,203
10,677
Accumulated distributions in excess of net earnings
(294,766)
(320,964)
Total Company stockholders' equity
$
1,649,274
$
1,614,905
Non-controlling interests
33,163
30,181
Total equity
$
1,682,437
$
1,645,086
Total liabilities and equity
$
3,167,527
$
3,115,308
Xenia Hotels & Resorts, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
For the 31, 2018 and 2017
(Unaudited)
($ amounts in thousands, except per share data)
31,
2018
2017
Revenues:
Rooms revenues
$
162,582
$
144,451
Food and beverage revenues
86,415
61,825
Other revenues
15,501
12,184
Total revenues
$
264,498
$
218,460
Expenses:
Rooms expenses
39,044
33,630
Food and beverage expenses
52,975
39,184
Other direct expenses
4,474
3,007
Other indirect expenses
63,326
53,272
Management and franchise fees
11,560
11,378
Total hotel operating expenses
$
171,379
$
140,471
Depreciation and amortization
38,801
36,478
Real estate taxes, personal property taxes and insurance
11,859
11,360
Ground lease expense
1,565
1,376
General and administrative expenses
8,060
8,384
Total expenses
$
231,664
$
198,069
Operating income
$
32,834
$
20,391
Gain on sale of investment properties
42,284
—
Other income
387
152
Interest expense
(13,717)
(10,150)
Loss on extinguishment of debt
(81)
—
Net income before income taxes
$
61,707
$
10,393
Income tax expense
(4,664)
(2,166)
Net income
$
57,043
$
8,227
Non-controlling interests in consolidated real estate entities
179
72
Non-controlling interests of common units in Operating Partnership
(1,566)
(186)
Net income attributable to non-controlling interests
$
(1,387)
$
(114)
Net income attributable to common stockholders
$
55,656
$
8,113
Xenia Hotels & Resorts, Inc.
Consolidated Statements of Operations and Comprehensive Income - Continued
For the 31, 2018 and 2017
(Unaudited)
($ amounts in thousands, except per share data)
31,
2018
2017
Basic and diluted earnings per share
Net income per share available to common stockholders - basic and diluted
$
0.52
$
0.07
Weighted average number of common shares (basic)
106,792,350
106,844,272
Weighted average number of common shares (diluted)
107,010,343
107,061,056
Comprehensive Income:
Net income
$
57,043
$
8,227
Other comprehensive income:
Unrealized gain on interest rate derivative instruments
8,816
1,143
Reclassification adjustment for amounts recognized in net income (interest expense)
(54)
812
$
65,805
$
10,182
Comprehensive (income) loss attributable to non-controlling interests:
Non-controlling interests in consolidated real estate entities
179
72
Non-controlling interests of common units in Operating Partnership
(1,802)
(225)
Comprehensive income attributable to non-controlling interests
$
(1,623)
$
(153)
Comprehensive income attributable to the Company
$
64,182
$
10,029
Non-GAAP Financial Measures
The Company considers the following non-GAAP financial measures to be useful to investors as key supplemental measures of operating performance: EBITDA, EBITDAre, Adjusted EBITDAre, Same Property Hotel EBITDA, Same-Property Hotel EBITDA Margin, FFO, Adjusted FFO, and Adjusted FFO per diluted share. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss, operating profit, cash from operations, or any other operating performance measure as prescribed per GAAP.
EBITDA, EBITDAre and Adjusted EBITDAre
EBITDA is a commonly used measure of performance in many industries and is defined as net income or loss (calculated in accordance with GAAP) excluding interest expense, provision for income taxes (including income taxes applicable to sale of assets) and depreciation and amortization, as well as similar adjustments for unconsolidated partnership and joint ventures. The Company considers EBITDA useful to an investor regarding results of operations, in evaluating and facilitating comparisons of operating performance between periods and between REITs by removing the impact of capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from operating results, even though EBITDA does not represent an amount that accrues directly to common stockholders. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions and along with FFO and Adjusted FFO, it is used by management in the annual budget process for compensation programs.
We then calculate EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts ("Nareit"), which we adopted on January 1, 2018. Nareit defines EBITDAre as EBITDA plus or minus losses and gains on the disposition of depreciated property, including gains/losses on change of control, plus impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of the depreciated property in the affiliate, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.
We further adjust EBITDAre to exclude the non-controlling interest in consolidated entities other than our Operating Partnership units because our Operating Partnership units may be redeemed for common stock. We believe it is meaningful for the investor to understand Adjusted EBITDAre attributable to all common stock and Operating Partnership unit holders. We also adjust EBITDAre for certain additional items such as hotel property acquisitions and pursuit costs, amortization of share-based compensation, the cumulative effect of changes in accounting principles, and other costs it believes do not represent recurring operations and are not indicative of the performance of its underlying hotel property entities. We believe Adjusted EBITDAre attributable to common stock and units holders provides investors with another financial measure in evaluating and facilitating comparison of operating performance between periods and between REITs that report similar measures.
Prior to the adoption of EBITDAre on January 1, 2018, we historically presented EBITDA attributable to common stock and unit holders, which excluded depreciation expense related to corporate level assets and the allocation of EBITDA to noncontrolling interests in our consolidated investments in real estate entities. In order to calculate EBITDAre in accordance with Nareit's definition, these adjustments are now made to derive Adjusted EBITDAre. Therefore, there were no retrospective changes to Adjusted EBITDA as historically presented upon conversion to Adjusted EBITDAre.
Same-Property Hotel EBITDA and Same-Property Hotel EBITDA Margin
Same-Property hotel data includes the actual operating results for all hotels owned as of the end of the reporting period. We then adjust the Same-Property hotel data for comparability purposes by including pre-acquisition operating results of asset(s) acquired during the period, which provides the investor a basis for understanding the acquisition(s) historical operating trends and seasonality. The pre-acquisition operating results for the comparable period are obtained from the seller and/or manager of the hotels during the acquisition due diligence process and have not been audited or reviewed by our independent auditors. We further adjust the Same-Property hotel data to remove dispositions during the respective reporting periods, and, in certain cases, hotels that are not fully open due to renovation, re-positioning, or disruption or whose room counts have materially changed during either the current or prior year as these historical operating results are not indicative of or expected to be comparable to the operating performance of our hotel portfolio on a prospective basis.
Same-Property Hotel EBITDA represents net income excluding: (1) interest expense, (2) income taxes, (3) depreciation and amortization, (4) corporate-level costs and expenses, (5) hotel acquisition costs, and (6) certain state and local excise taxes resulting from our ownership structure. We believe that Same-Property Hotel EBITDA provides our investors a useful financial measure to evaluate our hotel operating performance, excluding the impact of our capital structure (primarily interest), our asset base (primarily depreciation and amortization), income taxes, and our corporate-level expenses (corporate expenses and hotel acquisition costs). We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and the effectiveness of our third-party management companies that operate our business on a property-level basis. Same-Property Hotel EBITDA Margin is calculated by dividing Same-Property Hotel EBITDA by Same-Property Total Revenues.
As a result of these adjustments the Same-Property hotel data we present does not represent our total revenues, expenses, operating profit or net income and should not be used to evaluate our performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our consolidated statements of operations include such amounts, all of which should be considered by investors when evaluating our performance.
We include Same-Property hotel data as supplemental information for investors. Management believes that providing Same-Property hotel data is useful to investors because it represents comparable operations for our portfolio as it exists at the end of the respective reporting periods presented, which allows investors and management to evaluate the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular, these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at Same-Property hotels or from other factors, such as the effect of acquisitions or dispositions.
FFO and Adjusted FFO
The Company calculates FFO in accordance with standards established by Nareit, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding real estate-related depreciation, amortization and impairments, gains (losses) from sales of real estate, the cumulative effect of changes in accounting principles, similar adjustments for unconsolidated partnerships and joint ventures, and items classified by GAAP as extraordinary. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. The Company believes that the presentation of FFO provides useful supplemental information to investors regarding operating performance by excluding the effect of real estate depreciation and amortization, gains (losses) from sales for real estate, impairments of real estate assets, extraordinary items and the portion of these items related to unconsolidated entities, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance. The Company believes that the presentation of FFO can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common stockholders. The calculation of FFO may not be comparable to measures calculated by other companies who do not use the Nareit definition of FFO or do not calculate FFO per diluted share in accordance with Nareit guidance. Additionally, FFO may not be helpful when comparing Xenia to non-REITs. The Company presents FFO attributable to common stock and unit holders, which includes its Operating Partnership units because its Operating Partnership units may be redeemed for common stock. The Company believes it is meaningful for the investor to understand FFO attributable to all common stock and Operating Partnership units.
The Company further adjusts FFO for certain additional items that are not in Nareit's definition of FFO such as hotel property acquisition and pursuit costs, amortization of debt origination costs and share-based compensation, and other expenses it believes do not represent recurring operations. The Company believes that Adjusted FFO provides investors with useful supplemental information that may facilitate comparisons of ongoing operating performance between periods and between REITs that make similar adjustments to FFO and is beneficial to investors' complete understanding of operating performance.
Adjusted FFO per diluted share
The Company calculates Adjusted FFO per diluted share by dividing the Adjusted FFO for the respective period by the diluted weighted average number of shares of common stock for the corresponding period. The Company's diluted weighted average number of common shares outstanding is calculated by taking the weighted average of the common stock outstanding for the respective period plus the effect of any dilutive securities. Any anti-dilutive securities are excluded from the diluted earnings per-share calculation.
Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA
For the 31, 2018 and 2017
(Unaudited)
($ amounts in thousands)
31,
2018
2017
Net income
$
57,043
$
8,227
Adjustments:
Interest expense
13,717
10,150
Income tax expense
4,664
2,166
Depreciation and amortization related to investment properties
38,801
36,478
EBITDA
$
114,225
$
57,021
Gain on sale of investment property
(42,284)
—
EBITDAre
$
71,941
$
57,021
Reconciliation to Adjusted EBITDAre
Non-controlling interests in consolidated real estate entities
179
72
Adjustments related to non-controlling interests in consolidated real estate entities
(342)
(322)
Depreciation and amortization related to corporate assets
(104)
(120)
Loss on extinguishment of debt
81
—
Acquisition transaction costs
—
6
Amortization of share-based compensation expense
2,070
2,230
Amortization of above and below market ground leases and straight-line rent expense
115
220
Other non-recurring expenses
(205)
—
Adjusted EBITDAre attributable to common stock and unit holders
$
73,735
$
59,107
Corporate-level costs and expenses
6,551
6,631
Income from sold properties
(3,526)
(7,341)
Pro forma hotel level adjustments, net (1)
—
22,547
Other reimbursements
—
(664)
Same-Property Hotel EBITDA attributable to common stock and unit holders (2)
$
76,760
$
80,280
(1)
Adjusted to include the results of Hyatt Regency Grand Cypress, Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, Royal Palms Resort & Spa, and The Ritz-Carlton, Pentagon City for periods prior to Company ownership, and to exclude the NOI guaranty payment at Andaz San Diego.
(2)
See the reconciliation of Total Revenues and Total Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the three months ended March 31, 2018 on page 16.
Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income to FFO and Adjusted FFO
For the 31, 2018 and 2017
(Unaudited)
($ amounts in thousands)
31,
2018
2017
Net income
$
57,043
$
8,227
Adjustments:
Depreciation and amortization related to investment properties
38,697
36,358
Gain on sale of investment property
(42,284)
—
Non-controlling interests in consolidated real estate entities
179
72
Adjustments related to non-controlling interests in consolidated real estate entities
(226)
(225)
FFO attributable to common stock and unit holders
$
53,409
$
44,432
Reconciliation to Adjusted FFO
Loss on extinguishment of debt
81
—
Acquisition transaction costs
—
6
Loan related costs, net of adjustment related to non-controlling interests (1)
717
715
Amortization of share-based compensation expense
2,070
2,230
Amortization of above and below market ground leases and straight-line rent expense
115
220
Other non-recurring expenses
(205)
—
Adjusted FFO attributable to common stock and unit holders
$
56,187
$
47,603
(1)
Loan related costs included amortization of debt discounts, premiums and deferred loan origination costs.
Xenia Hotels & Resorts, Inc.
Reconciliation of Net Income to Adjusted EBITDAre
for Current Full Year 2018 Guidance
($ amounts in millions)
Guidance
Midpoint
Net income
$110
Adjustments:
Interest expense
55
Income tax expense
7
Depreciation and amortization related to investment properties
153
EBITDA
$325
(Gain) loss on sale of investment property
(42)
EBITDAre
$283
Adjustments related to non-controlling interests
(2)
Amortization of share-based compensation expense
9
Other (1)
1
Adjusted EBITDAre
$291
(1)
Includes amortization of above and below market ground leases and straight-line rent and loss on extinguishment of debt.
Reconciliation of Net Income to Adjusted FFO
for Current Full Year 2018 Guidance
($ amounts in millions)
Guidance
Midpoint
Net income
$110
Adjustments:
Depreciation and amortization related to investment properties
153
(Gain) loss on sale of investment property
(42)
Adjustments related to non-controlling interests
(1)
FFO
$220
Amortization of share-based compensation expense
9
Other (2)
4
Adjusted FFO
$233
(2)
Includes amortization of above and below market ground leases and straight-line rent, loss on extinguishment of debt, and loan related costs.
Xenia Hotels & Resorts, Inc.
Debt Summary
($ amounts in thousands)
Rate
Type
Rate (1)
Initial
Maturity Date
Fully Extended
Maturity
Date (2)
Outstanding as of
March 31, 2018
Hotel Monaco Denver (3)
Fixed (4)
2.98%
January 2019
January 2020
$
41,000
Andaz Napa
Fixed (4)
2.99%
March 2019
March 2020
38,000
Marriott Charleston Town Center
Fixed
3.85%
July 2020
July 2020
15,778
Grand Bohemian Hotel Charleston (VIE)
Variable
4.38%
November 2020
November 2020
18,878
Loews New Orleans Hotel
Variable
4.23%
February 2019
November 2020
37,500
Grand Bohemian Hotel Mountain Brook (VIE)
Variable
4.38%
December 2020
December 2020
25,066
Andaz Savannah (3)
Variable
3.88%
January 2019
January 2021
21,500
Westin Galleria Houston & Westin Oaks Houston at The Galleria
Variable
4.38%
May 2019
May 2021
110,000
Marriott Dallas City Center
Fixed (4)
4.05%
January 2022
January 2022
51,000
Hyatt Regency Santa Clara
Fixed (4)
3.81%
January 2022
January 2022
90,000
Hotel Palomar Philadelphia
Fixed (4)
4.14%
January 2023
January 2023
59,750
Renaissance Atlanta Waverly Hotel & Convention Center
Variable
3.98%
August 2024
August 2024
100,000
The Ritz-Carlton, Pentagon City
Variable
3.98%
January 2025
January 2025
65,000
Residence Inn Boston Cambridge
Fixed
4.48%
November 2025
November 2025
62,581
Grand Bohemian Hotel Orlando
Fixed
4.53%
March 2026
March 2026
60,000
Marriott San Francisco Airport Waterfront
Fixed
4.63%
May 2027
May 2027
115,000
Total Mortgage Loans
4.12%
(5)
$
911,053
Mortgage Loan Discounts, net (6)
(239)
Unamortized Deferred Financing Costs, net
(7,728)
Senior Unsecured Credit Facility
Variable
3.38%
February 2022
February 2023
—
Term Loan $175M
Partially Fixed (7)
2.79%
February 2021
February 2021
175,000
Term Loan $125M
Partially Fixed (7)
3.28%
October 2022
October 2022
125,000
Term Loan $125M
Partially Fixed (8)
3.72%
September 2024
September 2024
125,000
Total Debt, net of mortgage loan discounts and unamortized deferred financing costs
3.83%
(5)
$
1,328,086
(1)
Variable index is one-month LIBOR. Interest rates as of March 31, 2018.
(2)
The majority of loans require minimum Debt Service Coverage Ratio and/or Loan to Value maximums in order to be extended. If the requirements are met, loan extension is at the discretion of Xenia and may require payment of an extension fee.
(3)
Subsequent to quarter end, the Company paid off the mortgage loan.
(4)
A variable interest loan for which the interest rate has been fixed for the entire term.
(5)
Weighted average interest rate as of March 31, 2018.
(6)
Loan discounts upon issuance of new mortgage loan or modification.
(7)
A variable interest loan for which LIBOR has been fixed for the entire term of the loan. The spread to LIBOR may vary, as it is determined by the Company's leverage ratio.
(8)
A variable interest loan for which LIBOR has been fixed through September 2022. The spread to LIBOR may vary, as it is determined by the Company's leverage ratio.
Xenia Hotels & Resorts, Inc.
Same-Property (1) Hotel EBITDA and Hotel EBITDA Margin
For the 31, 2018 and 2017
($ amounts in thousands)
31,
2018
2017
Change
Same-Property Revenues (1) :
Room revenues
$
155,948
$
160,968
(3.1)%
Food and beverage revenues
86,396
87,163
(0.9)%
Other revenues
13,990
13,602
2.9%
Total same-property revenues
$
256,334
$
261,733
(2.1)%
Same-Property Expenses (1) :
Room expenses
$
37,098
$
36,983
0.3%
Food and beverage expenses
52,846
53,758
(1.7)%
Other direct expenses
4,256
4,374
(2.7)%
Other indirect expenses
61,244
60,489
1.2%
Management and franchise fees
11,388
13,296
(14.4)%
Real estate taxes, personal property taxes and insurance
11,767
11,600
1.4%
Ground lease expense
975
953
2.3%
Total same-property hotel operating expenses
$
179,574
$
181,453
(1.0)%
Same-Property Hotel EBITDA (1)
$
76,760
$
80,280
(4.4)%
Same-Property Hotel EBITDA Margin (1)
29.9
%
30.7
%
(73) bps
(1)
"Same-Property" includes all hotels owned as of March 31, 2018. "Same-Property" includes periods prior to the Company's ownership of Hyatt Regency Grand Cypress, Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, Royal Palms Resort & Spa, and The Ritz-Carlton, Pentagon City, and excludes the NOI guaranty payment at Andaz San Diego. "Same-Property" also includes renovation disruption for multiple capital projects during the periods presented. The following is a reconciliation of Total Revenues and Total Expenses consolidated on a GAAP basis to Total Same-Property Revenues and Total Same-Property Expenses for the three months ended March 31, 2018:
31,
2018
2017
Total Revenues - GAAP
$
264,498
$
218,460
Hotel revenues from prior ownership (a)
—
65,410
Hotel revenues from sold hotels
(8,164)
(21,473)
Other revenues
—
(664)
Total Same-Property Revenues
$
256,334
$
261,733
Total Hotel Operating Expenses - GAAP
$
171,379
$
140,471
Real estate taxes, personal property taxes and insurance
11,859
11,360
Ground lease expense, net (b)
1,455
1,221
Other (income)
(60)
(93)
Corporate-level costs and expenses
(423)
(237)
Hotel expenses from prior ownership (a)
1
42,863
Hotel expenses from sold hotels
(4,637)
(14,132)
Total Same-Property Hotel Operating Expenses
$
179,574
$
181,453
(a)
The pre-acquisition operating results were obtained from the seller and/or the manager of the hotels during the acquisition due diligence process. We have made no adjustments to the historical operating amounts provided to us by the seller and/or the manager, other than to reflect the removal of historical intercompany lease revenue/expense or any other items, such as amounts related to guaranty/key money payments, that are not applicable to us under our ownership. The pre-acquisition operating results are not audited or reviewed by our independent auditors. Pre-acquisition operating results for periods prior to the Company's ownership have not been included in the Company's actual consolidated financial statements and are included only in "Same-Property" for comparison purposes.
(b)
Excludes amortization of ground lease intangibles.
Xenia Hotels & Resorts, Inc.
Portfolio Data by Market
As of March 31, 2018
Market (1)
% of Hotel
EBITDA (2)
Number of
Hotels
Number of
Rooms
Orlando, FL (2)
10%
3
1,141
Houston, TX
10%
3
1,218
Phoenix, AZ (2)
8%
2
612
San Francisco/San Mateo, CA
7%
1
688
Washington, DC-MD-VA (2)
7%
3
772
Dallas, TX
7%
2
961
Boston, MA
6%
2
466
San Jose/Santa Cruz, CA
6%
1
505
California North
5%
2
416
Atlanta, GA
4%
1
522
Other
30%
18
3,551
Total
100%
38
10,852
(1)
As defined by STR, Inc.
(2)
Percentage of 2017 Pro Forma Portfolio Hotel EBITDA. Includes periods prior to the Company's ownership of Hyatt Regency Grand Cypress in Orlando, FL, Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and Royal Palms Resort & Spa in Phoenix, AZ, and The Ritz-Carlton, Pentagon City in Washington, DC-MD-VA.
Xenia Hotels & Resorts, Inc.
Same-Property (1) Statistical Data by Market
For the 31, 2018 and 2017
Three Months Ended
Three Months Ended
March 31, 2018
March 31, 2017
% Change
Occupancy
ADR
RevPAR
Occupancy
ADR
RevPAR
RevPAR
Market (2)
Orlando, FL
82.1
%
$
232.02
$
190.38
81.7
%
$
220.85
$
180.37
5.5
%
Houston, TX
67.1
%
186.38
125.11
69.9
%
201.60
140.94
(11.2)
%
Phoenix, AZ
85.7
%
346.91
297.17
82.7
%
348.30
287.99
3.2
%
San Francisco/San Mateo, CA
85.5
%
228.62
195.53
81.6
%
240.47
196.14
(0.3)
%
Washington, DC-MD-VA
70.5
%
221.65
156.17
79.1
%
246.83
195.36
(20.1)
%
Dallas, TX
70.0
%
193.00
135.11
68.3
%
197.78
135.09
—
%
Boston, MA
75.2
%
197.67
148.71
69.6
%
206.54
143.73
3.5
%
San Jose/Santa Cruz, CA
83.9
%
259.54
217.66
74.4
%
267.15
198.74
9.5
%
California North
72.5
%
213.74
154.95
69.8
%
225.18
157.09
(1.4)
%
Atlanta, GA
82.7
%
155.83
128.85
80.5
%
154.20
124.14
3.8
%
Other
68.9
%
197.18
135.95
72.6
%
199.04
144.54
(5.9)
%
Total
74.1
%
$
215.24
$
159.47
74.7
%
$
219.55
$
164.06
(2.8)
%
(1)
"Same-Property" includes all hotels owned as of March 31, 2018. "Same-Property" includes periods prior to the Company's ownership of Hyatt Regency Grand Cypress, Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, Royal Palms Resort & Spa, and The Ritz-Carlton, Pentagon City. "Same-Property" also includes renovation disruption for multiple capital projects during the periods presented. The pre-acquisition operating results were obtained from the seller and/or the manager of the hotels during the acquisition due diligence process. We have made no adjustments to the historical operating amounts provided to us by the seller and/or the manager, other than to reflect the removal of historical intercompany lease revenue/expense or any other items, such as amounts related to guaranty/key money payments, that are not applicable to us under our ownership. The pre-acquisition operating results are not audited or reviewed by our independent auditors. Pre-acquisition operating results for periods prior to the Company's ownership have not been included in the Company's actual consolidated financial statements and are included only in "Same-Property" for comparison purposes.
(2)
As defined by STR, Inc. Market rank based on Portfolio Data by Market as presented on prior page.
Xenia Hotels & Resorts, Inc.
Same-Property (1) Historical Operating Data
($ amounts in thousands, except ADR and RevPAR)
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year
2018
2018
2018
2018
2018
Occupancy
74.1
%
—
—
—
—
ADR
$
215.24
—
—
—
—
RevPAR
$
159.47
—
—
—
—
Hotel Revenues
$
256,334
—
—
—
—
Hotel EBITDA
$
76,760
—
—
—
—
Hotel EBITDA Margin
29.9
%
—
—
—
—
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year
2017
2017
2017
2017
2017
Occupancy
74.7
%
78.2
%
77.8
%
73.4
%
76.0
%
ADR
$
219.55
$
220.11
$
199.59
$
208.87
$
211.95
RevPAR
$
164.06
$
172.20
$
155.20
$
153.28
$
161.14
Hotel Revenues
$
261,733
$
270,174
$
234,686
$
249,996
$
1,016,589
Hotel EBITDA
$
80,280
$
89,618
$
66,189
$
73,668
$
309,755
Hotel EBITDA Margin
30.7
%
33.2
%
28.2
%
29.5
%
30.5
%
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year
2016
2016
2016
2016
2016
Occupancy
72.8
%
79.3
%
77.0
%
69.8
%
74.7
%
ADR
$
215.90
$
218.43
$
203.27
$
208.70
$
211.61
RevPAR
$
157.28
$
173.23
$
156.58
$
145.66
$
158.15
Hotel Revenues
$
251,478
$
270,206
$
238,029
$
238,821
$
998,534
Hotel EBITDA
$
73,173
$
89,904
$
67,037
$
67,275
$
297,389
Hotel EBITDA Margin
29.1
%
33.3
%
28.2
%
28.2
%
29.8
%
(1)
"Same-Property" includes all hotels owned as of March 31, 2018. "Same-Property" includes periods prior to the Company's ownership of Hotel Commonwealth, Hyatt Regency Grand Cypress, Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, Royal Palms Resort & Spa, and The Ritz-Carlton, Pentagon City, and excludes the NOI guaranty payment at Andaz San Diego. "Same-Property" also includes renovation disruption for multiple capital projects during the periods presented and natural disaster disruption at multiple properties. These amounts include pre-acquisition operating results. The pre-acquisition operating results were obtained from the seller and/or the manager of the hotels during the acquisition due diligence process. We have made no adjustments to the historical operating amounts provided to us by the seller and/or the manager, other than to reflect the removal of historical intercompany lease revenue/expense or any other items, such as amounts related to guaranty/key money payments, that are not applicable to us under our ownership. The pre-acquisition operating results are not audited or reviewed by our independent auditors. Pre-acquisition operating results for periods prior to the Company's ownership have not been included in the Company's actual consolidated financial statements and are included only in "Same-Property" for comparison purposes.
View original content with multimedia: http://www.prnewswire.com/news-releases/xenia-hotels--resorts-reports-first-quarter-2018-results-300641451.html
SOURCE Xenia Hotels & Resorts, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-xenia-hotels-resorts-reports-first-quarter-2018-results.html |
May 27, 2018 / 8:44 AM / Updated 9 hours ago In Mosul, young volunteers help bring city back to life Ayat Basma 5 Min Read
MOSUL, Iraq (Reuters) - A group of Iraqi university students have found a cause in the ruins of Mosul. Raghad Hammoudi, who is a member of a group of students campaigning to help rebuild the Central Library of Mosul University, is seen in Mosul, Iraq May 14, 2018. Picture taken May 14, 2018. REUTERS/Khalid Al-Mousily
They are salvaging what is left of its rich heritage, clearing rubble and distributing aid in a city crying out for help after the war against Islamic State.
The project began when Raghad Hammadi and a group of students decided to launch a campaign to help rebuild the Central Library of Mosul University, burnt and bombed in the war. Its vast contents had been all but lost.
But they found buried under layers of ash some 30,000 books almost intact. Over 40 hot days, with the war still raging on the other side, the students moved the books one by one using holes made by rockets to carry them to safety.
“An entire city with a glorious past and ancient history lost its heritage and culture: the tomb of the Prophet Jonah, the minaret of Al-Hadba which is older than Iraq itself. It is great that we were able to save a part of this heritage,” said Hammadi, 25, a nursing student.
Both the leaning minaret of Al-Hadba , part of the 12th century Grand al-Nuri Mosque, where in 2014 Islamic State’s Abu Bakr al Baghdadi declared a caliphate, and the ancient tomb of what is believed to be the Prophet Jonah were destroyed in the military campaign to retake the city.Hammadi says among the books salvaged were some handwritten by Mosul scholars. They included editions written in Moslawi, the distinct dialect of the region once known as a centre for scholarly Islam and the pride of many for its ancient mosques, churches and Old City architecture. REVOLUTION WITHIN
Elsewhere, volunteers cleared rubble and garbage, opened roads, drilled water wells and distributed aid.
“The situation in Mosul is so much better now and this is because of the revolution that happened within Mosul, within its young people,” she said.
After living under Islamic State’s strict rule and then the war to retake the city, young women feel as though they have been liberated.
The team that set out to rescue the books was mixed, a rarity in Mosul’s society, where mingling between sexes outside the family or university was limited even before Islamic State.
“An unbelievable barrier has been broken, it might be a trivial thing for the rest of the world but for Mosul it is huge,” she said.
Months after Iraq announced full control of the city, life is back in many parts. But much of the Old City, where the last and the bloodiest battles were waged, is still in complete ruin. Raghad Hammoudi, who is a member of a group of students campaigning to help rebuild the Central Library of Mosul University, speaks with Reuters, in Mosul, Iraq May 14, 2018. Picture taken May 14, 2018. REUTERS/Khalid Al-Mousily
Diyaa Al Taher, a resident who is helping rehabilitate homes, says most people, despite being impoverished, have returned to neighbourhoods where the rubble has been cleared. However, there are entire areas that are completely deserted. Corpses fester under debris.
“Poverty can do more harm than Daesh. If the city remains like this and the poor can’t find anything to eat, they will do anything,” said Taher, 30.
Taher says his target is to rehabilitate 1,000 homes and has so far finished rehabilitating 75, relying solely on donations from locals.
Taher is regularly stopped by locals asking for help. He points to a collapsed home where an entire family was killed.
“Their belongings were taken to be sold for charity,” he said, skipping over the stream of sewage that split the road. MIRACLE ESCAPE
Marwa Al Juburi,25, a divorcee, was one of the first to volunteer as soon as she and her family escaped the fighting.
“It was a miracle that we even made it. From then on I refused to accept to stay at home anymore. I refused to be silenced and I haven’t since,” she said.
She says she had to overcome stigma both as a woman and a divorcee to carry out the work.
She runs activities for children and helps coordinate access to medical care and equipment for families. Her team organised the opening of a park previously used as a military training ground for the fighters who ruled the city for three years.
Al Juburi, who is still haunted by images of the night of their escape, says even if Mosul is rebuilt, people need help to get over the mental toll. Iraqi students walk near a building of the central Library of the University of Mosul, in Mosul, Iraq May 14, 2018. Picture taken May 14, 2018. REUTERS/Khalid Al-Mousily
“In the end, the city will be rebuilt, even if it takes 1,000 years. But if the mind is destroyed, then the city will be lost with no hope of resurrection.” Reporting by Ayat Basma; Editing by Angus MacSwan | ashraq/financial-news-articles | https://in.reuters.com/article/mideast-crisis-iraq-mosul-volunteers/in-mosul-young-volunteers-help-bring-city-back-to-life-idINKCN1IS05I |
WASHINGTON (Reuters) - The United States on Thursday condemned Iran’s “provocative rocket attacks” from Syria and supported Israel’s right to defend itself.
“The Iranian regime’s deployment into Syria of offensive rocket and missile systems aimed at Israel is an unacceptable and highly dangerous development for the entire Middle East,” the White House said in a statement.
It said Iran’s Islamic Revolutionary Guard Corps “bears full responsibility for the consequences of its reckless actions.”
Reporting by Doina Chiacu; Editing by Franklin Paul
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-israel-us/white-house-condemns-iran-rocket-attacks-against-israel-idUSKBN1IB1RO |
Before Dominee Wyrick went to a Smashburger in Moore, Okla., last month, she checked the menu online and knew what she was going to order—a regular cheeseburger and fries.
When she got there, the cashier asked if she wanted to upgrade to the rosemary, garlic and olive oil fries. Ms. Wyrick froze. She could feel her heart sort of thumping, she says, and her mind went blank. She blurted out “yes” even though she meant “no.”
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May 24, 2018 / 2:08 AM / Updated 15 minutes ago Japan women see turning point on sexual harassment after scandal Kiyoshi Takenaka , Linda Sieg , Ami Miyazaki 6 Min Read
TOKYO (Reuters) - Japanese women, long accustomed to enduring sexual harassment in silence, are speaking out after a high-profile scandal involving a top bureaucrat stirred debate and protests. Social Democratic Party's lawmaker Mizuho Fukushima poses with the #MeToo banner during an interview with Reuters in Tokyo, Japan, April 24, 2018. REUTERS/Toru Hanai
In interviews with Reuters, six prominent women said they hoped Japan was at a turning point in attitudes towards harassment, but urged steps to shrink social, political and economic gender gaps to get at the root causes of the problem.
Administrative Vice Finance Minister Junichi Fukuda resigned in April after accusations that he had sexually harassed a female reporter. Fukuda denied the allegations, and no lawsuits were filed, but the finance ministry later acknowledged the harassment and docked 20 percent of his pay for six months.
Fukuda could not be reached for comment on this article.
In the month since, harassment has remained a hot-button issue. Internal Affairs Minister Seiko Noda, who holds the portfolio for women’s empowerment in Prime Minister Shinzo Abe’s cabinet, told Reuters she planned to introduce steps soon to address the problem.
“I think women have put up with sexual harassment thinking it was inevitable while men thought it was OK,” she said.
“In my case ... it was a matter of the power relationship between myself and middle-aged or elderly men drinking until 8 or 9 at night,” said Noda, 57, recalling her experience as a 30-year-old candidate. “Comments like, ‘If you want a vote, let me touch your breasts,’ were a daily occurrence.” Related Coverage Factbox - Prominent Japanese women speak out on sexual harassment
Public attention to the topic in the wake of the Fukuda scandal, however, is helping change attitudes.
“A #MeToo movement of speaking out has begun,” said opposition lawmaker and former gender equality minister Mizuho Fukushima, referring to the global movement to share accounts of sexual harassment or assault. “What was kept private has become visible.”
Lawyers, activists and many women who have suffered sexual harassment in Japan say victims have long been reluctant to speak out for fear of being blamed.
That was what freelancer Shiori Ito said happened to her when she went public last year with allegations of rape by well-known journalist Noriyuki Yamaguchi.
Yamaguchi has denied the allegations and was not charged. A protester raises a placard reading "#MeToo" during a rally against harassment at Shinjuku shopping and amusement district in Tokyo, Japan, April 28, 2018. REUTERS/Issei Kato
In Japan, prosecutors by custom do not explain decisions to the public. A judicial panel rejected Ito’s appeal, saying it had found no grounds to overturn the prosecutors’ decision.
“I have been saying that there was no crime and in fact, there was no crime,” Yamaguchi told Reuters in a telephone interview.
Ito, who worked as an intern for Reuters during the time she says the rape occurred, is seeking compensation from Yamaguchi in a civil suit.
“Talking about rape and sexual harassment is taboo and some people think that if you talk about it ... you will be seen as a tarnished person,” Ito said. She added, though, that things might be changing for the better.
Well-known news anchor Yuko Ando echoed that view, noting that the reaction to the allegation against Fukuda gave her hope.
“Those in Japan who have shut out their memories of sexual harassment are likely to speak out. Because such memories never disappear,” Ando said.
Opposition lawmaker Renho said one challenge was to ensure victims in lower-profile cases are heard and protected. Slideshow (13 Images)
One of the reporters who accused Fukuda, a top bureaucrat, worked for broadcaster TV Asahi. Neither she nor her employer identified her.
“If it were a female reporter working part-time for a local station or those involved were not in the public eye, I wonder if their voices would be heard,” said Renho, who goes by her first name.
After the TV Asahi reporter told her story of being verbally harassed to a weekly magazine, TV Asahi protested to the finance ministry, which ultimately apologised.
“This sort of action is unacceptable since it damages the dignity and human rights of the victim,” Deputy Vice Finance Minister Koji Yano told a news conference last month.
TV Asahi demanded that the ministry continue its investigation and that Fukuda apologise in person. The broadcaster told Reuters it had received no further reply from the ministry.
The reporter could not be reached for comment. In a statement issued on her behalf by TV Asahi last month, the reporter, who was not identified, said that she regretted that Fukuda had not admitted to the allegations and added that she hoped it would become easier for victims to take action.
“I pray for a society in which all people’s dignity is respected,” she said in the statement.
Cabinet minister Noda, who plans to challenge Abe for leadership of his ruling party, called for a law to strengthen protection for sexual harassment victims.
Ultimately, however, resolving the problem requires narrowing social and economic gender inequality, some women said.
“The hotbed of sexual harassment won’t go away unless asymmetry between power held by men and women at the workplace is resolved,” said Chizuko Ueno, director of the non-profit Women’s Action Network and professor emeritus at the University of Tokyo. Additional reporting by Megumi Lim; Editing by Gerry Doyle | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-japan-women-harassment/japan-women-see-turning-point-on-sexual-harassment-after-scandal-idUKKCN1IP08F |
May 14 (Reuters) - American Express Co:
* AMERICAN EXPRESS CO FILES FOR POTENTIAL NOTES AND FLOATING NOTES DUE 2021, SIZE NOT DISCLOSED - SEC FILING Source: ( bit.ly/2GfoApF ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-american-express-files-for-potenti/brief-american-express-files-for-potential-notes-and-floating-notes-due-2021-idUSFWN1SL0QE |
(Corrects headline and first paragraph to reflect the official police characterisation of the operation)
By Tom Allard
KUALA LUMPUR, May 12 (Reuters) - Police will check CCTV footage from a deluxe Kuala Lumpur apartment block at which relatives of ousted Prime Minister Najib Razak may have been staying, but the city’s police chief said an earlier Reuters report had mischaracterised the operation on Saturday as a “raid”.
Kuala Lumpur’s top cop, Mazlan Lazim, told Reuters police were acting on a complaint and were there only to recover the video footage for forensic analysis. “You cannot call it a raid,” he said.
The police operation came as Malaysia’s new Prime Minister, Mahathir Mohamad, said he had stopped his predecessor from leaving the country because of suspected wrongdoing in connection with a multi-billion-dollar scandal at state fund 1MDB.
Senior police officers had earlier told Reuters they were acting after a complaint that a government vehicle had delivered dozens of boxes - made to carry designer handbags - to the apartment for Najib’s wife, Rosmah Mansor.
Public disgust over alleged corruption was widely seen as one of the reasons behind the unexpected defeat of Najib’s long-ruling Barisan Nasional coalition in Wednesday’s general election.
Najib has consistently denied any wrongdoing.
A spokesman for Najib could not be reached for comment. Reuters was unable to reach Najib himself, his wife, or other family members and close associates on Saturday night.
Reuters saw about 20 police officers enter the marble-floored lobby of the Pavilion Residences apartment block in the Malaysian capital, just as Mahathir was holding a news conference to announce key members of his cabinet.
They were aided by at least a dozen other plainclothes law-enforcement officers. Security personnel from the building - which is owned by Desmond Lim, a wealthy Malaysian businessman and supporter of Najib - were cooperative.
“We are looking for government documents that may have been illegally taken,” said a senior police officer, who requested anonymity as he was not authorised to talk to the media.
“The government are worried they could be sensitive and important, and could be taken out of the country.”
He declined to say whether any documents had been found and described the operation as “ongoing”.
According to the police officers, members of Najib’s family had been staying at the apartments, but they declined to name them.
ORANGE BOXES The police action followed a complaint lodged by two leaders of the youth wing of Mahathir’s political party, Bersatu.
The police report of the complaint, reviewed by Reuters, alleges that vans emblazoned with the logo of the department of the prime minister and cabinet delivered boxes for 50 Birkin handbags to Pavilion Residences on Thursday evening.
The report alleged that the boxes showed the name of the consignee as Rosmah Mansor.
Two photos provided with the report and reviewed by Reuters showed a van with the department’s logo and a shopping trolley filled with orange boxes. The location, the date and the contents of the boxes - including whether there were any of the handbags inside - could not be ascertained from the photos.
The Birkin handbags concerned would cost $200,000 each, the complaint said.
The senior police officer only confirmed “family members” of Najib had stayed in the apartment complex when Reuters asked if Rosmah had stayed there.
Another officer involved in the operation described the persons of interest as “VVIPs”, or very, very important persons.
Both police officers said investigators were not primarily interested in the luxury items but were chasing documents that could be vital for investigations into Najib’s administration.
ANNOUNCED OVERSEAS TRIP Najib said earlier on Saturday that he was going abroad for a week to rest, but just minutes later the Department of Immigration announced that he and his wife had been barred from leaving the country.
Mahathir, who was sworn in as prime minister on Thursday, has vowed to probe the loss of billions of dollars from state fund 1Malaysia Development Berhad (1MDB), which was founded by Najib.
U.S. Department of Justice documents allege that $681 million from 1MDB was transferred to the personal account of a person identified as Malaysian Official One, which U.S. and Malaysian sources have confirmed was Najib.
Najib has said the deposit was a donation by an unnamed member of the Saudi royal family which had been largely returned. (Reporting by Tom Allard Editing by John Chalmers and Martin Howell)
| ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-politics-raid/corrected-malaysian-police-to-review-cctv-footage-from-apartment-block-linked-to-ousted-pm-najibs-family-idUSL3N1SJ059 |
May 4 (Reuters) - Casing Macron Technology Co Ltd
* Says it will issue up to 20 million shares via private placement, to replenish working capital or repay loans
Source text in Chinese: goo.gl/JL58me
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-casing-macron-technology-to-issue/brief-casing-macron-technology-to-issue-up-to-20-mln-shares-via-private-placement-idUSL3N1SB2Z0 |
MOSCOW (Reuters) - Russian opposition leader Alexei Navalny and more than 1,000 anti-Kremlin activists were detained by police on Saturday during street protests against Vladimir Putin ahead of his inauguration for a fourth term as president.
Russian opposition leader Alexei Navalny (C) attends a protest rally ahead of President Vladimir Putin's inauguration ceremony, Moscow, Russia May 5, 2018. REUTERS/Stringer Navalny had called for demonstrations in more than 90 towns and cities across Russia against what he says is Putin’s autocratic, tsar-like rule.
“We will force the authorities, made up of swindlers and thieves, to take into account the millions of citizens who did not vote for Putin,” Navalny said beforehand.
Putin overwhelmingly won re-election in March, extending his grip over Russia for six more years - a tenure of 24 years that would make him Moscow’s longest-serving leader since Soviet dictator Josef Stalin.
Navalny, who was barred from running in the election on what he says was a false pretext, was detained soon after showing up on Moscow’s Pushkin Square, where young people chanted “Russia without Putin!” and “Down with the Tsar!”.
Video footage showed five policemen hauling him to a waiting van by his arms and legs, a scene that was repeated dozens of times with his supporters. Moscow police said he had been detained for organising an unsanctioned rally.
“NOTHING WILL CHANGE” Navalny, who has been detained and jailed numerous times for organising similar protests, had managed to address his supporters briefly, saying he was glad they had shown up.
One protester in Moscow, donning a rabbit’s mask with the legend “Tsar of the Animals” said he was unsure what the protest would achieve.
“I have the feeling that people are gathering just to let off steam and that nothing will change,” said the 31-year-old man called Alexander, who declined to give his surname.
OVD-Info, a rights organisation that monitors detentions, said it had received reports of police detaining over 1,000 people across Russia, nearly 500 of them in Moscow. It cited its own sources at the Moscow protest as saying pro-Kremlin Cossacks had beaten protesters with leather whips, sparking a fight.
Russian opposition leader Alexei Navalny (C) attends a protest rally ahead of President Vladimir Putin's inauguration ceremony, Moscow, Russia May 5, 2018. REUTERS/Stringer A police spokesman said around 1,500 people had protested in Moscow, the Interfax news agency reported. Reuters reporters estimated the crowd numbered several thousand.
Protests also took place in the Far East, Siberia and St Petersburg. In the Urals city of Yekaterinburg, around 1,500 km (900 miles) east of Moscow, a Reuters reporter saw more than 1,000 people protesting, some shouting “Down with the Tsar!”
FATHER OF THE NATION Putin, 65, has been in power, either as president or prime minister, since 2000.
Backed by state TV and the ruling party, and credited with an approval rating of around 80 percent, he is lauded by supporters as a father-of-the-nation figure who has restored national pride and expanded Moscow’s global clout with interventions in Syria and Ukraine.
The authorities regard most of the protests as illegal, arguing that their time and place was not approved beforehand, and that the police have a duty to protect public order.
Putin has dismissed Navalny as a troublemaker bent on sowing chaos on behalf of Washington. Prime Minister Dmitry Medvedev, a close Putin ally, has called Navalny a political charlatan.
Putin is due to be inaugurated on Monday in a Kremlin ceremony heavy on pomp.
With more than 56 million votes, almost 77 percent of the total, his March election win was his biggest ever and the largest by any post-Soviet Russian leader, something he and his allies say gave him an unequivocal mandate to govern.
Slideshow (2 Images) European observers said there had been no real choice in the election, and complained of unfair pressure on critical voices. Critics like Navalny accuse Putin of overseeing a corrupt authoritarian system and of annexing Ukraine’s Crimea illegally in 2014, a move that isolated Russia internationally.
Additional reporting by Katya Golubkova, Polina Ivanova, Gleb Stolyarov, Maria Tsvetkova, Denis Pinchuk, and Gabrielle Tetrault-Farber in Moscow and by Natalia Shurmina in Yekaterinburg; Writing by Andrew Osborn; Editing by Kevin Liffey
| ashraq/financial-news-articles | https://in.reuters.com/article/russia-protests/putin-opponents-protest-across-russia-before-his-inauguration-idINKBN1I60C5 |
Cramer: Inflation is a real worry, but it's 'far from permanent' 9 Hours Ago Jim Cramer pushes back on concerns about inflation by listing the economic factors keeping it at bay. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/cramer-inflation-is-a-real-worry-but-its-far-from-permanent.html |
JOHANNESBURG, May 29 (Reuters) - Steinhoff Africa Retail (STAR) said on Tuesday half-year profits were up 12 percent supported by strong growth in its Ackermans brand and the turnaround of the retail JD Group, but it was slowing its expansion in Africa.
Headline earnings per share, the main profit measure used in South Africa that strips out once-off items, for the six months ended 31 March 2018 rose to 52.6 cents per share compared with 46.9 cents in the comparable year ago period. (Reporting by Tanisha Heiberg Editing by Ed Stoddard)
| ashraq/financial-news-articles | https://www.reuters.com/article/steinhoff-africa-results/steinhoff-africa-retail-interim-profit-lifts-12-percent-idUSL5N1T01WQ |
May 13, 2018 / 6:08 PM / Updated 18 minutes ago Motor racing-Grosjean gets three-place grid penalty for Monaco Reuters Staff 2 Min Read
BARCELONA, May 13 (Reuters) - French driver Romain Grosjean will have a three-place grid penalty for Formula One’s showcase Monaco Grand Prix after triggering a multi-car collision in Spain on Sunday.
Race stewards also handed the Haas driver two penalty points.
Grosjean took out Renault’s Nico Hulkenberg and Toro Rosso’s Pierre Gasly when he spun his car across the track in a cloud of smoke at turn three on the opening lap of the Spanish Grand Prix.
“He spun and it’s very unusual to see a car light up its rear wheels like that on the first lap of a race, when there’s another 10 cars to come,” race director Charlie Whiting told reporters.
Grosjean, who started 10th, told stewards he feared his momentum was going to take him to the centre of the track so he applied power to try and cross over to the right side and get out of the way of others.
“There’s not much to say. I lost the rear end in turn three and I just spun. If you look at the footage, I had wanted to avoid contact with my teammate,” said the Frenchman.
“Kevin (Magnussen) had a bit of a wobble, I lifted off the throttle, and then the car just went. I’m sorry for the others that were involved — there wasn’t much I could do once the car went.” (Reporting by Alan Baldwin, editing by Ian Chadband) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-f1-spain-grosjean/motor-racing-grosjean-gets-three-place-grid-penalty-for-monaco-idUKL3N1SK0JN |
LONDON (Reuters) - Sterling gave up its earlier gains on Wednesday and fell back towards its lowest level since January as a stronger dollar and concerns about Brexit-related risks overshadowed data showing a rebound in construction activity in April.
FILE PHOTO: Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger With the dollar rallying for the last fortnight and expectations of a Bank of England interest rate hike next month tumbling, sterling weakened to its worst level since Jan. 12, extending a bruising fortnight for the pound in which it has fallen by more than 7 cents.
It hit a fresh 3-1/2 month low at $1.3581 in earlier Asian trading after reports that senior British lawmakers who back Brexit had demanded that Prime Minister Theresa May drop a proposal for a customs partnership with the European Union once it leaves the bloc. That reignited concerns about a lack of British political unity about the Brexit talks and undermined the pound.
“The pound has been under relentless downward pressure. The upturn in Brexit uncertainty surrounding the Customs Union debate is not helping,” MUFG analysts said.
Sterling had bounced in earlier European trading after better-than-expected construction PMI data calmed investors.
Wednesday’s IHS Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) jumped to 52.5 in April from 47.0 in March. That was comfortably above the median expectation of 50.5 in a Reuters poll of economists and back above the 50 line denoting growth in activity.
Sterling could not hold on to those gains and traded 0.1 percent lower at $1.3597.
Against the euro the pound rose slightly to 87.975 pence per euro, up from a day’s low of 88.305 pence as the euro sold off broadly.
Traders will now be preparing for the PMI survey for the crucial services sector on Thursday, and then will turn their focus towards the BoE monetary policy decision next week.
David Cheetham, an analyst at currency brokers XTB, said that while it was “improbable that this (the construction PMI survey) will bring a rate hike back to the table in next week’s BoE meeting, it is a pleasing development.”
Reporting by Tommy Wilkes; Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-sterling/sterling-stuck-near-3-1-2-month-lows-despite-construction-rebound-idUSKBN1I32D0 |
Rome
A painting that spent more than a century in the storerooms of a provincial Italian museum will be attributed Wednesday to one of the greatest artists of the Renaissance. The attribution to Andrea Mantegna (1431-1506) has the backing of Keith Christiansen of the Metropolitan Museum of Art in New York, the world’s leading expert on the artist. It means the painting, a wooden panel depicting Jesus’s resurrection, may be worth about a thousand times more than was previously thought: between $25 million and $30 million.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/how-a-30-million-renaissance-masterpiece-was-found-1526909599 |
Zimbabwe President Emmerson Mnangagwa said Wednesday that the country’s first national elections since Robert Mugabe’s ouster will be held on July 30, posing a major test of its efforts to re-engage with the international community.
Mr. Mnangagwa, hoisted into office by Zimbabwe’s armed forces in November, has struggled to revive the country’s crisis-hit economy and assert himself as the clear leader of his ZANU-PF party.
The... RELATED VIDEO Zimbabwe’s Robert Mugabe: From Freedom Fighter to International Pariah Robert Mugabe has resigned as president of Zimbabwe — a position he held for 37 years. We chart his rise and fall as the country went from optimism to a failing economy, sanctions and elections marred by violence. Photo: Getty Images. Video: Dipti Kapadia (Originally Published November 16, 2017) | ashraq/financial-news-articles | https://www.wsj.com/articles/zimbabwe-to-hold-first-post-mugabe-elections-in-july-1527680654 |
FRISCO, Texas, May 7, 2018 /PRNewswire/ -- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of comprehensive home care services, today announced its financial results for the first quarter ended March 31, 2018.
Net service revenues were $109.4 million for the first quarter of 2018, up 7.7% from $101.6 million for the first quarter of 2017. Net income increased 14.1% to $4.9 million for the latest quarter from $4.3 million for the first quarter of 2017, while net income per diluted share increased 13.5% to $0.42 from $0.37. Adjusted net income per diluted share grew 23.5% to $0.42 for the first quarter of 2018 from $0.34 for the first quarter of 2017. Adjusted net income per diluted share for the first quarter of 2018 excludes prompt payment interest income of $0.16 from the state of Illinois; M&A expenses of $0.07; restructuring charges of $0.02; severance and other costs of $0.01; and stock-based compensation expense of $0.06. For the first quarter of 2017, adjusted net income per diluted share excludes a gain on the sale of adult day service centers of $0.11; M&A expenses of $0.01; severance and other costs of $0.05; and stock-based compensation expense of $0.02. Adjusted EBITDA increased 9.6% to $8.7 million for the first quarter of 2018 from $8.0 million for the first quarter of 2017, and adjusted EBITDA margin expanded to 8.0% from 7.8%. (See page 7 for a reconciliation of all non-GAAP and GAAP financial measures in this news release.)
Dirk Allison, President and Chief Executive Officer of Addus, commented, "I am proud of our solid financial results for the first quarter of 2018. First-quarter revenues reflected continuing organic growth, with an increase in same-store revenue of 4.6%, within our target range of 3% to 5%. As a result of tax reform, we also benefited from a reduction in our income tax rate for the first quarter of 2018. Also, clearly evident in the first quarter was the acceleration of the impact of our acquisition strategy. Our financial results for the quarter included the impact of the Options Home Care acquisition in August last year. As we previously announced, we purchased the Arcadia Home Care & Staffing business on April 1 st and subsequently closed the Ambercare acquisition – announced February 28 th – on May 1 st . Ambercare and Arcadia produced combined 2017 revenue of over $100 million and are expected to be immediately accretive to earnings. Our first-quarter financial results and acquisition pipeline position Addus for continued growth during 2018."
As discussed in the Company's fourth-quarter conference call, Addus's adoption of ASU 2014-09, Accounting for Contracts with Customers, at the start of 2018 using the modified retrospective approach reduced the year over year comparability of net service revenue and expense items as a percentage of net service revenues, while not affecting net income, adjusted EBITDA and adjusted earnings per diluted share. The adoption of this revenue recognition standard resulted in a decrease of $2.0 million in our net services revenue during the three months ended March 31, 2018.
For the first quarter of 2018, the Company's revenue growth was driven by relatively balanced increases of 4.0% in billable hours per business day and 3.6% in revenue per billable hour, compared with the first quarter of 2017.
At March 31, 2018, the Company had cash of $63.4 million and bank debt of $43.9 million, while availability under its revolving credit facility was $111.3 million. Net cash provided by operating activities was $14.3 million for the first quarter of 2018.
Mr. Allison concluded, "As our first-quarter results indicate, we are executing on our organic growth and acquisition strategies, and as a leading personal care company, we believe we are positioned to gain further market share in the future. The personal care industry remains strong given the growing recognition in healthcare of the value we provide by helping consumers with essential daily tasks that enable them to stay in their homes. We are confident we have the experience and resources to drive long-term growth in earnings and shareholder value."
Non-GAAP Financial Measures
The information provided in this release includes adjusted net income per diluted share, adjusted EBITDA and adjusted net service revenues, which are non-GAAP financial measures. The Company defines adjusted net income per diluted share as net income per diluted share, adjusted for interest income from the State of Illinois, M&A expenses, stock-based compensation expense, restructure charges, severance and other costs, and gain on sale of ADS. The Company defines adjusted EBITDA as net income before interest expense, interest income, other non-operating income, taxes, depreciation, amortization, interest income from the State of Illinois, M&A expenses, stock-based compensation expense, restructure charges, severance and other costs, and gain on sale of ADS. The Company defines adjusted net service revenues as net service revenues adjusted for the closure of certain sites. The Company has provided, in the financial statement tables included in this press release, a reconciliation of adjusted net income per diluted share to net income per diluted share, a reconciliation of adjusted EBITDA to net income and a reconciliation of adjusted net service revenues to net service revenues, in each case, the most directly comparable GAAP measure. Management believes that adjusted net income per diluted share, adjusted EBITDA and adjusted net service revenues are useful to investors, management and others in evaluating the Company's operating performance, to provide investors with insight and consistency in the Company's financial reporting and to present a basis for comparison of the Company's business operations among periods, and to facilitate comparison with the results of the Company's peers.
Conference Call
Addus will host a conference call on Tuesday, May 8, 2018, beginning at 9:00 a.m. Eastern time. The toll-free dial-in number is (877) 930-8289 (international dial-in number is (253) 336-8714), pass code 4459288. A telephonic replay of the conference call will be available through midnight on May 22, 2018, by dialing (855) 859-2056 (international dial-in number is (404) 537-3406) and entering pass code 4459288.
A live broadcast of Addus HomeCare's conference call will be available under the Investor Relations section of the Company's website: www.addus.com. An online replay of the conference call will also be available on the Company's website for one month, beginning approximately three hours following the conclusion of the live broadcast.
Forward-Looking Statements
Certain matters discussed in this press release constitute within the meaning of the Private Securities Litigation Reform Act of 1995. Such may be identified by words such as "continue," "expect," and similar expressions. These are based on our current expectations and beliefs concerning future developments and their potential effect on us. Forward-looking statements involve a number of risks and uncertainties that may those expressed or implied by such , including discretionary determinations by government officials, the consummation and integration of acquisitions, anticipated transition to managed care providers, our ability to successfully execute our growth strategy, unexpected increases in SG&A and other expenses, expected benefits and unexpected costs of acquisitions and dispositions, management plans related to dispositions, the possibility that expected benefits may not materialize as expected, the failure of the business to perform as expected, changes in reimbursement, changes in government regulations, changes in Addus HomeCare's relationships with referral sources, increased competition for Addus HomeCare's services, changes in the interpretation of government regulations, the uncertainty regarding the outcome of discussions with managed care organizations, changes in tax rates, the impact of adverse weather, higher than anticipated costs, lower than anticipated cost savings, estimation inaccuracies in future revenues, margins, earnings and growth, whether any anticipated receipt of payments will materialize and other risks set forth in the Risk Factors section in Addus HomeCare's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2017, which is available at www.sec.gov. Addus HomeCare undertakes no obligation to update or revise any , whether as a result of new information, future events or otherwise. In addition, these necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties and other factors. Accordingly, any included in this press release do not purport to be predictions of future events or circumstances and may not be realized. (Unaudited tables and notes follow).
About Addus
Addus is a provider of comprehensive home care services that include, primarily, personal care services that assist with activities of daily living, as well as hospice and home health services. Addus' consumers are primarily persons who, without these services, are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. Addus' payor clients include federal, state and local governmental agencies, managed care organizations, commercial insurers and private individuals. Addus currently provides home care services to approximately 39,000 consumers through 156 locations across 25 states. For more information, please visit www.addus.com.
ADDUS HOMECARE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(amounts and shares in thousands, except per share data)
(Unaudited)
Income Statement Information:
For the Three Months
Ended March 31,
2018
2017
Net service revenues
$ 109,448
$ 101,606
Cost of service revenues
81,543
74,289
Gross profit
27,905
27,317
25.5%
26.9%
General and administrative expenses
21,459
18,873
Gain on sale of adult day service centers
-
(2,065)
Provision for doubtful accounts
78
2,032
Depreciation and amortization
1,807
1,516
Total operating expenses
23,344
20,356
Operating income from continuing operations
4,561
6,961
Total interest expense, net
(1,412)
644
Other non-operating income
-
(57)
Income before income taxes
5,973
6,374
Income tax expense
1,115
2,115
Net income
$ 4,858
$ 4,259
Net income per diluted share
$ 0.42
$ 0.37
Weighted average number of common shares outstanding - diluted
11,696
11,581
Cash Flow Information:
For the Three Months
Ended March 31,
2018
2017
Net cash provided by operating activities
$ 14,276
$ 9,615
Net cash (used in) investing activities
(3,699)
1,238
Net cash (used in) provided by financing activities
(925)
290
Net change in cash
9,652
11,143
Cash at the beginning of the period
53,754
8,013
Cash at the end of the period
$ 63,406
$ 19,156
ADDUS HOMECARE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
March 31,
2018
2017
Assets
Current assets
Cash
$ 63,406
$ 19,156
Accounts receivable, net
83,771
116,174
Prepaid expenses and other current assets
7,250
3,959
Total current assets
154,427
139,289
Property and equipment, net
7,384
7,049
Other assets
Goodwill
93,090
72,688
Intangible assets, net
16,480
14,217
Deferred tax assets, net
1,472
3,355
Investment in joint venture
-
900
Total other assets
111,042
91,160
Total assets
$ 272,853
$ 237,498
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$ 6,468
$ 5,453
Accrued expenses
42,153
44,215
Current portion of long-term debt, net of debt issuance costs
2,761
2,551
Total current liabilities
51,382
52,219
Long-term debt, less current portion, net of debt issuance costs
39,396
21,877
Long-term lease liability, less current portion
407
-
Contingent earn-out obligation, less current portion
847
-
Total long-term liabilities
40,650
21,877
Total liabilities
92,032
74,096
Total stockholders' equity
180,821
163,402
Total liabilities and stockholders' equity
$ 272,853
$ 237,498
ADDUS HOMECARE CORPORATION AND SUBSIDIARIES
Key Statistical and Financial Data
(Unaudited)
For the Three Months
Ended March 31,
2018
2017
General:
Adjusted EBITDA (in thousands) (1)
$ 8,734
$ 7,971
States served at period end
23
24
Locations at period end
115
111
Employees at period end
26,358
23,060
Home & Community
Average billable census - same store (2)
32,671
33,948
Average billable census - acquisitions (3)
1,523
-
Average billable census total
34,194
33,948
Billable hours (in thousands)
6,030
5,800
Average billable hours per census per month
58.8
56.9
Billable hours per business day
92,768
89,223
Revenues per billable hour
$ 18.15
$ 17.52
Percentage of Revenues by Payor:
State, local and other governmental programs
61.5%
64.9%
Managed care organizations
34.6
32.3
Private duty
3.4
2.1
Commercial
0.5%
0.7%
(1) We define Adjusted EBITDA as earnings adjusted for interest expense, taxes, depreciation, amortization, M&A expenses, stock-based compensation expense and restructure and severance costs. Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It in isolation or as a substitute for net income, operating income or any other measure of calculated in accordance with GAAP.
(2) Exited sites would have reduced same store census ended March 31, 2017 by 333.
(3) The average billable census in acquisitions of 1,179 ended March 31, 2017 was reclassified to average billable census - same stores for comparability purposes. The average billable census ended March 31, 2018 was prorated for the date of the acquisition.
ADDUS HOMECARE CORPORATION AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(amounts in thousands, except per share data)
(Unaudited)
For the Three Months
Ended March 31,
2018
2017
Reconciliation of Adjusted EBITDA to Net Income: (1)
Net income
$ 4,858
$ 4,259
Interest expense, net
841
644
Interest income from Illinois
(2,253)
-
Gain on sale of adult day service centers
-
(2,065)
Other non-operating income
-
(57)
Income tax expense
1,115
2,115
Depreciation and amortization
1,807
1,516
M&A expenses
1,002
244
Stock-based compensation expense
859
427
Restructuring charges
324
-
Severance and other costs
181
888
Adjusted EBITDA
$ 8,734
$ 7,971
Reconciliation of Adjusted Net Income to Net Income: (2)
Net income
$ 4,858
$ 4,259
Interest income from Illinois, net of tax
(1,831)
-
Gain on sale of adult day service centers, net of tax
-
(1,353)
M&A expenses, net of taxes
815
165
Stock-based compensation expense, net of tax
698
289
Restructuring charges, net of tax
263
-
Severance and other costs, net of tax
147
600
Adjusted net income
$ 4,950
$ 3,960
Reconciliation of Adjusted Diluted Earnings per Share to Diluted Earnings per Share. : (3)
Diluted earnings per share
$ 0.42
$ 0.37
Gain on sale of adult day service centers per diluted share
-
(0.11)
Interest income from Illinois
(0.16)
-
M&A expenses per diluted share
0.07
0.01
Restructuring charges per diluted share
0.02
-
Severance and other costs per diluted share
0.01
0.05
Stock-based compensation expense per diluted share
0.06
0.02
Adjusted diluted earnings per share
$ 0.42
$ 0.34
Reconciliation of Adjusted Net Service Revenues to Net Service Revenues: (4)
Net service revenues
$ 109,448
$ 101,606
Revenue associated with the closure of certain sites
4
(1,037)
Adjusted net service revenues
$ 109,452
$ 100,569
(1) We define Adjusted EBITDA as earnings before interest expense, interest income, other non-operating income, taxes, depreciation, amortization, M&A expenses, stock-based compensation expense, restructure expenses, severance and other costs and gain on the sale of ADS. Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It in isolation or as a substitute for net income, operating income or any other measure of calculated in accordance with GAAP.
(2) We define Adjusted Net Income as net income before interest income from the state of Illinois, M&A expenses, stock-based compensation expense, restructure expenses, severance and other costs and gain on the sale of ADS. Adjusted Net Income is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It in isolation or as a substitute for net income, operating income or any other measure of calculated in accordance with GAAP.
(3) We define Adjusted diluted earnings per share as earnings per share, adjusted for interest income from the State of Illinois, M&A expenses, stock compensation expense and restructure expense, severance and other costs and gain on the sale of ADS. Adjusted diluted earnings per share is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It in isolation or as a substitute for net income, operating income or any other measure of calculated in accordance with GAAP.
(4) We define Adjusted net service revenues as revenue adjusted for the closure of certain sites. Adjusted net service revenues is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It in isolation or as a substitute for net income, operating income or any other measure of calculated in accordance with GAAP.
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SOURCE Addus HomeCare Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-addus-homecare-announces-first-quarter-2018-financial-results.html |
May 30, 2018 / 12:59 PM / a few seconds ago Sweden set to close $1 billion Patriot missile deal Reuters Staff 2 Min Read
STOCKHOLM (Reuters) - Sweden will close a deal in the next few weeks with U.S. arms maker Raytheon Co ( RTN.N ) to buy the Patriot air defense missile system as it modernizes its armed forces amid heightened tensions with Russia. FILE PHOTO: Logo of the U.S. defense company Raytheon is pictured at an international military fair in Kielce, Poland September 7, 2017. REUTERS/Kacper Pempel
Moscow’s brief war with Georgia in 2008 and its annexation of the Crimea Peninsula six years later has pushed Sweden, not a NATO member but with close ties to the alliance, to rebuild its armed forces after decades of neglect.
“We are now done negotiating with the U.S. about Patriot and will now ask the government’s permission to sign the contract,” said Joakim Lewin, head of the Army Design Office at the Swedish Materiel Administration (FMV), which procures and maintains equipment for the military.
The deal is initially worth around 10 billion crowns ($1.13 billion) and is the biggest military purchase since 2013 when Sweden started to upgrade 60 Saab SAAB.ST Gripen fighters, a deal worth around 47 billion crowns.
Sweden’s current air defense system, which is over a decade old, cannot shoot down enemy ballistic robots.
According to Lewin, the Patriot deal includes four firing units, parts, training and an undisclosed number of missiles.
The contract also includes an option to expand the purchase to up to 300 missiles. If the option is used, the final bill will be around $3 billion, Lewin said.
Delivery is expected to start in 2021.
So far, 15 other countries have purchased the Patriots, including NATO members Germany, the Netherlands, Romania and Poland. Neutral Switzerland has said it is considering Patriot among other systems.
The Swedish government has until August 10th to make a final decision on the deal. Reporting by Johan Sennero; Editing by Simon Johnson and Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/us-sweden-defense-raytheon/sweden-set-to-close-1-billion-patriot-missile-deal-idUKKCN1IV1MM |
May 15, 2018 / 7:21 PM / Updated 42 minutes ago Obesity tied to risk of irregular heart rhythm in both genders Lisa Rapaport 5 Both men and women who are overweight or obese may be more likely to develop an irregular heart rhythm condition known as atrial fibrillation than their counterparts who maintain a healthy weight, a recent study suggests.
In atrial fibrillation, the upper chambers of the heart, or atria, quiver instead of beating to move blood effectively. While the condition has long been linked to obesity, the current study offers fresh evidence of how gender may impact the risk of atrial fibrillation associated with excess weight.
Extremely obese men, for example, were more than four times more likely to develop atrial fibrillation than men who maintained a healthy weight, the study found. By contrast, extremely obese women had almost twice the risk of developing atrial fibrillation as women at a healthy weight.
“Not only does being overweight/obese change the structure of the heart, making it more susceptible to AF development, but other risk factors for AF are more likely to exist in overweight and obese individuals, such as high blood pressure,” said lead study author Jocasta Ball of the Baker Heart and Diabetes Institute in Melbourne, Australia.
“For patients, recognizing that being overweight or obese increases the risk of future AF development and that even small reductions in BMI can reduce this risk should trigger an attempt at weight loss,” Ball said by email.
Atrial fibrillation is the most common heart rhythm disorder, affecting approximately 2 to 3 percent of the world’s population, researchers note in the Journal of the American Heart Association.
For the current study, researchers examined survey data from 24,799 adults in Norway who were followed for an average of about 16 years to see how their weight impacted their chance of developing atrial fibrillation.
Atrial fibrillation most often develops after age 50. At the start of the study, participants were typically in their mid- to late- 30s. Most of them also started out at a healthy weight based on their body mass index (BMI) – a ratio of weight to height.
During the study period, 811 men and 918 women developed atrial fibrillation.
Even when people weren’t seriously overweight, a higher BMI was still tied with a higher risk for atrial fibrillation. For example, compared to a BMI of 23, which falls within a healthy weight range, men with a BMI of 25, which is slightly overweight, were 14 percent more likely to develop atrial fibrillation.
When men had a BMI of 18, which is underweight, they were 25 develop atrial fibrillation than men with a BMI of 23. Men with a BMI of 20, meanwhile, were 14 develop atrial fibrillation than men with a BMI of 23.
For women, the pattern was similar at lower weights but as with heavier individuals, the association between obesity and atrial fibrillation wasn’t as strong as it was with men.
Women with a BMI of 18 were 18 develop atrial fibrillation than women with a BMI of 23, and women with a BMI of 20 had an 11 percent lower risk.
designed to prove whether or how obesity causes atrial fibrillation. Researchers also lacked data on changes over time in medical conditions or medication use that might independently influence the risk of atrial fibrillation.
Still, the study adds to the evidence linking excess weight to a higher risk of atrial fibrillation, said Dr. Gregg Fonarow, a cardiology researcher at the University of California Los Angeles
“While the study finds the relationship was stronger in men, both men and women who were overweight or obese according to their body mass index were at increased risk for atrial fibrillation,” Fonarow said by email.
Losing even a little weight may help lower the risk, said Dr. Prash Sanders, a researcher at the University of Adelaide in Australia
“While even small amounts of weight loss can make a difference, we see an even greater magnitude in reduction of risk if more weight loss is achieved,” Sanders said by email. “Importantly, research has demonstrated that the structural and electrical changes we see in overweight and obese individuals are reversible with weight loss.”
SOURCE: bit.ly/2IgKDlI Journal of the American Heart Association, online April 19, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-weight-afib/obesity-tied-to-risk-of-irregular-heart-rhythm-in-both-genders-idUKKCN1IG30R |
HOUSTON, May 02, 2018 (GLOBE NEWSWIRE) -- Rosehill Resources Inc. (“Rosehill” or the “Company”) (NASDAQ:ROSE) (NASDAQ:ROSEW) (NASDAQ:ROSEU) today announced that J.A. (Alan) Townsend, President and Chief Executive Officer of Rosehill and its sole subsidiary Rosehill Operating Company, LLC, informed the Rosehill Board of Directors of his intention to retire following more than 45 years working in the oil and gas industry and 16 years of service to the Company and its predecessor Tema Oil and Gas Company. Mr. Townsend also indicated his intention to step down from his position as a Director of the Company.
Mr. Townsend will serve in his capacity as Director, President and Chief Executive Officer while the Company searches for his replacement. In addition, Mr. Townsend will provide consulting services for an additional two months following his retirement to further assist the transition of his duties.
Gary C. Hanna, Chairman of the Board of Directors, said, “We thank Alan for his dedicated service to Rosehill. He led the Company since its formation through the transformational business combination in April 2017. His leadership has been instrumental in Rosehill’s successes, which includes doubling reserves to over 31.1 MBOE from year-end 2016 to year-end 2017 and tripling average daily production since inception to over 15,000 BOEPD for March 2018. Having a CEO with over four decades of industry experience has been invaluable for expanding our footprint into a second core area in the Southern Delaware Basin and assembling a very capable management team.”
Mr. Hanna continued, “We are very enthusiastic about the Company’s 2018 performance to date and are grateful Alan has agreed to stay with the Company while we transition leadership to his successor. We will continue to pursue our goals to grow through the drillbit and through additional acquisition opportunities in the Delaware Basin, as well as to further strengthen our balance sheet.”
“I am proud of Rosehill’s achievements during the last year and equally proud of the many years of hard work our team put in as Tema Oil and Gas prior to the business combination that made the last year possible,” said Mr. Townsend. “We set and achieved ambitious goals in 2017, and 2018 is off to a great start. However, after 45 years in the oil and gas industry, the time is right for me to transition away from my full-time professional responsibilities.”
Rosehill is conducting a search to identify a President and Chief Executive Officer candidate to serve as Mr. Townsend’s successor. The Board has retained an executive search firm to assist in the process of identifying and evaluating potential internal and external candidates.
About Rosehill Resources Inc.
Rosehill Resources Inc. is an oil and gas exploration company with producing assets in Texas and New Mexico with its investment activity focused in the Delaware Basin portion of the Permian Basin. The Company’s strategy for growth includes the organic development of its two core acreage areas in the Northern Delaware Basin and the Southern Delaware Basin, as well as focused acquisitions in the Delaware Basin.
Contact Information: Alan Townsend
President and Chief Executive Officer
281-675-3400 Craig Owen
Chief Financial Officer
281-675-3400
Source:Rosehill Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-alan-townsend-announces-plan-to-retire-as-president-and-chief-executive-officer-of-rosehill-resources-inc.html |
(Reuters) - Italian shoemaker Geox ( GEO.MI ) gave a cautious outlook for full year revenue after a steep first quarter sales drop due to a retail overhaul, lower discounted sales and poor weather.
FILE PHOTO: Geox shoes are seen in a shop in Rome, Italy, April 10, 2016. REUTERS/Max Rossi/File Photo While confirming that it expected profitability to grow for the full year, Geox said on Tuesday that a certain degree of prudence for revenue forecasts would be required.
Geox also said that its retail overhaul at directly-operated stores was ‘substantially’ completed but it was still working to to rationalise third-party outlets.
The company, which earlier this year appointed former top Gucci executive Matteo Mascazzini to replace Gregorio Borgo as its chief executive, said first-quarter sales fell 11.2 percent to 264.5 million euros ($314 million)..
But Geox said that its performance in April and May was recovering as the weather improved, with like-for-like sales for directly-operated stores showing ‘strong’ improvements.
Geox chairman and founder Mario Moretti Polegato said that poor weather conditions contributed to lower footfall and sales as well as slowing down order shipping.
Lower discounted sales were due to the decision to reduce stock levels for the winter season in order to protect margin performance and support cash generation, Polegato said.
Reporting by Silvia Recchimuzzi in Gdynia; Editing by Alexander Smith
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-geox-results/geox-gives-cautious-revenue-outlook-amid-store-revamp-idUSKCN1IG2Q6 |
May 10, 2018 / 10:20 AM / Updated 7 hours ago Defoe has 'nothing to prove' if selected for England Reuters Staff 3 Min Read
(Reuters) - Bournemouth striker Jermain Defoe is relaxed about a potential call-up to the England squad for the upcoming World Cup and says he has nothing to prove if selected by boss Gareth Southgate. FILE PHOTO: Football Soccer - England Training - Burton Upon Trent, Britain - August 29, 2017 England's Jermain Defoe during training Action Images via Reuters/Carl Recine/File Photo
The 35-year-old former Tottenham Hotspur striker was called up to the England squad for the first time since 2013 during last year’s World Cup qualifiers and scored on his return against Lithuania. He has played just one minute for England since.
Defoe’s build up to the World Cup has seen him score four goals in 23 league matches for Bournemouth this season but the veteran says he is not worried as his past exploits prove that he can deliver when called upon.
“I got a letter. All the players that are in contention get a letter to tell you the schedule for the summer,” Defoe told ESPN.
“I don’t feel like I have anything to prove. I’m quite relaxed about it to be honest. The manager knows what I’m about and, if I’m called on, I’m ready to go to another tournament.”
Defoe believes his case for World Cup selection would have been helped if he had been given more game time.
“I feel like if I’d played more games, we’d be sitting here and it’d be a different conversation. Throughout my career whenever I’ve played and got rhythm, that’s when I get my goals. And I’ve proved it,” Defoe added. FILE PHOTO: Soccer Football - Premier League - Southampton v AFC Bournemouth - St Mary's Stadium, Southampton, Britain - April 28, 2018 Bournemouth's Jermain Defoe in action with Southampton's Maya Yoshida REUTERS/David Klein
“Against Lithuania at Wembley, I had about four touches and scored. Did anyone see that coming? No...
“I’ve never really thought about retiring from international football because I still feel sharp, I still feel in my heart I can score goals at that level.”
Defoe has represented England in disappointing campaigns at the 2010 World Cup and the 2012 European Championship and knows the criticism the players face from a success-hungry British media.
The frontman, however, says he is baffled by the media’s jabs aimed at current players Dele Alli and Raheem Sterling.
“Everyone knows that it’s different in other countries. It would make a massive difference if the press got behind us more. Instead, when things go wrong, you get players getting crucified...” he said.
Southgate has until June 4 to name his World Cup squad, ahead of England’s opener against Tunisia on June 18. Reporting by Aditi Prakash in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-defoe/defoe-has-nothing-to-prove-if-selected-for-england-idUKKBN1IB19T |
April 30 (Reuters) - TriNet Group Inc:
* Q1 EARNINGS PER SHARE $0.75 * Q1 EARNINGS PER SHARE VIEW $0.65 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE ROSE 7 PERCENT TO $861 MILLION * Q1 REVENUE VIEW $217.6 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-trinet-group-reports-q1-eps-of-075/brief-trinet-group-reports-q1-eps-of-0-75-idUSASC09YBZ |
May 15 (Reuters) - Precipio Inc:
* PRECIPIO INC FILES FOR NON-TIMELY 10-Q WITH U.S. SEC Source bit.ly/2IJcN8g Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-precipio-inc-files-for-non-timely/brief-precipio-inc-files-for-non-timely-10-q-idUSFWN1SM1FC |
SAN FRANCISCO--(BUSINESS WIRE)-- Corporate Capital Trust, Inc. (NYSE: CCT) announced today that it plans to release its financial results for the first quarter 2018 on Tuesday, May 15, 2018, before the opening of trading on the New York Stock Exchange.
A conference call to discuss CCT’s financial results will be held on Tuesday, May 15, 2018 at 9:30 a.m. ET. The conference call may be accessed by dialing (833) 818-6808 (U.S. callers) or +1 (409) 350-3502 (non-U.S. callers); a passcode is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Relations section of CCT’s website at http://corporatecapitaltrust.com/investor-relations/events-presentations/ . A slide presentation containing supplemental information may also be accessed through this website in advance of the call.
A replay of the live broadcast will be available on CCT’s website or by dialing (855) 859-2056 (U.S. callers) or +1 (404) 537-3406 (non-U.S. callers), pass code 7666356, beginning approximately two hours after the broadcast.
About Corporate Capital Trust
Corporate Capital Trust is a business development company that provides investors an opportunity to access middle market direct lending investments. The Company is externally managed by FS/KKR Advisor, LLC, and its investment objective is to provide shareholders with current income and, to a lesser extent, long-term capital appreciation. The Company intends to meet its investment objective by investing primarily in the debt of privately owned companies, with a focus on originated transactions. For additional information, please visit www.corporatecapitaltrust.com .
About FS/KKR Advisor, LLC
FS/KKR Advisor, LLC (FS/KKR) is a partnership between FS Investments and KKR Credit that serves as the investment adviser to six BDCs with approximately $18 billion in assets under management as of December 31, 2017. The BDCs managed by FS/KKR include FS Investment Corporation, FS Investment Corporation II, FS Investment Corporation III, FS Investment Corporation IV, Corporate Capital Trust, Inc. and Corporate Capital Trust II.
FS/KKR seeks to leverage the size of its platform, differentiated origination capabilities and expertise in capital markets to maximize returns and preserve capital for investors.
FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth and focuses on setting industry standards for investor protection, education and transparency. FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Washington, DC. Visit www.fsinvestments.com to learn more.
KKR Credit is a subsidiary of KKR & Co. LP, a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006576/en/
Corporate Capital Trust, Inc.
Media
Kristi Huller or Cara Major
[email protected]
or
Investor Relations
Danny McMahon or Donna Bass
[email protected]
Source: Corporate Capital Trust, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-corporate-capital-trust-inc-announces-earnings-release-and-conference-call-schedule-for-first-quarter-2018.html |
WASHINGTON, May 3 (Reuters) - For details of the U.S. Treasury’s auction of 3-month and 6-month bills next week, see:
3-month bills
here
6-month bills
here
Washington economics team
Our | ashraq/financial-news-articles | https://www.reuters.com/article/usa-debt-bills/u-s-to-sell-90-billion-in-3-month-6-month-bills-next-week-idUSW1N1R300T |
CNBC International Market Close Briefing: May 4, 2018 1 Hour Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/cnbc-international-market-close-briefing-may-4-2018.html |
VANCOUVER, May 16 (Reuters) - Construction on TransCanada Corp’s Coastal Gaslink pipeline will start in early 2019, pending a positive investment decision on the LNG Canada liquefied natural gas project, the head of the pipeline project said on Wednesday.
The company expects to award contracts for construction of the C$4.8 billion ($3.8 billion) project within the next two months, and will provide a cost update around the same time, Coastal Gaslink President Richard Gateman told reporters at an LNG conference.
“We would be looking at constructing in the early part of 2019,” he said. “We could be doing a little bit of field work in the fall (of 2018) if there’s an FID decision.” ($1 = 1.2790 Canadian dollars) (Reporting by Julie Gordon in Vancouver; Editing by Peter Cooney)
| ashraq/financial-news-articles | https://www.reuters.com/article/transcanada-pipeline-lng/canada-gas-pipeline-build-to-start-in-2019-pending-lng-plant-fid-idUSL2N1SN26Z |
May 23, 2018 / 4:34 PM / Updated 42 minutes ago Exclusive - Yulia Skripal: Attempted assassination turned my world upside down Guy Faulconbridge 6 Min Read
LONDON (Reuters) - Yulia Skripal survived an assassination attempt that UK authorities blame on Russia. But the daughter of one of Russia’s most famous spies says she wants to return to her country “in the longer term”, despite the poisoning.
“The fact that a nerve agent was used to do this is shocking,” Skripal told Reuters in an exclusive statement. “My life has been turned upside down.”
Yulia and her father Sergei Skripal, a former colonel in Russian military intelligence who betrayed dozens of agents to Britain’s MI6 foreign spy service, were found unconscious on a public bench in the British city of Salisbury on March 4.
Yulia Skripal, 33, was in a coma for 20 days.
“I woke to the news that we had both been poisoned,” Skripal said in her first media appearance since the poisoning. She contacted Reuters through the British police.
Skripal was speaking from a secret location in London as she is under the protection of the British state. She was discharged from Salisbury District Hospital about five weeks after the poisoning and has not been seen by the media until now.
“We are so lucky to have both survived this attempted assassination. Our recovery has been slow and extremely painful,” she said in her written English statement.
“As I try to come to terms with the devastating changes thrust upon me both physically and emotionally, I take one day at a time and want to help care for my Dad till his full recovery. In the longer term I hope to return home to my country.”
Skripal spoke in Russian and supplied a statement that she said she had written herself in both Russian and English. She signed both documents after making her statement.
She declined to answer questions after speaking to camera.
British Prime Minister Theresa May said the Skripals were poisoned with Novichok, a deadly group of nerve agents developed by the Soviet military in the 1970s and 1980s. May blames Russia for the poisoning. Related Coverage Yulia Skripal, daughter of poisoned Russian spy, in her own words
It was the first known use of a military-grade nerve agent on European soil since World War Two. Allies in Europe and the United States sided with May’s view and ordered the biggest expulsion of Russian diplomats since the height of the Cold War.
Russia retaliated by expelling Western diplomats. Moscow has repeatedly denied any involvement and accused the British intelligence agencies of staging the attack to stoke anti-Russian hysteria.
Kremlin spokesman Dmitry Peskov said he thought Yulia Skripal was speaking under duress.
“We have not seen her or heard from her,” he said when asked to comment on the story.
After Reuters published a video of Yulia Skripal’s statement, the Russian Embassy in London said it was glad Skripal was “alive and well” but that Russia still had concerns, and believed the text had been written by a native English speaker before being translated into Russian.
“With all respect for Yulia’s privacy and security, this video does not discharge the UK authorities from their obligations under Consular Conventions,” the Embassy said in a statement.
“The UK is obliged to give us the opportunity to speak to Yulia directly in order to make sure that she is not held against her own will and is not speaking under pressure. So far, we have every reason to suspect the opposite.” “NO ONE SPEAKS FOR ME”
Russia’s ambassador in London, Alexander Yakovenko, has repeatedly demanded to see Yulia, who was a Russian citizen when she was poisoned. Yulia Skripal, who was poisoned in Salisbury along with her father, Russian spy Sergei Skripal, speaks to Reuters in London, Britain, May 23, 2018. REUTERS/Dylan Martinez
“I’m grateful for the offers of assistance from the Russian Embassy. But at the moment I do not wish to avail myself of their services,” Skripal, who wore a light blue summer dress and bore a scar on her throat, said.
“Also, I want to reiterate what I said in my earlier statement, that no one speaks for me, or for my father but ourselves.”
Mystery surrounds the attack. The motive is unclear, as is the logic of using such an exotic nerve agent which has overt links to Russia’s Soviet past.
Russian officials question why Russia would want to attack an ageing turncoat who was pardoned and swapped in a Kremlin-approved 2010 spy swap.
President Vladimir Putin, himself a former KGB spy, said earlier this month that Skripal would have been dead if he was attacked with a weapons grade agent.
“I don’t want to describe the details but the clinical treatment was invasive, painful and depressing,” she said in Russian.
Yulia’s father was discharged from hospital on May 18. At one point doctors feared both patients could have suffered brain damage. He is no longer in a critical condition, Salisbury hospital said. NERVE AGENT ATTACK
Born as a citizen of a superpower, Yulia grew up as the Soviet Union crumbled and then in the chaos that followed its 1991 collapse.
Her Facebook page says she started studying at Moscow’s School No. 63 in 1991 before gaining admission to Moscow State Humanities University in 2001, a year after Putin was first elected as Russian president.
In December 2004, her father was arrested by Federal Security Service agents on suspicion of treason: passing secrets to Britain’s MI6 intelligence agency. Slideshow (13 Images)
Skripal, recruited by British spies while in Spain, ended up in Britain after a Cold War-style spy swap that brought 10 Russian spies captured in the United States back to Moscow in exchange for those accused by Moscow of spying for the West.
Yulia arrived in Britain from Russia at London’s Heathrow Airport at about 1440 GMT on March 3 on one of her regular visits to her father. The pair were found unconscious a day later.
“I am grateful to all of the wonderful, kind staff at Salisbury hospital, a place I have become all too familiar with. I also think fondly of those who helped us on the street on the day of the attack.” Reporting by Guy Faulconbridge; Additional reporting by Alistair Smout; Editing by Simon Robinson and Nick Tattersall | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-russia-skripal-yulia-exclusiv/exclusive-yulia-skripal-attempted-assassination-turned-my-world-upside-down-idUKKCN1IO2L5 |
FOUNTAIN VALLEY, Calif., D-Link today announced that CRN ® , a brand of The Channel Company , has named Catherine Cruz, director of business solution sales, to its prestigious list of 2018 Women of the Channel. The executives who comprise this annual list span the IT channel, representing vendors, distributors, solution providers and other organizations that figure prominently in the channel ecosystem. Each is recognized for her outstanding leadership, vision and unique role in driving channel growth and innovation.
CRN editors select the Women of the Channel honorees based on their professional accomplishments, demonstrated expertise and ongoing dedication to the IT channel. Cruz was recognized as one of CRN's Women of the Channel for her role in driving the partner program to strengthen the value in partnerships, and implementing new lead generation tactics to provide better, more qualified sales leads for D-Link's channel partners. With over 20 years of technology sales management and corporate leadership experience, Cruz has helped to further position D-Link as a valuable business partner and as an esteemed networking provider within the channel partner community.
"This accomplished group of leaders is steadily guiding the IT channel into a prosperous new era of services-led business models and deep, strategic partnerships," said Bob Skelley, CEO of The Channel Company. "CRN's 2018 Women of the Channel list honors executives who are driving channel progress through a number of achievements—exemplary partner programs, innovative product development and marketing, effective team-building, visionary leadership and accelerated sales growth—as well as advocacy for the next generation of women channel executives."
"I am extremely honored to be recognized as one of CRN's Women of the Channel and thereby as an influential female leader in this industry." said Cruz. "This award embodies the work that we, at D-Link, have put in to strengthen channel partnerships and add value for our partners to be able to excel and reach their business goals."
The 2018 Women of the Channel list will be featured in the June issue of CRN Magazine and online at www.CRN.com/wotc .
Follow The Channel Company: Twitter , LinkedIn and Facebook
About D-Link
D-Link is the global leader in connectivity for home, small business, mid- to large-sized enterprise environments, and service providers. An award-winning designer, developer, and manufacturer, D-Link implements and supports unified network solutions that integrate capabilities in broadband, cloud-based network management, IP Surveillance, switching and wireless. For more information visit us.dlink.com , or connect with D-Link on LinkedIn , Spiceworks and the D-Link Blog .
About The Channel Company
The Channel Company enables breakthrough IT channel performance with our dominant media, engaging events, expert consulting and education, and innovative marketing services and platforms. As the channel catalyst, we connect and empower technology suppliers, solution providers and end users. Backed by more than 30 years of unequaled channel experience, we draw from our deep knowledge to envision innovative new solutions for ever-evolving challenges in the technology marketplace. www.thechannelco.com
D-Link and the D-Link logo are trademarks or registered trademarks of D-Link Corporation or its subsidiaries. All other third-party marks mentioned herein may be trademarks of their respective owners. Copyright © 2018 D-Link. All Rights Reserved
CRN is a registered trademark of The Channel Company, LLC. All rights reserved
with multimedia: releases/d-links-catherine-cruz-recognized-as-one-of-crns-2018-women-of-the-channel-300648271.html
SOURCE D-Link Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-d-links-catherine-cruz-recognized-as-one-of-crns-2018-women-of-the-channel.html |
By John Patrick Pullen May 21, 2018
Beset by bottlenecks that not only slowed its production , but also handed the company its biggest ever quarterly loss , Tesla’s Model 3 sedan has had to deliver on some big promises — beyond those given when it was announced to great fanfare and a staggering amount of preorders . So, now two years later, as the rubber is hitting the road, does the Tesla Model 3 live up to the hype? Slow your roll—literally, Consumer Reports tells anxious auto buyers.
“Our testers also found flaws—big flaws—such as long stopping distances in our emergency braking test and difficult-to-use controls,” writes Consumer Reports’ Patrick Olsen in his Tesla Model 3 review . The braking issues kept Consumer Reports from giving the Model 3 its recommendation. Of the 57 hybrid and electric vehicles Consumer Reports has reviewed, it ranks the Tesla Model 3 sixth, behind the front-running 2018 Toyota Prius.
“The Tesla’s stopping distance of 152 feet from 60 mph was far worse than any contemporary car we’ve tested and about 7 feet longer than the stopping distance of a Ford F-150 full-sized pickup,” writes Olsen. Issues with braking and difficult to use controls cause the @Tesla #Model3 to fall short of a CR recommendation. https://t.co/f6r2s9oLJy
— Consumer Reports (@ConsumerReports) May 21, 2018 SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/21/tesla-model-3-consumer-reports-recommendation-brakes-brakes-test/ |
April 30 (Reuters) - Harvard Bioscience Inc:
* HARVARD BIOSCIENCE INC FILES FOR MIXED SHELF OF UP TO $50 MILLION – SEC FILING Source text ( bit.ly/2KqwbVG ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-harvard-bioscience-inc-files-for-m/brief-harvard-bioscience-inc-files-for-mixed-shelf-of-up-to-50-mln-idUSFWN1S71C9 |
May 1, 2018 / 5:43 PM / Updated 12 minutes ago U.S. extended EU tariff exemption because of good trade discussion - Ross Reuters Staff 1 Min Read
WASHINGTON (Reuters) - U.S. Commerce Secretary Wilbur Ross on Tuesday said the one-month extension of the exemption from new steel and aluminium tariffs granted to the European Union was the result of promising discussions to reduce trade tensions, and he does not anticipate granting exemptions to become a continuing practice. FILE PHOTO: FILE PHOTO: A labourer works on coils of steel wire at a steel wholesale market in Beijing, China, January 17, 2012. REUTERS/Soo Hoo Zheyang//File Photo
“We’re having some potentially fruitful discussions about an overall reduction in trade tensions,” he said in a CNBC interview. “I don’t think we have any intention to grant protracted extensions, that defeats the whole purpose.” Reporting by Lisa Lambert and David Lawder; Editing by Chizu Nomiyama | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-metals/u-s-extended-eu-tariff-exemption-because-of-good-trade-discussion-ross-idUKKBN1I2442 |
Defense Secretary James Mattis , a revered Marine with a military career spanning four decades, credits his leadership success to his voracious reading habits.
"Thanks to my reading, I have never been caught flat-footed by any situation, never at a loss for
how any problem has been addressed before. It doesn't give me all the answers, but it lights what is often a dark path ahead," Mattis wrote in a 2003 email to military historian Jill Russell.
Mattis, hailed for his battlefield prowess and kinship with rank-and-file soldiers, explained that the best way to hone war-fighting skills is to leverage lessons learned from history.
"A real understanding of history means that we face NOTHING new under the sun," Mattis wrote. "We have been fighting on this planet for 5000 years and we should take advantage of their experience. Winging it and filling body bags as we sort out what works reminds us of the
moral dictates and the cost of incompetence in our profession."
Before Mattis became President Donald Trump 's defense secretary, the four-star Marine Corps general led the U.S. Central Command, the combatant command responsible for the wars in Iraq and Afghanistan.
Throughout his military career, Mattis was affectionately referred to as "Mad Dog" and "warrior monk." He was known for his strategy, matter-of-factness and disdain for PowerPoint , which is recognized as the U.S. military's signature teaching tool.
Instead, Mattis chooses to arm himself with books.
Developing leadership In October 2016, a Marine asked Mattis how he continues to develop as a leader, Mattis once again pointed to reading.
"You stay teachable most by reading books by reading what other people went through," Mattis said. "I can't tell you the number of times I looked down at what was going on on the ground or I was engaged in a fight somewhere and I knew within a couple of minutes how I was going to screw up the enemy. And I knew it because I'd done so much reading."
"I knew what I was going to do because I'd seen other similar situations in the reading." -James Mattis, Secretary of Defense He added: "I knew what I was going to do because I'd seen other similar situations in the reading. I knew how they'd been dealt with successfully or unsuccessfully."
In an interview with author R. Manning Ancell for the 2017 book "The Leader's Bookshelf," Mattis shared some of his favorite titles for both the tactical and strategic reader:
"I guess on a tactical level, there was a novel by M.M. Kaye called 'The Far Pavilions,' and, of course, Guy Sajer's 'The Forgotten Soldier,'" Mattis told Ancell. At the strategic level, "you can't go wrong when you [Ulysses S.] Grant's 'Memoirs' or Viscount Slim's 'Defeat into Victory.'"
More than military history Mattis' reading extends well beyond just military history. His collection includes memoirs of those who served at the highest levels of government office, including recent officials, and histories of some of America's founding fathers.
Department of Defense photo U.S. Marine Corps Gen. James Mattis, Commander, U.S. Central Command, talks to Marines on Dec. 25, 2011, in Kabul, Afghanistan. "I was executive secretary for two secretaries at Defense, I worked closely with three others and when you read [former Defense Secretary Robert] Gates' book 'Duty,' you get a real sense of the breadth and the gravity of what faces people at that level," Mattis said.
"And in some way you look back on Will and Ariel Durant's 'The Lessons of History' or Ron Chernow's book on Alexander Hamilton, and you realize, man, you can get an awful lot out of people who have been through this sort of thing and studied the ones who did it before," he said. "Then you realize how few things are really new under the sun if you do good reading."
A deeply personal library Mattis' deep attachment to his books was painfully clear when he became secretary of Defense last year.
"He told me just before he took over at the Defense Department that one of the hardest things he has ever done in his life was to go through his books and give them away," Ancell told CNBC.
Ancell, who co-authored "The Leader's Bookshelf" with former Supreme Allied commander U.S. Navy Adm. James Stavridis, said that Mattis had a personal collection of 7,000 books before retiring from the military.
"For most of his career he had packed all of them up at the end of one assignment and had them shipped to his new assignment," Ancell said of Mattis' book collection. "And when he retired out in California he discovered he just didn't have the room anymore."
"I knew I wouldn't read them again," Mattis explained to Ancell, adding that he kept his books on geology, military history and the American West.
A literary kindred spirit in the White House While Mattis is one of the most prolific readers to ever hold the Pentagon's highest office, Ancell says "he does have a competitor."
The author said that Mattis has frequently deferred to another decorated Marine Corps general as being even more well-read than he is: John Kelly .
Kelly, who is Trump's White House chief of staff, is "the only man I have ever known who reads more than I do," the Defense secretary has said.
Alex Wong | Getty Images White House Chief of Staff John Kelly speaks during a daily news briefing at the James Brady Press Briefing Room of the White House. Kelly, a former commander of U.S. Southern Command, was known to begin his day at 3 a.m. so that he could read for two hours before his morning workout routine. He was such a prolific reader that he was tapped to compile the first Marine Corps Commandant's reading list.
The list that Kelly helped create started an annual tradition. It has since sparked other service branches and intelligence agencies to create their own reading lists.
"If there's not a war going on, the only way to learn about war is to read about it, and to read about how other people did war," Kelly told Ancell for "The Leader's Bookshelf."
Similar to Mattis, Kelly is an advocate of professional development through reading.
"I'll have people contact me a lot to say, 'You know, sir, I was just thinking, can you give me an idea of a book to read on military intelligence or something like that?' I would say, sure; these are four or five really good books on that," Kelly said for the book. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/defense-secretary-mattis-credits-reading-habit-for-leadership-skills.html |
'Overboard' returns after 30 years with gender reversal 3:37am IST - 01:47
Anna Faris and Eugenio Derbez talk about the differences between their new version of the 1987 classic ''Overboard'' at the Los Angeles premiere. Rough Cut - no reporter narration.
Anna Faris and Eugenio Derbez talk about the differences between their new version of the 1987 classic "Overboard" at the Los Angeles premiere. Rough Cut - no reporter narration. //reut.rs/2re1slY | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/01/overboard-returns-after-30-years-with-ge?videoId=423029409 |
(Reuters) - A Chicago fund manager that suffered catastrophic losses in a market plunge this year has blamed the actions of its broker, a Wells Fargo & Co unit, according to court documents filed on Wednesday.
FILE PHOTO - The sign at a Wells Fargo banking location is pictured in Pasadena, California, U.S., September 8, 2017. REUTERS/Mario Anzuoni The allegations were spelled out in response to a March lawsuit by Wells Fargo Securities against fund manager LJM Partners Ltd.
The response to the Wells Fargo Securities lawsuit is LJM’s first detailed public explanation of why it was one of the biggest casualties of February’s “vol-mageddon,” the volatility-linked collapse of investments that had profited in calmer markets.
LJM funds posted losses after the Cboe Volatility Index, the most widely followed barometer of price swings expected in the S&P 500 stock index, logged its biggest-ever single-day jump on Feb. 5.
But LJM’s losses only became permanent the next day, the fund’s lawyers said in a counter-claim filed in federal court in Manhattan. By the end of the two days LJM Partners and an affiliate had lost 80 percent or more of their value.
Wells Fargo Securities forced LJM to unwind its portfolio in “a series of catastrophic trades that locked in the portfolio’s primarily unrealized losses and made them real,” LJM said in the filing.
LJM lost $266 million across its funds, “at least $115 million more than if LJM had been allowed to apply its trading procedures,” the counter-claim said.
A spokeswoman for Wells Fargo said in a statement: “We will defend ourselves and strongly disagree with LJM’s claims.”
LJM founder Anthony Caine said in a letter to clients in February that working with its clearing broker, LJM “agreed that liquidation across all client accounts, regardless of clearing broker, was the most prudent action given market volatility and portfolio risks.”
Wells Fargo Securities has asked the court to help it retrieve $16.4 million, saying the brokerage covered LJM’s margin and losses with the Chicago Mercantile Exchange. Wells Fargo previously declined to comment on Caine’s account.
LJM, which along with the affiliate managed more than $1 billion earlier this year, has not answered questions since the company and the affiliate reported their funds’ losses. LJM later told clients it would return what was left of their money.
In Wednesday’s filing, LJM’s lawyers denied an earlier claim by Wells Fargo that the fund company is now likely to be insolvent.
Investors are suing Caine and Anish Parvataneni, a portfolio manager at LJM who previously worked for fund investor Ken Griffin’s Citadel, over what they said was inadequate disclosure about the risks of LJM’s investment approach.
Reporting by Trevor Hunnicutt; Editing by Eric Meijer and Susan Thomas
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ljm-wells-fargo/fund-says-wells-fargo-unit-worsened-vol-mageddon-losses-court-filing-idUSKBN1I40B4 |
6 Hours Ago | 03:55
In a significant shift in thinking, several economists contacted by CNBC now believe a rise in oil prices may not produce very much, if any, drag on U.S. growth.
Some even contend that the nation's new oil-producing prowess make a rise in prices "a wash" for growth.This is a complete about-face for old metrics where it was practically automatic for economists to mark down growth when oil prices rose.But the rise of the United States to become the world's second-largest oil producer has changed the calculus for how rising energy prices affect the economy. Consumer pain at the pump is now seen as an offset to an extent by increases in capital spending by U.S. oil companies and by gains in the growing number of regions producing energy. And what once would have been a massive surge in the oil trade deficit, which would subtract from gross domestic product, is now offset to a large degree by U.S. oil exports."We think the effect will round to a wash,'' said Michael Feroli, chief U.S. economist with J.P. Morgan Chase. "Our prior modeling would likely have produced a slightly more adverse impact, perhaps annualizing to a quarter point off growth for two consecutive quarters."Now, Feroli sees a roughly 0.2 percent decrease from lower consumer spending offset by a 0.2 percent gain in capital spending.To be sure, economists contacted by CNBC said they could not be sure if the positives would offset the negative at any oil price. A return to prices over $100 a barrel could overwhelm the consumer and exert a strong negative drag on the overall economy.
In addition, oil has an outsized effect on American consumers' psyche, beyond the actual costs. A sustained period of $3 a gallon for gasoline could weigh on confidence and spending. Finally, there could well be a mismatch in the timing of an offset to lower consumer spending from capital spending so that one quarter shows a drag while the next one exhibits a boost.John Ryding of RDQ Economics is not quite ready to say it's a wash, but he offered: "You're not looking at the kind of magnitude that we used to think about oil prices hurting the U.S. I think that it's less than a third of the impact that it used to be."Ryding said the biggest issue will be one of distribution. Higher oil prices amount to a wealth transfer from consumers to shareholders, and from oil-consuming regions to oil-producing regions. But this time, a lot more of the money will stay within American borders with the question of how petrodollars get divided inside the country. J.P. Morgan searches for errors
The rethink of the oil price impact is borne of the recent decline in prices in 2014 and 2015 and its failure to boost the economy. J.P. Morgan in a research note did what few economists do these days: They went back and looked at their errors.It found the oil price impact on consumer spending ended up being 0.7 percent less than what it would have expected, and the drag from capital spending was 0.2 percent more. Put simply, lower oil prices added less to consumption and took away more from investment than the old forecasting metrics would have implied.Some Federal Reserve officials have learned the lesson. St. Louis Federal Reserve President James Bullard told CNBC on Monday that the negative consumer effects and the positive investment effects "more or less washes out.""This will also encourage U.S. production, and compared to years past, oil prices have a more neutral effect on the U.S. economy,'' Bullard said. "It used to be a big oil shock was probably bad news, … but now I think it's neutral."A key to the offset is whether and by how much companies step up to invest. Many investors and lenders were burned in the last price runup so the sector could have some difficulty attracting long-term capital. And, productivity continues to improve in the oil sector, meaning fewer rigs are needed to extract the same amount of oil as even five years ago. Finally, some of that capital equipment will be imported, a drag on the U.S. trade deficit that will offset at least some of the surge in oil exports.But that's at the margin of a stark change in the U.S. energy profile. U.S. oil production has surged from a low of 4.6 million barrels a day in 2005 to a new record high of 10 million bpd. It's risen 13 percent in just the past year, following the price of oil higher.Importantly for balance of payments, the result of more U.S. production is a sharp decline in imports, which have fallen by 42 percent in real dollars since 2005, while exports are up 318 percent. That is, they have gone from a basically a negligible amount to a meaningful offset to imports. Steve Liesman CNBC Senior Economics Reporter Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/rising-oil-prices-may-now-be-a-positive-for-the-us-economy.html |
May 23 (Reuters) - Copart Inc:
* COPART REPORTS THIRD QUARTER FISCAL 2018 FINANCIAL RESULTS
* Q3 EARNINGS PER SHARE $0.52 * Q3 EARNINGS PER SHARE VIEW $0.49 — THOMSON REUTERS I/B/E/S
* QTRLY TOTAL SERVICE REVENUES AND VEHICLE SALES $478.2 MILLION VERSUS $373.9 MILLION
* QTRLY NON-GAAP DILUTED NET INCOME PER COMMON SHARE $0.52
* Q3 REVENUE VIEW $436.5 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-copart-q3-earnings-per-share-052/brief-copart-q3-earnings-per-share-0-52-idUSASC0A3HD |
May 25, 2018 / 9:17 AM / Updated 11 hours ago Rockets take Game 5, inch closer to dethroning Warriors Reuters Staff 5 Min Read
Eric Gordon sank two free throws with 2.4 seconds left, and the Houston Rockets eked out a 98-94 victory over the visiting Golden State Warriors in Game 5 of the Western Conference finals on Thursday at Toyota Center. May 24, 2018; Houston, TX, USA; Houston Rockets guard James Harden (13) drives around Golden State Warriors forward Kevon Looney (5) during the second quarter in game five of the Western conference finals of the 2018 NBA Playoffs at Toyota Center. Mandatory Credit: Troy Taormina-USA TODAY Sports
The Rockets will take a 3-2 series lead back to Oakland, Calif., with a chance to close out the defending NBA champions on Saturday.
With the Rockets clinging to a two-point lead, Gordon sealed the victory at the foul line. The Warriors had an opportunity to pull even on their previous possession, but Draymond Green lost the basketball attempting a drive to the basket. Gordon recovered the loose ball.
Houston won Game 5 despite James Harden missing all 11 of his 3-point attempts while finishing with 19 points on 5-of-21 shooting. He also committed six turnovers.
The Rockets’ other leader, Chris Paul, was on the bench for the final 22.4 seconds due to a right hamstring injury. Paul scored 18 points on 6-of-12 shooting in the second half after scoring two points and missing all seven of his field-goal attempts before halftime.
Houston coach Mike D’Antoni told reporters postgame that Paul is “worried” about his status.
D’Antoni said, “He’ll be evaluated tomorrow. They’ll do whatever they can do. If he’s there (for Game 6), great. If he isn’t, we have enough guys. ... We’ll be all right.” May 24, 2018; Houston, TX, USA; Houston Rockets guard Chris Paul (3) shot is blocked by Golden State Warriors forward Draymond Green (23) during the fourth quarter in game five of the Western conference finals of the 2018 NBA Playoffs at Toyota Center. Mandatory Credit: John Glaser-USA TODAY Sports
Gordon tallied a team-high 24 points off the bench. He sank a big basket down the stretch for the second game in a row.
“I remember the last game, I set a screen for CP and he hits me and I’m wide open for a 3, and James, same thing tonight. Penetrates, kind of sag off, and he hits me for a 3,” Gordon said. “It’s more about chemistry and looking for me, and I’ve got to be prepared to knock down the shot.”
Kevin Durant paced the Warriors with 29 points while Stephen Curry and Klay Thompson combined for 45 points on 16-of-31 shooting. However, Curry missed a runner off the glass with Golden State trailing by one point down the stretch. Green had 12 points, 15 rebounds and six turnovers.
Golden State coach Steve Kerr said of the late play that resulted in a Green giveaway, “I think Draymond saw an open lane to the basket, but he knew the time was winding down a little bit. I think Draymond probably thought he could get to the rim and dunk it; I’ll have to see the replay.
“I think Klay may have been in the far right corner so we had the floor spread. I thought, without having seen it, Draymond rushed it a little bit. The play was unfolding nicely, it just didn’t turn out obviously.” Slideshow (8 Images)
Paul hit his first basket at the 9:43 mark of the second half, a 3-pointer that lifted Houston to a 52-49 lead. That served to ignite him.
The Rockets benefitted greatly from the Warriors’ lackadaisical ball security in the first half, recording nine points off eight Golden State turnovers to tread water despite their horrid shooting. Houston closed the half 6 of 24 from behind the arc with Harden and Paul misfiring on all 10 of their 3-point attempts while shooting 4 of 20 overall prior to the intermission.
Golden State closed the second quarter with an 8-0 spurt and pulled even at the break after Durant kept them afloat with 18 first-half points.
After combining for zero points on 0-of-4 shooting in the first quarter, Curry and Thompson started building momentum in the second and closed the half with 18 combined points. When Thompson scored through a foul on the first possession of the second half, the Warriors captured their first lead of the game at 47-45.
Each team wound up with as many turnovers as assists. The Warriors had 18 of each, the Rockets 12 of each.
Houston won despite being outshot from the floor 44.4 percent to 37.2 percent.
Now the Warriors head home, looking to send the series back to Houston for Game 7 on Monday.
“We know what we’re capable of, we know that we can win two games,” Green said. “Obviously, a sense that you’ve been there before is always a good feeling. You know what it takes. And then with what we’ve put out there on the floor the last two games, it could have easily been two wins. So we understand that and we know the things that we can improve on, and we’ll improve on those things.”
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-hou-gsw-recap/rockets-take-game-5-inch-closer-to-dethroning-warriors-idUSKCN1IQ11W |
May 15 (Reuters) - Eleven Biotherapeutics Inc:
* ELEVEN BIOTHERAPEUTICS REPORTS FIRST QUARTER FINANCIAL RESULTS AND PIPELINE UPDATES
* Q1 LOSS PER SHARE $0.11 * THERE WAS NO REVENUE FOR QUARTER ENDED MARCH 31, 2018, COMPARED TO $0.4 MILLION FOR SAME PERIOD IN 2017
* ELEVEN BIOTHERAPEUTICS -REVENUE FALL DUE TO REDUCTION IN REVENUE RECOGNIZED FROM CO’S LICENSE AGREEMENT WITH F. HOFFMANN-LA ROCHE LTD, HOFFMANN-LA ROCHE INC
* COMPANY MAINTAINS IT WILL HAVE CAPITAL TO FUND ITS CURRENT OPERATING PLANS INTO EARLY 2019 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-eleven-biotherapeutics-q1-loss-per/brief-eleven-biotherapeutics-q1-loss-per-share-0-11-idUSASC0A2EF |
President Donald Trump said Wednesday his reversal on Chinese company ZTE only relates to a "larger trade deal" his administration seeks with Beijing.
Top Trump administration officials such as Commerce Secretary Wilbur Ross had tried to separate the president's push to boost the telecommunications company from trade talks with China. Ross this week called it an "enforcement" issue, not a trade dispute.
Trump's public statements have muddled that message.
In a series of tweets Wednesday morning, the president said "there has been no folding" on his pledges to crack down on Chinese trade practices. He said high-level meetings on the U.S.- China trade relationship "haven't even started yet."
Trump also argued that the U.S. "has very little to give" in talks "because it has given so much over the years." He added: "China has much to give!"
Trump tweet: The Washington Post and CNN have typically written false stories about our trade negotiations with China. Nothing has happened with ZTE except as it pertains to the larger trade deal. Our country has been losing hundreds of billions of dollars a year with China...
Trump tweet: ...We have not seen China's demands yet, which should be few in that previous U.S. Administrations have done so poorly in negotiating. China has seen our demands. There has been no folding as the media would love people to believe, the meetings...
Trump tweet: ...haven't even started yet! The U.S. has very little to give, because it has given so much over the years. China has much to give!
Last month, the Trump administration barred U.S. companies from selling to ZTE for seven years. The ban came in response to the company's shipping of American goods to Iran and North Korea in violation of sanctions. It effectively crippled ZTE.
On Sunday, the president said he instructed his Commerce Department to find a way to help the telecommunications equipment maker "get back into business, fast." "Too many jobs" were lost in China, the president added.
show chapters China may remove tariffs on agricultural products in exchange for relief for ZTE 5:13 PM ET Mon, 14 May 2018 | 01:01 Senate Democrats accused Trump of abandoning his pledge to crack down on alleged trade abuses by China. One Senate Republican, Marco Rubio of Florida, also warned of national security risks and said he hoped "this isn't the beginning of backing down to China."
Trump's concessions on ZTE come as the world's two largest economies undertake trade discussions to avoid a potential trade war. Reports have indicated Trump could ease up on ZTE in exchange for a Chinese pullback on tariffs that threaten to damage the U.S. agricultural industry.
Top Chinese officials are in the U.S. this week for trade talks . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/trump-says-his-actions-on-chinas-zte-relate-to-the-larger-trade-deal.html |
* Global inventories are expected to continue dropping
* OPEC cuts, looming U.S. sanctions against Iran lift Brent
* Asia's oil spending has doubled since 2015/16 price lows (Recasts, updates throughout)
LONDON, May 17 (Reuters) - Oil prices hit their highest level since November 2014 on Thursday, with Brent crude creeping closer to $80 per barrel as supplies tighten and tensions with Iran simmer.
Brent crude futures rose 32 cents to $79.60 per barrel at 0846 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up 29 cents at $71.78 a barrel. That was not far off Tuesday's $71.92 a barrel - also a level not seen since November 2014.
The prospects of a sharp drop in Iranian oil exports in the coming months due to renewed U.S. sanctions following President Donald Trump's decision to withdraw from an international nuclear deal with Tehran has lifted oil prices in recent weeks.
France's Total on Wednesday warned it might abandon a multi-billion-dollar gas project in Iran if it could not secure a waiver from U.S. sanctions, casting further doubt on European-led efforts to salvage the nuclear deal.
"The geo-political noise and escalation fears are here to stay," said Norbert Rücker, Head of Macro & Commodity Research, at Swiss bank Julius Baer. "Supply concerns are top of mind after the United States left the Iran nuclear deal."
Global inventories of crude oil and refined products dropped sharply in recent months due to robust demand and production cuts by the world's top producing countries.
Oil stocks were expected to drop further as peak summer driving season nears, offsetting increases in U.S. shale output, said analysts at Bernstein.
"While the sharp rise in U.S. production and rig count has raised questions on the sustainability of inventory draws through 2018, we believe that inventories will continue to draw as we enter the summer driving season in 2018," they said.
Several banks have in recent days raised their oil price forecasts, citing tighter supplies and strong demand.
EVERYTHING BULLISH?
But high oil prices could hit consumption, the International Energy Agency warned on Wednesday, lowering its global oil demand growth forecast for 2018 to 1.4 million from 1.5 million barrels per day (bpd).
Asia's demand is at record highs and with rising prices its crude could cost $1 trillion this year, about twice what it paid during the market lull of 2015/2016.
The IEA said global oil demand would average 99.2 million bpd in 2018, although U.S. bank Goldman Sachs said consumption would cross 100 million bpd "this summer."
Leading production increases is the United States, where crude output <C-OUT-T-EIA> has soared by 27 percent in the last two years, to a record 10.72 million bpd, putting the United States within reach of top producer Russia's 11 million bpd.
Goldman Sachs, though, said even with a slowdown in demand and soaring U.S. output, global oil markets would remain tight.
"U.S. shale cannot solve the current oil supply problems," it said, arguing that U.S. oil would not be sufficient to offset production losses from Iran, Venezuela and Angola.
Goldman also said the tight market left "room for OPEC to exit (its production cuts) without significant price impact."
(Additional reporting by Henning Gloystein in Singapore; editing by Tom Hogue and Jason Neely) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/reuters-america-update-4-oil-nears-80-after-hitting-highest-since-nov-2014.html |
May 16 (Reuters) - MILESTONE MEDICAL INC:
* REPORTED ON TUESDAY Q1 NET LOSS OF $807,145 VERSUS LOSS OF $647,984 YEAR AGO
* Q1 REVENUE $36,500 VERSUS $0 YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SN2E1 |
May 16, 2018 / 8:49 PM / Updated 9 hours ago Ruthless Griezmann sparkles in Atletico masterclass Richard Martin 4 Min Read
LYON, France (Reuters) - Atletico Madrid striker Antoine Griezmann struck twice as the Spanish side outclassed hapless Olympique de Marseille 3-0 on Wednesday to win the Europa League for the third time. Soccer Football - Europa League Final - Olympique de Marseille vs Atletico Madrid - Groupama Stadium, Lyon, France - May 16, 2018 Atletico Madrid players celebrate with the trophy after winning the Europa League REUTERS/Vincent Kessler
The scoreline mirrored the Spanish side’s last Europa League final win over Athletic Bilbao in 2012 and cemented their status as one of the continent’s most consistent teams since Argentine coach Diego Simeone transformed their fortunes.
The only side to overcome them in knockout European football since 2013 are arch-rivals Real Madrid, who beat them in the 2014 and 2016 Champions League finals and knocked them out of the same competition in 2015 and 2017.
“They are an attacking team they work very well but we focussed on our game, which was to defend well, be a tough team and take advantage of their mistakes,” Griezmann told reporters. Related Coverage Torres ends long wait for silverware with beloved Atletico
“I left home when I was 14 years old because I wanted to win trophies, this is my second and I hope I can win more.”
Marseille dominated the opening stages but gifted Atletico the lead when Andre-Frank Zambo Anguissa failed to control goalkeeper Steve Mandanda’s pass out and Gabi intercepted before setting Griezmann free to finish neatly in the 21st minute. Soccer Football - Europa League Final - Olympique de Marseille vs Atletico Madrid - Groupama Stadium, Lyon, France - May 16, 2018 Spain's King Felipe VI looks on as Atletico Madrid celebrate with the trophy after winning the Europa League REUTERS/John Sibley
The French side wasted a chance to take a fourth-minute lead when Valere Germain skewed his shot wide with only Jan Oblak to beat and it got worse for them when playmaker Dimitri Payet left the field injured in floods of tears in the 32nd minute.
Four minutes after the re-start, Koke ran into a hole in midfield and slipped the ball to Griezmann who deftly dinked it past Mandanda, and Gabi added a late third to confirm Marseille’s third defeat in as many finals in the competition.
Marseille had been emphatically beaten and could only salute their fervent supporters, who outnumbered the Spanish fans in the 59,000-capacity Groupama Stadium and let off flares and firecrackers at the start and end of the match.
“The score does not reflect the game, the more experienced team won, they know how to play these matches, they play in the Champions League regularly so we should not be ashamed of losing this match,” Marseille coach Rudi Garcia said. Slideshow (10 Images)
“Losing Dimitri was obviously a big issue for us. We lost a great player at set-pieces, if there’s one part of the game where we could have been dangerous, it would have been set- pieces.” AUTOMATIC ROUTE
As well as missing out on a first European trophy since winning the Champions League in 1993, Garcia’s side squandered an automatic route back into Europe’s elite competition.
They now must overhaul third-placed Olympique Lyonnais, who they trail by one point in the Ligue 1 standings heading into the final weekend of the season.
Propelled by the fervent supporters who had waited 14 years to reach another European final, the French side created two early chances but striker Germain and defender Adil Rami both missed the target.
Atletico were happy to sit back in the opening stages and had one half chance which Koke skewed wide but they picked an opportune moment to strike and Griezmann’s goal against the run seriously wounded Marseille.
The French side looked even more lost when Payet went off and Griezmann’s supremely well-taken second goal effectively finished them off.
Marseille substitute Kostas Mitroglou struck the post with a fine late header but Atletico enjoyed a dream end to the game as captain Gabi netted the third goal and long-serving forward Fernando Torres came on for the last few minutes to end his long wait for a first trophy with his beloved club. Additional reporting by Brian Homewood, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-europa-final/griezmann-pounces-twice-as-atletico-sink-hapless-marseille-idUKKCN1IH2Y9 |
BRUSSELS (AP) — The Latest on Facebook CEO Mark Zuckerberg's meeting with European Union officials (all times local):
6:30 p.m.
Facebook CEO Mark Zuckerberg is apologizing for the internet giant's failure to prevent some of the internet tools it has developed from being misused.
During a testimony at the European Parliament Zuckerberg said Tuesday that whether it was "fake news, foreign interference in elections and developers misusing people's information. We didn't take a broad enough view of our responsibilities."
Speaking to a group of EU parliamentary group leaders in Brussels, he said: "That was a mistake, and I'm sorry for it."
11:45 a.m.
Facebook CEO Mark Zuckerberg faces senior European Union lawmakers later Tuesday to answer questions about a scandal over the alleged misuse of the data of millions of Facebook users.
In testimony to be broadcast live, Zuckerberg will be questioned by leaders of the European Parliament's main party groups and committees.
Zuckerberg testified last month to the U.S. Congress, but had been noncommittal about appearing in Europe. He sent a senior official to speak to the British parliament and offered to do the same in Brussels, but the EU assembly insisted on hearing him in person.
Tuesday's hearing was originally supposed to be held behind closed doors. EU Civil Liberties, Justice and Home Affairs Committee President Claude Moraes said the fact that it will now be made public "is very significant." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/the-associated-press-the-latest-zuckerberg-tells-eu-lawmakers-im-sorry.html |
NEW YORK, May 29, 2018 /PRNewswire/ -- Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC (collectively, the "Purchasers") today announced the early tender results and pricing of their previously announced offers (each offer an "Offer" and collectively, the "Offers") to purchase for cash certain outstanding debt securities of MetLife, Inc. ("MetLife"), as set forth in the table below (collectively, the "Notes" and each, a "series" of Notes). The Purchasers also announced an increase in the aggregate purchase price (excluding accrued and unpaid interest) from $900,000,000 to $1,150,000,000 (the "Maximum Tender Consideration"), subject to the acceptance priority levels (the "Acceptance Priority Levels") set forth in the table below, and their election to have an early settlement. The complete terms and conditions of the Offers are set forth in the Offer to Purchase dated May 15, 2018 and the related Letter of Transmittal (together, the "Offer Materials"). The total price to be paid by the Purchasers will be delivered on Wednesday, May 30, 2018 (the "Early Settlement Date").
As of 5:00 p.m., New York City time, on May 29, 2018 (the "Early Tender Date"), the principal amount of each series of Notes listed in the table below, representing $1,735,374,000 aggregate principal amount of Notes, had been validly tendered and not withdrawn. Holders who validly tendered and did not validly withdraw their Notes by the Early Tender Date and whose Notes are accepted for purchase will receive the Total Consideration (as defined in the Offer Materials) for Notes of the applicable series as set forth in the table below, plus accrued and unpaid interest up to, but not including, the Early Settlement Date.
Title of
Security
CUSIP
Number
Reference
Security
Principal
Amount
Outstanding
Principal
Amount
Tendered as of
Early Tender
Date
Percentage of
Tendered
Bonds
Accepted for
Purchase
Acceptance
Priority
Level
Reference
Yield
Fixed
Spread
Total
Consideration (1)
7.717% Senior
Debt
Securities,
Series B, due
2019
59156RAT5
0.75% due
February 15,
2019
$1,035,000,000
$468,963,000
100%
1
2.171%
0 bps
$1,038.72
6.817% Senior
Debt
Securities,
Series A, due
2018
59156RAR9
1.00% due
August 15,
2018
$1,035,000,000
$518,582,000
100%
2
1.916%
0 bps
$1,010.09
4.750% Senior
Notes due
2021
59156RAX6
1.375% due
January 31,
2021
$1,000,000,000
$548,050,000
23% (2)
3
2.475%
25 bps
$1,052.12
3.048% Series
C Senior
Component
Debentures
Tranche 2, due
2022
59156RBF4
2.00% due
November 30,
2022
$500,000,000
$199,779,000
0%
4
2.611%
50 bps
$997.34
(1)
Per $1,000 principal amount of Notes. Includes an Early Tender Premium of $50 per $1,000 principal amount of Notes. In addition,
payment for Notes will include accrued and unpaid interest to, but excluding, the Early Settlement Date.
(2)
Subject to an approximate proration factor.
The amount of each series of Notes to be purchased on the Early Settlement Date was determined in accordance with the Acceptance Priority Levels and the proration procedures described in the Offer Materials, subject to the Maximum Tender Consideration. Accordingly, all tendered Notes with Acceptance Priority Level 1 and Acceptance Priority Level 2 will be accepted for purchase, $548,050,000 principal amount of tendered Notes with Acceptance Priority Level 3 will be subject to a proration factor of approximately 23% and no Notes with Acceptance Priority Level 4 will be accepted or purchased pursuant to the Offers.
The applicable Tender Offer Consideration for each series was determined as described in the Offer Materials based on the present value of all remaining payments of principal and interest to be made on the applicable Notes to (and including) the applicable maturity date, discounted to the Early Settlement Date at a rate equal to the sum of the applicable fixed spread and the yield based on the bid-side price of the applicable Reference Security (as set forth in the table above) as calculated by the Purchasers at 2:00 p.m., New York City time, today.
The withdrawal rights deadline has passed and has not been extended. Notes tendered pursuant to the Offers may no longer be withdrawn, except as required by law.
The Offers will expire at 11:59 p.m., New York City time, on June 12, 2018, unless extended or earlier terminated (such time and date as it may be extended, the "Expiration Date"). Because the Offers have been oversubscribed as of the Early Tender Date, holders who validly tender Notes after the Early Tender Date but at or prior to the Expiration Date will not have any such Notes accepted for payment regardless of the Acceptance Priority Level of such Notes.
The Purchasers have approached MetLife to negotiate an agreement whereby the Purchasers would exchange the Notes purchased in the Offers for certain of the shares of common stock of Brighthouse Financial, Inc. held by MetLife. There is no guarantee that such an agreement can be reached or that the exchange will be consummated.
Requests for documents may be directed to D.F. King & Co., Inc. (the "Tender Agent and Information Agent") at (877) 283-0320 (toll free) or (212) 269-5550 (collect). Questions regarding the terms of the Offers may be directed to Goldman Sachs & Co. LLC at (800) 828-3182 (toll free) or (212) 357-1452 (collect), J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-4666 (collect), Morgan Stanley & Co. LLC at (800) 624-1808 (toll free) or (212) 761-1057 (collect) and Wells Fargo Securities, LLC at (866) 309-6316 (toll free) or (704) 410-4760 (collect). Copies of the Offer Materials may also be obtained at no charge from the Tender Agent and Information Agent.
This press release does not constitute an offer to purchase, a solicitation of an offer to purchase or a solicitation of an offer to sell securities. The Purchasers are making the Offers only by, and pursuant to the terms of, the Offer Materials. The complete terms and conditions of the Offers are set forth in the Offer Materials.
View original content: http://www.prnewswire.com/news-releases/goldman-sachs--co-llc-jp-morgan-securities-llc-morgan-stanley--co-llc-and-wells-fargo-securities-llc-announce-an-increase-in-the-maximum-tender-consideration-the-early-tender-results-and-pricing-of-previously-announced-o-300656182.html
SOURCE Goldman Sachs & Co. LLC; J.P. Morgan Securities LLC; Morgan Stanley & Co. LLC; Wells Fargo Securities LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-goldman-sachs-co-llc-j-p-morgan-securities-llc-morgan-stanley-co-llc-and-wells-fargo-securities-llc-announce-an-increase-in.html |
BAGHDAD (Reuters) - The Iraqi air force carried out a new strike on an Islamic State position inside Syria, Prime Minister Haider al-Abadi’s office said in a statement on Sunday.
Iraqi Prime Minister Haider al-Abadi speaks during the Tokyo Conference on Supporting Job Creation and Vocational Training to Facilitate Weapons Reduction for Iraqi Society in Tokyo, Japan, April 5, 2018. REUTERS/Toru Hanai The strike targeted a position used by the commanders of the group, south of the town of Deshaisha, the statement said. “The position was completely destroyed,” it said.
The Iraqi air force has already carried out several air strikes against IS in Syria since last year, with the approval of the Syrian government of President Bashar al-Assad and the U.S.-led coalition fighting Islamic State.
Abadi last month said he would “take all necessary measures if they threaten the security of Iraq,” referring to the militants who just three years ago overran a third of Iraq.
The prime minister declared final victory over the ultra hardline group in December but it still poses a threat from pockets along the border with Syria and has continued to carry out ambushes, assassinations and bombings across Iraq.
Iraq has good relations with Iran and Russia, Assad’s main backers in the seven-year-old Syrian civil war, while also enjoying strong support from the U.S.-led coalition.
Reporting by Maher Chmaytelli; Editing by Adrian Croft and Elaine Hardcastle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria/iraqi-air-strike-targets-is-position-used-by-commanders-of-the-group-in-syria-pm-idUSKBN1I7041 |
KINSHASA, May 10 (Reuters) - Democratic Republic of Congo’s Health Minister Oly Ilunga on Thursday announced the first confirmed Ebola death in a new outbreak of the disease and said 11 other people are now confirmed to be infected.
At least 17 people have died since inhabitants of a village in the country’s northwest began showing symptoms resembling Ebola several months ago. However, those cases were not confirmed through testing. (Reporting by Patient Ligodi Writing by Edward McAllister Editing by Joe Bavier)
| ashraq/financial-news-articles | https://www.reuters.com/article/health-ebola-congo-casualties/congo-confirms-one-dead-from-ebola-11-others-infected-idUSL8N1SH77X |
May 7 (Reuters) - Vishay Intertechnology Inc:
* VISHAY INTERTECHNOLOGY INCREASES QUARTERLY DIVIDEND BY 26%
* VISHAY INTERTECHNOLOGY - DECLARED DIVIDEND OF $0.085 PER SHARE OF COMMON STOCK & CLASS B COMMON STOCK, 26% INCREASE OVER PREVIOUS QUARTER’S DIVIDEND Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-vishay-intertechnology-increases-q/brief-vishay-intertechnology-increases-quarterly-dividend-by-26-pct-idUSASC0A07I |
Britain on Monday awarded defense firm BAE Systems 2.4 billion pounds ($3.26 billion) to work on two submarine program, the company said in a statement.
The Ministry of Defense gave BAE a 1.5 billion pound contract for delivery of the seventh Astute class submarine, and a further 900 million pounds for the next phase of the Dreadnought submarine program, the company said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/britain-awards-3-point-3-billion-in-submarine-work-to-bae-systems.html |
May 14, 2018 / 1:42 PM / Updated 11 minutes ago CANADA STOCKS-TSX opens higher as energy shares gain Reuters Staff 1 Min Read
May 14 (Reuters) - Canada’s main stock index opened higher on Monday, helped by gains in energy shares due to a rise in oil prices.
* At 9:31 a.m. ET (1331 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index rose 33.54 points, or 0.21 percent, to 16,016.86. Reporting by Amy Caren Daniel and Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur | ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks-open/canada-stocks-tsx-opens-higher-as-energy-shares-gain-idUSL3N1SL56F |
May 15 (Reuters) - Microbot Medical Inc:
* MICROBOT MEDICAL INC QTRLY NET LOSS PER SHARE $0.03 Source text: ( bit.ly/2IEKmIT ) Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-microbot-medical-reports-qtrly-net/brief-microbot-medical-reports-qtrly-net-loss-per-share-0-03-idUSFWN1SM1B2 |
May 22, 2018 / 6:31 PM / Updated 23 minutes ago Mexico presidential race seen little changed by second debate - polls Reuters Staff 2 Min Read
MEXICO CITY (Reuters) - Sunday’s second Mexican presidential debate likely did little to blunt leftist front-runner Andres Manuel Lopez Obrador’s momentum ahead of the July 1 election, two post-debate opinion polls suggested. Leftist front-runner Andres Manuel Lopez Obrador of the National Regeneration Movement (MORENA), waves while arriving with his wife Beatriz Gutierrez Muller for the second presidential debate in Tijuana, Mexico May 20, 2018. REUTERS/Ramon Blanco
Lopez Obrador, a former Mexico City mayor who is leading by 20 percentage points in some voter surveys, spent much of the debate using stock phrases and sparring with second-placed challenger Ricardo Anaya, who is leading a right-left coalition.
As they fought, they largely ignored third-placed Jose Antonio Meade, the ruling Institutional Revolutionary Party’s candidate, who was able to focus more on pitching his proposals. Meade is well behind Lopez Obrador in surveys of voting intentions.
A phone survey of 2,000 people by polling firm Massive Caller, published on Sunday after the debate, showed that 35 percent of respondents regarded Anaya as the debate winner, 33 percent went for Lopez Obrador, and 25 percent for Meade.
The debate appeared to do little to change public perceptions of who would eventually triumph in July, though, with 43 percent predicting Lopez Obrador would emerge victorious, compared with 36 percent for Anaya and 16 percent for Meade.
A smaller poll of 284 people by Mexican statistics firm Numerus, published on Tuesday, gave Meade the win - but found just 31 percent of respondents followed the debate.
Pollsters say ad hoc telephone surveys do not necessarily provide a reliable reflection of public opinion. Reporting by Julia Love, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mexico-election/mexico-presidential-race-seen-little-changed-by-second-debate-polls-idUKKCN1IN2N3 |
May 29, 2018 / 6:35 PM / Updated 32 minutes ago Canada pension funds may be long-term buyers of Kinder pipeline Matt Scuffham 3 Min Read
TORONTO, May 29 (Reuters) - Canada’s biggest public pension funds could be long-term buyers of Kinder Morgan Canada Ltd’s Trans Mountain pipeline but are unlikely to invest until the C$7.4 billion ($5.7 billion) project has been built, several pension fund sources said on Tuesday.
The Canadian government said on Tuesday it will buy the Trans Mountain assets for C$4.5 billion, hoping to salvage a project that faces formidable political and environmental opposition. The pipeline is intended to move Canadian crude to ports in the Vancouver area for shipment to foreign markets.
Although the federal government has taken stakes in other struggling energy projects, Tuesday’s announcement marked the first time it is being an entire pipeline, and Ottawa said it does not want to hold the asset for the long term.
Frank McKenna, Toronto-Dominion Bank’s deputy chairman and a former New Brunswick premier, said he expected pension funds and private equity players to be interested in the asset as well as other pipeline or infrastructure players.
“I think there will be a lot of private sector interest in this project once the political risk is taken out of it. These are very desirable assets. They pay good economic rents and they’re long-life assets,” he said. TD is the biggest lender to the project.
The Canada Pension Plan Investment Board, Canada’s biggest public pension plan, said on Tuesday it was “not actively assessing an investment in the extension opportunity.”
The Canadian government could bring in partners to help finance the expansion, according to pension fund sources. However, it is unlikely to do so through its Infrastructure Bank, set up last year to facilitate public-private partnerships but not yet operational, they said.
Canadian pension funds have a long-held preference for buying assets that are already built rather than those with construction risks, and the reputational risk associated with the project could also be a turnoff.
With that in mind, pension fund sources said the federal government may have to hold the asset for a number of years to eventually attract the best price and give it the best chance to recover money for taxpayers, or even make a profit.
Caisse de depot et placement du Quebec, Canada’s second biggest public pension and Kinder Morgan Canada’s biggest independent shareholder, has shown the most appetite for financing the construction of new infrastructure among Canada’s biggest pension plans. It declined to comment.
Ontario Teachers Pension Plan, Canada’s third biggest public pension fund, did not immediately comment. ($1 = 1.3022 Canadian dollars) (Reporting by Matt Scuffham Editing by Jeffrey Benkoe) | ashraq/financial-news-articles | https://www.reuters.com/article/kinder-morgan-cn-pipeline-buyers/canada-pension-funds-may-be-long-term-buyers-of-kinder-pipeline-idUSL2N1T01BE |
JAKARTA (Reuters) - Indonesia’s central bank raised its benchmark interest rate for the second time in two weeks on Wednesday and flagged more possible hikes as it escalated a battle to boost the fragile rupiah and contain capital outflows.
Bank Indonesia's new governor, Perry Warjiyo, speaks at a media briefing at Bank Indonesia headquarters in Jakarta, Indonesia, May 30, 2018. REUTERS/Willy Kurniawan Bank Indonesia’s new governor, Perry Warjiyo, pledged more action to promote financial and economic stability to bolster Indonesian assets amid an emerging market sell-off.
The central bank “will continue to calibrate global and domestic market developments to utilize room for further rate hikes in a measured way,” Warjiyo told reporters after the board of governors, at a special meeting, lifted the key rate IDCBRR=ECI by 25 basis points to 4.75 percent.
On May 25, one day after being sworn-in for a five-year term, Warjiyo called Wednesday’s off-cycle meeting. On May 17, BI raised its key rate by 25 basis points to shore up the rupiah, then trading at its weakest since October 2015.
Warjiyo, who was not always reading verbatim from the policy statement, called Wednesday’s hike “pre-emptive, front-loading and an ahead of the curve step” in response to expectations of higher U.S. interest rates.
Rahul Bajoria, an economist in Singapore for Barclays, said the two hikes in two weeks “very forcefully signals to the market that the new governor is very serious about maintaining financial stability.”
‘CURRENCY FIRST’ Stephen Innes, head of Asia-Pacific currency trading at OANDA, said Wednesday’s decision signalled “currency first and nothing else really matters”.
Bank Indonesia's new governor, Perry Warjiyo, arrives for a media briefing at Bank Indonesia headquarters in Jakarta, Indonesia, May 30, 2018. REUTERS/Willy Kurniawan In 2016 and 2017, BI cut its benchmark rate by a total of 200 bps in a bid to boost sluggish lending and economic growth.
Warjiyo said the hikes should not immediately impact economic growth as the central bank would compensate with looser “macroprudential” rules. These would be discussed at BI’s meeting in late June, though previously Warjiyo has said they could included easing housing mortgages rules.
By the end of 2018, BI expects lending growth to hit 12 percent, after languishing in the single-digits in the past few years. April’s annual growth rate was 8.9 percent.
With lending and consumption weak, Indonesia’s annual economic growth has been stuck at about 5 percent.
On Monday, Finance Minister Sri Mulyani Indrawati said the government was prepared to use short-term measures to support the economy even if that meant slightly lower growth.
The government has a 2018 growth target of 5.4 percent. BI said on Wednesday it still expects expansion of 5.2 percent, better than last year’s 5.07 percent.
Bank Indonesia's new governor, Perry Warjiyo, smiles after a media briefing at Bank Indonesia headquarters in Jakarta, Indonesia, May 30, 2018. REUTERS/Willy Kurniawan Despite the hawkish tone in BI’s statement, economists are divided over the pace and extent of further tightening.
“We expect further hikes later this year, but we doubt that a repeat of the aggressive tightening cycle seen in 2013 is on the cards,” Capital Economics said in a note, citing Indonesia’s better fundamentals compared to when it was dubbed one of the “Fragile Five”.
In 2013, during the so-called “taper tantrum”, BI raised rates by 175 basis points.
SOUND KEY INDICATORS The rupiah, one of the worst performers among Asian currencies this year, barely moved on Wednesday’s rate news and closed at 13,985 per dollar.
The currency has gained slightly since hitting the lowest in more than two years last week, partly due to foreign buying of bonds.
Ten-year government bond yields ID10YT=RR were Quote: d at 7.12 percent on Wednesday, down 50 basis points in a week.
According to finance ministry data, foreign holding of tradable bonds increased by 1.48 trillion rupiah ($105.83 million) from Thursday, the day Warjiyo took office, to Monday, though analysts also pointed to rupiah stability and a slide in oil prices as supporting buying.
Stressing Indonesia’s sound fundamentals, Warjiyo said the inflation rate is seen at 3.6 percent at the end of 2018, while the current account deficit is expected to be below 2.5 percent of GDP.
Harry Su, managing director at financial research firm Samuel International, said BI “is now doing more proactive and forward-looking policy, particularly with regard to a possible higher current account deficit, as well as inflationary pressure stemming from the current higher oil price environment.”
All but one of 18 analysts in a Reuters Poll expected BI to raise the key rate on Wednesday.
Additional reporting by Gayatri Suroyo, Fransiska Nangoy and Tabita Diela in JAKARTA and Karen Lema in MANILA; Editing by Richard Borsuk and Ed Davies
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-indonesia-economy-rates/indonesia-central-bank-raises-key-rate-again-flags-chance-of-more-hikes-idUSKCN1IV0SP |
Remembering Mark Haines 1 Hour Ago The "Squawk on the Street" crew share their memories on CNBC anchor Mark Haines who passed away seven years ago today. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/remembering-mark-haines.html |
ARLINGTON, Va., May 15, 2018 /PRNewswire/ -- Arlington Asset Investment Corp. (NYSE: AI) (the "Company") today announced that its Board of Directors authorized a quarterly dividend of $0.4375 per share of its 7.00% Series B Cumulative Perpetual Redeemable Preferred Stock (NYSE: AI PrB) (the "Series B Preferred Stock") for the second quarter of 2018. The dividend will be payable on July 2, 2018 to shareholders of record of the Series B Preferred Stock on May 29, 2018.
The tax characterization to shareholders of the distribution will be determined after the end of the calendar year and will be reported to shareholders on Form 1099-DIV. To the extent the Company has current or accumulated earnings and profits for the year, distributions would be reported as dividends. Because the Company is taxed as a C-corporation for U.S. federal tax purposes, any dividends would be qualified dividends eligible for the reduced capital gains rates. Any distributions in excess of earnings and profits for the year would be classified as nontaxable returns of capital to the extent they do not exceed a shareholder's adjusted tax basis in the Company's stock, or as a capital gain to the extent that the amount of the distribution exceeds a shareholder's adjusted tax basis in the Company's stock.
About the Company
Arlington Asset Investment Corp. (NYSE: AI) is a principal investment firm that currently invests primarily in mortgage-related and other assets. The Company is headquartered in the Washington, D.C. metropolitan area. For more information, please visit www.arlingtonasset.com .
Certain statements in this press release are forward-looking as defined by the Private Securities Litigation Reform Act of 1995. These include statements regarding dividend payments. Forward-looking statements can be identified by forward-looking language, including words such as "believes," "expects," "anticipates," "estimates," "plans," "continues," "intends," "should", "may," and similar expressions. Due to known and unknown risks, including the risk that the assumptions on which the forward-looking statements are based prove to be inaccurate, actual results may differ materially from expectations or projections. These risks also include those described in the Company's most recent Annual Report on Form 10-K and any other documents filed by the Company with the Securities and Exchange Commission (the "SEC") from time to time, which are available from the Company and from the SEC, and you should read and understand these risks when evaluating any forward-looking statement. Readers of this press release are cautioned to consider these risks and uncertainties and not to place undue reliance on any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to matters discussed in this press release, except as may be required by applicable securities laws.
View original content: http://www.prnewswire.com/news-releases/arlington-asset-investment-corp-declares-dividend-on-its-series-b-preferred-stock-for-the-second-quarter-of-2018-300649135.html
SOURCE Arlington Asset Investment Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-arlington-asset-investment-corp-declares-dividend-on-its-series-b-preferred-stock-for-the-second-quarter-of-2018.html |
1 Hour Ago | 01:10
On this week's episode of CNBC's " Jay Leno's Garage ," the host takes on comedian Jeff Foxworthy in a tractor race. But they do it in style.
Leno rides a 1968 Lamborghini R485 wearing a track suit and a gold chain, while Foxworthy steers a 1958 Porsche Diesel Junior dressed like "a typical Porsche guy" in a tweed coat and cap.
Foxworthy looks less than thrilled. CNBC | Jay Leno's Garage Jay Leno and Jeff Foxworthy dressed appropriately for their rides
He was anticipating getting to drive a sports car, but instead he gets a history lesson on how iconic founder Ferdinand Porsche built tractors until the 1960s, while Lamborghini still produces them.
The Porsche Foxworthy drives went for $1,750 in its heyday and now is worth $3,000. Its 13.8 horsepower engine can lug the vehicle's 2575 pounds to a top speed of 12 mph.
The Lamborghini, by contrast, has appreciated from an original price $13,000 to $80,000 today. It weighs 8,000 pounds and has an 85 horsepower engine, allowing it to hit an intimidating 14 mph. CNBC | Jay Leno's Garage 1968 Lamborghini R485 and 1958 Porsche Diesel Jr
But when you're weaving through bales of hay, agility is key, so Foxworthy's lighter tractor pulls ahead and ultimately wins the race. "You know, it would be a shame of Jeff had some kind of accident," Leno says, in an aside to viewers.
"How's my dust taste, Jay?" Foxworthy taunts, throwing his cap into the air.
"What, you think you're better than me?" asks Leno, as he puts his competitor in a headlock and gives him a pounding. Jay Leno's Garage | CNBC Jay Leno puts Jeff Foxworthy in a headlock while he's riding the 1958 Porsche Tractor
Foxworthy acknowledges he had another advantage: He's country. "When I'm not working, I'm either on a tractor or a bulldozer," he says. "That's my escape." He grew up in the small town of Hapeville near Atlanta, Georgia, and today lives on a 3,000-acre farm where he grows corn, soy beans and alfalfa. When deer come around, he bow hunts.
Plus, he benefited during the race from that fact that he's Leno's guest, and Leno is a gentleman. Just last week the host lost another race to Tim Allen .
"You wanted to make me look good, right?" asks Foxworthy once Leno is done hitting him.
"Believe me, it's not easy," Leno responds.
CNBC's " Jay Leno's Garage " airs Thursdays at 10 p.m. ET. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/jeff-foxworthy-outraces-a-lamborghini-in-a-3000-porsche.html |
GOOSE CREEK, S.C.--(BUSINESS WIRE)-- JW Aluminum Continuous Cast Company (collectively with its subsidiaries, the “Company”), a wholly-owned subsidiary of JW Aluminum Holding Corp., announced today the completion of its previously-announced offering of $285 million aggregate principal amount of 10.25% Senior Secured Notes due 2026 (the “Notes”). The Notes were offered in a private offering that was exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”).
The net proceeds from the offering will be used to repay the Company’s $151.0 million secured term loan and to modernize and refresh the Company’s capacity at its Mount Holly operation, which will include the installation of proven, state-of-the-art equipment expected to result in substantial operating cost savings and additional production capacity. As a result of the offering, the Company has no outstanding debt maturing prior to 2023.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes, nor does it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offer and sale of the Notes will not be registered under the Securities Act or applicable state securities laws, and the Notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in accordance with Regulation S under the Securities Act. Unless so registered, the Notes cannot be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
About JW Aluminum:
JW Aluminum manufactures specialty flat-rolled aluminum products including fin stock used by the heating and cooling industry, light gauge converter foil for the flexible packaging industry, honeycomb foil for the aerospace industry, bare and painted sheet products for window coverings and the building and construction markets, as well as other foil and sheet products.
JWA operates plants in Mt. Holly, South Carolina; St. Louis, Missouri; Russellville, Arkansas and Williamsport, Pennsylvania.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531006193/en/
JW Aluminum Company
Rich Caruso, 843-764-8302
Chief Financial Officer
[email protected]
Source: JW Aluminum Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-jw-aluminum-announces-closing-of-offering-of-285-million-of-senior-secured-notes.html |
SINGAPORE (Reuters) - Singapore Airlines Ltd ( SIAL.SI ) on Thursday topped market expectations by reporting a 148 percent rise in full-year net profit to the highest level since 2011, as passenger and cargo revenue rose and it benefited from a transformation program.
FILE PHOTO: A woman walks past a Singapore Airlines (SIA) logo at a ticketing booth at Changi airport in Singapore May 14, 2013. REUTERS/Edgar Su However, it warned of pressures from intense competition, costs and rising fuel prices despite strong bookings for the coming months and a continued stabilization in airfares.
The carrier, a benchmark for Asia’s premium airlines, made S$893 million ($665.6 million) in the year ended March, up from S$360 million a year earlier and 28 percent higher than the S$697 million average forecast from 14 analysts polled by Thomson Reuters I/B/E/S.
A strong fourth quarter marked a turnaround from a year ago, when an operating loss by its flagship full-service airline led the company to launch a three-year transformation program designed to cut costs and boost revenue amid competition from Chinese and Middle Eastern rivals and low-cost carriers.
Singapore Airlines said transformation initiatives including a new revenue management program, a new airfare pricing structure and the establishment of a centralized pricing unit boosted revenue, while the airline also saved costs via more efficient use of fuel and waste reduction.
“The first year of the ... three-year transformation program has shown good progress,” the airline said. “The next two years of the program will further build on initiatives around enhancements to the customer experience, revenue growth and improvements in operational efficiency.”
Singapore Airlines’ group revenues rose 6.3 percent to S$15.8 billion for the full year, with improvements across all business lines, outpacing a 3.5 percent rise in costs, including an 18 percent increase in fuel.
The airline announced a final dividend of S$0.30 a share, nearly triple the S$0.11 paid a year earlier.
In the fourth quarter ended March 31, operating profit rose to S$214 million from S$27 million a year earlier, with the flagship full-service airline swinging from last year’s S$41 million loss to a S$137 million profit.
Average ticket prices, or yields, rose 1 percent in the fourth quarter, breaking a downward trend as the airline and its peers curbed discounting to counter rising fuel prices.
Oil prices have risen to the highest level in three and a half years, with Brent crude futures LCOc1 reaching $80 a barrel on Thursday.
Reporting by Jamie Freed; Editing by Himani Sarkar and Dale Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-singapore-air-results/singapore-airlines-beats-expectations-with-highest-profit-in-seven-years-idUSKCN1II19R |
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