text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
Former All-Star outfielder Lenny Dykstra was arrested on Wednesday morning after allegedly threatening an Uber driver in Linden, N.J.
2011 file photo: Former Major League baseball player Lenny Dykstra appears in a Los Angeles Superior Court for an arraignment in San Fernando, California August 8, 2011. Dykstra is charged with 25 counts, including grand theft auto and possession of a controlled substance. REUTERS/Danny Moloshok Dykstra allegedly pulled out a gun, held it to the driver’s head and threatened to kill the man.
Dykstra, 55, was charged with making terroristic threats and with multiple drug offenses. According to Linden police, Dykstra was in possession of cocaine, marijuana and ecstasy when taken into custody around 3:30 a.m. ET.
Police didn’t immediately find the weapon.
The incident occurred after Dykstra requested the driver take him to a different location than the previously agreed-upon destination. The driver declined the request and told police Dykstra then pulled out the gun and made the threats.
The incident happened near police headquarters. The driver pulled the car into the police lot and fled the vehicle.
Dykstra was arrested a short time afterward. He was later released and has a court date next month.
Dykstra tweeted late Wednesday afternoon in response to a story about the NFL banning kneeling during the national anthem.
“Your audience would be a lot bigger if you were covering the big story involving me rather than just joining the herd here,” Dykstra tweeted, in part.
The incident is the latest in a series of legal issues involving Dykstra since he retired from baseball in 1996.
Dykstra was a three-time All-Star for the Philadelphia Phillies during a 12-year playing career in which he was known for feisty and aggressive play. He finished second in National League MVP voting in 1993 when he went batted .305 and walked 129 times en route to scoring 143 runs.
Dykstra played for the New York Mets for 4 1/2 seasons, beginning in 1985, until being traded to the Phillies.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-phi-nym-dykstra-arrested/former-outfield-star-lenny-dykstra-arrested-after-incident-with-uber-driver-idUSKCN1IP0CN |
May 12, 2018 / 2:00 PM / Updated an hour ago Attackers kill 26 in northwest Burundi ahead of vote Reuters Staff 3 Min Read
NAIROBI (Reuters) - At least 26 people were killed and seven others wounded in an attack in Burundi’s north western province of Cibitoke late on Friday, less than a week before a constitutional referendum, a local administrator and residents said.
Burundi is due to hold a referendum on May 17 to decide whether to amend the constitution to extend presidential terms to seven years from five.
Human rights groups say they do not think the vote will take place in a free and fair climate, while there has been sporadic incidents of violence and abductions.
Emmanuel Bigirimana, the head of Buganda district, said the incident happened in a village called Ruhagarika at around 10 p.m. on Friday.
“They arrived at the village ... armed with rifles, some with machetes, and started shooting. Some died instantly and others were rushed to the hospital,” he told Reuters by phone.
“The attackers were around 20 and nearly all of them were in military uniforms.”
Burundi was plunged into crisis in April 2015 when President Pierre Nkurunziza said he planned to run for a third term, which the opposition said was unconstitutional and violated a peace deal that had ended the country’s civil war in 2005.
Nkurunziza was re-elected, but some of his opponents took up arms against him. Rights groups say an estimated 400,000 people have sought refuge from the violence in neighbouring countries.
Government officials and members of the opposition have been among those killed in tit-for-tat violence by rival sides.
The proposed constitutional changes would limit the president to two consecutive terms but would not take into account previous terms, potentially extending Nkurunziza’s rule to 2034.
Three residents at the village who did not wish to be named said it was likely the attack was to warn against anyone voting in favour of constitutional changes.
But Bigirimana downplayed that, saying the attackers were not politically motivated, given they targeted three homesteads and killing only women and children.
“A whole family of six people has also been slain. The attack was not politically motivated but was rather a settlement of a score,” he said. Writing by George Obulutsa; Editing by Clelia Oziel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-burundi-security/attackers-kill-26-in-northwest-burundi-ahead-of-vote-idUKKCN1ID0I2 |
Affirms 2018 Guidance
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- STORE Capital Corporation (NYSE: STOR, “STORE Capital” or the “Company”), an internally managed net-lease real estate investment trust (REIT) that invests in S ingle T enant O perational R eal E state, today announced operating results for the first 2018.
Highlights
For the 2018:
Total revenues of $125.8 million Net income of $50.0 million, or $0.26 per basic and diluted share, including an aggregate net gain of $9.6 million on dispositions of real estate AFFO of $85.9 million or $0.44 per basic and diluted share Declared a regular quarterly cash dividend per common share of $0.31 Invested $320.4 million in 103 properties at a weighted average initial cap rate of 7.8% Expanded the unsecured revolving credit facility to $600 million and the accordion feature to $800 million, raising maximum borrowing capacity to $1.4 billion Closed inaugural public debt offering, issuing $350 million in aggregate principal amount of investment-grade senior unsecured notes Raised net proceeds of $99.0 million representing an aggregate of approximately 4.1 million common shares from sales under the at-the-market equity program
Management Commentary
“2018 is off to a great start,” said Christopher Volk, Chief Executive Officer. “Our acquisitions activity continued to be strong, diverse and granular during the first quarter. We originated $320 million in gross investments at an average cap rate of 7.8%. We also profitably divested $45 million of real estate, resulting in net acquisition activity for the quarter of $275 million, and our investment yields continued to be highly accretive. Importantly, we completed our inaugural public unsecured note offering, which was rated BBB/BBB/Baa2 by Standard & Poor’s, Fitch Ratings and Moody’s, respectively. Our dividend continues to be well-protected, with an AFFO payout ratio of 70%. Together, our reinvested free cash flows and average annual rent increases of 1.8% combine to deliver internal growth that will drive most of our anticipated total growth for 2018. With strong and stable portfolio performance, we are affirming our guidance for the year.”
Financial Results
Total Revenues
Total revenues were $125.8 million for the first quarter of 2018, an increase of 16.6% from $108.0 million for the first quarter of 2017. The increase was driven primarily by the growth in the size of STORE Capital’s real estate investment portfolio, which grew from $5.5 billion in gross investment amount representing 1,750 property locations and 369 customers at March 31, 2017 to $6.5 billion in gross investment amount representing 2,000 property locations and 404 customers at March 31, 2018.
Net Income
Net income was $50.0 million, or $0.26 per basic and diluted share, for the first quarter of 2018, an increase from $31.4 million, or $0.19 per basic and diluted share, for the first quarter of 2017. Net income for the first quarter of 2018 includes an aggregate net gain on dispositions of real estate of $9.6 million as compared to $3.7 million for the same period in 2017.
Net income includes such items as gain or loss on dispositions of real estate and provisions for impairment. These items can vary from quarter to quarter and impact net income and period-to-period comparisons.
Adjusted Funds from Operations (AFFO)
AFFO increased 22.8% to $85.9 million, or $0.44 per basic and diluted share, for the first quarter of 2018, compared to AFFO of $70.0 million, or $0.43 per basic and diluted share, for the first quarter of 2017. The increase in AFFO between years was primarily driven by additional rental revenues and interest income generated by the growth in the Company’s real estate investment portfolio.
Dividend Information
As previously announced, STORE Capital declared a regular quarterly cash dividend per common share of $0.31 for the first 2018. This dividend, totaling $61.4 million, was paid on April 16, 2018 to stockholders of record on March 30, 2018.
Real Estate Portfolio Highlights
Investment Activity
The Company originated $320.4 million of gross investments representing 103 property locations during the first quarter of 2018, adding seven new customers. These investments had a weighted average initial cap rate of 7.8%. The Company defines “initial cap rate” for property acquisitions as the initial annual cash rent divided by the purchase price of the property.
Disposition Activity
During the 2018, the Company sold 22 properties and recognized an aggregate net gain on the dispositions of real estate of $9.6 million. For the 2018, proceeds from the dispositions of real estate aggregated $49.8 million as compared to an aggregate original investment amount of $45.5 million for the properties sold.
Portfolio
At March 31, 2018, STORE Capital’s real estate portfolio totaled $6.5 billion representing 2,000 property locations. Approximately 95% of the portfolio represents commercial real estate properties subject to long-term leases, 4% represents mortgage loans and direct financing receivables primarily on commercial real estate buildings (located on land the Company owns and leases to its customers) and a nominal amount represents loans receivable secured by the tenants’ other assets. As of March 31, 2018, the portfolio’s annualized base rent and interest (based on rates in effect on March 31, 2018 for all lease and loan contracts) totaled $520.2 million as compared to $447.6 million as of March 31, 2017. The weighted average non-cancelable remaining term of the leases at March 31, 2018 was approximately 14 years.
The Company's portfolio of real estate investments is highly diversified across customers, brand names or business concepts, industries and geography. The following table presents a summary of the Company’s portfolio.
Portfolio At A Glance - As of March 31, 2018 Investment property locations 2,000 States 49 Customers 404 Industries in which customers operate 104 Proportion of portfolio from direct origination ~80% Contracts with STORE-preferred terms * (1) 93% Weighted average annual lease escalation (2) 1.8% Weighted average remaining lease contract term ~14 years Occupancy (3) 99.6% Properties not operating but subject to a lease (4) 20 Investment locations subject to a ground lease 20 Investment portfolio subject to NNN leases * 98% Investment portfolio subject to Master Leases * (5) 87% Average investment amount/replacement cost (new) (6) 82% Locations subject to unit-level financial reporting 97% Median unit fixed charge coverage ratio (FCCR)/4-Wall coverage ratio (7) 2.1x/2.6x Contracts rated investment grade (8) ~75% * Based on annualized base rent and interest.
(1) Represents the percentage of our lease contracts that were created by STORE or contain preferred contract terms such as unit-level financial reporting, triple-net lease provisions and, when applicable, master lease provisions. (2) Represents the weighted average annual escalation rate of the entire portfolio as if all escalations occurred annually. For escalations based on a formula including CPI, assumes the stated fixed percentage in the contract or assumes 1.5% if no fixed percentage is in the contract. For contracts with no escalations remaining in the current lease term, assumes the escalation in the extension term. Calculation excludes contracts representing less than 0.2% of annualized base rent and interest where there are no further escalations remaining in the current lease term and there are no extension options. (3) The Company defines occupancy as a property being subject to a lease or loan contract. As of March 31, 2018, seven of the Company’s properties were vacant and not subject to a contract. (4) Represents the number of the Company’s investment locations that have been closed by the tenant but remain subject to a lease. (5) Percentage of investment portfolio in multiple properties with a single customer subject to master leases. Approximately 83% of the investment portfolio involves multiple properties with a single customer, whether or not subject to a master lease. (6) Represents the ratio of purchase price to replacement cost (new) at acquisition. (7) STORE Capital calculates a unit’s FCCR generally as the ratio of (i) the unit’s EBITDAR, less a standardized corporate overhead expense based on estimated industry standards, to (ii) the unit’s total fixed charges, which are its lease expense, interest expense and scheduled principal payments on indebtedness. The 4-Wall coverage ratio refers to a unit’s FCCR before taking into account standardized corporate overhead expense. (8) Represents the percentage of the Company’s contracts that have a STORE Score that is investment grade. The Company measures the credit quality of its portfolio on a contract-by-contract basis using the STORE Score, which is a proprietary risk measure reflective of both the credit risk of the Company’s tenants and the profitability of the operations at the properties. As of March 31, 2018, STORE Capital’s tenants had a median tenant credit profile of approximately ‘Ba2’ as measured by Moody's Analytics RiskCalc rating scale. Considering the profitability of the operations at each of its properties and STORE’s assessment of the likelihood that each of the tenants will choose to continue to operate at the properties in the event of their insolvency, the credit quality of its contracts, or STORE Score, is enhanced to a median of ‘Baa2’. Capital Transactions
In February 2018, the Company expanded its unsecured revolving credit facility from $500 million to $600 million and the accordion feature from $300 million to $800 million for a total maximum borrowing capacity of $1.4 billion. The amended credit facility matures in February 2022 and includes two six-month extension options, subject to certain conditions.
In February 2018, the Company established a new $500 million “at the market” equity distribution program, or ATM program, and terminated its previous $400 million ATM Program established in September 2016. During the first quarter of 2018, the Company sold an aggregate of approximately 4.1 million shares at a weighted average share price of $24.51 and raised approximately $99.0 million in net proceeds after the payment of sales agents’ commissions and offering expenses.
In March 2018, the Company completed its first public debt offering, issuing $350 million in aggregate principal amount of its unsecured, investment-grade rated 4.50% Senior Notes, due March 2028. The net proceeds from the issuance were primarily used to pay down amounts outstanding under the Company’s credit facility.
2018 Guidance
Affirming its 2018 guidance initially presented in November 2017, the Company currently expects 2018 AFFO per share to be within a range of $1.78 to $1.84, based on projected 2018 annual real estate acquisition volume, net of projected property sales, of approximately $900 million. This AFFO per share guidance equates to anticipated net income, excluding gains or losses on sales of property, of $0.83 to $0.87 per share, plus $0.88 to $0.90 per share of expected real estate depreciation and amortization, plus approximately $0.07 per share related to such items as straight-line rent and the amortization of stock-based compensation and deferred financing costs. AFFO per share is sensitive to the timing and amount of real estate acquisitions, property dispositions and capital markets activities during the year, as well as to the spread achieved between the lease rates on new acquisitions and the interest rates on borrowings used to finance those acquisitions. The midpoint of our AFFO guidance is based on a weighted average cap rate on new acquisitions of 7.75% and target leverage in the range of 5½ to 6 times run-rate net debt to EBITDA.
Conference Call and Webcast
A conference call and audio webcast with analysts and investors will be held later today at 12:00 p.m. Eastern Time / 9:00 a.m. Scottsdale, Arizona Time, to discuss first 2018 operating results and answer questions.
Live conference call: 855-656-0920 (domestic) or 412-542-4168 (international) Conference call replay available through May 17, 2018: 877-344-7529 (domestic) or 412-317-0088 (international) Replay access code: 10118694 Live and archived webcast: http://ir.storecapital.com/webcasts
About STORE Capital
STORE Capital Corporation is an internally managed net-lease real estate investment trust, or REIT, that is the leader in the acquisition, investment and management of Single Tenant Operational Real Estate, which is its target market and the inspiration for its name. STORE Capital is one of the largest and fastest growing net-lease REITs and owns a large, well-diversified portfolio that consists of investments in 2,000 property locations, substantially all of which are profit centers, in 49 states. Additional information about STORE Capital can be found on its website at www.storecapital.com .
Forward-Looking Statements
Certain statements contained in this press release that are not historical facts contain within the meaning of Section 27A of the Securities Act of 1933, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to the “safe harbor” created by those sections. Forward-looking statements can be identified by the use of words such as “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximate” or “plan,” or the negative of these words and phrases or similar words or phrases. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to those expressed in the . For more information on risk factors for STORE Capital’s business, please refer to the periodic reports the Company files with the Securities and Exchange Commission from time to time. These herein speak only as of the date of this press release and should not be relied upon as predictions of future events. STORE Capital expressly disclaims any obligation or undertaking to update or revise any contained herein, to reflect any change in STORE Capital’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except as required by law.
Non-GAAP Financial Measures
FFO and AFFO
STORE Capital’s reported results are presented in accordance with U.S. generally accepted accounting principles, or GAAP. The Company also discloses Funds from Operations, or FFO, and Adjusted Funds from Operations, or AFFO, both of which are non-GAAP measures. Management believes these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or to cash flows from operations as reported on a statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.
The Company computes FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income, excluding gains (or losses) from extraordinary items and sales of depreciable property, real estate impairment losses, and depreciation and amortization expense from real estate assets, including the pro rata share of such adjustments of unconsolidated subsidiaries.
To derive AFFO, the Company modifies the NAREIT computation of FFO to include other adjustments to GAAP net income related to certain non-cash revenues and expenses that have no impact on the Company’s long-term operating performance, such as straight-line rents, amortization of deferred financing costs and stock-based compensation. In addition, in deriving AFFO, the Company excludes certain other costs not related to its ongoing operations, such as the amortization of lease-related intangibles.
FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among the Company’s peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. Management believes that AFFO provides more useful information to investors and analysts because it modifies FFO to exclude certain additional non-cash revenues and expenses such as straight-line rents and the amortization of deferred financing costs, stock-based compensation and lease-related intangibles as such items may cause short-term fluctuations in net income but have no impact on long-term operating performance. The Company believes that these costs are not an ongoing cost of the portfolio in place at the end of each reporting period and, for these reasons, the portion expensed is added back when computing AFFO. As a result, the Company believes AFFO to be a more meaningful measurement of ongoing performance that allows for greater performance comparability. Therefore, the Company discloses both FFO and AFFO and reconciles them to the most appropriate GAAP performance metric, which is net income. STORE Capital’s FFO and AFFO may not be comparable to similarly titled measures employed by other companies.
STORE Capital Corporation
Condensed Consolidated Statements of Income
(In thousands, except share and per share data)
Three months ended March 31,
2018 2017 (unaudited) Revenues: Rental revenues $ 119,900 $ 101,905 Interest income on loans and direct financing receivables 5,521 5,780 Other income 421 286 Total revenues 125,842 107,971 Expenses: Interest 29,339 29,640 Property costs 1,341 806 General and administrative 10,851 10,243 Depreciation and amortization 42,310 35,215 Provisions for impairment 1,570 4,270 Total expenses 85,411 80,174 Income from operations before income taxes 40,431 27,797 Income tax expense 49 106 Income before gain on dispositions of real estate 40,382 27,691 Gain on dispositions of real estate, net of tax 9,578 3,699 Net income
$ 49,960 $ 31,390 Net income per share of common stock - basic and diluted: $ 0.26 $ 0.19 Weighted average common shares outstanding:
Basic
194,686,790 160,810,455 Diluted
194,876,748 160,810,455 Dividends declared per common share $ 0.31 $ 0.29 STORE Capital Corporation
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
March 31, 2018
December 31,
2017
(unaudited) (audited) Assets Investments: Real estate investments: Land and improvements $ 1,952,205 $ 1,898,342 Buildings and improvements 4,144,511 3,958,003 Intangible lease assets 88,712 87,402 Total real estate investments 6,185,428 5,943,747 Less accumulated depreciation and amortization (463,071 ) (426,931 ) 5,722,357 5,516,816 Real estate investments held for sale, net 6,867 16,741 Loans and direct financing receivables 299,098 271,453 Net investments 6,028,322 5,805,010 Cash and cash equivalents 35,116 42,937 Other assets, net 65,410 51,830 Total assets $ 6,128,848 $ 5,899,777 Liabilities and stockholders' equity Liabilities: Credit facility $ 97,000 $ 290,000 Unsecured notes and term loans payable, net 915,711 570,595 Non-recourse debt obligations of consolidated special purpose entities, net 1,711,914 1,736,306 Dividends payable 61,394 60,068 Accrued expenses, deferred revenue and other liabilities 80,159 71,866 Total liabilities 2,866,178 2,728,835 Stockholders' equity: Common stock, $0.01 par value per share, 375,000,000 shares authorized, 198,044,148 and 193,766,854 shares issued and outstanding, respectively 1,980 1,938 Capital in excess of par value 3,479,460 3,381,090 Distributions in excess of retained earnings (227,074 ) (214,845 ) Accumulated other comprehensive income 8,304 2,759 Total stockholders' equity 3,262,670 3,170,942 Total liabilities and stockholders' equity $ 6,128,848 $ 5,899,777 STORE Capital Corporation
Reconciliations of Non-GAAP Financial Measures
(In thousands, except per share data)
Funds from Operations and Adjusted Funds from Operations
Three months ended
March 31,
2018 2017 (unaudited) Net income $ 49,960 $ 31,390 Depreciation and amortization of real estate assets 42,068 35,074 Provision for impairment of real estate – 4,270 Gain on dispositions of real estate, net of tax (9,578 ) (3,699 ) Funds from Operations 82,450 67,035 Adjustments: Straight-line rental revenue, net (1,112 ) (1,155 ) Amortization of: Equity-based compensation 1,466 1,874 Deferred financing costs and other noncash interest expense 2,103 2,009 Lease-related intangibles and costs 243 195 Provision for loan losses 1,570 – Gain on extinguishment of debt (814 ) – Adjusted Funds from Operations $ 85,906 $ 69,958 Dividends declared to common stockholders $ 61,394 $ 49,700 Net income per share of common stock: (1)
Basic and Diluted $ 0.26 $ 0.19 FFO per share of common stock: (1) Basic and Diluted $ 0.42 $ 0.42 AFFO per share of common stock: (1) Basic and Diluted $ 0.44 $ 0.43 (1) Under the two-class method, earnings attributable to unvested restricted stock are deducted from earnings
in the computation of per share amounts where applicable.
STORE Capital Corporation
Investment Portfolio
March 31, 2018
Real Estate Portfolio Information
As of March 31, 2018, STORE Capital’s total investment in real estate and loans approximated $6.5 billion, representing investments in 2,000 property locations, substantially all of which are profit centers for its customers. The Company’s real estate portfolio is highly diversified. The following tables summarize the diversification of the real estate portfolio based on the percentage of base rent and interest, annualized based on rates in effect on March 31, 2018, for all leases, loans and direct financing receivables in place as of that date.
Diversification by Customer
STORE Capital has a diverse customer base. At March 31, 2018, the Company’s 2,000 property locations were operated by over 400 customers. The largest single customer represented 3.5% of annualized base rent and interest and the top ten customers totaled 18.8% of annualized base rent and interest. The following table identifies STORE Capital’s ten largest customers as of March 31, 2018:
Customer % of
Annualized
Base Rent and
Interest
Number of
Properties
AVF Parent, LLC (Art Van Furniture) 3.5% 23 Bass Pro Group, LLC (Cabela’s) 2.6 9 Mills Fleet Farm Group, LLC 2.1 8 American Multi-Cinema, Inc. (Starplex/Carmike/Showplex/AMC) 2.0 14 Cadence Education, Inc. (Early childhood/elementary education) 1.8 32 Zips Holdings, LLC 1.7 40 US LBM Holdings, LLC (Building materials distribution) 1.6 37 CWGS Group, LLC (Camping World/Gander Outdoors) 1.3 16 O'Charley's LLC 1.1 30 National Veterinary Associates, Inc. 1.1 38 All other (394 customers) 81.2 1,753 Total 100.0% 2,000 STORE Capital Corporation
Investment Portfolio
March 31, 2018
Diversification by Concept
STORE Capital’s customers operate their businesses under a wide range of brand names or business concepts. Of the over 500 concepts represented in the Company’s investment portfolio as of March 31, 2018, the largest single concept represented 2.7% of annualized base rent and interest and the top ten concepts totaled 16.8% of annualized base rent and interest. The following table identifies the top ten customer business concepts as of March 31, 2018:
Customer Business Concept % of
Annualized
Base Rent and
Interest
Number of
Properties
Art Van Furniture 2.7 % 18 Ashley Furniture HomeStore 2.5 24 Cabela’s 2.4 8 Mills Fleet Farm 2.1 8 Applebee’s 1.5 40 Popeyes Louisiana Kitchen 1.3 63 O'Charley's 1.1 30 Stratford School 1.1 4 America’s Auto Auction 1.1 6 Starplex Cinemas 1.0 7 All other (519 concepts) 83.2 1,792 Total 100.0 % 2,000 STORE Capital Corporation
Investment Portfolio
March 31, 2018
Diversification by Industry
The business concepts of STORE Capital’s customers are diversified across more than 100 industries within the service, retail and manufacturing sectors of the U.S. economy. The following table summarizes these industries, by sector, into 76 industry groups as of March 31, 2018:
Customer Industry Group % of
Annualized
Base Rent and
Interest
Number of
Properties
Building
Square
Footage
(in thousands)
Service: Restaurants – full service 13.3 % 398 2,717 Restaurants – limited service 6.8 390 1,022 Early childhood education 6.2 175 1,908 Health clubs 5.8 73 2,043 Movie theaters 5.6 38 1,824 Family entertainment 3.7 25 806 Automotive repair and maintenance 3.7 116 536 Pet care 3.1 121 1,256 Lumber and construction materials wholesalers
1.9 53 2,541 Career education 1.9 7 584 Behavioral health 1.8 40 529 Medical and dental 1.7 43 380 Elementary and secondary schools 1.4 6 222 Equipment sales and leasing 1.4 19 577 Wholesale automobile auction 1.1 6 223 Consumer goods rental 1.0 44 593 All other service (21 industry groups) 6.3 92 4,676 Total service 66.7 1,646 22,437 Retail: Furniture 6.6 52 3,298 Farm and ranch supply 3.2 24 2,048 Hunting and fishing 2.8 17 1,292 Recreational vehicle dealers 1.1 10 259 Home furnishings 0.9 5 691 Electronics and appliances 0.7 7 331 Used car dealers 0.7 14 176 All other retail (10 industry groups) 2.1 50 1,941 Total retail 18.1 179 10,036 Manufacturing: Metal fabrication 3.9 52 5,530 Plastic and rubber products 2.5 27 3,278 Aerospace product and parts 0.9 10 952 Medical and pharmaceutical 0.8 6 431 Furniture manufacturing 0.8 3 1,319 Electronics equipment 0.7 5 618 Paper and packaging 0.7 6 969 All other manufacturing (15 industry groups) 4.9 66 5,973 Total manufacturing 15.2 175 19,070 Total 100.0 % 2,000 51,543 STORE Capital Corporation
Investment Portfolio
March 31, 2018
Diversification by Geography
STORE Capital’s portfolio is also highly diversified by geography, as the Company’s property locations can be found in 49 of the 50 states (excludes Delaware). The following table details the top ten geographical locations of the properties as of March 31, 2018:
State % of
Annualized
Base Rent and
Interest
Number of
Properties
Texas 12.3 % 213 Illinois 6.8 129 Florida 6.2 125 Ohio 5.8 123 Georgia 5.3 123 Tennessee 4.3 97 Michigan 4.2 66 Arizona 3.8 72 Pennsylvania 3.7 59 California 3.7
25 All other (39 states) (1) 43.9 968 Total 100.0 % 2,000 (1) Includes two properties in Ontario, Canada which represent 0.5% of annualized base rent and interest. STORE Capital Corporation
Investment Portfolio
March 31, 2018
Contracts and Expirations
The Company focuses on long-term, triple-net leases with built-in lease escalators and uses master leases, where appropriate. As of March 31, 2018, 98% of the Company’s investment portfolio was subject to triple-net leases. Where the Company owns multiple properties leased to a single customer, 87% of this portion of the investment portfolio was subject to master leases. Leases and loans representing 13.1% of the annualized base rent and interest will expire in the next ten years (before 2028). The following table sets forth the schedule of lease, loan and direct financing receivable expirations as of March 31, 2018:
Year of Lease Expiration or Loan Maturity (1) % of
Annualized
Base Rent and
Interest
Number of
Properties (2)
Remainder of 2018 0.5 % 8 2019 0.7 12 2020 0.3 4 2021 0.7 6 2022 0.5 7 2023 1.2 30 2024 0.8 14 2025 1.8 23 2026 2.4 54 2027 4.2 67 Thereafter 86.9 1,768 Total 100.0 % 1,993 (1) Expiration year of contracts in place as of March 31, 2018, excluding any tenant renewal option periods. (2) Excludes seven properties which were vacant and not subject to a lease as of March 31, 2018.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005526/en/
Investor and Media Contacts:
Financial Profiles, Inc.
Moira Conlon, 310-622-8220
Tricia Ross, 310-622-8226
[email protected]
Source: STORE Capital Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-store-capital-announces-first-quarter-2018-operating-results.html |
May 23 (Reuters) - Campbell Soup Co:
* CAMPBELL APPOINTS ROBERTO LEOPARDI PRESIDENT, CAMPBELL MEALS & BEVERAGES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-campbell-appoints-roberto-leopardi/brief-campbell-appoints-roberto-leopardi-president-campbell-meals-beverages-idUSASC0A3DU |
Semiconductors on the move at market open 1 Hour Ago CNBC's Bob Pisani takes a look at early trading action, including how tax cuts are impacting retailers and buybacks at Micron. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/semiconductors-on-the-move-at-market-open.html |
Warren Buffett on Amazon’s cloud success: 'You do not want to give Jeff Bezos a 7-year head start' Warren Buffett believes Jeff Bezos is an extraordinary businessman. "I never seen any person develop two really important industries at the same time and really be the operational guy in both," he said in an interview last year. Shannon Stapleton | Reuters Amazon CEO Jeff Bezos.
Earlier this month Warren Buffett said at the Berkshire Hathaway shareholder meeting he made a mistake by underestimating Jeff Bezos and not investing in Amazon .
But this wasn't the first time the billionaire investor shared his positive view on the founder of Amazon. In a 2017 interview video clip found using CNBC's Warren Buffett Archive , he explained why Bezos is so extraordinary.
"I was impressed with Jeff early. I never thought he could pull off what he did," Buffett said last year. "And the remarkable thing about Jeff and everything else is he's done it in two industries [e-commerce and cloud computing] almost simultaneously that really don't have much connection. I never seen any person develop two really important industries at the same time and really be the operational guy in both."
The investor said the lack of early significant competition for Amazon's Web Services benefited the company's ability to dominate the new industry.
"Here you take cloud services," he said in 2017. Bezos "thought he would have two years of runway. He got seven years. You do not want to give Jeff Bezos a seven-year head start."
Also this year Buffett called what the Amazon CEO accomplished unprecedented .
"I had very very very high opinion of Jeff's ability when I first met him, and I underestimated him," he said at the Berkshire Hathaway 2018 annual shareholder meeting. "I've watched Amazon from the start. I think what Jeff Bezos has done is something close to a miracle." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/warren-buffett-on-amazons-cloud-success-you-do-not-want-to-give-jeff-bezos-a-7-year-head-start.html |
NEW YORK--(BUSINESS WIRE)-- Goldman Sachs MLP and Energy Renaissance Fund (the “Fund”) (NYSE: GER) is pleased to announce its quarterly distribution of $0.16 per common share, the same as the previous quarter. The distribution is payable on the date noted below.
The distribution schedule is as follows:
Ex-Date: May 18, 2018 Record Date: May 21, 2018 Payable Date: May 29, 2018 Amount: $0.16 per share It is currently anticipated that a portion of this distribution will be treated for tax purposes as a return of capital, however, the final characterization of such distribution will be made in early 2019 when the Fund can determine its earnings and profits for the full year. The final tax status of the distribution may differ substantially from this preliminary information.
In addition, portfolio holdings as of March 31, 2018, as well as additional information regarding the Fund, can be accessed through the GSAM Closed-End Fund landing page at www.GSAMFUNDS.com/cef .
Goldman Sachs MLP and Energy Renaissance Fund
Goldman Sachs MLP and Energy Renaissance Fund is a non-diversified, closed-end management investment company managed by Goldman Sachs Asset Management’s (“GSAM’s”) Energy & Infrastructure Team, which is among the industry’s largest MLP investment groups. The Fund began trading on the NYSE on September 26, 2014. The Fund seeks a high level of total return with an emphasis on current distributions to shareholders. The Fund invests primarily in master limited partnerships (“MLPs”) and other energy investments. The Fund currently expects to concentrate its investments in the energy sector, with an emphasis on midstream MLP investments. The Fund invests across the energy value chain, including upstream, midstream and downstream investments.
About Goldman Sachs Asset Management, L.P.
GSAM is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS) and supervises $1.29 trillion as of March 31, 2018. 1 GSAM has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
1 Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion.
Disclosures
Shares of closed-end investment companies frequently trade at a discount from their net asset value (“NAV”), which may increase investors’ risk of loss. At the time of sale, an investor’s shares may have a market price that is above or below NAV, and may be worth more or less than the original investment. There is no assurance that the Fund will meet its investment objective. Past performance does not guarantee future results. Investments in securities of MLPs involve risks that differ from investments in common stock, including among others risks related to limited control and limited rights to vote on matters affecting MLPs, potential conflicts of interest risk, cash flow risks, dilution risks and trading risks.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security. The Fund has completed its initial public offering. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not intended to be a complete investment program. Investors should carefully review and consider the Fund’s investment objective, risks, charges and expenses before investing.
Compliance Code: 128777-OTU
Date of First Use: May 3, 2018
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006712/en/
Goldman Sachs MLP and Energy Renaissance Fund
Media:
Andrew Williams, 212-902-5400
or
Investors:
Immanuel Tan Tel, 917-343-3375
Source: Goldman Sachs MLP and Energy Renaissance Fund | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-goldman-sachs-mlp-and-energy-renaissance-fund-announces-quarterly-distribution-of-0-point-16-per-share.html |
MISSISSAUGA, ON, May 22, 2018 /PRNewswire/ - Maple Leaf Foods Inc. (MFI: TSX) (the "Company") today announced that the Toronto Stock Exchange (the "TSX") has accepted the notice filed by the Company to establish a normal course issuer bid ("NCIB") program.
The NCIB program commences on May 24, 2018 and will terminate on May 23, 2019, or on such earlier date as the Company may complete its purchases pursuant to a Notice of Intention filed with the TSX. Under the NCIB program, the Company is authorized to purchase up to 7,844,000 of its common shares (out of the 126,536,589 common shares outstanding as at May 11, 2018) representing approximately 10% of the public float as at May 11, 2018, by way of normal course purchases effected through the facilities of the TSX and/or alternative Canadian trading systems. The average daily trading volume for the six months ended April 30, 2018 was 162,404 common shares. Common shares purchased by the Company will be cancelled. Pursuant to the terms of a previous normal course issuer bid approved by the TSX on May 17, 2017, the Company was authorized to repurchase 8,200,000 shares. The Company repurchased an aggregate of 3,312,600 common shares on the TSX and on alternative Canadian trading systems at a weighted average price of $32.80 per share for cancellation during the period commencing on May 23, 2017 and ending on May 11, 2018.
In deciding to establish the NCIB, the Company believes that the market price of the common shares may not, from time to time, fully reflect their value and accordingly the purchase of the common shares would be in the best interest of the Company and an attractive and appropriate use of available funds.
Purchases will be made by the Company in accordance with the requirements of the TSX and the price which the Company will pay for any such common shares will be the market price of any such common shares at the time of acquisition, or such other price as may be permitted by the TSX. In connection with the NCIB program, the Company intends to enter into an automatic purchase plan with its designated broker to allow for purchases of its common shares during certain pre-determined black-out periods, subject to certain parameters as to price and number of shares. Outside of these pre-determined black-out periods, shares will be repurchased in accordance with management's discretion, subject to applicable law. For purposes of the TSX rules, a maximum of 40,600 common shares may be purchased by the Company on any one day under the bid, except where purchases are made in accordance with the "block purchase exception" of the TSX rules.
Maple Leaf Foods Inc. is a leading consumer protein company, making high quality, innovative products under national brands including Maple Leaf ® , Maple Leaf Prime ® , Maple Leaf Natural Selections ® , Schneiders ® , Schneiders ® Country Naturals ® , Mina ® , Lightlife TM and Field Roast Grain Meat Co. TM . The Company employs approximately 11,500 people and does business in Canada, the U.S. and Asia. The Company is headquartered in Mississauga, Ontario and its shares trade on the Toronto Stock Exchange (MFI).
This document may contain "forward-looking information" within the meaning of applicable securities law including statements regarding future purchases of common shares under the NCIB. These statements are not guarantees of future events and involve assumptions and risks and uncertainties that are difficult to predict. Some of these assumptions and risks and uncertainties are described in more detail in the Company's filings made with the securities regulatory authorities in Canada which are available on SEDAR at www.sedar.com . Actual results may differ materially from those expressed, implied or forecasted in such forward-looking information and there is no assurance that any common shares will be purchased under the NCIB program. Maple Leaf does not intend to, and Maple Leaf disclaims any obligation to, update any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
View original content: http://www.prnewswire.com/news-releases/maple-leaf-foods-receives-tsx-approval-to-proceed-with-normal-course-issuer-bid-300651595.html
SOURCE Maple Leaf Foods Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-maple-leaf-foods-receives-tsx-approval-to-proceed-with-normal-course-issuer-bid.html |
The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
- Clifford Chance is facing an investigation from the solicitors' regulator after a complaint that it overlooked an allegation of fraud during a contentious review of Royal Bank of Scotland Group Plc's treatment of thousands of small companies. bit.ly/2KYYBFV
- UK's accounting watchdog, the Financial Reporting Council has been accused of "outrageous ineptness" in its five-year investigation into the accounts of Autonomy, which could become its slowest inquiry yet. bit.ly/2slCbb9
The Guardian
- KPMG has quietly abandoned a longstanding practice of making donations in kind to MPs and political parties by providing researchers to help in formulating policy and legislation. bit.ly/2xjsiPO
- Discovery Inc is to shut its European broadcasting base in London as the US TV giant behind channels including Animal Planet and Eurosport mulls post-Brexit plans for a new continental hub. bit.ly/2L3NWK2
The Telegraph
- ITV Plc is considering entering into a 1 billion pounds ($1.33 billion) joint venture with the BBC by buying half of the Dave broadcaster UKTV, in a move to fortify British television against the increasing power of US tech giants. bit.ly/2L3H4wb
- Codemasters has emerged as the latest video games company to hand investors a slice of the booming market by pressing ahead with a 280 million pounds London listing. bit.ly/2sm26hZ
Sky News
- UK government is poised to sell a multibillion pound stake in Royal Bank of Scotland Group Plc, resuming a huge privatisation programme that has been stalled for three years. bit.ly/2Jf0Wzk
$1 = 0.7511 pounds Compiled by Bengaluru newsroom
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-press-business/press-digest-british-business-may-29-idUSL5N1T000M |
(Repeats story first published on Tuesday, no change to text)
* Harbour Energy pursued Santos for a year, raising bid 5 times
* Discussions cordial but Santos unyielding on seeking big premium
* Santos balked at hedging requirements for debt-heavy deal
By Sonali Paul
MELBOURNE, May 29 (Reuters) - Blame it on Trump, Iran or Venezuela. Rising oil prices combined with a heavy debt load killed the world’s biggest private equity oil and gas industry deal last week.
Harbour Energy left Australia empty-handed after a year of chasing gas producer Santos Ltd, missing out on Santos’ stakes in three liquefied natural gas projects in Australia and Papua New Guinea as it sought to become a major LNG player.
The U.S. firm, backed by EIG Global Energy Partners, was forced to bid against itself five times, including twice over one weekend, until it made a final offer of $10.8 billion, up more than 50 percent from its first approach last August.
“The grievance runs deep and it’s heartfelt,” said a person in the Harbour camp.
Harbour Chief Executive Linda Cook, a former senior executive at Royal Dutch Shell, was on a plane last Tuesday when she heard Santos had rejected its sixth offer, worth about A$6.95 a share. She declined to comment for this story.
Harbour’s disappointed chairman, Blair Thomas, was already back in Washington, DC, and didn’t mince words.
“There was insufficient engagement with Santos on valuation, no meaningful attempt by Santos to discuss a realistic price which could supported by any reasonable set of technical and commercial assumptions, and an unwillingness by their Board to explore means of closing the gap between the offer and their expectations,” he said in a two-page statement.
Thomas believed by the end of a weekend of back and forth between advisers on both sides that he had a deal with Santos Chairman Keith Spence, a person in the Harbour camp said.
Harbour’s team were parked in Sydney, where Harbour’s backer EIG has an office and advisers at JPMorgan, Morgan Stanley and Highbury are based, according to people involved. “A couple of hundred” people were involved in analysing data and conducting due diligence, they said.
Cook and Thomas met Kevin Gallagher and Keith Spence, their counterparts at Adelaide-based Santos, on May 18. They felt encouraged the board would facilitate an offer going to shareholders, people in the Harbour camp said.
People on both sides said talks were cordial the whole time, but the Santos board was firm on value, and Harbour failed to offer enough of a premium as oil prices marched higher.
Crude prices climbed from around $52 a barrel when Harbour made its first approach in August to $80 last week, their highest since late 2014, as U.S. President Donald Trump imposed sanctions on Venezuela and pulled out of a nuclear arms control deal with Iran, both key oil producers.
What hurt Harbour was the $7.75 billion in debt they had lined up from JPMorgan and Morgan Stanley, which required oil price hedging against 30 percent of Santos’ oil-linked LNG sales, making the deal complex, Santos, investors and bankers said.
“The problem is when you get high-leverage deals there are a lot of terms and conditions you have to meet and it makes it inflexible,” said a veteran Australian investment banker not involved in the bid.
Santos balked when Harbour tried to force the company to lock in the hedges, in order to cut costs for the banks and allow Harbour to raise its offer.
Santos said it was “resilient” to the oil price fall, as it has slashed costs to be cash flow breakeven at $36 a barrel.
The value of the Harbour bid was “simply not compelling enough” compared with Santos’ own growth plan, the risks associated with the hedging and the reliance on Santos’ balance sheet to help fund the deal, a Santos spokeswoman said.
FURIOUS CHINESE Not only was Harbour jilted at the altar, but the biggest shareholders in Santos, Chinese gas distributor ENN Ecological and private equity firm Hony Capital missed out on more than doubling their combined stake to up to 40 percent in a privatised Santos.
Sources said ENN and Hony were as furious as Harbour.
“They’re deeply disappointed and angry and frustrated,” a person close to ENN said. “They feel that the outcome didn’t reflect some of the conversations with senior Santos people.”
However in a statement to the Shanghai Stock Exchange last week, ENN, which has a director on the board of Santos, said: “The company’s future cooperation with Santos is not affected.”
A Santos spokeswoman said ENN is part of a united Santos board, and the company’s strategic relationship with ENN and Hony remains in place.
Hony said it “will closely follow the further development”.
Swiss energy and commodities trader Mercuria, which was set to contribute 10 percent of the bid, was thwarted in its ambition to use Santos to get into LNG trading, where its rivals Glencore, Gunvor, Trafigura and Vitol are already active.
“A lot of time and money went into this...so it is annoying,” said a person familiar with Mercuria’s thinking.
Mecuria declined to comment.
Harbour’s first approach last August was swiftly rejected by the board under then-chairman Peter Coates, who had also rebuffed a $5.1 billion takeover offer two years earlier when Santos was wallowing in debt as oil prices collapsed.
The August approach was only disclosed by Santos in November after a newspaper outed Harbour. It took Harbour until March to line up funding from JPMorgan and Morgan Stanley and equity from Mercuria, ENN and Hony in order to make another approach.
Top 10 shareholder Argo Investments said the deal was too complex and would have involved Santos taking on too much risk when there was a lot of uncertainty around whether it would be approved.
Shareholders have faith in CEO Gallagher, who slashed costs and cut debt faster than expected over the past two years.
“It’s fair to say that he’s done a pretty good job,” said Argo Investments Managing Director Jason Beddow.
“The proof will be in the pudding as to how Santos looks in a year or two’s time - which is somewhat dependent on the oil price.” (Reporting by Sonali Paul. Additional reporting by Julia Payne and Ron Bousso in London. Editing by Lincoln Feast.)
| ashraq/financial-news-articles | https://www.reuters.com/article/santos-ma/rpt-how-the-worlds-biggest-private-equity-oil-and-gas-industry-bid-collapsed-idUSL3N1T05KC |
May 13, 2018 / 1:58 PM / Updated 3 hours ago Mourinho's right-hand man to leave Manchester United Reuters Staff 1 Min Read
LONDON (Reuters) - Jose Mourinho’s long-serving right-hand man, Rui Faria, will leave Manchester United at the end of the season. Soccer Football - Premier League - Brighton & Hove Albion v Manchester United - The American Express Community Stadium, Brighton, Britain - May 4, 2018 Manchester United manager Jose Mourinho and assistant manager Rui Faria before the match REUTERS/Eddie Keogh
“After a lot of consideration, and with a very heavy heart, I have decided the time is right for me to move on,” he told the club’s official website (www.manutd.com).
Faria has been assistant manager at Old Trafford since Mourinho took over two years ago, having first worked with his fellow countryman 17 years ago at the Portugese club Leiria.
“My heartfelt thanks go to the manager, Jose Mourinho, for the belief he had in me, all those years ago, when it all was just a student dream,” he added.
“The intelligent student is now a football expert, ready for a successful career as a manager,” Mourinho said.
After Sunday’s final Premier League game at home to Watford, the pair have one more vital match together, in Saturday’s FA Cup final against their old club Chelsea. Reporting by Steve Tongue, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-mun-faria/mourinhos-right-hand-man-to-leave-manchester-united-idUKKCN1IE0MY |
Memorial Day kicked off the summer vacation season with its high demand for seasonal workers amid a nationwide labor shortage. But you wouldn’t know it from last week’s miserly decision by the Department of Homeland Security to hand out a mere 15,000 extra H-2B visas this summer.
The popular H-2B program allows businesses to hire foreign guest-workers for busy seasons, and the law caps the number at 66,000 divided between summer and winter. But amid the tight labor market, and a 3.9% jobless rate, Congress gave the Administration... | ashraq/financial-news-articles | https://www.wsj.com/articles/a-miserly-15-000-more-visas-1527539890 |
May 23, 2018 / 10:02 AM / Updated 19 minutes ago Hilton Food CEO to become chairman Reuters Staff 1 Min Read
(Reuters) - British meat packer Hilton Food Group ( HFG.L ) said it would appoint Chief Executive Robert Watson as executive chairman with Chief Operating Officer Philip Heffer to take over as CEO.
Watson, CEO since 2002, will become executive chairman with effect from July 1 when Heffer will become CEO, the company said. Reporting by Rahul B in Bengaluru; editing by Jason Neely | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-hilton-food-chairman/hilton-food-ceo-to-become-chairman-idUKKCN1IO19D |
LAS VEGAS, May 23, 2018 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) (the “Company”) today announced that it is no longer in exclusive discussions to sell the Company and that its Board of Directors has initiated a process to evaluate potential strategic alternatives to maximize shareholder value. As part of the process, the Board will consider a full range of strategic, operational and financial alternatives, which may include a sale or other transaction. The Company has retained Rossoff & Company LLC as its financial advisor to assist with the strategic review process, and has retained Hughes Hubbard & Reed LLP as its legal counsel.
The Company cautions that there can be no assurance that the strategic review process will result in any transaction or strategic alternative, or any assurance as to its outcome or timing. The Company has not set a timetable for completion of the review process and does not intend to disclose developments related to the process unless and until the Board approves a transaction or specific action, or otherwise determines that further disclosure is appropriate or required.
The Company also announced today that it has entered into an agreement to sell its South Dakota Route operation to Michael J. Trucano for $400,000. The sale will include all fixtures, equipment, trade names, and operating agreements used in connection with such business, but will exclude all cash in excess of $400,000.
The transaction is expected to close on June 30, 2018, subject to the approval of the South Dakota Commission on Gaming.
This sale will free up approximately $250,000 in net cash used in the working capital of such business, which together with the purchase proceeds of $400,000, will be used to decrease outstanding debt of the Company by approximately $650,000.
The Company expects to record a net loss from discontinued operations of approximately $300,000.
Forward-Looking Statements
This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate," "believe," "expect," "future," "intend," "plan," and similar expressions to identify forward-looking statements. Forward-looking statements include, without limitation, our ability to increase income streams, to grow revenue and earnings, and to obtain additional gaming and other projects. These statements are only predictions and are subject to certain risks, uncertainties and assumptions, which are identified and described in the Company's public filings with the Securities and Exchange Commission.
About Nevada Gold & Casinos
Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) of Las Vegas, Nevada is a developer, owner, and operator of 9 gaming operations in Washington ( wagoldcasinos.com ), and a local casino in Henderson, Nevada ( clubfortunecasino.com ).
Contacts:
Nevada Gold & Casinos, Inc.
Michael P. Shaunnessy / James Meier
(702) 685-1000
Stonegate Capital Partners
Preston Graham
(972) 850-2001
Source:Nevada Gold & Casinos, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-nevada-gold-casinos-announces-review-of-strategic-alternatives-and-sale-of-south-dakota-route-operation.html |
May 22, 2018 / 9:31 AM / Updated an hour ago Palestinians demand full investigation into Israel at Hague court Stephanie van den Berg 2 Min Read
THE HAGUE (Reuters) - Palestinian Foreign Minister Riyad al-Maliki asked prosecutors at the International Criminal Court on Tuesday to launch a full investigation into accusations of Israeli human rights abuses on Palestinian territory, saying the evidence was “insurmountable”. Palestinian Foreign Minister Riyad al-Maliki speaks during a meeting of the OIC Foreign Ministers Council in Istanbul, Turkey May 18, 2018. Hudaverdi Arif Yaman/Pool via Reuters
Maliki submitted a so-called “referral” giving the prosecutor at the Hague-based court the legal basis to move beyond a preliminary inquiry her office started in January 2015.
The International Criminal Court has the authority to hear cases of war crimes, genocide and crimes against humanity committed on the territory of the 123 countries that have signed up to it. Israel has not joined the court, but because the Palestinians have, Israelis could be targeted for crimes committed on Palestinian lands.
The court’s prosecutors launched an initial investigation into allegations against Israel when the Palestinians first joined the court in 2015. Tuesday’s referral allows that investigation to proceed to the next stage of a full investigation, without waiting for a judge to give approval. Related Coverage Israel says Palestinian request to ICC has no legal validity
Maliki said the request would give prosecutors the authority to investigate alleged crimes starting in 2014 and beyond, including last week’s deaths during protests in Gaza.
“Through judicial referral we want...the office of the prosecutor to open without delay an investigation into all crimes,” he told journalists after meeting with chief Prosecutor Fatou Bensouda. “Further delaying justice for Palestinian victims is also tantamount to denial of justice.”
The ICC, which opened in July 2002, is a court of last resort, only stepping in when a state is unwilling or unable to investigate crimes on its territory. Reporting by Stephanie van den Berg and Toby Stering; Writing by Anthony Deutsch; Editing by Hugh Lawson and Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-icct-israel-palestinians/palestinians-ask-icc-to-investigate-alleged-israeli-human-rights-crimes-idUKKCN1IN11D |
* U.S. could re-impose sanctions on Iran this month
* Iran’s April oil exports hit new record
* Surging U.S. supplies cap market
By Henning Gloystein
SINGAPORE, May 2 (Reuters) - Oil prices rose on Wednesday, lifted by concerns that the United States may re-impose sanctions on major exporter Iran, although soaring U.S. supplies capped gains.
Brent crude oil futures were at $73.25 per barrel at 0020 GMT, up 12 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 20 cents, or 0.3 percent, at $67.45 per barrel.
Iran re-emerged as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran’s nuclear programme.
Iran’s oil exports hit 2.6 million barrels per day (bpd) in April, the Oil Ministry’s news agency SHANA reported on Tuesday, a record since the lifting of sanctions, with China and India buying more than half of Iran’s oil.
The United States, however, has expressed doubts over Iran’s sincerity in implementing those curbs and President Donald Trump has threatened to re-impose sanctions.
Trump will decide by May 12 whether to restore U.S. sanctions on Tehran, which would likely result in a reduction of its oil exports.
“As May 12 Iran nuclear deadline nears ... geopolitical developments will continue to drive (oil market) sentiment,” said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.
Despite this generally bullish oil market sentiment, Innes said high U.S. oil supplies were capping prices.
Crude inventories rose by 3.4 million barrels to 432.575 million in the week to March 27, according to a report by the American Petroleum Institute (API) on Tuesday.
The rising inventories are in part a result of soaring U.S. production C-OUT-T-EIA, which has jumped by more than a quarter in the last two years to 10.6 million barrels per day (bpd), making the United States the world’s number two crude oil producer behind only Russia, with 11 million bpd.
Reporting by Henning Gloystein; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/global-oil/oil-prices-rise-on-iran-sanction-worries-despite-surging-u-s-supplies-idUSL3N1S906N |
CHRISTIANSTED, U.S. Virgin Islands, May 01, 2018 (GLOBE NEWSWIRE) -- Front Yard Residential Corporation (“Front Yard”) (NYSE:RESI), will report earnings results for the first quarter of 2018 on Tuesday, May 8, 2018. Front Yard will also host a conference call at 8:30 a.m. Eastern Time on May 8, 2018 to discuss its first quarter results. A link to the live audio webcast will be available on Front Yard’s website at www.frontyardresidential.com through the Investors home page.
Those who want to listen to the call should go to the website at least fifteen minutes prior to the call to register, download and install any necessary audio software. A replay of the conference call will be available via the website approximately two hours after the conclusion of the call and will remain available for approximately 30 days.
About Front Yard Residential Corporation
Front Yard Residential is an industry leader in providing quality, affordable rental homes to America’s families. Our homes offer exceptional value in a variety of suburban communities which have easy accessibility to metropolitan areas. Front Yard’s tenants enjoy the space and comfort that is unique to single-family housing, at reasonable prices. Our mission is to provide our tenants with houses they are proud to call home. Additional information is available at www.frontyardresidential.com .
FOR FURTHER INFORMATION CONTACT:
Robin N. Lowe
Chief Financial Officer
T: +1-345-815-9919
E: [email protected]
Source:Front Yard Residential Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-front-yard-residential-corporation-schedules-conference-call-for-first-quarter-2018-results.html |
TACOMA, Wash., Columbia Banking System, Inc. (NASDAQ: COLB) ("Columbia" or the "Company") today announced that Craig D. Eerkes, who has served on the Board of Directors of the Company and its wholly owned subsidiary Columbia Bank since September 2014, has been appointed as Chairman of the Board. During his time on the Board of Columbia, Mr. Eerkes has served on the Personnel and Compensation, Enterprise Risk Management, and Trust Committees.
Mr. Eerkes succeeds William T. Weyerhaeuser, who served as the Chairman of the Board since 2001 and Director since 1998. Mr. Weyerhaeuser will remain on the Board as a Director.
In accordance with its governance policy that requires mandatory retirement at age 75, the Company also announced that Mr. Weyerhaeuser, along with Directors John P. Folsom and David A. Dietzler, will retire from the Board of Directors at the 2019 Annual Meeting of Shareholders.
"It has been a great privilege to serve as Chairman of the Board of Columbia for the last 17 years," said William Weyerhauser. "During that time, I have witnessed the incredible dedication of both our Directors and leadership team. Together we have built one of the finest banking franchises in the Northwest, and I am especially proud of our strong commitment to our customers, employees and the communities we serve. While it will soon be time for me to retire, I could not be more pleased to have Craig Eerkes lead the Board and continue to build upon our success. Craig is a proven and collaborative leader with considerable expertise in both community banking and regulated industries. He has been a Columbia Board member for the past four years, and knows our company, people, culture, and vision. I am confident that Craig will be an outstanding Chairman for Columbia."
Mr. Eerkes commented, "I am honored to be appointed the Chairman of the Board. On behalf of the Board and leadership team, we are grateful for Bill's numerous contributions in establishing a strong foundation for Columbia. It has been a privilege to work side-by-side with Bill, who is a collaborative leader, a strategic thinker, and a great steward of capital. With Bill, John Folsom and Dave Dietzler retiring next year, our Board has been highly engaged in succession planning to ensure a seamless transition. Recently we have added new members with great credentials and fresh perspectives. I am excited to work with our dedicated and talented Board and leadership team in the continued pursuit of our long-term strategic vision."
Mr. Eerkes has served as the President and Chief Executive Officer of Sun Pacific Energy, Inc., a Tri-Cities based retail and wholesale petroleum company with locations throughout Washington since 1981. He has an extensive background with financial institutions and broad experience in highly regulated industries, including 16 years as a director of WMI Insurance Company, a health and life insurance company based in Salt Lake City, Utah. He was the chairman and a director of AmericanWest Bancorp from 2004 to 2012, as well as a director of First Hawaiian Bank from 1996 to 1999. He was founder, director and chairman of American National Bank, N.A., Kennewick, Washington, from 1981 to 1996. Mr. Eerkes is a graduate of the University of Puget Sound. He was named "Tri-Citian of the Year" for 2014 and is actively involved in the Boy Scouts, Boys & Girls Clubs, United Way and several other community organizations.
About Columbia Bank
Headquartered in Tacoma, Washington, Columbia Banking System, Inc. (NASDAQ: COLB) is the holding company of Columbia Bank, a Washington state-chartered full-service commercial bank with locations throughout Washington, Oregon and Idaho. For the eleventh consecutive year, the bank was named in 2017 as one of Puget Sound Business Journal's "Washington's Best Workplaces." Columbia ranked eleventh on the 2018 Forbes list of best banks. More information about Columbia can be found on its website at www.columbiabank.com .
Note Regarding Forward Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "expected," "anticipate", "continue," or other comparable words. In addition, all statements other than statements of historical facts that address activities that Columbia expects or anticipates will or may occur in the future are Readers are encouraged to read the SEC reports of Columbia, particularly its form 10-K for the Fiscal Year ended December 31, 2017, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management.
Investor Relations Contact:
[email protected]
(253) 305-1921
Media Contact:
Financial Profiles, Inc.
Moira Conlon
Tricia Ross
(310) 622-8226
View original content with multimedia: http://www.prnewswire.com/news-releases/columbia-bank-appoints-craig-d-eerkes-as-chairman-of-the-board-to-succeed-william-t-weyerhaeuser-300653845.html
SOURCE Columbia Banking System, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-columbia-bank-appoints-craig-d-eerkes-as-chairman-of-the-board-to-succeed-william-t-weyerhaeuser.html |
Paul Ryan would like Mueller probe to wrap up 7:08pm BST - 00:21
One year after it began, House Speaker Paul Ryan says he'd like to see the Mueller probe come to a conclusion. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
One year after it began, House Speaker Paul Ryan says he'd like to see the Mueller probe come to a conclusion. Rough Cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Lb4oZJ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/paul-ryan-would-like-mueller-probe-to-wr?videoId=427806474 |
May 30, 2018 / 11:48 AM / Updated 8 minutes ago Arca Capital urges AmTrust shareholders to vote against go-private plan Reuters Staff 1 Min Read
May 30 (Reuters) - Arca Capital, one of the largest shareholders in AmTrust Financial, on Wednesday urged other investors to vote against the U.S. insurer’s plans to go private, citing “absurdly low valuation” of $13.50 per share.
The Czech-based investment company follows activist investor Carl Icahn in opposing the proposed privatization transaction.
Icahn earlier this month filed a lawsuit against AmTrust and the family that controls the company, accusing them of trying to take the insurer private at the wrong time and at the wrong price.
Arca Capital also demanded that AmTrust Chief Executive Officer Barry Zyskind and George and Leah Karfunkel of the controlling family publicly defend the privatization plan. reut.rs/2skqbq9
On March 1, AmTrust said it would be acquired in a $2.7 billion deal by a group of shareholders including its founding family, chief executive officer and private equity funds. Reporting By Aparajita Saxena in Bengaluru; Editing by Sriraj Kalluvila | ashraq/financial-news-articles | https://www.reuters.com/article/amtrust-fin-serv-stake-arca-capital/arca-capital-urges-amtrust-shareholders-to-vote-against-go-private-plan-idUSL3N1T14FV |
May 21 (Reuters) - Bank of Georgia Group Plc on Monday posted an 18.8 percent rise in first-quarter profit, driven by its banking and investment businesses, on the back of strong macroeconomic performance and business outlook in Georgia.
Bank of Georgia Group Plc is the new parent company of BGEO Group Plc, it said in a statement. BGEO Group includes the banking and investment businesses before the latter’s separation from the Bank of Georgia Group on May 29.
The Tbilisi-based company said profit rose to 128.6 million laris ($52.9 million) in the quarter from 108.2 million laris a year ago. ($1 = 2.4300 laris) (Reporting By Justin George Varghese in Bengaluru; Editing by Amrutha Gayathri)
| ashraq/financial-news-articles | https://www.reuters.com/article/bgeo-group-results/bank-of-georgia-posts-18-8-pct-rise-in-q1-profit-idUSL3N1SS2IT |
Target Corp. said sales are rising as the big-box chain benefits from a strong economy and recent investments in stores and online, but those investments continue to weigh on profits.
The company on Wednesday said sales in existing stores rose 3% in the quarter ended May 5, boosted by more shoppers visiting Target’s stores and website. Chief Executive Brian Cornell said customer traffic to stores was the strongest in over a decade of quarterly figures.
... RELATED VIDEO A Brief History of Retail The retail industry is undergoing another major shift -- to e-commerce. How did we get here? Photo: Associated Press To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/target-sales-get-lift-from-remodels-but-spending-squeezes-margins-1527075307 |
NEW YORK--(BUSINESS WIRE)-- Urban Edge Properties (NYSE:UE) announced today that its Board of Trustees has declared a regular quarterly dividend of $0.22 per common share. The dividend will be payable on June 29, 2018 to common shareholders of record on June 15, 2018.
ABOUT URBAN EDGE PROPERTIES
Urban Edge Properties is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the New York metropolitan region. Urban Edge owns 88 properties totaling 16.3 million square feet of gross leasable area.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006390/en/
Urban Edge Properties
Mark Langer, 212-956-2556
EVP and Chief Financial Officer
Source: Urban Edge Properties | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-urban-edge-properties-declares-a-quarterly-common-dividend-of-0-point-22-per-share.html |
Cerner Corp:
* Q1 ADJUSTED EARNINGS PER SHARE $0.58 * Q1 REVENUE $1.293 BILLION VERSUS I/B/E/S VIEW $1.33 BILLION
* SEES Q2 2018 REVENUE $1.31 BILLION TO $1.36 BILLION * Q1 EARNINGS PER SHARE VIEW $0.58 — THOMSON REUTERS I/B/E/S
* QTRLY EARNINGS PER SHARE $0.48 * SEES Q2 2018 NEW BUSINESS BOOKINGS BETWEEN $1.350 BILLION AND $1.550 BILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cerner-q1-adjusted-earnings-per-sh/brief-cerner-q1-adjusted-earnings-per-share-0-58-idUSASC09Z31 |
FORT WORTH, Texas, May 3, 2018 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic" or the "Company") today announced its financial and operating results for the first quarter ended March 31, 2018.
FIRST QUARTER 2018 HIGHLIGHTS
First quarter 2018 revenue decreased to $234.7 million from $235.3 million in the fourth quarter of 2017, as the severe weather during January and February forced our customers to defer both maintenance work on a large number of existing wells and completion activity of drilled but uncompleted wells throughout our footprint. In the first quarter of 2017, Basic generated $182.0 million in revenue.
For the first quarter of 2018, Basic reported a net loss of $30.5 million, or a loss of $1.16 per basic and diluted share. This is compared to a net loss of $20.3 million, or $0.78 per basic and diluted share for the fourth quarter of 2017, and a net loss of $38.6 million, or $1.49 per basic and diluted share in the first quarter of 2017.
Three months ended March 31,
2018
EPS
Special Items (adjusted for tax)
(Unaudited)
Net loss, as reported
$
(30.5)
$
(1.16)
Cost of withdrawn bond offering
1.5
0.06
Executive bonus
1.3
0.05
Change in valuation allowance on federal deferred tax assets
4.7
0.18
Adjusted net loss
$
(23.0)
$
(0.87)
Excluding the impact of the special items listed above, Basic reported a net loss of $23.0 million, or a loss of $0.87 per basic and diluted share. Special items included an after-tax $1.5 million expense related to a withdrawn bond offering and an after-tax $1.3 million expense related to the portion of the executive bonuses for 2017 that were approved by the Compensation Committee and paid in 2018. Excluding special items, the Company reported a net loss of $14.4 million, or a loss of $0.55 per basic and diluted share, in the fourth quarter of 2017 and a net loss of $22.6 million, or a loss of $0.87 per basic and diluted share in the first quarter of 2017.
Adjusted EBITDA was $22.8 million, excluding $6.8 million in non-cash stock compensation, or 10% of revenues, for the first quarter of 2018, compared to $28.8 million, excluding $6.3 million of non-cash stock compensation, or 12% of revenues, in the fourth quarter of 2017. In the first quarter of 2017, Basic generated Adjusted EBITDA of $3.2 million, or 2% of revenues, excluding $4.4 million of non-cash stock compensation. Adjusted EBITDA is defined as net income before interest, taxes, depreciation and amortization ("EBITDA"), the net gain or loss from the disposal of assets, non-cash stock compensation, retention expense, and restructuring expense. EBITDA and Adjusted EBITDA, which are not measures determined in accordance with United States generally accepted accounting principles ("GAAP"), are defined and reconciled in note 2 under the accompanying financial tables.
Roe Patterson, Basic's President and Chief Executive Officer, stated, "Despite a challenging first quarter that was severely impacted by a series of winter storms and heavy rains during the first two months of the quarter, we managed to deliver higher sequential revenue in the well servicing and water logistics segments. The severe winter weather negatively impacted revenues by approximately $6.4 million and reduced our margins by approximately 270 basis points. While weather impacts dragged down operating results through January and February, we experienced a much better performance for the month of March, where revenue was the third highest since the recovery began, while exit rates at the end of the first quarter were the highest we have seen since 2014 in production related services.
"During the first quarter, production related services benefited from increased pricing and utilization in most segments. In water logistics, the amount of water disposal volumes via higher-margin pipeline remains strong, reaching a new high in the Permian Basin. The well servicing segment margin was relatively flat after offsetting the reset of payroll taxes as well as the on-boarding costs of additional new hires. We believe the well service industry is operating at virtually full utilization based on current available labor, and as a result we are seeing additional rate traction that could be in the mid-single digit range, quarter over quarter for the second quarter. Water logistics segment margin improved 700 basis points, led by improved rates and pipeline volumes, with additional rate improvements continuing into the second quarter.
"On the completion and remedial services side, both the frac and coiled tubing businesses faced softer results while the cement, acidizing, and rental businesses saw improved sequential results from the fourth quarter. Our coiled tubing segment was negatively impacted by two of our larger customers delaying projects until late in the first quarter. The frac segment experienced multiple delays during the first quarter as well. In the Permian Basin, many of our frac customers were slow in starting the year, and we did not see steady frac utilization until late in the first quarter. Frac pricing also remains very competitive in the Permian as most of the new horse power in the industry is showing up there. In our Mid-Con frac market, we experienced much better results but still saw severe weather interruptions and customer delays from downhole well issues. Cementing, acidizing and rental and fishing tool segments experienced higher pricing and utilization for most of the quarter.
"General activity levels have picked up pace since early March and continued during April, and we are currently experiencing utilization levels that exceed the highs of 2017. We are also currently seeing a healthy level of inquiries regarding equipment and crew availability for all services for the remainder of 2018. Looking forward, we continue to expect a gradual improvement in pricing and utilization for the remainder of 2018 across all business lines. Customer feedback on capital expenditures remains promising, and we anticipate delivering margin expansion in the second quarter as the impact of payroll taxes fade, longer daylight hours lead to increased utilization levels, and rates continue to improve. Overall, we currently anticipate that revenues for the second quarter of 2018 should exceed those for the first quarter by 7%-11%, and we also anticipate that the financial results for the second half of 2018 should significantly exceed those from the first half of 2018."
Business Segment Results
Completion and Remedial Services
Completion and remedial services revenue decreased 3.6% to $117.6 million in the first quarter of 2018 from $122.0 million in the prior quarter. The sequential decrease in revenue was primarily due to lower activity levels caused by severe weather that caused customers to defer completion work and a slower start to customer projects earlier in the first quarter. In the first quarter of 2017, this segment generated $80.4 million in revenue.
At March 31, 2018, Basic had approximately 523,000 hydraulic horsepower ("HHP"), flat with 523,000 at the end of the previous quarter and up from 444,000 at March 31, 2017. Weighted average HHP for the first quarter of 2018 was flat from fourth quarter of 2017 levels of 523,000, including 413,000 of frac HHP.
Segment profit in the first quarter of 2018 decreased 23.9% to $27.9 million compared to $36.7 million in the prior quarter. Segment margin for the first quarter of 2018 decreased 600 basis points to 24% compared to 30% during the previous quarter, driven predominantly by the negative impact of decremental margins on the lower revenue base. This margin degradation was further compounded by the annual unemployment tax reset, which had an impact of 70 basis points to quarterly margins. During the first quarter of 2017, segment profit was $13.2 million, or 16% of segment revenue.
Well Servicing
Well servicing revenues increased 6% to $57.5 million during the first quarter of 2018 compared to $54.5 million in the prior quarter led by increased rig activity and utilization as well as improved pricing late in the quarter. Well servicing revenues were $48.6 million in the first quarter of 2017. Revenues from the Taylor manufacturing operations were $585,000 in the first quarter of 2018 compared to $369,000 in the prior quarter and $230,000 in the first quarter of 2017.
At March 31, 2018, the well servicing rig count was 310, down from 421 at the end of the prior quarter and at March 31, 2017. Rig hours were 168,500 in the first quarter of 2018, up 6% compared to 159,500 hours in the fourth quarter of 2017 and up 7% from 157,600 hours in the comparable quarter of last year. Rig utilization was 76% in the first quarter of 2018, compared to 53% in the prior quarter (on the previous base of 421 service rigs), or an equivalent utilization rate of 72% based on our current fleet of 310 service rigs and up from 52% in the first quarter of 2017 or 71% based on our current fleet. Basic averaged a total of 21 24-hour packages working for the first quarter of 2018, up from 20 in the fourth quarter of 2017 and 11 for the first quarter of 2017.
Excluding revenues associated with the Taylor manufacturing operations, revenue per well servicing rig hour was $338 in the first quarter of 2018, compared to $339 in the previous quarter and up 10% from $307 reported in the first quarter of 2017. While rates were up in the first quarter of 2018 across most operating regions, a significant increase in rig hours in the Permian Basin, where rates are lower on average, resulted in a blended rig rate per hour that was essentially flat relative to that of the fourth quarter of 2017.
Segment profit in the first quarter of 2018 decreased 11.3% to $9.3 million, compared to $10.5 million in the prior quarter and increased 21% from $7.7 million during the same period in 2017. Segment profit margin decreased to 16% in the first quarter of 2018 from 19% in the prior quarter. This margin decrease includes the impact of the annual reset of unemployment taxes of approximately 160 basis points. In the first quarter of 2017, segment profit was 16% of segment revenue. Margins decreased primarily due to competitive pricing pressures. Segment loss from the Taylor manufacturing operations was $167,000 in the first quarter of 2018 compared to a profit of $9,000 in last year's fourth quarter.
Water Logistics
Water logistics revenue in the first quarter of 2018 increased 2% to $56.5 million compared to $55.5 million in the prior quarter. Segment revenues growth was driven by an increase in trucking activity, improved disposal utilization and higher skim oil sales. During the first quarter of 2017, this segment generated $50.2 million in revenue.
The weighted average number of fluid services trucks decreased 1% to 960 during the first quarter of 2018, compared to 967 during the fourth quarter of 2017 and improved 3% compared to 935 during the first quarter of 2017. Truck hours of 479,600 during the first quarter of 2018 represented a decrease of 3% from the 492,800 generated in the fourth quarter of 2017 and a decrease of 1% compared to 484,300 in the same period in 2017.
The average revenue per fluid service truck increased 4% to $59,000 from $57,000 in the fourth quarter of 2017, led by increased trucking activity and improved pricing. In the comparable quarter of 2017, average revenue per fluid truck was $54,000.
Total pipeline water volumes of the Basic owned salt water disposal wells ("Basic SWDs") reached 1.5 million barrels compared to 1.9 million barrels during the fourth quarter of 2017. Excluding the unusual volumes from one large customer in October, fourth quarter 2017 volumes would have been 1.7 million barrels. Pipeline disposal volumes of Basic SWD's in the Permian Basin continue to grow and have now reached 39% of total water disposal volumes.
Segment profit in the first quarter of 2018 increased by 38% to $15.6 million, compared to a profit of $11.3 million in the fourth quarter of 2017. Segment profit margin increased 840 basis points to 28% due to the impact of incremental margins on the higher revenue base, offset by 90 basis points of impact from the annual reset of unemployment taxes. Segment profit in the same period in 2017 was $8.7 million, or 17% of segment revenue.
Contract Drilling
Contract drilling revenues decreased by 8% to $3.0 million during the first quarter of 2018 from $3.3 million in the prior quarter. During the first quarter of 2017, this segment generated $2.8 million in revenue. Basic marketed 11 drilling rigs during the first quarter of 2018 and the fourth quarter of 2017 compared to 12 rigs in the first quarter of 2017. Revenue per drilling day in the first quarter of 2018 was down 26% to $17,300 compared to $23,500 in the previous quarter and down from $20,500 in the first quarter of 2017, due to increased pressure on rates.
Rig operating days during the first quarter of 2018 increased by 26% to 175 compared to 139 in the prior quarter, resulting in rig utilization of 18% during the first quarter of 2018 compared to 14% during the prior quarter. In the comparable period in 2017, rig operating days were 135, producing a utilization of 12%.
Segment profit in the first quarter of 2018 was $479,000 compared to $352,000 in the prior quarter and $355,000 in the first quarter of 2017. Segment margin for the first quarter of 2018 was 16% of segment revenues compared to 11% in the prior quarter. The improved margin is due to two rigs being active for the majority of the quarter, along with increases in rig moving activity, and decreased transportation expense. Last year in the comparable period, segment margin was 13%.
G&A Expense
Reported general and administrative ("G&A") expense was $41.0 million for the first quarter of 2018 compared to a reported G&A expense for the fourth quarter of 2017 of $37.0 million. Excluding expenses of $1.8 million for a bond offering that was withdrawn by Basic and $1.6 million of additional bonus payments that were approved by the Compensation Committee in the first quarter of 2018, G&A for the first quarter of 2018 was $37.6 million. This compares to $36.5 million in the fourth quarter of 2017, which excluded $0.5 million of business development activity expense. Excluding costs associated with the bankruptcy and restructuring and retention expenses, G&A expense in the first quarter of 2017 was $31.2 million.
Interest Expense
Net interest expense for the first quarter of 2018 was $11.3 million. These amounts include interest on Basic's term loan, ABL facility, capital leases and other financings. Net interest expense in the fourth quarter of 2017 was $10.3 million, and $9.1 million in the first quarter of 2017.
Tax Benefit
Basic's tax benefit for the first quarter of 2018 was $59,000 compared to tax benefit of $147,000 in the fourth quarter of 2017. The effective tax benefit rate was 0% in both the first quarter of 2018 and in the prior quarter. The effective tax expense of $375,000 in the first quarter of 2017 translated into an effective tax rate of 1%. Excluding the valuation allowance related to the deferred tax assets of $5.2 million, the operating effective tax benefit of $4.7 million translated into an operating tax benefit rate of 17% in the first quarter 2018.
Cash and Total Liquidity
On March 31, 2018, Basic had cash and cash equivalents of approximately $33.8 million, compared to $38.5 million at December 31, 2017 and $50.6 million on March 31, 2017.
At March 31, 2018, Basic had an outstanding amount of $85.0 million drawn on its revolving asset-based lending facility ("ABL"), including $21.0 million that was drawn during the first quarter of 2018. Based on the borrowing base at March 31, we had $0.5 million of availability under the ABL. We elected not to pay down the ABL with available cash at March 31 and total liquidity was $34.3 million.
On April 11, 2018, Basic amended and restated its $120.0 million ABL to increase the total commitments under the facility to $150.0 million. This increase in commitments gives Basic additional access to liquidity as its accounts receivable base grows.
Capital Expenditures
Total capital expenditures during the first three months of 2018 were approximately $21.3 million (including capital leases and other financing of $3.3 million), comprised of $3.8 million for expansion projects, $17.0 million for sustaining and replacement projects and $432,000 for other projects. Expansion capital spending included $2.6 million for the completion and remedial services segment, $1.1 million for the well servicing segment, and $79,000 for the fluid services segment. Other capital expenditures were mainly for facilities and information technology infrastructure.
Basic currently anticipates 2018 capital expenditures of $80.0 million, including $40.0 million of capital leases and other financings.
Conference Call
Basic will host a conference call to discuss its first quarter 2018 results on Friday, May 4, 2018, at 9:00 a.m. Eastern Time (8:00 a.m. Central). To access the call, please dial (412) 902-0003 and ask for the "Basic Energy Services" call at least 10 minutes prior to the start time. The conference call will also be broadcast live via the Internet and can be accessed through the investor relations section of Basic's corporate website, www.basicenergyservices.com .
A telephonic replay of the conference call will be available until May 11, 2018 and may be accessed by calling (201) 612-7415 and using pass code 13678421#. A webcast archive will be available at www.basicenergyservices.com shortly after the call and will be accessible for approximately 30 days.
About Basic Energy Services
Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating area. The Company employs more than 4,100 employees in more than 100 service points throughout the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas, and the Rocky Mountain and Appalachian regions. Additional information on Basic Energy Services is available on the Company's website at www.basicenergyservices.com .
Safe Harbor Statement
This release includes and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "believe," "estimate," "expect," "anticipate," "project," "intend," "seek," "could," "should," "may," "potential" and similar expressions are intended to identify . Basic has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could the projections, anticipated results or other expectations expressed in this release, including (i) changes in demand for our services and any related material impact on our pricing and utilizations rates, (ii) Basic's ability to execute, manage and integrate acquisitions successfully, (iii) changes in our expenses, including labor or fuel costs and financing costs, (iv) continued volatility of oil or natural gas prices, and any related changes in expenditures by our customers, and (v) competition within our industry. Additional important risk factors that could expectations are disclosed in Item 1A of Basic's Form 10-K for the year ended December 31, 2017 and subsequent Form 10-Qs filed with the SEC. While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee that anticipated future results will be achieved. Basic assumes no obligation to publicly update or revise any made herein or any other made by Basic, whether as a result of new information, future events, or otherwise.
Contacts:
Trey Stolz,
VP Investor Relations
Basic Energy Services, Inc.
817-334-4100
Jack Lascar
Dennard ▪ Lascar Associates
713-529-6600
-Tables to Follow-
Basic Energy Services, Inc.
Consolidated Statements of Operations and Other Financial Data
(in thousands, except per share amounts)
Three months ended March 31,
2018
2017
(Unaudited)
Income Statement Data:
Revenues:
Completion and remedial services
$
117,597
$
80,431
Water Logistics
56,509
50,206
Well servicing
57,537
48,619
Contract drilling
3,022
2,763
Total revenues
234,665
182,019
Expenses:
Completion and remedial services
89,659
67,252
Water Logistics
40,923
41,538
Well servicing
48,191
40,916
Contract drilling
2,543
2,408
General and administrative (1)
40,978
34,205
Depreciation and amortization
30,235
25,413
(Gain) loss on disposal of assets
1,779
(467)
Total expenses
254,308
211,265
Operating loss
(19,643)
(29,246)
Other income (expense):
Interest expense
(11,283)
(9,109)
Interest income
27
12
Other income
309
92
Loss before income taxes
(30,590)
(38,251)
Income tax benefit (expense)
59
(375)
Net loss
$
(30,531)
$
(38,626)
Loss per share of common stock:
Basic
$
(1.16)
$
(1.49)
Diluted
$
(1.16)
$
(1.49)
Other Financial Data:
EBITDA (2)
$
10,901
$
(3,741)
Adjusted EBITDA (2)
22,835
3,218
Capital expenditures:
Property and equipment
15,412
25,930
As of
March 31,
December 31,
2018
2017
(Unaudited)
Audited
Balance Sheet Data:
Cash and cash equivalents
$
33,831
$
38,520
Net property and equipment
491,266
502,579
Total assets
811,565
820,480
Total long-term debt
272,658
259,242
Total stockholders' equity
313,578
338,653
Three months ended March 31,
2018
2017
Segment Data:
(unaudited)
Completion and Remedial Services
Total hydraulic horsepower (HHP)
523,000
444,000
Total Frac HHP
413,000
357,000
Coiled tubing units
18
16
Rental and Fishing tool stores
16
16
Segment Profits as a percent of revenue
24
%
16
%
Water Logistics
Weighted average number of fluid service trucks
960
935
Truck hours (000's)
479.6
484.3
Revenue per fluid services truck (000's)
$
59
$
54
Segment profits per fluid services truck (000's)
$
16
$
9
Segment profits as a percent of revenue
28
%
17
%
Well Servicing
Weighted average number of rigs
310
421
Rig hours (000's)
168.5
157.6
Rig utilization rate
76
%
52
%
Revenue per rig hour, excluding manufacturing
$
338
$
307
Well servicing rig profit per rig hour
$
55
$
49
Segment profits as a percent of revenue
16
%
16
%
Contact Drilling
Weighted average number of rigs
11
12
Rig operating days
175
135
Drilling utilization rate
18
%
12
%
Revenue per day
$
17,300
$
20,500
Drilling rig profit per day
$
2,700
$
2,600
Segment profits as a percent of revenue
16
%
13
%
(1) Includes approximately $6,798,000 and $4,448,000 of non-cash compensation expense for the three months ended March 31, 2018 and 2017, respectively.
(2) This earnings release contains references to the non-GAAP financial measure of earnings (net income) before interest, taxes, depreciation and amortization, or "EBITDA." This earnings release also contains references to the non-GAAP financial measure of earnings (net income) before interest, taxes, depreciation, amortization, the gain or loss on disposal of assets, retention expense, and restructuring expense or "Adjusted EBITDA." EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. However, Basic believes EBITDA and Adjusted EBITDA are useful supplemental financial measures used by its management and directors and by external users of its financial statements, such as investors, to assess:
The financial performance of its assets without regard to financing methods, capital structure or historical cost basis;
The ability of its assets to generate cash sufficient to pay interest on its indebtedness; and
Its operating performance and return on invested capital as compared to those of other companies in the well servicing industry, without regard to financing methods and capital structure.
EBITDA and Adjusted EBITDA each have limitations as an analytical tool and should not be considered an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income and operating income, and these measures may vary among other companies. Limitations to using EBITDA as an analytical tool include:
EBITDA does not reflect its current or future requirements for capital expenditures or capital commitments;
EBITDA does not reflect changes in, or cash requirements necessary, to service interest or principal payments on, its debt;
EBITDA does not reflect income taxes;
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
Other companies in its industry may calculate EBITDA differently than Basic does, limiting its usefulness as a comparative measure.
In addition to each of the limitations with respect to EBITDA noted above, the limitations to using Adjusted EBITDA as an analytical tool include:
Adjusted EBITDA does not reflect Basic's gain or loss on disposal of assets;
Adjusted EBITDA does not reflect Basic's retention expense;
Adjusted EBITDA does not reflect Basic's restructuring costs;
Adjusted EBITDA does not reflect Basic's non-cash stock compensation; and
Other companies in our industry may calculate Adjusted EBITDA differently than Basic does, limiting its usefulness as a comparative measure.
The following table presents a reconciliation of net loss to EBITDA:
Three months ended March 31,
2018
2017
Reconciliation of Net Loss to EBITDA:
Net loss
$
(30,531)
$
(38,626)
Income taxes
(59)
375
Net interest expense
11,256
9,097
Depreciation and amortization
30,235
25,413
EBITDA
$
10,901
$
(3,741)
The following table presents a reconciliation of net loss to Adjusted EBITDA:
Three months ended March 31,
2018
2017
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss
$
(30,531)
$
(38,626)
Income taxes
(59)
375
Net interest expense
11,256
9,097
Depreciation and amortization
30,235
25,413
(Gain) loss on disposal of assets
1,779
(467)
Non cash stock compensation
6,798
4,448
Costs for withdrawn bond offering
1,753
—
Executive bonus
1,604
—
Retention expense
—
1,357
Restructuring expense
—
1,621
Adjusted EBITDA
$
22,835
$
3,218
View original content: http://www.prnewswire.com/news-releases/basic-energy-services-reports-first-quarter-2018-results-300642600.html
SOURCE Basic Energy Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-basic-energy-services-reports-first-quarter-2018-results.html |
April 30(Reuters) - Hangzhou Electronic Soul Network Technology Co Ltd
* Says it will pay cash dividend of 0.2070 yuan per share (before tax) for FY 2017 to shareholders of record on May 8
* The company’s shares will be traded ex-right and ex-dividend on May 9 and the dividend will be paid on May 9
Source text in Chinese: goo.gl/rPaQ5W
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hangzhou-electronic-soul-network-t/brief-hangzhou-electronic-soul-network-technology-says-dividend-payment-date-on-may-9-idUSL3N1S73S9 |
SAO PAULO, May 17 (Reuters) - Brazilian carrier TIM Participações SA said on Thursday it will pay royalties to its controlling Telecom Italia Spa for brand use, according to a securities filing.
Under the terms of the agreement, TIM and its subsidiaries will pay 0.5 percent of net revenues for brand use until December 2020, starting immediately. The filing said Telecom Italia has been questioned and fined by Italian authorities over the free use of its brand by the Brazilian subsidiary. (Reporting by Carolina Mandl Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/tim-part-telecom-it-brand/brazilian-carrier-tim-participaes-to-pay-telecom-italia-for-brand-use-idUSE6N1PP01X |
May 23 (Reuters) - Harfang Exploration Inc:
* HARFANG ACQUIRES A CU-NI-PT-PD MINERAL PROPERTY AT LAKE AULNEAU, NUNAVIK (QUÉBEC) Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-harfang-acquires-a-cu-ni-pt-pd-min/brief-harfang-acquires-a-cu-ni-pt-pd-mineral-property-at-lake-aulneau-nunavik-idUSASC0A3DE |
May 9 (Reuters) - Federal prosecutors on Wednesday announced fraud charges against the founder of New York investment advisory firm Premium Point Investments LP, as well as two former members of the firm.
In an indictment unsealed in Manhattan federal court, prosecutors said Premium Point founder Anilesh Ahuja, former partner Amin Majidi and former trader Jeremy Shor mismarked securities by hundreds of millions of dollars. (Reporting By Brendan Pierson in New York Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-crime-premium-point/premium-point-founder-two-others-charged-with-mismarking-securities-idUSL1N1SG1CI |
BERLIN (Reuters) - Hamburg said on Wednesday it had begun putting up signs to enforce what will be the first ban on older diesel vehicles from streets in a major German city, after a court ruled in February that cities were entitled to impose such bans.
A worker picks up a traffic sign which bans diesel cars in downtown Hamburg, Germany May 16, 2018. REUTERS/Fabian Bimmer Hamburg’s environmental authorities said on Wednesday they had put up around 100 signs this week announcing the ban in two streets and offering directions for alternative routes.
German cities are under pressure to meet legal clean air targets to reduce illness caused by emissions. European car companies have invested heavily in diesel, which produces less of the carbon that causes global warming than gasoline engines, but more of other pollutants blamed for health problems.
The prospect that cities could ban dirtier diesel vehicles has wide implications for the future of Europe’s car industry.
Hamburg is still waiting to find out from the court whether it will be allowed to apply the ban to all cars with engines that fail to meet the 2014 “Euro 6” standard, or only to the far smaller number that fail to meet the 2009 “Euro 5” standard.
“We expect to put the driving ban into effect in May. Therefore, it’s necessary to receive a written statement of the ruling from the administrative court in Leipzig,” said Bjoern Marzahn, Hamburg environment authority spokesman.
Traffic signs which ban diesel cars are installed by workers at the Max-Brauer Allee in downtown Hamburg, Germany May 16, 2018. REUTERS/Fabian Bimmer Environmentalists say the measures in Hamburg do not go far enough because they target only selected streets where air monitoring stations are in place. They worry that diversions will only prompt car owners to drive longer distances.
“There are only four monitoring stations in Hamburg and it is evaluated according to their results, although the European Union limits are breached in many parts of the city,” Paul Schmid, spokesman for the Environment and Nature Conservation Association (BUND) in Hamburg, said.
The court has promised a final statement by the end of this week, Marzahn said, adding that no fines will be levied during an initial phase of the ban, allowing drivers to get used to it.
The city had considered other alternatives to improve air quality, such as deploying electric buses, but concluded that a partial diesel ban would be the most effective solution.
“We as environment authorities are responsible for air purity and it’s our responsibility to make sure inhabitants don’t get sick (because of pollution),” Marzahn said. “I believe there is sympathy for this from car drivers.”
Reporting by Riham Alkousaa; Editing by Peter Graff
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-emissions-hamburg/hamburg-takes-steps-to-impose-germanys-first-big-city-ban-on-old-diesels-idUSKCN1IH26M |
May 3 (Reuters) - Sentronic International Corp
* Says it will issue 5 million shares at the tentative price of T$20 to T$25 per share, to repay loans
* 10 percent of the new shares will be offered to the company’s employees
* 10 percent of the new shares will be offered through public offering
* Remaining 80 percent of the new shares will be offered to the existing shareholders
Source text in Chinese: goo.gl/An551d
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sentronic-international-to-issue-5/brief-sentronic-international-to-issue-5-mln-shares-to-repay-loans-idUSL3N1SA340 |
VANCOUVER, May 7, 2018 /PRNewswire/ - UrtheCast Corp. (TSX: UR) ("UrtheCast" or the "Company") announced today that the Company will release its 2018 first quarter financial results after markets close on May 15, 2018 and will hold its earnings conference call at 4:30 p.m. ET (1:30 p.m. PT).
The live conference call on May 15, 2018 will be available by calling toll-free at 1-800-952-5114, or by toll call at 1-416-641-6104. The participant pass code is 7107762#. An archived version of the conference call will be made available on the Company's investor website ( investors.urthecast.com ) following the live conference call.
About UrtheCast
UrtheCast Corp. is a Vancouver-based technology company that serves the rapidly evolving geospatial and geoanalytics markets with a wide range of information-rich products and services.
For more information, visit UrtheCast's website at www.urthecast.com .
with multimedia: releases/urthecast-to-report-first-quarter-2018-results-and-host-conference-call-on-may-15-2018-300643404.html
SOURCE UrtheCast Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-urthecast-to-report-first-quarter-2018-results-and-host-conference-call-on-may-15-2018.html |
Tech Guide Tech is facing a 'tough summer' for immigration issues, Microsoft's Brad Smith says Microsoft has previously sought to defend the Deferred Action for Childhood Arrivals program, despite the Trump administration's attempts to end it. Brad Smith, Microsoft's president and chief counsel, said he doesn't think there's a desire to find common political ground around DACA. Smith said the U.S. government could also remove the authorization to work for spouses of some visa holders. CNBC.com Asa Mathat | Vox Media Brad Smith, President and Chief Legal Officer, Microsoft speaking at the 2018 Code Conference on May 29th, 2018.
Brad Smith, Microsoft 's president and chief legal officer, said on Tuesday that he fears a "tough summer" is ahead, with respect to immigration issues like the Deferred Action for Childhood Arrivals program.
The Trump Administration has sought to end DACA, an Obama-era policy that provides legal protection for young immigrants brought to the U.S. illegally as children. Microsoft has advocated the protection of DACA and has more broadly supported immigration as a way to make sure U.S. companies are hiring talented people.
Smith, who has previously been outspoken against the efforts to stop DACA, told Recode's Kara Swisher that he doubts there will be any kind of political compromise to keep the program intact.
"There is room, I believe, for common ground if people want to find it," Smith said at the Code Conference in Rancho Palos Verdes, California. "In an era of such disagreement, I just don't know that people are looking for that common ground."
Smith also said he thought the Trump administration could try to take away work authorization for spouses of people with H-1B visas, known as the H-4 rule. This would affect "virtually every company," he said.
"We have 98 employees who are here on an H-4," Smith said. "They will lose their jobs if this administration revokes that authority."
Additionally, Smith said, the U.S. government could roll back the potential for certain people with science, technology, engineering or math degrees to work under H-1B visas.
If that were to happen, Smith said, "we could have thousands of people suddenly unable to work. And I just think this is terrible for the country, it's terrible for the tech sector and it is a tragedy for the individuals involved."
Microsoft could well take its political opposition to the courts, Smith said.
"I think we need to be firm in our resolve to take whatever action we can," he said. "That means using our voice, it means using our lawyers, it may mean standing behind our employees, and if necessary, giving them the ability to work in Canada instead of the United States." show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/tech-is-facing-a-tough-summer-for-immigration-issues-microsofts-brad-smith-says.html |
Paddington Bear heads to St Paul's in late author's last work 10:21pm IST - 01:53
The marmalade-loving bear visits the famed London site where he is mistaken for a member of the choir in 'Paddington at St Paul's' by Michael Bond. Rough cut (no reporter narration).
The marmalade-loving bear visits the famed London site where he is mistaken for a member of the choir in 'Paddington at St Paul's' by Michael Bond. Rough cut (no reporter narration). //reut.rs/2IYg2cW | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/30/paddington-bear-heads-to-st-pauls-in-lat?videoId=431715520 |
May 17, 2018 / 6:40 AM / Updated 35 minutes ago Credit checker Experian full-year revenue rises Reuters Staff 1 Min Read
(Reuters) - Experian Plc ( EXPN.L ), the world’s biggest credit data company, posted a 7.5 percent rise in full-year revenue on Thursday, and said it expected 2018 to be another year of growth.
The FTSE-100 company, best known for running consumer credit checks for banks, landlords and retailers, said revenue for the year ended March 31 rose to $4.66 billion (3.4 billion pounds) from $4.34 billion a year ago.
Pretax profit from ongoing activities for the year rose 7.3 percent to $1.21 billion, the company said. Reporting By Justin George Varghese in Bengaluru; Editing by Gopakumar Warrier | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-experian-results/credit-checker-experian-full-year-revenue-rises-idUKKCN1II0NY |
May 6, 2018 / 12:57 PM / Updated 8 hours ago Planemakers risk order disruption as Etihad reviews strategy Alexander Cornwell , Tim Hepher , Stanley Carvalho 3 Min Read
DUBAI/PARIS/ABU DHABI (Reuters) - Airbus ( AIR.PA ) and Boeing ( BA.N ) are preparing for possible changes to dozens of plane orders from Middle East carrier Etihad Airways as it presses ahead with a company-wide review, four sources familiar with the matter said. FILE PHOTO: An Etihad Boeing 787-9 Dreamliner aircraft takes off from Zurich Airport January 9, 2018. REUTERS/Arnd Wiegmann/File Photo
Etihad has been reviewing its business since 2016 when investments in other airlines contributed to a nearly $2 billion (1.48 billion pounds) loss for the Abu Dhabi state-owned carrier.
Etihad is considering its options for over 160 aircraft it has ordered, ranging from swapping models to delaying deliveries to outright cancellations, the sources told Reuters.
A final decision could be based on a combination of the three options, one source said. FILE PHOTO: Etihad Airways Airbus A320-200 is seen at the National Airport Minsk, Belarus April 19, 2018. REUTERS/Vasily Fedosenko/File Photo
Etihad declined to comment. A Boeing spokeswoman declined to comment, citing company policy to “not comment on delivery schedules nor any discussions with customers”. An Airbus spokeswoman declined to comment, telling Reuters talks with customers were confidential.
Few details of the review have been made public but Etihad’s new Group Chief Executive Tony Douglas said on April 30 that the airline aims to develop in “a sustainable way”.
Etihad has 88 Airbus and 78 Boeing jets on order worth tens of billions of dollars, largely from deals signed in 2013, which are scheduled to start delivery from this year.
The orders include 62 Airbus A350s and 52 Boeing 787 Dreamliners, according to the two planemakers’ websites.
The bulk of the aircraft were ordered when Etihad was pursuing an aggressive expansion strategy to keep pace with regional rivals Emirates and Qatar Airways.
Etihad said then that under the agreements with Airbus and Boeing, it could transfer orders to airlines it had invested in. At that time, the airline had stakes in several other carriers.
The expansion strategy seemingly collapsed last year when Air Berlin and Alitalia filed for insolvency after Etihad invested in them.
Air Berlin, one of Etihad’s biggest investments, ceased operations last October, while Alitalia, the most high profile, is unlikely to take any aircraft as insolvency proceedings continue.
Etihad currently holds stakes in four other airlines. Writing by Alexander Cornwell; Editing by Ghaida Ghantous/Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-airbus-boeing-etihad-orders/planemakers-risk-order-disruption-as-etihad-reviews-strategy-idUKKBN1I70EV |
PARIS (Reuters) - Warm, dry weather in the past month has helped European farmers catch up on maize planting but crops could start to suffer unless regular rain returns, analysts said.
FILE PHOTO: Maize sprouts are is seen in a field in Schnersheim, France, April 25, 2018. Picture taken April 25, 2018. REUTERS/Vincent Kessler/File Photo Planting of maize (corn) is winding down in the European Union, including in top producer France where 86 percent of the expected area had been sown by May 14, farming agency FranceAgriMer said on Friday.
A wet, cold start to spring had delayed planting and while field work has accelerated sharply this month it is still behind last year’s pace when 97 percent of the area had been sown by the same date.
“The only question mark in France is the delay in planting, which concerns the west of the country,” Laurine Simon, maize market analyst at Strategie Grains, said. “Groundwater reserves have been replenished by the winter rain, which is a positive factor for summer irrigation.”
The crop area, however, is expected to stay at around the low level of last year, as unattractive prices deter farmers.
France’s farm ministry this week estimated the grain maize area would be stable compared with 2017 but 12 percent below the average of the past five years.
A relatively low crop area in France and also in Italy could curb overall EU maize production this year, Simon said. Strategie Grains projects a 3 percent rise in output to 60.9 million tonnes, supported by an expected recovery in Spain after drought last year.
Recent hot, dry weather in central and eastern Europe could be a drag on harvest prospects in countries like Hungary and Romania.
“There has been rain but some of it came with storms so didn’t necessarily fall widely,” Simon said.
In Germany, dry weather is also a concern.
“Unfavorable sowing weather for winter wheat and some spring grains mean some extra maize area has been sown,” one German analyst said. “But plants are suffering from dryness in some areas and yields do not look promising.”
German grain maize sowings are set to increase by 7.4 percent this year from last year to 463,000 hectares, Germany’s national statistics office estimated this week.
But in a separate forecast this week, the association of German farm cooperatives estimated production would fall this year by 2.6 percent to 4.3 million tonnes.
In Poland, farmers similarly shifted more land towards maize after weather problems for earlier-sown crops.
Farmers increased maize plantings to about 700,000 hectares against 600,000 hectares harvested in 2017, which assuming average yields could push production up 12 percent to 4.7 million tonnes, Wojtek Sabaranski of analysts Sparks Polska estimated.
“Weather conditions at planting time were generally favourable, even though in some regions it was too dry,” Sabaranski said.
Reporting by Gus Trompiz in Paris and Michael Hogan in Hamburg; Editing by Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-maize-crops/warm-weather-helps-eu-maize-planting-but-raises-yield-risk-idUSKCN1IJ208 |
Twenty years for toddler death mother 9:34am EDT - 01:00
A Texas mother has been sentenced to twenty years in prison after the deaths of her two toddlers, left in a car on a 96 degree day while she smoked marijuana and took a nap. Colette Luke reports.
A Texas mother has been sentenced to twenty years in prison after the deaths of her two toddlers, left in a car on a 96 degree day while she smoked marijuana and took a nap. Colette Luke reports. //reut.rs/2FvdEnr | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/01/twenty-years-for-toddler-death-mother?videoId=422938941 |
LONDON—The environmental damage around the site of two Royal Dutch Shell PLC oil spills in Nigeria a decade ago has worsened significantly after years of delay to cleanup efforts, according to a report that the oil giant has been accused of trying to shield from public view.
The spills from a ruptured Shell pipeline spewed thousands of barrels of oil over parts of the Bodo fishing community in the crude-rich Niger Delta. Although the company in 2015 reached an out-of-court settlement with the local community, admitting to... | ashraq/financial-news-articles | https://www.wsj.com/articles/pollution-worsens-around-shell-oil-spills-in-nigeria-1527246084 |
FRANKFURT (Reuters) - Protective tariffs imposed by the United States in recent months have only had a minor impact on the world economy but a significant escalation in tensions could derail the recovery in global trade, the European Central Bank said on Monday.
FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China April 24, 2018. REUTERS/Aly Song Retaliation and a full fledged trade war could increase import prices, raise production costs and eat into households’ purchasing power, negatively impacting consumption, investment and employment, the ECB said in an economic bulletin article.
Demanding more fair trade, the United States has imposed some trade tariffs on China and asked Beijing to reduced its trade surplus with the United States by 200 billion euros. But it has so far exempted the European Union from new tariffs on steel and aluminum.
“In response to higher uncertainty, financial investors could also reduce their exposure to equities, reduce credit supply and require a higher compensation for risk,” the ECB said. “Heightened uncertainty could spill over more broadly, adding to volatility in global financial markets.”
Over the longer term, protectionism would weigh on productivity and negatively affect the economy’s potential output growth, the ECB said.
Reporting by Balazs Koranyi; Editing by Alison Williams
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-trade-ecb/tariff-war-could-derail-global-recovery-ecb-idUSKBN1I80NE |
VANCOUVER, British Columbia , May 02, 2018 (GLOBE NEWSWIRE) -- SouthGobi Resources Ltd. (HK:1878) (TSX:SGQ) (the “ Company ”) announces that the board of directors (the “ Board ”) of the Company will meet on Monday, May 14, 2018 to consider and approve the results of the Company and its subsidiaries for the first quarter of 2018. These results will be released on May 14, 2018.
About SouthGobi
SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. It also holds the mining licences of its other metallurgical and thermal coal deposits in South Gobi Region of Mongolia. SouthGobi produces and sells coal to customers in China.
Website: www.southgobi.com
Contact: Investor Relations Kino Fu Office: +852 2156 7030 Email: [email protected]
Source: SouthGobi Resources Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-southgobi-resources-to-announce-first-quarter-2018aresults-on-may-14-2018.html |
The U.K. supermarket space has drawn renewed attention from investors following the tie-up between Walmart's Asda and J Sainsbury .
The $10 billion deal between the two grocers, announced last week, was welcomed by the investment community, but according to one asset manager, Tesco is still the best stock pick.
"Perhaps with most other people, we've been focused on Tesco," Henry Dixon, asset manager at Man GLG, told CNBC's "Squawk Box Europe" on Thursday.
"I think the Sainsbury's-Asda news is pretty interesting," he said, adding that it may not mean a higher market share for the companies involved, however.
Sainsbury's and Asda are, respectively, the second and the third largest supermarkets in the U.K. If approved by regulators, their tie-up could mean that they would surpass Tesco as the largest food retailer in the U.K. But, Dixon said: "If you go back and look at the Morrisons deal for Safeway, what was clear when companies merge, they lose quite a bit of market share."
Matt Cardy | Getty Images In 2004, Morrison , the fourth-largest supermarket chain in the U.K., bought the Safeway brand in a £3 billion ($4.06 billion) deal. In 2017, Morrisons struck a deal with grocery chain McColl's to supply Safeway products to 1,300 convenience stores and 350 newsagents.
Still, on the Asda-Sainsbury's merger, Dixon said: "This is an amazing opportunity for the other players in the space to actually really assert their authorities."
According to a Reuters poll, two analysts ranked Tesco as a strong buy; 10 analysts ranked it as a buy; four considered it a hold; and only three gave it a sell grade. The majority of the analysts said Sainsbury's is a stock to hold.
Tesco reported last month preliminary results for the fiscal year of 2017/18, showing like-for-like sales up by 2.2 percent and a reduction in net debt by £1.1 billion.
Further mergers? Morrisons, which reported Thursday a 3.6 percent increase in like-for-like sales during the first quarter of the year, has left the door open to a potential bid for Sainsbury's.
David Potts, CEO of Morrisons, declined to comment when asked if he would rule out bidding for Sainsbury's, Reuters reported. He added that he is waiting to hear the verdict from U.K. regulators on its tie-up with Asda.
Potts also declined to comment if he was considering a closer relationship with Amazon. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/tesco-still-favorite-stock-despite-walmarts-asda-deal-with-sainsburys-asset-manager-says.html |
At David Rockefeller’s three-day long, $828 million estate sale at Christie’s in New York, artworks by such big names as Picasso, Matisse, and Gauguin sold for hundreds of millions of dollars. There was also a profusion of statuary, antiques, silverware, and what can only be called very high-end knickknacks. Miniature porcelain statues of shepherds may not have been fashionable since the 18th century, but for a brief, very expensive moment this week, they surely were hot: One winsome Meissen figure sold for $25,000, five times its high estimate.
Similarly, the type of dark, wooden furniture favored by Rockefeller hasn’t been showcased in design magazines in decades, but in Wednesday and Thursday’s day sales, bidders couldn’t get enough of it. One tripod table sold for $13,750, above a high estimate of $5,000, and an armchair went for $35,000, above its high estimate of $6,000.
This sudden popularity of historical decoration “suggests two things,” wrote David Rockefeller Jr. in an email. “First, that there are many people who, quite touchingly, would like to have ‘a piece of the Rock’—as you might call it—at a reasonable price.” Second, he wrote, “the buying public increasingly recognizes quality both in utilitarian objects (like chairs and silverware) and in strictly decorative objects as well.”
It’s undeniable that the Rockefeller name is a major draw. It’s also possible that the Rockefeller sale, with its global, multimillion-dollar marketing effort spearheaded by Christie’s, made buyers realize that there’s an aesthetic that transcends the so-called “5-star hotel” style of generic, location-less good taste.
It’s anyone’s guess, but what we do know is that, amid the thousands of objects that sold this week, 10 stood out.
Silver Worth Its Weight in Gold A silver ice pail, purchased by Rockefeller in Mexico in 1995, was estimated to sell from $800 to $1,200. After furious bidding by phone, internet, and in the room, it hammered to a man sitting at the rear of the auction house. With premium, its total was a stunning $50,000.
A New Record for Fairfield Porter There was never doubt that the spectacular pieces of blue chip European art would sell. How the American art, which can sometimes appeal to a more limited audience (there are probably fewer Maine landscape paintings on the walls of Bavarian schlosses than Rembrandt landscapes in Manhattan apartments), would fare was a more open-ended question. Happily, many of the American works in Rockefeller’s collection went gangbusters, including this absolutely gorgeous 1965 painting by Fairfield Porter, The Schooner II. Estimated from $1 million to $1.5 million, it set a new record for the artist when it sold for $1.93 million.
Double Rockefeller Provenance “The most stunning success so far among the decorative works,” David Rockefeller Jr. noted. “Was a George lll writing table at which my mother used to write her eloquent morning letters.” The table had been acquired in 1913 by John D. Rockefeller Jr. (David Rockefeller’s father), who used it at Kykuit, the family’s New York estate, until 1960. The piece has been in the family, in other words, for generations, and that seemed a powerful draw for multiple bidders. Estimated to sell from $8,000 to $12,000, it sold, with premium, for $360,500.
The Most Expensive Picnic Ever? A present made to David Rockefeller by King Hassan II of Morocco in 1986, this wicker basket and picnic set from Asprey contained ruby glass drink ware bearing the king’s monogram, silver-plated serving ware including a “silver-plated sugar caster” from Christofle, a set of flatware for 12 (including dinner forks, luncheon forks, and cold meat forks), all stored in a red-leather-lined interior. It was estimated to sell for $10,000. Its final price: $212,500.
A Duck That Costs More Than a House If one thing was certain when the (gold) dust settled at the end of the Rockefeller sale, it was that the duck decoy market remains bullish. This whistling swan, made by John Haynes Williams in 1910, sold for $348,500, more than double its high estimate of $150,000.
An Actual Bargain Watching the sales, it was easy to get jaded as record followed record. If a work didn’t sell for multiples of its high estimate, it felt disappointing. So when Pierre Bonnard’s Boulevard des Batignolles, estimated to sell for $800,000 to $1.2 million, sold for just $250,000, it was genuinely shocking. That’s particularly true when it comes to this work, which Rockefeller bought in 2006 for $856,000. Whoever bought it, in other words, paid less than a third of what Rockefeller had paid—more than a decade later.
Bowled Away Before the sale, Christie’s representatives had spoken of a strong level of interest from Asian bidders. Without knowing just how many lots sold to people in the region, numerous lots that would appeal to Asian buyers skyrocketed past their original estimates. For instance, a blue and white bowl from the Chinese Xuande period (1426-1435), which the Rockefellers had kept in their house in Maine, carried a high estimate of $150,000 and sold for $2.8 million.
Porcelain Mania Meissen figurines were sought-after for centuries for their delicacy, inventive design, and craftsmanship, and Rockefeller collected dozens. This pair of hoopoes from 1740 was particularly desirable, given its pre-Rockefeller provenance: Once owned by Catalina von Pannwitz, a very wealthy woman of Jewish descent who married into the Prussian nobility, it was subsequently purchased by oil executive Charles Wrightsman, who donated it to the Metropolitan Museum of Art. The museum subsequently sold it to Laurance Rockefeller. After his death in 2004, it was acquired by his brother, David. That was apparently a sufficiently glamorous pedigree for someone who bid the figurines up past their $30,000 high estimate. The total: $175,000.
American History X (10) Gilbert Stuart (1755-1828) painted more than 100 portraits of George Washington. His methodology consisted of making a single portrait, then painting several exact copies of that portrait, and then starting a new series based on a new original. Each series of Washington portrait by Stuart is known by the name of the original portrait’s owner. (If you’re still following this, you deserve a prize.) This portrait, made in 1795, was part of the so-called Vaughan series (named after the first painting’s owner, John Vaughan), and is arguably Stuart’s most famous. Rockefeller’s painting carried a high estimate of $1.2 million and sold for nearly 10 times that amount, totaling, with premium, $11.6 million.
A Very Expensive Surrey Rockefeller was known to drive a horse and carriage for fun around his estate in Westchester, and several of the buggies and surreys he used came up to auction. The estimates were admittedly almost absurdly low; this one, from the late 19th or early 20th centuries, carried a high estimate of $2,500. Even so, its total of $81,250 is surprising. That’s a 3,100 percent increase. | ashraq/financial-news-articles | http://fortune.com/2018/05/12/rockefeller-auction-christies/ |
Burlington, Mass., May 02, 2018 (GLOBE NEWSWIRE) -- Avid ® ( NASDAQ:AVID ), the platform that powers media and entertainment, today announced that Jeff Rosica, Chief Executive Officer and President, and Brian E. Agle, Senior Vice President and Chief Financial Officer, will hold a conference call on Thursday, May 10, 2018 at 5:00 p.m. ET to discuss the company’s financial results for the first quarter of 2018.
The dial-in number is: 323-794-2093 The replay number is: 719-457-0820 The confirmation code and replay passcode is: 5575970
The conference call will also be available via live audio Webcast and subsequent replay on the company's website. To listen online, please visit http://ir.avid.com .
About Avid
Avid delivers the most open and efficient media platform, connecting content creation with collaboration, asset protection, distribution, and consumption. Avid’s preeminent customer community uses Avid’s comprehensive tools and workflow solutions to create, distribute and monetize the most watched, loved and listened to media in the world—from prestigious and award-winning feature films to popular television shows, news programs and televised sporting events, and celebrated music recordings and live concerts. With the most flexible deployment and pricing options, Avid’s industry-leading solutions include Media Composer®, Pro Tools®, Avid NEXIS®, MediaCentral®, iNEWS®, AirSpeed®, Sibelius®, Avid VENUE™, Avid FastServe™, Maestro™, and PlayMaker™. For more information about Avid solutions and services, visit www.avid.com , connect with Avid on Facebook , Instagram , Twitter , YouTube , LinkedIn , or subscribe to Avid Blogs .
© 2018 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Avid NEXIS, Avid FastServe, AirSpeed, iNews, Maestro, MediaCentral, Media Composer, NewsCutter, PlayMaker, Pro Tools, Avid VENUE, and Sibelius are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. All other trademarks are the property of their respective owners. Product features, specifications, system requirements and availability are subject to change without notice.
Investor Contact: Dean Ridlon Avid [email protected] (978) 640-3379 PR Contact: Jim Sheehan Avid [email protected] (978) 640-3152
Source:Avid Technology, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-avid-technology-announces-conference-call-to-discuss-first-quarter-2018-financial-results.html |
May 2 (Reuters) - Livechat Software SA:
* NUMBER OF CLIENTS USING PAID VERSION OF LIVECHAT AT 24,412 AS OF MAY 1 VERSUS 19,777 YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-no-of-clients-using-paid-version-o/brief-no-of-clients-using-paid-version-of-livechat-up-at-24412-as-of-may-1-idUSFWN1S9027 |
First Quarter 2018 Highlights
Net sales of $946 million, a 9% increase versus prior year Net loss of $13 million Segment EBITDA of $118 million, a 24% increase versus prior year Completed the sale of the Additives Technology Group (ATG) business in January 2018 generating $49 million in proceeds or approximately twelve times Segment EBITDA over the last twelve months
COLUMBUS, Ohio--(BUSINESS WIRE)-- Hexion Inc. (“Hexion” or the “Company”) today announced results for the first quarter ended March 31, 2018.
“Hexion reported strong Segment EBITDA gains of 24% and sales growth of 9%, respectively, in the first quarter of 2018,” said Craig A. Rogerson, Chairman, President and CEO. “First quarter 2018 Segment EBITDA reflected significant improvement in our base epoxy resins and phenolic specialty resins businesses, as well as the positive impact of our recent structural cost reduction initiatives. We also drove higher Segment EBITDA in all regions of our formaldehyde and forest products resins business.”
Mr. Rogerson added: “We continue to experience strong Segment EBITDA growth in 2018 reflecting tailwinds across the portfolio including improved demand in our forest products business, and continued strength in market fundamentals in base epoxy resins, which are expected to persist for the foreseeable future. We also expect our specialty epoxy business to benefit from growing market demand for waterborne coatings over the next few years and long-term secular growth in renewable energy to support our wind energy business.”
First Quarter 2018 Results
Net Sales. Net sales for the quarter ended March 31, 2018 were $946 million, an increase of 9% compared with $870 million in the prior year period. The increase in reported net sales was driven by pricing actions primarily in the base epoxy resins business and the pass-through of higher raw material costs in the global forest products resins and phenolic specialty resins businesses.
Segment EBITDA. Segment EBITDA for the quarter ended March 31, 2018 was $118 million, an increase of 24% compared with the prior year period. Segment EBITDA in the first quarter of 2018 increased by $24 million, or 26%, when adjusted for divestitures. First quarter 2018 results reflected the ongoing cost reductions and improved margins in the Company’s base epoxy resins, phenolic specialty resins, and global forest product resins and formaldehyde businesses.
Global Restructuring Programs
In the first quarter of 2018, the Company achieved $13 million of cost savings, including reductions in selling, general and administrative (SG&A) expenses and targeted site rationalizations. Hexion recently identified approximately $40 million in additional structural cost savings with approximately 90% of the savings related to headcount reductions. At March 31, 2018, Hexion had $39 million of total in-process cost savings. The Company has taken the majority of the actions and the impact is expected to be realized by year-end 2018.
Segment Results
Following are net sales and Segment EBITDA by reportable segment for the first quarter ended March 31, 2018 and 2017. See “Non-U.S. GAAP Measures” for further information regarding Segment EBITDA and a reconciliation of net loss to Segment EBITDA.
Three Months Ended March 31, (In millions)
2018 2017 Net Sales (1) : Epoxy, Phenolic and Coating Resins $ 540 $ 492 Forest Products Resins 406 378 Total Net Sales 946 870 Adjustment for disposition (2) — (4) Adjusted Net Sales $ 946 $ 866 Segment EBITDA: Epoxy, Phenolic and Coating Resins $ 70 $ 52 Forest Products Resins 67 61 Corporate and Other (19 ) (18 ) Total Segment EBITDA 118 95 Adjustment for disposition (2) — (1) Adjusted Segment EBITDA $ 118 $ 94 (1) Intersegment sales are not significant and, as such, are eliminated within the selling segment. (2) Adjustment for disposition impacts the Forest Products Resins segment. Liquidity and Capital Resources
At March 31, 2018, Hexion had total debt of approximately $3.8 billion compared to $3.7 billion at December 31, 2017. In addition, at March 31, 2018, the Company had $282 million in liquidity comprised of $95 million of unrestricted cash and cash equivalents, $145 million of borrowings available under the Company’s senior secured asset-based revolving credit facility (the “ABL Facility”) and $42 million of time drafts and availability under credit facilities at certain international subsidiaries. Hexion expects to have adequate liquidity to fund its ongoing operations for the next twelve months from cash on its balance sheet, cash flows provided by operating activities and amounts available for borrowings under its credit facilities.
Earnings Call
Hexion will host a teleconference to discuss First Quarter 2018 results on Monday, May 14, 2018, at 9:00 a.m. Eastern Time. Interested parties are asked to dial-in approximately 10 minutes before the call begins at the following numbers:
U.S. Participants: (844) 492-6045
International Participants: +1 (574) 990-2716
Participant Passcode: 3793847
Live Internet access to the call and presentation materials will be available through the Investor Relations section of the Company's website: www.hexion.com . A replay of the call will be available for one week beginning at 1:00 p.m. Eastern Time on May 14, 2018. The playback can be accessed by dialing (855) 859-2056 (U.S.) and +1 (404) 537-3406 (International). The passcode is 3793847. A replay will also be available through the Investor Relations section of the Company’s website.
Covenant Compliance
The instruments that govern the Company’s indebtedness contain, among other provisions, restrictive covenants regarding indebtedness (including an Adjusted EBITDA to Fixed Charges ratio incurrence test), dividends and distributions, mergers and acquisitions, asset sales, affiliate transactions and capital expenditures.
The indentures that govern the Company’s 6.625% First-Priority Senior Secured Notes, 10.00% First-Priority Senior Secured Notes, 10.375% First-Priority Senior Secured Notes, 13.75% Senior Secured Notes and 9.00% Second-Priority Senior Secured Notes (collectively, the “Secured Indentures”) contain an Adjusted EBITDA to Fixed Charges ratio incurrence test which may restrict our ability to take certain actions such as incurring additional debt or making acquisitions if the Company is unable to meet this ratio (measured on a last twelve months, or LTM, basis) of at least 2.0:1. The Adjusted EBITDA to Fixed Charges ratio under the Secured Indentures is generally defined as the ratio of (a) Adjusted EBITDA to (b) net interest expense excluding the amortization or write-off of deferred financing costs, each measured on a last twelve months (“LTM”) basis. See “Non-U.S. GAAP Measures” for further information regarding Adjusted EBITDA and Schedule 5 to the release for a calculation of the Adjusted EBITDA to Fixed Charges ratio.
The Company’s ABL Facility does not have any financial maintenance covenant other than a minimum Fixed Charge Coverage Ratio of 1.0 to 1.0 that would only apply if the Company’s availability under the ABL Facility at any time is less than the greater of (a) $35 million and (b) 12.5% of the lesser of the borrowing base and the total ABL Facility commitments at such time. The Fixed Charge Coverage Ratio under the credit agreement governing the ABL Facility is generally defined as the ratio of (a) Adjusted EBITDA minus non-financed capital expenditures and cash taxes to (b) debt service plus cash interest expense plus certain restricted payments, each measured on an LTM basis. At March 31, 2018, the Company’s availability under the ABL Facility exceeded such levels; therefore, the minimum fixed charge coverage ratio did not apply.
Non-U.S. GAAP Measures
Segment EBITDA is defined as EBITDA adjusted to exclude certain non-cash and non-recurring expenses. Segment EBITDA is an important measure used by the Company's senior management and board of directors to evaluate operating results and allocate capital resources among segments. Corporate and Other primarily represents certain corporate, general and administrative expenses that are not allocated to the other segments. Segment EBITDA should not be considered a substitute for net loss or other results reported in accordance with U.S. GAAP. Segment EBITDA may not be comparable to similarly titled measures reported by other companies. Adjusted Segment EBITDA is defined as Segment EBITDA adjusted for disposition. See Schedule 4 to this release for reconciliation of net loss to Segment EBITDA and Adjusted Segment EBITDA.
Adjusted EBITDA is defined as EBITDA adjusted for certain non-cash and certain non-recurring items and other adjustments calculated on a pro forma basis, including the expected future cost savings from business optimization programs or other programs and the expected future impact of acquisitions, in each case as determined under the governing debt instrument. As the Company is highly leveraged, it believes that including the supplemental adjustments that are made to calculate Adjusted EBITDA provides additional information to investors about the Company’s ability to comply with its financial covenants and to obtain additional debt in the future. Adjusted EBITDA and Fixed Charges are not defined terms under U.S. GAAP. Adjusted EBITDA is not a measure of financial condition, liquidity or profitability, and should not be considered as an alternative to net loss determined in accordance with U.S. GAAP or operating cash flows determined in accordance with U.S. GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not take into account certain items such as interest and principal payments on our indebtedness, depreciation and amortization expense (because the Company uses capital assets, depreciation and amortization expense is a necessary element of our costs and ability to generate revenue), working capital needs, tax payments (because the payment of taxes is part of our operations, it is a necessary element of our costs and ability to operate), non-recurring expenses and capital expenditures. Fixed Charges under the Secured Indentures should not be considered an alternative to interest expense. See Schedule 5 to this release for reconciliation of net loss to Adjusted EBITDA and the Fixed Charges Ratio.
Forward Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of and made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, our management may from time to time make oral forward-looking statements. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “project,” “plan,” “estimate,” “may,” “will,” “could,” “should,” “seek” or “intend” and similar expressions. Forward-looking statements reflect our current expectations and assumptions regarding our business, the economy and other future events and conditions and are based on currently available financial, economic and competitive data and our current business plans. Actual results could vary materially depending on risks and uncertainties that may affect our operations, markets, services, prices and other factors as discussed in the Risk Factors section of our filings with the Securities and Exchange Commission (the “SEC”). While we believe our assumptions are reasonable, we caution you against relying on any forward-looking statements as it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, a weakening of global economic and financial conditions, interruptions in the supply of or increased cost of raw materials, the loss of, or difficulties with the further realization of, cost savings in connection with our strategic initiatives, the impact of our substantial indebtedness, our failure to comply with financial covenants under our credit facilities or other debt, pricing actions by our competitors that could affect our operating margins, changes in governmental regulations and related compliance and litigation costs and the other factors listed in our SEC filings. For a more detailed discussion of these and other risk factors, see the Risk Factors section in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and our other filings made with the SEC. All forward-looking statements are expressly qualified in their entirety by this cautionary notice. The forward-looking statements made by us speak only as of the date on which they are made. Factors or events that could cause our actual results to differ may emerge from time to time. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
About the Company
Based in Columbus, Ohio, Hexion Inc. is a global leader in thermoset resins. Hexion Inc. serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Hexion Inc. is controlled by investment funds affiliated with Apollo Global Management, LLC. Additional information about Hexion Inc. and its products is available at www.hexion.com .
See Attached Financial Statements
HEXION INC.
SCHEDULE 1: CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended March 31, (In millions)
2018 2017 Net sales $ 946 $ 870 Cost of sales 789 737 Gross profit 157 133 Selling, general and administrative expense 82 79 Gain on disposition (44 ) — Asset impairments 25 — Business realignment costs 9 7 Other operating expense (income), net 9 (6 ) Operating income 76 53 Interest expense, net 83 83 Loss on extinguishment of debt — 3 Other non-operating (income) expense, net (1 ) 2 Loss before income tax and earnings from unconsolidated entities (6 ) (35 ) Income tax expense 8 8 Loss before earnings from unconsolidated entities (14 ) (43 ) Earnings from unconsolidated entities, net of taxes 1 1 Net loss $ (13 ) $ (42 ) HEXION INC. SCHEDULE 2: CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except share data)
March 31,
2018 December 31,
2017 Assets Current assets: Cash and cash equivalents (including restricted cash of $18) $ 113 $ 115 Accounts receivable (net of allowance for doubtful accounts of $19) 504 462 Inventories: Finished and in-process goods 255 221 Raw materials and supplies 95 92 Current assets held for sale — 6 Other current assets 56 44 Total current assets 1,023 940 Investment in unconsolidated entities 21 20 Deferred income taxes 8 8 Long-term assets held for sale — 2 Other long-term assets 46 49 Property and equipment: Land 90 84 Buildings 294 291 Machinery and equipment 2,354 2,327 2,738 2,702 Less accumulated depreciation (1,838 ) (1,778 ) 900 924 Goodwill 113 112 Other intangible assets, net 34 42 Total assets $ 2,145 $ 2,097 Liabilities and Deficit Current liabilities: Accounts payable $ 372 $ 402 Debt payable within one year 66 125 Interest payable 101 82 Income taxes payable 12 12 Accrued payroll and incentive compensation 63 47 Current liabilities associated with assets held for sale — 2 Other current liabilities 121 135 Total current liabilities 735 805 Long-term liabilities: Long-term debt 3,703 3,584 Long-term pension and post employment benefit obligations 256 262 Deferred income taxes 11 11 Other long-term liabilities 180 177 Total liabilities 4,885 4,839 Deficit Common stock—$0.01 par value; 300,000,000 shares authorized, 170,605,906 issued and 82,556,847 outstanding at March 31, 2018 and December 31, 2017 1 1 Paid-in capital 526 526 Treasury stock, at cost—88,049,059 shares (296 ) (296 ) Accumulated other comprehensive income (loss) 6 (8 ) Accumulated deficit (2,976 ) (2,964 ) Total Hexion Inc. shareholder’s deficit (2,739 ) (2,741 ) Noncontrolling interest (1 ) (1 ) Total deficit (2,740 ) (2,742 ) Total liabilities and deficit $ 2,145 $ 2,097
HEXION INC. SCHEDULE 3: CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, (In millions)
2018 2017 Cash flows used in operating activities Net loss $ (13 ) $ (42 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 30 28 Non-cash asset impairments 25 — Deferred tax expense 1 — Gain on sale of assets — (3 ) Gain on disposition (44 ) — Amortization of deferred financing fees 4 4 Loss on extinguishment of debt — 3 Unrealized foreign currency losses 3 4 Other non-cash adjustments (1 ) (1 ) Net change in assets and liabilities: Accounts receivable (36 ) (91 ) Inventories (30 ) (37 ) Accounts payable (28 ) 12 Income taxes payable 2 7 Other assets, current and non-current (10 ) (2 ) Other liabilities, current and long-term 14 — Net cash used in operating activities (83 ) (118 ) Cash flows provided by (used in) investing activities Capital expenditures (25 ) (30 ) Proceeds from disposition, net 49 — Proceeds from sale of assets, net 1 4 Net cash provided by (used in) investing activities 25 (26 ) Cash flows provided by financing activities Net short-term debt (repayments) borrowings (15 ) 11 Borrowings of long-term debt 166 871 Repayments of long-term debt (96 ) (791 ) Long-term debt and credit facility financing fees paid (1 ) (22 ) Net cash provided by financing activities 54 69 Effect of exchange rates on cash and cash equivalents 2 2 Change in cash and cash equivalents (2 ) (73 ) Cash and cash equivalents at beginning of period 115 196 Cash and cash equivalents at end of period $ 113 $ 123 Supplemental disclosures of cash flow information Cash paid for: Interest, net $ 61 $ 52 Income taxes, net 5 3
HEXION INC. SCHEDULE 4: RECONCILIATION OF NET LOSS TO SEGMENT EBITDA (Unaudited)
Three Months Ended March 31, (In millions) 2018 2017 Reconciliation: Net loss $ (13 ) $ (42 ) Income tax expense 8 8 Interest expense, net 83 83 Depreciation and amortization 30 28 EBITDA $ 108 $ 77 Items not included in Segment EBITDA: Asset impairments $ 25 $ — Business realignment costs 9 7 Gain on disposition (44 ) — Realized and unrealized foreign currency losses (gains) 7 (1 ) Loss on extinguishment of debt — 3 Other 13 9 Total adjustments 10 18 Segment EBITDA $ 118 $ 95 Segment EBITDA: Epoxy, Phenolic and Coating Resins $ 70 $ 52 Forest Products Resins 67 61 Corporate and Other (19 ) (18 ) Total $ 118 $ 95 Three Months Ended March 31,
(In millions)
2018
2017 Segment EBITDA 118
95 Adjustment for disposition (1) —
(1 ) Adjusted Segment EBITDA 118
94 (1) Adjustment for disposition impacts the Forest Products Resins segment. HEXION INC. SCHEDULE 5: RECONCILIATION OF LAST TWELVE MONTHS NET LOSS TO ADJUSTED EBITDA (Unaudited) March 31, 2018 LTM Period Net loss $ (205 ) Income tax expense 18 Interest expense, net 329 Depreciation and amortization 117 Accelerated depreciation 14 EBITDA 273 Adjustments to EBITDA: Asset impairments 38 Business realignment costs (1) 54 Realized and unrealized foreign currency losses 11 Gain on disposition (44 ) Unrealized gains on pension and postretirement benefits (2) (4 ) Other (3) 67 Cost reduction programs savings (4) 39 Adjustment for ATG disposition (5) (4 ) Adjusted EBITDA $ 430 Pro forma fixed charges (6) $ 314 Ratio of Adjusted EBITDA to Fixed Charges (7) 1.37 (1) Primarily represents cost related to headcount reduction expenses and plant rationalization costs related to in-process and recently completed cost reduction programs, termination costs and other costs associated with business realignments. (2) Represents non-cash gains resulting from pension and postretirement benefit plan liability remeasurements. (3) Primarily includes certain professional fees related to strategic projects, retention program costs, business optimization expenses, management fees and expenses related to legacy liabilities. (4) Represents pro forma impact of in-process cost reduction programs savings. Cost reduction program savings represent the unrealized headcount reduction savings and plant rationalization savings related to cost reduction programs and other unrealized savings associated with the Company’s business realignments activities, and represent our estimate of the unrealized savings from such initiatives that would have been realized had the related actions been completed at the beginning of the period presented. The savings are calculated based on actual costs of exiting headcount and elimination or reduction of site costs. (5) Represents pro forma LTM Adjusted EBITDA impact of the ATG disposition, which occurred during the first quarter of 2018. (6) Reflects pro forma interest expense based on interest rates at March 31, 2018. (7) The Company’s ability to incur additional indebtedness, among other actions, is restricted under the Secured Indentures, unless the Company has an Adjusted EBITDA to Fixed Charges ratio of at least 2.0 to 1.0. As of March 31, 2018, we did not satisfy this test. As a result, we are subject to restrictions on our ability to incur additional indebtedness and to make investments; however, there are exceptions to these restrictions, including exceptions that permit indebtedness under our ABL Facility (available borrowings of which were $145 at March 31, 2018).
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005534/en/
Investors and Media:
Hexion Inc.
John Kompa, 614-225-2223
[email protected]
Source: Hexion Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-hexion-inc-announces-first-quarter-2018-results.html |
* CEO faces grilling over Cambridge Analytica scandal
* Days before tough EU data protection rules take effect
* Zuckerberg to meet France's Macron on Wednesday (Adds comments from leader of center-right in European Parliament)
BRUSSELS, May 22 (Reuters) - Facebook boss Mark Zuckerberg apologized to European Union lawmakers on Tuesday for a massive data leak, in his latest attempt to draw a line under a scandal that has rocked the world's biggest social media network.
Zuckerberg agreed to meet leaders of the European Parliament to answer questions about how political consultancy Cambridge Analytica improperly got hold of the personal data of 87 million Facebook users, including up to 2.7 million in the EU.
In his opening remarks, Zuckerberg said it had "become clear over the last couple of years that we haven't done enough to prevent the tools we've built from being used for harm as well."
"Whether it's fake news, foreign interference in elections or developers misusing peoples information, we didnt take a broad enough view of our responsibilities. That was a mistake, and Im sorry."
His comments, sitting at a circular table with EU Parliament leaders, dressed in a suit, tie and white shirt, echo an apology last month to U.S. lawmakers.
But questions remain over how Facebook let the leak happen and whether it is doing enough to prevent a recurrence.
Zuckerberg's appearance in Brussels comes three days before tough new EU rules on data protection take effect. Companies will be subject to fines of up to 4 percent of global turnover for breaching them.
Zuckerberg stressed Facebook's commitment to Europe, where it will employ 10,000 people by the end of the year, he said.
"I believe deeply in what we're doing. And when we address these challenges, I know we'll look back and view helping people connect and giving more people a voice as a positive force here in Europe and around the world," he said.
Since the Cambridge Analytica scandal, Facebook has suspended 200 apps from its platforms as it investigates third-party apps that have access to large quantities of user data.
Cambridge Analytica and its British parent, SCL Elections Ltd, have declared bankruptcy and closed down.
Zuckerberg said investments in security would significantly impact Facebook's profitability, but "keeping people safe will always be more important than maximizing our profits."
Some European officials want a tougher line on big technology firms, however.
Manfred Weber, leader of the center-right in the European Parliament and a German ally of Chancellor Angela Merkel, asked Zuckerberg why Facebook shouldn't be broken up as a monopoly.
Facebook's compliance with the new EU data rules will be closely watched, as will its efforts to tackle the spread of fake news ahead of European Parliamentary elections next year.
After plunging when the data leak scandal broke in March, Facebook shares have recovered, helped by stronger-than-expected quarterly results.
Zuckerberg will go on to meet French President Emmanuel Macron on Wednesday but has so far declined to appear in front of British lawmakers.
(Reporting by Julia Fioretti, Editing by Mark Potter) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-update-4-facebooks-zuckerberg-apologizes-to-eu-lawmakers-over-data-leak.html |
SAN FRANCISCO--(BUSINESS WIRE)-- Riverbed®, The Digital Performance Company™, today announced that CRN ® , a brand of The Channel Company , has named Bridget Bisnette, Vice President Global Channels and Commercial Sales; Cindy Herndon, Vice President Global Channel Programs and Operations; and Uma Thana Balasingam, Vice President, Channels and Sales, Asia Pacific and Japan, to its prestigious 2018 Women of the Channel list. Bisnette received an additional honor by being named to the 2018 Power 100, an elite subset of the Women of the Channel list. The executives who comprise this annual list span the IT channel, representing vendors, distributors, solution providers and other organizations that figure prominently in the channel ecosystem. Each is recognized for her outstanding leadership, vision and unique role in driving channel growth and innovation.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180523005281/en/
LinkedIn This: Three Riverbed executives recognized as CRN’s 2018 Women of the Channel: https://rvbd.ly/2s20avu
CRN editors select the Women of the Channel honorees based on their professional accomplishments, demonstrated expertise and ongoing dedication to the IT channel. The Power 100 belong to an exclusive group drawn from this larger list: women leaders whose vision and influence are key drivers of their companies’ success and help move the entire IT channel forward.
Bisnette and Herndon co-led the effort to rollout a new, innovative partner program, Riverbed Rise launched in Janury 2018. Riverbed Rise is a performance-based program designed to reward all types of partners, business models and various customer technology consumption preferences. Built on simplicity, flexibility and profitability for partners, Riverbed Rise simplifies how partners achieve and continue to maintain their status. The program uniquely adapts to multiple business models and partners' needs and rewards achievement across key strategic activities and joint sales priorities.
Bisnette’s vision and execution drove the rebuilding of Channel Sales at Riverbed, establishing a spirit of change, while driving alignment globally. Herndon played a key role in the company’s broader effort to deliver a new partner experience in 2018, including the launch of an improved, simplified partner portal that provides ample opportunities for self-service, and creating flexible incentives that partners can use to improve the bottom line, drive business development or train their personnel. Thana Balasingam has played a pivotal role in re-defining Riverbed’s go-to-market strategies in the APJ region. Key initiatives included: consolidation of all routes to market functions to cater for a diverse partner ecosystem and emerging markets; formation of the Partner Executive Advisory Council; and revamping the distribution landscape to support Riverbed’s portfolio growth. She is also active in empowering the next generation of women in leadership in her role as co-founder of Lean In Singapore and founder of Lean In Women in Technology Asia & Women in Technology Singapore ( LeanIn.Org ).
“This accomplished group of leaders is steadily guiding the IT channel into a prosperous new era of services-led business model 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 thrilled to accept this honor and applaud Cindy and Uma for being recognized for their accomplishments in working with our channel partners under the success of the new Riverbed Rise program as we help customers drive new levels of digital performance into their business," said Bridget Bisnette, Vice President Global Channels and Commercial Sales at Riverbed. "Together, we are working to make a positive impact on the Riverbed channel and advocate for the next generation of female leadership.”
The 2018 Women of the Channel and Power 100 lists will be featured in the June issue of CRN Magazine and online at www.CRN.com/wotc .
Connect with Riverbed Partners
LinkedIn Riverbed Partner Blog Twitter (@RiverbedPartner)
About the Channel Company
The Channel Company enables breakthrough IT channel performance with our dominant media, engaging events, expert consulting and education, and innovative marketing services and platforms. As the channel catalyst, we connect and empower technology suppliers, solution providers and end users. Backed by more than 30 years of unequaled channel experience, we draw from our deep knowledge to envision innovative new solutions for ever-evolving challenges in the technology marketplace. www.thechannelco.com
CRN is a registered trademark of The Channel Company, LLC. All rights reserved.
About Riverbed
Riverbed ® , The Digital Performance Company™, enables organizations to maximize digital performance across every aspect of their business, allowing customers to rethink possible. Riverbed’s unified and integrated Digital Performance Platform™ brings together a powerful combination of Digital Experience, Cloud Networking and Cloud Edge solutions that provides a modern IT architecture for the digital enterprise, delivering new levels of operational agility and dramatically accelerating business performance and outcomes. At more than $1 billion in annual revenue, Riverbed’s 30,000+ customers include 98% of the Fortune 100 and 100% of the Forbes Global 100. Learn more at riverbed.com .
Riverbed and any Riverbed product or service name or logo used herein are trademarks of Riverbed Technology, Inc. All other trademarks used herein belong to their respective owners.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005281/en/
The Channel Company
Kim Sparks, 508-416-1193
[email protected]
or
Riverbed Technology
Esther Burciaga, 415-527-4810
[email protected]
Source: Riverbed Technology, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-three-riverbed-executives-recognized-as-crnas-2018-women-of-the-channel.html |
WASHINGTON (Reuters) - U.S. efforts to sustain and possibly intensify its “maximum pressure” campaign on North Korea are entering a perilous phase as a potential breakdown in diplomacy with Pyongyang raises fears that China may loosen its enforcement of international sanctions.
FILE PHOTO: U.S. President Donald Trump look on as he welcomes South Korea's President Moon Jae-In in the Oval Office of the White House in Washington, U.S., May 22, 2018. REUTERS/Kevin Lamarque /File Photo With the fate of a summit between President Donald Trump and North Korean leader Kim Jong Un in limbo, U.S. officials have suggested Washington may pursue fresh sanctions on Pyongyang over its nuclear program even though key players such as China and South Korea may be reluctant to participate.
Another way for the United States and its allies to increase pressure on North Korea could be to step up efforts to intercept ships suspected of violating international trade restrictions on Pyongyang. One U.S. official, speaking on condition of anonymity, said more countries are interested in joining that initiative.
Such moves would be designed to reinforce to Kim that he faces more potential economic pain, especially if he takes any provocative action after Trump on Thursday abruptly canceled their planned June 12 summit in Singapore.
Trump held out the possibility on Friday that the summit could still take place. His administration may be wary of acting precipitously on new sanctions while efforts are under way to salvage the meeting, aimed at forging a denuclearisation deal with North Korea that could defuse tensions dating to the 1950s on the Korean Peninsula.
Trump last year launched what his administration has called a “maximum pressure” campaign against North Korea combining the toughest-ever U.S. and international economic sanctions with diplomatic actions and the Republican president’s military threats and preparations.
With the summit in doubt, a big challenge for the United States is that China, North Korea’s main trading partner and the linchpin for sanctions enforcement, is increasingly at odds with Trump over how to deal with Pyongyang.
Even before scrubbing the summit, Trump urged China to maintain tight sanctions, writing on Twitter that “the word is that recently the Border has become much more porous.”
Analysts have seen China’s willingness to pressure North Korea as waning at a time when Beijing already is engaged in a trade dispute with Washington.
“China is already de-coupling,” said Lee Seong-hyon, research fellow at South Korea’s Sejong Institute think tank. “A high-level North Korean delegation just completed an 11-day economic tour of China’s industrial cities.”
North Korean leader Kim Jong Un inspects the construction of the "Wonsan-Kalma shore Tourist Zone" in this undated photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang May 25, 2018. KCNA/via REUTERS ‘WATCHING CLOSELY’ A senior White House official, speaking on condition of anonymity, said China had given assurances it would keep up sanctions enforcement on North Korea. “We’ll be watching closely to ensure that they do,” the official added.
With no summit, the Trump administration would face the question of how much further it wants to go with its “maximum pressure” campaign. Pyongyang has been targeted in three U.S.-led United Nations sanctions resolutions since Trump took office last year.
“The goal here is to achieve maximum pressure,” the White House official said. “We’re still short of that.”
While China would almost certainly block any U.S. attempt to win passage of more U.N. sanctions, the United States still has at its disposal further unilateral measures such as imposing its own new sanctions on North Korean officials and entities or additional Chinese companies that do business with Pyongyang.
Kim’s two meetings in recent weeks with Chinese President Xi Jinping also have signaled warming ties that could make it harder for China to join with the United States in taking a harder line.
U.S. officials believe sanctions played a major role in leading North Korea to turn to diplomacy after years of missile and nuclear weapons tests. North Korea has said it did so because it had achieved its nuclear arms ambitions and wanted now to focus on economic development in the poor, isolated country.
While Trump’s summit cancellation caused anxiety for U.S. ally South Korea, Seoul is expected to keep enforcing existing sanctions. But South Korea could be wary of joining any new U.S. measures that might damage its own delicate diplomatic engagement with the North.
“If China and South Korea go wobbly and the world goes wobbly on the maximum pressure campaign, you’re putting Trump in a box, and that’s the worst possible thing you could do right now,” Republican U.S. Senator Lindsey Graham told Fox News.
The Trump administration has sought to convince allies that any weakening of sanctions pressure would harm diplomatic prospects for resolving the crisis and increase chances for military options to address North Korea’s pursuit of a nuclear missile capable of striking the continental United States.
Seoul already was looking at ways to relax economic pressure on Pyongyang, although a senior South Korean official said, “We can’t and won’t do anything that may loosen sanctions on our own, breaking away from the international community.”
Additional reporting by Idrees Ali, Doina Chiacu and Lesley Wroughton in Washington, Michelle Nichols at the United Nations, Josh Smith and Hyonhee Shin in Seoul; Editing by Mary Milliken and Will Dunham
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-sanctions-analysis/u-s-maximum-pressure-on-north-korea-faces-test-with-summit-in-limbo-idUSKCN1IQ35K |
May 9, 2018 / 8:43 AM / Updated 4 hours ago Iran-aligned Houthis in Yemen fire missiles at Saudi capital Sarah Dadouch , Noah Browning 3 Min Read
RIYADH/DUBAI (Reuters) - Yemen’s Houthis fired a salvo of ballistic missiles at Saudi Arabia’s capital on Wednesday - an attack Saudi authorities said they intercepted in the skies over Riyadh.
The assault took place a day after Saudi Arabia’s top Western ally the United States pulled out of a deal with Iran over its disputed nuclear programme and could signal an uptick in tensions between Riyadh and regional rival Tehran.
The Houthis said the missiles were launched at economic targets in Riyadh, the group’s al-Masirah TV reported. At least four blasts were heard in the city centre, but there were no immediate reports of casualties or damage.
The Houthis have fired a series of missiles into the kingdom in recent months, part of a three-year-old conflict in Yemen widely seen as a proxy battle between Saudi Arabia and Iran.
Colonel Turki al-Malki, spokesman for the U.S.-backed Saudi-led coalition fighting in Yemen, said in a statement that Saudi air defences had intercepted one missile, with another falling in an uninhabited desert south of the city.
A spokesman for the Houthi-aligned military Colonel Aziz Rashed told al-Masirah that the attack marked “a new phase” and was revenge for Saudi air strikes on Yemen after a coalition air strike last month killed the Houthis’ top civilian leader.
“There will be more salvos until this enemy is deterred, understands the meaning of the Yemeni threat and ceases its crimes,” Rashed said.
He did not mention U.S. President Donald Trump’s decision hours earlier to pull out of the international nuclear accord with Iran. But there are fears that the decision could exacerbate the conflict in Yemen and other regional flashpoints. “HOSTILE ACTION”
Saudi Arabia and other U.S. allies queued up on Wednesday to praise Trump’s decision, as did Yemen’s internationally-recognised government, which has been forced into exile by Houthi advances.
The Yemeni government said the U.S. withdrawal was a necessary step to stop Iran’s “destabilising and dangerous” behaviour.
“The Iranian regime has exploited the benefits of the nuclear agreement to export violence and terrorism to its neighbours,” it said in a statement.
The Saudi-led military coalition intervened in Yemen’s civil war in 2015. Iran and the Houthis have regularly dismissed Saudi accusations that Tehran arms the group.
Saudi state media said separately that air defence forces had intercepted a missile launched at the southern city of Jizan, in an attack also claimed by the Houthis.
“This hostile action by the Houthi militia backed by Iran proves the continued involvement of the Iranian regime,” Malki was quoted as saying by state news agency SPA.
Saudi Civil Defence will test a warning siren in Riyadh and other provinces on Thursday. It has instructed citizens, upon hearing the alert, to seek shelter in secure locations and avoid “areas prone to air strikes and missile strikes”. Reporting by Sarah Dadouch and Marwa Rashad; Editing by Catherine Evans, Andrew Heavens, William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-saudi-security/loud-booms-heard-in-saudi-capital-reuters-witnesses-idUKKBN1IA104 |
Universal Parks & Resorts and its Chinese partners are expanding plans for a 300-acre theme park in Beijing, doubling their investment to $6.5 billion on heightened optimism about the booming Chinese theme-park market, according to a person familiar with the matter.
The investment would surpass that of Walt Disney Co.’s Shanghai Disney Resort, which at the time of its 2016 launch cost more than $5.5 billion, and would be the most ever spent on a theme park at the time of opening, according to industry experts.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/bigger-than-disney-universal-beijing-parks-construction-budget-doubles-1525687376 |
0 COMMENTS BEIJING—Internet giant Tencent Holdings Ltd. TCEHY 6.83% blew past expectations on Wednesday, reporting a 61% increase in net profit in the first three months of the year on the strength of mobile games and other digital content, and its fast-growing mobile payments business.
Tencent’s earnings for the quarter offer a window into the forces shaping China’s consumers, who are increasingly relying on their smartphones for entertainment content and making purchases.
Related Coverage Heard on the Street: Tencent Is Ready Again for Its Battle Royale Tencent’s core business remains online games, with consumers continuing a rapid migration from PC to mobile. Revenue from PC games was flat on year, while mobile-game revenues were up 68% on year.
The company—known for its WeChat social-messaging app that recently topped 1 billion users—said its mobile games continue to dominate download charts, particularly QQ Speed Mobile, a racing game similar to Nintendo’s Mario Kart released for smartphones in December.
Tencent’s fastest-growing businesses are payments, cloud services and digital-content subscriptions. Video subscriptions were up 85% on year, while cloud-services revenue doubled on year.
Revenue in the segment containing those ancillary businesses more than doubled in the first quarter, comprising 22% of overall revenue, up from a 15% share in the same period last year.
Tencent’s costs, however, are rising as it spends heavily to buy content to keep users glued to its products. The company, based in Shenzhen, China, said cost of revenues, which include content costs, rose by 51% in the quarter when compared with the same period last year.
Tencent reported a net profit of 23.29 billion yuan ($3.65 billion) in the first quarter ended March 31, beating the 17.1 billion yuan estimate of analysts polled by S&P Global Market Intelligence. Revenue rose 48% to 73.53 billion yuan on year.
Tencent briefly surpassed Facebook last year in market capitalization after the company’s shares more than doubled over 2017. However, the company’s shares have lost about 14% of their value since late March, after weaker-than-expected earnings in the previous quarter—coupled with a stake sale from its biggest shareholder, South African media and Internet firm Naspers Ltd. —spooked investors.
Tencent, which has a market capitalization of HK$3.75 trillion (US$478 billion), ended 0.4% lower at HK$397.60 in Hong Kong before the earnings release.
Write to Wayne Ma at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/games-and-mobile-payments-power-tencent-earnings-1526472288 |
Chamath Palihapitiya on the future of the internet 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/chamath-palihapitiya-on-the-future-of-the-internet.html |
DALLAS--(BUSINESS WIRE)-- Eagle Materials Inc. (NYSE: EXP) today reported financial results for fiscal year 2018 and the fiscal fourth quarter ended March 31, 2018. Notable items for the fiscal year and quarter are highlighted below. (Unless otherwise noted, all comparisons are with the prior fiscal year or prior year’s fiscal fourth quarter):
Full Year Fiscal 2018 Results
Record revenue of $1.4 billion, up 14% Record net earnings per diluted share of $5.28, up 29% After-tax margin (Net Earnings/Revenue) of 19%
Fourth Quarter Fiscal 2018 Results
Record revenue of $284.7 million, up 2% Net earnings per diluted share of $0.76, up 1% Fourth Quarter Fiscal 2018 results were affected by two items: A $6 million pre-tax charge related to the settlement by American Gypsum of the antitrust lawsuit brought by a group of homebuilders $4 million of personnel-related expenses, including an increased contribution made to the Eagle profit sharing plan and a pension settlement charge
Commenting on the results, Dave Powers, President and CEO, said, “Our track record of competitive margin performance remains industry leading due to our long-standing commitment to improving our low-cost producer positions, through wise investment in our people, processes and operations. We have invested more than $1.5 billion so far this cycle to profitably grow our businesses and create shareholder value. As we look ahead, our strong balance sheet and anticipated cash flows, which have been enhanced by tax reform, position us to continue to execute on value-creation opportunities.”
Capital Allocation Priorities
During fiscal 2018, Eagle repurchased approximately 628,000 of its common stock under its repurchase program at an aggregate purchase price of $61.1 million. Eagle remains dedicated to a disciplined capital allocation process to enhance shareholder value. Consistent with our track record, our allocation priorities remain unchanged: 1. Acquisitions that meet our strict return standards and are consistent with our strategic focus; 2. Capital investments to organically strengthen our low-cost producer positions; 3. The return of cash to shareholders, primarily through our share repurchase program.
In the past three years, we have invested nearly $470 million in acquisitions, $278 million in organic capital expenditures and $303 million in share repurchases and dividends. At March 31, 2018, nearly 4.2 million shares remain under the current repurchase authorization.
Segment Results
Heavy Materials: Cement, Concrete and Aggregates
Revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates and joint venture and intersegment Cement revenue, increased 12% to $807.4 million in fiscal year 2018. Heavy Materials operating earnings for the fiscal year were $197.0 million, an increase of 15%.
Revenue from Cement, including joint venture and intersegment revenue, increased 15% to $651.8 million for full fiscal 2018. Fiscal 2018 operating earnings from Cement were a record $179.2 million, an increase of 17%, reflecting the financial results of the acquired cement plant in Fairborn, Ohio and related assets (the Fairborn Business) and improved pricing.
Operating earnings from Cement for the fourth quarter were $24.7 million, 5% below the same quarter a year ago. The earnings decline was driven primarily by reduced sales volume due to persistently wet weather in many of our markets and was partially offset by earnings from the Fairborn Business and improved average net cement sales prices. Cement revenue for the quarter, including joint venture and intersegment revenue, was down 1% to $115.6 million. Cement sales volume for the quarter was down 4% to 945,000 tons. The average net sales price for the quarter improved 3% to $108.98 per ton.
Fiscal 2018 revenue from Concrete and Aggregates increased 2% to $155.7 million. Concrete and Aggregates reported fiscal 2018 operating earnings of $17.9 million, down 1%.
Concrete and Aggregates revenue for the fourth quarter of 2018 was $30.7 million, a decrease of 22%. Fourth quarter operating earnings were $2.8 million, a 44% decline from the same quarter a year ago, reflecting wet weather in two of our markets that hampered our ability to place concrete during the quarter.
Light Materials: Gypsum Wallboard and Paperboard
Revenue in the Light Materials sector, which includes Gypsum Wallboard and Paperboard, increased 4% to $603.2 million for fiscal 2018. Operating earnings for the full fiscal year were $191.3 million in the sector, a decrease of 3%, reflecting higher paper costs partially offset by improved wallboard sales volume.
Gypsum Wallboard and Paperboard revenue for the fourth quarter totaled $136.4 million, a 1% decrease. The decline reflects lower wallboard sales volume partially offset by improved prices. The average Gypsum Wallboard net sales price for the fourth quarter of fiscal 2018 was $162.77 per MSF, a 3% improvement reflecting American Gypsum’s price increase implemented in early January. Gypsum Wallboard sales volume of 541 million square feet (MMSF) was down approximately 10%.
Underlying demand fundamentals in wallboard continue to improve with the increase in residential construction activity during the year. The decline in wallboard sales volume in the fourth quarter of 2018 versus the prior-year period was impacted by a shift in the timing of pre-buying activity ahead of our January wallboard price increase.
The average Paperboard net sales price this quarter was $543.09 per ton, up 3%. Paperboard sales volume for the quarter was 8% higher at 78,000 tons.
Gypsum Wallboard and Paperboard reported fourth quarter operating earnings of $45.7 million, an improvement of 3%. The improvement reflects higher wallboard net sales prices and lower operating costs, which were partially offset by lower wallboard sales volume. The reduced operating costs reflect lower recycled paper fibers costs during the quarter.
Oil and Gas Proppants
Eagle’s Oil and Gas Proppants segment reported fiscal 2018 revenue of $85.5 million, an increase of 147%, primarily reflecting a 170% increase in frac sand sales volume. The fiscal 2018 operating loss was $6.4 million versus an operating loss of $14.6 million in the prior year.
Eagle’s Oil and Gas Proppants segment reported fourth quarter revenue of $22.6 million, an increase of 43%, primarily reflecting a 59% increase in frac sand sales volume. The fourth quarter sales volume was impacted by harsh winter weather and rail delays. The fourth quarter’s operating loss of $1.6 million includes depreciation, depletion and amortization of $3.7 million.
Details of Financial Results
We conduct one of our cement plant operations through a 50/50 joint venture, Texas Lehigh Cement Company LP (the “Joint Venture”). We use the equity method of accounting for our 50% interest in the Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenue and operating earnings, which is consistent with the way management organizes the segments within Eagle for making operating decisions and assessing performance.
In addition, for segment reporting purposes, we report intersegment revenue as a part of a segment’s total revenue. Intersegment sales are eliminated on the income statement. Refer to Attachment 3 for a reconciliation of these amounts.
About Eagle Materials Inc.
Eagle Materials Inc. manufactures and distributes Cement, Aggregates, Concrete, Gypsum Wallboard, Recycled Paperboard and Frac Sand from over 75 facilities across the U.S. Eagle is headquartered in Dallas, Texas.
EXP’s senior management will conduct a conference call to discuss the financial results, forward looking information and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Tuesday, May 15, 2018. The conference call will be webcast simultaneously on the EXP Web site eaglematerials.com . A replay of the webcast and the presentation will be archived on the site for one year.
Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when the Company is discussing its beliefs, estimates or expectations. These statements are not historical facts or guarantees of future performance but instead represent only the Company's belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside the Company's control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company's actual performance include the following: the cyclical and seasonal nature of the Company's business; public infrastructure expenditures; adverse weather conditions; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; availability of raw materials; changes in energy costs including, without limitation, natural gas, coal and oil; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; fluctuations in activity in the oil and gas industry, including the level of fracturing activities and the demand for frac sand; inability to timely execute announced capacity expansions; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change regulation); possible outcomes of pending or future litigation or arbitration proceedings; changes in economic conditions specific to any one or more of the Company's markets; competition; a cyber-attack or data security breach; announced increases in capacity in the gypsum wallboard, cement and frac sand industries; changes in the demand for residential housing construction or commercial construction; risks related to pursuit of acquisitions, joint ventures and other transactions; general economic conditions; and interest rates. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of energy (including, without limitation, natural gas, coal and oil) could affect the revenues and operating earnings of our operations. In addition, changes in national or regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company's result of operations. These and other factors are described in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2017 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2017. These reports are filed with the Securities and Exchange Commission. With respect to our completed acquisition of the Fairborn Business as described in this press release, factors, risks and uncertainties that may cause actual events and developments to vary materially from those anticipated in such forward-looking statements include, but are not limited to, failure to realize any expected synergies from or other benefits of the transaction, possible negative effects of consummation of the transaction, significant transaction or ownership transition costs, unknown liabilities or other adverse developments affecting the Fairborn Business, including the results of operations of the Fairborn Business prior and after the closing, the effect on the Fairborn Business of the same or similar factors discussed above to which our business is subject, including changes in market conditions in the construction industry and general economic and business conditions that may affect us following the acquisition. All forward-looking statements made herein are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. The Company undertakes no duty to update any forward-looking statement to reflect future events or changes in the Company's expectations.
Attachment 1 Statement of Consolidated Earnings
Attachment 2 Revenue and Earnings by Lines of Business (Quarter and Fiscal Year)
Attachment 3 Sales Volume, Net Sales Prices and Intersegment and Cement Revenue
Attachment 4 Consolidated Balance Sheets
Attachment 5 Depreciation, Depletion and Amortization by Lines of Business
Eagle Materials Inc.
Attachment 1
Eagle Materials Inc. Statement of Consolidated Earnings (dollars in thousands, except per share data) (unaudited) Quarter Ended Fiscal Year Ended March 31, March 31, 2018 2017 2018 2017 Revenue $ 284,713 $ 278,663 $ 1,386,520 $ 1,211,220 Cost of Goods Sold 223,336 217,163 1,047,764 899,175 Gross Profit 61,377 61,500 338,756 312,045 Equity in Earnings of Unconsolidated JV 10,216 11,015 43,419 42,386 Corporate General and Administrative Expense (11,822 ) (7,198 ) (41,205 ) (33,940 ) Litigation Settlements (6,000 ) - (45,098 ) - Acquisition-Related Expense - (4,391 ) - (5,480 ) Other Non-Operating Income 1,000 131 3,728 2,139 Earnings before Interest and Income Taxes 54,771 61,057 299,600 317,150 Interest Expense, Net (6,046 ) (6,876 ) (27,638 ) (22,631 ) Earnings before Income Taxes 48,725 54,181 271,962 294,519 Income Tax Expense (11,717 ) (17,930 ) (15,330 ) (96,300 ) Net Earnings $ 37,008 $ 36,251 $ 256,632 $ 198,219
NET EARNINGS PER SHARE Basic $ 0.77 $ 0.75 $ 5.33 $ 4.14 Diluted $ 0.76 $ 0.75 $ 5.28 $ 4.10 AVERAGE SHARES OUTSTANDING Basic 48,168,574 48,023,641 48,141,226 47,931,518 Diluted 48,651,947 48,472,916 48,645,986 48,361,286 Eagle Materials Inc.
Attachment 2 Eagle Materials Inc. Revenue and Earnings by Lines of Business (dollars in thousands) (unaudited) Quarter Ended Fiscal Year Ended March 31, March 31, 2018 2017 2018 2017 Revenue * Heavy Materials: Cement (Wholly Owned) $ 86,677 $ 85,153 $ 529,424 $ 444,624 Concrete and Aggregates 30,689 39,467 155,678 153,330 117,366 124,620 685,102 597,954 Light Materials: Gypsum Wallboard $ 108,550 $ 115,962 $ 491,779 $ 473,651 Gypsum Paperboard 27,877 22,309 111,395 104,992 136,427 138,271 603,174 578,643 Oil and Gas Proppants 22,617 15,772 85,496 34,623 Other 8,303 - 12,748 - Total Revenue $ 284,713 $ 278,663 $ 1,386,520 $ 1,211,220
Segment Operating Earnings Heavy Materials: Cement (Wholly Owned) 14,479 14,887 135,732 111,139 Cement (Joint Venture) 10,216 11,015 43,419 42,386 Concrete and Aggregates 2,800 4,987 17,854 18,072 27,495 30,889 197,005 171,597 Light Materials: Gypsum Wallboard $ 35,314 $ 37,757 $ 158,551 $ 159,866 Gypsum Paperboard 10,400 6,774 32,758 37,601 45,714 44,531 191,309 197,467 Oil and Gas Proppants (1,636 ) (2,905 ) (6,423 ) (14,633 ) Other 20 - 284 - Sub-total 71,593 72,515 382,175 354,431 Corporate General and Administrative Expense (11,822 ) (7,198 ) (41,205 ) (33,940 ) Litigation Settlements (6,000 ) - (45,098 ) - Acquisition-Related Expense - (4,391 ) - (5,480 ) Other Non-Operating 1,000 131 3,728 2,139 Earnings before Interest and Income Taxes $ 54,771 $ 61,057 $ 299,600 $ 317,150 * Net of Intersegment and Joint Venture Revenue listed on Attachment 3.
Eagle Materials Inc.
Attachment 3 Eagle Materials Inc. Sales Volume, Net Sales Prices and Intersegment and Cement Revenue (unaudited) Sales Volume Quarter Ended Fiscal Year Ended March 31, March 31, 2018 2017 Change 2018 2017 Change Cement (M Tons): Wholly Owned 719 734 -2 % 4,453 3,934 +13 % Joint Venture 226 246 -8 % 912 937 -3 % 945 980 -4 % 5,365 4,871 +10 % Concrete (M Cubic Yards) 235 310 -24 % 1,228 1,260 -3 % Aggregates (M Tons) 739 772 -4 % 3,503 3,649 -4 % Gypsum Wallboard (MMSF’s) 541 600 -10 % 2,555 2,483 +3 % Paperboard (M Tons): Internal 29 30 -3 % 125 118 +6 % External 49 42 +17 % 192 199 -4 % 78 72 +8 % 317 317 0 % Frac Sand (M Tons) 400 251 +59 % 1,483 550 +170 % Average Net Sales Price* Quarter Ended Fiscal Year Ended March 31, March 31, 2018 2017 Change 2018 2017 Change Cement (Ton) $ 108.98 $ 106.17 +3 % $ 107.28 $ 101.60 +6 % Concrete (Cubic Yard) $ 101.71 $ 105.13 -3 % $ 100.38 $ 96.80 +4 % Aggregates (Ton) $ 9.46 $ 9.22 +3 % $ 9.39 $ 8.65 +9 % Gypsum Wallboard (MSF) $ 162.77 $ 158.54 +3 % $ 156.27 $ 155.90 0 % Paperboard (Ton) $ 543.09 $ 524.90 +3 % $ 559.22 $ 511.82 +9 % *Net of freight and delivery costs billed to customers.
Intersegment and Cement Revenue Quarter Ended Fiscal Year Ended March 31, March 31, 2018 2017 2018 2017 Intersegment Revenues: Cement $ 2,699 $ 3,374 $ 16,442 $ 15,781 Concrete and Aggregates 232 391 1,335 1,262 Paperboard 15,704 16,228 70,347 62,073 $ 18,635 $ 19,993 $ 88,124 $ 79,116 Cement Revenue: Wholly Owned $ 86,677 $ 85,153 $ 529,424 $ 444,624 Joint Venture 26,188 28,144 105,884 105,916 $ 112,865 $ 113,297 $ 635,308 $ 550,540 Eagle Materials Inc.
Attachment 4 Eagle Materials Inc. Consolidated Balance Sheets (dollars in thousands) (unaudited)
March 31, 2018 2017 ASSETS
Current Assets – Cash and Cash Equivalents $ 9,315 $ 6,561 Restricted Cash 38,753 - Accounts and Notes Receivable, net 141,685 136,313 Inventories 258,159 252,846 Federal Income Tax Receivable 5,750 - Prepaid and Other Assets 5,073 4,904 Total Current Assets 458,735 400,624 Property, Plant and Equipment – 2,586,528 2,439,438 Less: Accumulated Depreciation (991,229 ) (892,601 ) Property, Plant and Equipment, net 1,595,299 1,546,837 Investments in Joint Venture 60,558 48,620 Notes Receivable 115 815 Goodwill and Intangibles 239,342 235,505 Other Assets 13,954 14,723 $ 2,368,003 $ 2,247,124 LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities – Accounts Payable $ 73,459 $ 92,193 Accrued Liabilities 105,870 56,112 Current Portion of Senior Notes - 81,214 Total Current Liabilities 179,329 229,519 Long-term Liabilities 31,096 42,878 Bank Credit Facility 240,000 225,000 Private Placement Senior Unsecured Notes 36,500 36,500 4.500% Senior Unsecured Notes due 2026 344,422 343,753 Deferred Income Taxes 118,966 166,024 Stockholders’ Equity – Preferred Stock, Par Value $0.01; Authorized 5,000,000 Shares; None Issued - - Common Stock, Par Value $0.01; Authorized 100,000,000 Shares; Issued and Outstanding 48,282,784 and 48,453,268 Shares, respectively.
483 485 Capital in Excess of Par Value 122,379 149,014 Accumulated Other Comprehensive Losses (4,012 ) (7,396 ) Retained Earnings 1,298,840 1,061,347 Total Stockholders’ Equity 1,417,690 1,203,450 $ 2,368,003 $ 2,247,124 Eagle Materials Inc.
Attachment 5 Eagle Materials Inc. Depreciation, Depletion and Amortization by Lines of Business (unaudited) The following table presents depreciation, depletion and amortization by lines of business for the quarter and fiscal year ended March 31, 2018 and 2017:
Depreciation, Depletion and Amortization ($ in thousands)
Quarter Ended Fiscal Year Ended March 31, March 31, 2018 2017 2018 2017 Cement $ 12,633 $ 10,569 $ 50,891 $ 36,727 Concrete and Aggregates 2,080 2,457 7,931 7,931 Gypsum Wallboard 4,665 4,562 18,179 18,728 Paperboard 2,181 2,114 8,694 8,425 Oil and Gas Proppants 3,743 3,823 25,687 18,255 Corporate and Other 810 372 2,633 1,725 $ 26,112 $ 23,897 $ 114,015 $ 91,791
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005140/en/
Eagle Materials Inc.
David B. Powers, 214-432-2000
President & CEO
or
D. Craig Kesler, 214-432-2000
Executive Vice President & CFO
or
Robert S. Stewart, 214-432-2000
Executive Vice President
Source: Eagle Materials Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-eagle-materials-inc-reports-fiscal-year-eps-up-29-percent-on-record-revenue.html |
NO ONE DEBATES the impact of streaming music. Having virtually every song ever recorded just a few clicks or a shout to “Alexa” away has revolutionized the way we enjoy and interact with our favorite artists’ work.
Also beyond debate, sadly: how terrible most streaming music sounds, especially to generations weaned on the quality of CDs and the warm sound of vinyl. Worse, Spotify and Apple Music, the two streaming services that sport the greatest reach, lack intuitive interfaces and are by far the weakest.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/streaming-music-sounds-terrible-these-apps-can-help-1525970027 |
SEOUL (Reuters) - General Motors ( GM.N ) will stay in South Korea for at least 10 years and set up its Asia-Pacific headquarters in the country, government officials said on Thursday, revealing terms of a deal aimed at rescuing the U.S. automaker’s struggling GM Korea unit.
The logo of GM Korea is seen at its Bupyeong plant in Incheon, South Korea March 12, 2018. REUTERS/Kim Hong-Ji The U.S. car maker’s Korean unit averted a bankruptcy filing with a wage deal clinched last month, but analysts and customers, as well as the South Korean government, have had doubts about GM’s commitment and about how long the loss-making company will remain in business.
The terms of the binding deal to be signed on May 11 seek to assuage some of those concerns.
As per the agreement, GM can’t sell any of its 77 percent stake in GM Korea over the next five years and can’t let it fall below 35 percent thereafter until 2028, South Korean Finance Minister Kim Dong-yeon told a press conference.
The restriction on the stake sale was one of tools that will prevent GM from leaving the South Korean market, Kim said.
He also said the deal package “paved the way for GM to operate continuously beyond 10 years”, referring to concerns that GM may leave after 10 years.
The Detroit car maker and state-run Korea Development Bank (KDB) already have a preliminary deal on $7.15 billion of investments, including $2 billion of capital spending by GM and a $2.8 billion debt-for-equity swap for existing loans GM Korea owes to its parent, to rescue the unit.
As a sign of its long-term commitment, GM plans to set up a new Asia-Pacific headquarters in South Korea, although that excludes China, the government said on Thursday.
GM will also buy more parts from South Korean suppliers for its overseas operations, boosting procurement from about 2 trillion won ($1.85 billion) a year at present, it said.
In return, South Korea will provide funding to local suppliers of GM and other South Korean automakers for the development of parts for electric and self-driving cars, and other key automotive parts.
“It was a very difficult and a critical decision,” chairman of the financial watchdog Financial Service Commission Choi Jong-ku said at the briefing, adding the government had to consider the risk to 156,000 jobs at GM Korea and its suppliers, the eco-system of South Korea’s car industry, as well as exports and local economies.
Barry Engle, President of GM International, said on Thursday that the automaker’s commitment to South Korea was long-term and sincere, adding that although there was still a lot of work to do, he sees a bright future in the country.
Reporting by Hyunjoo Jin, Writing by Ju-min Park; Editing by Muralikumar Anantharaman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-gm-southkorea/gm-cant-sell-stake-in-south-korea-unit-over-next-five-years-under-rescue-deal-south-korea-idUSKBN1IB0FT |
May 8 (Reuters) - Evoqua Water Technologies Corp:
* EVOQUA WATER TECHNOLOGIES REPORTS SECOND QUARTER 2018 RESULTS
* QTRLY EARNINGS PER SHARE $0.10 * QTRLY CONSOLIDATED REVENUES OF $333.7 MILLION, AN 11.3% INCREASE YEAR-OVER-YEAR
* Q2 EARNINGS PER SHARE VIEW $0.16, REVENUE VIEW $321.3 MILLION -- THOMSON REUTERS I/B/E/S Source text : [ bit.ly/2I1bORH ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-evoqua-water-technologies-reports/brief-evoqua-water-technologies-reports-qtrly-earnings-per-share-of-0-10-idUSFWN1SF0PB |
May 31, 2018 / 11:58 AM / Updated 32 minutes ago Ukrainian workers sweat over fate of Deripaska's alumina plant Natalia Zinets 5 Min Read
HALYTSYNOVE, Ukraine (Reuters) - Ukraine’s decision to put sanctions on one of Russia’s wealthiest tycoons worries Vira Dudnyk. A driver at an alumina plant in southern Ukraine, she fears a tug-of-war between Kiev and Moscow may leave her jobless and on the streets. Employees walk after finishing their shift at the Mykolaiv alumina plant in Halytsynove, Ukraine May 23, 2018. Picture taken May 23, 2018. REUTERS/Natalia Zinets
“We are afraid if the plant is closed, what are we left with, who will feed us? Will the president come and give us a job?” she said while leaving work to a waiting company bus.
Ukraine, locked in a bitter conflict with Moscow, has joined Washington in imposing sanctions on Russian metals tycoon Oleg Deripaska. But that solidarity with the United States creates risks for the thousands of Ukrainians employed by an arm of Deripaska’s business empire in the city of Mikolaiv.
“We (Ukraine with Russia) have a conflict in different spheres: political, economical ... but basically, we do not fight with Russia,” said Oleksander Cherednychenko, chairman of the trade union committee of the Mykolaiv plant, by phone.
“Some parties demanded to cut relations with Russia completely. Well, then what? Stupidity.”
The Mykolaiv plant near the Black Sea relies on imported raw materials and exports everything to Russia. It is vital to the livelihoods of thousands of Ukrainians in an area where the closure of three shipyards since the fall of the Soviet Union brought hardship.
“There is talk that (the plant) will be closed, passed on to someone, nationalized or (it is) still not clear what,” Ivan Nazar, head of the local authority, told Reuters.
“And more than 2,000 people - 2,300 - from our territorial community, where do we go?” Nazar said. “For every worker there are three more people, a family.”
It is as yet unclear how Kiev’s decision to sanction Deripaska and his company Rusal ( 0486.HK ) will impact the plant. Slideshow (3 Images)
A parliamentary commission set up to consider its future is weighing options, including forcible nationalisation or handing the asset to another owner.
Irina Prokhorova, a spokeswoman at the plant, said: “We have nothing to comment on, the plant is working as it was before.”
No-one at Rusal, the world’s largest aluminium producer outside China, was available for immediate comment.
The offices of Ukrainian President Petro Poroshenko and Prime Minister Volodymyr Groysman did not respond to a request for comment. The economy ministry declined comment.
The Mykolaiv plant (also known as Nikolaev or NGZ), which produced 1.68 million tonnes of alumina in 2017, is one of Rusal’s nine alumina refineries around the globe. ISLAND OF STABILITY
It is a crucial part of Rusal’s complicated supply chain: it gets bauxite from Rusal’s complex in Guinea, uses it to produce alumina then sends this to its smelters in Siberia.
Serhiy Hryshchenko, deputy industry minister when the plant was privatised between 1999 and 2002, said Ukraine does not have domestic bauxite, and anyone buying the plant could face difficulties in importing the raw material and selling alumina to Russia.
The country has other sources of aluminium but deposits have not been prepared for industrial exploration, he said.
“It is unlikely that a queue of people will form to buy a re-privatised NGZ,” Hryshchenko said. “While the Mykolaiv shipbuilding plants almost stopped, NGZ has remained the only island of stability in the region.”
The plant was privatised and bought by Deripaska’s Rusal but the current ownership structure is more complex. It is owned by two Ukrainian companies, in turn owned by two firms registered to an address in Aruba of which Deripaska is beneficiary.
When Reuters visited the plant, workers still wore uniforms labelled “Rusal” though the company has removed the name from the front of the main office and on a sign pointing towards it.
“We ordinary people do not want to interfere in big politics, but all this must be solved at the policy level,” said Natalia Panashiy, a member of the local village council. “Why is it a Russian factory? No, our people, Ukrainians, work here.”
Iryna Kukina works for the local authority and her husband has been with the factory for 25 years, as had his father.
“People are ready to defend the plant,” Kukina says, even if that means another Maidan-style protest the likes of which lit the fuse for the Ukraine crisis at the end of 2013.
The Mykolaiv workers say they are well paid and the company provides perks such as paid holidays and food stamps. “Everyone is happy with the work, the fact that there is a factory,” said Inna Naumovych, whose husband works as a mechanic at the plant.
“When there is information in the media about sanctions, that something is going to happen to the plant, more than 80 percent of people are determined that it is necessary to defend their interests, they say: ‘Bitches, hands off the factory.’” Additional reporting by Polina Devitt in Moscow Writing by Matthias Williams; Editing by David Holmes | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ukraine-crisis-plant/ukrainian-workers-sweat-over-fate-of-deripaskas-alumina-plant-idUKKCN1IW1L3 |
May 4, 2018 / 9:36 AM / Updated 16 minutes ago Norway's Labour to push government to decide on wealth fund investing in unlisted green infrastructure Gwladys Fouche 1 Min Read
OSLO, May 4 (Reuters) - Norway’s opposition Labour will ask the country’s minority government to present an option allowing its wealth fund to invest in unlisted green infrastructure in next year’s white paper so parliament can discuss it, a lawmaker told Reuters on Friday.
“I think we will ask the government comes back with a concrete mandate so that we can take a decision next year,” Labour’s Svein Roald Hansen, a member of parliament’s finance committee, said on the margins of a parliamentary hearing.
“It should be a mandate about opening for the fund to invest in renewable unlisted infrastructure. At the latest, it should be in next year’s white paper,” he added.
“It could be as part of the (current) green investments mandate but if so the sum needs to increase sufficiently.”
Those investments amounted to 75 billion crowns ($9.30 billion) at end-2017, a government white paper said in April. $1 = 8.0602 Norwegian crowns Reporting by Gwladys Fouche, editing by Terje Solsvik | ashraq/financial-news-articles | https://www.reuters.com/article/norway-swf-labour/norways-labour-to-push-government-to-decide-on-wealth-fund-investing-in-unlisted-green-infrastructure-idUSL8N1SB2U8 |
Final Trade: LOW, C & more 17 Hours Ago The "Fast Money" traders share their final trades of the day, including Lowe's, Citi, Kohl's and Salesforce.com. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/final-trade-low-c-more.html |
May 1 (Reuters) - CorEnergy Infrastructure Trust Inc :
* CORENERGY ANNOUNCES FIRST QUARTER 2018 RESULTS * CORENERGY INFRASTRUCTURE TRUST INC QTRLY FFO $0.89 PER SHARE
* CORENERGY INFRASTRUCTURE TRUST INC QTRLY AFFO $0.91 PER SHARE
* CORENERGY INFRASTRUCTURE TRUST INC QTRLY NAREIT FFO $0.89 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-corenergy-qtrly-affo-091-per-share/brief-corenergy-qtrly-affo-0-91-per-share-idUSASC09YTD |
(Reuters) - Chinese technology company ZTE Corp 63.SZ ( 0763.HK ), which this month suspended its main operations after a U.S. Commerce Department ban on American supplies to its business, paid over $2.3 billion to 211 U.S. exporters in 2017, a senior ZTE official said on Friday.
FILE PHOTO: The inside of a ZTE smart phone is pictured in this illustration taken April 17, 2018. REUTERS/Carlo Allegri/Illustration/File Photo ZTE paid over $100 million each to Qualcomm Inc ( QCOM.O ), Broadcom Inc ( AVGO.O ), Intel Corp ( INTC.O ) and Texas Instruments ( TXN.O ), the official said.
As one of the world’s largest telecom equipment makers, ZTE relied on U.S. companies such as Qualcomm and Intel for components.
The extent of the impact of the Commerce Department ban on U.S. suppliers was noted by the ZTE official, who was not authorized to speak publicly, as Chinese and U.S. government officials discuss a Washington visit next week by China’s top economic official.
In March last year ZTE paid nearly $900 million in penalties for exporting U.S. technology to Iran and North Korea in violation of sanctions.
In April this year, the Commerce Department found ZTE had violated the terms of last year’s settlement and banned U.S. companies from providing exports to ZTE for seven years. As a result, ZTE suspended its main operating activities earlier this month.
The Commerce Department ban on U.S. suppliers exporting goods to the Chinese network equipment and handset maker was discussed when a delegation led by U.S. Treasury Secretary Steven Mnuchin met with Chinese officials in Beijing last week.
China requested that President Donald Trump back off his threat of tariffs on Chinese imports, treat Chinese investments equally under U.S. security reviews, and reassess the ban on ZTE.
A May 1 formal request by ZTE to the U.S. Commerce Department for an immediate stay of the April 15 ban went unheeded, according to a person familiar with the matter. The order was causing “irreparable harm” to the company and partners, as well as millions of consumers, including those who own its phones and major network operators, the person said.
American companies are estimated to provide 25 percent to 30 percent of the components used in ZTE’s equipment, which includes smartphones and gear to build telecommunications networks, analysts noted.
The U.S. ban prevents ZTE from using some Qualcomm processors and Android devices with Google Mobile Services software, according to analysts.
ZTE paid over $100 million each to other U.S. suppliers in 2017 including chip makers Xilinx Inc ( XLNX.O ) and optical component company Acacia Communications ( ACIA.O ) and memory chip maker Sandisk, the ZTE official said.
Intel, Broadcom and Qualcomm declined to comment.
Qualcomm last month said it expected lost sales to ZTE to lower its earnings by 3 cents per share in the current quarter.
ZTE is not among Qualcomm’s publicly disclosed largest customers, which include Apple Inc ( AAPL.O ), Samsung Electronics Co Ltd ( 005930.KS ) and Chinese smartphone makers Oppo and Vivo.
None of the other companies could immediately be reached for comment.
The ban also hurts ZTE’s ability to provide services, such as repairs to infrastructure, to customers in other countries and regions in which it operates. ZTE provides services for 100 million users in India, 300 million users in Indonesia, and 29 million users in Italy, the official said.
ZTE’s failure to comply with the 2017 Commerce Department settlement included not reprimanding or cutting bonuses to 35 employees tied to the wrongdoing, and making false statements, the Commerce Department previously found.
ZTE self-reported the discipline issue and corrected the mistakes, the ZTE official said, adding that the failure was not part of the same misconduct that led to last year’s guilty plea.
The official said the recent ban was a grossly disproportionate penalty that ignored the strides ZTE had made towards complying with U.S. laws.
Chinese Vice Premier Liu He is expected to resume trade talks with the Trump administration this week, after discussions in Beijing last week yielded no agreement on a long list of U.S. trade demands.
Reporting by Karen Freifeld; additional reporting by Stephen Nellis in San Francisco and Subrat Patnaik; editing by Clive McKeef
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-china-zte/chinas-zte-paid-over-2-3-billion-to-u-s-exporters-last-year-zte-source-says-idUSKBN1ID020 |
Companies are spending millions on their security infrastructure ahead of new European data protection rules, but some worry that the law’s lack of clear technical guidelines may mean that these steps aren’t enough.
The EU’s General Data Protection Regulation, or GDPR, aims to safeguard data-privacy rights by requiring companies to get consent before using personal data and requiring them to store it safely. The law, which goes into effect on Friday, also forces firms to report a security breach within 72 hours and penalizes noncompliance with hefty fines .
Read: 5 things to know about the GDPR rules taking effect Friday — which could cost big, bad tech billions
One of the challenges for executives is that the legislation doesn’t specify how regulators will assess compliance, making it difficult for companies to decide if they have made sufficient changes to their data policies or invested enough in upgrading their systems.
German sportswear maker Adidas AG ADS, +0.26% , U.K. recruiting firm Hays PLC HAS, +1.13% and French building materials maker Compagnie de Saint-Gobain SA are among the firms wrangling investments to comply with the new laws. Around 60% of companies surveyed by PricewaterhouseCoopers LLP in the fall of 2017 said they would spend more than $1 million on preparing for GDPR, while 12% reported allocating more than $10 million. PwC questioned 300 executives at U.S., U.K. and Japanese firms with a presence in Europe.
Adidas’ digital presence, whether on its online storefront or on social-media platforms such as Facebook Inc.’s FB, -0.50% Instagram, is key to building a stronger relationship with consumers, said finance chief Harm Ohlmeyer. The company began making changes to comply with GDPR in 2016.
An expanded version of this report appears on WSJ.com .
Popular on WSJ.com:
President Donald Trump cancels North Korea summit
How a weakened ESPN became consumed by politics
More from MarketWatch Home sellers now use spycams to gather intel on prospective buyers Jobless claims drop 4,000 to 226,000 Damn the torpedoes — what could take the S&P 500 to 3,000 We Want to Hear from You Join the conversation
Comment | ashraq/financial-news-articles | https://www.wsj.com/articles/companies-worry-that-spending-on-gdpr-may-not-be-over/ |
(Adds company news items and futures)
May 17 (Reuters) - Britain’s FTSE 100 index is seen opening down 4 points at 7,730 on Thursday, according to financial bookmaker, with futures down 0.23 percent ahead of the cash market open.
* THOMAS COOK: British holiday company Thomas Cook said it was on track to meet annual forecasts helped by strong demand for holidays to Turkey, Greece and Egypt, and as part of its plan to shift capacity away from parts of Spain where margins are lower.
* BRITISH LAND: Property company British Land on Thursday reported a 5.7 percent rise in full-year net asset value, helped by strong performance in its London office business.
* JUST GROUP: Specialist pensions provider Just Group posted a 43 percent rise in retirement income sales in the first quarter, helped by strong performance in company pension scheme business, it said on Thursday.
* 3I: Private equity firm 3i posted a 24 percent total return on shareholders’ opening funds in the year to end-March on Thursday, equivalent to 1.43 billion pounds ($1.94 billion), on its growing range of corporate and infrastructure investments.
* NATIONAL GRID: British power grid operator National Grid Plc’s full-year profit rose 3.5 percent, helped by growth in its U.S. business.
* ROYAL MAIL: Britain’s Royal Mail Plc reported a 2 percent rise in annual revenue on Thursday helped by parcel volume growth and its European parcels business GLS.
* MOTHERCARE: Britain’s Mothercare, the struggling mother and baby products retailer, said on Thursday it would ask investors for 28 million pounds ($38 million) as part of a restructuring plan that would see a further 50 stores close.
* OCADO: British online supermarket Ocado said U.S. retailer Kroger KR.N had agreed an exclusive deal to use its technology for grocery deliveries.
* BRITAIN GAMBLING: Britain will cut the maximum stake on fixed odds betting terminals to two pounds from the current 100 pounds($136) in a bid to curb problem gambling.
* BRITAIN FCA: Britain’s markets regulator on Thursday issued draft guidance to financial companies to ensure customers are treated fairly when contract terms and conditions are changed.
* ROYAL MAIL: New chief executive of Royal Mail, Rico Back, has been paid nearly 6 million pounds ($8.13 million) to buy him out of his contract in a move that could spark fury among former state-owned company's trade unions and shareholders. bit.ly/2ILWaJ6
* MOTHERCARE: Britain’s Mothercare Plc will shutter 50 stores in the UK and bring back Mark Newton-Jones as chief executive as part of a restructuring plan to be unveiled on Thursday.
* KPMG: KPMG, Deloitte, EY and PwC have drawn up contingency plans for a break up of their UK businesses, in case regulators force them to spin off their audit from their consulting businesses, FT reported. on.ft.com/2k3DXsM
* BETTING: The maximum stake on fixed odds betting terminals in the UK will be dramatically slashed to just 2 pounds in a major victory for gambling campaigners. bit.ly/2IrYcuK
* GOLD: Gold prices made modest gains on Thursday after touching their lowest level this year in the previous session, amid geopolitical uncertainty and a slightly weaker U.S. dollar.
* OIL: Oil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.
* EX-DIVS: HSBC, Intertek Group, Tesco will trade without entitlement to their latest dividend pay-out on Thursday, trimming 6.77 points off the FTSE 100 according to Reuters calculations
* The UK blue chip index closed 11 points higher at 7734.20 on Wednesday, as mining stocks rallied.
* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets
TODAY’S UK PAPERS > Financial Times
> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com ($1 = 0.7382 pounds) (Reporting by Sangameswaran S in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks-factors/update-1-uk-stocks-factors-to-watch-on-may-17-idUSL3N1SO2O1 |
CHICAGO--(BUSINESS WIRE)-- Adtalem Global Education (NYSE: ATGE), a leading global education provider, today reported academic, operating and financial results for its fiscal 2018 third quarter ended March 31, 2018, including enrollment results at Adtalem Education Brazil, Carrington College, Chamberlain University, and DeVry University/Keller Graduate School of Management.
“Our ongoing portfolio transformation positions the organization for sustainable long-term growth in our medical and healthcare, professional education and technology and business verticals,” said Lisa Wardell, president and CEO of Adtalem Global Education. “Driven by our student-centric culture, we are focused on delivering superior outcomes and achieving academic excellence across our portfolio of institutions. The underlying economics of our organization continue to improve and our financial position remains strong, supporting our ability to invest in growth initiatives and consistently return capital to our fellow owners.”
Financial and Operating Highlights
Selected financial data for the three months ended March 31, 2018:
Revenue of $342.2 million increased 2.9 percent compared to the prior year Net income was $39.3 million compared to $39.9 million in the prior year; net income from continuing operations, excluding special items, was $44.9 million, compared to $37.9 million in the prior year Diluted earnings per share was $0.63, compared to $0.62 in the prior year; diluted earnings per share from continuing operations excluding special items was $0.72, compared to $0.59 in the prior year Operating cash flow for the first nine months of fiscal year 2018 was $183.3 million, compared to $169.8 million in the prior year Cash and cash equivalents were $265.3 million as of March 31, 2018, compared to $208.8 million as of March 31, 2017. Outstanding bank borrowings were $120.0 million as of March 31, 2018 and March 31, 2017 Approximately 393,500 shares of common stock were repurchased during the third quarter of fiscal 2018 Subsequent to quarter end, on April 13, 2018, Adtalem refinanced its existing $400 million revolving credit agreement by entering into a new $300 million revolving credit and $300 million term loan facility. Proceeds from the term loan were used to repay the existing credit facility balance. In association with the new facility, Adtalem received long-term credit ratings of Ba3 from Moody’s and BB+ from Standard and Poor’s.
During the second quarter of fiscal 2018, Adtalem signed an agreement to transfer ownership of DeVry University to Cogswell Education LLC. The agreement is subject to certain terms and conditions to be met during the transition process, including regulatory and accreditor approval, and the transaction is anticipated to be completed in early fiscal year 2019. As a result of this transaction, DeVry University has been classified as a discontinued operation. Adtalem recorded an after-tax loss from discontinued operations of $5.2 million in the third quarter.
Segment Highlights
Medical and Healthcare Segment
Third quarter segment revenue of $220.1 million increased 5.7 percent compared to the prior year. Chamberlain revenue in the quarter increased 2.9 percent from the prior year to $128.5 million, with increases in new student enrollment of 4.3 percent and total student enrollment of 4.5 percent in the March 2018 session compared to the same term last year. Revenue in the quarter for the medical and veterinary schools increased 10.0 percent from the prior year to $91.6 million, with increases in new student enrollment of 11.5 percent and total student enrollment of 1.3 percent in the January 2018 semester compared to the same term last year. The medical schools, which include American University of the Caribbean School of Medicine (AUC) and Ross University School of Medicine (RUSM), experienced a shift in revenue from the first half of the fiscal year to the third quarter caused by the delayed September 2017 semester start due to disruption caused by Hurricanes Irma and Maria. Third quarter operating income for the segment was $60.3 million, representing an increase of 20.2 percent from the prior year.
Professional Education
Third quarter segment revenue increased 5.7 percent to $31.5 million compared to the prior year, driven by revenue growth from Association of Certified Anti-Money Laundering Specialists (ACAMS), which was partially offset by a decline in revenue at Becker Professional Education. Segment operating income for the third quarter was $2.4 million, compared to $2.6 million in the prior year.
Technology and Business
Third quarter segment revenue decreased 4.5 percent to $59.0 million compared to the prior year. On a constant currency basis, revenue decreased 0.4 percent. Revenue was impacted in the quarter by process delays in Brazilian public loan programs which impacted student enrollment. New student enrollment was up 3.7 percent for the March session and total enrollment was down 4.9 percent compared to the same term last year. Segment operating loss for the third quarter was $103,000 compared to income of $5.4 million in the prior year.
US Traditional Postsecondary
Third quarter segment revenue declined 4.2 percent to $32.1 million compared to the prior year. An operating loss of $251,000 was reported in the third quarter compared to an operating loss of $3.1 million in the prior year.
Adtalem Outlook
Fiscal 2018 fourth quarter revenue is expected to increase 1 to 2 percent compared to the prior year. Revenue growth within the Medical and Healthcare and Professional Education segments is expected to be partially offset by decreases in revenue within the Technology and Business and US Traditional Postsecondary segments. Fourth quarter operating costs before special items are expected to be flat to up 1 percent compared to the prior year. Fourth quarter expenses may be impacted by the timing of insurance proceeds for the reimbursement of hurricane-related expenses.
Fiscal 2018 full year revenue is expected to increase 1 to 2 percent compared to the prior year and earnings growth from continuing operations before special items is expected to be 10 to 12 percent compared to the prior year. Full year capital spending is expected to be in the $60 to $65 million range, excluding hurricane-related spending. The effective income tax rate on continuing operations for the fiscal year is expected to be 14 to 16 percent, before special items. Adtalem’s outlook excludes potential charges related to restructuring plans and the pending sale of DeVry University.
Conference Call and Webcast Information
Adtalem will hold a conference call to discuss its fiscal 2018 third quarter earnings on Thursday, May 3, at 4 p.m. CT (5 p.m. ET). The conference call will be led by Lisa Wardell, president and chief executive officer; and Patrick Unzicker, chief financial officer and treasurer.
For those wishing to participate by telephone, dial 877-407-6184 (domestic) or 201-389-0877 (international) and ask for the Adtalem call or use conference ID: 13678951. Adtalem will also broadcast the conference call on Adtalem's website at : http://www.investorcalendar.com/event/28016 .
Please access the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.
Adtalem will archive a telephone replay of the call until June 3, 2018. To access the replay, dial 877-660-6853 (domestic) or 201-612-7415 (international), conference ID: 13678951. To access the webcast replay, please visit Adtalem's website at: http://www.investorcalendar.com/event/28016 .
About Adtalem Global Education
The purpose of Adtalem Global Education is to empower students to achieve their goals, find success, and make inspiring contributions to our global community. Adtalem Global Education Inc. (NYSE: ATGE; member S&P MidCap 400 Index) is a leading global education provider and the parent organization of Adtalem Educacional do Brasil, American University of the Caribbean School of Medicine, Association of Certified Anti-Money Laundering Specialists, Becker Professional Education, Carrington College, Chamberlain University, DeVry University and its Keller Graduate School of Management, Ross University School of Medicine and Ross University School of Veterinary Medicine. For more information, please visit adtalem.com .
Forward Looking Statement
Certain statements contained in this release concerning Adtalem Global Education’s future performance, including those statements concerning expectations or plans, may constitute subject to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. These generally can be identified by phrases such as Adtalem Global Education or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Actual results may differ materially from those projected or implied by these . Potential risks, uncertainties and other factors that could cause results to differ are described more fully in Item 1A, "Risk Factors," in the most recent Annual Report on Form 10-K for the year ending June 30, 2017 and filed with the Securities and Exchange Commission (SEC) on August 24, 2017 and its most recent Quarterly Report on Form 10-Q for the quarter ending March 31, 2018 and filed with the SEC on May 3, 2018.
Enrollment from Continuing Operations
FY 2018 FY 2017 % Change Adtalem Global Education Student Enrollments New students 27,991 27,136 +3.2% Total students (1) 118,233 121,179 -2.4% Adtalem Education of Brazil (2)
March Session New students 23,367 22,531 +3.7% Total students 75,700 79,564 -4.9% Chamberlain University March Session (3) New students 2,830 2,713 +4.3% Total students 31,053 29,726 +4.5% Carrington College 3 months ending March 31, 2018 New students 1,794 1,892 -5.2% Total students 5,542 6,026 -8.0% Enrollment from Discontinued Operations
DeVry University FY 2018 FY 2017 % Change Undergraduate – March Session New students 2,627 2,545 +3.2% Total students 17,936 22,192 -19.2% Graduate – March Session Coursetakers (5) 7,299 9,185 -20.5% 1) Includes the most recently reported enrollments at Adtalem’s postsecondary institutions
2) Excludes Damásio test prep students
3) Post-licensure online programs only; pre-licensure campus-based programs start in September, January and May
4) Includes enrollments in its medical and veterinary preparatory programs
5) The term “coursetaker” refers to the number of courses taken by a student. Thus one student taking two courses equals two coursetakers
ADTALEM GLOBAL EDUCATION INC. CONSOLIDATED BALANCE SHEETS (Unaudited) PRELIMINARY March 31, June 30, March 31, 2018 2017 2017 ASSETS: (in thousands, except share and par value amounts) Current Assets: Cash and Cash Equivalents $ 265,325 $ 240,426 $ 208,759 Marketable Securities and Investments 4,200 4,013 3,950 Restricted Cash 1,042 4,759 1,335 Accounts Receivable, Net 169,343 161,405 133,683 Prepaid Expenses and Other Current Assets 71,906 37,886 37,474 Current Assets Held for Sale 27,524 22,718 43,391 Total Current Assets 539,340 471,207 428,592 Land, Building and Equipment: Land 48,369 48,947 49,085 Building 410,960 436,418 439,334 Equipment 331,045 307,308 324,043 Construction in Progress 30,550 22,240 16,207 820,924 814,913 828,669 Accumulated Depreciation (402,565 ) (371,589 ) (378,738 ) Land, Building and Equipment Held for Sale, Net - 45,502 48,331 Land, Building and Equipment, Net 418,359 488,826 498,262 Noncurrent Assets: Deferred Income Taxes, Net 29,479 33,772 35,497 Intangible Assets, Net 405,342 412,158 421,304 Goodwill 845,843 829,086 838,805 Other Assets, Net 35,492 40,696 57,090 Other Assets Held for Sale 13,450 38,290 38,259 Total Noncurrent Assets 1,329,606 1,354,002 1,390,955 TOTAL ASSETS $ 2,287,305 $ 2,314,035 $ 2,317,809 LIABILITIES: Current Liabilities: Accounts Payable $ 38,351 $ 46,417 $ 30,203 Accrued Salaries, Wages and Benefits 63,860 81,661 70,435 Accrued Liabilities 78,464 90,515 88,384 Deferred Revenue 142,143 115,770 136,612 Current Liabilities Held for Sale 55,808 42,964 76,531 Total Current Liabilities 378,626 377,327 402,165 Noncurrent Liabilities: Revolving Loan 120,000 125,000 120,000 Deferred Income Taxes, Net 33,519 34,712 30,228 Deferred Rent and Other Liabilities 96,920 101,672 104,492 Income Taxes Payable 88,562 - - Total Noncurrent Liabilities 339,001 261,384 254,720 TOTAL LIABILITIES 717,627 638,711 656,885 NONCONTROLLING INTEREST 11,391 6,285 6,600 SHAREHOLDERS' EQUITY: Common Stock, $0.01 Par Value, 200,000,000 Shares Authorized; 60,369,000, 62,371,000 and 62,618,000 Shares Outstanding at March 31, 2018, June 30, 2017 and March 31, 2017, respectively 792 781 778 Additional Paid-in Capital 450,120 415,912 404,800 Retained Earnings 1,852,122 1,881,397 1,837,738 Accumulated Other Comprehensive Loss (59,195 ) (59,119 ) (37,013 ) Treasury Stock, at Cost, 18,852,000, 15,691,000 and 15,208,000 Shares at March 31, 2018, June 30, 2017 and March 31, 2017, respectively (685,552 ) (569,932 ) (551,979 ) TOTAL SHAREHOLDERS' EQUITY 1,558,287 1,669,039 1,654,324 TOTAL LIABILITIES, NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY $ 2,287,305 $ 2,314,035 $ 2,317,809
ADTALEM GLOBAL EDUCATION INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) PRELIMINARY Three Months Ended March 31,
Nine Months Ended March 31,
2018 2017 2018 2017 (in thousands, except per share amounts) REVENUE: Tuition $ 296,126 $ 287,774 $ 878,333 $ 875,935 Other Educational 46,067 44,901 126,382 119,725 Total Revenue 342,193 332,675 1,004,715 995,660 OPERATING COST AND EXPENSE: Cost of Educational Services 179,736 182,216 554,647 548,850 Student Services and Administrative Expense 108,046 103,690 309,590 308,322 Restructuring Expense 621 2,804 5,562 9,117 Regulatory Settlements - - - 52,150 Total Operating Cost and Expense 288,403 288,710 869,799 918,439 Operating Income from Continuing Operations 53,790 43,965 134,916 77,221 INTEREST: Interest Income 1,329 1,689 4,812 3,721 Interest Expense (2,850) (1,995) (7,247) (6,410) Net Interest Expense (1,521) (306) (2,435) (2,689) Income from Continuing Operations Before Income Taxes 52,269 43,659 132,481 74,532 Income Tax Provision (7,656) (7,343) (120,888) (4,980) Equity Method Investment Loss (100) - (138) - Income from Continuing Operations 44,513 36,316 11,455 69,552 DISCONTINUED OPERATIONS: (Loss) Income from Discontinued Operations Before Income Taxes (8,708) 3,329 (63,887) 8,045 Income Tax Benefit 3,483 377 23,854 2,329 (Loss) Income from Discontinued Operations (5,225) 3,706 (40,033) 10,374 NET INCOME (LOSS) 39,288 40,022 (28,578) 79,926 Net Loss (Income) Attributable to Noncontrolling Interest 46 (163) (459) (502) NET INCOME (LOSS) ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION $ 39,334 $ 39,859 $ (29,037) $ 79,424 AMOUNTS ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION: Income from Continuing Operations $ 44,559 $ 36,153 $ 10,996 $ 69,050 (Loss) Income from Discontinued Operations (5,225) 3,706 (40,033) 10,374 NET INCOME (LOSS) ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION $ 39,334 $ 39,859 $ (29,037) $ 79,424 EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION SHAREHOLDERS: Basic: Continuing Operations $ 0.73 $ 0.57 $ 0.18 $ 1.09 Discontinued Operations $ (0.09) $ 0.06 $ (0.65) $ 0.16 Total $ 0.64 $ 0.63 $ (0.47) $ 1.25 Diluted: Continuing Operations $ 0.72 $ 0.56 $ 0.18 $ 1.08 Discontinued Operations $ (0.08) $ 0.06 $ (0.64) $ 0.16 Total $ 0.63 $ 0.62 $ (0.46) $ 1.24 Cash Dividends Declared per Common Share $ - $ - $ - $ 0.18
ADTALEM GLOBAL EDUCATION INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) PRELIMINARY Nine Months Ended March 31,
2018 2017 (in thousands) CASH FLOW FROM OPERATING ACTIVITIES: Net (Loss) Income $ (28,578 ) $ 79,926 Loss (Income) from Discontinued Operations 40,033 (10,374 ) Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities: Stock-Based Compensation Expense 11,517 13,292 Depreciation 38,347 39,841 Amortization of Intangible Assets 7,333 8,487 Amortization of Deferred Debt Issuance Costs 528 528 Provision for Refunds and Uncollectible Accounts 31,787 31,883 Deferred Income Taxes 4,562 (1,388 ) Loss on Disposals, Accelerated Depreciation and Adjustments to Land, Building and Equipment 30,176 2,725 Changes in Assets and Liabilities: Accounts Receivable (38,581 ) (24,680 ) Prepaid Expenses and Other (29,936 ) (17,979 ) Accounts Payable (2,443 ) (11,496 ) Accrued Salaries, Wages, Benefits and Liabilities (30,918 ) (5,067 ) Deferred Revenue 25,619 29,127 Income Taxes Payable, Long-Term 88,562 - Net Cash Provided by Operating Activities-Continuing Operations 148,008 134,825 Net Cash Provided by Operating Activities-Discontinued Operations 35,256 34,962 NET CASH PROVIDED BY OPERATING ACTIVITIES 183,264 169,787 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Expenditures (52,653 ) (29,551 ) Payment for Purchase of Businesses, Net of Cash Acquired (4,041 ) (330,567 ) Marketable Securities Purchased (145 ) (82 ) Net Cash Used in Investing Activities-Continuing Operations (56,839 ) (360,200 ) Net Cash Provided by (Used in) Investing Activities-Discontinued Operations 7,409 (2,978 ) NET CASH USED IN INVESTING ACTIVITIES (49,430 ) (363,178 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Exercise of Stock Options 22,557 20,390 Employee Taxes Paid on Withholding Shares (3,862 ) (2,719 ) Proceeds from Stock Issued Under Colleague Stock Purchase Plan 585 635 Repurchase of Common Stock for Treasury (111,626 ) (30,552 ) Cash Dividends Paid - (11,414 ) Payments of Seller Financed Obligations (10,559 ) (3,943 ) Borrowings Under Revolving Credit Facility 258,000 465,000 Repayments Under Revolving Credit Facility (263,000 ) (345,000 ) NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (107,905 ) 92,397 Effects of Exchange Rate Differences (714 ) 324 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 25,215 (100,670 ) Cash, Cash Equivalents and Restricted Cash at Beginning of Period 251,096 315,347 Cash, Cash Equivalents and Restricted Cash at End of Period 276,311 214,677 Less: Cash, Cash Equivalents and Restricted Cash of Discontinued Operations at End of Period 9,944 4,583 Cash, Cash Equivalents and Restricted Cash at End of Period $ 266,367 $ 210,094
ADTALEM GLOBAL EDUCATION INC. SEGMENT INFORMATION (Unaudited) PRELIMINARY Three Months Ended March 31,
Nine Months Ended March 31,
2018 2017 Increase (Decrease)
2018 2017 Increase (Decrease)
REVENUE: (in thousands) Medical and Healthcare $ 220,067 $ 208,153 5.7 % $ 614,649 $ 609,331 0.9 % Professional Education 31,505 29,810 5.7 % 101,906 91,906 10.9 % Technology and Business 59,030 61,810 (4.5 )% 196,602 193,437 1.6 % U.S. Traditional Postsecondary 32,123 33,537 (4.2 )% 93,291 102,967 (9.4 )% Home Office and Other (532 ) (635 ) 16.2 % (1,733 ) (1,981 ) 12.5 % Total Consolidated Revenue 342,193 332,675 2.9 % 1,004,715 995,660 0.9 % OPERATING INCOME (LOSS): Medical and Healthcare 60,304 50,150 20.2 % 141,583 146,166 (3.1 )% Professional Education 2,382 2,619 (9.0 )% 15,082 8,810 71.2 % Technology and Business (103 ) 5,358 NM 15,749 16,864 (6.6 )% U.S. Traditional Postsecondary (251 ) (3,067 ) 91.8 % (11,544 ) (11,369 ) (1.5 )% Home Office and Other (8,542 ) (11,095 ) 23.0 % (25,954 ) (83,250 ) 68.8 % Total Consolidated Operating Income $ 53,790 $ 43,965 22.3 % $ 134,916 $ 77,221 74.7 % NON-GAAP INFORMATION
During the third quarter and first nine months of fiscal year 2018, Adtalem classified the operating results of DeVry University as discontinued operations, and recorded special items related to the following: (i) Restructuring charges related to severance for workforce reductions and real estate consolidations at the medical and veterinary schools, which is part of the Medical and Healthcare segment, Carrington College ("Carrington"), which is part of the U.S. Traditional Postsecondary segment, and Adtalem's home office (not related to any segment) in order to align its cost structure with enrollments; and (ii) Income tax charges related to implementation of the Tax Cuts and Jobs Act of 2017. During the third quarter and first nine months of fiscal year 2017, Adtalem recorded special items related to the following: (i) Restructuring charges related to severance for workforce reductions and real estate consolidations at the administrative support operations of the medical and veterinary schools, Carrington and Adtalem's home office in order to align its cost structure with enrollments; and (ii) Charges related to regulatory settlement agreements. In addition, in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), the operating results of DeVry University are reclassified as discontinued operations for the third quarter and first nine months of fiscal year 2017. The following tables illustrate the effects of the discontinued operations and special items on Adtalem’s operating income and net income. Management believes that the non-GAAP disclosure of operating income and net income excluding the discontinued operations and special items provides investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations and is useful for period-over-period comparisons of such operations given the special nature of discontinued operations, restructuring charges and regulatory settlements. Adtalem uses these supplemental financial measures internally in its management and budgeting process. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, Adtalem’s reported results prepared in accordance with GAAP. The following tables reconcile these non-GAAP measures to the most directly comparable GAAP information (in thousands): Three Months Ended March 31,
Nine Months Ended March 31,
2018 2017 Increase
(Decrease)
2018 2017 Increase
(Decrease)
Medical and Healthcare Operating Income $ 60,304 $ 50,150 20.2 % $ 141,583 $ 146,166 (3.1 )% Restructuring Expense 530 667 (20.5 )% 642 667 (3.7 )% Medical and Healthcare Operating Income Excluding Special Items $ 60,834 $ 50,817 19.7 % $ 142,225 $ 146,833 (3.1 )% U.S. Traditional Postsecondary Operating Loss $ (251 ) $ (3,067 ) 91.8 % $ (11,544 ) $ (11,369 ) (1.5 )% Restructuring Expense - 725 NM 2,378 4,429 (46.3 )% U.S. Traditional Postsecondary Operating Loss Excluding Special Items $ (251 ) $ (2,342 ) 89.3 % $ (9,166 ) $ (6,940 ) (32.1 )% Home Office and Other Operating Loss $ (8,542 ) $ (11,095 ) 23.0 % $ (25,954 ) $ (83,250 ) 68.8 % Restructuring Expense 91 1,412 (93.6 )% 2,542 4,021 (36.8 )% Regulatory Settlement - - NM - 52,150 NM Home Office and Other Operating Loss Excluding Special Items $ (8,451 ) $ (9,683 ) 12.7 % $ (23,412 ) $ (27,079 ) 13.5 %
ADTALEM GLOBAL EDUCATION INC. NON-GAAP EARNINGS DISCLOSURE (Unaudited) PRELIMINARY Three Months Ended March 31,
Nine Months Ended March 31,
2018 2017 2018 2017 (in thousands, except per share amounts) Net Income (Loss) $ 39,334 $ 39,859 $ (29,037 ) $ 79,424 Earnings (Loss) per Share (diluted) $ 0.63 $ 0.62 $ (0.46 ) $ 1.24 Continuing Operations: Restructuring Expense $ 621 $ 2,804 $ 5,562 $ 9,117 Effect on Earnings per Share (diluted) $ 0.01 $ 0.04 $ 0.09 $ 0.14 Tax Cuts and Jobs Act of 2017 $ - $ - $ 101,196 $ - Effect on Earnings per Share (diluted) $ - $ - $ 1.62 $ - Regulatory Settlements $ - $ - $ - $ 52,150 Effect on Earnings per Share (diluted) $ - $ - $ - $ 0.81 Income Tax Impact on Non-GAAP Adjustments $ (320 ) $ (1,096 ) $ (1,604 ) $ (22,952 ) Effect on Earnings per Share (diluted) $ (0.01 ) $ (0.02 ) $ (0.03 ) $ (0.36 ) Discontinued Operations, net of tax $ 5,225 $ (3,706 ) $ 40,033 $ (10,374 ) Effect on Earnings per Share (diluted) $ 0.08 $ (0.06 ) $ 0.64 $ (0.16 ) Net Income from Continuing Operations Excluding Special Items, net of tax $ 44,860 $ 37,861 $ 116,150 $ 107,365 Earnings per Share from Continuing Operations Excluding Special Items, net of tax $ 0.72 $ 0.59 $ 1.86 $ 1.68 Shares used in EPS calculation 61,965 64,266 62,474 63,991
SUPPLEMENTAL RECONCILIATIONS (Unaudited) PRELIMINARY Three Months Ended March 31, 2018 (in thousands) Revenue: Medical and
Healthcare
Professional
Education
Technology and
Business
U.S. Traditional
Postsecondary
Home
Office
and
Other
Consolidated Fiscal Year 2017 as Reported $ 208,153 $ 29,810 $ 61,810 $ 33,537 $ (635 ) $ 332,675 Organic Growth (Decline) 8,245 1,313 (998 ) (1,414 ) 103 7,249 Effect of Acquisitions - 382 775 - - 1,157 Hurricane Impact 3,669 - - - - 3,669 Effect of Currency Change - - (2,557 ) - - (2,557 ) Fiscal Year 2018 as Reported $ 220,067 $ 31,505 $ 59,030 $ 32,123 $ (532 ) $ 342,193 Fiscal Year 2018 % Change: Organic Growth (Decline) 4.0 % 4.4 % (1.6 %) (4.2 %) NM 2.2 % Effect of Acquisitions - 1.3 % 1.3 % - NM 0.3 % Constant Currency Change 4.0 % 5.7 % (0.4 %) (4.2 %) NM 2.5 % Hurricane Impact 1.8 % - - - NM 1.1 % Effect of Currency Change - - (4.1 %) - NM (0.8 %) Fiscal Year 2018 % Change as Reported 5.7 % 5.7 % (4.5 %) (4.2 %) NM 2.9 % Nine Months Ended March 31, 2018 (in thousands) Revenue: Medical and
Healthcare
Professional
Education
Technology and
Business
U.S. Traditional
Postsecondary
Home
Office
and
Other
Consolidated Fiscal Year 2017 as Reported $ 609,331 $ 91,906 $ 193,437 $ 102,967 $ (1,981 ) $ 995,660 Organic Growth (Decline) 9,885 9,618 1,950 (9,676 ) 248 12,025 Effect of Acquisitions - 382 993 - - 1,375 Hurricane Impact (4,567 ) - - - - (4,567 ) Effect of Currency Change - - 222 - - 222 Fiscal Year 2018 as Reported $ 614,649 $ 101,906 $ 196,602 $ 93,291 $ (1,733 ) $ 1,004,715 Fiscal Year 2018 % Change: Organic Growth (Decline) 1.6 % 10.5 % 1.0 % (9.4 %) NM 1.2 % Effect of Acquisitions - 0.4 % 0.5 % - NM 0.1 % Constant Currency Change 1.6 % 10.9 % 1.5 % (9.4 %) NM 1.3 % Hurricane Impact (0.7 %) - - - NM (0.5 %) Effect of Currency Change - - 0.1 % - NM 0.0 % Fiscal Year 2018 % Change as Reported 0.9 % 10.9 % 1.6 % (9.4 %) NM 0.9 %
SUPPLEMENTAL RECONCILIATIONS (Unaudited) PRELIMINARY Three Months Ended March 31, 2018 (in thousands) Total Expenses: Medical and
Healthcare
Professional
Education
Technology and
Business
U.S. Traditional
Postsecondary
Home
Office
and
Other
Consolidated Fiscal Year 2017 as Reported $ 158,003 $ 27,192 $ 56,453 $ 36,603 $ 10,459 $ 288,710 Cost Investment (Reduction) 1,898 1,256 4,051 (3,504 ) (1,129 ) 2,572 Effect of Acquisitions - 675 455 - - 1,130 Hurricane Impact - - - - - - Restructuring Expense Change (137 ) - - (725 ) (1,321 ) (2,183 ) Effect of Currency Change - - (1,826 ) - - (1,826 ) Fiscal Year 2018 as Reported $ 159,764 $ 29,123 $ 59,133 $ 32,374 $ 8,009 $ 288,403 Fiscal Year 2018 % Change: Cost Investment (Reduction) 1.2 % 4.6 % 7.2 % (9.6 %) NM 0.9 % Effect of Acquisitions - 2.5 % 0.8 % - NM 0.4 % Constant Currency Change 1.2 % 7.1 % 8.0 % (9.6 %) NM 1.3 % Hurricane Impact - - - - NM - Restructuring Expense Change (0.1 %) - - (2.0 %) NM (0.8 %) Effect of Currency Change - - (3.2 %) - NM (0.6 %) Fiscal Year 2018 % Change as Reported 1.1 % 7.1 % 4.7 % (11.6 %) NM (0.1 %) Nine Months Ended March 31, 2018 (in thousands) Total Expenses: Medical and
Healthcare
Professional
Education
Technology and
Business
U.S. Traditional
Postsecondary
Home
Office
and
Other
Consolidated Fiscal Year 2017 as Reported $ 463,165 $ 83,097 $ 176,573 $ 114,335 $ 81,269 $ 918,439 Cost Investment (Reduction) (3,446 ) 3,052 3,186 (7,449 ) (3,419 ) (8,076 ) Effect of Acquisitions - 675 606 - - 1,281 Hurricane Impact 13,372 - - - - 13,372 Restructuring Expense Change (25 ) - - (2,051 ) (1,479 ) (3,555 ) Regulatory Settlement Change - - - - (52,150 ) (52,150 ) Effect of Currency Change - - 488 - - 488 Fiscal Year 2018 as Reported $ 473,066 $ 86,824 $ 180,853 $ 104,835 $ 24,221 $ 869,799 Fiscal Year 2018 % Change: Cost Investment (Reduction) (0.7 %) 3.7 % 1.8 % (6.5 %) NM (0.9 %) Effect of Acquisitions - 0.8 % 0.3 % - NM 0.1 % Constant Currency Change (0.7 %) 4.5 % 2.1 % (6.5 %) NM (0.7 %) Hurricane Impact 2.9 % - - - NM 1.5 % Restructuring Expense Change (0.0 %) - - (1.8 %) NM (0.4 %) Regulatory Settlement Change - - - - NM (5.7 %) Effect of Currency Change - - 0.3 % - NM 0.1 % Fiscal Year 2018 % Change as Reported 2.1 % 4.5 % 2.4 % (8.3 %) NM (5.3 %)
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006633/en/
Adtalem Global Education
Investor Contact:
Beth Coronelli
[email protected]
630-353-9035
or
Media Contact:
Ernie Gibble
[email protected]
630-353-9920
Source: Adtalem Global Education | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-adtalem-global-education-announces-third-quarter-fiscal-2018-results.html |
May 10 (Reuters) - MATRRIX Energy Technologies Inc:
* TO ACQUIRE OIL AND GAS DRILLING ASSETS FROM RED DOG DRILLING INC.
* PURSUANT TO AGREEMENT, MATRRIX WILL ACQUIRE PURCHASED ASSETS FOR A PURCHASE PRICE OF $5.7 MILLION
* MATRRIX ENERGY TECHNOLOGIES- DEAL TO BE PAID WITH ISSUANCE OF 1.6 MILLION COMMON SHARES OF CO AT $0.45 PER COMMON SHARE AND $5 MILLION IN CASH
* MATRRIX ENERGY TECHNOLOGIES- AGREEMENT WITH RED DOG DRILLING INC PURSUANT TO WHICH CO HAS AGREED TO ACQUIRE ALL OF ASSETS OF RED DOG Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-matrrix-energy-technologies-to-acq/brief-matrrix-energy-technologies-to-acquire-oil-and-gas-drilling-assets-from-red-dog-drilling-idUSASC0A1Q7 |
SOLAI, Kenya (Reuters) - Kenya on Wednesday buried 41 people who were killed last week when a dam at a commercial farm broke its walls and unleashed water that swept away everything in its path.
Relatives carry the coffin of their kin before the burial of people killed when a dam burst its walls, overrunning nearby homes, in Solai town near Nakuru, Kenya May 16, 2018. REUTERS/Thomas Mukoya The earthen dam on the farm, which grew roses for export to Europe, burst at night on May 9 after heavy rains, killing 47 people and displacing hundreds more.
“We are here to mourn with you and all other Kenyans who have lost loved ones due to the ongoing floods affecting Kenya,” President Uhuru Kenyatta said during a funeral mass.
Coffins are seen arranged inside a mass grave during the burial of people killed when a dam burst its walls, overrunning nearby homes, in Solai town near Nakuru, Kenya May 16, 2018. REUTERS/Thomas Mukoya After a severe drought last year, two months of heavy rain have affected nearly a million people in Kenya, Somalia, Ethiopia and Uganda. Bridges have been swept away and roads turned into rivers of mud.
Slideshow (10 Images) More than 150 people have been killed and 300,000 displaced in Kenya, where the damage runs into millions of dollars.
Six police lorries ferried the 41 coffins of the victims who were buried in Solai, 190 km (120 miles) northwest of Nairobi, and then young men carried the caskets up the hills in the area to their graves.
Paul Mundia, who buried his wife and eight-year old son, recalled the tragic events of last week.
“The water washed them away four kilometers from where our house was,” he told Reuters.
Ten victims who owned land in the area were buried in a single grave.
Investigations into the dam disaster are continuing and Kenya’s water management agency has said the structure was built without necessary approvals.
Reporting by John Ndiso; Writing by Duncan Miriri; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-kenya-floods/kenya-buries-victims-of-rose-farm-dam-burst-idUSKCN1IH2O4 |
LIN COUNTY, China (Reuters) - Seventy-year-old Chinese farmer Guo Jiaming has lived most of her life in a cave, shunning modernity for a home carved into a mountainside that keeps her cool in summer and warm in winter.
“A cave is convenient and it’s warmer,” said Guo, explaining why she preferred her home to alternatives such as a high-rise city apartment, despite the cold winters of China’s northern province of Shanxi.
“An apartment building is only heated when the central heating is turned on,” she said.
“Old people like me can’t stand this cold during the winter,” Guo added, pointing to a wood-burning heater that warms her cave and the bricks under her bed.
Local authorities want Guo and other cave-dwellers to swap their homes for apartments in a nationwide campaign to relocate 2.8 million people to new homes this year.
The drive is part of efforts to eliminate extreme poverty by the end of 2020 in China, where about 30 million people live on less than a dollar a day.
The relocations are voluntary, say residents of Lin county, but Guo sees no reason to abandon her cave house.
A form of shelter known as “yaodong” that dates back thousands of years, cave houses, which typically have several small rooms with earthen walls, are common in China’s hilly north, where they are carved out of slopes and cliffs.
“IT’S TERRIBLE” Nationally, authorities say the relocations are going well.
Villager Guo Jiaming, 70, stands outside her cave dwelling on a mountain cliffside in Lin county, Shanxi province, China March 15, 2018. Picture taken March 15, 2018. REUTERS/Joseph Campbell “Our work has been proceeding smoothly,” Liu Yongfu, an official handling poverty alleviation and development efforts, told a news conference in Beijing in March. “The common folk are very supportive.”But authorities in Lin county declined to comment on their relocation plans when contacted by Reuters.
Cave dwellers who have moved say they regret shifting, because they found bare concrete walls with no plumbing or electricity in their new blocks, instead of the finished units they had been promised, including furniture and television sets.
Zhao Yugui, a 54-year-old farmer assigned to a family-sized apartment, said he now lived 10 km (6.2 miles) from his fields.
“I can only ride a motorbike back to work in my fields and take care of old people and my wife,” Zhao said, showing a visitor round his flat, where wires protruded from bare concrete.
Hua Xiaomo, 50, recently moved into a nine-storey building in a different neighbourhood.
“It’s terrible,” she said, adding that when she lived in a cave, she never had to walk upstairs.
“Sometimes it’s really inconvenient. The lights aren’t bright either. It’s dark,” she said, describing the area around her apartment block.
The cost of living in the city also chafes elderly farmers, who earn a meagre 500 to 800 yuan ($80 to $126) a year. They say the government should provide an allowance.
Slideshow (4 Images) “Those who leave need to have money. Where does that money come from?” asked 68-year-old Li Congdai.
($1=6.3411 Chinese yuan renminbi)
Writing by Elias Glenn; Editing by Darren Schuettler and Clarence Fernandez
| ashraq/financial-news-articles | https://in.reuters.com/article/china-poverty/better-off-in-a-cave-chinese-count-costs-of-apartments-in-anti-poverty-campaign-idINKBN1IC0U3 |
TORONTO, May 08, 2018 (GLOBE NEWSWIRE) -- DREAM INDUSTRIAL REIT (TSX:DIR.UN) or (“Dream Industrial REIT”, the “Trust” or “we”) today announced its financial results for the three months ended March 31, 2018.
Selected Financial Information (unaudited) Three Months Ended ($000’s except unit and per unit amounts) March 31, 2018
March 31, 2017 Net income 44,871 13,210 Net operating income (“NOI”) (1) 32,503 28,401 Funds from operations (“FFO”) (1) 21,232 17,759 Per unit data (1)(2) FFO – diluted (1) $ 0.224 $ 0.222 Distributions 0.175 0.175 FFO payout ratio (%) (1)(3) 78.1 % 78.8 % See footnotes .
Selected BALANCE SHEET INFORMATION (unaudited) ($000’s except unit and per unit amounts) March 31, 2018 December 31, 2017 Investment properties value 1,903,708 1,722,988 Debt 949,283 889,796 Units (period-end) REIT Units 76,000,367 75,104,843 LP B Units 18,551,855 18,551,855 Total number of units 94,552,222 93,656,698 Portfolio gross leasable area (square feet) (4) 19,143,808 17,188,043 Occupied and committed space (4) 97.1 % 96.6 % Average occupancy for the period (4) 96.1 % 95.8 % See footnotes . “2018 has started off positively for Dream Industrial REIT,” said Brian Pauls, Chief Executive Officer. “Our Western Canada portfolio occupancy has remained strong at 94.8%, and our occupancy in Eastern Canada has increased 280 bps since this time last year. We are capitalizing on the strong industrial fundamentals in our Ontario and Quebec markets which positions the Trust well for continued stability and growth. Our focus on active asset management continues to yield positive results and we recently completed significant lease deals on two properties in the Greater Toronto Area that we had previously considered selling. With higher rents that increase the value of these properties by over 25%, we are retaining these assets for the long-term, demonstrating our ability to generate organic growth in our strongest markets and increase our net asset value.
With 2.8 million square feet of Class A industrial properties in the Southeastern U.S. acquired in the past six months, we will continue to capitalize on unique and attractive industrial opportunities in both Canada and the U.S., including identifying new development projects and increasing the scope of the asset recycling program to improve the overall quality of our portfolio. ”
QUARTERLY FINANCIAL AND OPERATIONAL HIGHLIGHTS
Net income – Net income increased by $31.7 million compared to Q1 2017 due to positive fair value adjustment to investment properties due to higher investment properties valuations, slightly offset by negative fair value adjustment on the Trust’s subsidiary redeemable units as the Trust’s unit price increased. These fair value adjustments are excluded from the calculation of FFO. The investment property acquisitions completed during the last quarter of 2017 and first quarter of 2018 contributed an additional $3.2 million in net rental income. Diluted FFO (1) per unit for the quarter ended March 31, 2018 was 22.4 cents, relatively stable compared to 22.2 cents for the quarter ended March 31, 2017. Comparative properties NOI growth was offset by lower leverage during the quarter. Total first quarter NOI (1) increased 14.4% over the first quarter of 2017 – Total NOI for the quarter ended March 31, 2018 was $32.5 million or $4.1 million higher compared to Q1 2017. The increase in NOI compared to the same quarter last year was mainly due to higher comparative properties NOI and acquisitions completed in the first quarter of 2018 and fourth quarter of 2017. Comparative properties NOI (1) for the quarter increased by 2.8% over the first quarter of 2017. Comparative properties NOI for the quarter ended March 31, 2018 was $29.4 million or $0.8 million higher when compared to Q1 2017. The increase in comparative properties NOI compared to Q1 2017 was as a result of higher NOI from Ontario and Eastern Canada where the average occupancies were higher, slightly offset by lower NOI from the Western Canada and Quebec regions where the average occupancies were lower. Leasing profile – Strong leasing momentum has continued for a sixth straight quarter with occupancy over 95%. Leasing activity during the first quarter included 240,000 square feet of new leases, 990,000 square feet of renewals, and lease commitments of 221,000 square feet, compared to 1,271,000 square feet of expiries and early terminations for the same quarter. The average remaining lease term at March 31, 2018 is 4.1 years. Portfolio occupancy up 50 bps in first quarter and retention ratio of 82.7% – Overall occupancy (including committed space) was 97.1%, an increase from 96.6% at December 31, 2017. Excluding the impact of acquisitions, comparative portfolio occupancy is 96.7% compared to 96.5% at December 31, 2017. Positive rental spreads on Ontario renewals – During the quarter, the Trust completed 990,000 square feet of renewals at rates $0.04 or 0.6% higher than expiring rates. Of these deals, renewals totaling 695,000 square feet were in the Trust’s Ontario portfolio at rates 2.0% higher than expiring rents. Two single-tenants representing almost half of these renewals were transacted over a year ago at 6.3% negative renewal spreads as the focus was on retention and occupancy. Excluding these two deals, our renewal spread in Ontario would have been 8.0% higher than expiry. With our recent focus on increased rents in the Ontario region, we have transacted 682,000 square feet of deals at rates $0.66 or 11.3% above expiry or prior in-place rents which take occupancy in 2018. Increasing market rents – Market rents increased to 4.1% above the in-place rents for our Canadian portfolio primarily reflecting the strong demand for industrial space in Ontario. Investment properties – The Trust’s investment property portfolio consists of 219 properties with a value of $1.9 billion compared to $1.7 billion at December 31, 2017. U.S. acquisitions totalling $115 million were completed in the quarter, and the Trust’s Ontario and Quebec properties increased by $57 million reflecting higher underlying cash flows, market rents and lower capitalization and discount rates. Net Assets Value (“NAV”) (1),(7) per unit – The Trust’s NAV per unit increased by $0.50 or 5.4% to $9.85 this quarter, largely from higher investment properties values in Ontario and Quebec.
CAPITAL STRUCTURE
Key performance indicators March 31, 2018
December 31, 2017 Level of debt (debt-to-total assets) (1) 49.5 % 49.5 % Interest coverage ratio (1) 3.4 times
3.3 times Weighted average face interest rate on all debt (5) 3.77 % 3.75 % Debt – weighted average term to maturity (years) 3.9 3.8 Unencumbered assets (6) $ 222,808 $ 113,191 Undrawn lines of credit 89,639 123,000 See footnotes . Stable and conservative capital structure – Level of debt (debt-to-total assets) remained at 49.5%, with interest coverage of 3.4 times and a weighted average term to maturity of 3.9 years. Following the completion of the U.S. acquisitions this quarter, the Trust had $223 million of unencumbered assets providing additional financial flexibility and liquidity.
“Dream Industrial REIT had a good first quarter, following a very successful year in 2017,” said Lenis Quan, Chief Financial Officer of Dream Industrial REIT. “Our well-capitalized balance sheet is at its strongest since inception and we are well positioned to focus on strategies to improve the value of our business, including growing organically and identifying asset recycling opportunities that can improve overall portfolio quality and generate higher free cash flow and NAV growth.”
CONFERENCE CALL
Senior management will host a conference call to discuss the results on Wednesday, May 9, 2018 at 11:00 a.m. (ET). To access the conference call, please dial 1-888-465-5079 in Canada and the United States or 416-216-4169 elsewhere and use passcode 6802 324#. To access the conference call via webcast, please go to Dream Industrial REIT’s website at www.dreamindustrialreit.ca and click on the link for News & Events, then click on Calendar of Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call.
Other information
Information appearing in this news release is a select summary of results. The condensed consolidated financial statements and management’s discussion and analysis for the Trust will be available at www.dreamindustrialreit.ca and on www.sedar.com .
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. Dream Industrial REIT owns and operates a portfolio of 219 geographically diversified light industrial properties comprising approximately 19 million square feet of gross leasable area in key markets across Canada with a growing presence in the United States. Its objective is to build upon and grow its portfolio and to provide stable and sustainable cash distributions to its unitholders. For more information, please visit www.dreamindustrialreit.ca .
FOOTNOTES
(1) FFO, comparative properties NOI, NOI, FFO payout ratio, NAV per unit, level of debt (debt-to-total assets) and interest coverage ratio are non-GAAP measures used by Management in evaluating operating performance and debt management. Please refer to the cautionary statements under the heading “Non-GAAP Measures” in this press release. (2) A description of the determination of diluted amounts per unit can be found in our Management’s Discussion and Analysis for the three months ended March 31, 2018 under the heading “Non-GAAP Measures and Other Disclosures”. (3) Payout ratio for FFO (non-GAAP measure) is calculated as the ratio of distribution rate to diluted FFO per unit. (4) Excludes property or properties held for sale at each period. (5) Weighted average effective interest rate is calculated as the weighted average face rate of interest net of amortization of fair value adjustments and financing costs of all interest bearing debt. Weighted average face interest rate is calculated as the weighted average face interest rate of all interest bearing debt. (6) Includes properties held for sale.
(7) NAV per unit (non-GAAP measure) is calculated as the total equity (including LPB Units) divided by the total number of REIT Units and LP B Units. Non-GAAP Measures
The Trust’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-GAAP financial measures, including net operating income (“NOI”), comparative properties NOI, funds from operations (“FFO”), FFO payout ratio, NAV per unit, level of debt (debt-to-total assets) and interest coverage ratio as well as other measures discussed elsewhere in this release. These non-GAAP measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other income trusts. The Trust has presented such non-GAAP measures as Management believes they are relevant measures of the Trust’s underlying operating performance and debt management. Non-GAAP measures should not be considered as alternatives to net income, cash generated from (utilized in) operating activities or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow, and profitability. For a full description of these measures, please refer to the “Non-GAAP Measures and Other Disclosures” in Dream Industrial REIT’s Management’s Discussion and Analysis for the three months ended March 31, 2018.
Forward looking information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements regarding our objectives and strategies and plans to enter new markets. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Industrial REIT’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and currency rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. Dream Industrial REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in Dream Industrial REIT’s filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dream Industrial REIT’s website at www.dreamindustrialreit.ca .
For further information, please contact:
Dream Industrial REIT
Brian Pauls Lenis Quan Chief Executive Officer Chief Financial Officer (416) 365-2365 (416) 365-2353 [email protected] [email protected]
Source: Dream Industrial REIT | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-dream-industrial-reit-reports-strong-q1-2018-financial-results-and-97-point-1-percent-portfolio-occupancy.html |
May 3 (Reuters) - Curis Inc:
* Q1 LOSS PER SHARE $0.07 * Q1 EARNINGS PER SHARE VIEW $-0.09 — THOMSON REUTERS I/B/E/S
* AS OF MARCH 31, 2018, CURIS’S CASH, CASH EQUIVALENTS, MARKETABLE SECURITIES AND INVESTMENTS TOTALED $48.5 MILLION Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-curis-reports-q1-loss-per-share-00/brief-curis-reports-q1-loss-per-share-0-07-idUSASC09ZGL |
Published: May 19, 2018 3:16 p.m. ET Share
Last-ditch effort by Trump administration failed to get China to accept demand for a $200 billion cut in the U.S. bilateral trade deficit Getty ’Both sides agreed on meaningful increases in United States agriculture and energy exports,’ according to a statement summarizing the trade talks.
By Bob Davis Lingling Wei
A last-ditch effort by the Trump administration failed to get China to accept its demand for a $200 billion cut in the U.S. bilateral trade deficit, as Chinese officials resisted committing to any specific targets after two days of contentious negotiations.
The two days of deliberations in Washington ended with both sides arguing all night on Friday over what to say in a joint statement, people briefed on the matter said. The Chinese had come willing to step up purchases of U.S. merchandise as a measure to narrow China’s vast $375 billion trade advantage.
But U.S. negotiators pushed the Chinese delegates to approve a specific target of $200 billion in additional Chinese purchases. The Chinese refused any such target in specific dollar amounts, and the matter is now in the hands of President Donald Trump and President Xi Jinping, the people said.
The two sides released a joint statement shortly after the Chinese delegation was scheduled to return home, but it made no reference to the specific purchasing amounts that the U.S. had wanted.
“Both sides agreed on meaningful increases in United States agriculture and energy exports,” the statement said, adding that “the delegations also discussed expanding trade in manufactured goods and services. There was consensus on the need to create favorable conditions to increase trade in these areas.” | ashraq/financial-news-articles | https://www.wsj.com/articles/china-rejects-u-s-target-for-narrowing-trade-gap-1526756661?mod=searchresults&page=1&pos=1 |
WILLIAMSBURG, Va., May 08, 2018 (GLOBE NEWSWIRE) -- Sotherly Hotels Inc. (NASDAQ:SOHO), (“Sotherly” or the “Company”), a self-managed and self-administered lodging real estate investment trust (a “REIT”), today reported its consolidated results for the first quarter ended March 31, 2018. The Company’s results include the following*:
Three Months Ended March 31, 2018 March 31, 2017 ($ in thousands except per share data) Total Revenue $ 41,736 $ 38,695 Net (loss) income available to common stockholders (238 ) 1,851 EBITDA 10,345 9,751 Hotel EBITDA 11,879 11,479 FFO 4,499 5,000 Adjusted FFO available to common stockholders 4,746 5,134 Net (loss) income per share available to common stockholders $ (0.02 ) $ 0.13 FFO per share and unit $ 0.29 $ 0.32 Adjusted FFO available to common holders per share and unit $ 0.31 $ 0.32 (*) Earnings before interest, taxes, depreciation and amortization (“EBITDA”), hotel EBITDA, funds from operations (“FFO”), adjusted FFO, FFO per share and unit and adjusted FFO per share and unit are non-GAAP financial measures. See further discussion of these non-GAAP measures, including definitions related thereto, and reconciliations to net income (loss) later in this press release. The Company is the sole general partner of Sotherly Hotels LP, a Delaware limited partnership (the “Operating Partnership”), and all references in this release to the “Company”, “Sotherly”, “we”, “us” and “our” refer to Sotherly Hotels Inc., its Operating Partnership and its subsidiaries and predecessors, unless the context otherwise requires or where otherwise indicated.
HIGHLIGHTS:
Revenue and RevPAR . For the three-month period ending March 31, 2018, Total Revenue increased 7.9% over the three-month period ending March 31, 2017. Room revenue per available room (“RevPAR”) for the Company’s composite portfolio, which includes the performance of the rooms participating in our rental program at the Hyde Resort & Residences, during the three-month period ending March 31, 2018, increased 6.6% over the three months ended March 31, 2017, to $112.03 reflecting a 4.6% decrease in occupancy and an 11.8% increase in average daily rate (“ADR”).
Common Dividends . As previously reported on May 1, 2018, the Company announced its quarterly dividend (distribution) on its common stock (and units) of $0.12 per share (and unit) to stockholders (and unitholders) of record as of June 15, 2018.
Hotel EBITDA . The Company generated hotel EBITDA of approximately $11.9 million during the three-month period ending March 31, 2018, an increase of 3.5%, or approximately $0.4 million, from the three months ended March 31, 2017.
EBITDA . The Company generated EBITDA of approximately $10.3 million during the three-month period ending March 31, 2018, an increase of 6.1% or approximately $0.6 million compared to the three months ended March 31, 2017.
Adjusted FFO . For the three-month period ending March 31, 2018, Adjusted FFO decreased 7.5% or approximately $0.4 million from the three months ended March 31, 2017.
Andrew M. Sims, Chairman and Chief Executive Officer of Sotherly Hotels Inc., commented, “The first quarter of 2018 started out slow, with January showing weakness, followed by a steady increase in business volume during February and March. With Easter week occurring in the first quarter this year, some revenue migrated to the second quarter. We believe the first half of 2018 will be strong in terms of performance for the Company. The acquisition of the Hyatt Centric Arlington is a nice addition to the Company’s upper upscale portfolio.”
Balance Sheet/Liquidity
At March 31, 2018, the Company had approximately $35.6 million of available cash and cash equivalents, of which approximately $4.9 million was reserved for real estate taxes, insurance, capital improvements and certain other expenses or otherwise restricted. The Company had approximately $380.7 million in outstanding debt at a weighted average interest rate of approximately 4.94%.
On February 1, 2018, the Company drew down the final $5.0 million of loan proceeds available on the Hilton Wilmington Riverside mortgage loan after completing a significant portion of the renovation of the hotel and meeting certain other requirements under the loan documents.
On February 12, 2018, the Company and the Operating Partnership closed on a sale and issuance by the Operating Partnership of an aggregate $25.0 million of the 7.25% senior unsecured notes of the Operating Partnership, unconditionally guaranteed by the Company (the “7.25% Notes”), for net proceeds after estimated expenses of approximately $23.3 million. The Operating Partnership used the net proceeds from this offering, together with existing cash on hand and $57.0 million of first and second lien asset-level mortgage indebtedness, to finance the acquisition of the Hyatt Centric Arlington hotel located in Arlington, Virginia (the “Arlington Hotel”) and for working capital.
On February 26, 2018, we entered into a First Amendment to the Loan Agreement, Amended and Restated Promissory Note, and other related documents with International Bank of Commerce to amend the terms of the mortgage loan on The Whitehall hotel located in Houston, TX. Pursuant to the amended loan documents, the maturity date is extended until February 26, 2023, the loan amortizes on a 25-year schedule with payments of principal and interest beginning immediately, and the loan has an initial principal balance of $15.0 million, with no additional principal available.
On April 5, 2018, the Company drew down an additional $3.30 million of loan proceeds available on the Crowne Plaza Tampa Westshore mortgage loan.
Portfolio Update
On March 1, 2018, we acquired the Arlington Hotel from RP/HH Rosslyn Hotel Owner, LP for an aggregate purchase price of approximately $79.7 million. Concurrent with the closing, we entered into an agreement with Highgate Hotels L.P. to manage the Arlington Hotel. The management agreement has an initial term of three years commencing on March 1, 2018. In connection with the acquisition, we entered into a loan agreement, a first and second promissory note (“Note A” and “Note B”, respectively), and other loan documents, including a guarantee by the Operating Partnership, to secure an aggregate $57.0 million mortgage (the “Mortgage Loan”) on the Arlington Hotel with Fifth Third Bank. Pursuant to the Mortgage Loan documents, Note A is in the amount of $50.0 million; has a term of 3 years, with two 1-year extension options, each of which is subject to certain criteria and bears a floating interest rate of one-month LIBOR plus 3.00%. Pursuant to the Mortgage Loan documents, Note B is in the amount of $7.0 million; has a term of 1-year, with two 1-year extension options, each of which is subject to certain criteria; bears a floating interest rate of three-month LIBOR plus 5.00%; and requires monthly principal payments of $100,000 during the initial 1-year term, $150,000 during the first 1-year extended term, and $250,000 during the second 1-year extended term, with interest payments due monthly on the outstanding principal amount during all three terms.
On April 2, 2018, the Company’s hotel in Wilmington, North Carolina was converted to the Hotel Ballast, a member of the Tapestry Collection by Hilton, following the completion of a $10.0 million renovation of the guest rooms and public space, which included the addition of two new food and beverage outlets the Board & Barrel Coastal Kitchen and the Buffalo Bayou.
At the Company’s hotel in Tampa, Florida, renovations are underway for an estimated $11.0 million renovation project in anticipation of a planned conversion in March 2019 from the Crowne Plaza Tampa Westshore to Hotel Alba, which we expect to become a member of the Tapestry Collection by Hilton. As of March 31, 2018, we incurred costs totaling approximately $1.3 million toward this renovation.
2018 Outlook
As previously disclosed, set forth below is the Company’s guidance for 2018, which accounts for the impact of renovations at the Company’s hotels in Wilmington and Tampa, the issuance of the 7.25% Notes, and the acquisition of the Arlington Hotel. The guidance is predicated on estimates of occupancy and ADR that are consistent with the most recent 2018 calendar year forecasts by STR for the market segments in which the Company operates.
The table below reflects the Company’s projections, within a range, of various financial measures for 2018, in thousands of dollars, except per share and RevPAR data:
2018 Guidance Low Range High Range Total revenue $ 167,750 $ 169,095 Net loss (2,804 ) (2,352 ) EBITDA 40,997 41,481 Hotel EBITDA 46,997 47,581 FFO 15,843 16,352 Adjusted FFO available to common stockholders 15,873 16,493 Net loss per share available to common stockholders $ (0.21 ) $ (0.17 ) FFO per share and unit $ 1.04 $ 1.07 Adjusted FFO available to common holders per share and unit $ 1.04 $ 1.08 Rev PAR $ 106.23 $ 107.09 Hotel EBITDA margin 31.4 % 31.6 % Earnings Call/Webcast
The Company will conduct its first quarter 2018 conference call for investors and other interested parties at 10:00 a.m. Eastern Time on Tuesday, May 8, 2018. The conference call will be accessible by telephone and through the Internet. Interested individuals are invited to listen to the call by telephone at 888-339-0107 (United States) or 855-669-9657 (Canada) or +1 412-902-4188 (International). To participate on the webcast, log on to www.sotherlyhotels.com at least 15 minutes before the call to download the necessary software. For those unable to listen to the call live, a taped rebroadcast will be available beginning one hour after completion of the live call on May 8, 2018 through May 7, 2019. To access the rebroadcast, dial 877-344-7529 and enter conference number 10118957. A replay of the call also will be available on the Internet at www.sotherlyhotels.com until May 7, 2019.
About Sotherly Hotels Inc.
Sotherly Hotels Inc. is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service hotels in the Southern United States. Currently, the Company’s portfolio consists of investments in twelve hotel properties, comprising 3,156 rooms, and an interest in the Hyde Resort & Residences, a luxury condo hotel. Most of the Company’s properties operate under the Hilton Worldwide, InterContinental Hotels Group and Marriott International, Inc. brands. Sotherly Hotels Inc. was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information, please visit www.sotherlyhotels.com .
Contact at the Company:
Scott Kucinski
Vice President – Operations & Investor Relations
Sotherly Hotels Inc.
410 West Francis Street
Williamsburg, Virginia 23185
757.229.5648
Forward-Looking Statements
This news release includes “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. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable, these statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and many of which are beyond the Company’s control. Therefore, actual outcomes and results may differ materially from what is expressed, forecasted or implied in such forward-looking statements. Factors which could have a material adverse effect on the Company’s future results, performance and achievements, include, but are not limited to: national and local economic and business conditions that affect occupancy rates and revenues at the Company’s hotels and the demand for hotel products and services; risks associated with the hotel industry, including competition and new supply of hotel rooms, increases in wages, energy costs and other operating costs; risks associated with adverse weather conditions, including hurricanes; the availability and terms of financing and capital and the general volatility of the securities markets; the Company’s intent to repurchase shares from time to time; risks associated with the level of the Company’s indebtedness and its ability to meet covenants in its debt agreements and, if necessary, to refinance or seek an extension of the maturity of such indebtedness or modify such debt agreements; management and performance of the Company’s hotels; risks associated with maintaining our system of internal controls; risks associated with the conflicts of interest of the Company’s officers and directors; risks associated with redevelopment and repositioning projects, including delays and cost overruns; supply and demand for hotel rooms in the Company’s current and proposed market areas; risks associated with our ability to maintain our franchise agreements with our third party franchisors; the Company’s ability to acquire additional properties and the risk that potential acquisitions may not perform in accordance with expectations; the Company’s ability to successfully expand into new markets; legislative/regulatory changes, including changes to laws governing taxation of REITs; the Company’s ability to maintain its qualification as a REIT; and the Company’s ability to maintain adequate insurance coverage. These risks and uncertainties are described in greater detail under “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to and does not intend to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Although the Company believes its current expectations to be based upon reasonable assumptions, it can give no assurance that its expectations will be attained or that actual results will not differ materially.
Financial Tables Follow…
SOTHERLY HOTELS INC. CONSOLIDATED BALANCE SHEETS March 31, 2018 December 31, 2017 (unaudited) ASSETS Investment in hotel properties, net $ 438,649,721 $ 357,799,512 Cash and cash equivalents 30,673,556 29,777,845 Restricted cash 4,901,392 3,651,197 Accounts receivable, net 9,424,697 5,587,077 Accounts receivable - affiliate 307,351 394,026 Prepaid expenses, inventory and other assets 6,207,626 7,292,565 Deferred income taxes 5,190,855 5,451,118 TOTAL ASSETS $ 495,355,198 $ 409,953,340 LIABILITIES Mortgage loans, net $ 357,170,859 $ 297,318,816 Unsecured notes, net 23,530,323 - Accounts payable and accrued liabilities 16,534,533 13,813,623 Advance deposits 2,570,635 1,572,388 Dividends and distributions payable 3,229,002 3,073,483 TOTAL LIABILITIES $ 403,035,352 $ 315,778,310 Commitments and contingencies — — EQUITY Sotherly Hotels Inc. stockholders’ equity Preferred stock, $0.01 par value, 11,000,000 shares authorized; 8.0% Series B cumulative redeemable perpetual preferred stock, liquidation preference $25 per share, 1,610,000 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 16,100 16,100 7.875% Series C cumulative redeemable perpetual preferred stock, liquidation preference $25 per share, 1,300,000 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 13,000 13,000 Common stock, par value $0.01, 49,000,000 shares authorized, 14,121,081 shares and 14,078,831 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 141,211 140,788 Additional paid-in capital 146,360,268 146,249,339 Unearned ESOP shares (4,572,942 ) (4,633,112 ) Distributions in excess of retained earnings (50,558,067 ) (48,765,860 ) Total Sotherly Hotels Inc. stockholders’ equity 91,399,570 93,020,255 Noncontrolling interest 920,276 1,154,775 TOTAL EQUITY 92,319,846 94,175,030 TOTAL LIABILITIES AND EQUITY $ 495,355,198 $ 409,953,340
SOTHERLY HOTELS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 REVENUE Rooms department $ 28,285,445 $ 27,366,634 Food and beverage department 8,351,983 8,323,759 Other operating departments 5,098,128 3,004,493 Total revenue 41,735,556 38,694,886 EXPENSES Hotel operating expenses Rooms department 6,700,381 6,682,279 Food and beverage department 6,395,076 5,728,473 Other operating departments 1,528,327 600,020 Indirect 15,233,256 14,205,231 Total hotel operating expenses 29,857,040 27,216,003 Depreciation and amortization 5,634,190 4,061,097 Loss on disposal of assets 3,739 - Corporate general and administrative 1,546,300 1,712,082 Total operating expenses 37,041,269 32,989,182 NET OPERATING INCOME 4,694,287 5,705,704 Other income (expense) Interest expense (4,177,019 ) (3,813,717 ) Interest income 81,704 39,705 Unrealized gain (loss) on hedging activities 12,730 (15,945 ) Gain on sale of assets — 100,407 Gain on involuntary conversion of assets 870,741 1,041,815 Net income before income taxes 1,482,443 3,057,969 Income tax provision (305,955 ) (171,937 ) Net income 1,176,488 2,886,032 Less: Net loss (income) attributable to the noncontrolling interest 30,013 (229,942 ) Net income attributable to the Company 1,206,501 2,656,090 Distributions to preferred stockholders (1,444,844 ) (805,000 ) Net (loss) income available to common stockholders $ (238,343 ) $ 1,851,090 Net (loss) income per share available to common stockholders Basic & Diluted $ (0.02 ) $ 0.13 Weighted average number of common shares outstanding Basic & Diluted 13,472,221 14,025,489 SOTHERLY HOTELS INC.
KEY OPERATING METRICS
(unaudited)
The following tables illustrate the key operating metrics for the three months ended March 31, 2018 and 2017, respectively, for the Company’s wholly-owned properties (“actual” portfolio metrics), as well as the ten wholly-owned properties in the portfolio that were under the Company’s control during the three months ended March 31, 2018 and the corresponding periods in 2017 (“same-store” portfolio metrics). Accordingly, the same-store data does not reflect the performance of the Crowne Plaza Hampton Marina which was sold in February 2017, our interest in the Hyde Resort & Residences which was acquired on January 30, 2017, or the Hyatt Centric Arlington which we acquired in March 2018. The composite portfolio metrics represent all of the Company’s wholly-owned properties and the participating condominium hotel rooms at the Hyde Resort & Residences during the three months ended March 31, 2018 and the corresponding periods in 2017.
Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Actual Portfolio Metrics Occupancy % 67.6 % 70.1 % ADR $ 157.80 $ 149.08 RevPAR $ 106.63 $ 104.52 Same-Store Portfolio Metrics Occupancy % 66.8 % 69.8 % ADR $ 155.53 $ 150.08 RevPAR $ 103.84 $ 104.80 Composite Portfolio Metrics Occupancy % 66.5 % 69.8 % ADR $ 168.37 $ 150.65 RevPAR $ 112.03 $ 105.10 SOTHERLY HOTELS INC.
SUPPLEMENTAL DATA
(unaudited)
The following tables illustrate the key operating metrics for the three months ended March 31, 2018 and 2017, respectively, for each of the Company’s wholly-owned properties during each respective reporting period, irrespective of ownership percentage during any period.
Occupancy
Q1 2018 Q1 2017 Q1 2016 Crowne Plaza Tampa Westshore 90.6 % 85.7 % 83.7 % Tampa, Florida The DeSoto 56.7 % 66.8 % 74.5 % Savannah, Georgia DoubleTree by Hilton Jacksonville Riverfront 84.3 % 80.9 % 76.8 % Jacksonville, Florida DoubleTree by Hilton Laurel 50.6 % 50.2 % 44.5 % Laurel, Maryland DoubleTree by Hilton Philadelphia Airport 71.1 % 69.1 % 73.1 % Philadelphia, Pennsylvania DoubleTree by Hilton Raleigh Brownstone – University 71.4 % 74.2 % 69.4 % Raleigh, North Carolina DoubleTree Resort by Hilton Hollywood Beach 77.8 % 83.0 % 88.5 % Hollywood, Florida Georgian Terrace 63.6 % 74.6 % 70.2 % Atlanta, Georgia Hotel Ballast (1) 51.4 % 64.1 % 58.6 % Wilmington, North Carolina Hyatt Centric Arlington (2) 72.2 % 80.2 % 79.1 % Arlington, Virginia Sheraton Louisville Riverside 51.6 % 57.5 % 51.1 % Jeffersonville, Indiana The Whitehall 57.6 % 65.5 % 64.8 % Houston, Texas Hyde Resort & Residences (3) 52.3 % 39.3 % N/A Hollywood Beach, Florida All properties weighted average (2) 66.9 % 71.6 % 70.8 %
1 Property undergoing renovation during the current quarter. 2 Includes operating results under previous ownership. Results for periods prior to the Company’s ownership were provided by prior owners of the hotel and have not been audited or confirmed by the Company. 3 Reflects only the condominium units at the Hyde Resort & Residences participating in our rental program for the period those units participated in our rental program. ADR
Q1 2018 Q1 2017 Q1 2016 Crowne Plaza Tampa Westshore $ 140.82 $ 136.95 $ 130.90 Tampa, Florida The DeSoto $ 178.65 $ 162.04 $ 157.34 Savannah, Georgia DoubleTree by Hilton Jacksonville Riverfront $ 144.30 $ 132.16 $ 122.43 Jacksonville, Florida DoubleTree by Hilton Laurel $ 109.13 $ 113.28 $ 100.06 Laurel, Maryland DoubleTree by Hilton Philadelphia Airport $ 128.84 $ 120.02 $ 121.90 Philadelphia, Pennsylvania DoubleTree by Hilton Raleigh Brownstone – University $ 133.58 $ 135.59 $ 134.87 Raleigh, North Carolina DoubleTree Resort by Hilton Hollywood Beach $ 226.52 $ 216.61 $ 221.48 Hollywood, Florida Georgian Terrace $ 191.17 $ 171.32 $ 160.52 Atlanta, Georgia Hotel Ballast (1) $ 131.36 $ 126.66 $ 128.12 Wilmington, North Carolina Hyatt Centric Arlington (2) $ 166.91 $ 174.40 $ 153.51 Arlington, Virginia Sheraton Louisville Riverside $ 120.39 $ 121.10 $ 141.14 Jeffersonville, Indiana The Whitehall $ 147.11 $ 161.18 $ 149.40 Houston, Texas Hyde Resort & Residences (3) $ 357.72 $ 397.16 N/A Hollywood Beach, Florida All properties weighted average (2) $ 166.77 $ 154.02 $ 148.54
1 Property undergoing renovation during the current quarter. 2 Includes operating results under previous ownership. Results for periods prior to the Company’s ownership were provided by prior owners of the hotel and have not been audited or confirmed by the Company. 3 Reflects only the condominium units at the Hyde Resort & Residences participating in our rental program for the period those units participated in our rental program. RevPAR
Q1 2018 Q1 2017 Q1 2016 Crowne Plaza Tampa Westshore $ 127.56 $ 117.43 $ 109.57 Tampa, Florida The DeSoto $ 101.36 $ 108.29 $ 117.29 Savannah, Georgia DoubleTree by Hilton Jacksonville Riverfront $ 121.65 $ 106.92 $ 94.08 Jacksonville, Florida DoubleTree by Hilton Laurel $ 55.26 $ 56.83 $ 44.53 Laurel, Maryland DoubleTree by Hilton Philadelphia Airport $ 91.59 $ 82.90 $ 89.12 Philadelphia, Pennsylvania DoubleTree by Hilton Raleigh Brownstone – University $ 95.36 $ 100.63 $ 93.60 Raleigh, North Carolina DoubleTree Resort by Hilton Hollywood Beach $ 176.17 $ 179.81 $ 196.11 Hollywood, Florida Georgian Terrace $ 121.49 $ 127.77 $ 112.74 Atlanta, Georgia Hotel Ballast (1) $ 67.48 $ 81.18 $ 75.13 Wilmington, North Carolina Hyatt Centric Arlington (2) $ 120.57 $ 139.78 $ 121.38 Arlington, Virginia Sheraton Louisville Riverside $ 62.12 $ 69.61 $ 72.19 Jeffersonville, Indiana The Whitehall $ 84.74 $ 105.55 $ 96.86 Houston, Texas Hyde Resort & Residences (3) $ 187.03 $ 155.97 N/A Hollywood Beach, Florida All properties weighted average (2) $ 111.52 $ 110.23 $ 105.24
1 Property undergoing renovation during the current quarter. 2 Includes operating results under previous ownership. Results for periods prior to the Company’s ownership were provided by prior owners of the hotel and have not been audited or confirmed by the Company. 3 Reflects only the condominium units at the Hyde Resort & Residences participating in our rental program for the period those units participated in our rental program.
SOTHERLY HOTELS INC. RECONCILIATION OF NET INCOME (LOSS) TO FFO, Adjusted FFO, EBITDA and Hotel EBITDA (unaudited) Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Net (loss) income available to common stockholders $ (238,343 ) $ 1,851,090 Add: Net (loss) income attributable to noncontrolling interest (30,013 ) 229,942 Depreciation and amortization 5,634,190 4,061,097 Gain on involuntary conversion of assets (870,741 ) (1,041,815 ) Loss (gain) on disposal and/or sale of assets 3,739 (100,407 ) FFO $ 4,498,832 $ 4,999,907 Decrease in deferred income taxes 260,262 118,050 Unrealized (gain) loss on hedging activities (12,730 ) 15,945 Adjusted FFO available to common stockholders $ 4,746,364 $ 5,133,902 Weighted average number of shares outstanding, basic 13,472,221 14,025,489 Weighted average number of non-controlling units 1,778,140 1,778,140 Weighted average number of shares and units outstanding, basic 15,250,361 15,803,629 FFO per share and unit $ 0.29 $ 0.32 Adjusted FFO per share and unit $ 0.31 $ 0.32 Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Net (loss) income available to common stockholders $ (238,343 ) $ 1,851,090 Add: Net (loss) income attributable to noncontrolling interest (30,013 ) 229,942 Interest expense 4,177,019 3,813,717 Interest income (81,704 ) (39,705 ) Income tax provision 305,955 171,937 Depreciation and amortization 5,634,190 4,061,097 Loss (gain) on disposal and/or sale of assets 3,739 (100,407 ) Gain on involuntary conversion of assets (870,741 ) (1,041,815 ) Distributions to preferred stockholders 1,444,844 805,000 EBITDA 10,344,946 9,750,856 Corporate general and administrative 1,546,300 1,712,082 Unrealized (gain) loss on hedging activities (12,730 ) 15,945 Hotel EBITDA $ 11,878,516 $ 11,478,883 Non-GAAP Financial Measures
The Company considers the non-GAAP measures of FFO (including FFO per share), EBITDA and hotel EBITDA to be key supplemental measures of the Company’s performance and could be considered along with, not alternatives to, net income (loss) as a measure of the Company’s performance. These measures do not represent cash generated from operating activities determined by generally accepted accounting principles (“GAAP”) or amounts available for the Company’s discretionary use and should not be considered alternative measures of net income, cash flows from operations or any other operating performance measure prescribed by GAAP.
FFO
Industry analysts and investors use Funds from Operations (“FFO”), as a supplemental operating performance measure of an equity REIT. FFO is calculated in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). FFO, as defined by NAREIT, represents net income or loss determined in accordance with GAAP, excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization, and after adjustment for any noncontrolling interest from unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets in accordance with GAAP 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, many investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by itself.
The Company considers FFO to be a useful measure of adjusted net income (loss) for reviewing comparative operating and financial performance because we believe FFO is most directly comparable to net income (loss), which remains the primary measure of performance, because by excluding gains or losses related to sales of previously depreciated operating real estate assets and excluding real estate asset depreciation and amortization, FFO assists in comparing the operating performance of a company’s real estate between periods or as compared to different companies. Although FFO is intended to be a REIT industry standard, other companies may not calculate FFO in the same manner as we do, and investors should not assume that FFO as reported by us is comparable to FFO as reported by other REITs.
Adjusted FFO
The Company presents adjusted FFO, including adjusted FFO per share and unit, which adjusts for certain additional items including changes in deferred income taxes, any unrealized gain (loss) on hedging instruments or warrant derivative, loan impairment losses, losses on early extinguishment of debt, aborted offering costs, loan modification fees, franchise termination costs, costs associated with the departure of executive officers, litigation settlement, over-assessed real estate taxes on appeal, change in control gains or losses and acquisition transaction costs. We exclude these items as we believe it allows for meaningful comparisons between periods and among other REITs and is more indicative than FFO of the on-going performance of our business and assets. Our calculation of Adjusted FFO may be different from similar measures calculated by other REITs.
EBITDA
The Company believes that excluding the effect of non-operating expenses and non-cash charges, and the portion of those items related to unconsolidated entities, all of which are also based on historical cost accounting and may be of limited significance in evaluating current performance, can help eliminate the accounting effects of depreciation and financing decisions and facilitate comparisons of core operating profitability between periods and between REITs, even though EBITDA also does not represent an amount that accrued directly to shareholders.
Hotel EBITDA
The Company defines Hotel EBITDA as net income or loss excluding: (1) interest expense, (2) interest income, (3) income tax provision or benefit, (4) equity in the income or loss of equity investees, (5) unrealized gains and losses on derivative instruments not included in other comprehensive income, (6) gains and losses on disposal of assets, (7) realized gains and losses on investments, (8) impairment of long-lived assets or investments, (9) loss on early debt extinguishment, (10) gains or losses on change in control, (11) corporate general and administrative expense, (12) depreciation and amortization, (13) gains and losses on involuntary conversions of assets, (14) distributions to preferred stockholders and (15) other operating revenue not related to our wholly-owned portfolio. We believe this provides a more complete understanding of the operating results over which our wholly-owned hotels and its operators have direct control. We believe Hotel EBITDA provides investors with supplemental information on the on-going operational performance of our hotels and the effectiveness of third-party management companies operating our business on a property-level basis. The Company’s calculation of hotel EBITDA may be different from similar measures calculated by other REITs.
Source:Sotherly Hotels Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-sotherly-hotels-inc-reports-financial-resultsafor-the-quarter-ended-march-31-2018.html |
(Adds details)
OTTAWA, May 15 (Reuters) - Resales of Canadian homes fell 2.9 percent in April from March to the lowest level in more than five years, the Canadian Real Estate Association said on Tuesday.
The industry group said actual sales, not seasonally adjusted, fell 13.9 percent, while the group’s Home Price Index was up 1.5 percent from April 2017.
Canada’s once-hot housing market has cooled in recent months in response to rising interest rates and tighter mortgage rules - dubbed a stress-test - since January. While most economists expect a soft landing, some say there is a risk of a U.S.-style crash.
“The stress-test that came into effect this year for homebuyers with more than a 20 percent downpayment continued to cast its shadow over sales activity in April,” CREA President Barb Sukkau said in the report.
About 60 percent of local markets reported fewer sales, led by the Fraser Valley area of British Columbia, Calgary, Ottawa and Montreal.
A year ago, housing sales and prices were at or near record levels in many parts of Canada, but a series of regulatory changes, taxes on foreign buyers, tighter mortgage rules and rising interest rates have hampered demand, particularly in Toronto and Vancouver, the two largest markets.
The number of newly listed homes fell 4.8 percent in April to hit a nine-year low for the month, 12 percent below the 10-year monthly moving average, CREA said.
The national sales-to-new listings ratio firmed slightly to 53.7 percent from 52.6 percent in March. A ratio between 40 percent and 60 percent is considered a balanced market.
There were 5.6 months of inventory, the highest level since September 2015, CREA said.
Home prices are notching year-over-year price declines in several markets for the first time since the housing boom began nearly a decade ago. Prices in the Greater Toronto Area were down 5.2 percent from April 2017, while a still-hot condo market helped drive Greater Vancouver prices 14.3 percent higher compared to a year earlier.
The national average price for homes sold in April 2018 was just over C$495,000 ($383,453), down 11.3 percent from a year earlier, CREA said.
$1 = 1.29 Canadian dollars Reporting by Andrea Hopkins Editing by Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-economy-housing/update-1-canada-home-resales-fall-in-april-lowest-in-over-5-years-crea-idUSL2N1SM0S7 |
May 24, 2018 / 1:00 PM / Updated 8 hours ago Golf-Bland and Fitzpatrick set pace at Wentworth Reuters Staff 2 Min Read
LONDON, May 24 (Reuters) - England’s Richard Bland made the most of ideal conditions to set the early pace at BMW PGA Championship at Wentworth on Thursday, carding a five-under 67 to top the leaderboard.
He was joined on five-under by compatriot Matthew Fitzpatrick who saved
Former world number one Rory McIlroy, back at the European PGA’s flagship event was one of the later starters and was one-over after three holes.
Bland, It
also reached five-under late into their opening rounds.
day before. (Reporting by Martyn Herman Editing by Christian Radnedge) | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-european/golf-bland-and-fitzpatrick-set-pace-at-wentworth-idUKL5N1SV4XG |
May 19, 2018 / 9:40 AM / Updated 29 minutes ago HIGHLIGHTS-Rugby-Super Rugby week 14
May 19 (Reuters) - Highlights of week 14 of Super Rugby: LIONS 42 ACT BRUMBIES 24
The Lions took command of top spot in the South African Conference with a bonus-point victory over an ill-disciplined ACT Brumbies side at Ellis Park on Saturday.
The visitors had lock Rory Arnold red-carded with 20 minutes remaining for a dangerously high tackle, and lost his fellow second-rower Sam Carter a minute later to the sin-bin.
The Brumbies led by four points at that stage, but could not contain the Lions with their inferior numbers, conceding three tries to slip to defeat in a game they may feel they should have won.
The home side scored tries through centre Rohan Janse van Rensburg, hooker Robbie Coetzee, prop Ruan Dreyer, loose-forward Marnus Schoeman, centre Shaun Reynolds and lock Lourens Erasmus. READ MORE
Lions tighten grip on top after victory over ill-disciplined ACT Brumbies
Waratahs down Highlanders to snap Australia’s winless streak
Lam strikes again as Hurricanes outlast Reds for 10th straight win
Australians battling ‘soft’ perception - Cheika
Australia must copy NZ by facing demons
Lock de Jager injured in blow to Boks
Crusaders prop Moody handed two-match ban
Week 13 highlights
Super Rugby fixtures for 2018 season
FACTBOX-Super Rugby at a glance SHARKS 28 WAIKATO CHIEFS 24
Flyhalf Robert du Preez scored 18 points as South Africa’s Sharks kept up their playoff charge with a narrow victory over an injury-hit Waikato Chiefs at King’s Park on Saturday.
The Sharks had the majority of the possession and territory, and might have scored more tries but for some poor handling and excellent scrambling defence from the Chiefs.
They were, however, almost made to pay at the end of the game.
Du Preez grabbed their first score to go with later tries from wing Lwazi Mvovo and scrumhalf Cameron Wright, but the Chiefs hung in the game with the scores level at 10-10 at the break.
Having made seven changes from their win over the Stormers in Cape Town last week, the visitors struggled in the second period though as their tries came via lock Tyler Ardron and centre Charlie Ngatai, as well as a late effort from wing Solomona Alaimalo to secure a losing bonus-point. NEW SOUTH WALES WARATAHS 41 OTAGO HIGHLANDERS 12
The Waratahs held their collective nerve to end nearly two years and 40 matches of New Zealand Super Rugby dominance over Australia with a bonus point victory over the short-handed Highlanders on Saturday.
The Highlanders were always up against it after winger Tevita Nabura had been sent off in the 19th minute for kicking Cam Clark in the face, and the visitors had to play with 13 men for 10 minutes in the first half.
The Waratahs, who gave up a 29-0 lead to lose last week, initially made heavy work of it but a brace apiece from Taqele Naiyaravoro and Israel Folau along with tries from Lalakai Foketi and Curtis Rona were enough to snap the streak.
No Australian side had beaten New Zealand opposition in Super Rugby since the Waratahs thrashed the Waikato Chiefs 45-25 on May 27, 2016, a miserable run that sparked a crisis of confidence in the game on the western shore of the Tasman Sea. AUCKLAND BLUES 24 CANTERBURY CRUSADERS 32
The reigning champions marched back to the top of the Super Rugby standings by building up a big first-half lead before holding off a second-half fightback by the struggling Blues at a rain-drenched Eden Park.
Winger George Bridge, lock Quinten Strange and flanker Matt Todd crossed to help the Crusaders to a 29-12 halftime lead with scrumhalf Bryn Hall adding the fourth try after the break and Richie Mo’unga notching two penalties and three conversions.
All Blacks winger Rieko Ioane scored two tries and made one each for fullback Matt Duffie and replacement Michael Collins but the Blues were always chasing the game.
An eighth straight victory sent the Crusaders a point clear of the Wellington Hurricanes at the top of the competition standings ahead of their clash in Christchurch next week. SUNWOLVES 26 STORMERS 23
Flyhalf Hayden Parker nailed a drop goal nearly four minutes after the hooter to give the Sunwolves back-to-back victories for the first time as Super Rugby made its Hong Kong debut with a Mong Kok Stadium thriller on Saturday.
The Sunwolves grabbed their first win of the season with a 63-28 thrashing of the Queensland Reds at home in Tokyo last weekend but this was a much tighter affair against the Cape Town-based Stormers.
Two tries from livewire winger Dillyn Leyds and an intercept score from JJ Engelbrecht helped the South Africans to a 17-10 halftime lead with Parker having scored all his side’s points through a converted try and a penalty.
Sunwolves lock Grant Hattingh crossed at the end of a sweeping move to lock up the scores after the break and Parker added his second penalty to put his side 20-17 ahead with 17 minutes to play.
Stormers fullback SP Marais landed two huge penalties, the second from five metres inside his own half, to edge the visitors back ahead, though, before the unerring Parker nailed his third three-pointer to set up the dramatic finale. WELLINGTON HURRICANES 38 QUEENSLAND REDS 34
The Hurricanes struggled to get their high octane attack going but still had just enough to overcome an obdurate Reds side on Friday, outscoring the visitors five tries to four to notch up their 10th straight Super Rugby victory.
Winger Ben Lam nabbed his 13th and 14th tries of the campaign and there were also scores from number eight Blade Thomson, lock Sam Lousi and flyhalf Beauden Barrett, who added 13 points with the boot.
Tries from winger Filipo Daugunu and prop Taniela Tupou helped the Reds to a 20-14 lead after 26 minutes with the other winger, Jordan Petaia, and centre Samu Kerevi crossing after the break to keep them in the match for the full 80 minutes.
The win put the Hurricanes back on top of the standings by three points pending the Canterbury Crusaders’ match on Saturday and extends New Zealand’s Super Rugby hegemony over Australia to 40 matches. (Editing by John O’Brien and Ed Osmond) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugby-union-super/highlights-rugby-super-rugby-week-14-idUKL3N1SQ03N |
May 11 (Reuters) - EyeGate Pharmaceuticals Inc:
* EYEGATE PHARMACEUTICALS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE
* Q1 REVENUE $1.096 MILLION VERSUS $185,000 * NET LOSS IN Q1 OF 2018 WAS $2.38 MILLION, COMPARED WITH $2.92 MILLION IN Q1 OF 2017 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-eyegate-pharmaceuticals-posts-q1-r/brief-eyegate-pharmaceuticals-posts-q1-revenue-of-1-096-million-idUSASC0A1S6 |
May 4 (Reuters) - Bonesupport Holding AB:
* Q1 NET SALES SEK 31.1 MILLION VERSUS SEK 32.5 MILLION YEAR AGO
* Q1 OPERATING LOSS SEK 33.1 MILLION VERSUS LOSS SEK 27.4 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bonesupport-holding-q1-operating-l/brief-bonesupport-holding-q1-operating-loss-widens-to-sek-33-1-mln-idUSFWN1SB08K |
HOUSTON, May 15, 2018 (GLOBE NEWSWIRE) -- Deep Down, Inc. (OTCQX:DPDW) (“Deep Down”), a specialist in deepwater oil and gas production and distribution equipment and services, today reported results for its first quarter ended March 31, 2018 (Q1’18). Deep Down will hold a conference call tomorrow at 10:00 am ET to review its results and discuss its 2018 outlook (details below).
Deep Down at a Glance
Share Price: $0.85 Book Value*: $21.0M 52-Week Range: $0.67 - $1.25 Price / Book Value: 0.54x Shares Out*: 13.4M TTM Revenue: $17.6M Market Cap: $11.4M Cash and Short-term investments*: $2.9M * at 3/31/18 Ronald E. Smith, CEO, stated, “While we are increasingly confident in the demand trends for our expertise and product offerings over the balance of this year and going forward, our performance for the three months ended March 31, 2018 reflected industry softness in the first few months of the year as well as our sensitivity to order timing on both a year over year and sequential basis. We continue to focus our resources and business development efforts on a variety of new geographies and customer prospects while also working to advance our participation in existing customer projects.
“Early in the second quarter we announced over $4 million of new orders for the installation of subsea equipment in the Caribbean and South Pacific from two new customers in South America. We believe these awards reflect a steady ”thawing” of development activity in our industry. They also underscore the strength of our deep industry expertise, capabilities and reputation in solving unique challenges of deepwater deployments. We expect to complete these contracts principally by the end of September 2018.
“Reflecting feedback from our sales and marketing outreach, we are cautiously optimistic regarding contract activity over the remainder of the year, particularly as oil prices continue to firm. We are also very encouraged by recent greenlighting of major offshore projects that are based on a breakeven price of $35 per barrel. Such economics provide a very compelling return on investment for new well development and production where we can position Deep Down to participate.
“Our strategic partnerships in West Africa continue to progress, however more slowly than first expected. We are now in meaningful discussions with the multi-national oil companies in the region regarding our capabilities and ability to provide locally-sourced products for major field developments off the coast in 2019 and beyond.
“We also see Asia as one of the more promising geographies for offshore business. We recently returned from an extended tour of Asia where we met with many prospective agents, partners and customers across several countries. There appears to be substantial capital available to support deepwater production, and we learned of a range of projects in early, mid and late state development. Deep Down’s engineering expertise, flexibility, service and ability to move quickly resonated well with most audiences, providing us confidence in our ability to secure business in these new markets.”
Operating Results
Q1’18 revenues declined to $3.7 million compared to $5.6 million in Q1’17, primarily due to fewer customer projects in the period, reflecting challenging industry conditions.
Principally due to lower revenues in Q1’18 and their impact on overhead absorption, gross margin decreased to 31% in Q1 ’18 compared to 47% in Q1 ’17. Lower revenues and gross margin reduced Q1’18 gross profit to $1.1 million, compared to $2.6 million in Q1 ’17.
Selling, general and administrative expenses (SG&A) for Q1 ‘18 declined 24% to $1.9 million compared to $2.5 million in Q1 ‘17, principally reflecting the impact of cost containment measures. Deep Down expects the full benefit of these overhead reductions to be realized starting in Q2 ’18.
Deep Down reported a modified EBITDA loss of $419,000 in Q1 ’18 compared to modified EBITDA of $479,000 in Q1 ’17 and provides a reconciliation to net income/loss below. Deep Down reported a net loss of $850,000 in Q1 ‘18, or ($0.06) per basic share, compared to net income of $64,000, or breakeven per share, in Q1 ‘17, with the decrease due primarily to lower revenues. Per share results are based on 13.4 million and 15.4 million weighted average shares outstanding in Q1’18 and Q1’17 respectively.
At March 31, 2018, Deep Down had working capital of $7.5 million, including cash and short-term investments of $2.9 million and total shareholders’ equity of $21.0 million.
Charles Njuguna, CFO, commented, “Deep Down has made solid progress in managing our business and cost structure to better match the current realities of the offshore market. However, we have consciously retained key personnel assets and their related expense in order to put us in a strong position to pursue and win projects over the balance of 2018 and into next year. Deep Down’s core value proposition is our deep expertise, creative thinking and broad solution set, along with our ability to react quickly to customer demand. In that regard we feel we’ve found the right balance in our staffing and spending, which should be reflected as we move through the balance of the year.
“Impacting our cash position, Deep Down had a $1.4 million increase in accounts receivable in Q1 ’18 compared to year-end, principally reflecting efforts by some of the largest oil companies to lengthen vendor payment terms. We expect this situation to be resolved by the close of the second quarter. While we believe we are well funded to advance the business, management continues to evaluate opportunities to optimize our cost structure as well as to monetize non-core assets to further enhance our financial liquidity.”
Conference Call Details:
Call Dial-in: 877-303-6187 or 678-894-3073 Int’l – Call ID: 3655029 Webcast / Replay URL: Deep Down Webcast or https://edge.media-server.com/m6/p/gv887aij Call Replay: 855-859-2056 or 404 537-3406 Int’l – Call ID: 3655029 Available through 6/5/18 About Deep Down, Inc. ( www.deepdowninc.com )
Deep Down focuses on complex deepwater and ultra-deepwater oil and gas production distribution system technologies and support services, connecting the platform and the wellhead. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, installation buoyancy, remotely operated vehicles and tooling, marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions.
Forward-Looking Statements Any in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such involve risks and uncertainties in that actual results may differ materially from those projected in the . In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
Follow us on: InvestorsHangout.com : Deep Down Twitter: @DeepDownIR
DEEP DOWN, INC. SUMMARY FINANCIAL DATA Three Months Ended March 31,
March 31,
2018
2017
(In thousands, except per share amounts) unaudited
unaudited
Revenues $3,706 $5,609 Cost of sales 2,572 2,965 Gross profit 1,134 2,644 Total operating expenses 1,988 2,588 Operating income (loss) (854) 56 Interest income, net 9 13 Income (loss) before income taxes (845) 69 Income tax expense (5) (5) Net (loss) income $(850) $64 Net income (loss) per share, basic and diluted $(0.06) $0 Weighted-average shares outstanding, basic and diluted 13,436 15,374 Modified EBITDA data: Net (loss) income $(850) $64 Deduct interest income, net (9) (13) Add depreciation and amortization 431 389 Add income tax expense, net 5 5 Add share-based compensation 4 34 Modified (EBITDA Loss) EBITDA $(419) $479 Cash flow data: Cash provided by (used in): Operating activities $(1,759) $343 Investing activities (273) (450) Financing activities (1) (83) Total change in cash $(2,033) $(190) Balance Sheet data: Cash and short term investment (CD) $2,923 $4,956 Current assets 8,930 10,325 Current liabilities 1,391 2,123 Working capital 7,539 8,202 Total assets 22,447 23,970 Total liabilities 1,446 2,123 Stockholders' equity $21,001 $21,847 Stockholders' equity per common share $1.56 $1.42 Investor Relations: Catalyst IR Tanya Kamatu 212-924-9800 [email protected]
Source:Deep Down Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-deepwater-offshore-oil-and-gas-specialist-deep-down-reportsaq1-results-and-hosts-investor-call-wednesday-may-16-at-10am-et.html |
ENGLEWOOD, Colo., May 08, 2018 (GLOBE NEWSWIRE) -- Ascent Capital Group, Inc. (“Ascent” or the “Company”) (Nasdaq:ASCMA) has reported results for the three months ended March 31, 2018. Ascent is a holding company that owns MONI, one of the nation’s largest home security alarm monitoring companies.
Headquartered in the Dallas-Fort Worth area, MONI provides security alarm monitoring services to over 950,000 residential and commercial customers as of March 31, 2018. MONI’s long-term monitoring contracts provide high margin recurring revenue that results in predictable and stable cash flow.
Highlights 1 :
Ascent’s net revenue for the three months ended March 31, 2018 totaled $133.8 million. Ascent’s net loss for the three months ended March 31, 2018 totaled $30.8 million. MONI’s net loss for the three months ended March 31, 2018 totaled $26.2 million. Ascent’s Adjusted EBITDA for the three months ended March 31, 2018 totaled $68.9 million. MONI’s Adjusted EBITDA for the three months ended March 31, 2018 totaled $70.0 million. The Company expects to formally launch the Brinks Home Security™ brand in May 2018. The Company’s partnership with Nest is off to a solid start with approximately 3,000 accounts activated since the launch of professional monitoring on December 5, 2017. The Company’s Direct Channel grew 21% year-over-year and 16% sequentially. Consolidated creation costs totaled 34.6 times in the three months ended March 31, 2018, down 1.0 times year-over-year and down 1.4 times sequentially, due to improved efficiency in the Company’s Direct Channel.
Ascent Chief Executive Officer, Bill Niles stated, “The MONI team continues to remain focused on improving key operating metrics. MONI delivered significant year over year growth in the direct to consumer sales channel and they have positioned the business to launch all of its operations, marketing and sales efforts under the Brinks Home Security™ brand in the second quarter. We are pleased with the progress.”
Jeffery Gardner, President and Chief Executive Officer of MONI said, “In the first quarter we made solid progress against several of our operational initiatives, including improvements in account growth and creation multiples. On a sequential basis, we delivered a 17% and 16% improvement in customer additions in our Dealer and Direct Channels, respectively, in the quarter. Our largest dealer, Skyline, improved performance in each month of the quarter since launching with MONI on January 1 st . Our partnership with Nest is also ramping up with approximately 3,000 accounts activated since the launch of professional monitoring on December 5, 2017. Further, consolidated creation costs dropped in the first quarter to 34.6 times. While we saw some sequential improvement in RMR attrition, we still have more work to do on both unit and RMR attrition, leveraging pricing strategies while taking a balanced approach to contract extensions.”
“Our efforts around the BRINKS rebrand are also progressing. We are on track to officially launch the full rebranding in May. We are excited for this new chapter in the Company’s evolution and look forward to the opportunities ahead.”
Results for the Three Months Ended March 31, 2018 2
For the three months ended March 31, 2018, Ascent reported net revenue of $133.8 million, a decrease of 5.3%. The reduction in revenue for the three months ended March 31, 2018 is due to the lower average number of subscribers in the first quarter of 2018 as a result of lower production in the dealer channel leading to fewer subscriber additions than cancellations. This decrease was partially offset by an increase in average recurring monthly revenue (“RMR”) per subscriber to $44.76 due to certain price increases enacted during the past twelve months.
Ascent’s total cost of services for the three months ended March 31, 2018 increased 9.1% to $32.7 million. The increase for the three months ended March 31, 2018 is primarily attributable to expensing subscriber moves costs of $2.4 million, which were previously capitalized on the balance sheet in periods prior to January 1, 2018. This was principally the result of adoption of the new revenue recognition standard, Topic 606. An increase in subscriber acquisition costs, which include certain equipment costs and MONI labor expenditures associated with the creation of new subscribers, also contributed to the increase in total cost of services. Subscriber acquisition costs recognized in cost of services were $3.6 million for the three months ended March 31, 2018 as compared to $2.7 million for the three months ended March 31, 2017.
Ascent’s selling, general & administrative ("SG&A") costs for the three months ended March 31, 2018, increased 3.2% to $37.4 million. The increase is attributable to $3.0 million in severance and related costs in conjunction with transitioning executive leadership at Ascent and increases in direct marketing and other SG&A subscriber acquisition costs associated with the creation of new subscribers. Subscriber acquisition costs in SG&A increased to $8.1 million for the three months ended March 31, 2018, as compared to $6.4 million for the three months ended March 31, 2017. These increases were offset by decreases in stock based compensation expense and LiveWatch acquisition contingent bonus charges due to recent settlements or renegotiations of certain key agreements governing these costs. Furthermore, there was $713,000 and $641,000 of software impairment charges and consulting fees on integration and implementation of company initiatives, respectively, that were recognized in the three months ended March 31, 2017 with no corresponding costs being incurred in the three months ended March 31, 2018.
Ascent reported a net loss from continuing operations for the three months ended March 31, 2018 of $30.8 million, compared to net loss from continuing operations of $18.9 million in the prior year period.
MONI reported a net loss for the three months ended March 31, 2018 of $26.2 million, as compared to a net loss of $21.0 million in the prior year period.
Ascent’s Adjusted EBITDA decreased 13.9% to $68.9 million for the three months ended March 31, 2018, as compared to $80 million in the three months ended March 31, 2017. MONI’s Adjusted EBITDA decreased 14.8% to $70.0 million during the three months ended March 31, 2018, as compared to $82.2 million in the three months ended March 31, 2017. The decrease for the three months ended March 31, 2018 is primarily the result of lower revenues, the expensing of subscriber moves costs, and an increase in total subscriber acquisition costs, net of related revenue. Total subscriber acquisition costs, net of related revenue, increased to $10.2 million for the three months ended March 31, 2018 as compared to $7.6 million for the three months ended March 31, 2017. The increase is primarily the result of increased production in our direct-to-consumer sales channel year over year. MONI's Adjusted EBITDA as a percentage of net revenue for the three months ended March 31, 2018 was 52.4%, compared to 58.2% in the prior year period.
For a reconciliation of net loss from continuing operations to Adjusted EBITDA, please see the Appendix of this release.
Twelve Months Ended
March 31, 2018 2017 Beginning balance of accounts 1,036,794 1,080,726 Accounts acquired 87,957 125,457 Accounts canceled (b) (159,845 ) (162,086 ) Canceled accounts guaranteed by dealer and other adjustments (a) (b) (6,187 ) (7,303 ) Ending balance of accounts 958,719 1,036,794 Monthly weighted average accounts 998,137 1,059,526 Attrition rate – Unit (b) 16.0 % 15.3 % Attrition rate - RMR (b) (c) 13.9 % 13.4 % (a) Includes canceled accounts that are contractually guaranteed to be refunded from holdback. (b) Accounts canceled for the twelve months ending March 31, 2017 were recast to include an estimated 9,522 accounts included in MONI’s Radio Conversion Program that canceled in excess of their expected attrition. (c) The Recurring Monthly Revenue (“RMR”) of canceled accounts follows the same definition as subscriber unit attrition as noted above. RMR attrition is defined as the RMR of canceled accounts in a given period, adjusted for the impact of price increases or decreases in that period, divided by the weighted average of RMR for that period. Unit attrition increased from 15.3% for the twelve months ended March 31, 2017 to 16.0% for the twelve months ended March 31, 2018. Contributing to the increase in unit attrition was the number of subscriber accounts with 5-year contracts reaching the end of their initial contract term in the period, the relative proportion of the number of new customers under contract or in the dealer guarantee period and the Company’s more aggressive price increase strategy. There was also a modest increase to attrition attributed to subscriber losses related to the impacts of Hurricane Maria on MONI’s Puerto Rico customer base.
RMR attrition for the twelve months ended March 31, 2018 increased to 13.9% from 13.4% for the twelve months ended March 31, 2017, reflecting price decreases related to the Company’s efforts to secure contract extensions from existing customers.
During the three months ended March 31, 2018 and 2017, MONI acquired 21,547 and 29,376 subscriber accounts, respectively.
Ascent Liquidity and Capital Resources
At March 31, 2018, on a consolidated basis, Ascent had $137.5 million of cash, cash equivalents and marketable securities. A portion of these assets may be used to decrease debt obligations or fund stock repurchases, strategic acquisitions or investment opportunities.
At March 31, 2018, the existing long-term debt includes the principal balance of $1.8 billion under the MONI Senior Notes, Credit Facility term loan, Credit Facility revolver and Ascent’s Convertible Notes. The Convertible Notes have an outstanding principal balance of $96.8 million as of March 31, 2018 and mature July 15, 2020. The Senior Notes have an outstanding principal balance of $585.0 million as of March 31, 2018 and mature on April 1, 2020. The Credit Facility term loan has an outstanding principal balance of $1.1 billion as of March 31, 2018 and requires principal payments of approximately $2.8 million per quarter with the remaining amount becoming due on September 30, 2022. As of March 31, 2018, the Credit Facility revolver has an outstanding balance of $73.5 million and becomes due on September 30, 2021. The maturity date for both the Credit Facility term loan and the Credit Facility revolver are subject to a springing maturity 181 days prior to the scheduled maturity date of the Senior Notes. Accordingly, if MONI is unable to refinance the Senior Notes by October 3, 2019, both the Credit Facility term loan and the Credit Facility revolver would become due and payable.
Conference Call
Ascent will host a call today, Tuesday, May 8, 2018 at 5:00 pm ET. To access the call please dial (888) 462-5915 from the United States, or (760) 666-3831 from outside the U.S. The conference call I.D. number is 1095147. Participants should dial in 5 to 10 minutes before the scheduled time and must be on a touch-tone telephone to ask questions.
A replay of the call can be accessed through May 22, 2018 by dialing (800) 585-8367 from the U.S., or (404) 537-3406 from outside the U.S. The conference call I.D. number is 1095147.
This call will also be available as a live webcast which can be accessed at Ascent’s Investor Relations Website at http://ir.ascentcapitalgroupinc.com/index.cfm .
Forward Looking Statements
This press release includes certain within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential and expansion, launch of the Brinks Home Security™ brand and the anticipated benefits of the rebranding, the success of new products and services, account creation and related costs, subscriber attrition, anticipated account generation in our Direct Channel, the anticipated benefits from our partnership with Nest, future financial performance, and other matters that are not historical facts. These involve many that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of our services, technological innovations in the alarm monitoring industry, competitive issues, continued access to capital on terms acceptable to Ascent and/or MONI, our ability to capitalize on acquisition opportunities, general market and economic conditions and changes in law and government regulations. These speak only as of the date of this press release, and Ascent expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Ascent's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Ascent, including the most recent Forms 10-K and 10-Q for additional information about Ascent and about the related to Ascent's business which may affect the statements made in this press release.
About Ascent Capital Group, Inc.
Ascent Capital Group, Inc., (NASDAQ: ASCMA) is a holding company that owns 100 percent of its operating subsidiary, MONI, and through MONI, LiveWatch Security, LLC. MONI, headquartered in the Dallas Fort-Worth area, secures approximately one million residential customers and commercial client accounts with monitored home and business security system services. MONI is supported by one of the nation’s largest networks of independent Authorized Dealers, providing products and support to customers in the U.S., Canada and Puerto Rico. LiveWatch Security, LLC ®, is a Do-It-Yourself (“DIY”) home security firm, offering professionally monitored security services through a direct-to-consumer sales channel. For more information on Ascent, see http://ascentcapitalgroupinc.com/ .
Contact:
Erica Bartsch
Sloane & Company
212-446-1875
[email protected]
ASCENT CAPITAL GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
Amounts in thousands, except share amounts March 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 30,087 10,465 Restricted cash 93 — Marketable securities, at fair value 107,450 105,958 Trade receivables, net of allowance for doubtful accounts of $3,632 in 2018 and $4,162 in 2017 12,300 12,645 Prepaid and other current assets 23,498 11,175 Total current assets 173,428 140,243 Property and equipment, net of accumulated depreciation of $40,537 in 2018 and $37,915 in 2017 34,070 32,823 Subscriber accounts and deferred contract acquisition costs, net of accumulated amortization of $1,468,359 in 2018 and $1,439,164 in 2017 1,224,937 1,302,028 Dealer network and other intangible assets, net of accumulated amortization of $45,859 in 2018 and $42,806 in 2017 3,941 6,994 Goodwill 563,549 563,549 Other assets 27,633 9,348 Total assets $ 2,027,558 2,054,985 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 12,910 11,092 Accrued payroll and related liabilities 6,145 3,953 Other accrued liabilities 66,584 52,329 Deferred revenue 13,477 13,871 Holdback liability 7,601 9,309 Current portion of long-term debt 11,000 11,000 Total current liabilities 117,717 101,554 Non-current liabilities: Long-term debt 1,783,253 1,778,044 Long-term holdback liability 2,191 2,658 Derivative financial instruments 6,553 13,491 Deferred income tax liability, net 13,973 13,311 Other liabilities 3,259 3,255 Total liabilities 1,926,946 1,912,313 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.01 par value. Authorized 5,000,000 shares; no shares issued — — Series A common stock, $.01 par value. Authorized 45,000,000 shares; issued and outstanding 12,002,103 and 11,999,630 shares at March 31, 2018 and December 31, 2017, respectively 120 120 Series B common stock, $.01 par value. Authorized 5,000,000 shares; issued and outstanding 381,528 shares at both March 31, 2018 and December 31, 2017 4 4 Series C common stock, $0.01 par value. Authorized 45,000,000 shares; no shares issued — — Additional paid-in capital 1,424,068 1,423,899 Accumulated deficit (1,331,281 ) (1,277,118 ) Accumulated other comprehensive income (loss), net 7,701 (4,233 ) Total stockholders’ equity 100,612 142,672 Total liabilities and stockholders’ equity $ 2,027,558 2,054,985 See accompanying notes to condensed consolidated financial statements.
ASCENT CAPITAL GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Amounts in thousands, except shares and per share amounts Three Months Ended March 31, 2018 2017 Net revenue $ 133,753 141,200 Operating expenses: Cost of services 32,701 29,969 Selling, general and administrative, including stock-based and long-term incentive compensation 37,406 36,245 Radio conversion costs — 232 Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets 54,411 59,547 Depreciation 2,621 2,127 Gain on disposal of operating assets — (6,638 ) 127,139 121,482 Operating income 6,614 19,718 Other expense (income), net: Interest income (481 ) (395 ) Interest expense 38,652 37,486 Other income, net (2,065 ) (242 ) 36,106 36,849 Loss from continuing operations before income taxes (29,492 ) (17,131 ) Income tax expense from continuing operations 1,346 1,814 Net loss from continuing operations (30,838 ) (18,945 ) Discontinued operations: Income from discontinued operations, net of income tax of $0 — 92 Net loss (30,838 ) (18,853 ) Other comprehensive income (loss): Foreign currency translation adjustments — 58 Unrealized holding gain (loss) on marketable securities, net (3,077 ) 551 Unrealized gain on derivative contracts, net 14,406 1,049 Total other comprehensive income, net of tax 11,329 1,658 Comprehensive loss $ (19,509 ) (17,195 ) Basic and diluted income (loss) per share: Continuing operations $ (2.51 ) (1.56 ) Discontinued operations — 0.01 Net loss $ (2.51 ) (1.55 ) Weighted average Series A and Series B shares - basic and diluted 12,298,922 12,134,061 Total issued and outstanding Series A and Series B shares at period end 12,383,631 12,353,681 See accompanying notes to condensed consolidated financial statements.
ASCENT CAPITAL GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
Amounts in thousands Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net loss $ (30,838 ) (18,853 ) Adjustments to reconcile net loss to net cash provided by operating activities: Income from discontinued operations, net of income tax — (92 ) Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets 54,411 59,547 Depreciation 2,621 2,127 Stock-based and long-term incentive compensation 226 1,576 Deferred income tax expense 662 1,052 Gain on disposal of operating assets — (6,638 ) Amortization of debt discount and deferred debt costs 2,959 2,673 Bad debt expense 3,017 2,557 Other non-cash activity, net 41 1,872 Changes in assets and liabilities: Trade receivables (2,672 ) (1,659 ) Prepaid expenses and other assets 851 1,506 Contract asset, net (70 ) — Subscriber accounts - deferred contract acquisition costs (898 ) (754 ) Payables and other liabilities 17,644 4,491 Operating activities from discontinued operations, net — (3,408 ) Net cash provided by operating activities $ 47,954 45,997 Cash flows from investing activities: Capital expenditures (3,310 ) (1,693 ) Cost of subscriber accounts acquired (24,560 ) (46,708 ) Purchases of marketable securities (7,998 ) (2,627 ) Proceeds from sale of marketable securities 5,495 997 Proceeds from the disposal of operating assets — 12,090 Decrease in restricted cash (93 ) — Net cash used in investing activities $ (30,466 ) (37,941 ) Cash flows from financing activities: Proceeds from long-term debt 50,000 64,750 Payments on long-term debt (47,750 ) (42,600 ) Value of shares withheld for share-based compensation (116 ) (268 ) Net cash provided by financing activities $ 2,134 21,882 Net increase in cash and cash equivalents $ 19,622 29,938 Cash and cash equivalents at beginning of period 10,465 12,319 Cash and cash equivalents at end of period $ 30,087 42,257 Supplemental cash flow information: State taxes paid, net $ — 3 Interest paid 22,920 22,643 Accrued capital expenditures 830 780 See accompanying notes to condensed consolidated financial statements.
Adjusted EBITDA
We evaluate the performance of our operations based on financial measures such as revenue and "Adjusted EBITDA." Adjusted EBITDA is defined as net income (loss) before interest expense, interest income, income taxes, depreciation, amortization (including the amortization of subscriber accounts, dealer network and other intangible assets), restructuring charges, stock-based compensation, and other non-cash or non-recurring charges. Ascent Capital believes that Adjusted EBITDA is an important indicator of the operational strength and performance of its business, including the business' ability to fund its ongoing acquisition of subscriber accounts, its capital expenditures and to service its debt. In addition, this measure is used by management to evaluate operating results and perform analytical comparisons and identify strategies to improve performance. Adjusted EBITDA is also a measure that is customarily used by financial analysts to evaluate the financial performance of companies in the security alarm monitoring industry and is one of the financial measures, subject to certain adjustments, by which MONI's covenants are calculated under the agreements governing its debt obligations. Adjusted EBITDA does not represent cash flow from operations as defined by generally accepted accounting principles in the United States ("GAAP"), should not be construed as an alternative to net income or loss and is indicative neither of our results of operations nor of cash flows available to fund all of our cash needs. It is, however, a measurement that Ascent Capital believes is useful to investors in analyzing its operating performance. Accordingly, Adjusted EBITDA should be considered in addition to, but not as a substitute for, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. Adjusted EBITDA is a non-GAAP financial measure. As companies often define non-GAAP financial measures differently, Adjusted EBITDA as calculated by Ascent Capital should not be compared to any similarly titled measures reported by other companies.
The following table provides a reconciliation of Ascent's Net loss from continuing operations to total Adjusted EBITDA for the periods indicated (amounts in thousands):
Three Months Ended March 31, 2018 2017 Net loss from continuing operations $ (30,838 ) (18,945 ) Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets 54,411 59,547 Depreciation 2,621 2,127 Stock-based compensation 285 1,576 Radio conversion costs — 232 Severance expense (a) 2,955 27 LiveWatch acquisition contingent bonus charges 62 968 Rebranding marketing program 892 847 Integration / implementation of company initiatives — 641 Impairment of capitalized software — 713 Gain on disposal of operating assets — (6,638 ) Interest income (481 ) (395 ) Interest expense 38,652 37,486 Reversal of other-than-temporary impairment losses on sale of marketable securities (1,036 ) — Income tax expense from continuing operations 1,346 1,814 Adjusted EBITDA $ 68,869 80,000 Expensed subscriber acquisition costs, net Gross subscriber acquisition costs $ 11,690 9,033 Revenue associated with subscriber acquisition costs (1,512 ) (1,392 ) Expensed Subscriber acquisition costs, net 10,178 7,641 (a) Severance expense related to transitioning executive leadership at Ascent in 2018 and MONI in 2017. The following table provides a reconciliation of MONI’s Net loss to total Adjusted EBITDA for the periods indicated (amounts in thousands):
Three Months Ended March 31, 2018 2017 Net loss $ (26,207 ) (21,013 ) Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets 54,411 59,547 Depreciation 2,615 2,120 Stock-based compensation 47 518 Radio conversion costs — 232 Severance expense (a) — 27 LiveWatch acquisition contingent bonus charges 62 968 Rebranding marketing program 892 847 Integration / implementation of company initiatives — 641 Impairment of capitalized software — 713 Interest expense 36,873 35,838 Income tax expense (benefit) 1,346 1,784 Adjusted EBITDA $ 70,039 82,222 Expensed subscriber acquisition costs, net Gross subscriber acquisition costs $ 11,690 9,033 Revenue associated with subscriber acquisition costs (1,512 ) (1,392 ) Expensed Subscriber acquisition costs, net 10,178 7,641 (a) Severance expense related to transitioning executive leadership at MONI.
1 Comparisons are year-over-year unless otherwise specified.
2 On January 1, 2018, Ascent adopted the new revenue recognition standard, FASB ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) using the modified retrospective approach, which means the standard is applied only to the current period. Any significant impact to results of operations is discussed here.
Source:Ascent Capital Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-ascent-capital-group-announces-financial-results-for-the-three-months-ended-march-31-2018.html |
May 8, 2018 / 10:45 AM / Updated 9 minutes ago BRIEF-Sanchez Energy Posts Q1 Loss Per Share $0.30 Sanchez Energy Corp:
* SANCHEZ ENERGY ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS AND OPERATIONS UPDATE
* Q1 REVENUE $251 MILLION VERSUS I/B/E/S VIEW $241.1 MILLION
* QTRLY PRODUCTION OF NEARLY 7.3 MILLION BARRELS OF OIL EQUIVALENT
* Q2 2018 PRODUCTION GUIDANCE OF 80,000 BOE/D TO 84,000 BOE/D
* UPDATED FULL YEAR 2018 PRODUCTION GUIDANCE OF 80,000 BOE/D TO 84,000 BOE/D * QTRLY LOSS PER SHARE $0.30
* NOW EXPECT FY CAPITAL BUDGET TO BE BETWEEN $475 MILLION AND $525 MILLION | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sanchez-energy-posts-q1-loss-per-s/brief-sanchez-energy-posts-q1-loss-per-share-0-30-idUSASC0A0D5 |
May 15 (Reuters) - DREAM Unlimited Corp:
* DREAM UNLIMITED CORP. REPORTS FIRST QUARTER RESULTS & ANNOUNCES FURTHER INVESTMENT IN CORE DOWNTOWN TORONTO DEVELOPMENTS
* Q1 EARNINGS PER SHARE C$0.22 EXCLUDING ITEMS * Q1 EARNINGS PER SHARE VIEW C$0.13 — THOMSON REUTERS I/B/E/S
* Q1 EARNINGS PER SHARE C$1.30 * QTRLY REVENUE $61.7 MILLION VERSUS $51.6 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dream-unlimited-corp-q1-earnings-p/brief-dream-unlimited-corp-q1-earnings-per-share-c0-22-excluding-items-idUSL5N1SMA7K |
NEW YORK, May 8, 2018 /PRNewswire/ -- Designed for B-to-B market intelligence companies, Discovery for Publishers by Keeeb puts their premium research at end users' fingertips. A powerful browser application that instantly surfaces paid information, Discovery for Publishers makes valuable data, including research studies and white papers, available to a licensee's user base. Available for the first time in the United States, this unique extension resides adjacent to search results in a client-branded column that can be integrated with any major browser.
According to Keeeb CEO Konrad Gulla, "Discovery for Publishers increases access to a client's relevant content. That promotes greater usage, productivity, and loyalty among end users, who needn't waste time sifting through generic web searches. Discovery automatically displays updated proprietary content and new products that can be converted into actionable intelligence."
Newly hired to lead US sales as Head of Publishing Development, Ron Stokes brings his expertise in the media industry to introducing Discovery for Publishers to leaders in the knowledge economy. Previously, Stokes led the growth of New York magazine's consumer advertising through a successful transformation from print to digital that grew the regional's 400k readers to a national audience of more than 44 million across multiple websites, mobile units, apps, and social media.
ABOUT KEEEB
Keeeb Inc. was founded in 2011 to improve the ways people discover and share digital content. Today enterprise companies worldwide use Keeeb products to provide next-gen knowledge management. Clients include Deloitte, Siemens, and Daimler. In addition to Discovery for Publishers, Keeeb's cloud-based applications are: Keeeb Collections , which enables users to curate and connect relevant data in a visually appealing, easy-to use interface that can be shared in real time; and Keeeb Cortex , which applies AI to outperform keyword-based search by understanding what a user asks for and instantly yielding relevant content.
Contact: Ron Stokes, [email protected]
View original content: http://www.prnewswire.com/news-releases/discovery-for-publishers-re-invents-search-300644918.html
SOURCE Keeeb | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-discovery-for-publishers-re-invents-search.html |
Tool revenue increased 55% over prior-year period and 33% sequentially Net income of $69 thousand improved by $0.5 million over prior year Revenue guidance for 2018 represents 28% growth at mid-point of range
VERNAL, Utah--(BUSINESS WIRE)-- Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, today reported financial results for the first quarter ended March 31, 2018.
Troy Meier, Chairman and CEO, noted, "Continued growth in revenue was driven by the expansion of our Drill-N-Ream ® (“DnR”) well bore conditioning tool operating fleet. As more tools are deployed, both tool repair revenue and royalty income increases. The deployed DnRs are also demonstrating greater durability, extending the life of the tools. Importantly, the DnR has persistently captured greater market share as operators recognize the economic value proposition the tools offer.
For 2018, we have several initiatives under way to support further growth including:
New bit refurbishment agreement that expands our geographic territory Renegotiating distributor agreement for the DnR Testing of the DnR in the Middle East Making progress toward commercialization of our the patented Strider TM oscillation system technology
We believe we are on track to achieve another year of strong growth and are continuing to build a reputation in the industry as an innovator of drilling tool technologies.”
First Quarter 2018 Financial Summary ($ in thousands, except per share amounts)
Q1
2018
Q1
2017
$Y/Y
Change
% Y/Y
Change
Q4
2017
$ Seq.
Change
% Seq.
Change
Tool sales/rental $ 1,992 $ 1,635 $ 357 21.8 % $ 1,434 $ 558 38.9 % Other related tool revenue
1,533 635 898 141.4 % 1,224 309 25.2 % Tool Revenue 3,525 2,270 1,255 55.3 % 2,658 867 32.6 % Contract Services 1,075 1,100 (25 ) (2.2 )% 1,072 3 0.3 % Total Revenue $ 4,600 $ 3,370 $ 1,230 36.5 % $ 3,730 $ 870 23.3 % Operating income (loss) 168 (247 ) 415 NM (670 ) 837 NM As a % of sales
3.6 % NM NM Net income (loss) $ 69 $ (386 ) $ 455 NM $ (786 ) $ 854 NM Diluted earnings (loss) per
share
$ - $ (0.02 ) $ 0.02 NM $ (0.03 ) $ 0.03 NM Compared with the prior-year period, revenue increased 36.5% to $4.6 million. Revenue growth was primarily the result of a $1.3 million, or 55%, increase in tool revenue to $3.5 million.
Higher tool revenue year-over-year was primarily the result of the increased numbers of tools deployed which drove a $0.9 million increase in other related tool revenue, which is comprised of royalty fees and tool maintenance and repair. Tool sales in the quarter also improved as the result of market share growth. Both market share gains and an improved oil & gas industry drove the increase in tool revenue. Contract services revenue was effectively unchanged year-over-year.
When compared with the trailing fourth quarter of 2017, total revenue was up 23.3% on higher tool revenue.
Net income of $69 thousand improved by $0.5 million over the first quarter of 2017 as a result of growth and operating leverage from higher volume.
First Quarter 2018 Operational Review
($ in thousands)
Q1
2018
Q1
2017
$ Y/Y
Change
% Y/Y
Change
Q4
2017
$ Seq.
Change
% Seq.
Change
Cost of revenue $ 1,799 $ 1,180 $ 619 52.5 % $ 1,571 228 14.5 % As a percent of sales 39.1 % 35.0 % 42.1 % Selling, general &
administrative
$ 1,698 $ 1,498 $ 200 13.3 % $ 1,897 (199 ) (10.5 )% As a percent of sales 36.9 % 44.5 % 50.9 % Depreciation &
amortization
$ 936 $ 938 $ (2 ) (0.2 )% $ 931 5 0.5 % Total operating
expenses
$ 4,433 $ 3,616 $ 817 22.6 % $ 4,400 33 0.7 % Higher cost of revenue as a percent of sales was due to a change in product mix.
The increase in selling, general and administrative expense (SG&A) over the prior-year period reflects investments in the Middle East expansion and higher research and development costs related to the commercialization of the Strider TM technology. SG&A decreased when compared with the trailing fourth quarter which included higher incentive compensation related to year end.
The improvement in first quarter 2018 Adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, non-cash stock compensation expense and unusual items, was the result of higher sales. Adjusted EBITDA was $1.2 million, or 27% of revenue in the quarter up
$0.3 million and $0.5 million over the 2017 first quarter and trailing 2017 fourth quarter, respectively.
The Company believes that when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), Adjusted EBITDA, which is a non-GAAP measure, helps in the understanding of its operating performance. (1) See the attached tables for important disclosures regarding SDP’s use of adjusted EBITDA, as well as a reconciliation of net loss to adjusted EBITDA.
Balance Sheet and Liquidity
Cash and cash equivalents was $2.2 million at March 31, 2018, down slightly from $2.4 million at the end of 2017. Cash generated from operations in the quarter was $0.5 million, compared with $0.8 million of cash used in operations in the prior-year period.
Total debt at the end of the quarter was $12.2 million, down $0.6 million, or 4.8%, compared with $12.8 million at December 31, 2017.
In the first quarter of 2018 the Company had capital expenditures of $95 thousand.
Outlook:
The Company is reiterating its expectations for 2018 as follows:
Revenue:
$18 million to $22 million Represents 28% growth at
midpoint of range.
Operating Margin:
5% to 10% At midpoint of range, operating
income reaches $1.5 million, up
$1.3 million
Interest Expense:
Approximately $750 thousand Down from $906 thousand in
2017 on lower debt balances
Depreciation and
Amortization:
Slightly under $4.0 million Compares with $3.7 million in
2017
Capital Expenditures:
Approximately $1 million Similar to 2017 Webcast and Conference Call
The Company will host a conference call and live webcast today at 10:00 am MT (12:00 pm ET) to review the financial and operating results for the quarter and discuss its corporate strategy and outlook. The discussion will be accompanied by a slide presentation that will be made available immediately prior to the conference call on SDP’s website at www.sdpi.com/events . A question-and-answer session will follow the formal presentation.
The conference call can be accessed by calling (201) 689-8470. Alternatively, the webcast can be monitored at www.sdpi.com/events .
A telephonic replay will be available from 1:00 p.m. MT (3:00 p.m. ET) the day of the teleconference until Thursday, May 17, 2018. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13678632, or access the webcast replay at www.sdpi.com , where a transcript will be posted once available.
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream ® well bore conditioning tool and the patented Strider TM oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry.
Additional information about the Company can be found at: www.sdpi.com .
Safe Harbor Regarding Forward Looking Statements
This news release contains and information that are subject to a number of many of which are beyond our control. All statements, other than statements of historical fact included in this release, regarding our strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management, are The use of words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project”, “forecast,” “should” or “plan, and similar expressions are intended to identify , although not all forward -looking statements contain such identifying words. Certain statements in this release may constitute , including statements regarding the Company’s financial position, market success with specialized tools, effectiveness of its sales efforts, success at developing future tools, and the Company’s effectiveness at executing its business strategy and plans. These statements reflect the beliefs and expectations of the Company and are subject to risks and uncertainties that may cause materially. These risks and uncertainties include, among other factors, our business strategy and prospects for growth; our cash flows and liquidity; our financial strategy, budget, projections and operating results; the amount, nature and timing of capital expenditures; the availability and terms of capital; competition and government regulations; and general economic conditions. These and other factors could adversely affect the outcome and financial effects of the Company’s plans and described herein.
Superior Drilling Products, Inc. Consolidated Condensed Statements of Operations
For the Three Months Ended March 31, 2018 and 2017 (unaudited) For the Three Months Ended March 31, 2018 2017 Revenue $ 4,600,293 $ 3,369,612 Operating cost and expenses Cost of revenue 1,798,944 1,180,733 Selling, general, and administrative expenses 1,697,663 1,497,517 Depreciation and amortization expense 936,027 938,022 Total operating costs and expenses 4,432,634 3,616,272 Operating income (loss) 167,659 (246,660 ) Other income (expense) Interest income 92,428 81,859 Interest expense (191,553 ) (259,025 ) Other income - 43,669 Gain on sale of assets - (5,828 ) Total other expense (99,125 ) (139,325 ) Income (loss) before income taxes $ 68,534 $ (385,985 ) Income tax benefit - - Net income (loss) $ 68,534 $ (385,985 ) Basic income (loss) earnings per common share $ 0.00 $ (0.02 ) Basic weighted average common shares outstanding 24,535,155 24,196,299 Diluted income (loss) per common Share $ 0.00 $ (0.02 ) Diluted weighted average common shares outstanding 25,140,467 24,196,299 Superior Drilling Products, Inc. Consolidated Condensed Balance Sheets (unaudited)
March 31, 2018
December 31,
2017
Assets Current assets: Cash $ 2,175,342 $ 2,375,179 Accounts receivable, net 3,223,046 2,667,042 Prepaid expenses 80,934 111,530 Inventories 1,162,462 1,196,813 Other current assets 86,287 - Total current assets 6,728,071 6,350,564 Property, plant and equipment, net 8,578,802 8,809,348 Intangible assets, net 5,521,111 6,132,778 Related party note receivable 7,367,212 7,367,212 Other noncurrent assets 15,254 15,954 Total assets $ 28,210,450 $ 28,675,856 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 1,086,383 $ 1,021,469 Accrued expenses 416,731 543,758 Current portion of long-term debt, net of discounts 7,552,460 6,101,678 Total current liabilities $ 9,055,574 $ 7,666,905 Long-term debt, less current portion, net of discounts 4,646,749 6,706,375 Total liabilities $ 13,702,323 $ 14,373,280 Stockholders' equity Common stock (24,535,155) 24,535 24,535 Additional paid-in-capital 39,044,881 38,907,864 Accumulated deficit (24,561,289 ) (24,629,823 ) Total stockholders' equity $ 14,508,127 $ 14,302,576 Total liabilities and shareholders' equity $ 28,210,450 $ 28,675,856 Superior Drilling Products, Inc. Consolidated Condensed Statement of Cash Flows For The Three Months Ended March 31, 2018 and 2017 (unaudited)
March 31, 2018 March 31, 2017 Cash Flows From Operating Activities Net Income (Loss) $ 68,534 $ (385,985 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization expense 936,027 938,022 Amortization of debt discount 17,061 20,452 Share - based compensation expense 137,017 175,380 Impairment of inventories 41,396 - Gain on sale of assets - 5,828 Changes in operating assets and liabilities: Accounts receivable (556,004 ) (1,617,149 ) Inventories (6,079 ) (183,963 ) Prepaid expenses and other noncurrent assets (54,991 ) (53,229 ) Accounts payable and accrued expenses (62,113 ) 282,329 Other long-term liabilities - (17,490 ) Net Cash Provided By (Used In) Operating Activities $ 520,848 $ (835,805 ) Cash Flows From Investing Activities Purchases of property, plant and equipment (94,780 ) (132,583 ) Proceeds from sale of fixed assets - 2,483,158 Net Cash Provided By (Used In) Investing Activities (94,780 ) 2,350,575 Cash Flows From Financing Activities Principal payments on debt (625,905 ) (2,616,815 ) Principal payments on capital lease obligations - (60,297 ) Principal payments on related party debt - (49,716 ) Net Cash Used In Financing Activities # (625,905 ) (2,726,828 ) Net Increase (Decrease) in Cash (199,837 ) (1,212,058 ) Cash at Beginning of Period 2,375,179 2,241,902 Cash at End of Period $ 2,175,342 $ 1,029,844 Supplemental information: Cash paid for interest $ 210,065 $ 295,910 Non-cash payment of other long-term liability by offsetting related party note receivable $ - $ 550,000 Superior Drilling Products, Inc.
Adjusted EBITDA (1) Reconciliation
(unaudited)
Three Months Ended March 31, 2018 March 31, 2017 December 31, 2017 GAAP net income (loss) $ 68,534 $ (385,985 )
$ (785,567 ) Add back: Depreciation and amortization 936,027 938,022
931,368 Interest expense, net 99,125 177,166
115,750 Share-based compensation 137,017 175,380
114,467 Non-Cash compensation - -
414,497 (Gain) loss on sale of assets - 5,828
- Non-GAAP adjusted EBITDA (1) $ 1,240,703 $ 910,411
$ 790,515 GAAP Revenue $ 4,600,293 $ 3,369,612
$ 3,730,010 Non-GAAP EBITDA Margin 27.0 % 27.0 % 21.2 % (1) Adjusted EBITDA represents net income adjusted for income taxes, interest, depreciation and amortization and other items as noted in the reconciliation table. The Company believes Adjusted EBITDA is an important supplemental measure of operating performance and uses it to assess performance and inform operating decisions. However, Adjusted EBITDA is not a GAAP financial measure. The Company’s calculation of Adjusted EBITDA should not be used as a substitute for GAAP measures of performance, including net cash provided by operations, operating income and net income. The Company’s method of calculating Adjusted EBITDA may vary substantially from the methods used by other companies and investors are cautioned not to rely unduly on it.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005352/en/
Investor Relations:
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
[email protected]
Source: Superior Drilling Products, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-superior-drilling-products-inc-reports-37-percent-revenue-growth-for-first-quarter-2018.html |
Walmart's Flipkart investment was 'a move they had to make': Strategist 5 Hours Ago R.J. Hottovy of Morningstar says Walmart's decision to purchase a majority stake in Flipkart was needed for it to be a global player in the e-commerce space. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/walmarts-flipkart-investment-was-a-move-they-had-to-make-strategist.html |
May 9 (Reuters) - Granite Point Mortgage Trust Inc:
* . REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND POST-QUARTER END BUSINESS UPDATE
* Q1 GAAP EARNINGS PER SHARE $0.34 * Q1 EARNINGS PER SHARE VIEW $0.34 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-granite-point-mortgage-q1-core-ear/brief-granite-point-mortgage-q1-core-earnings-per-share-0-35-idUSASC0A15E |
SOCHI (Reuters) - Russian President Vladimir Putin said on Wednesday that Russian military vessels with Kalibr cruise missiles would be on permanent standby in the Mediterranean to counter what he said was the terrorist threat in Syria.
Russian President Vladimir Putin (R) chairs a meeting with high military command and officials in the Black Sea city of Sochi, Russia May 16, 2018. Sputnik/Mikhael Klimentyev/Kremlin via REUTERS The deployment shows how Russia has increased its military presence in the Middle East since it launched an intervention in Syria in 2015, turning the tide of the civil war in favour of its close ally, Syrian President Bashar al-Assad.
Russia has in the past fired Kalibr cruise missiles from frigates and submarines stationed in the Mediterranean Sea at militant targets to support Syrian army offensives.
Putin on Wednesday said only warships armed with Kalibr missiles would be on permanent standby, and not submarines.
Announcing the deployment while addressing the Russian high military command at a meeting in the Black Sea city of Sochi, Putin said it was “due to the remaining terrorist threat in Syria.”
Moscow already has a permanent naval base at Tartus, on the Syrian coast, and an air base at Hmeimim in Syria.
Last month Russia hinted it would also supply advanced S-300 ground-to-air missiles to Assad despite objections from Israel, which has lobbied Russia hard not to transfer the missiles.
On Friday, however, in an apparent U-turn following a visit to Moscow by Israeli Prime Minister Benjamin Netanyahu, Russia said it was not in talks with Syria about supplying the missiles. It said it did not think they were needed.
The Kremlin denied it had performed a U-turn on the missile question or that any decision was linked to Netanyahu’s visit.
Reporting by Denis Pinchuk; editing by John Stonestreet and Raissa Kasolowsky
| ashraq/financial-news-articles | https://in.reuters.com/article/mideast-crisis-syria-russianvessels/putin-says-russian-frigates-in-mediterranean-on-standby-over-syria-threat-idINKCN1IH1LO |
If nothing else, President Trump’s Korea policy has been a master class in trolling. For months, talk of “maximum pressure” and “all options are on the table” had foreign-policy experts on fainting couches over the prospect of imminent nuclear war. Then Mr. Trump announced the summit with Kim Jong Un and the establishment turned on a dime, solemnly warning that a mindlessly dovish president would give away the store.
Then Mr. Trump canceled the summit. This was an amateur move, critics sniffed; the flailing of a dilettante... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-benefits-and-risks-of-trumps-dazzle-1527533032 |
The European Union's General Data Protection Regulation on data privacy will come into force on May 25, 2018. This video explains how it could affect you, even if you don't live in the EU. | ashraq/financial-news-articles | http://live.wsj.com/video/gdpr-what-is-it-and-how-might-it-affect-you/2A0C50F6-6248-49EE-AAFC-A505CB425705.html |
May 15 (Reuters) - Merus NV:
* MERUS NV FILES PROSPECTUS RELATES TO PROPOSED RESALE OR OTHER DISPOSITION OF UP TO 3.1 MILLION OF CO'S COMMON SHARES BY SELLING SHAREHOLDERS - SEC FILING Source bit.ly/2jXQqy0 Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-merus-files-prospectus-relates-to/brief-merus-files-prospectus-relates-to-proposed-resale-or-other-disposition-of-cos-shares-by-selling-shareholders-idUSFWN1SM1CT |
HILLIARD, Ohio--(BUSINESS WIRE)-- Advanced Drainage Systems, Inc. (NYSE:WMS) (“ADS” or the “Company”), a leading global manufacturer of water management products and solutions for commercial, residential, infrastructure and agricultural applications, today announced that its Board of Directors has approved a quarterly cash dividend to its shareholders in the amount of $0.08 per share.
The quarterly cash dividend of $0.08 per share will be paid on June 15, 2018 to shareholders of record at the close of business on June 5, 2018.
About the Company
Advanced Drainage Systems is the leading manufacturer of high performance thermoplastic corrugated pipe, providing a comprehensive suite of water management products and superior drainage solutions for use in the construction and infrastructure marketplace. Its innovative products are used across a broad range of end markets and applications, including non-residential, residential, agriculture and infrastructure applications. The Company has established a leading position in many of these end markets by leveraging its national sales and distribution platform, overall product breadth and scale and manufacturing excellence. Founded in 1966, the Company operates a global network of approximately 60 manufacturing plants and over 30 distribution centers. To learn more about the ADS, please visit the Company’s website at www.ads-pipe.com .
Forward Looking Statements
Certain statements in this press release may be deemed to be within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are not historical facts but rather are based on the Company’s current expectations, estimates and projections regarding the Company’s business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “confident” and similar expressions are used to identify these . Factors that could cause actual results to differ from those reflected in relating to our operations and business include: fluctuations in the price and availability of resins and other raw materials and our ability to pass any increased costs of raw materials on to our customers in a timely manner; volatility in general business and economic conditions in the markets in which we operate, including, without limitation, factors relating to availability of credit, interest rates, fluctuations in capital and business and consumer confidence; cyclicality and seasonality of the non-residential and residential construction markets and infrastructure spending; the risks of increasing competition in our existing and future markets, including competition from both manufacturers of high performance thermoplastic corrugated pipe and manufacturers of products using alternative materials; our ability to continue to convert current demand for concrete, steel and PVC pipe products into demand for our high performance thermoplastic corrugated pipe and Allied Products; the effect of weather or seasonality; the loss of any of our significant customers; the risks of doing business internationally; the risks of conducting a portion of our operations through joint ventures; our ability to expand into new geographic or product markets; our ability to achieve the acquisition component of our growth strategy; the risk associated with manufacturing processes; our ability to manage our assets; the risks associated with our product warranties; our ability to manage our supply purchasing and customer credit policies; the risks associated with our self-insured programs; our ability to control labor costs and to attract, train and retain highly-qualified employees and key personnel; our ability to protect our intellectual property rights; changes in laws and regulations, including environmental laws and regulations; our ability to project product mix; the risks associated with our current levels of indebtedness; our ability to meet future capital requirements and fund our liquidity needs; and the other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission. New risks and uncertainties emerge from time to time and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the contained in this press release. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the Company’s expectations, objectives or plans will be achieved in the timeframe anticipated or at all. Investors are cautioned not to place undue reliance on the Company’s and the Company undertakes no obligation to publicly update or revise any , whether as a result of new information, future events or otherwise, except as required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005322/en/
Advanced Drainage Systems, Inc.
Michael Higgins, 614-658-0050
Director, Investor Relations and Business Strategy
[email protected]
Source: Advanced Drainage Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-advanced-drainage-systems-announces-quarterly-cash-dividend.html |
May 24, 2018 / 11:33 AM / Updated 6 hours ago Infection alert after dying Ebola patients taken to Congo prayer meeting Stephanie Nebehay 4 Min Read
GENEVA (Reuters) - Two dying Ebola patients were spirited out of a Congo hospital by their relatives on motor-bikes, then taken to a prayer meeting with 50 other people, potentially exposing them all to the deadly virus, a senior aid worker said on Thursday. Medical workers are seen at the health centre in the commune of Wangata during a vaccination campaign against the outbreak of Ebola, in Mbandaka, Democratic Republic of Congo, May 23, 2018. REUTERS/Kenny Katombe
Both patients were vomiting and infectious and died hours after the prayer session in the river port city of Mbandaka, Dr. Jean-Clement Cabrol, emergency medical coordinator for Medecins Sans Frontieres (Doctors Without Borders), said.
Democratic Republic of Congo is racing to contain an outbreak of the disease which spreads through contact with infected bodily fluids including vomit and sweat.
“The escape was organized by the families, with six motorcycles as the patients were very ill and couldn’t walk,” Cabrol told a news briefing in Geneva after returning from the affected region.
“They were taken to a prayer room with 50 people to pray. They were found at two in the morning, one of them dead and one was dying. So that’s 50-60 contacts right there. The patients were in the active phase of the disease, vomiting.”
The patients got out of the isolation ward on Monday. Earlier reports did not give details of the escape or where they went afterwards. A third patient who left the ward survived.
Health officials started trying to trace the motorcycle drivers and other people who came into contact with the patients as soon as the escape was reported, Dr. Peter Salama, head of emergency response at the World Health Organization (WHO), told Reuters on Thursday.
“From the moment that they escaped, the (health) ministry, WHO and partners have been following very closely every contact,” he said. “HARD TO PREDICT”
WHO’s three-month budget for the crisis has been doubled to $57 million to carry out a complex operation in a remote, forested area, Salama said.
“All it takes is one sick person to travel down the Congo River and we can have outbreaks seeded in many different locations ... that can happen at any moment, it’s very hard to predict,” he said, referring to the river linking the trading hub of Mbandaka to the capital Kinshasa, whose population is 10 million.
“It is going to be at least weeks and more likely months before we get this outbreak fully under control,” Salama said.
Congo’s ninth recorded outbreak of the disease is thought to have killed at least 22 people so far, according to government figures released on Wednesday night - lower than the last estimate of 27 after some of those deaths turned out not to be related to Ebola.
There have been major advances in medical treatment of the virus since it ravaged West Africa in 2014-2016, including the use of an experimental vaccine to protect medical staff.
But local skepticism about the dangers and the need to isolate infected patients continue to complicate efforts to contain it.
In past outbreaks, mourning relatives have caught the hemorrhagic disease by touching the highly-contagious bodies of dead loved ones, sometimes by laying hands on them to say goodbye. ( bit.ly/2x7T4KW ) Reporting By Stephanie Nebehay in Geneva and Edward McAllister in Dakar; Editing by Andrew Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-ebola-congo/two-congo-ebola-patients-attended-church-with-50-people-before-dying-msf-idUSKCN1IP1PT |
May 15, 2018 / 9:47 AM / Updated 26 minutes ago Israeli forces kill two Palestinians near border as Gaza buries dead Nidal al-Mughrabi , Dan Williams 9 Min Read
GAZA-ISRAEL BORDER (Reuters) - Palestinians buried the dead on Tuesday from the bloodiest day in Gaza in years, after Israeli forces killed 60 Palestinians near the Gaza-Israel border during demonstrations against the opening of the U.S. embassy in Jerusalem.
Israeli forces shot dead two more Palestinians on Tuesday, although protests were quieter than the previous day. It appeared that many protesters had gone to mourning tents rather than back to the scene of Monday’s bloodshed. Mourners marched through the strip, waving Palestinian flags and calling for revenge.
“With souls and blood we redeem you martyrs,” they shouted.
Hundreds marched in the funeral of eight-month-old Leila al-Ghandour, whose body was wrapped in a Palestinian flag.
“Let her stay with me, it is too early for her to go,” her mother cried, pressing the baby’s body to her chest. The family said she died of inhaling tear gas.
At Gaza’s hospitals, families crowded the halls and spilled out of rooms as patients awaited treatment. Bassem Ibrahim, who said he was shot in the leg by Israeli troops, said at one stage he had feared losing the limb because of the delays.
“There are not many doctors. They are unable to see everyone, with all the injuries,” said Ibrahim, 23. “The number was unbelievable and they did not have time.”
On the Israeli side of the border, Israeli sharpshooters took up positions to stop any attempted breach of the fence should demonstrations break out again. Tanks were also deployed.
But if the violence tapered off, it still had a forceful impact internationally, with countries criticising both the Israeli use of deadly force and the U.S. decision to open its new embassy at a ceremony attended by President Donald Trump’s daughter Ivanka and son-in-law Jared Kushner.
Turkey expelled Israel’s ambassador, and Israel expelled the Turkish consul-general in Jerusalem. President Tayyip Erdogan exchanged heated words on Twitter with Prime Minister Benjamin Netanyahu. The Palestinians summoned home their representative in Washington, citing the embassy decision.
Netanyahu blamed Hamas for provoking the violence. “They’re pushing civilians – women, children – into the line of fire with a view of getting casualties. We try to minimize casualties. They’re trying to incur casualties in order to put pressure on Israel, which is horrible,” Netanyahu told CBS News
For the past six weeks, Palestinians have been holding Gaza border demonstrations demanding access to family land or homes lost to Israel when it was founded in the 1948 Middle East war. Israel rejects that demand, fearing it would deprive the state of its Jewish majority.
Palestinian medical officials say 107 Gazans have now been killed since the start of the protests and nearly 11,000 people wounded, about 3,500 of them by live fire. Israeli officials dispute those numbers. No Israeli casualties have been reported.
Palestinian leaders have called Monday’s events a massacre, and the Israeli tactic of using live fire against the protesters has drawn worldwide concern and condemnation.
The United Nations Security Council met to discuss the situation.
Israel has said it is acting in self-defence to protect its borders and communities. Its main ally, the United States, has backed that stance and both say that Hamas, which rules Gaza, instigated the violence, an allegation denied by the militant group opposed to Israel’s existence.
The Israeli military said at least 24 of those killed on Monday were “terrorists with documented terror background” and most of them were active operatives of Hamas.
The Islamic Jihad militant group posted portraits of three uniformed members whom it said were killed when they took part as non-combatants in the protests, and the Hamas-led interior ministry posted pictures of 10 of its security men killed in the protests whom it said were unarmed and monitoring the crowds.
On Tuesday morning, mourners marched through Gaza, waving Palestinian flags and calling for revenge.
“With souls and blood we redeem you martyrs,” they shouted.
May 15 is traditionally the day Palestinians mark the “Nakba”, or Catastrophe, when hundreds of thousands fled or were driven from their homes in violence culminating in war between the newly created Jewish state and its Arab neighbours in 1948.
More than 2 million people are crammed into the Gaza Strip, more than two-thirds of them refugees. Citing security concerns, Israel and Egypt maintain tight curbs on the enclave, deepening economic hardship and raising humanitarian concerns. The mother of 8-month-old Palestinian infant Laila al-Ghandour, who died after inhaling tear gas during a protest against U.S. embassy move to Jerusalem at the Israel-Gaza border, mourns during her funeral in Gaza City May 15, 2018. REUTERS/Mohammed Salem
On the Israeli side of the border, Israeli sharpshooters took up positions to stop any attempted breach of the fence should demonstrations break out again. Tanks were also deployed.
A senior Israeli commander said that of the 60 Gazans killed on Monday, 14 were carrying out attacks and 14 others were militants.
He also said Palestinians protesters were using hundreds of pipe bombs, grenades and fire-bombs. Militants had opened fire on Israeli troops and tried to set off explosives by the fence.
Many casualties were caused by Palestinians carrying devices that went off prematurely,” he said.
“We approve every round fired before it is fired. Every target is spotted in advance. We know where the bullet lands and where it is aimed,” said the commander, who spoke on condition that he not be named, in accordance with Israeli regulations.
“However, reality on the ground is such that unintended damage is caused,” he said.
In Geneva, the U.N. human rights office condemned what it called the “appalling deadly violence” by Israeli forces.
U.N. human rights spokesman Rupert Colville said Israel had a right to defend its borders according to international law, but lethal force must only be used a last resort, and was not justified by Palestinians approaching the Gaza fence.
The U.N. rapporteur on human rights in the Palestinian territories, Michael Lynk, said Israel’s use of force may amount to a war crime. YOUNG VICTIM
Many shops in East Jerusalem were shut throughout the day following a call by Palestinian President Mahmoud Abbas for a general strike across the Palestinian Territories. A 70-second siren was sounded in the occupied West Bank in commemoration of the Nakba.
Most Gaza protesters stay around tent camps but groups have ventured closer to the border fence, rolling burning tyres and throwing stones. Some have flown kites carrying containers of petrol that spread fires on the Israeli side.
On Tuesday the number of protesters gathered at the frontier was estimated by the Israeli army at 4,000, well down on Monday.
Monday’s protests were fuelled by the opening ceremony for the new U.S. Embassy in Jerusalem following its relocation from Tel Aviv. The move fulfilled a pledge by U.S. President Donald Trump, who in December recognised the city as Israel’s capital.
Palestinians envision East Jerusalem as the capital of a state they hope to establish in the occupied West Bank and the Gaza Strip. Israel regards all of Jerusalem, including the eastern sector it captured in the 1967 Middle East war and which it later annexed, as its “eternal and indivisible capital”.
Most countries say the status of Jerusalem - a sacred city to Jews, Muslims and Christians - should be determined in a final peace settlement and that moving their embassies now would prejudge any such deal.
Netanyahu on Monday praised Trump but Palestinians have said the United States can no longer serve as an honest broker in any peace process. Talks aimed at finding a two-state solution to the conflict have been frozen since 2014.
Trump said on Monday he remained committed to peace between Israel and the Palestinians. His administration says it has nearly completed a new Israeli-Palestinian peace plan.
Netanyahu blamed Hamas for the Gaza violence. Hamas denied instigating it but the White House backed Netanyahu, saying Hamas “intentionally and cynically provoking this response”.
The United States on Monday blocked a Kuwait-drafted U.N. Security Council statement that would have expressed “outrage and sorrow at the killing of Palestinian civilians” and called for an independent investigation, U.N. diplomats said. Slideshow (5 Images)
In the British parliament, junior foreign office minister Alistair Burt said the United States needed to show more understanding about the causes of Israeli-Palestinian conflict.
Hamas’ role in the violence must be investigated, he added. Additional reporting by Stephen Farrell, Writing by Maayan Lubell, Jeffrey Heller and Ori Lewis, Peter Graff, Editing by William Maclean | ashraq/financial-news-articles | https://in.reuters.com/article/israeli-palestinians/gazans-bury-dead-after-bloodiest-day-of-israel-border-protests-idINKCN1IG194 |
UBS shared with its clients the firm's best current stock picks.
In addition to screening for factors like the potential for gains over the price targets, sector weightings and liquidity, the list focuses on "stocks where we believe our analysts have a truly differentiated view versus consensus," the firm's research group said in a report Tuesday.
Here are five buy-rated companies that made the UBS recommended list and their price targets.
1) First Solar (FSLR)
UBS analyst Jon Windham has a $94 price target for First Solar shares, representing 34 percent upside to Tuesday's close.
"FSLR is our preferred name for exposure to solar module manufacturing. We see the Series 6 module achieving a lower production cost relative to Chinese commodity modules, driving more sustainable earnings growth. FSLR has pursued a conservative strategy of steady growth funded with cash from operations and no debt. FSLR is best positioned to ride out policy driven demand cycles in the U.S." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/here-are-5-favorite-stock-ideas-from-ubs--including-citigroup.html |
May 23, 2018 / 9:40 PM / Updated 17 minutes ago Aruba court lifts Conoco seizures affecting Citgo cargoes - source Reuters Staff 1 Min Read
(Reuters) - A court in Aruba on Wednesday lifted the seizures of two oil cargoes that ConocoPhillips ( COP.N ) sought as part of a move to satisfy a $2 billion (£1.5 billion) arbitration award over the nationalisation of its projects in Venezuela, according to a source familiar with the decision.
Aruba’s Court of the First Instance said the owner of a crude cargo and a fuel cargo off Aruba was not Venezuela’s state-run PDVSA but its U.S. subsidiary Citgo Petroleum. Reporting by Sailu Urribarri and Marianna Parraga; Editing by Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-conocophillips-pdvsa-aruba/aruba-court-lifts-conoco-seizures-affecting-citgo-cargoes-source-idUKKCN1IO3BW |
Jeff Bezos is the world’s richest person. Amazon is on a tear—sales grew 43% last quarter—and may soon pass Apple as the world’s most valuable company. Amazon has ruptured retail, floated in the cloud, and even made superhero TV shows like “The Tick.” But what makes Mr. Bezos tick?
Sure, he sells everything from books to the TubShroom drain protector/hair catcher. That’s why Amazon owns close to half the American e-commerce market. And its 100 million Prime customers will shrug off the recently announced 20% fee hike. But... | ashraq/financial-news-articles | https://www.wsj.com/articles/columbus-discovers-the-amazon-1525635011 |
MELBOURNE, Fla., May 09, 2018 (GLOBE NEWSWIRE) -- First Choice Healthcare Solutions, Inc. (OTCQB:FCHS) ("First Choice" or the "Company"), a fully integrated, non-physician-owned, publicly traded healthcare delivery platform providing a full life cycle of othopaedic and spine care for patients through diagnosis, treatment and recovery, today reported its financial results for the three-month period ended March 31, 2018.
Chris Romandetti, President and CEO of First Choice, stated, “We are pleased to report that we achieved record net patient service revenue of $8.2 million and over 51% Adjusted EBITDA growth year-over-year for the first quarter of 2018. With the recent strategic partnership with Steward Health Care we are happy to announce our expansion of the First Choice healthcare delivery platform into Indian River County, Florida. We are in the final steps of our site selection that will house our Indian River County platform. When completed, our facilities will include an imaging center, physical therapy locations and physician offices. We expect our new location will enable us to service up to an additional 3,000 surgeries per year. Given our positive first quarter 2018 results and our expansion into Vero Beach and Sebastian, Florida, we believe First Choice is well positioned to continue this momentum and growth in 2018 and beyond.”
Recent Financial and Operational Highlights
32% Increase in surgery count over comparable quarter Crane Creek Surgery Center turned profitable in first quarter 2018 Approaching 1,000 physical therapy visits per week Cash balance of $8.5mm or $0.26 per share DSO improved by 20% Extended invitations to three independent board members
Financial Results for First Quarter of 2018
Total revenue was $8.8 million for the first quarter of 2018, an increase of 14% compared to $7.7 million for the same period in 2017.
Net income attributable to First Choice was $279,338 for the first quarter of 2018, compared to net income of $202,519 for the same period in 2017, representing an increase of 38%.
Non-GAAP adjusted EBITDA was $736,077 for the first quarter of 2018, an increase of 51% compared to $487,405 for the same period in 2017. *
Conference Call and Webcast Information
The Company will host a conference call with the investment community on Wednesday, May 9 th at 11:00 a.m. Eastern Time featuring remarks by Chris Romandetti, President and CEO of First Choice, and Phillip Keller, CFO of First Choice.
To access the call, please use the following information: Date: Wednesday, May 9, 2018 Time: 11:00 a.m. EST, 8:00 a.m. PST Toll-free dial-in number: (866) 682-6100 International dial-in number: (862) 298-0702 Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gillian Lee at 321-725-0090 extension 160.
The conference call will be broadcast live and available for replay at https://www.webcaster4.com/Webcast/Page/1527/25785 and via the investor relations section of the Company's website at http://ir.myfchs.com/ .
(*) Use of Non-GAAP Financial Information
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use non-GAAP EBITDA. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance and when planning, forecasting, and analyzing future periods. This non-GAAP financial measure also facilitates management's internal comparisons to our historical performance and liquidity. We believe this non-GAAP financial measure is useful to investors both because they allow for greater transparency with respect to a key metric used by management in its financial and operational decision-making. For more information on this non-GAAP financial measure, please see the table captioned "Reconciliation of non-GAAP Adjusted EBITDA Performance".
Safe Harbor Statement
Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of First Choice Healthcare Solutions, Inc. Such forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from those contained in these forward-looking statements can be found in the Company's periodic reports on Form 10-K and Form 10-Q, and in its Current Reports on Form 8-K, filed with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether because of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.
About First Choice Healthcare Solutions, Inc.
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is implementing a defined growth strategy aimed at expanding its network of non-physician-owned medical centers of excellence, which concentrate on treating patients in the following specialties: Orthopaedics, Spine Surgery, Interventional Pain Management, Physical Therapy and other ancillary and diagnostic services in key expansion markets throughout the U.S. Serving Florida's Space Coast, the Company's flagship integrated platform currently administers over 100,000 patient visits each year and is comprised of First Choice Medical Group, The B.A.C.K. Center and Crane Creek Surgery Center. For more information, please visit www.myfchs.com , www.myfcmg.com , www.thebackcenter.net and www.cranecreeksurgerycenter.com .
Contact Information:
First Choice Healthcare Solutions, Inc.
Gillian Lee
Phone: 321-725-0090 ext. 160
Email: [email protected]
Investor Contact:
Scott Eckstein / Allison Soss
KCSA Strategic Communications
Phone: +1 (212) 896-1210/+1 (212) 896-1267
Email: [email protected]
FIRST CHOICE HEALTHCARE SOLUTIONS, INC CONSOLIDATED BALANCE SHEETS March 31, December 31, 2018 2017 ASSETS unaudited Current assets Cash $ 8,474,437 $ 2,015,534 Accounts receivable, net 9,908,563 8,699,714 Employee loans 1,268,487 1,155,109 Prepaid and other current assets 630,285 676,931 Total current assets 20,281,772 12,547,288 Property, plant and equipment, net 2,519,638 2,295,163 Other assets 3,824,483 3,908,781 Total assets $ 26,625,893 $ 18,751,232 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued expenses $ 2,545,295 $ 2,379,404 Accounts payable, related party 251,588 251,588 AMT tax payable 230,037 223,899 Line of credit, short term 440,024 440,024 Notes payable, current portion 49,515 29,552 Unearned revenue 44,557 44,607 Deferred rent, short term portion 81,410 105,171 Total current liabilities 3,642,426 3,474,245 Long term liabilities: Deposits held 41,930 41,930 Line of Credit 1,100,000 1,100,000 Notes payable, long term portion 149,288 60,146 Deferred rent, long term portion 2,641,579 2,589,568 Total long term 3,932,797 3,791,644 Total liabilities 7,575,223 7,265,889 Temporary equity 2022 Put option 7,500,000 - Equity Preferred stock - - Common stock 32,172 27,357 Additional paid in capital 24,982,457 25,185,487 Treasury stock - (249,265 ) Accumulated deficit (13,709,680 ) (13,989,018 ) Total stockholders' equity attributable to FCHS 11,304,949 10,974,561 Non-controlling interest (note 12) 245,721 510,782 Total equity 11,550,670 11,485,343 Total liabilities and equity $ 26,625,893 $ 18,751,232
FIRST CHOICE HEALTHCARE SOLUTIONS, INC CONSOLIDATED STATEMENTS OF OPERATIONS For the three months ended March 31, 2018 2017 Revenues: unaudited unaudited Patient Service Revenue $ 8,481,672 $ 7,406,986 Allowance for bad debts (278,562 ) (264,996 ) Net patient service revenue less provision for bad debts 8,203,110 7,141,990 Rental Revenue 582,787 578,363 Total Revenue 8,785,897 7,720,353 Operating expenses: Salaries and benefits 4,329,285 3,716,375 Other operating expenses 2,632,786 2,529,183 General and administrative 1,353,836 1,173,834 Depreciation and amortization 201,912 189,488 Total operating expenses 8,517,819 7,608,880 Net (loss) income from operations 268,078 111,473 Other income (expense): Miscellaneous income (expense) 40,322 50,102 Interest expense, net (23,512 ) (32,074 ) Total other income 16,810 18,028 Net (loss) income before provision for income taxes 284,888 129,501 Income taxes (benefit) - - Net (loss) income 284,888 129,501 Non-controlling interest (note 10) (5,550 ) 73,018 NET (LOSS) INCOME ATTRIBUTABLE TO FIRST CHOICE HEALTHCARE SOLUTIONS, INC. $ 279,338 $ 202,519 Net (loss) income per common share, basic $ 0.01 $ 0.01 Net (loss) income per common share, diluted $ 0.01 $ 0.01 Weighted average number of common shares outstanding, basic 28,610,793 26,252,505 Weighted average number of common shares outstanding, diluted 29,410,793 27,052,505
FIRST CHOICE HEALTHCARE SOLUTIONS, INC CONSOLIDATED STATEMENTS OF CASH FLOWS For the three months ended March 31, 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: unaudited unaudited Net Income $ 284,888 $ 129,501 Adjustments to reconcile net income to cash used in operating activities: Depreciation and amortization 201,912 189,488 Bad debt expense 278,562 264,996 Stock based compensation 180,439 63,324 Changes in operating assets and liabilities: Accounts receivable (1,487,411 ) (1,118,306 ) Prepaid expenses and other current assets 46,646 (229,258 ) Employee loans (113,378 ) (132,791 ) Accounts payable and accrued expenses 165,891 353,849 Deferred rent 28,250 51,871 Unearned income (50 ) 16,918 Net cash used in operating activities (414,251 ) (410,408 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of 25% interest in Crane Creek (400,000 ) - Purchase of equipment (335,951 ) (173,729 ) Net cash (used in) provided by investing activities (735,951 ) (173,729 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from sale of common stock 7,500,000 - Proceeds from notes payable 120,709 22,113 Purchase of treasury stock (11,604 ) (130,125 ) Net cash provided by (used in) financing activities 7,609,105 (108,012 ) Net increase in cash, cash equivalents and restricted cash 6,458,903 (692,149 ) Cash and cash equivalents, beginning of period 2,015,534 4,593,638 Cash, cash equivalents and restricted cash, end of period $ 8,474,437 $ 3,901,489
FIRST CHOICE HEALTHCARE SOLUTIONS, INC NON GAAP EBITDA For the three months ended March 31, 2018 2017 NET (LOSS) INCOME ATTRIBUTABLE TO FIRST CHOICE HEALTHCARE SOLUTIONS $ 279,338 $ 202,519 Interest 23,512 32,074 Taxes - - Depreciation and Amortization 201,912 189,488 Stock Based Compensation 231,315 63,324 Adjusted EBITDA 736,077 487,405 8.4 % 6.3 %
Source:First Choice Healthcare Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-first-choice-healthcare-solutions-reports-first-quarter-2018-results-and-expansion-into-new-territory.html |
WASHINGTON—A senior Republican congressman disputed President Donald Trump’s claim that “spies” infiltrated his 2016 campaign, saying that the Federal Bureau of Investigation was conducting a legitimate probe of Russian election meddling.
Rep. Trey Gowdy (R., S.C.), who heads the House oversight committee, also said he understood Mr. Trump’s frustration with Attorney General Jeff Sessions, who recused himself from the Russia investigation based on his involvement in the Trump campaign. Had Mr. Trump known earlier that Mr.... RELATED VIDEO Was ‘Spygate’ Spying or Standard FBI Procedure? In 2016, the FBI sent an informant to meet with two individuals on President Donald Trump’s campaign. The Wall Street Journal's Gerald F. Seib asks, was this meeting standard FBI procedure? Or was it spying, as Trump suggests? Photo: Getty | ashraq/financial-news-articles | https://www.wsj.com/articles/gop-lawmaker-disputes-trump-claim-of-campaign-spies-1527702211 |
NEW YORK, May 18, 2018 /PRNewswire/ -- Purcell Julie & Lefkowitz LLP, a class action law firm dedicated to representing shareholders nationwide, is investigating a potential breach of fiduciary duty claim involving the board of directors of China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD).
If you are a shareholder of China Jo-Jo Drugstores, Inc. and are interested in obtaining additional information regarding this investigation, free of charge, please visit us at:
http://pjlfirm.com/china-jo-jo-drugstores-inc/
You may also contact Robert H. Lefkowitz, Esq. either via email at [email protected] or by telephone at 212-725-1000. One of our attorneys will personally speak with you about the case at no cost or obligation.
Purcell Julie & Lefkowitz LLP is a law firm exclusively committed to representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty and other types of corporate misconduct. For more information about the firm and its attorneys, please visit http://pjlfirm.com . Attorney advertising. Prior results do not guarantee a similar outcome.
View original content: http://www.prnewswire.com/news-releases/shareholder-alert-purcell-julie--lefkowitz-llp-is-investigating-china-jo-jo-drugstores-inc-for-potential-breaches-of-fiduciary-duty-by-its-board-of-directors-300650931.html
SOURCE Purcell Julie & Lefkowitz LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-shareholder-alert-purcell-julie-lefkowitz-llp-is-investigating-china-jo-jo-drugstores-inc-for-potential-breaches-of-fiduciary.html |
SCOTTSDALE, Ariz., May 21, 2018 /PRNewswire/ -- Benchmark Electronics, Inc. (NYSE: BHE) today announced the appointment of Merilee Raines as an independent director to the Board of Directors of the Company effective May 18, 2018.
"We are very excited to welcome Merilee Raines to our Board of Directors", said David W. Scheible, Chairman of the Board. "She brings broad experience in finance and accounting, as well as a unique perspective on the animal health care industry."
Ms. Raines served as Chief Financial Officer of IDEXX Laboratories, Inc. from October 2003 until her retirement in May 2013. Ms. Raines also served as Executive Vice President of IDEXX from July 2012 until her retirement in May 2013. Over her 28 year career with IDEXX, Ms. Raines held several management positions, including Corporate Vice President of Finance, Vice President and Treasurer of Finance, Director of Finance, and Controller. IDEXX Laboratories develops, manufactures and distributes diagnostic and information technology based products and services for companion animal, livestock, poultry, water quality and food safety, and human point-of-care diagnostics.
Ms. Raines has served as a member of the Board of Watts Water Technologies since 2011, a global manufacturer of products & systems that control, conserve and improve the quality of water in the residential and commercial markets. Since 2014, she has also served as a member of the Board of Aratana Therapeutics, a biopharmaceutical company focused on licensing, developing and commercializing of products for the pet companion market.
Ms. Raines earned a Bachelor of Arts degree in mathematics from Bowdoin College and an M.B.A. from the University of Chicago.
About Benchmark Electronics, Inc.
Benchmark provides worldwide integrated electronics manufacturing services (EMS), engineering and design services, and precision machining services to original equipment manufacturers in the following industries: industrial controls, aerospace and defense, telecommunications, computers and related products for business enterprises, medical devices, and test and instrumentation. Benchmark's global operations include facilities in eight countries, and its common shares trade on the New York Stock Exchange under the symbol BHE.
View original content with multimedia: http://www.prnewswire.com/news-releases/benchmark-electronics-appoints-merilee-raines-to-the-board-of-directors-300652217.html
SOURCE Benchmark Electronics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-benchmark-electronics-appoints-merilee-raines-to-the-board-of-directors.html |
May 15, 2018 / 3:11 PM / Updated 17 minutes ago Seven dead, 30 feared trapped after part of flyover collapses in Indian city Reuters Staff 1 Min Read
NEW DELHI (Reuters) - Seven people are dead and 30 others are feared trapped under the rubble after part of an under-construction flyover in the northern Indian city of Varanasi collapsed on Tuesday, a senior police official said.
Varanasi, the constituency of Indian Prime Minister Narendra Modi, is in India’s most populous state of Uttar Pradesh and is popular among pilgrims and tourists.
Modi said on Twitter he was “extremely saddened” by the loss of lives and had asked officials in the state to provide all possible support to those affected. Writing by Aditi Shah; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-india-varanasi-collapse/seven-dead-30-feared-trapped-after-part-of-flyover-collapses-in-indian-city-idUKKCN1IG2BR |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.