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May 1 (Reuters) - U.S. regulators issued warning letters to more than a dozen companies selling e-cigarette liquids for using child-friendly images in their packaging.
The U.S. Food and Drug Administration and the Federal Trade Commission issued 13 letters to manufacturers, distributors and retailers, saying the packaging resembles kid-friendly food products such as juice boxes, candy or cookies.
"No tobacco products should be marketed in a way that endangers kids – especially by using imagery that misleads them into thinking the products are things they'd eat or drink," FDA Commissioner Scott Gottlieb said in a statement here
Reporting by Tamara Mathias in Bengaluru Editing by Saumyadeb Chakrabarty
| ashraq/financial-news-articles | https://www.reuters.com/article/fda-tobacco/u-s-clamps-down-on-child-friendly-packaging-for-e-cigarette-liquids-idUSL3N1S830Q |
May 2, 2018 / 10:44 AM / in 12 minutes BRIEF-Humana Q1 Adj. EPS $3.36 Reuters Staff
May 2 (Reuters) - Humana Inc:
* HUMANA REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS; RAISES FULL YEAR 2018 EPS GUIDANCE * Q1 ADJUSTED EARNINGS PER SHARE $3.36
* Q1 EARNINGS PER SHARE VIEW $3.19 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 ADJUSTED EARNINGS PER SHARE $13.70 TO $14.10 * QTRLY EARNINGS PER SHARE $3.53
* RAISED FULL YEAR 2018 EPS GUIDANCE TO $13.54 TO $13.94 ON A GAAP BASIS
* FY2018 EARNINGS PER SHARE VIEW $13.87 — THOMSON REUTERS I/B/E/S | ashraq/financial-news-articles | https://www.reuters.com/article/brief-humana-q1-adj-eps-336/brief-humana-q1-adj-eps-3-36-idUSL8N1S93BP |
Total Revenues of $59.3 Million, a 9% Increase from the Second Quarter Last Year
Net Income Attributable to The RMR Group Inc. of $0.52 Per Share and Adjusted Net Income Attributable to The RMR Group Inc. of $0.54 Per Share, Both Increases of over 20% from the Second Quarter Last Year
NEWTON, Mass.--(BUSINESS WIRE)-- The RMR Group Inc. (Nasdaq: RMR) today announced its financial results for the fiscal quarter ended March 31, 2018.
Adam Portnoy, President and Chief Executive Officer, made the following statement regarding the second quarter fiscal 2018 results:
"During the second quarter we increased revenues by 9%, net income attributable to The RMR Group Inc. by 21% and Adjusted EBITDA by 6% as compared to a year ago. These operating results are even more noteworthy considering the headwinds facing REIT share prices and the $0.02 per share impact this quarter from one-time items associated with separation costs and share award accelerations.
This quarter, we continued positioning ourselves for further growth by helping Select Income REIT complete the IPO of our fifth Managed Equity REIT, Industrial Logistics Properties Trust, which is an industrial REIT. With more than $250 million of cash on hand and no debt, we are well positioned to consider a number of new opportunities for growth in the future."
Second Quarter Fiscal 2018 Highlights:
Total revenues for the quarter ended March 31, 2018 were $59.3 million, compared to total revenues for the quarter ended March 31, 2017 of $54.3 million. For the three months ended March 31, 2018, net income was $19.6 million and net income attributable to The RMR Group Inc. was $8.4 million, or $0.52 per diluted share, compared to net income of $17.7 million and net income attributable to The RMR Group Inc. of $6.9 million, or $0.43 per diluted share, for the three months ended March 31, 2017. Net income this quarter included $0.9 million, or $0.02 per share, for the accelerated vesting of The RMR Group Inc. share awards and separation expenses related to former employees and officers. Net income in the second quarter last year included $0.7 million, or $0.01 per share, of transaction and acquisition related costs. The RMR Group Inc. earned management services revenues for the three months ended March 31, 2018 and 2017 from the following sources (dollars in thousands):
Three Months Ended March 31, 2018 2017 Managed Equity REITs (1) $ 39,460 84.8 % $ 36,715 84.9 % Managed Operators (2) 6,339 13.6 % 6,091 14.1 % Other 760 1.6 % 452 1.0 % Total Management Services Revenues 46,559 100.0 % 43,258 100.0 % (1) Managed Equity REITs collectively refers to: Government Properties Income Trust (GOV), Hospitality Properties Trust (HPT), Industrial Logistics Properties Trust (ILPT), Select Income REIT (SIR) and Senior Housing Properties Trust (SNH). ILPT was a wholly-owned subsidiary of SIR until the completion of ILPT's initial public offering on January 17, 2018. (2) Managed Operators collectively refers to: Five Star Senior Living Inc. (FVE), Sonesta International Hotels Corporation and TravelCenters of America LLC (TA). For the three months ended March 31, 2018, Adjusted EBITDA was $28.3 million and Adjusted EBITDA Margin was 56.5%, compared to Adjusted EBITDA of $26.6 million and Adjusted EBITDA Margin of 57.0% for the three months ended March 31, 2017. Adjusted EBITDA Margin equals Adjusted EBITDA divided by the contractual management and advisory fees earned from The RMR Group LLC’s client companies. These contractual management and advisory fees are calculated pursuant to The RMR Group LLC’s contracts with its client companies and do not deduct non-cash asset amortization recognized in accordance with U.S. generally accepted accounting principles, or GAAP, as a reduction to management services revenues. Adjusted EBITDA and Adjusted EBITDA Margin are calculated on recurring revenues and do not include incentive business management fees earned. As of March 31, 2018, The RMR Group Inc. had approximately $30.0 billion of total assets under management, compared to total assets under management of $27.6 billion as of March 31, 2017. As of March 31, 2018, The RMR Group Inc. had approximately $276 million in cash and cash equivalents on a consolidated basis with no outstanding debt obligations.
Reconciliations to GAAP:
Adjusted net income attributable to The RMR Group Inc., EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Reconciliations of net income determined in accordance with GAAP to Adjusted net income attributable to The RMR Group Inc., EBITDA and Adjusted EBITDA as well as calculations of Adjusted EBITDA Margin appear later in this press release. Also, comparisons of The RMR Group Inc.'s revenues, Adjusted net income attributable to The RMR Group Inc., EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, net income and net income attributable to The RMR Group Inc. for the three and six months ended March 31, 2018 to the three and six months ended March 31, 2017 are presented later in this press release.
Total Assets Under Management:
The calculation of total assets under management includes: (i) the gross book value of real estate and related assets, excluding depreciation, amortization, impairment charges or other non-cash reserves, of the Managed Equity REITs and ABP Trust, plus (ii) the gross book value of real estate assets, property and equipment of the Managed Operators, excluding depreciation, amortization, impairment charges or other non-cash reserves, plus (iii) the fair value of investments of Affiliates Insurance Company, the managed assets of RMR Real Estate Income Fund and the equity of Tremont Mortgage Trust (TRMT), plus (iv) the contributed capital of and outstanding principal of loans serviced for certain private clients. This calculation of total assets under management may include amounts in respect of the Managed Equity REITs that are higher than the calculations of assets under management used for purposes of calculating fees under the terms of the business management agreements, which are based, in part, upon the lesser of the historical cost of real estate assets or total market capitalization. For information on the calculation of assets under management of the Managed Equity REITs for purposes of the fee provisions of the business management agreements, see The RMR Group Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC. The RMR Group Inc.'s SEC filings are available at the SEC website: www.sec.gov .
Conference Call:
At 10:00 a.m. Eastern Time this morning, President and Chief Executive Officer, Adam Portnoy, and Chief Financial Officer and Treasurer, Matt Jordan, will host a conference call to discuss The RMR Group Inc.’s fiscal second quarter ended March 31, 2018 financial results.
The conference call telephone number is (877) 329-4297. Participants calling from outside the United States and Canada should dial (412) 317-5435. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. Eastern Time on Thursday, May 17, 2018. To access the replay, dial (412) 317-0088. The replay pass code is 10118600. The transcription, recording and retransmission in any way of The RMR Group Inc.'s fiscal second quarter ended March 31, 2018 financial results conference call are strictly prohibited without the prior written consent of The RMR Group Inc.
About The RMR Group Inc.
The RMR Group Inc. is a holding company, and substantially all of its business is conducted by its majority-owned subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that primarily provides management services to publicly traded REITs and real estate operating companies. As of March 31, 2018, The RMR Group LLC had approximately $30.0 billion of total assets under management, including more than 1,700 properties, and employed over 550 real estate professionals in more than 35 offices throughout the United States; and the companies managed by The RMR Group LLC collectively had approximately 52,000 employees. The RMR Group Inc. is headquartered in Newton, Massachusetts.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. FORWARD LOOKING STATEMENTS CAN BE IDENTIFIED BY USE OF WORDS SUCH AS “OUTLOOK”, “BELIEVE”, “EXPECT”, “POTENTIAL”, “WILL”, “MAY”, “ESTIMATE”, “ANTICIPATE”, AND DERIVATIVES OR NEGATIVES OF SUCH WORDS OR SIMILAR WORDS. FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE ARE BASED UPON PRESENT BELIEFS OR EXPECTATIONS. HOWEVER, FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR FOR VARIOUS REASONS, INCLUDING SOME REASONS BEYOND THE RMR GROUP INC.'S CONTROL. FOR EXAMPLE:
MR. PORTNOY STATES THAT THE RMR GROUP INC., OR RMR, CONTINUED POSITIONING ITSELF FOR FURTHER GROWTH BY HELPING SELECT INCOME REIT, OR SIR, COMPLETE THE IPO OF ITS FIFTH MANAGED EQUITY REIT, INDUSTRIAL LOGISTICS PROPERTIES TRUST, OR ILPT. THIS MAY IMPLY THAT RMR WILL BE ABLE TO CONTINUE GROWING AND DIVERSIFYING ITS BUSINESS IN THE FUTURE. HOWEVER, THERE CAN BE NO ASSURANCE THAT RMR WILL BE ABLE TO GROW AND DIVERSIFY ITS BUSINESS IN THE FUTURE. IN FACT, RMR'S BUSINESS COULD BECOME SMALLER AND LESS DIVERSIFIED IN THE FUTURE. IN ADDITION, ANY FURTHER REVENUE STREAM DIVERSIFICATION THAT RMR MAY REALIZE MAY NOT IMPROVE ITS PROFITABILITY OR GROWTH. MR. PORTNOY STATES THAT RMR HAS MORE THAN $250 MILLION OF CASH ON HAND AND NO DEBT, AND THAT RMR IS WELL POSITIONED TO CONSIDER A NUMBER OF NEW OPPORTUNITIES FOR GROWTH IN THE FUTURE. THIS MAY IMPLY THAT RMR WILL IDENTIFY AND SUCCESSFULLY IMPLEMENT AND EXECUTE ANY NEW OPPORTUNITIES THAT IT MAY DECIDE TO PURSUE. HOWEVER, RMR MAY NOT SUCCEED IN THIS REGARD.
THE INFORMATION CONTAINED IN THE RMR GROUP INC.’S FILINGS WITH THE SEC, INCLUDING UNDER THE CAPTION “RISK FACTORS” IN THE RMR GROUP INC.’S PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES FROM THE FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE. THE RMR GROUP INC.’S FILINGS WITH THE SEC ARE AVAILABLE ON ITS WEBSITE AT WWW.SEC.GOV .
EXCEPT AS REQUIRED BY LAW, THE RMR GROUP INC. UNDERTAKES NO OBLIGATION TO UPDATE ANY FORWARD LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
The RMR Group Inc.
Condensed Consolidated Statements of Income
(amounts in thousands, except per share amounts)
(unaudited)
Three Months Ended March 31, Six Months Ended March 31, 2018 2017 2018 2017 Revenues Management services (1) $ 46,559 $ 43,258 $ 95,129 $ 85,985 Incentive business management fees — — 155,881 52,407 Reimbursable payroll related and other costs 11,657 10,034 24,365 19,184 Advisory services 1,065 1,004 2,447 2,014 Total revenues 59,281 54,296 277,822 159,590 Expenses Compensation and benefits 28,073 22,983 54,270 45,287 Equity based compensation 1,217 1,566 3,938 2,494 Separation costs 136 — 136 — Total compensation and benefits expense 29,426 24,549 58,344 47,781 General and administrative 7,024 6,453 13,730 12,294 Transaction and acquisition related costs — 693 142 693 Depreciation and amortization 372 528 752 1,083 Total expenses 36,822 32,223 72,968 61,851 Operating income 22,459 22,073 204,854 97,739 Interest and other income 1,076 450 1,860 657 Tax receivable agreement remeasurement — — 24,710 — Income before income tax expense and equity in losses of investees 23,535 22,523 231,424 98,396 Income tax expense (3,681 ) (4,610 ) (52,024 ) (20,283 ) Equity in losses of investees (212 ) (165 ) (434 ) (165 ) Net income 19,642 17,748 178,966 77,948 Net income attributable to noncontrolling interest (11,286 ) (10,865 ) (99,490 ) (47,555 ) Net income attributable to The RMR Group Inc. 8,356 6,883 79,476 30,393 Weighted average common shares outstanding - basic
16,069 16,025 16,064 16,025 Weighted average common shares outstanding - diluted 16,105 16,042 16,095 16,036 Net income attributable to The RMR Group Inc. per common share - basic $ 0.52 $ 0.43 $ 4.92 $ 1.89 Net income attributable to The RMR Group Inc. per common share - diluted $ 0.52 $ 0.43 $ 4.91 $ 1.89 (1) Includes business management fees earned from the Managed Equity REITs based upon the lower of (i) the average historical cost of each REIT’s properties and (ii) each REIT’s average market capitalization. The following table presents for each Managed Equity REIT: a summary of its primary strategy and the lesser of the historical cost of its assets under management and its market capitalization as of March 31, 2018 and 2017, as applicable: Lesser of Historical Cost of Assets Under Management or Market Capitalization (a) As of March 31, REIT Primary Strategy 2018 2017 GOV Office properties leased to government and private sector tenants $ 3,584,960 $ 2,223,261 HPT Hotels and travel centers 8,300,521 8,909,423 ILPT Industrial and logistics properties 1,452,901 — SIR Land and properties primarily leased to single tenants 3,437,363 4,693,229 SNH Senior living, medical office and life science properties 7,405,208 8,241,673 $ 24,180,953 $ 24,067,586 (a) The basis on which our base business management fees are calculated for the three and six months ended March 31, 2018 and 2017 may differ from the basis at the end of the periods presented in the table above. As of March 31, 2018, the market capitalization was lower than the historical costs of assets under management for HPT and SNH; the historical costs of assets under management for HPT and SNH as of March 31, 2018, were $9,991,688 and $8,543,018, respectively. For GOV, ILPT and SIR, the historical costs of assets under management were lower than their market capitalization of $3,616,572, $1,672,952 and $3,462,202, respectively, calculated as of March 31, 2018.
The RMR Group Inc.
Calculation of Adjusted Net Income Attributable to The RMR Group Inc.
(dollars in thousands, except per share amounts)
(unaudited)
The RMR Group Inc. is providing the below information regarding certain individually significant items occurring or impacting its financial results for the three months ended March 31, 2018 and 2017 for supplemental informational purposes and to enhance understanding of The RMR Group Inc.'s condensed consolidated statements of income and to facilitate a comparison of The RMR Group Inc.'s current operating performance with its historical operating performance. This information should be considered in conjunction with net income, net income attributable to The RMR Group Inc. and operating income as presented in The RMR Group Inc.'s condensed consolidated statements of income. Three Months Ended March 31, 2018 Impact on Net Income
Attributable to The RMR
Group Inc.
Impact on Net Income
Attributable to The RMR
Group Inc. Per Common
Share - Diluted
Net income attributable to The RMR Group Inc. $ 8,356 $ 0.52 Share accelerations, net of noncontrolling interest (1) 284 0.02 Separation costs, net of noncontrolling interest (2) 50 — Adjusted net income attributable to The RMR Group Inc. $ 8,690 $ 0.54 (1) Includes $466 from the acceleration of Barry Portnoy's unvested common share awards and $316 from the acceleration of David Hegarty's unvested common share awards, adjusted to reflect amounts attributable to the noncontrolling interest and for tax at a rate of approximately 15.6%. (2) Includes $136 of separation costs, adjusted to reflect amounts attributable to the noncontrolling interest and for tax at a rate of approximately 15.6%. Three Months Ended March 31, 2017 Impact on Net Income
Attributable to The RMR
Group Inc.
Impact on Net Income
Attributable to The RMR
Group Inc. Per Common
Share - Diluted
Net income attributable to The RMR Group Inc. $ 6,883 $ 0.43 Transaction and acquisition related costs, net of noncontrolling interest (1) 216 0.01 Adjusted net income attributable to The RMR Group Inc. $ 7,099 $ 0.44 (1) Includes $693 of transaction and acquisition related costs, adjusted to reflect amounts attributable to the noncontrolling interest and for tax at a rate of approximately 20.6%. The RMR Group Inc.
Reconciliation of EBITDA and Adjusted EBITDA from Net Income
and Calculation of Adjusted EBITDA Margin (1)
(dollars in thousands)
(unaudited)
Three Months Ended March 31, Six Months Ended March 31, 2018 2017 2018 2017 Reconciliation of EBITDA and Adjusted EBITDA from net income: Net income $ 19,642 $ 17,748 $ 178,966 $ 77,948 Plus: income tax expense 3,681 4,610 52,024 20,283 Plus: depreciation and amortization 372 528 752 1,083 EBITDA 23,695 22,886 231,742 99,314 Plus: other asset amortization 2,354 2,354 4,708 4,708 Plus: operating expenses paid in The RMR Group Inc.'s common shares 1,901 737 2,467 875 Plus: separation costs 136 — 136 — Plus: transaction and acquisition related costs — 693 142 693 Plus: business email compromise fraud costs — — 225 — Less: tax receivable agreement remeasurement due to the Tax Cuts and Jobs Act — — (24,710 ) — Less: incentive business management fees earned — — (155,881 ) (52,407 ) Certain other net adjustments 165 (95 ) (38 ) (503 ) Adjusted EBITDA $ 28,251 $ 26,575 $ 58,791 $ 52,680 Calculation of Adjusted EBITDA Margin:
Contractual management and advisory fees (excluding any incentive business management fees) (2)
$ 49,978 $ 46,616 $ 102,284 $ 92,707 Adjusted EBITDA $ 28,251 $ 26,575 $ 58,791 $ 52,680 Adjusted EBITDA Margin 56.5 % 57.0 % 57.5 % 56.8 % (1) EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures calculated as presented in the tables above. The RMR Group Inc. considers EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to be appropriate supplemental measures of its operating performance, along with net income, net income attributable to The RMR Group Inc. and operating income. The RMR Group Inc. believes that EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors because by excluding the effects of certain amounts, such as income tax expense, depreciation and amortization, other asset amortization, operating expenses paid in The RMR Group Inc.'s common shares, separation costs, transaction and acquisition related costs, business email compromise fraud costs, tax receivable agreement remeasurement due to the Tax Cuts and Jobs Act, incentive business management fees earned, and certain other net adjustments, EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin may facilitate a comparison of current operating performance with The RMR Group Inc.’s historical operating performance and with the performance of other asset management businesses. In addition, The RMR Group Inc. believes that providing Adjusted EBITDA Margin may help investors assess The RMR Group Inc.’s performance of its business by providing the margin that Adjusted EBITDA represents to its contractual management and advisory fees (excluding any incentive business management fees). EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net income, net income attributable to The RMR Group Inc. or operating income as an indicator of The RMR Group Inc.’s financial performance or as a measure of The RMR Group Inc.’s liquidity. These measures should be considered in conjunction with net income, net income attributable to The RMR Group Inc. and operating income as presented in The RMR Group Inc.'s condensed consolidated statements of income. Also, other asset management businesses may calculate EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin differently than The RMR Group Inc. does. (2) These contractual management fees are the base business management fees, property management fees and advisory fees The RMR Group Inc. earns pursuant to its management and investment advisory agreements with its client companies. These amounts are calculated pursuant to the contractual formulas and do not deduct other asset amortization of $2,354 for each of the three months ended March 31, 2018 and 2017 and $4,708 for each of the six months ended March 31, 2018 and 2017, required to be recognized as a reduction to management services revenues in accordance with GAAP and do not include the incentive business management fees of $155,881 and $52,407 that The RMR Group Inc. recognized under GAAP during the six months ended March 31, 2018 and 2017, respectively, which were earned for the calendar years 2018 and 2017, respectively. The RMR Group Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
March 31,
2018
September 30,
2017
Assets Current assets: Cash and cash equivalents $ 276,360 $ 108,640 Due from related parties 24,721 25,161 Prepaid and other current assets 8,428 7,092 Total current assets 309,509 140,893 Total property and equipment, net 2,728 3,276 Due from related parties, net of current portion 6,502 7,551 Equity method investments 11,585 12,162 Goodwill 1,859 1,859 Intangible assets, net of amortization 418 462 Deferred tax asset 25,092 45,541 Other assets, net of amortization 167,268 171,975 Total assets $ 524,961 $ 383,719 Liabilities and Equity Current liabilities: Accounts payable and accrued expenses $ 50,212 $ 26,414 Total current liabilities 50,212 26,414 Long term portion of deferred rent payable, net of current portion 1,117 1,028 Amounts due pursuant to tax receivable agreement, net of current portion 34,354 59,063 Employer compensation liability, net of current portion 6,502 7,551 Total liabilities 92,185 94,056 Commitments and contingencies Equity: Class A common stock, $0.001 par value; 31,600,000 shares authorized; 15,174,463 shares issued and outstanding 15 15 Class B-1 common stock, $0.001 par value; 1,000,000 shares authorized, issued and outstanding 1 1 Class B-2 common stock, $0.001 par value; 15,000,000 shares authorized, issued and outstanding 15 15 Additional paid in capital 98,217 95,878 Retained earnings 166,312 86,836 Cumulative other comprehensive income 83 84 Cumulative common distributions (41,379 ) (33,298 ) Total shareholders’ equity 223,264 149,531 Noncontrolling interest 209,512 140,132 Total equity 432,776 289,663 Total liabilities and equity $ 524,961 $ 383,719
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005348/en/
The RMR Group Inc.
Timothy A. Bonang, 617-796-8230
Senior Vice President
Source: The RMR Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-the-rmr-group-inc-announces-second-quarter-fiscal-2018-results.html |
Man injured as Hawaii lava flow advances 11:41am EDT - 01:05
Officials say a man's leg was partially shattered by lava spatter, as a stream of fiery lava threatens to block a key highway on Hawaii's Big Island. ▲ Hide Transcript ▶ View Transcript
Officials say a man's leg was partially shattered by lava spatter, as a stream of fiery lava threatens to block a key highway on Hawaii's Big Island. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KHIeNT | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/20/man-injured-as-hawaii-lava-flow-advances?videoId=428740920 |
May 17, 2018 / 12:38 PM / Updated 8 hours ago Windsor pub renames itself 'Prince Harry' ahead of royal wedding Reuters Staff 1 Min Read
WINDSOR, England (Reuters) - While preparations are under way at Windsor Castle ahead of Saturday’s royal wedding, just a stone’s throw away the final touches are being made to a popular haunt which shares its new name with the groom - “The Prince Harry” pub. People browse for Royal Wedding souvenirs ahead of Prince Harry and Meghan Markle's wedding in Windsor, Britain, May 16, 2018. REUTERS/Phil Noble
Previously known as “The Three Tuns”, the public house takes on its new name just as Britain’s sixth-in-line to the throne prepares to marry his American actress fiancée Meghan Markle.
With a new sign, portrait of the prince and plenty of balloons and flag decorations, the pub is also serving a local royal wedding pale ale ahead of the big day.
Landlady Kelly Carpenter said the name change had been planned for while but workers had scrambled to get everything ready before Saturday. “We all love (Prince Harry),” she said. “He’s one of our favorites. He’s very normal.” Reporting by Ilze Filks; Editing by Marie-Louise Gumuchian and Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-wedding-pub/windsor-pub-renames-itself-prince-harry-ahead-of-royal-wedding-idUSKCN1II1QX |
May 24, 2018 / 11:40 PM / Updated 15 hours ago U.S. conservationists sue Trump administration over migratory bird policy Reuters Staff 3 Min Read
(Reuters) - A coalition of conservation groups sued the Trump administration on Thursday, accusing the government of slashing protections for migratory birds. U.S. President Donald Trump gestures as he speaks before the signing ceremony for S. 2155 - Economic Growth, Regulatory Relief, and Consumer Protection Act in the Roosevelt Room at the White House in Washington, U.S., May 24, 2018. REUTERS/Kevin Lamarque
At issue is the Migratory Bird Treaty Act, which the National Audubon Society and other plaintiffs say has been undermined. In the past, the act helped hold parties responsible for actions that killed or injured migratory birds.
But in December, the Trump administration said energy companies and other businesses that accidentally kill migratory birds will no longer be criminally prosecuted.
“As you can imagine, many causes of bird fatalities — including oil spills — could fall into this ‘unintentional’ category, so we’re taking the administration to court,” David Yarnold, president and CEO of the National Audubon Society, a plaintiff in the lawsuit, said in a statement.
Plaintiffs also include the American Bird Conservancy, the Center for Biological Diversity, and Defenders of Wildlife. The lawsuit was filed in the U.S. District Court for the Southern District of New York.
Defendants are the U.S. Department of the Interior, U.S. Fish and Wildlife Service and Daniel Jorjani, the Interior Department’s principal deputy solicitor.
The U.S. Attorney’s Office for the Southern District of New York, representing the government in the lawsuit, declined to comment. Representatives for the Fish and Wildlife Service, interior and justice departments also declined comment.
The Trump administration’s December move, in a legal memo from the Interior Department, reversed a longstanding practice at the agency and a last-minute rule implemented by the outgoing Obama administration. It came after several appeals courts ruled that the government was interpreting a century-old law aimed at protecting birds too broadly.
In the legal opinion, Jorjani said that a 1918 law that officials have used to prosecute those who kill birds “incidentally” as part of doing business was really aimed at preventing poaching and hunting without a license.
The Migratory Bird Treaty Act “applies only to direct and affirmative purposeful actions that reduce migratory birds, their eggs, or their nests, by killing or capturing, to human control,” Jorjani wrote.
The memo is already being followed, the lawsuit said, and one or more companies constructing natural gas pipelines were told they may cut down trees with nesting birds during the breeding season.
The conservation groups request that the court vacate the memo and declare the defendants “revert to their prior, correct longstanding interpretation and policy,” the lawsuit said. Reporting by Suzannah Gonzales in Chicago; Editing by Matthew Lewis | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-environment-trump/u-s-conservationists-sue-trump-administration-over-migratory-bird-policy-idUSKCN1IP3VV |
MINNEAPOLIS—Republicans have often won support in recent elections by promising to repeal the Affordable Care Act. This year, Democrats hope to turn the tables by pushing the opposite goal—not just keeping the health law, but expanding government’s role in health care.
The tactic, which carries political risk as well as opportunity, is playing out in places such as Minnesota, a state won narrowly by Hillary Clinton in 2016 that is facing a governor’s race, two Senate contests and five close House races. Democrats need to gain... RELATED VIDEO Can the Democrats Ride a Blue Wave to Midterm Election Wins? The Democrats have a "blue wave" of momentum building for the 2018 midterms, thanks to a motivated base, success in special elections and a low approval rating for President Trump. Will that be enough to take back the House and the Senate? | ashraq/financial-news-articles | https://www.wsj.com/articles/democrats-campaign-on-health-care-expansion-in-wake-of-gops-failed-aca-repeal-1526040001 |
May 10 (Reuters) - BSM Technologies Inc:
* QTRLY EARNINGS PER SHARE $0.021 * Q2 EARNINGS PER SHARE VIEW C$-0.01, REVENUE VIEW C$16.3 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bsm-technologies-inc-reports-qtrly/brief-bsm-technologies-inc-reports-qtrly-earnings-per-share-0-021-idUSASC0A1OY |
May 8, 2018 / 11:05 AM / in 3 minutes BRIEF-Aralez Pharmaceuticals Reports Q1 Loss Per Share Of $0.29 Reuters Staff
May 8 (Reuters) - Aralez Pharmaceuticals Inc: * ARALEZ ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* 1Q 2018 NET REVENUES INCREASED TO $38.1 MILLION VERSUS $26.0 MILLION IN 1Q 2017 * WITHDRAWING ITS PREVIOUS GUIDANCE
* AS OF MARCH 31, 2018 HAD CASH AND CASH EQUIVALENTS OF APPROXIMATELY $43.9 MILLION
* ARALEZ - DETERMINED THERE IS REASONABLE POSSIBILITY CO WILL NOT HAVE SUFFICIENT LIQUIDITY TO FUND CURRENT & PLANNED OPERATIONS THROUGH NEXT 12 MONTHS
* ARALEZ PHARMACEUTICALS - THERE IS SUBSTANTIAL DOUBT ABOUT COMPANY’S ABILITY TO CONTINUE AS A GOING CONCERN Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aralez-pharmaceuticals-reports-q1/brief-aralez-pharmaceuticals-reports-q1-loss-per-share-of-0-29-idUSASC0A0DK |
BIRMINGHAM, Ala.--(BUSINESS WIRE)-- Integrated Legacy Solutions (ILS) , the leading provider of technology for image and data migrations and conversions to the financial services industry, today released its quarterly overview of bank merger and acquisition data for the first quarter of 2018. Derived from data provided by the Federal Reserve System , the research quantifies all U.S. bank M&A activity occurring between January 2018 and March 2018 to monitor larger trends in the space, including total mergers and acquisitions, activity by state and region, the asset sizes of acquired and acquiring banks and transaction pricing, among other insights.
There were a total of 65 announced bank M&A transactions in Q1 2018, which is equivalent to transactions in the first quarter of 2017 and marks the eighth most active first quarter for M&A deals since 1991. While overall deals remained steady, the average price of M&A transactions among banks continues to rise. For example, the recent purchase of Bradenton, FL-based Premier Community Bank of Florida by National Bank of Commerce in Birmingham, AL, represents the highest book value paid for a $500M asset financial institution in the U.S. for the past three years, in a cash and stock deal valued at $52 million.
“The value of M&A deals among financial institutions around the $500M asset size is becoming increasingly clear in spite of—or maybe because of—the increase in prices,” said Kris Bishop, founder and president of ILS. “Stock prices continue to increase along with bank profits, which in turn enhances the purchasing power of acquiring banks. The increase in value has made these transactions more attractive to smaller banks that haven’t historically been in the target asset range for M&A activity.”
Other notable insights from the Q1 2018 research include:
Mississippi had the most M&A transactions of any state, with 7 total transactions. Louisiana came in close second, with 6 transactions. The Mid-South FDIC region had more transactions than any other region of the United States. There were 17 announced M&A transactions within the region in Q1. Conversely, the New England region had the least amount of M&A activity, with only 2 announced transactions. The Mid-South FDIC region saw a 142% increase in M&A activity compared to last year, with M&A transactions jumping from 7 transactions Q1 2017 to 17 transactions in Q1 2018. That Atlanta FDIC region saw a significant decrease in M&A activity when compared to the first quarter of last year. While there were a whopping 44 transactions announced in the first quarter of 2017, there were only 8 in the first quarter of 2018. The average asset size of acquired banks for the first quarter of 2018 was $588.3 million. The average asset size of acquiring banks was $4.8 billion.
“The buying and selling spree involving local banks continues amid a brisk pace of bank merger activity nationwide,” said Bishop. “It’s looking like the first quarter of 2018 heralds a promising year for merger and acquisitions among financial institutions.”
About Integrated Legacy Systems
Headquartered in Birmingham, Ala., Integrated Legacy Solutions (ILS) provides industry leading technology for legacy image and data migrations and conversions to the financial industry. ILS’s leadership team has performed data conversion for thousands of financial institutions over their nearly 20 years in the business. Through its flagship product, OmniView™ Browser, efficient business model and focused expertise, ILS has designed innovative ways to “migrate” legacy data much faster and less expensive than other costly and time consuming methods of data conversion. ILS’s success is focused on 3 key areas; customer service, the business (or conversion) process, and the latest technology to convert or migrate legacy systems quickly with minimal disruption to the client’s production environment. For more information, visit: www.integratedlegacy.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005174/en/
For ILS
Stephen Sprayberry, 678-781-7207
[email protected]
or
Maddie Russo, 678-781-7230
[email protected]
Source: Integrated Legacy Solutions (ILS) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-bank-ma-transactions-remain-brisk-in-first-quarter-of-2018-according-to-new-research-from-integrated-legacy-solutions.html |
May 9 (Reuters) - Papa Murphy’s Holdings Inc:
* PAPA MURPHY’S HOLDINGS, INC. REPORTS FIRST QUARTER 2018 RESULTS
* Q1 SAME STORE SALES FELL 3.9 PERCENT * Q1 EARNINGS PER SHARE VIEW $0.01 — THOMSON REUTERS I/B/E/S
* PAPA MURPHY’S - SUBSEQUENT TO Q1-END, CO ENTERED AGREEMENT WITH EXISTING FRANCHISE-OWNER, FRESH TAKE, TO REFRANCHISE COMPANY-OWNED STORES IN COLORADO
* FULL-YEAR SYSTEM-WIDE COMPARABLE STORE SALES ARE EXPECTED TO BE ABOUT FLAT FOR FISCAL 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-papa-murphys-q1-earnings-per-share/brief-papa-murphys-q1-earnings-per-share-0-09-idUSASC0A163 |
U.S. government debt yields fell Friday and notched weekly losses after the Federal Reserve signaled it could allow inflation to run above its target and geopolitical fears pushed investors toward safer asset classes.
The yield on the benchmark 10-year Treasury note , which moves inversely to price, was lower at around 2.931 percent, while the yield on the 30-year Treasury bond was lower at 3.09 percent.
Symbol Yield Change %Change US 3-MO --- US 1-YR --- US 2-YR --- US 5-YR --- US 10-YR --- US 30-YR --- The Federal Reserve's May meeting minutes released this week showed the central bank may be willing to let inflation run a little hotter than its two percent goal. A pivot to safer asset classes in the wake of geopolitical concerns has also helped send rates lower.
"I think we're facing a situation akin to that in 2008, when we had the Fed saying the economy was very strong," said Komal Sri-Kumar, president of Sri-Kumar Global Strategies. "Despite the fiscal stimulus from the tax cuts, the optimism is not reflected in the bond market."
"The other thing I would say concerns the Fed minutes – the Fed blinked. That was the beginning of the downturn this week," he added. "The Fed tried to make up for it up by saying that they would allow inflation to rise above its target ... [but] the Fed never admits to an error."
New orders for U.S.-made capital goods increased more than expected in April , hinting that business spending on equipment was accelerating after a slowdown toward the end of the first quarter.
The Commerce Department said Friday that orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, jumped 1 percent last month. Economists polled by Reuters had forecast core capital goods orders rising 0.7 percent last month.
Overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, dropped 1.7 percent in April. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/us-treasurys-higher-as-investors-await-economic-data.html |
TORONTO, May 25, 2018 (GLOBE NEWSWIRE) -- YAMANA GOLD INC. (TSX:YRI) (NYSE:AUY) (“Yamana” or the “Company”) today announced that it has filed an early warning report under National Instrument 62-103 in connection with the closing of the previously announced acquisition (the “Transaction”) by Leagold Mining Corporation (“Leagold”) of Brio Gold Inc. (“Brio Gold”).
Upon completion of the Transaction, Yamana received an aggregate of 58,115,953 common shares of Leagold (“Leagold Shares”) and 25,212,995 common share purchase Warrants of Leagold (“Warrants”) in exchange for its Brio Gold shares, representing approximately 20.65% of the issued and outstanding Leagold Shares on a non-diluted basis and approximately 27.17% of the issued and outstanding Leagold Shares on a partially-diluted basis, assuming the exercise of the Warrants held by Yamana. Prior to the Arrangement, Yamana did not hold any Leagold Shares or convertible securities of Leagold. Each Warrant entitles the holder thereof to purchase one Leagold Share at a price of $3.70 for a period of two years following completion of the Arrangement.
In connection with the Transaction, Yamana has agreed to hold the Leagold Shares and any Leagold Shares issuable upon exercise of the Warrants it received pursuant to the Transaction for a minimum period of 12 months, subject to certain customary exceptions. While Yamana currently has no plans or intentions with respect to the Leagold securities, subject to the terms of the Support Agreement, depending on market conditions, general economic and industry conditions, trading prices of Leagold’s securities, Leagold’s business, financial condition and prospects and/or other relevant factors, Yamana may develop such plans or intentions in the future and, at such time, may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the Leagold Shares, Warrants or other securities of Leagold.
A copy of the early warning report filed by Yamana will be available under Leagold’s profile on SEDAR at www.sedar.com or by contacting Sofia Tsakos, Senior Vice President, General Counsel and Corporate Secretary at 416-815-0220. Yamana’s head office is located at Royal Bank Plaza, North Tower, 200 Bay Street, Suite 2200, Toronto, ON, M5J 2J3 and Leagold’s head office is located at 595 Burrard Street, Suite 3042, PO Box 49152, Three Bentall, Vancouver, BC, V7X 1J1.
About Yamana
Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions throughout the Americas including Brazil, Argentina, Chile, and Canada. Yamana plans to continue to build on this base through existing operating mine expansions, throughput increases, development of new mines, the advancement of its exploration properties and, at times, by targeting other gold consolidation opportunities with a primary focus in the Americas.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
416-815-0220
1-888-809-0925
Email: [email protected]
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release contains or incorporates by reference “forward-looking statements” and “forward-looking information” under applicable Canadian securities legislation within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information includes, but is not limited to information with respect to the Company’s strategy, plans and objectives, including the Company’s expectations in connection with the sale or purchase of additional common shares of Leagold in the future, on the open market or in private transactions; Yamana’s plans to continue to build on its asset base through existing operating mine expansions, throughput increases, development of new mines, the advancement of its exploration properties and, at times, by targeting other gold consolidation opportunities with a primary focus in the Americas. Forward-looking statements are characterized by words such as “plan,” “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include market conditions as well as those risk factors discussed or referred to herein and in the Company's Annual Information Form filed with the securities regulatory authorities in all provinces of Canada and available at www.sedar.com , and the Company’s Annual Report on Form 40-F filed with the United States Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected plans and objectives and may not be appropriate for other purposes.
Source:Yamana Gold | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-yamana-gold-announces-filing-of-early-warning-report-in-connection-with-closing-of-leagoldas-acquisition-of-brio-gold.html |
Those updated privacy policies flooding your inbox due to Europe's GDPR compliance deadline on May 25 are so long that if you print out the ones from 30-some most-used apps, you could span a football field. Really. WSJ's Joanna Stern provides tips on how to tackle the gibberish. | ashraq/financial-news-articles | http://live.wsj.com/video/to-read-new-gdpr-privacy-policies-youll-need-a-football-field/773FA364-B838-46A4-88E5-E17ACD5F918A.html |
Essex and Surrey on Sunday at Chelmsford, England Surrey win by 6 wickets Essex 1st innings Varun Chopra c Rory Burns b Scott Borthwick 61 Adam Wheater c Jason Roy b Jade Dernbach 15 Tom Westley c Ollie Pope b Scott Borthwick 54 Dan Lawrence c Jade Dernbach b Sam Curran 26 Ravi Bopara Run Out Will Jacks 74 Ryan ten Doeschate c Rikki Clarke b Gareth Batty 28 Ashar Zaidi c Jade Dernbach b Rikki Clarke 14 Simon Harmer c Sam Curran b Rikki Clarke 1 Neil Wagner c Gareth Batty b Rikki Clarke 1 Shane Snater Not Out 9 Sam Cook Not Out 1 Extras 0b 3lb 0nb 0pen 7w 10 Total (50.0 overs) 294- 45 Wheater, 2-131 Westley, 3-131 Chopra, 4-184 Lawrence, 5-241 ten Doeschate, 6-275 Zaidi, 7-279 Harmer, 8-284 Bopara, 9-288 Wagner Jade Dernbach 10 0 71 1 7.10 Sam Curran 10 1 48 1 4.80 2w Gareth Batty 10 0 50 1 5.00 1w Rikki Clarke 10 0 59 3 5.90 4w Scott Borthwick 5 0 32 2 6.40 Will Jacks 5 0 31 0 6.20 Surrey 1st innings Jason Roy c Adam Wheater b Neil Wagner 86 Will Jacks c Adam Wheater b Sam Cook 0 Dean Elgar c&b Ryan ten Doeschate 87 Ben Foakes Not Out 84 Rory Burns Run Out Neil Wagner 20 Ollie Pope Not Out 6 Extras 4b 3lb 4nb 0pen 1w 12 Total (45.0 overs) 295-4 Fall of Wickets : 1-4 Jacks, 2-131 Roy, 3-231 Elgar, 4-271 Burns Did Not Bat : Curran, Borthwick, Clarke, Batty, Dernbach Neil Wagner 10 0 83 1 8.30 1w 1nb Sam Cook 10 0 50 1 5.00 1nb Ashar Zaidi 6 0 38 0 6.33 Simon Harmer 7 0 47 0 6.71 Shane Snater 5 0 36 0 7.20 Ravi Bopara 5 0 29 0 5.80 Ryan ten Doeschate 2 0 5 1 2.50 Umpire Neil Bainton Umpire Alexander Wharf Home Scorer Anthony Choat Away Scorer Debbie Beesley | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5RECSPFQ |
May 3, 2018 / 4:39 AM / Updated 13 minutes ago Macau's Galaxy Entertainment posts 36 pct rise in Q1 EBITDA Reuters Staff 1 Min Read
HONG KONG, May 3 (Reuters) - Macau casino operator Galaxy Entertainment Group posted a 36 percent rise in its first-quarter EBITDA due to resurgent demand from gamblers in the world’s biggest casino hub.
Galaxy is one of the six listed casino operators in the Chinese territory of Macau, which is the only place in the country where citizens are legally allowed to gamble.
Macau’s overall market has grown over the past year, with new resorts increasing competition for casino operators such as Wynn Macau Ltd, MGM China Holdings Ltd, SJM Holdings Ltd, Sands China Ltd and Melco Resorts & Entertainment Ltd.
Galaxy said on Thursday that revenue rose 32 percent year-on-year to HK$18.5 billion ($2.36 billion), while adjusted EBITDA was HK$4.3 billion. ($1 = 7.8492 Hong Kong dollars) (Reporting by Farah Master; Editing by Subhranshu Sahu) | ashraq/financial-news-articles | https://www.reuters.com/article/galaxy-entertainment-results/macaus-galaxy-entertainment-posts-36-pct-rise-in-q1-ebitda-idUSL3N1SA12W |
Houston, Shell Midstream Partners, L.P. (NYSE: SHLX) entered into a purchase and sale agreement to acquire Shell’s ownership interest in Amberjack Pipeline Company LLC, which is comprised of 75% of Amberjack Series A and 50% of Amberjack Series B for $1.22 billion.
“I’m pleased to announce our largest acquisition to date. This is a significant milestone for Shell Midstream Partners,” said Kevin Nichols, Chief Executive Officer. “The Amberjack pipeline is strategically located to capture value in a prolific area in the Gulf of Mexico and represents another key corridor that is set to benefit from organic growth.”
“This acquisition, combined with our equity raise earlier in the year, further demonstrates our ability to deliver against our promises and positions us well for the future.”
Shell Midstream Partners’ share of Amberjack’s annualized net income estimated using the second quarter of 2018 forecast is nearly $120 million with the second quarter dividend estimated to be about $34 million. Following the completion of anticipated growth projects, our share of Amberjack’s net income is expected to increase to an annual run rate of approximately $145 million by the end of 2018 with an associated quarterly dividend of approximately $40 million. Shell Midstream Partners plans to fund this acquisition with borrowings under existing credit facilities. The acquisition is expected to close on or around May 11, 2018, subject to customary closing conditions.
The key benefits of Amberjack can be categorized into three value drivers:
Sustained Growth: The pipeline currently transports roughly 300,000 barrels per day due to the success of Jack St. Malo and Tahiti. The pipeline is forecasted to transport approximately 400,000 barrels per day by the end of 2019 from continued in-field development, as well as new projects expected to come online. Connectivity: The pipeline has exceptional connectivity in the Gulf of Mexico with delivery options along the Texas and Louisiana Gulf Coast. Market Optionality: Shippers on Amberjack can deliver into multiple pipelines allowing for the transportation of four different crude grades. This optionality is a significant value driver for shippers as they can leverage arbitrage opportunities between crude grades and delivery locations.
The terms of the acquisition were approved by the conflicts committee of the Board of Directors of the General Partner of Shell Midstream Partners, which is composed entirely of independent directors. This committee was advised by Tudor Pickering Holt & Co. Advisors LP as to financial matters and Akin Gump Strauss Hauer & Feld LLP as to legal matters.
# # #
ABOUT SHELL MIDSTREAM PARTNERS, L.P.
Shell Midstream Partners, L.P., headquartered in Houston, Texas, is a fee-based, growth-oriented midstream master limited partnership formed by Royal Dutch Shell plc to own, operate, develop and acquire pipelines and other midstream assets. Shell Midstream Partner, L.P.’s assets include interests in entities that own crude oil and refined products pipelines and terminals that serve as key infrastructure to (i) transport onshore and offshore crude oil production to Gulf Coast and Midwest refining markets and (ii) deliver refined products from those markets to major demand centers. Our assets also include interests in entities that own natural gas and refinery gas pipelines that transport offshore natural gas to market hubs and deliver refinery gas from refineries and plants to chemical sites along the Gulf Coast.
For more information on Shell Midstream Partners, L.P. and the assets owned by the Partnership, please visit www.shellmidstreampartners.com .
INQUIRIES:
Investor Relations: +1 (832) 337-2034
Media Relations: +1 (832) 337-4355
FORWARD LOOKING STATEMENTS
This press release includes various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. You can identify our forward-looking statements by words such as "anticipate", "believe", "estimate", "expect", "forecast", "goals", "objectives", "outlook", "intend", "plan", "predict", "project", "risks", "schedule", "seek", "target", "could", "may", "should" or "would" or other similar expressions that convey the uncertainty of future events or outcomes. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, these statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, which could cause future outcomes to differ materially from those set forth in forward-looking statements. In particular, expressed or implied statements concerning future growth, future actions, closing and funding of acquisitions, future drop downs, volumes, capital requirements, conditions or events, future impact of prior acquisitions, future operating results or the ability to generate sales, income or cash flow or the amount of distributions are forward-looking statements. Forward-looking statements in this press release specifically include Shell Midstream Partners’ share of Amberjack’s estimated net income, the anticipated completion of growth projects on Amberjack and net income associated with the completion of such projects, and the forecasted barrels per day transported on the Amberjack pipeline by the end of 2019. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Forward-looking statements speak only as of the date of this press release, May 10, 2018, and we disclaim any obligation to update such statements for any reason, except as required by law. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this paragraph. More information on these risks and other potential factors that could affect the Partnership's financial results is included in the Partnership's filings with the U.S. Securities and Exchange Commission, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Partnership's most recently filed periodic reports on Form 10-K and subsequent filings. If any of those risks occur, it could cause our actual results to differ materially from those contained in any forward-looking statement. Because of these risks and uncertainties, you should not place undue reliance on any forward-looking statement.
Source:Shell Midstream Partners LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-shell-midstream-partners-l-p-announces-largest-acquisition-to-date.html |
SÃO PAULO, Brazil, May 09, 2018 (GLOBE NEWSWIRE) -- Ambev S.A. (B3:ABEV3) (NYSE:ABEV) announces today its results for the 2018 first quarter. The following operating and financial information, unless otherwise indicated, is presented in nominal Reais and prepared according to International Financial Reporting Standards (IFRS), and should be read together with our financial information for the three-month period ended March 31, 2018 filed with the CVM and submitted to the SEC.
OPERATING AND FINANCIAL HIGHLIGHTS
Net revenue: Top line was up 5.9% in 1Q18, as strong performance in Latin America South (LAS) (+24.6%) and Central America and the Caribbean (CAC) (+8.7%) and a flattish performance in Canada (+0.5%) were partially impacted by Brazil (-1.8%). In Brazil, volume decline of 11.0% was almost fully offset by a healthy net revenue per hectoliter (NR/hl) growth of 10.3%. In LAS, volume was up by a solid 5.7% and NR/hl rose by 17.8%. In CAC, volume and NR/hl grew by 4.3% and 4.2%, respectively. And, in Canada, volume marginal decline of 0.4% was offset by NR/hl growth of 1.0%.
Cost of goods sold (COGS): COGS and cash COGS (excluding depreciation and amortization) were flattish in the quarter (+0.2% and -0.3%, respectively). On a per hectoliter basis, COGS (COGS/hl) was up 6.3% while cash COGS grew by 5.8%, mainly due to inflationary pressures in Argentina and higher commodities prices, partially offset by favorable FX in LAS and Brazil.
Selling, general & administrative (SG&A) expenses: In 1Q18 SG&A and cash SG&A (excluding depreciation and amortization) increased by 6.8% and 6.4%, respectively, in line with our weighted average inflation (approximately 6.7%).
EBITDA, gross margin and EBITDA margin: Normalized EBITDA reached R$ 4,638.7 million (+10.1%) in 1Q18, with gross margin of 61.7% (+210bps) and EBITDA margin of 39.9% (+160bps).
Normalized net profit and EPS: Normalized Net Profit was R$ 2,610.9 million in 1Q18, 12.7% higher than in 1Q17, as the EBITDA organic growth and the reduction of net financial expenses were partially impacted by a higher tax rate. Normalized EPS in the quarter was R$ 0.16 (+13.6%).
Cash generation and CAPEX: Cash flow from operating activities before changes in working capital and provisions was R$ 4,651.7 million (+1.6%) while CAPEX reached R$ 472.7 million (-15.5%).
Payout and financial discipline: In 1Q18, we have paid R$ 1.1 billion in dividends. As of March 31, 2018, our net cash position was R$ 3,497.9 million.
Financial highlights - Ambev consolidated % As % R$ million 1Q17 1Q18 Reported Organic Total volume 41,305.1 38,915.5 -5.8% -5.8% Net revenue 11,241.8 11,640.2 3.5% 5.9% Gross profit 6,718.7 7,179.5 6.9% 9.7% % Gross margin 59.8 % 61.7 % 190 bps 210 bps Normalized EBITDA 4,356.2 4,638.7 6.5 % 10.1 % % Normalized EBITDA margin 38.7 % 39.9 % 120 bps 160 bps Profit 2,289.8 2,597.6 13.4 % Normalized profit 2,316.0 2,610.9 12.7 % EPS (R$/shares) 0.14 0.16 14.3 % Normalized EPS (R$/shares) 0.14 0.16 13.6 % Note: Earnings per share calculation is based on outstanding shares (total existing shares excluding shares held in treasury).
Investor Relations - Ambev S.A.
[email protected] / [email protected]
+55 11 2122 1414
Source:AMBEV S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-ambev-reports-2018-first-quarter-results-under-ifrs.html |
Fed survey shows economists, strategists turning cautious on stocks 1 Hour Ago CNBC's Steve Liesman reports on the results of the CNBC Fed Survey about the Federal Reserve raising rates and market reaction. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/fed-survey-shows-economists-strategists-turning-cautious-on-stocks.html |
CARSON, Calif., May 8, 2018 /PRNewswire/ -- U.S. Auto Parts Network, Inc. (NASDAQ: PRTS), one of the largest online providers of aftermarket automotive parts and accessories, reported results for the first quarter ended March 31, 2018. All information and data are from continuing operations, which exclude the AutoMD operating segment unless specifically noted.
First Quarter 2018 Financial Summary vs. Year-Ago Quarter
Net sales were $78.4 million compared to $80.8 million. Gross margin increased 50 basis points to 29.9%. Net income was $0.7 million, or $0.02 per diluted share, compared to $0.8 million or $0.02 per diluted share. Adjusted EBITDA (a non-GAAP measure defined below) was $4.1 million compared to $4.0 million. Ended the quarter with no revolver debt.
First Quarter 2018 Operational Highlights vs. Year-Ago Quarter
Conversion rate increased 50 basis points to 2.3%. Customer acquisition cost reduced to $7.31. Revenue capture increased 300 basis points to 88.2%.
Management Commentary
"As discussed on our last quarterly call, 2018 got off to a slow start, however we launched several web development initiatives in March that quickly drove meaningful improvements to our results," said Aaron Coleman, CEO of U.S. Auto Parts. "These initiatives led to increases in both gross margin and adjusted EBITDA for the quarter, as well as our fourth consecutive quarter of conversion rate improvement.
"We are in the process of deploying similar initiatives across our other core e-commerce sites, and early results have been promising. In addition, we are continuing to expand our current marketplace partnerships and have made real progress on this front over the last month, with Amazon soon carrying some of our private label assortment under a direct fulfillment model. We are also working to create new relationships with marketplace partners, as we embrace the continued strong growth we've experienced in this sales channel. In fact, Q1 was our ninth consecutive quarter of double-digit marketplace sales growth."
First Quarter 2018 Financial Results
Net sales in the first quarter of 2018 were $78.4 million compared to $80.8 million in the year-ago quarter. The decrease was largely driven by a 13% decrease in e-commerce sales, partially offset by an 11% increase in online marketplace sales.
Gross profit in the first quarter of 2018 was $23.5 million compared to $23.8 million in the year-ago quarter. As a percentage of net sales, gross profit increased 50 basis points to 29.9% compared to 29.4% as a result of a favorable mix shift towards private label products, as well as optimized pricing strategies. The company continues to expect gross margin to range between 29-30% going forward.
Total operating expenses in the first quarter were reduced to $21.9 million compared to $22.6 million in the first quarter of last year. As a percentage of net sales, operating expenses remained constant at 27.9% compared to the year ago quarter.
Net income in the first quarter decreased to $0.7 million, or $0.02 per diluted share, compared to $0.8 million or $0.02 per diluted share in the year-ago period.
Adjusted EBITDA in the first quarter of 2018 increased to $4.1 million compared to $4.0 million in the year-ago quarter, driven by the aforementioned increase in online marketplace sales and prudent cost management, partially offset by higher compliance costs related to the company's accelerated filer status and litigation costs.
At March 31, 2018, cash and cash equivalents totaled $9.2 million compared to $2.9 million at December 30, 2017. The increase was driven by improvements in working capital, free cash generation, as well as temporary favorable payment terms with one of its shipping vendors. The company also continued to carry no revolver debt at March 31, 2018.
Key Operating Metrics
Q1 2018
Q1 2017
Q4 2017
Conversion Rate 1
2.3
%
1.8
%
2.1
%
Customer Acquisition Cost 1
$
7.31
$
7.43
$
7.14
Unique Visitors (millions) 1
20.1
28.9
20.1
Number of Orders - E-commerce only (thousands)
460
518
419
Number of Orders - Online Marketplace (thousands)
441
431
395
Total Number of Internet Orders (thousands)
901
949
814
Revenue Capture (% Sales) 2
88.2
%
85.2
%
86.1
%
Average Order Value - E-commerce only
$
98
$
104
$
100
Average Order Value - Online Marketplace
$
72
$
67
$
67
Average Order Value - Total Internet Orders
$
85
$
87
$
82
1.
Excludes online marketplaces and media properties (e.g. AutoMD).
2.
Revenue capture is the amount of actual dollars retained after taking into consideration returns, credit card declines and product fulfillment and excludes online marketplaces and media properties (e.g. AutoMD).
Update on the Customs Issues
U.S. Auto Parts recently filed a lawsuit against the United States Department of Homeland Security in the U.S. Court of International Trade. The lawsuit asserts that the United States Customs and Border Protection, an agency of the Department of Homeland Security ("Customs"), has been wrongfully seizing automotive grilles being imported by U.S. Auto Parts on the basis that the grilles are allegedly counterfeit and infringe trademarks held by the original automobile manufacturers. U.S. Auto Parts intends to vigorously defend its right to sell aftermarket automotive grilles under well-established trademark doctrines as the grilles are neither counterfeit nor is there a likelihood of confusion between our aftermarket products and OEM parts. While the number of seized automotive grilles currently represents less than one percent of U.S. Auto Parts' overall revenue and product assortment, U.S. Auto Parts has taken this action to remove overly burdensome bonding requirements arising from the wrongful seizures and to ensure that Customs expeditiously processes the flow of its goods into the United States. U.S. Auto Parts has already won a temporary restraining order reducing the bonding requirement to three percent of the commercial invoice value of each shipment and currently has a preliminary injunction hearing on the matter scheduled for May 9 th . U.S. Auto Parts expects to issue a Form 8-K following the court's decision on the preliminary injunction hearing.
2018 Outlook
U.S. Auto Parts continues to expect net sales to increase low single digits on a percentage basis compared to 2017. In light of the anticipated costs associated with the customs issues, the company has revised its adjusted EBITDA range from between $14.5 million and $16.0 million to between $13.0 and $14.5 million compared to $14.2 million in 2017. U.S. Auto Parts is not including a reconciliation of adjusted EBITDA guidance to projected net income due to the high variability and difficulty in making accurate long-term forecasts and projections of net operating loss carryforwards which have a significant impact on future net income results. As a result, U.S. Auto Parts is unable to quantify its projected net income without unreasonable efforts.
Conference Call
U.S. Auto Parts will conduct a conference call today at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss its financial results for the first quarter ended March 31, 2018.
The Company's CEO Aaron Coleman and CFO Neil Watanabe will host the conference call, followed by a question and answer period.
Date: Tuesday, May 8, 2018
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: 877-407-9039
International dial-in number: 201-689-8470
Conference ID: 13678477
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 Liolios at 1-949-574-3860.
The conference call will be broadcast live and available for replay via the investor relations section of the Company's website at www.usautoparts.net .
A telephone replay of the conference call will also be available on the same day through May 22, 2018.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 13678477
About U.S. Auto Parts Network, Inc.
Established in 1995, U.S. Auto Parts is a leading online provider of automotive aftermarket parts, including collision, engine, and performance parts and accessories. Through the Company's network of websites, U.S. Auto Parts provides consumers with a broad selection of competitively priced products, all mapped by a proprietary database with applications based on vehicle makes, models and years. U.S. Auto Parts' flagship websites include www.autopartswarehouse.com , www.carparts.com , and www.jcwhitney.com , as well as the Company's corporate website at www.usautoparts.net .
U.S. Auto Parts is headquartered in Carson, California.
Non-GAAP Financial Measures
Regulation G, and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. We provide "Adjusted EBITDA," which is a non-GAAP financial measure. Adjusted EBITDA consists of net income before (a) interest expense, net; (b) income tax provision; (c) depreciation and amortization expense; (d) amortization of intangible assets; and (e) share-based compensation expense.
The Company believes that this non-GAAP financial measure provides important supplemental information to management and investors. This non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with the GAAP results and the accompanying reconciliation to corresponding GAAP financial measures, provides a more complete understanding of factors and trends affecting the Company's business and results of operations.
Management uses Adjusted EBITDA as one measure of the Company's operating performance because it assists in comparing the Company's operating performance on a consistent basis by removing the impact of stock compensation expense, as well as items that are not expected to be recurring. Internally, this non-GAAP measure is also used by management for planning purposes, including the preparation of internal budgets; for allocating resources to enhance financial performance; and for evaluating the effectiveness of operational strategies. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate the ongoing operations of companies in our industry.
This non-GAAP financial measure is used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company's consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from the Company's non-GAAP measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring.
Safe Harbor Statement
This press release contains statements which are based on management's current expectations, estimates and projections about the Company's business and its industry, as well as certain assumptions made by the Company. These statements are forward looking statements for the purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended and Section 27A of the Securities Act of 1933, as amended. Words such as "anticipates," "could," "expects," "intends," "plans," "potential," "believes," "predicts," "projects," "seeks," "estimates," "may," "will," "would," "will likely continue" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, the Company's expectations regarding its future operating results and financial condition, impact of changes in our key operating metrics, our potential growth and our liquidity requirements, and the Company's expectations regarding the customs litigation and related trademark issues. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, competitive pressures, our dependence on search engines to attract customers, demand for the Company's products, the online market and channel mix for aftermarket auto parts, the economy in general, increases in commodity and component pricing that would increase the Company's product costs, the operating restrictions in our credit agreement, the weather, the impact of the customs issues and any other factors discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Risk Factors contained in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at www.usautoparts.net and the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Unless otherwise required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise.
Company Contact:
Neil T. Watanabe, Chief Financial Officer
U.S. Auto Parts Network, Inc.
(424) 702-1455 x127
[email protected]
Investor Relations:
Cody Slach or Sean Mansouri
Liolios
949-574-3860
[email protected]
Summarized information for our continuing operations for the periods presented is as follows (in millions):
Thirteen Weeks Ended
March 31, 2018
April 1, 2017
Net sales
$
78.39
$
80.83
Gross profit
$
23.46
23.79
29.9
%
29.4
%
Operating expenses
$
21.85
$
22.58
27.9
%
27.9
%
Income from operations
$
1.61
$
1.21
2.1
%
1.5
%
Income from continuing operations
$
0.74
$
0.82
0.9
%
1.0
%
Adjusted EBITDA
$
4.14
$
4.03
5.3
%
5.0
%
The table below reconciles income from continuing operations to Adjusted EBITDA for the periods presented (in thousands):
Thirteen Weeks Ended
March 31, 2018
April 1, 2017
Income from continuing operations
$
735
$
816
Depreciation & amortization
1,504
1,633
Amortization of intangible assets
47
112
Interest expense, net
431
376
Taxes
442
27
EBITDA
$
3,159
$
2,964
Stock comp expense
$
976
$
1,064
Adjusted EBITDA
$
4,135
$
4,028
U.S. Auto Parts is not including a reconciliation of adjusted EBITDA guidance to projected net income due to the high variability and difficulty in making accurate long-term forecasts and projections of net operating loss carryforwards which have a significant impact on future net income results. As a result, U.S. Auto Parts is unable to quantify its projected net income without unreasonable efforts.
U.S. AUTO PARTS NETWORK, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS
(Unaudited, in Thousands, Except Per Share Data)
Thirteen Weeks Ended
March 31, 2018
April 1, 2017
Net sales
$
78,385
$
80,833
Cost of sales (1)
54,926
57,046
Gross profit
23,459
23,787
Operating expenses:
Marketing
9,982
10,314
General and administrative
4,885
4,801
Fulfillment
5,848
6,082
Technology
1,088
1,273
Amortization of intangible assets
47
112
Total operating expenses
21,850
22,582
Income from operations
1,609
1,205
Other income (expense):
Other income, net
1
16
Interest expense
(433)
(378)
Total other expense, net
(432)
(362)
Income from continuing operations before income taxes
1,177
843
Income tax provision
442
27
Income from continuing operations
735
816
Discontinued operations (2)
Loss from operations and disposal of discontinued AutoMD operations
—
(558)
Income tax provision
—
1
Loss on discontinued operations
—
(559)
Net income
735
257
Other comprehensive income (loss):
Foreign currency translation adjustments
19
(2)
Total other comprehensive loss
19
(2)
Comprehensive income
$
754
$
255
Income from continuing operations per share:
Basic income from continuing operations per share
$
0.02
$
0.02
Diluted income from continuing operations per share
$
0.02
$
0.02
Weighted average common shares outstanding:
Shares used in computation of basic income from continuing operations per share
34,821
34,510
Shares used in computation of diluted income from continuing operations per share
38,066
40,231
(1)
Excludes depreciation and amortization expense which is included in marketing, general and administrative and fulfillment expense.
(2)
During March, 2017 our AutoMD operations filed for dissolution and have been classified as discontinued operations.
U.S. AUTO PARTS NETWORK, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited, In Thousands, Except Par and Liquidation Value)
March 31, 2018
December 30, 2017
ASSETS
Current assets:
Cash and cash equivalents
$
9,222
$
2,850
Short-term investments
10
9
Accounts receivable, net
3,357
2,470
Inventory
58,120
54,231
Other current assets
3,009
2,972
Total current assets
73,718
62,532
Deferred income taxes
21,062
21,476
Property and equipment, net
15,021
15,085
Intangible assets, net
604
651
Other non-current assets
1,328
954
Total assets
$
111,733
$
100,698
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
42,691
$
35,999
Accrued expenses
10,915
7,363
Current portion of capital leases payable
586
579
Customer deposits
2,500
2,500
Other current liabilities
1,713
2,457
Total current liabilities
58,405
48,898
Capital leases payable, net of current portion
9,020
9,173
Other non-current liabilities
2,275
2,266
Total liabilities
69,700
60,337
Commitments and contingencies
Stockholders' equity:
Series A convertible preferred stock, $0.001 par value; $1.45 per share liquidation value or aggregate of $6,017; 4,150 shares authorized; 2,771 shares issued and outstanding at both March 31, 2018 and December 30, 2017
3
3
Common stock, $0.001 par value; 100,000 shares authorized; 34,939 and 34,666 shares issued and outstanding at March 31, 2018 and December 30, 2017 (of which 2,525 are treasury stock)
37
37
Treasury stock
(7,146)
(7,146)
Additional paid-in capital
180,517
179,906
Accumulated other comprehensive income
579
557
Accumulated deficit
(131,957)
(132,996)
Total stockholders' equity
42,033
40,361
Total liabilities and stockholders' equity
$
111,733
$
100,698
U.S. AUTO PARTS NETWORK, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, In Thousands)
Thirteen Weeks Ended
March 31,
2018
April 1,
2017
Operating activities
Net income
$
735
$
257
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense
1,504
1,633
Amortization of intangible assets
47
112
Deferred income taxes
415
—
Share-based compensation expense
976
1,089
Stock awards issued for non-employee director service
4
2
Amortization of deferred financing costs
1
22
Gain from disposition of assets
—
(8)
Changes in operating assets and liabilities:
Accounts receivable
(887)
105
Inventory
(3,889)
(6,282)
Other current assets
(442)
(161)
Other non-current assets
20
135
Accounts payable and accrued expenses
10,339
10,662
Other current liabilities
(402)
(67)
Other non-current liabilities
139
59
Net cash provided by operating activities
8,560
7,558
Investing activities
Additions to property and equipment
(1,490)
(1,262)
Proceeds from sale of property and equipment
—
39
Net cash used in investing activities
(1,490)
(1,223)
Financing activities
Borrowings from revolving loan payable
3,106
3,576
Payments made on revolving loan payable
(3,106)
(3,576)
Proceeds from stock options
—
33
Minority shareholder redemption
—
(2,485)
Payments on capital leases
(144)
(136)
Treasury stock repurchase
—
(2,272)
Statutory tax withholding payment for share-based compensation
(395)
(688)
Payment of liabilities related to financing activities
(100)
(100)
Preferred stock dividends paid
(41)
(120)
Net cash used in financing activities
(680)
(5,768)
Effect of exchange rate changes on cash
(18)
(12)
Net change in cash and cash equivalents
6,372
555
Cash and cash equivalents, beginning of period
2,850
6,643
Cash and cash equivalents, end of period
$
9,222
$
7,198
Supplemental disclosure of non-cash investing and financing activities:
Accrued asset purchases
$
766
$
694
Supplemental disclosure of cash flow information:
Cash paid during the period for income taxes
$
—
$
15
Cash paid during the period for interest
442
337
View original content with multimedia: http://www.prnewswire.com/news-releases/us-auto-parts-reports-first-quarter-2018-results-300644823.html
SOURCE U.S. Auto Parts Network, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-u-s-auto-parts-reports-first-quarter-2018-results.html |
COLUMBUS, Ohio, May 9, 2018 /PRNewswire/ -- Core Molding Technologies, Inc. (NYSE American: CMT) ("Core Molding" or the "Company") today announced results for the first quarter ended March 31, 2018.
"The Company recorded strong sales growth compared to the same period of last year driven by the first quarter 2018 acquisition of Horizon Plastics International, Inc. ("Horizon Plastics"), increased demand from North American heavy-duty truck customers and higher tooling sales," said Kevin Barnett, President and Chief Executive Officer. "Net sales, including Horizon Plastics net sales of $14.7 million, increased $26.3 million or 72% compared to the first quarter of 2017. Excluding Horizon Plastics, net sales increased 32%. Supporting our strategic objectives, Horizon Plastics expands our process and material offerings and increases the number of end markets we serve. As a result of the acquisition, for the first time in Core Molding's history, our non-truck sales represent approximately one-half of our total sales."
First Quarter 2018 Compared to First Quarter 2017:
Net sales were $63.0 million compared to $36.7 million. Product sales were $59.7 million compared to $36.3 million. Gross margin was 12.5% compared to 17.7%. Selling, general and administrative expense were $6.8 million compared to $3.9 million. Operating income was $1.1 million compared to $2.6 million. Net income was $0.5 million, or $0.07 per diluted share, compared with $1.7 million, or $0.22 per diluted share.
First quarter 2018 gross margin of 12.5% was lower than prior year's gross margin of 17.7%. The Company continued to see pressure on gross margin, primarily due to higher raw material and labor costs and increased manufacturing inefficiencies. Raw material cost increases have continued across multiple commodities and multiple vendors, driven primarily by underlying cost pressures while labor costs have increased due to tightening labor market conditions. The rapid ramp up in demand by our customers and the launch of multiple new business programs has caused manufacturing inefficiencies, including hiring, training, overtime, contract labor and premium freight costs. Selling, general and administrative expenses increased $2.9 million compared to 2017, primarily due to the Horizon Plastics acquisition. As a result of the acquisition, the Company incurred one-time acquisition transaction costs and will have ongoing operating costs of the new entity along with the amortization costs of the intangible assets acquired.
The one-time acquisition transaction costs negatively impacted net income by $0.9 million ($1.3 million pre-tax), or $0.12 per share. Excluding the one-time costs, the Company's net income would have been $1.4 million, or $0.19 per share. The Horizon Plastics acquisition, excluding one-time transaction costs, contributed earnings per share for the quarter of $0.07.
Financial Position at March 31, 2018:
Cash and cash equivalents of $2.6 million. Total assets of $195.1 million. Total debt of $54.5 million. Stockholders' equity of $104.0 million.
Outlook
Barnett stated, "Looking ahead to the remainder of 2018, we expect continued sales growth due to the acquisition of Horizon Plastics and further increases in certain key markets. Although the North American heavy-duty truck market is a smaller percent of net sales than in the past, the market remains our largest. Industry analysts are projecting 2018 heavy-duty truck productions levels to be 28% higher than 2017 which should have a positive impact on the Company's 2018 net sales. We anticipate that raw material costs will remain elevated throughout the year. We also expect that tight labor conditions will continue to put pressure on wages and incremental hiring. Our primary focus is on improving our manufacturing inefficiencies associated with the ramp up in volumes and the multiple new program launches. We are highly committed to mitigating the effects of these costs and improving gross margin as the year progresses."
Barnett concluded, "We are seeing significant top-line growth as a result of our recent acquisition and strong organic growth from existing customers including multiple new program launches. We are excited that we have positioned the company with a broad offering of capabilities and look forward to working with our diverse customer base to meet their growing needs. With the Horizon Plastics acquisition, we anticipate annual revenues for the first time in the Company's history to exceed $200 million in 2018. Although we are currently experiencing operational challenges related to our strong sales growth, we expect to work through these challenges and remain optimistic in our ability to deliver long-term financial performance consistent with our historical levels."
Dividend
The Company's Board of Directors declared a quarterly cash dividend of $0.05 per share payable on May 31, 2018 to shareholders of record on May 22, 2018.
About Core Molding Technologies, Inc.
Core Molding Technologies, Inc. is a manufacturer of sheet molding compound (SMC) and molder of fiberglass reinforced thermoset and thermoplastic materials. Core specializes in large-format moldings and offers a wide range of fiberglass processes, including compression molding of SMC, glass mat thermoplastics (GMT) and bulk molding compounds (BMC); compression and transfer molding of direct long-fiber thermoplastics (D-LFT); spray-up, lay-up, resin transfer (RTM) and vacuum resin transfer molding (V-RTM). Additionally, the company offers reaction injection molding (RIM) of dicyclopentadiene (DCPD). Core serves a wide variety of markets, including the medium and heavy-duty truck, marine, automotive, agriculture, construction and other commercial products markets. Headquartered in Columbus, Ohio, Core maintains plants in Columbus and Batavia, Ohio; Gaffney, South Carolina; Winona, Minnesota; Matamoros and Escobedo, Mexico; and Cobourg, Ontario, Canada. For further information, visit the company's website at www.coremt.com .
This press release may contain certain forward-looking statements within the meaning of the federal securities laws. As a general matter, forward-looking statements are those focused upon future plans, objectives or performance as opposed to historical items and include statements of anticipated events or trends and expectations and beliefs relating to matters not historical in nature. Such forward-looking statements involve known and unknown risks and are subject to uncertainties and factors relating to Core Molding Technologies' operations and business environment, all of which are difficult to predict and many of which are beyond Core Molding Technologies' control. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plans," "projects," "believes," "estimates," "encouraged," "confident" and similar expressions are used to identify these forward-looking statements. These uncertainties and factors could cause Core Molding Technologies' actual results to differ materially from those matters expressed in or implied by such forward-looking statements.
Core Molding Technologies believes that the following factors, among others, could affect its future performance and cause actual results to differ materially from those expressed or implied by forward-looking statements made in this report: business conditions in the plastics, transportation, marine and commercial product industries (including slowdown in demand for truck production); federal and state regulations (including engine emission regulations); general economic, social, regulatory (including foreign trade policy) and political environments in the countries in which Core Molding Technologies operates; safety and security conditions in Mexico and Canada; dependence upon certain major customers as the primary source of Core Molding Technologies' sales revenues; efforts of Core Molding Technologies to expand its customer base; the ability to develop new and innovative products and to diversify markets, materials and processes and increase operational enhancements; the actions of competitors, customers, and suppliers; failure of Core Molding Technologies' suppliers to perform their obligations; the availability of raw materials; inflationary pressures; new technologies; regulatory matters; labor relations; the loss or inability of Core Molding Technologies to attract and retain key personnel; the Company's ability to successfully identify, evaluate and manage potential acquisitions and to benefit from and properly integrate any completed acquisitions, including the recent acquisition of Horizon Plastics; the risk that the integration of Horizon Plastics may be more difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from acquisition of Horizon Plastics may not be fully realized within the expected timeframe; revenues following the acquisition of Horizon Plastics may be lower than expected; customer and employee relationships and business operations may be disrupted by the acquisition of Horizon Plastics; federal, state and local environmental laws and regulations; the availability of capital; the ability of Core Molding Technologies to provide on-time delivery to customers, which may require additional shipping expenses to ensure on-time delivery or otherwise result in late fees; risk of cancellation or rescheduling of orders; management's decision to pursue new products or businesses which involve additional costs, risks or capital expenditures; inadequate insurance coverage to protect against potential hazards; equipment and machinery failure; product liability and warranty claims; and other risks identified from time to time in Core Molding Technologies' other public documents on file with the Securities and Exchange Commission, including those described in Item 1A of the 2017 Annual Report on Form 10-K.
Company Contact:
John Zimmer
Vice President & Chief Financial Officer
614-870-5604
[email protected]
(See Accompanying Tables)
CORE MOLDING TECHNOLOGIES, INC.
Condensed Consolidated Statements of Income (Unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
2018
2017
Net sales:
Products
$
59,712
$
36,336
Tooling
3,334
410
Total net sales
63,046
36,746
Total cost of sales
55,161
30,267
Gross margin
7,885
6,479
Total selling, general and administrative expense
6,760
3,925
Operating Income
1,125
2,554
Interest expense
449
64
Net periodic post-retirement benefit cost
(12)
(12)
Total other income and expense
437
52
Income before income taxes
688
2,502
Income tax expense
170
814
Net income
$
518
$
1,688
Net income per common share:
Basic
$
0.07
$
0.22
Diluted
$
0.07
$
0.22
Weighted average shares outstanding:
Basic
7,711
7,652
Diluted
7,800
7,708
Condensed Consolidated Balance Sheets
(in thousands)
As of
3/31/2018
(Unaudited)
As of
12/31/2017
Assets:
Cash
$
2,582
$
26,780
Accounts Receivable, net
41,273
19,846
Inventories, net
20,018
13,459
Other Current Assets
7,090
4,870
Property, Plant and Equipment, net
81,475
68,631
Goodwill and Intangibles, net
40,586
2,916
Other Long-term Assets
2,075
2,076
Total Assets
$
195,099
$
138,578
Liabilities and Stockholders' Equity
Current Portion of Long-term Debt
$
14,230
$
3,000
Accounts Payable
18,035
13,850
Compensation and Related Benefits
5,363
3,524
Accrued Liabilities and Other
3,827
3,116
Long-Term Debt
40,239
3,750
Deferred Tax Liability
395
395
Post Retirement Benefits Liability
9,049
9,050
Stockholders' Equity
103,961
101,893
Total Liabilities and Stockholders' Equity
$
195,099
$
138,578
View original content: http://www.prnewswire.com/news-releases/core-molding-technologies-reports-first-quarter-2018-results-300645047.html
SOURCE Core Molding Technologies | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-core-molding-technologies-reports-first-quarter-2018-results.html |
AUSTIN, Texas, May 17, 2018 /PRNewswire/ -- Lisa Pope and Joylin Verplank are recognized as influential women driving channel growth and innovation and demonstrating exemplary leadership and vision
Epicor Software Corporation, a global provider of industry-specific enterprise software to promote business growth, today announced that CRN ® , a brand of The Channel Company, has named Lisa Pope, executive vice president, Sales Americas, and Joylin Verplank, senior director of Channels Americas, to its prestigious 2018 Women of the Channel list.
The executives who comprise this annual list span the IT channel, representing vendors, distributors, solution providers and other organizations that figure prominently in the channel ecosystem. Each is recognized for her outstanding leadership, vision and unique role in driving channel growth and innovation.
In addition to being named to the Women of the Channel list, Pope was also named to CRN's 2018 Power 100 list, an elite subset of the annual Women of the Channel list who have earned a special distinction based on their exemplary record of success and their level of influence in the channel. Earlier this year, Pope was recognized by The Channel Company as a 2018 Channel Chief, as well.
In her time at Epicor, Pope has led the charge in helping businesses gain more return on their software investments. She has led the development and launch of a new Customer Value Workshop—a program that provides recommendations on additional means to improve profitability, grow revenue and enhance the customer experience.
Verplank has worked closely with Pope to restructure the Americas channel partner program, adding dedicated channel resources to support lead generation and foster partner growth.
"This accomplished group of leaders is steadily guiding the IT channel into a prosperous new era of services-led business models and deep, strategic partnerships," said Bob Skelley, CEO of The Channel Company. "CRN's 2018 Women of the Channel list honors executives who are driving channel progress through a number of achievements—exemplary partner programs, innovative product development and marketing, effective team-building, visionary leadership and accelerated sales growth—as well as advocacy for the next generation of women channel executives."
"I'm extremely honored to be recognized by CRN and to be listed among leaders that are driving successful execution in the channel," said Pope. "I am proud of our efforts to enhance the Epicor channel program to empower our channel partners to foster new levels of customer success as well as build their business."
"I am privileged to be recognized among such a strong and influential group of women that are fostering innovation in the channel community," said Verplank. "In my short time at Epicor, I have been fortunate to work with such a strong team that thinks outside the box to help drive the success of our partners."
The 2018 Women of the Channel list will be featured in the June 2018 issue of CRN Magazine and online at www.CRN.com/wotc .
About Epicor Software Corporation
Epicor Software Corporation drives business growth. We provide flexible, industry-specific software designed to fit the precise needs of our manufacturing, distribution, retail, and service industry customers. More than 45 years of experience with our customers' unique business processes and operational requirements are built into every solution―in the cloud or on premises. With this deep understanding of your industry, Epicor solutions dramatically improve performance and profitability while easing complexity so you can focus on growth. For more information, connect with Epicor or visit www.epicor.com .
Epicor and the Epicor logo are trademarks or registered trademarks of Epicor Software Corporation, registered in the United States and other countries. Other trademarks referenced are the property of their respective owners. The product and service offerings depicted in this document are produced by Epicor Software Corporation.
CRN is a registered trademark of The Channel Company, LLC. The Channel Company logo is a trademark of The Channel Company, LLC (registration pending). All rights reserved.
Contact:
Andre Lenartowicz
Manager, Public Relations
Epicor Software Corporation
+1 512 278 5265
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/epicor-executives-named-to-prestigious-women-of-the-channel-list-by-crn-300649623.html
SOURCE Epicor Software Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-epicor-executives-named-to-prestigious-women-of-the-channel-list-by-crn.html |
HALIFAX, Nova Scotia, May 09, 2018 (GLOBE NEWSWIRE) -- Killam Apartment REIT (TSX:KMP.UN) ("Killam") today reported its results for the first quarter ended March 31, 2018.
Q1-2018 Financial Highlights
Reported net income of $68.9 million compared to $17.7 million in Q1-2017, due to strong operating performance, contributions from acquisitions and fair value gains on investment properties. Generated net operating income ("NOI") of $28.4 million, a 14.0% increase from $24.9 million in Q1-2017. Earned funds from operations ("FFO") per unit of $0.20, a 5.3% increase from Q1-2017. Increased adjusted funds from operations ("AFFO") per unit 14.3% to $0.16, compared to $0.14 in Q1-2017. Achieved same property NOI growth of 4.8% over Q1-2017. Improved interest coverage to 3.21x from 3.13x at December 31, 2017.
Three months ended March 31, (000's) 2018 2017 Change Property revenue $ 49,449 $44,305 11.6% Net operating income $ 28,423 $24,942 14.0% Net income $ 68,914 $17,650 290.4% FFO (1) $ 16,807 $13,666 23.0% FFO per unit (diluted) (1) $ 0.20 $0.19 5.3% AFFO per unit (diluted) (1) $ 0.16 $0.14 14.3% AFFO payout ratio (diluted) (1) (2) 85 % 90% (500) bps Same property apartment occupancy (3) 96.8 % 95.5% 130 bps Same property revenue growth 4.0 % Same property net operating income growth 4.8 % (1) FFO and AFFO are defined in non-IFRS measures below. A reconciliation between net income and FFO is included on page 21 of the Q1-2018 Management Discussion and Analysis. A reconciliation from FFO to AFFO is included on page 23 of the Q1-2018 Management Discussion and Analysis. (2) AFFO calculation is based on the rolling 12-month. (3) Occupancy represents actual residential rental revenue, net of vacancy, as a percentage of gross potential residential rent.
As at March 31, 2018 December 31, 2017 Change Debt to total assets 50.2 % 48.7% 150 bps Weighted average mortgage interest rate 2.91 % 2.91% — Weighted average years to debt maturity 4.3 4.0 0.3 years Interest coverage ratio 3.21x 3.13x 2.6% Summary of Q1-2018 Results and Operations
Increase in FFO per Unit of 5.3% on Strong Same Property Performance
Killam generated FFO per unit of $0.20 in Q1-2018, 5.3% higher than $0.19 generated in Q1-2017. FFO growth was attributable to increased NOI generated by the same property portfolio, lower interest expense associated with the repayment of the $46 million convertible debentures in April 2017, recent acquisitions and interest savings on mortgage refinancings. This growth was partially offset by a 15.8% increase in the weighted average number of units outstanding from an aggregate $154.1 million of equity issued in March and November 2017.
AFFO per Unit Growth of 14.3%
AFFO per unit increased 14.3% in Q1-2018 to $0.16 compared to $0.14 in Q1-2017. The increase in AFFO per unit was attributable to growth in same property NOI, interest savings and the addition of newer high-quality assets to the portfolio which require lower maintenance capital.
Rental Rate Increases and Occupancy Gains Drove 4.0% Same Property Revenue Growth
Same property revenue increased 4.0% compared to Q1-2017 as a result of a 130 bps increase in average apartment occupancy, a 2.2% increase in the average rental rate for the apartment portfolio, a 30 bps decrease in rental incentives and 2.1% top-line growth within the MHC portfolio. With continued high occupancy levels, increasing rental rates is a key focus for revenue growth. Increases on unit turns and lease renewals averaged 5.0% and 1.5%, during the quarter. New Brunswick and Halifax lead the apartment performance, where same property apartment revenues increased by 6.4% and 4.1%, compared to Q1-2017.
Robust Same Property NOI growth of 4.8%
Killam's same property total operating expenses increased only 3.0% during Q1-2018, contributing to the 4.8% growth in NOI. The first quarter typically has the highest volatility in heating costs, and during Q1-2018, utility and fuel expenses were up 8.6% quarter-over-quarter. The increase was primarily due to higher natural gas prices in New Brunswick and Halifax, coupled with increased fuel consumption as a result of colder temperatures in January across the portfolio. Killam saw a decrease in both electricity and water expenses as a result of electricity rate reductions in Ontario and reduced utility consumption following capital investments in water and energy efficiency programs. Killam was also successful in reducing property operating expenses by 60 bps through various cost management initiatives and in limiting the property tax expense increase to 1.5% through continued assessment appeals.
Fair Value Gains of $61 Million
Killam recorded $61 million of fair value gains related to its investment property portfolio during the quarter. This increase reflects a 12 bps reduction in the weighted average cap rate to 5.25% for Killam's apartment portfolio. The fair value gains are supported by strong apartment fundamentals across Killam's core markets and continued downward pressure on cap-rates across the industry.
$124 Million of Acquisitions Support Portfolio Growth
Killam completed $124 million of acquisitions during Q1-2018, including a prime mixed-use office and retail complex with surplus land ideal for multi-family development in Waterloo, ON, for $77.8 million. This property includes a grocery-anchored retail plaza and a four-storey office complex and land for residential development. Killam also closed on a newly constructed 12-storey, 110-unit, apartment building located in Halifax, NS, for $33.0 million and a 1.8 acre development site in Kitchener, ON, for $6.0 million.
Killam also acquired a 40% interest in a downtown Calgary development site for $7.2 million ($18 million for 100%) with its Grid 5 partners. The site is adjacent to Killam’s 307-unit Grid 5 apartment building (50% interest) and is located immediately adjacent to another development site in which Killam already owns a 40% interest. Killam and its partners expect to build three multi-family, high-rise buildings with up to 1,000 units on the combined sites over the next five years.
Saginaw Park Development Substantially Complete
Killam's development, Saginaw Park, located in Cambridge, ON, had its first tenants move in during March 2018. The building reached substantial completion in April 2018 and is currently 65% leased and is expected to be fully leased within six months of opening. Management recorded a $2.6 million fair value gain related to the Saginaw development during the quarter.
Lower Interest Rates Contributed to Earnings Growth
Killam benefited from lower interest rates on mortgages refinanced in Q1-2018, contributing to a 2.4% reduction in same property mortgage interest expense quarter-over-quarter. In total, Killam refinanced $20.5 million of maturing mortgages with $32.1 million of new debt at a weighted average interest rate of 3.21%, 34 basis points lower than the weighted average rate of the maturing debt.
Management's Comments
"We're pleased to report strong Q1-2018 results" noted Philip Fraser, President and CEO. "Strong market fundamentals coupled with our quality property management team are driving revenue growth across the portfolio. We reported a 2.2% average increase in rents in Q1-2018, which is 70 basis points higher than our Q1-2017 rental increases. In addition, our occupancy levels are amongst the highest in Killam's history. Following a successful first quarter, and optimism looking forward, we have increased our NOI growth forecast for the year from 1%-2% to 2%-4%."
"Our strategy of expanding our portfolio of newer assets is paying off, with a 14% increase in AFFO per unit. These newer assets require limited capital spend, are in strong demand, and have higher operating margins than older properties. We are pleased to expand our portfolio of new assets with the recent completion of Saginaw Gardens and the soon to be completed 'The Alexander' development in September 2018."
"Acquisitions remain an important part of Killam's growth plans and Q1 was active on the acquisition front. We added $124 million of assets to our portfolio, including a mixed-use office and retail complex in Waterloo with development potential for 560 multi-residential units and a new 110-unit condo-quality property in Halifax. With these acquisitions completed, we have already met our minimum acquisition target for the year, and expect to complete an additional $25 - $75 million in acquisitions in 2018. We will continue to look for opportunities to grow the portfolio and diversify geographically."
Financial Summary (in thousands, except per unit amounts)
The following chart provides Killam’s consolidated financial highlights for the three month periods ending March 31, 2018, and 2017, per International Financial Reporting Standards (IFRS). A reconciliation of net income to FFO is also provided. FFO is an industry-standard measure of real estate entities’ operating performance, and REALpac, Canada’s national industry association for owners and managers of investment real estate, has recommended guidelines for the calculation of FFO based on IFRS. Killam calculates FFO in accordance with the REALpac definition, with the exception of the add-back of REIT conversion costs. Notwithstanding the foregoing, FFO does not have a standardized meaning under IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies.
Consolidated Financial Highlights (unaudited) Three months ended March 31, (000's) 2018 2017 Property revenue $ 49,449 $44,305 Net operating income 28,423 24,942 Fair value adjustments 62,266 7,866 Net income 68,914 17,650 Net income attributable to unitholders 68,907 17,645 Reconciliation of Net Income to FFO Three months ended March 31, (000's) 2018 2017 Net income $ 68,914 $17,650 Fair value adjustments (62,266 ) (7,866 ) Loss on disposition 183 — Non-controlling interest (7 ) (5 ) Deferred tax expense 9,369 3,088 Interest expense related to exchangeable units 604 586 Unrealized (gain) loss on derivative liability (32 ) 26 Depreciation on owner-occupied building 42 34 REIT conversion costs — 153 FFO $ 16,807 $13,666 FFO unit - diluted $ 0.20 $0.19 Financial Statements
Killam’s condensed consolidated interim Financial Statements and Management’s Discussion and Analysis for the three months ended March 31, 2018, are posted under Financial Reports in the Investor Relations section of Killam’s website at www.killamreit.com . Readers are directed to these documents for financial details and a discussion of Killam’s results.
Results Conference Call
Management will host a webcast and conference call to discuss these results and current business initiatives on Thursday, May 10, 2018, at 1:00 PM EDT. The webcast will be accessible on Killam’s website at the following link http://www.killamreit.com/investor-relations/events-and-presentations . A replay will be available for 90 days after the webcast at the same link.
The dial-in numbers for the conference call are as follows:
North America (toll free): 1-866-521-4909, passcode 95978088
Overseas or local (Toronto): 1-647-427-2311, passcode 95978088
Profile
Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential landlords, owning, operating, managing and developing a $2.5 billion portfolio of apartments and manufactured home communities. Killam’s strategy to enhance value and profitability focuses on three priorities: 1) increasing earnings from existing operations, 2) expanding the portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties, and 3) developing high-quality properties in its core markets.
Non-IFRS Measures
Management believes the below non-IFRS financial measures are relevant measures of the ability of the REIT to earn revenue and to evaluate Killam's financial performance. The non-IFRS measures should not be construed as alternatives to net income or cash flow from operating activities determined in accordance with IFRS, as indicators of Killam's performance, or sustainability of Killam's distributions. These measures do not have standardized meanings under IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded organizations.
FFO, and applicable per unit amounts, are calculated by Killam as net income adjusted for depreciation on an owner-occupied building, fair value gains (losses), interest expense related to exchangeable units, gains (losses) on disposition, deferred tax expense (recovery), unrealized gains (losses) on derivative liability, REIT conversion costs and non-controlling interest. FFO are calculated in accordance with the REALpac definition, except for the adjustment of REIT conversion costs as noted above. AFFO, and applicable per unit amounts and payout ratios, are calculated by Killam as FFO less an allowance for maintenance capital costs, representing a three-year rolling historical average capital spend to maintain and sustain Killam's properties. AFFO are calculated in accordance with the REALpac definition. Management considers AFFO an earnings metric. Same property results in relation to Killam are revenues and property operating expenses for stabilized properties that Killam has owned for equivalent periods in 2018 and 2017. Same property results represent 84% of the fair value of Killam's investment property portfolio as at March 31, 2018 (94.9% of apartment units and 100% of MHC sites). Excluded from same property results in 2018 are acquisitions, dispositions and developments completed in 2017 and 2018 as well as non-stabilized commercial properties linked to development projects. Interest coverage is calculated by dividing earnings before interest, tax, depreciation, gain or loss on disposition and fair value adjustments by interest expense adjusted for interest expense related to exchangeable units.
See the Q1-2018 Management’s Discussion and Analysis for further details on these non-IFRS measures.
For information, please contact:
Nancy Alexander, CPA, CA
Senior Director, Investor Relations & Performance Analytics
[email protected]
(902) 442-0374
Note: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. Certain statements in this report may constitute relating to our operations and the environment in which we operate, which are based on our expectations, estimates, forecast and projections, which we believe are reasonable as of the current date. Such involve risks, uncertainties and other factors which may cause actual results, performance or achievements of Killam to be materially different from any future results, performance or achievements expressed or implied by such . For more exhaustive information on these risks and uncertainties, you should refer to our most recently filed annual information form which is available at www.sedar.com . Readers, therefore, should not place undue reliance on any such . Further, a forward-looking statement speaks only as of the date on which such statement is made and should not be relied upon as of any other date. Other than as required by law, Killam does not undertake to update any of such .
Source: Killam Apartment REIT | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-killam-apartment-reit-reports-continued-growth-with-strong-q1-2018-results.html |
May 18 (Reuters) - Dragon Victory International Ltd:
* DRAGON VICTORY INTERNATIONAL LIMITED ENTERS INTO STRATEGIC COOPERATION AGREEMENT WITH HANGZHOU SHANGCHENG DISTRICT PEOPLE’S GOVERNMENT FOR INCUBATOR LISTING SERVICE
* DRAGON VICTORY INTERNATIONAL LTD - PURPOSE OF SIGNING AGREEMENT IS TO SUPPORT IMPLEMENTATION OF COMPANY’S INVOLVEMENT IN PHOENIX ACTION PLAN Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dragon-victory-enters-into-agreeme/brief-dragon-victory-enters-into-agreement-for-incubator-listing-service-idUSFWN1SP0J2 |
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Film producer Harvey Weinstein walked out of a New York police precinct in Manhattan in handcuffs on Friday, escorted by officers after he surrendered to police. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Film producer Harvey Weinstein walked out of a New York police precinct in Manhattan in handcuffs on Friday, escorted by officers after he surrendered to police. 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/2IGOMzA | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/25/weinstein-leaves-nypd-in-handcuffs?videoId=430204073 |
Increases Fiscal Year 2018 Guidance
Fiscal Second Quarter 2018 Financial Highlights Versus Second Quarter 2017
Sales of $340.7 million, up 26% with robust growth across both segments Net Income of $61.6 million or diluted EPS of $0.56 Adjusted EBITDA of $109.9 million, up 26% Adjusted Net Income of $64.7 million, up 35% Adjusted diluted EPS of $0.59, up 34% Successful SAP Go-Live April 1
Raising Fiscal Year 2018 Guidance
Estimated Sales of $1,320 - $1,360 million, up 17% to 21% versus fiscal year 2017 Estimated Adjusted EBITDA of $425 - $445 million, up 14% to 20% versus fiscal year 2017
The results and guidance in this press release include Non-GAAP financial measures. Refer to the section entitled “Non-GAAP Financial Measures.”
TEMPE, Ariz.--(BUSINESS WIRE)-- Versum Materials, Inc. (NYSE:VSM) , a leading global materials and equipment supplier to the semiconductor industry, today reported results for the fiscal second quarter ended March 31, 2018. Sales of $340.7 million were up 26% from the fiscal second quarter ended March 31, 2017, driven primarily by robust growth from our Delivery Systems & Services ("DS&S") segment and our Advanced Materials product lines. Net income for the fiscal second quarter ended March 31, 2018 was $61.6 million, or $0.56 per diluted share, up $16.7 million from the fiscal second quarter ended March 31, 2017, resulting in Net Income Margin of 18%. Excluding a reduction to the previous charge associated with the US Tax Cuts and Jobs Act ("Tax Act") and one-time charges related to separation, restructuring and cost reduction actions, Adjusted Net Income of $64.7 million or $0.59 per diluted share, increased 35% from the fiscal second quarter ended March 31, 2017 and resulted in an Adjusted Net Income Margin of 19%. Adjusted EBITDA of $109.9 million increased 26% from the fiscal second quarter ended March 31, 2017, resulting in an Adjusted EBITDA margin of 32%.
Guillermo Novo, Versum Materials' President and Chief Executive Officer said “We are pleased to report strong results for our fiscal second quarter, which was highlighted by share gains leading to robust top line growth in both our Materials and DS&S segments. Materials volume grew double digits which underscores our ability to provide innovative solutions to customers through technology. Our focused offerings and positioning with key customers enabled us to enjoy growth in our DS&S segment which far outpaced the market.
"Going live on our own ERP system was a watershed moment for our Company, as it substantially marked the completion of our transition to a standalone entity. I am very thankful to our entire team who diligently worked to reach this milestone, and we are encouraged by its early success. Looking forward we are excited to focus on executing the growth opportunities in front of us, and we are encouraged by our new business pipeline that has enabled us to increase our outlook for 2018.”
Table 1: Second Quarter Fiscal Year 2018 Financial Highlights
Three Months Ended March 31, 2018 2017 % Change (In millions, except percentages and per share data) Sales $ 340.7 $ 270.8 26 % Operating Income 89.4 69.9 28 % Net Income 61.6 44.9 37 % Net Income Margin 18 % 17 % Diluted Earnings Per Share 0.56 0.41 37 % Adjusted Net Income 64.7 47.9 35 % Adjusted Net Income Margin 19 % 18 % Adjusted Diluted Earnings Per Share 0.59 0.44 34 % Adjusted EBITDA 109.9 86.9 26 % Adjusted EBITDA Margin 32 % 32 % Cash Flows from Operations 56.5 93.0 (39 )% Capital Expenditures 65.1 20.2 222 % Sales for the fiscal second quarter ended March 31, 2018 were $340.7 million versus $270.8 million in the fiscal second quarter ended March 31, 2017. This 26% year on year increase was attributable to robust growth in our DS&S segment and double-digit volume growth in Materials partially offset by unfavorable price/mix.
Net Income for the fiscal second quarter ended March 31, 2018 was $61.6 million, or $0.56 per diluted share versus $44.9 million, or $0.41 per diluted share, in the fiscal second quarter ended March 31, 2017, a 37% increase. This increase is a result of strong sales volumes and favorable operating cost performance. Excluding a $3.7 million reduction to the previous provisional charge for the cost of the deemed repatriation tax associated with the Tax Act and the one-time charges of $6.8 million related to separation, restructuring and cost reduction actions, Adjusted Net Income for the fiscal second quarter ended March 31, 2018 was $64.7 million, or $0.59 per diluted share, versus $47.9 million, or $0.44 per diluted share, for the fiscal second quarter ended March 31, 2017.
Adjusted EBITDA for the fiscal second quarter ended March 31, 2018 was $109.9 million versus $86.9 million in the fiscal second quarter ended March 31, 2017, a 26% increase year on year. Strong volumes in both DS&S and Materials coupled with modestly favorable currency were partially offset by unfavorable gross profit impacts and higher Selling and Administrative and Research & Development (SARD) costs to support growth.
Year to date cash flow from operations was $56.5 million, with cash invested for capital spending of $65.1 million, including $26.7 million of capital spending related to restructuring activities. Cash outflows for restructuring, vendor prepayments made in advance of our SAP go-live and payables timing resulted in lower cash flow in the first half of the fiscal year, as expected.
Business Segment Results
Versum Materials reports results for its two operating business segments, Materials and DS&S, and a Corporate segment.
Table 2: Segment Sales
Three Months Ended March 31, 2018 2017 % Change (In millions, except percentages) Materials $ 218.9 $ 198.3 10 % DS&S 121.1 71.7 69 % Corporate 0.7 0.8 (13 )% Total Versum Materials Sales $ 340.7 $ 270.8 26 % Table 3: Segment Operating Income to Segment Adjusted EBITDA
Three Months Ended March 31, 2018 2017 % Change (In millions, except percentages) Materials Operating income $ 71.6 $ 65.1 10 % Add: Depreciation and amortization 11.6 10.1 15 % Segment Adjusted EBITDA $ 83.2 $ 75.2 11 % Segment Adjusted EBITDA Margin (A) 38 % 38 % DS&S Operating income $ 32.9 $ 17.7 86 % Add: Depreciation and amortization 0.4 0.4 — % Segment Adjusted EBITDA $ 33.3 $ 18.1 84 % Segment Adjusted EBITDA Margin (A) 27 % 25 % Corporate Operating loss $ (6.9 ) $ (6.8 ) 1 % Add: Depreciation and amortization 0.3 0.4 (25 )% Segment Adjusted EBITDA $ (6.6 ) $ (6.4 ) 3 % (A) Segment Adjusted EBITDA margin is calculated by dividing Segment Adjusted EBITDA by sales.
Table 4: Reconciliation of Segment Operating Income to Total Versum Materials Operating Income
Three Months Ended March 31, 2018 2017 % Change (In millions, except percentages) Materials $ 71.6 $ 65.1 10 % DS&S 32.9 17.7 86 % Corporate (6.9
)
(6.8
)
1 % Total Segment Operating Income 97.6 76.0 28 % Less: Business separation, restructuring and cost reduction actions 8.2 6.1 34 % Total Versum Materials Operating Income $ 89.4 $ 69.9 28 % Materials:
Sales for the fiscal second quarter ended March 31, 2018 were $218.9 million, up 10% from the fiscal second quarter ended March 31, 2017. This increase was driven by double digit volume growth partially offset by unfavorable price/mix. Currency contributed 2% to the increase.
Operating income for the fiscal second quarter ended March 31, 2018 was $71.6 million, up 10% from the fiscal second quarter ended March 31, 2017. Segment Adjusted EBITDA for the fiscal second quarter ended March 31, 2018 was $83.2 million, up 11% from the fiscal second quarter ended March 31, 2017. Strong Advanced Materials performance was partially offset by Process Materials carryover pricing and mix. Segment SARD costs were higher primarily to support our growth objectives in Asia and costs associated with completing our separation.
Delivery Systems & Services (DS&S):
Sales for the fiscal second quarter ended March 31, 2018 were $121.1 million, up 69% from the fiscal second quarter ended March 31, 2017, driven by continued strong equipment and installation project growth due to robust demand across all markets especially Korea and China.
Operating income for the fiscal second quarter ended March 31, 2018 was $32.9 million, up 86% from the fiscal second quarter ended March 31, 2017. Segment Adjusted EBITDA of $33.3 million was up 84%, driven by the robust equipment and installation activity.
Fiscal Year 2018 Outlook
Regarding the rest of the year, Guillermo Novo added, “The continued strong semiconductor market and improved industry capital spending forecast, combined with our position with key customers provides a favorable outlook for the remainder of the year. We expect Materials margin to continue to improve, DS&S activity to remain strong through the remainder of the year and successful completion of various capital projects which will drive future profitable growth.”
For fiscal year 2018, Versum Materials is revising its outlook to estimated sales of $1,320 to $1,360 million and Adjusted EBITDA of $425 to $445 million from prior guidance of $1,250 to $1,300 million and $415 to $435 million, respectively. The fiscal year 2018 Adjusted EBITDA outlook excludes approximately $15 to $20 million of estimated one-time stand-up costs related to the implementation of our own enterprise resource planning (ERP) system and relocation of certain administrative and research and development personnel to Versum Materials sites.
Conference Call and Webcast Details
On Tuesday May 8, 2018 at 11:00 am Eastern Time, Versum Materials plans to host its conference call and webcast to discuss these results.
Investors may listen to the conference call live via telephone by dialing (877) 883-0383 (domestic) or (412) 902-6506 (international) and use the participant code 1370117.
An audio-only live webcast of the conference call and presentation materials can be accessed through the “Investors” section of our website at www.versummaterials.com . Presentation materials will be posted to the “Investors” section of the website prior to the call.
A replay of the conference call/webcast will be available under “Events & Presentations” on the “Investors” section of the Versum Materials website.
About Versum Materials
Versum Materials, Inc. (NYSE: VSM) is a leading global specialty materials company providing high-purity chemicals and gases, delivery systems, services and materials expertise to meet the evolving needs of the global semiconductor and display industries. Derived from the Latin word for “toward,” the name “Versum” communicates the company’s deep commitment to helping customers move toward the future by collaborating, innovating and creating cutting-edge solutions.
A global leader in technology, quality, safety and reliability, Versum Materials is one of the world’s leading suppliers of next generation CMP slurries, ultra-thin dielectric and metal film precursors, formulated cleans and etching products, and delivery equipment that has revolutionized the semiconductor industry. Versum has reported fiscal year 2017 annual sales of about US$1.1 billion, has approximately 2,200 employees and operates 12 major facilities in Asia and North America. It is headquartered in Tempe, Arizona. Versum Materials had operated for more than three decades as a division of Air Products and Chemicals, Inc. (NYSE: APD).
For additional information, please visit http://www.versummaterials.com .
Non-GAAP Financial Measures
This earnings press release includes “non-GAAP financial measures,” including Adjusted Net Income, Adjusted Net Income Margin, Adjusted Diluted Earnings Per Share, Adjusted EBITDA, Segment Adjusted EBITDA, Adjusted EBITDA margin and Segment Adjusted EBITDA margin. Adjusted Net Income is net income excluding certain disclosed items which we do not believe to be indicative of underlying business trends, including business separation, restructuring and cost reduction actions, net of tax, the write-off of financing costs, net of tax, and the impact of the Tax Act. Adjusted Diluted Earnings Per Share uses Adjusted Net Income but otherwise uses the same calculation used in arriving at diluted earnings per share, the most directly comparable GAAP financial measure. Adjusted EBITDA is net income excluding certain disclosed items which we do not believe to be indicative of underlying business trends, including interest expense, the write-off of financing costs, income tax provision, depreciation and amortization expense, non-controlling interests, and business separation, restructuring and cost reduction actions. Segment Adjusted EBITDA is segment operating income excluding segment depreciation and amortization expense. Adjusted Net Income Margin, Adjusted EBITDA margin and Segment Adjusted EBITDA margin are calculated by dividing Adjusted Net Income, Adjusted EBITDA and Segment Adjusted EBITDA, respectively, by sales. In the accompanying tables, Versum Materials has provided reconciliations of net income to Adjusted EBITDA (see Appendix Table A-2), net income to Adjusted Net Income (see Appendix Table A-3), diluted EPS to Adjusted Diluted EPS (see Appendix A-4) and of segment operating income (loss) to Segment Adjusted EBITDA (see Appendix Table A-6), in each case the most directly comparable GAAP financial measure. We encourage investors to read these reconciliations.
The presentation of these non-GAAP financial measures is intended to enhance the usefulness of financial information by providing measures which management uses internally to evaluate operating performance. We use these non-GAAP measures to assess our operating performance by excluding certain disclosed items that we believe are not representative of our underlying business. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors in our industry, to analyze underlying trends in our business and to establish operational budgets and forecasts or for incentive compensation purposes. We use Adjusted EBITDA to calculate performance-based cash bonuses. Adjusted EBITDA is also used for certain covenants under our senior secured credit facilities. We use Segment Adjusted EBITDA to evaluate the ongoing performance of our business segments.
We believe non-GAAP financial measures provide security analysts, investors and other interested parties with meaningful information to understand our underlying operating results and to analyze financial and business trends. These non-GAAP financial measures should not be viewed in isolation, are not a substitute for GAAP measures, and have limitations which include but are not limited to the following: (a) Adjusted Net Income and Adjusted EBITDA exclude the write-off of financing costs and other expenses related to business separation, restructuring and cost reduction actions which we do not consider to be representative of our underlying business operations, however, these disclosed items represent costs to Versum Materials; (b) Adjusted EBITDA is not intended to be a measure of cash available for management’s discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements; (c) though not business operating costs, interest expense and income tax provision represent ongoing costs of Versum Materials; (d) depreciation and amortization charges represent the wear and tear or reduction in value of the plant, equipment, and intangible assets which permit us to manufacture and market our products; and (e) other companies may define non-GAAP measures differently than we do, limiting their usefulness as comparative measures. A reader may find any one or all of these items important in evaluating our performance. Management compensates for the limitations of using non-GAAP financial measures by using them only to supplement our GAAP results and to provide a more complete understanding of the factors and trends affecting our business. In evaluating these non-GAAP financial measures, the reader should be aware that we may incur expenses similar to those eliminated in this presentation in the future.
A reconciliation of net income to Adjusted EBITDA as forecasted for 2018 is not provided. Versum Materials does not forecast net income as it cannot, without unreasonable effort, estimate or predict with certainty various components of net income. These components include further restructuring and other income or charges to be incurred in 2018 as well as the related tax impacts of these items. Additionally, discrete tax items could drive variability in our forecasted effective tax rate. All of these components could significantly impact net income. Further, in the future, other items with similar characteristics to those currently included in Adjusted EBITDA that have a similar impact on comparability of periods, and which are not known at this time, may exist and impact Adjusted EBITDA.
Forward-Looking Information
This press release contains, and management may make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by references to future periods, and include our fiscal year 2018 financial guidance; statements about our business strategies, operating plans, anticipated growth rates, anticipated profitability and margins, sales expectations, future operating income and Adjusted EBITDA; our ability to continue successfully providing innovative solutions to customers through technology; estimates regarding future capital requirements; estimates of expenses and cost reduction efforts; estimates of future tax liability and effective tax rates; our ability to execute on our strategy and deliver on our commitments to customers and stakeholders; our ability to meet customer demand; anticipated cash flows; estimates of the size of the market for our products; forecasted industry capital spending and anticipated demand for our products; inorganic growth opportunities; our ability to compete successfully as a leading materials supplier to the semiconductor industry; our successful and timely completion of various capital projects; and other matters. The words “believe,” “expect,” “anticipate,” “project,” “estimate,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “objective,” “forecast,” “goal,” “guidance,” “outlook,” “target,” and similar expressions, among others, generally identify forward-looking statements, which are based on management’s reasonable expectations and assumptions as of the date the statements were made. Actual results and the outcomes of future events may differ materially from those expressed or implied in the forward-looking statements because of a number of risks and uncertainties, including, without limitation, product supply versus demand imbalances in the semiconductor industry or in certain geographic markets may decrease the demand for our goods and services; our concentrated customer base; our dependence upon the capital expenditure cycles of our customers; our ability to continue technological innovation and successfully introduce new products to meet the evolving needs of our customers; our ability to protect and enforce our intellectual property rights and to avoid violating any third party intellectual property or technology rights; unexpected interruption of or shortages in our raw material supply; inability of sole source, limited source or qualified suppliers to deliver to us in a timely manner or at all; hazards associated with specialty chemical manufacturing, such as fires, explosions and accidents, could disrupt our operations or the operations of our suppliers or customers; increased competition and new product development by our competitors, changing customer needs and price changes in materials and components could result in declining demand for our products; operational, political and legal risks of our international operations, including government actions such as trade wars; recent changes in U.S. tax laws; the impact of changes in environmental and health and safety regulations, anticorruption enforcement, sanctions, import/export controls, tax and other legislation and regulations in jurisdictions in which Versum Materials and its affiliates operate; our available cash and access to additional capital may be limited by substantial leverage and debt service obligations; uncertainty regarding the availability of financing to us in the future and the terms of such financing; agreements governing our indebtedness may restrict our current and future operations, and hamper our ability to respond to changes or to take certain actions; government regulation of raw materials, products and facilities may impact our product manufacturing processes, handling, storage, transportation, uses and applications; possible liability for contamination, personal injury or third party impacts if hazardous materials are released into the environment; cyber security threats may compromise our data or disrupt our information technology applications or services; fluctuation of currency exchange rates; costs and outcomes of litigation or regulatory investigations; the timing, impact, and other uncertainties of future acquisitions or divestitures; restrictions in our governing documents and of Delaware law may prevent or delay an acquisition of us; tax and other potential liabilities to Air Products assumed in connection with the separation and spin-off; restrictions against engaging in certain corporate transactions for two years following the separation and spin-off; potential conflicts of interest between us and Air Products by our directors and officers; potential liabilities arising out of state and federal fraudulent conveyance laws and legal dividend requirements with respect to the separation and spin-off and related internal reorganization transactions; and other risk factors described in our filings with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017, and in our other periodic filings. Versum Materials assumes no obligation to update any forward-looking statements or information in this press release to reflect any subsequent change in assumptions, beliefs or expectations, or any change in circumstances upon which such forward-looking statements are based.
Versum Materials, Inc.
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
Three Months Ended March 31, Six Months Ended March 31, 2018 2017 % Change 2018 2017 % Change (In millions, except per share data and percentages) Sales $ 340.7 $ 270.8 26 % $ 671.5 $ 541.6 24 % Cost of sales 195.9 154.5 27 % 387.5 305.4 27 % Selling and administrative 36.6 29.5 24 % 71.9 59.7 20 % Research and development 11.1 10.9 2 % 23.8 21.2 12 % Business separation, restructuring and cost reduction actions 8.2 6.1 34 % 10.0 9.3 8 % Other (income) expense, net (0.5 ) (0.1 ) NM — (3.0 ) NM Operating Income 89.4 69.9 28 % 178.3 149.0 20 % Interest expense 11.9 11.6 3 % 23.2 23.1 — % Write-off of financing costs — — NM 2.1 — NM Income Before Taxes 77.5 58.3 33 % 153.0 125.9 22 % Income tax provision 14.2 11.5 23 % 69.1 26.8 158 % Net Income 63.3 46.8 35 % 83.9 99.1 (15 )% Less: Net Income Attributable to Non-
Controlling Interests
1.7 1.9 (11 )% 3.7 3.4 9 % Net Income Attributable to Versum $ 61.6 $ 44.9 37 % $ 80.2 $ 95.7 (16 )% Net income attributable to Versum per
common share:
Basic $ 0.57 $ 0.41 39 % $ 0.74 $ 0.88 (16 )% Diluted $ 0.56 $ 0.41 37 % $ 0.73 $ 0.88 (17 )% Shares used in computing per common
share amounts:
Basic 108.9 108.7 — % 108.9 108.7 — % Diluted 109.7 109.3 — % 109.8 109.2 1 % Versum Materials, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2018 September 30, 2017 (In millions) Assets
Current Assets Cash and cash items $ 254.4 $ 271.4 Trade receivables, net 165.9 145.3 Inventories 167.8 151.6 Contracts in progress, less progress billings 35.3 15.6 Prepaid expenses 18.0 12.2 Other current assets 10.4 10.8 Total Current Assets 651.8 606.9 Plant and equipment, net 384.0 330.3 Goodwill 188.2 182.6 Intangible assets, net 67.3 70.8 Other non-current assets 54.1 56.2 Total Non-Current Assets 693.6 639.9 Total Assets $ 1,345.4 $ 1,246.8 Liabilities and Stockholders’ Deficit
Current Liabilities Payables and accrued liabilities $ 75.8 $ 120.8 Accrued income taxes 46.5 31.4 Current portion of long-term debt 5.8 5.8 Total Current Liabilities 128.1 158.0 Long-term debt 976.1 977.0 Noncurrent income tax payable 29.0 — Deferred tax liabilities 31.4 37.3 Other non-current liabilities 53.8 49.9 Total Non-Current Liabilities 1,090.3 1,064.2 Total Liabilities 1,218.4 1,222.2 Stockholders’ Equity (Deficit) Common stock 108.9 108.8 Capital in excess of par — 4.8 Accumulated deficit (28.2 ) (105.2 ) Accumulated other comprehensive income (loss) 6.4 (18.4 ) Total Versum’s Stockholders’ Equity (Deficit) 87.1 (10.0 ) Non-Controlling Interests 39.9 34.6 Total Stockholders Equity 127.0 24.6 Total Liabilities and Stockholders’ Equity $ 1,345.4 $ 1,246.8 Versum Materials, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended March 31, 2018 2017 (In millions) Operating Activities Net income $ 83.9 $ 99.1 Less: Net income attributable to non-controlling interests 3.7 3.4 Net income attributable to Versum 80.2 95.7 Adjustments to reconcile income to cash provided by operating activities: Depreciation and amortization 23.9 21.8 Deferred income taxes (4.5 ) 2.5 Gain on sale of assets (0.3 ) (0.4 ) Share-based compensation 5.0 3.5 Other adjustments (1.2 ) (1.1 ) Working capital changes that provided (used) cash: Trade receivables (16.9 ) (32.0 ) Inventories (10.6 ) (8.7 ) Contracts in progress, less progress billings (18.0 ) 7.4 Payables and accrued liabilities (46.4 ) (17.4 ) Accrued income taxes 39.2 (1.9 ) Other working capital 6.1 23.6 Cash Provided by Operating Activities 56.5 93.0 Investing Activities Additions to plant and equipment (65.1 ) (20.2 ) Proceeds from sale of assets 1.0 0.9 Cash Used by Investing Activities (64.1 ) (19.3 ) Financing Activities Payments on long-term debt (2.9 ) (2.9 ) Short-term borrowings — 1.5 Debt issuance costs — (1.7 ) Dividends paid to shareholders (10.9 ) — Dividends paid to non-controlling interests — (1.2 ) Other financing activity (2.8 ) 0.1 Cash Used for Financing Activities (16.6 ) (4.2 ) Effect of Exchange Rate Changes on Cash 7.2 0.7 (Decrease) Increase in Cash and Cash Items (17.0 ) 70.2 Cash and Cash items - Beginning of Year 271.4 105.6 Cash and Cash items - End of Period $ 254.4 $ 175.8 APPENDIX TABLE A-1: CONSOLIDATED AND SEGMENT SALES MAJOR FACTORS
Versum Materials Total
Three Months Ended
March 31, 2018
Six Months Ended
March 31, 2018
Sales Volume 28 % 26 % Price/Mix (4 )% (4 )% Currency 2 % 2 % Versum Materials Sales Change 26 % 24 % Materials Segment
Three Months Ended
March 31, 2018
Six Months Ended
March 31, 2018
Sales Volume 15 % 11 % Price/Mix (7 )% (6 )% Currency 2 % 2 % Materials Sales Change 10 % 7 % DS&S Segment
Three Months Ended
March 31, 2018
Six Months Ended
March 31, 2018
Sales Volume 66 % 75 % Currency 3 % 2 % DS&S Sales Change 69 % 77 % APPENDIX TABLE A-2: RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
Three Months Ended March 31, Six Months Ended March 31, 2018 2017 % Change 2018 2017 % Change (In millions, except percentages) Net Income Attributable to Versum $ 61.6 $ 44.9 37 % $ 80.2 $ 95.7 (16 )% Add: Interest expense 11.9 11.6 3 % 23.2 23.1 — % Add: Write-off of financing costs — — NM 2.1 — NM Add: Income tax provision 14.2 11.5 23 % 69.1 26.8 NM Add: Depreciation and amortization 12.3 10.9 13 % 23.9 21.8 10 % Add: Non-controlling interests 1.7 1.9 (11 )% 3.7 3.4 9 % Add: Business separation, restructuring
and cost reduction actions
8.2 6.1 34 % 10.0 9.3 8 % Adjusted EBITDA $ 109.9 $ 86.9 26 % $ 212.2 $ 180.1 18 % Adjusted EBITDA Margin 32 % 32 % 32 % 33 % APPENDIX TABLE A-3: RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME
Three Months Ended March 31, Six Months Ended March 31, 2018 2017 2018 2017 (In millions) Net Income Attributable to Versum $ 61.6 $ 44.9 $ 80.2 $ 95.7 Add: Business separation, restructuring and cost
reduction actions, net of tax
6.8 3.0 8.1 5.1 Add: Write-off of financing costs, net of tax — — 1.5 — Add: Impact of Tax Act (3.7 ) — 33.9 — Adjusted Net Income $ 64.7 $ 47.9 $ 123.7 $ 100.8 APPENDIX TABLE A-4: RECONCILIATION OF DILUTED EPS TO ADJUSTED DILUTED EPS
Three Months Ended March 31, Six Months Ended March 31, 2018 2017 2018 2017 (Per share data) Diluted Earnings Per Share $ 0.56 $ 0.41 $ 0.73 $ 0.88 Add: Business separation, restructuring and cost
reduction actions per diluted share, net of tax
0.06 0.03 0.07 0.04 Add: Write-off of financing costs, net of tax — — 0.01 — Add: Impact of Tax Act (0.03 ) — 0.32 — Adjusted Diluted Earnings Per Share $ 0.59 $ 0.44 $ 1.13 $ 0.92 APPENDIX TABLE A-5: FISCAL YEAR 2017 SALES BY SEGMENT
For the Quarter Ended December 31,
2016 March 31,
2017 June 30,
2017 September 30,
2017 Total (In millions) Sales Materials $ 208.0 $ 198.3 $ 206.4 $ 217.0 $ 829.7 DS&S 61.9 71.7 83.5 76.5 293.6 Corporate 0.9 0.8 0.9 1.0 3.6 Total Versum Sales $ 270.8 $ 270.8 $ 290.8 $ 294.5 $ 1,126.9 APPENDIX TABLE A-6: FISCAL YEAR 2018 RECONCILIATIONS OF SEGMENT OPERATING INCOME
TO SEGMENT ADJUSTED EBITDA
For the Quarter Ended OPERATING INCOME TO ADJ EBITDA December 31,
2017 March 31,
2018 Total (In millions, except percentages) Materials Operating income $ 65.8 $ 71.6 $ 137.4 Add: Depreciation and amortization 11.0 11.6 22.6 Segment Adjusted EBITDA $ 76.8 $ 83.2 $ 160.0 Segment Adjusted EBITDA Margin (A) 36 % 38 % 37 % DS&S Operating income $ 33.4 $ 32.9 $ 66.3 Add: Depreciation and amortization 0.3 0.4 0.7 Segment Adjusted EBITDA $ 33.7 $ 33.3 $ 67.0 Segment Adjusted EBITDA Margin (A) 29 % 27 % 28 % Corporate Operating loss $ (8.5 ) $ (6.9 ) $ (15.4 ) Add: Depreciation and amortization 0.3 0.3 0.6 Segment Adjusted EBITDA $ (8.2 ) $ (6.6 ) $ (14.8 ) Total Versum Materials Adjusted EBITDA $ 102.3 $ 109.9 $ 212.2 (A) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by sales.
APPENDIX TABLE A-7: FISCAL YEAR 2017 RECONCILIATIONS OF SEGMENT OPERATING INCOME
TO SEGMENT ADJUSTED EBITDA
For the Quarter Ended OPERATING INCOME TO ADJ EBITDA December 31,
2016 March 31,
2017 June 30,
2017 September 30,
2017 Total (In millions, except percentages) Materials Operating income $ 72.9 $ 65.1 $ 69.6 $ 66.8 $ 274.4 Add: Depreciation and amortization 10.2 10.1 10.1 12.7 43.1 Segment Adjusted EBITDA $ 83.1 $ 75.2 $ 79.7 $ 79.5 $ 317.5 Segment Adjusted EBITDA Margin (A)
40 % 38 % 39 % 37 % 38 % DS&S Operating income $ 12.4 $ 17.7 $ 24.0 $ 17.6 $ 71.7 Add: Depreciation and amortization 0.3 0.4 0.3 0.4 1.4 Segment Adjusted EBITDA $ 12.7 $ 18.1 $ 24.3 $ 18.0 $ 73.1 Segment Adjusted EBITDA Margin (A) 21 % 25 % 29 % 24 % 25 % Corporate Operating loss $ (3.0 ) $ (6.8 ) $ (6.6 ) $ (4.1 ) $ (20.5 ) Add: Depreciation and amortization 0.4 0.4 0.3 0.4 1.5 Segment Adjusted EBITDA $ (2.6 ) $ (6.4 ) $ (6.3 ) $ (3.7 ) $ (19.0 ) Total Versum Materials Adjusted EBITDA $ 93.2 $ 86.9 $ 97.7 $ 93.8 $ 371.6 (A) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by sales.
APPENDIX TABLE A-8: FISCAL YEAR 2017 CONSOLIDATED INCOME STATEMENT
For the Quarter Ended December 31,
2016 March 31,
2017 June 30,
2017 September 30,
2017 Total (In millions, except per share data) Sales $ 270.8 $ 270.8 $ 290.8 $ 294.5 $ 1,126.9 Cost of sales 150.9 154.5 159.6 171.9 636.9 Selling and administrative 30.2 29.5 34.5 31.5 125.7 Research and development 10.3 10.9 11.9 12.0 45.1 Business separation, restructuring and cost
reduction actions
3.2 6.1 6.0 10.2 25.5 Other (income) expense, net (2.9 ) (0.1 ) (2.2 ) (1.2 ) (6.4 ) Operating Income 79.1 69.9 81.0 70.1 300.1 Interest expense 11.5 11.6 11.9 12.4 47.4 Income Before Taxes 67.6 58.3 69.1 57.7 252.7 Income tax provision 15.3 11.5 14.4 11.6 52.8 Net Income 52.3 46.8 54.7 46.1 199.9 Less: Net Income Attributable to Non-Controlling Interests 1.5 1.9 2.0 1.5 6.9 Net Income Attributable to Versum $ 50.8 $ 44.9 $ 52.7 $ 44.6 $ 193.0 Net income attributable to Versum per common share:
Basic $ 0.47 $ 0.41 $ 0.48 $ 0.41 $ 1.78 Diluted $ 0.47 $ 0.41 $ 0.48 $ 0.41 $ 1.76 Shares used in computing per common share amounts:
Basic 108.7 108.7 108.8 108.8 108.7 Diluted 109.2 109.3 109.5 109.6 109.4
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005616/en/
Versum Materials, Inc.
Investor Inquiries:
Robyn Williams, 484-275-5907
[email protected]
or
Media Inquiries:
Tiffany Zinn, 480-282-6475
[email protected]
Source: Versum Materials, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-versum-materials-reports-strong-fiscal-second-quarter-2018-financial-results.html |
Uber Technologies Chief Product Officer Jeff Holden is leaving the ride-hailing company, an Uber spokesman told Reuters on Thursday, the latest of more than a dozen senior executives to depart since last year.
Holden oversaw Uber Elevate , the company's flying car operation, which is now headed by Eric Allison, the spokesman said, but declined to elaborate on the reason for his departure.
New Chief Executive Officer Dara Khosrowshahi has been shaking up the company since taking over Last August aiming to improve Uber's reputation after a string of scandals.
Uber, along with Lyft, scrapped mandatory arbitration to settle sexual harassment or assault claims earlier this week, giving victims several options to pursue their claims including public lawsuits.
Uber also launched a new app for its drivers last month, in an effort to improve an often contentious relationship.
Uber's chief legal officer, Salle Yoo, and head of external affairs Dave Clark left the company in September.
Uber is also searching for a chief financial officer who can help take the company public in 2019. The CFO position has been vacant since 2015.
The Wall Street Journal earlier reported that Holden, who was hired by former Uber Chief Executive Officer Travis Kalanick from Groupon, told colleagues that Thursday was his last day with the company | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/uber-chief-product-officer-jeff-holden-to-leave-in-latest-executive-departure.html |
NEW YORK, May 3 (Reuters) - New York’s highest court on Thursday refused to overturn former Goldman Sachs Group Inc programmer Sergey Aleynikov’s criminal conviction of stealing computer code from the investment bank when he left for another job.
In a latest development of a case that partly inspired Michael Lewis’ bestselling book “Flash Boys” on high-frequency trading in the U.S. equity market, the New York Court of Appeals rejected Aleynikov’s argument that the code was not “tangible,” and thus not covered by a state law criminalizing “unlawful use of secret scientific material.”
“We are disappointed in the Court of Appeals decision,” said Kevin Marino, Aleynikov’s lawyer.
However, Marino said the decision left room for a new motion to overturn the conviction for unlawful use of secret scientific material. He cited grounds that the jury had been told that “tangible” could mean “capable of being understood by the mind,” and the appeals court did not adopt that definition. He said he was “confident” that motion would succeed.
Aleynikov, 48, was arrested on federal charges in July 2009 and convicted in December 2010, only to be exonerated by a federal appeals court in February 2012 after serving 11 months of an eight-year prison sentence.
Vance then filed state criminal charges against Aleynikov in August 2012. He was convicted by a jury in May 2015, but the judge who presided over the trial overturned the verdict, finding the copied code was not tangible.
However, the Appellate Division, First Department, a mid-level state appeals court, reinstated the conviction in January 2017, saying a copy on a disk could be tangible. The Court of Appeals agreed to review the case in April 2017.
Aleynikov, a Russian-born U.S. citizen, has said he intended the code only for his own use. (Reporting By Brendan Pierson in New York)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/goldman-sachs-theft-programmer/ex-goldman-sachs-programmer-loses-bid-to-overturn-conviction-idUSL1N1SA1RO |
up@
* U.S. crude stays near $70 on worries U.S. may exit nuclear deal
* Dollar near 2018 high on relative strength of US growth
* Resilient tech sector underpins Asian shares
* China shares rise as U.S.-China trade talks set to resume
TOKYO/SHANGHAI, May 8 (Reuters) - Oil prices eased slightly on Tuesday, a day after hitting 3-1/2 year highs, as investors braced for President Donald Trump's decision on whether to withdraw the United States from the Iran nuclear deal, a move that could disrupt global oil supply. Asian shares picked up, helped by technology stocks as generally upbeat earnings overcame weakness in the global smartphone market and concerns about more regulation.
U.S. West Texas Intermediate (WTI) crude futures on Monday rose above $70 for the first time since November 2014, putting it more than 18 percent above this year's low touched in February.
On Tuesday, some of those oil-price gains were pared as traders took profit after Trump said in a tweet he would announce his decision on the nuclear deal at 1800 GMT Tuesday.
"The oil market has priced in the high likelihood of Trump withdrawing from the nuclear deal with Iran. If he is going to impose sanctions similar to those the U.S. had in 2012, that would likely cause a shortage in oil," said Tatsufumi Okoshi, senior commodity economist at Nomura Securities.
Adding to market pressures, falls in Venezuelan oil production due to problems at the country's oil company PDVSA also added to the rally.
U.S. crude futures last traded at $69.97 per barrel, down 1.1 percent from Monday's settlement price.
Global benchmark Brent crude futures stood at $75.54 per barrel, down 0.8 percent, having risen as high as $76.34 on Monday.
While caution on Trump's statement kept investors edgy in early trade, technology firms helped to generate gains for Asian equities.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.6 percent, with information technology shares rising 1.2 percent. Japan's Nikkei was 0.3 percent higher.
Tech shares also lifted South Korea's Kospi index, which rose 0.4 percent.
SOARING VALUATIONS
Some analysts cautioned that the rally in technology shares could face a short-term correction as valuations soar.
Yoshinori Shigemi, global market strategist at JPMorgan Asset Management in Tokyo, noted that technology shares have been moving higher, taking up a larger share of indices as more money flows into the exchange trade funds (ETF) market.
There is currently a "positive feedback loop", but if some sort of unforeseen negative event takes place, it "may turn into a negative feedback loop," he said.
China's blue-chip CSI300 index rose 1.3 percent after the White House said on Monday that U.S.-China trade talks would resume next week.
On Tuesday, China reported exports and imports jumped in April, beating forecasts, but the news did not impact markets.
On Wall Street on Monday, the S&P 500 gained 0.35 percent, boosted by Apple's sixth straight day of gains.
In currency markets, the dollar broadly held firm on the prospect of solid U.S. economic growth, helped partly by Trump's tax cuts and spending, pointed to further rises in U.S. interest rates down the road.
That prompted investors to buy back dollars they had sold earlier this year on worries about Trump's protectionist trade policies.
The euro hit a four-month low of $1.1897 on Monday and last stood at $1.1925.
Against the yen, the dollar stood little changed at 108.93 yen, off its three-month high of 110.05 yen.
The combination of higher oil prices, a strong dollar and higher U.S. rates is risky for some emerging market assets as it could significantly worsen their trade balance and also encourage investors to shift funds to higher-yielding U.S. assets.
"The emerging market currencies are now playing catch up with some of the excessive losses seen in developed currencies ... Asian currencies have also fallen victim to the latest round of USD buying momentum," Jameel Ahmad, Global Head of Currency Strategy & Market Research at FXTM wrote in a note.
JPMorgan's emerging market bond index hit its lowest level in more than a year.
The Indian rupee hit a 15-month low while the Indonesian rupiah hit its lowest level since December 2015 on Tuesday.
Dhian Karyantono, fixed income analyst at Mirae Asset Sekuritas Indonesia, said that the rupiah had weakened after weaker-than-expected first-quarter growth data.
Indonesia's economy grew at 5.06 percent in January-March, down from 5.19 percent in the previous quarter.
The divergence between developed and emerging markets was also visible in equity prices. Brazil's Bovespa hit three-month lows while Germany's Dax hit three-month highs and Italian shares hit 8-1/2-year highs.
(Additional reporting by Gayatri Suroyo in JAKARTA; Editing by Richard Borsuk) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/reuters-america-global-markets-oil-trims-gains-ahead-of-trump-iran-announcement-asia-shares-up.html |
KUALA LUMPUR (Reuters) - A lawyer for former Malaysian Prime Minister Najib Razak on Thursday said a police search of Najib’s home has gone on for almost 18 hours and was “harassment”.
Lawyer Harpal Singh Grewal said police arrived at about 10 p.m. on Wednesday at Najib’s house, and were still searching it on Thursday afternoon.
He said Najib had indicated that he was “prepared and willing to extend his fullest cooperation” to the authorities, and police had taken away some personal items, including handbags and clothing.
“This harassment has now continued for almost 18 hours and nothing meaningful has come from the search and seizure of what would appear to be insignificant personal items,” the lawyer said.
Reporting by A. Ananthalakshmi; Editing by Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-najib/lawyer-calls-18-hour-search-of-former-malaysian-pms-home-harassment-idUSKCN1II1G3 |
SEOUL (Reuters) - U.S. Secretary of State Mike Pompeo is expected to return with three Americans held in North Korea, a South Korean presidential official said on Wednesday.
FILE PHOTO - U.S. Secretary of State Mike Pompeo listens to remarks made by President Donald Trump during Pompeo's swearing-in ceremony at the Department of State in Washington, U.S., May 2, 2018. REUTERS/Leah Millis The official said that during Pompeo’s visit to North Korea he was expected to finalize the date of an unprecedented summit planned between U.S. President Donald Trump and North Korean leader Kim Jong Un.
Pompeo arrived in North Korean capital Pyongyang on Wednesday to prepare for the summit, while the U.S. president signaled the possibility that three Americans detained in the country could soon be released.
Reporting by Christine Kim; Writing by Ju-min Park; Editing by Simon Cameron-Moore
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-prisoners/pompeo-expected-to-return-with-three-american-detainees-south-korean-official-idUSKBN1IA07E |
LEESBURG, Va., May 01, 2018 (GLOBE NEWSWIRE) -- K2M Group Holdings, Inc. (Nasdaq:KTWO) (the “Company” or “K2M”), a global leader of complex spine and minimally invasive solutions focused on achieving three-dimensional Total Body Balance ™ , today reported financial results for its first quarter ended March 31, 2018.
First Quarter 2018 Financial Summary:
Total first quarter revenue of $67.9 million, up 10% year-over-year on a reported basis and 8% on a constant currency basis. Domestic first quarter revenue of $49.9 million, up 8% year-over-year, comprised of: U.S. Complex Spine growth of 8% year-over-year U.S. Minimally Invasive Surgery (MIS) growth of 6% year-over-year U.S. Degenerative growth of 9% year-over-year International first quarter revenue of $18.0 million, up 15% year-over-year, and 9% on a constant currency basis. Net loss of $11.4 million for the first quarter, compared to a net loss of $10.9 million in the comparable quarter last year. Adjusted EBITDA loss of $3.0 million for the first quarter, compared to Adjusted EBITDA loss of $336,000 in the comparable quarter last year.
First Quarter Product Introductions and Strategic Highlights:
On February 26, 2018, the Company announced the licensure of its BACS ® Data Management tool to the International Spine Study Group Foundation (ISSGF) for collecting spine patient data, including patient reported outcome measures (PROMs), as part of the ISSGF’s globally recognized research studies. On March 14, 2018, the Company announced the commercial launch of the YUKON ™ OCT Spinal System at the 34th Annual Meeting of the American Association of Neurological Surgeons/Congress of Neurological Surgeons Section on Disorders of the Spine and Peripheral Nerves (AANS/CNS). At the meeting, the Company also showcased Balance ACS ® or (BACS), a comprehensive platform that applies three-dimensional solutions across the entire clinical care continuum to help drive quality outcomes for spine patients. On March 29, 2018, the Company announced the appointment of Lane Major as Chief Operating Officer, a new position within K2M.
Highlights Subsequent to Quarter-End:
On April 27, 2018, the Company executed an exclusive agency and services agreement to replace its existing exclusive distribution agreement with its partner in Spain and Portugal, Medcomtech, S.A., whereby Medcomtech and K2M extended their partnership through 2024. Pursuant to the agreement, K2M acquired Medcomtech’s spine customer contracts and relationships and its existing K2M product inventory and instrumentation in exchange for certain outstanding receivables from Medcomtech.
In addition, Medcomtech will transition from a stocking-based distributor to a commission-based independent sales agency, and K2M will become responsible for and assume risk of billing, collections and inventory management for Medcomtech’s business related to K2M products while Medcomtech will remain focused on sales, marketing and market development activities for these products. Beginning in May, revenue generated by K2M in Spain and Portugal will reflect its supplier relationships at the hospital level as opposed to its prior wholesale relationship with Medcomtech. We believe this revised relationship with Medcomtech represents an opportunity to improve the growth and gross margin profile for Spain and Portugal going forward.
"Our first quarter total revenue growth of approximately 10% year-over-year reflect solid trends in the U.S. and stronger-than-expected demand in international markets," said Chairman, President, and Chief Executive Officer, Eric Major. "We delivered approximately 8% growth in the United States in Q1—at the high-end of our growth expectations—driven by solid execution against our strategic goal of increasing market share by introducing new and innovative spinal implant solutions like our first-of-its-kind MOJAVE PL 3D Expandable Interbody System featuring Lamellar 3D Titanium Technology and our YUKON OCT Spinal System that can be used with the PALO ALTO Cervical Static Corpectomy Cage System, the first and only static corpectomy cage in the world to receive a cervical 510(k) clearance."
Mr. Major continued, "We have increased our fiscal year 2018 revenue guidance expectations to a new range of $283 million to $287 million based on our improved revenue outlook for Spain. We remain confident in our ability to drive above-market growth in the U.S., fueled by our continued focus on leading the spine market by introducing new and innovative spinal implant solutions to help surgeons care for patients around the world who suffer from debilitating spinal pathologies."
First Quarter 2018 Financial Results
Three Months Ended March 31, Increase/Decrease ($, thousands) 2018 2017 $ Change % Change % Change (as reported) (constant currency) United States $49,890 $46,207 $3,683 8.0 % 8.0 % International 17,986 15,678 2,308 14.7 % 9.3 % Total Revenue $67,876 $61,885 $5,991 9.7 % 8.3 % Total revenue for the first quarter of 2018 increased $6.0 million, or 9.7%, to $67.9 million, compared to $61.9 million for the first quarter of 2017. Total revenue increased 8% year-over-year on a constant currency basis. The increase in revenue was primarily driven by higher sales volume from domestic new surgeon users and newer product offerings, and increased set investments by our distribution partners in Latin America.
Revenue in the United States increased $3.7 million, or 8.0% year-over-year, to $49.9 million, and international revenue increased $2.3 million, or 14.7% year-over-year, to $18.0 million. First quarter 2018 international revenue increased 9% year-over-year on a constant currency basis. Foreign currency exchange positively impacted first quarter international revenue by $0.8 million, representing approximately 540 basis points of 2018 international growth year-over-year.
The following table represents domestic revenue by procedure category.
Three Months Ended March 31, Increase/Decrease ($, thousands) 2018 2017 $ Change % Change Complex Spine $18,513 $17,136 $ 1,377 8.0 % Minimally Invasive 8,375 7,872 503 6.4 % Degenerative 23,002 21,199 1,803 8.5 % U.S. Revenue $49,890 $46,207 $ 3,683 8.0 % By procedure category, U.S. revenue in the Company’s complex spine, MIS and degenerative categories represented 37.1%, 16.8% and 46.1% of U.S. revenue, respectively, for the three months ended March 31, 2018.
Gross profit for the first quarter of 2018 increased 7.6% to $43.5 million, compared to $40.4 million for the first quarter of 2017. Gross margin was 64.0% for the first quarter of 2018, compared to 65.3% for the prior year period, a decrease primarily reflecting the mix of sales to our lower margin partners in Latin America this quarter. Gross profit includes amortization expense on investments in surgical instruments of $3.9 million, or 5.7% of sales, for the three months ended March 31, 2018, compared to $3.5 million, or 5.6% of sales, for the comparable period last year.
Operating expenses for the first quarter of 2018 increased $4.0 million, or 8.1%, to $53.5 million, compared to $49.5 million for the first quarter of 2017. The increase in operating expenses was driven primarily by a $2.3 million increase in sales and marketing expenses and a $1.3 million increase in general and administrative expenses, compared to the comparable period last year.
Loss from operations for the first quarter of 2018 increased $0.9 million to $10.0 million compared to a loss from operations of $9.1 million for the first quarter last year. Loss from operations included intangible amortization of $0.2 million for the three months ended March 31, 2018, compared to $2.4 million for the comparable period last year.
Total other expenses for the first quarter of 2018 decreased $0.5 million to $1.3 million, compared to $1.8 million last year. The decrease in other expense, net, was primarily attributable to an unrealized gain of $0.5 million from foreign currency remeasurement on intercompany payable balances, compared to unrealized loss of $27,000 in the first quarter last year.
Net loss for the first quarter of 2018 was $11.4 million, or $0.26 per diluted share, compared to a loss of $10.9 million, or $0.26 per diluted share, for the first quarter of 2017.
As of March 31, 2018, cash and equivalents were $17.2 million and outstanding long-term indebtedness included the carrying value of the Convertible Senior Notes of $39.8 million and the capital lease obligation, net of current maturities, of $33.5 million. In addition, the Company also had $7.0 million of outstanding borrowings and $34.6 million of unused borrowing capacity under its revolving credit facility.
2018 Outlook
The Company is updating its fiscal year 2018 expectations for revenue, net loss and adjusted EBITDA:
The Company now expects total revenue on an as reported basis in the range of $283.0 million to $287.0 million, representing growth of 10% to 11% year-over-year, compared to total revenue of $258.0 million in fiscal year 2017. Its prior revenue guidance expectations were for total revenue on an as reported basis in a range of $280.0 million to $284.0 million, representing growth of 9% to 10% year-over-year. The Company continues to expect growth in its U.S. business of approximately 10% to 11% year-over-year in 2018. The Company now expects growth in its International business of approximately 11% to 12% year-over-year in 2018, compared to prior guidance expectations for growth of approximately 5% to 7% year-over-year. The Company continues to expect currency to have a positive impact on total revenue in 2018 of approximately $2 million. The Company continues to expect total net loss of $34.0 million to $30.0 million, compared to net loss of $37.1 million in fiscal year 2017. The Company continues to expect an Adjusted EBITDA benefit in the range of $4.0 million to $8.0 million, compared to Adjusted EBITDA loss of $740,000 in fiscal year 2017.
Conference Call
Management will host a conference call at 5:30 p.m. Eastern Time on May 1, 2018 to discuss the results of the first quarter, and to host a question and answer session. Those who would like to participate may dial 866-393-4306 (734-385-2616 for international callers) and provide access code 8395568 approximately 10 minutes prior to the start of the call. A live webcast of the call will also be provided on the investor relations section of the Company's website at http://Investors.K2M.com/ .
For those unable to participate, a replay of the call will be available for two weeks at 855-859-2056 (404-537-3406 for international callers); access code 8395568. The webcast will be archived on the investor relations section of the Company's website.
About K2M Group Holdings, Inc.
K2M Group Holdings, Inc. is a global leader of complex spine and minimally invasive solutions focused on achieving three-dimensional Total Body Balance. Since its inception, K2M has designed, developed, and commercialized innovative complex spine and minimally invasive spine technologies and techniques used by spine surgeons to treat some of the most complicated spinal pathologies. K2M has leveraged these core competencies into Balance ACS, a platform of products, services, and research to help surgeons achieve three-dimensional spinal balance across the axial, coronal, and sagittal planes, with the goal of supporting the full continuum of care to facilitate quality patient outcomes. The Balance ACS platform, in combination with the Company's technologies, techniques and leadership in the 3D-printing of spinal devices, enable K2M to compete favorably in the global spinal surgery market. For more information, visit www.K2M.com and connect with us on Facebook , Twitter , Instagram , LinkedIn and YouTube .
Forward-Looking Statements
This press release contains that reflect current views with respect to, among other things, operations and financial performance. Forward-looking statements include all statements that are not historical facts such as our statements about our expected financial results and guidance and our expectations for future business prospects. In some cases, you can identify these by the use of words such as, “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words.
Such are subject to various risks and uncertainties including, among other things: our ability to achieve or sustain profitability in the future; our ability to demonstrate to spine surgeons and hospital customers the merits of our products and to retain their use of our products; pricing pressures and our ability to compete effectively generally; collaboration and consolidation in hospital purchasing; inadequate coverage and reimbursement for our products from third-party payers; lack of long-term clinical data supporting the safety and efficacy of our products; dependence on a limited number of third-party suppliers; our ability to maintain and expand our network of direct sales employees, independent sales agencies and international distributors and their level of sales or distribution activity with respect to our products; proliferation of physician-owned distributorships in the industry; decline in the sale of certain key products; loss of key personnel; our ability to enhance our product offerings through research and development; our ability to maintain adequate working relationships with healthcare professionals; our ability to manage expected growth; our ability to successfully acquire or invest in new or complementary businesses, products or technologies; our ability to educate surgeons on the safe and appropriate use of our products; costs associated with high levels of inventory; impairment of our goodwill and intangible assets; disruptions to our corporate headquarters and operations facilities or critical information technology systems or those of our suppliers, distributors or surgeon users; our ability to ship a sufficient number of our products to meet demand; our ability to strengthen our brand; fluctuations in insurance cost and availability; our ability to remediate the material weaknesses in our IT general controls; our ability to comply with extensive governmental regulation within the United States and foreign jurisdictions; our ability to maintain or obtain regulatory approvals and clearances within the United States and foreign jurisdictions; voluntary corrective actions by us or our distribution or other business partners or agency enforcement actions; recalls or serious safety issues with our products; enforcement actions by regulatory agencies for improper marketing or promotion; misuse or off-label use of our products; delays or failures in clinical trials and results of clinical trials; legal restrictions on our procurement, use, processing, manufacturing or distribution of allograft bone tissue; negative publicity concerning methods of tissue recovery and screening of donor tissue; costs and liabilities relating to environmental laws and regulations; our failure or the failure of our agents to comply with fraud and abuse laws; U.S. legislative or Food and Drug Administration regulatory reforms; adverse effects associated with the exit of the United Kingdom from the European Union; adverse effects of medical device tax provisions; potential tax changes in jurisdictions in which we conduct business; our ability to generate significant sales; potential fluctuations in sales volumes and our results of operations over the course of a fiscal year; uncertainty in future capital needs and availability of capital to meet our needs; our level of indebtedness and the availability of borrowings under our credit facility; restrictive covenants and the impact of other provisions in the indenture governing our convertible senior notes and our credit facility; worldwide economic instability; our ability to protect our intellectual property rights; patent litigation and product liability lawsuits; damages relating to trade secrets or non-competition or non-solicitation agreements; risks associated with operating internationally; fluctuations in foreign currency exchange rates; our ability to comply with the Foreign Corrupt Practices Act and similar laws; increased costs and additional regulations and requirements as a result of being a public company; our ability to implement and maintain effective internal control over financial reporting; potential volatility in our stock price; our lack of current plans to pay cash dividends; potential dilution by the future issuances of additional common stock in connection with our incentive plans, acquisitions or otherwise; anti-takeover provisions in our organizational documents and our ability to issue preferred stock without shareholder approval; potential limits on our ability to use our net operating loss carryforwards; and other risks and uncertainties, including those described under the section entitled “Risk Factors” in our most recent filed with the SEC, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov . Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and our filings with the SEC.
We operate in a very competitive and challenging environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the contained in this release. We cannot assure you that the results, events and circumstances reflected in the will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the .
The made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our and you should not place undue reliance on our . Unless specifically stated otherwise, our do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic transactions we may make.
Investor Contact:
Westwicke Partners on behalf of K2M Group Holdings, Inc.
Mike Piccinino, CFA
443-213-0500
[email protected]
K2M GROUP HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In Thousands, Except Share and Per Share Data) March 31, December 31, 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 17,192 $ 23,964 Accounts receivable, net 51,257 50,474 Inventory, net 77,394 71,424 Prepaid expenses and other current assets 6,790 7,842 152,633 153,704 Property, plant and equipment, net 48,053 49,200 Surgical instruments, net 27,776 26,250 Goodwill 121,814 121,814 Intangible assets, net 18,768 18,899 Other assets 3,934 3,260 Total assets $ 372,978 $ 373,127 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities under capital lease obligation $ 1,161 $ 1,122 Accounts payable 25,454 20,495 Accrued expenses 18,794 22,233 Accrued payroll liabilities 9,201 10,214 54,610 54,064 Bank line of credit 7,000 — Convertible senior notes 39,790 39,176 Capital lease obligation, net of current maturities 33,514 33,812 Deferred income taxes, net 3,360 3,360 Other liabilities 342 316 Total liabilities 138,616 130,728 Stockholders’ equity: Common stock, $0.001 par value, 750,000,000 shares authorized; 43,404,374 and
43,389,576 shares issued and 43,388,409 and 43,373,611 shares outstanding, respectively 43 43 Additional paid-in capital 492,602 491,012 Accumulated deficit (260,619 ) (249,221 ) Accumulated other comprehensive income 2,647 876 Treasury stock, at cost, 15,965 and 15,965 shares, respectively (311 ) (311 ) Total stockholders’ equity 234,362 242,399 Total liabilities and stockholders’ equity $ 372,978 $ 373,127
K2M GROUP HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In Thousands, Except Share and Per Share Data) Three Months Ended March 31, 2018 2017 Revenue $ 67,876 $ 61,885 Cost of revenue 24,419 21,479 Gross profit 43,457 40,406 Operating expenses: Research and development 5,660 5,250 Sales and marketing 32,732 30,474 General and administrative 15,082 13,754 Total operating expenses 53,474 49,478 Loss from operations (10,017 ) (9,072 ) Other expense, net: Foreign currency transaction gain (loss) 478 (27 ) Interest expense (1,782 ) (1,732 ) Total other expense, net (1,304 ) (1,759 ) Loss before income taxes (11,321 ) (10,831 ) Income tax expense 77 42 Net loss $ (11,398 ) $ (10,873 ) Net loss per share: Basic and diluted $ (0.26 ) $ (0.26 ) Weighted average shares outstanding: Basic and diluted 43,118,112 42,224,734
K2M GROUP HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In Thousands) Three Months Ended
March 31, Operating activities 2018 2017 Net loss $ (11,398 ) $ (10,873 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 5,546 7,195 Provision for inventory reserves 1,305 1,146 Stock-based compensation expense 1,451 1,541 Accretion of discounts and amortization of issuance costs of convertible senior notes 632 570 Changes in operating assets and liabilities: Accounts receivable (320 ) 438 Inventory (6,859 ) (1,263 ) Prepaid expenses and other assets 877 (4,032 ) Accounts payable, accrued expenses, and accrued payroll liabilities 227 431 Net cash used in operating activities (8,539 ) (4,847 ) Investing activities Purchase of surgical instruments (4,479 ) (3,157 ) Purchase of property, plant and equipment (840 ) (1,553 ) Changes in cash restricted for leasehold improvements — 61 Purchase of intangible assets (17 ) (23 ) Net cash used in investing activities (5,336 ) (4,672 ) Financing activities Borrowings on bank line of credit 7,000 — Payments under capital lease (259 ) (223 ) Issuances and exercise of stock-based compensation benefit plans, net of income tax 139 2,744 Net cash provided by financing activities 6,880 2,521 Effect of exchange rate changes on cash and cash equivalents 223 67 Net change in cash and cash equivalents (6,772 ) (6,931 ) Cash and cash equivalents at beginning of period 23,964 45,511 Cash and cash equivalents at end of period $ 17,192 $ 38,580 Significant non-cash investing activities Additions to property, plant and equipment $ 150 $ 750 Reductions to property, plant and equipment from earned grant incentives $ 395 $ — Cash paid for: Income taxes $ 1 $ 64 Interest $ 1,087 $ 1,090 K2M GROUP HOLDINGS, INC.
Reconciliation of GAAP to Non-GAAP Measures
(Unaudited)
(In Thousands)
Use of Non-GAAP Financial Measures
This press release includes the non-GAAP financial measures of revenue in constant currency, Adjusted Gross Profit, and Adjusted EBITDA.
The Company presents these non-GAAP measures because it believes these measures are useful indicators of the Company’s operating performance. Management uses these non-GAAP measures principally as a measure of the Company's operating performance and believes that these measures are useful to investors because they are frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry. The Company also believes that these measures are useful to its management and investors as a measure of comparative operating performance from period to period.
Constant currency information compares results between periods as if exchange rates had remained constant period-to-period. We calculate constant currency by converting the prior-year results using current-year foreign currency exchange rates.
Adjusted Gross Profit represents Gross Profit less amortization expense of surgical instruments. The Company presentsAdjusted Gross Profit because it believes it is a useful measure of the Company's gross profit and operating performance because the measure is not burdened by the timing impact of instrument purchases and related amortization.
Adjusted EBITDA represents net loss plus interest expense, income tax expense, depreciation and amortization, stock-based compensation expense and foreign currency transaction (gain) loss.
The Company presents Adjusted EBITDA because it believes it is a useful indicator of the Company’s operating performance. Management uses Adjusted EBITDA principally as a measure of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating budget and financial projections.
Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to net loss as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP and it should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect the Company’s cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of Adjusted EBITDA should not be construed to imply that the Company’s future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on its GAAP results in addition to using Adjusted EBITDA supplementally. The Company’s definition of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.
The following table presents reconciliations of gross profit to adjusted gross profit and net loss to Adjusted EBITDA for the periods presented.
Three Months Ended March 31, $ in thousands 2018 2017 Reconciliation from Gross Profit to Adjusted Gross Profit Gross profit $ 43,457 $ 40,406 Surgical instrument amortization 3,862 3,464 Adjusted gross profit (a Non-GAAP Measure) $ 47,319 $ 43,870
Three Months Ended March 31, 2018 2017 Reconciliations from Net Loss to Adjusted EBITDA Net loss $ (11,398 ) $ (10,873 ) Interest expense 1,782 1,732 Income tax expense 77 42 Depreciation and amortization 5,546 7,195 Stock-based compensation expense 1,451 1,541 Foreign currency transaction (gain) loss (478 ) 27 Adjusted EBITDA (a Non-GAAP measure) $ (3,020 ) $ (336 ) The following table presents a reconciliation of net loss to Adjusted EBITDA for our 2018 guidance:
Year Ended
December 31, 2018 Net loss $ (32,000 ) Interest expense 8,500 Income tax expense 100 Depreciation and amortization 23,000 Stock-based compensation expense 6,400 Foreign currency transaction gain —
Adjusted EBITDA $ 6,000 The reconciliation assumes the mid-point of the Adjusted EBITDA range and the mid-point of each component of the reconciliation, corresponding to guidance of $4.0 million to $8.0 million for 2018.
Source:K2M Group Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-k2m-group-holdings-inc-reports-first-quarter-2018-financial-results-and-updates-fiscal-year-2018-outlook.html |
Meghan Markle , 36, is set to wed Prince Harry, 33, on May 19 at St. George's chapel at Windsor Castle. And the gown she'll wear to walk down the aisle reportedly costs £100,000, or $135,593, according to sources who spoke to the Daily Mail . That's roughly three times the average salary of American workers ($44,564), and about 87 times the typical cost of wedding dresses across the U.S.: $1,564 .
But Markle's isn't your typical wedding. Bride Book estimates that the royal affair will cost around £32 million ($43.4 million), mostly thanks to security costs like snipers and undercover police that, alone, could add up to £30 million ($40.7 million).
show chapters How rich is the royal family? 1 Hour Ago | 04:20 And spending six figures on a dress is standard when it comes to royal wedding gowns: Princess Diana's wedding dress, which featured 10,000 pearls and a 25-foot train, was estimated to cost $115,000 , and Kate Middleton's Alexander McQueen gown reportedly cost $434,000 .
The Daily Mail reports that Markle will wear a gown by British couture designers Ralph & Russo — for her first dress, that is. Markle is expected to | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/meghan-markles-wedding-dress-may-cost-3-times-an-average-us-salary.html |
Income benefited from lower accident frequency and catastrophe losses
NORTHBROOK, Ill.--(BUSINESS WIRE)-- The Allstate Corporation (NYSE: ALL) today reported financial results for the first quarter of 2018.
The Allstate Corporation Consolidated Highlights Three months ended March 31, ($ in millions, except per share data and ratios) 2018 2017 % / pts Change
Consolidated revenues $ 9,770 $ 9,644 1.3 Net income applicable to common shareholders 946 666 42.0 per diluted common share 2.63 1.79 46.9 Adjusted net income* 1,066 608 75.3 per diluted common share* 2.96 1.64 80.5 Return on common shareholders’ equity (trailing twelve months) Net income applicable to common shareholders 16.6 % 11.6 % 5.0 Adjusted net income* 15.0 % 11.9 % 3.1 Book value per common share 58.64 52.41 11.9 Property-Liability combined ratio Recorded 88.0 92.9 (4.9 ) Underlying combined ratio* (excludes catastrophes, prior year reserve reestimates and amortization of purchased intangibles) 84.2 84.1 0.1 Property and casualty insurance premiums written 8,131 7,723 5.3 Catastrophe losses 361 781 (53.8 ) Total policies in force (in thousands) 85,581 73,666 16.2 * Measures used in this release that are not based on accounting principles generally accepted in the United States of America (“non-GAAP”) are denoted with an asterisk and defined and reconciled to the most directly comparable GAAP measure in the “Definitions of Non-GAAP Measures” section of this document. “Excellent execution of our operating plan led to increased growth and profitability in the first quarter of 2018. We also benefited from an unexpected decline in auto accident frequency, lower catastrophe losses and a reduction in federal taxes,” said Tom Wilson, Chairman, President and Chief Executive Officer of The Allstate Corporation. “Net income was $946 million, or $2.63 per share, reflecting good margins in the Property-Liability, Life and Benefits businesses and a lower tax rate. The recorded combined ratio of 88.0 was 4.9 points below last year. We are also pleased that the Allstate and Esurance brands increased policies in force, due to higher customer retention and increased new business. Allstate Benefits and SquareTrade continued to have strong growth.
“Progress was also made on all the 2018 Operating Priorities in the first quarter. Customers were better served as internal measures of Net Promoter Score increased, which supports higher customer retention and growth. Investments contributed $786 million of pre-tax income reflecting good results in the market and performance-based portfolios. Total portfolio return for the quarter was a negative 50 basis points as a 0.9% contribution from investment income was offset by a 1.4% decline in the current market value of the portfolio due to higher interest rates, wider credit spreads and lower equity prices. Progress was also made in building long-term growth platforms and ensuring Allstate meets the needs of all of our stakeholders, as discussed in the recently released Prosperity Report ,” concluded Wilson.
First Quarter 2018 Results
Total revenue of $9.8 billion in the first quarter of 2018 increased 1.3% compared to the prior year quarter. Property and casualty insurance premiums earned increased 4.1%. Life premiums and contract charges increased 3.9%. Net investment income increased 5.1%. Realized capital losses were $134 million compared to a gain of $134 million in the prior year quarter, which reduced year-over-year revenue growth by 2.8 points. Net income applicable to common shareholders was $946 million, or $2.63 per diluted share, in the first quarter of 2018, compared to $666 million, or $1.79 per diluted share, in the first quarter of 2017. Adjusted net income* was $1.07 billion in the first quarter of 2018, compared to $608 million in the first quarter of 2017, as reduced catastrophe losses, a lower effective tax rate and improved underlying loss performance more than offset higher expenses. Property-Liability underwriting income of $959 million was $411 million better than the prior year quarter. Lower catastrophe losses, increased premiums earned and lower auto accident frequency were partially offset by higher operating expenses, increased severity and lower favorable prior year reserve reestimates. The underlying combined ratio* of 84.2 for the first quarter of 2018 was essentially flat to the prior year quarter as improved auto insurance margins were offset by the impact of adverse weather in homeowners insurance. First quarter results were better than the annual outlook range of 86 to 88 (1) as the continued reduction in accident frequency favorably impacted auto insurance profitability. Non-catastrophe prior year reserve releases of $55 million in the first quarter of 2018 included Allstate brand releases of $56 million, primarily driven by auto injury coverages.
Property-Liability Results Three months ended March 31, (% to earned premiums) 2018 2017 pts Change
Recorded Combined Ratio 88.0 92.9 (4.9 ) Allstate Brand Auto 88.5 90.7 (2.2 ) Allstate Brand Homeowners 80.8 93.7 (12.9 ) Allstate Brand Other Personal Lines 89.0 93.1 (4.1 ) Esurance 99.3 102.4 (3.1 ) Encompass 98.4 111.7 (13.3 ) Underlying Combined Ratio* 84.2 84.1 0.1 Allstate Brand Auto 90.0 90.9 (0.9 ) Allstate Brand Homeowners 63.5 61.3 2.2 Allstate Brand Other Personal Lines 83.3 78.8 4.5 Esurance 98.4 100.2 (1.8 ) Encompass 87.9 86.6 1.3
(1) A reconciliation of this non-GAAP measure to the combined ratio, a GAAP measure, is not possible on a forward-looking basis because it is not possible to provide a reliable forecast of catastrophes, and prior year reserve reestimates are expected to be zero because reserves are determined based on our best estimate of ultimate loss reserves as of the reporting date. Allstate brand auto net written premium grew 5.5% in the first quarter of 2018, reflecting a 4.8% increase in average premium and a 0.3% increase in policies in force. Growth in policies in force was driven by continued improvement in the renewal ratio and higher new issued applications. The recorded combined ratio of 88.5 in the first quarter of 2018 was 2.2 points better than the prior year quarter, due to increased premiums earned, lower catastrophe losses and a broad-based decline in accident frequency. The underlying combined ratio* of 90.0 in the quarter was 0.9 points better than the prior year quarter. Allstate brand homeowners net written premium increased 4.4% in the first quarter of 2018 compared to the prior year quarter, due to increased average premium. Policies in force increased slightly compared to the prior year quarter, driven by improvement in the renewal ratio and increased new issued applications compared to the prior year quarter. The recorded combined ratio of 80.8 in the first quarter of 2018 was 12.9 points better than the prior year quarter, due to lower catastrophe losses and increased premiums earned, partially offset by unfavorable prior year reserve reestimates compared to favorable reserve reestimates in the first quarter of 2017. The underlying combined ratio* of 63.5 was 2.2 points higher than the prior year quarter, due to elevated underlying loss costs, mainly driven by adverse winter weather in the eastern part of the U.S. Allstate brand other personal lines net written premium of $375 million increased 1.9% in the first quarter of 2018 compared to the prior year quarter. The recorded combined ratio of 89.0 was 4.1 points better than the prior year quarter, primarily driven by lower catastrophe losses. The underlying combined ratio* of 83.3 in the first quarter of 2018 was 4.5 points higher than the prior year period, primarily due to elevated underlying loss costs. Esurance net written premium growth of 7.9% compared to the prior year quarter reflects increased average premium in auto and homeowners insurance, and a 1.1% increase in total policies in force. The strategy to drive broad-based growth across lines of business resulted in a 33.3% increase in homeowners policies in force and higher new issued auto applications and retention. The recorded combined ratio of 99.3 in the first quarter of 2018 was 3.1 points better than the prior year quarter, due to improvement in both the loss ratio and expense ratio. The underlying combined ratio* of 98.4 was 1.8 points better than the prior year quarter, as both auto and homeowners insurance results improved. Encompass net written premium declined 5.5% in the first quarter of 2018 compared to the prior year quarter, reflecting the continued execution of profit improvement plans. The recorded combined ratio of 98.4 in the first quarter of 2018 was 13.3 points better than the prior year quarter, due to lower catastrophe losses. The underlying combined ratio* of 87.9 for the first quarter was 1.3 points higher than the prior year quarter as a higher expense ratio more than offset improvement in the underlying loss ratio. Service Businesses policies in force grew to 46.5 million, an increase of 11.7 million compared to the prior year quarter, driven by SquareTrade. Adjusted net loss of $5 million in the first quarter of 2018 was $5 million better than the first quarter of 2017, due to improved loss experience at SquareTrade, partially offset by investments in research and business expansion at Arity.
Service Businesses Results Three months ended March 31, ($ in millions) 2018 2017 % / $ Change
Total Revenues $ 313 $ 247 26.7 % SquareTrade 122 59 106.8 Allstate Roadside Services 74 78 (5.1 ) Allstate Dealer Services 96 90 6.7 Arity 21 20 5.0 Adjusted Net (Loss) / Income $ (5 ) $ (10 ) $ 5 SquareTrade 2 (8 ) 10 Allstate Roadside Services (5 ) (3 ) (2 ) Allstate Dealer Services 2 — 2 Arity (4 ) 1 (5 ) SquareTrade revenue was $122 million in the first quarter, reflecting policies in force growth of 11.9 million compared to the first quarter of 2017 and the adoption of a new revenue recognition accounting standard. Adjusted net income is not impacted by the new accounting standard and was $2 million in the first quarter of 2018 due to improved loss experience. Allstate Roadside Services revenue in the first quarter of 2018 declined 5.1% compared to the prior year quarter, reflecting non-renewal of unprofitable third-party contracts. An adjusted net loss of $5 million was realized, due to lower premiums earned and higher loss costs, partially offset by lower expenses. Allstate Dealer Services revenue grew 6.7% compared to the first quarter of 2017, and adjusted net income was $2 million, reflecting improvement in loss costs. Arity had revenues of $21 million in the first quarter of 2018, largely related to contracts with affiliates. The adjusted net loss of $4 million represented continuing investments in business expansion and product development. Allstate Life adjusted net income was $69 million in the first quarter of 2018, $10 million higher than the prior year quarter, primarily due to a lower effective tax rate and higher premiums and contract charges, partially offset by adverse mortality. Premiums and contract charges increased 1.9% in the first quarter compared to the prior year quarter, primarily related to growth in traditional life insurance and lower levels of reinsurance premiums ceded. Allstate Benefits adjusted net income was $28 million in the first quarter of 2018, $6 million higher than the prior year quarter, primarily due to higher premiums and contract charges and a lower tax rate, partially offset by higher contract benefits. Premiums and contract charges increased 6.3% in the first quarter compared to the prior year quarter, due to 6.7% growth in policies in force. Allstate Annuities adjusted net income was $35 million in the first quarter of 2018, $6 million higher than the prior year quarter, primarily due to higher performance-based income. Policies in force declined 8.5% in the first quarter of 2018 as the business continues to run off. Allstate Investments $83 billion portfolio generated net investment income of $786 million in the first quarter, which was 5.1%, or $38 million, above the prior year quarter.
Allstate Investment Results Three months ended March 31, ($ in millions, except ratios) 2018 2017 % / pts Change
Net investment income $ 786 $ 748 5.1 Market-based investment income (1) 652 658 (0.9 ) Performance-based investment income (1) 181 131 38.2 Realized capital gains and losses (134 ) 134 NM Change in unrealized net capital gains, pre-tax (2) (1,002 ) 331 NM Total return on investment portfolio (0.5 )% 1.6 % (2.1 ) (1) Investment expenses are not allocated between market-based and performance-based portfolios with the exception of investee level expenses. (2) Excludes $1.2 billion adjustment related to the adoption of recognition and measurement accounting standard in 2018. NM = not meaningful
Market-based investments contributed $652 million of income in the first quarter of 2018, primarily from fixed-income securities. Performance-based investments generated income of $181 million in the first quarter of 2018, which increased 38.2% over the prior year quarter, primarily reflecting private equity asset appreciation and continued growth of the performance-based portfolio. Net realized capital losses were $134 million in the first quarter of 2018, compared to a gain of $134 million in the prior year quarter. Net realized losses for the quarter primarily consisted of declines in the valuation of equity investments of $83 million and losses on sales of $42 million. Beginning in 2018, equity valuation changes are included in net income due to the adoption of a new accounting standard. Unrealized net capital gains decreased $1 billion, post adoption of the new accounting standard, from prior year-end as higher market yields decreased fixed-income valuations. Total return on the investment portfolio was (0.5)% for the first quarter of 2018 as the 0.9% contribution from net investment income was more than offset by a 1.4% decline in the portfolio’s current market value due to higher interest rates, credit spreads and lower equity prices.
Proactive Capital Management
“Allstate returned $465 million of capital to our shareholders during the first quarter through a combination of $132 million in common stock dividends and repurchasing $333 million of outstanding shares. As of March 31, 2018, there was $935 million remaining on the $2 billion common share repurchase authorization,” said Mario Rizzo, Chief Financial Officer.
“During the first quarter, Allstate issued $575 million of noncumulative perpetual preferred stock and $500 million in floating rate senior notes. The proceeds of these issuances are for general corporate purposes, including the redemption, repayment or repurchase of certain preferred stock and debt. Our adjusted net income return on common shareholders’ equity* of 15.0% for the 12 months ended March 31, 2018 was an increase of 3.1 points compared to the prior year period. Book value per diluted common share of $58.64 was 11.9% higher than March 31, 2017,” concluded Rizzo.
Visit www.allstateinvestors.com to view additional information about Allstate’s results, including a webcast of its quarterly conference call and the call presentation. The conference call will be held at 9 a.m. ET on Wednesday, May 2.
Forward-Looking Statements
This news release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could communicated in these forward-looking statements. Factors that could cause actual results to expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent annual report on Form 10-K. Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.
THE ALLSTATE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in millions, except per share data) Three months ended March 31, 2018 2017 (unaudited) Revenues Property and casualty insurance premiums $ 8,286 $ 7,959 Life premiums and contract charges 616 593 Other revenue 216 210 Net investment income 786 748 Realized capital gains and losses: Total other-than-temporary impairment (“OTTI”) losses — (62 ) OTTI losses reclassified (from) to other comprehensive income (1 ) 3 Net OTTI losses recognized in earnings (1 ) (59 ) Sales and valuation changes on equity investments and derivatives (133 ) 193 Total realized capital gains and losses (134 ) 134 9,770 9,644 Costs and expenses Property and casualty insurance claims and claims expense 5,149 5,416 Life contract benefits 504 474 Interest credited to contractholder funds 161 173 Amortization of deferred policy acquisition costs 1,273 1,169 Operating costs and expenses 1,355 1,307 Restructuring and related charges 22 10 Interest expense 83 85 8,547 8,634 Gain on disposition of operations 1 2 Income from operations before income tax expense 1,224 1,012 Income tax expense 249 317 Net income 975 695 Preferred stock dividends 29 29 Net income applicable to common shareholders $ 946 $ 666 Earnings per common share: Net income applicable to common shareholders per common share – Basic $ 2.67 $ 1.82 Weighted average common shares – Basic 354.1 365.7 Net income applicable to common shareholders per common share – Diluted $ 2.63 $ 1.79 Weighted average common shares – Diluted 359.9 371.3 Cash dividends declared per common share $ 0.46 $ 0.37 THE ALLSTATE CORPORATION BUSINESS RESULTS ($ in millions, except ratios) Three months ended March 31, 2018 2017 Property-Liability Premiums written $ 7,844 $ 7,469 Premiums earned $ 8,019 $ 7,759 Other revenue 174 167 Claims and claims expense (5,058 ) (5,328 ) Amortization of deferred policy acquisition costs (1,088 ) (1,022 ) Operating costs and expenses (1,067 ) (1,018 ) Restructuring and related charges (21 ) (10 ) Underwriting income 959 548 Net investment income 337 308 Income tax expense on operations (268 ) (268 ) Realized capital gains and losses, after-tax (75 ) 89 Net income applicable to common shareholders $ 953 $ 677 Catastrophe losses $ 361 $ 781 Amortization of purchased intangible assets $ 1 $ 2 Operating ratios: Claims and claims expense ratio 63.0 68.6 Expense ratio (1) 25.0 24.3 Combined ratio 88.0 92.9 Effect of catastrophe losses on combined ratio 4.5 10.1 Effect of prior year reserve reestimates on combined ratio (0.7 ) (1.3 ) Services Businesses Premiums written $ 287 $ 254 Premiums earned $ 267 $ 200 Intersegment insurance premiums and service fees 29 28 Other revenue 16 16 Net investment income 5 3 Claims and claims expense (93 ) (90 ) Amortization of deferred policy acquisition costs (110 ) (68 ) Operating costs and expenses (119 ) (104 ) Restructuring and related charges (1 ) — Income tax benefit on operations 1 5 Adjusted net loss (5 ) (10 ) Realized capital gains and losses, after-tax (3 ) — Amortization of purchased intangible assets, after-tax (16 ) (15 ) Net loss applicable to common shareholders $ (24 ) $ (25 ) Allstate Life Premiums and contract charges $ 327 $ 321 Other revenue 26 27 Net investment income 122 120 Contract benefits (205 ) (195 ) Interest credited to contractholder funds (70 ) (69 ) Amortization of deferred policy acquisition costs (31 ) (32 ) Operating costs and expenses (86 ) (86 ) Income tax expense on operations (14 ) (27 ) Adjusted net income 69 59 Realized capital gains and losses, after-tax (2 ) 1 DAC and DSI amortization relating to realized capital gains and losses, after-tax (2 ) (3 ) Net income applicable to common shareholders $ 65 $ 57 (1) Other revenue is deducted from operating costs and expenses in the expense ratio calculation. THE ALLSTATE CORPORATION BUSINESS RESULTS ($ in millions, except ratios) Three months ended March 31, 2018 2017 Allstate Benefits Premiums and contract charges $ 286 $ 269 Net investment income 19 17 Contract benefits (149 ) (136 ) Interest credited to contractholder funds (8 ) (9 ) Amortization of deferred policy acquisition costs (41 ) (41 ) Operating costs and expenses (72 ) (67 ) Income tax expense on operations (7 ) (11 ) Adjusted net income 28 22 Realized capital gains and losses, after-tax (2 ) — Net income applicable to common shareholders $ 26 $ 22 Allstate Annuities Contract charges $ 3 $ 3 Net investment income 290 289 Contract benefits (150 ) (143 ) Interest credited to contractholder funds (87 ) (95 ) Amortization of deferred policy acquisition costs (1 ) (2 ) Operating costs and expenses (9 ) (9 ) Income tax expense on operations (11 ) (14 ) Adjusted net income 35 29 Realized capital gains and losses, after-tax (23 ) (2 ) Valuation changes on embedded derivatives not hedged, after-tax 4 — Gain on disposition of operations, after-tax 1 2 Net income applicable to common shareholders $ 17 $ 29 Corporate and Other Net investment income $ 13 $ 11 Operating costs and expenses (8 ) (8 ) Interest expense (83 ) (85 ) Income tax benefit on operations 17 30 Preferred stock dividends (29 ) (29 ) Adjusted net loss (90 ) (81 ) Realized capital gains and losses, after-tax (1 ) — Business combination expenses, after-tax — (13 ) Net loss applicable to common shareholders $ (91 ) $ (94 ) Consolidated net income applicable to common shareholders $ 946 $ 666 THE ALLSTATE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ($ in millions, except par value data) March 31, 2018 December 31, 2017 Assets (unaudited) Investments: Fixed income securities, at fair value (amortized cost $56,209 and $57,525) $ 56,674 $ 58,992 Equity securities, at fair value (cost $5,928 and $5,461) 6,986 6,621 Mortgage loans 4,679 4,534 Limited partnership interests 7,434 6,740 Short-term, at fair value (amortized cost $3,424 and $1,944) 3,424 1,944 Other 4,092 3,972 Total investments 83,289 82,803 Cash 450 617 Premium installment receivables, net 5,856 5,786 Deferred policy acquisition costs 4,409 4,191 Reinsurance recoverables, net 8,916 8,921 Accrued investment income 576 569 Property and equipment, net 1,060 1,072 Goodwill 2,189 2,181 Other assets 3,230 2,838 Separate Accounts 3,314 3,444 Total assets $ 113,289 $ 112,422 Liabilities Reserve for property and casualty insurance claims and claims expense $ 26,115 $ 26,325 Reserve for life-contingent contract benefits 12,333 12,549 Contractholder funds 19,139 19,434 Unearned premiums 13,448 13,473 Claim payments outstanding 865 875 Deferred income taxes 725 782 Other liabilities and accrued expenses 7,226 6,639 Long-term debt 6,847 6,350 Separate Accounts 3,314 3,444 Total liabilities 90,012 89,871 Shareholders’ equity Preferred stock and additional capital paid-in, $1 par value, 95.2 thousand and 72.2 thousand shares issued and outstanding, $2,380 and $1,805 aggregate liquidation preference 2,303 1,746 Common stock, $.01 par value, 900 million issued, 352 million and 355 million shares outstanding 9 9 Additional capital paid-in 3,367 3,313 Retained income 45,031 43,162 Deferred ESOP expense (3 ) (3 ) Treasury stock, at cost (548 million and 545 million shares) (26,280 ) (25,982 ) Accumulated other comprehensive income: Unrealized net capital gains and losses: Unrealized net capital gains and losses on fixed income securities with OTTI 84 85 Other unrealized net capital gains and losses 283 1,981 Unrealized adjustment to DAC, DSI and insurance reserves (180 ) (404 ) Unrealized net capital gains and losses 187 1,662 Unrealized foreign currency translation adjustments (13 ) (9 ) Unrecognized pension and other postretirement benefit cost (1,324 ) (1,347 ) Total accumulated other comprehensive income (1,150 ) 306 Total shareholders’ equity 23,277 22,551 Total liabilities and shareholders’ equity $ 113,289 $ 112,422 THE ALLSTATE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ($ in millions) Three months ended March 31, 2018 2017 Cash flows from operating activities (unaudited) Net income $ 975 $ 695 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and other non-cash items 122 119 Realized capital gains and losses 134 (134 ) Gain on disposition of operations (1 ) (2 ) Interest credited to contractholder funds 161 173 Changes in: Policy benefits and other insurance reserves (364 ) 183 Unearned premiums (204 ) (248 ) Deferred policy acquisition costs 10 14 Premium installment receivables, net (58 ) (19 ) Reinsurance recoverables, net (12 ) 11 Income taxes 181 284 Other operating assets and liabilities (318 ) (219 ) Net cash provided by operating activities 626 857 Cash flows from investing activities Proceeds from sales Fixed income securities 10,619 7,083 Equity securities 1,138 2,601 Limited partnership interests 53 210 Other investments 76 24 Investment collections Fixed income securities 583 1,029 Mortgage loans 46 223 Other investments 122 174 Investment purchases Fixed income securities (9,789 ) (8,800 ) Equity securities (1,535 ) (2,383 ) Limited partnership interests (415 ) (268 ) Mortgage loans (192 ) (86 ) Other investments (330 ) (219 ) Change in short-term investments, net (1,533 ) 1,572 Change in other investments, net (27 ) (10 ) Purchases of property and equipment, net (62 ) (74 ) Acquisition of operations (5 ) (1,356 ) Net cash used in investing activities (1,251 ) (280 ) Cash flows from financing activities Proceeds from issuance of long-term debt 498 — Proceeds from issuance of preferred stock 558 — Contractholder fund deposits 253 257 Contractholder fund withdrawals (492 ) (483 ) Dividends paid on common stock (132 ) (122 ) Dividends paid on preferred stock (29 ) (29 ) Treasury stock purchases (270 ) (264 ) Shares reissued under equity incentive plans, net 10 67 Other 62 3 Net cash provided by (used in) financing activities 458 (571 ) Net (decrease) increase in cash (167 ) 6 Cash at beginning of period 617 436 Cash at end of period $ 450 $ 442 Definitions of Non-GAAP Measures
We believe that investors’ understanding of Allstate’s performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.
Adjusted net income is net income applicable to common shareholders, excluding:
realized capital gains and losses, after-tax, except for periodic settlements and accruals on non-hedge derivative instruments, which are reported with realized capital gains and losses but included in adjusted net income, valuation changes on embedded derivatives not hedged, after-tax, amortization of deferred policy acquisition costs (“DAC”) and deferred sales inducements (“DSI”), to the extent they resulted from the recognition of certain realized capital gains and losses or valuation changes on embedded derivatives not hedged, after-tax, business combination expenses and the amortization of purchased intangible assets, after-tax, gain (loss) on disposition of operations, after-tax, and adjustments for other significant non-recurring, infrequent or unusual items, when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, or (b) there has been no similar charge or gain within the prior two years.
Net income applicable to common shareholders is the GAAP measure that is most directly comparable to adjusted net income.
We use adjusted net income as an important measure to evaluate our results of operations. We believe that the measure provides investors with a valuable measure of the company’s ongoing performance because it reveals trends in our insurance and financial services business that may be obscured by the net effect of realized capital gains and losses, valuation changes on embedded derivatives not hedged, business combination expenses and the amortization of purchased intangible assets, gain (loss) on disposition of operations and adjustments for other significant non-recurring, infrequent or unusual items. Realized capital gains and losses, valuation changes on embedded derivatives not hedged and gain (loss) on disposition of operations may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to the insurance underwriting process. Consistent with our intent to protect results or earn additional income, adjusted net income includes periodic settlements and accruals on certain derivative instruments that are reported in realized capital gains and losses because they do not qualify for hedge accounting or are not designated as hedges for accounting purposes. These instruments are used for economic hedges and to replicate fixed income securities, and by including them in adjusted net income, we are appropriately reflecting their trends in our performance and in a manner consistent with the economically hedged investments, product attributes (e.g. net investment income and interest credited to contractholder funds) or replicated investments. Business combination expenses are excluded because they are non-recurring in nature and the amortization of purchased intangible assets is excluded because it relates to the acquisition purchase price and is not indicative of our underlying insurance business results or trends. Non-recurring items are excluded because, by their nature, they are not indicative of our business or economic trends. Accordingly, adjusted net income excludes the effect of items that tend to be highly variable from period to period and highlights the results from ongoing operations and the underlying profitability of our business. A byproduct of excluding these items to determine adjusted net income is the transparency and understanding of their significance to net income variability and profitability while recognizing these or similar items may recur in subsequent periods. Adjusted net income is used by management along with the other components of net income applicable to common shareholders to assess our performance. We use adjusted measures of adjusted net income in incentive compensation. Therefore, we believe it is useful for investors to evaluate net income applicable to common shareholders, adjusted net income and their components separately and in the aggregate when reviewing and evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income results in their evaluation of our and our industry’s financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the company and management’s performance. We note that the price to earnings multiple commonly used by insurance investors as a forward-looking valuation technique uses adjusted net income as the denominator. Adjusted net income should not be considered a substitute for net income applicable to common shareholders and does not reflect the overall profitability of our business.
The following tables reconcile net income applicable to common shareholders and adjusted net income. Beginning January 1, 2018, the Tax Legislation reduced the U.S. corporate income tax rate from 35% to 21%. Taxes on adjustments to reconcile net income applicable to common shareholders and adjusted net income generally use a 21% effective tax rate for first quarter 2018 and 35% for first quarter 2017 and are reported net with the reconciling adjustment.
($ in millions, except per share data) Three months ended March 31, Property-Liability
Consolidated Per dilute
common share
2018 2017 2018 2017 2018 2017 Net income applicable to common shareholders $ 953 $ 677 $ 946 $ 666 $ 2.63 $ 1.79 Realized capital gains and losses, after-tax 75 (89 ) 106 (88 ) 0.29 (0.24 ) Valuation changes on embedded derivatives not hedged, after-tax — — (4 ) — (0.01 ) — DAC and DSI amortization relating to realized capital gains and losses and valuation changes on embedded derivatives not hedged, after-tax — — 2 3 — 0.01 Reclassification of periodic settlements and accruals on non-hedge derivative instruments, after-tax — — — — — — Business combination expenses and the amortization of purchased intangible assets, after-tax 1 1 17 29 0.05 0.08 Gain on disposition of operations, after-tax — — (1 ) (2 ) — — Adjusted net income* $ 1,029 $ 589 $ 1,066 $ 608 $ 2.96 $ 1.64 Adjusted net income return on common shareholders’ equity is a ratio that uses a non-GAAP measure. It is calculated by dividing the rolling 12-month adjusted net income by the average of common shareholders’ equity at the beginning and at the end of the 12-months, after excluding the effect of unrealized net capital gains and losses. Return on common shareholders’ equity is the most directly comparable GAAP measure. We use adjusted net income as the numerator for the same reasons we use adjusted net income, as discussed above. We use average common shareholders’ equity excluding the effect of unrealized net capital gains and losses for the denominator as a representation of common shareholders’ equity primarily attributable to the company’s earned and realized business operations because it eliminates the effect of items that are unrealized and vary significantly between periods due to external economic developments such as capital market conditions like changes in equity prices and interest rates, the amount and timing of which are unrelated to the insurance underwriting process. We use it to supplement our evaluation of net income applicable to common shareholders and return on common shareholders’ equity because it excludes the effect of items that tend to be highly variable from period to period. We believe that this measure is useful to investors and that it provides a valuable tool for investors when considered along with return on common shareholders’ equity because it eliminates the after-tax effects of realized and unrealized net capital gains and losses that can fluctuate significantly from period to period and that are driven by economic developments, the magnitude and timing of which are generally not influenced by management. In addition, it eliminates non-recurring items that are not indicative of our ongoing business or economic trends. A byproduct of excluding the items noted above to determine adjusted net income return on common shareholders’ equity from return on common shareholders’ equity is the transparency and understanding of their significance to return on common shareholders’ equity variability and profitability while recognizing these or similar items may recur in subsequent periods. We use adjusted measures of adjusted net income return on common shareholders’ equity in incentive compensation. Therefore, we believe it is useful for investors to have adjusted net income return on common shareholders’ equity and return on common shareholders’ equity when evaluating our performance. We note that investors, financial analysts, financial and business media organizations and rating agencies utilize adjusted net income return on common shareholders’ equity results in their evaluation of our and our industry’s financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the company and management’s utilization of capital. Adjusted net income return on common shareholders’ equity should not be considered a substitute for return on common shareholders’ equity and does not reflect the overall profitability of our business.
The following tables reconcile return on common shareholders’ equity and adjusted net income return on common shareholders’ equity.
($ in millions) For the twelve months ended March 31,
2018 2017 Return on common shareholders’ equity Numerator: Net income applicable to common shareholders $ 3,353 $ 2,210 Denominator: Beginning common shareholders’ equity (1) $ 19,412 $ 18,594 Ending common shareholders’ equity (1) 20,974 19,412 Average common shareholders’ equity $ 20,193 $ 19,003 Return on common shareholders’ equity 16.6 % 11.6 % ($ in millions) For the twelve months ended
March 31, 2018 2017 Adjusted net income return on common shareholders’ equity Numerator: Adjusted net income $ 2,925 $ 2,124 Denominator: Beginning common shareholders’ equity $ 19,412 $ 18,594 Less: Unrealized net capital gains and losses 1,256 1,200 Adjusted beginning common shareholders’ equity 18,156 17,394 Ending common shareholders’ equity 20,974 19,412 Less: Unrealized net capital gains and losses 187 1,256 Adjusted ending common shareholders’ equity 20,787 18,156 Average adjusted common shareholders’ equity $ 19,472 $ 17,775 Adjusted net income return on common shareholders’ equity * 15.0 % 11.9 % | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-allstate-executing-profitable-growth-plan.html |
May 10, 2018 / 5:55 PM / Updated 17 hours ago Motor racing-Hamilton has designs on layout and is happy to offer Miami advice Alan Baldwin 2 Min Read
BARCELONA, May 10 (Reuters) - Formula One world champion Lewis Hamilton has cast an expert eye over the proposed layout for a street race in Miami next year and was not impressed.
The Mercedes driver indicated at the Spanish Grand Prix on Thursday that he had been underwhelmed by what he had seen so far.
“I don’t get why, for example, in golf, all the great golfers design golf courses,” the Briton, winner of 63 races and four world championships, told reporters.
“You have not got any of the top racing drivers in history having ever designed a race track, and I don’t get it. Not that any of us are designers, but they haven’t asked for our input.
“Miami is a super-cool place and I was very excited to hear about it, but when I saw the layout I was like, meh. I think it could be a lot more fun,” he added.
The City of Miami Commission was due to vote on Thursday on a proposal to authorise city manager Emilio Gonzalez to negotiate a contract with Formula One by July 1.
City commissioner Ken Russell posted a potential track layout on Twitter last week with most of the course in the port area and featuring a loop around the downtown American Airlines Arena along Biscayne Bay.
“You have got two of the longest straights, but maybe when you drive it it will be fun,” said Hamilton. “I dread the thought of a street circuit like we had in Valencia, which wasn’t a great street circuit.”
“Maybe it is a hit, but if there is time and anyone wants to approach me or any of the drivers, I am sure we can give some good insight to what the layout is like and how it can be better.
“I know Miami quite well, so there are a few better locations (in which) to put the track.”
Formula One chairman Chase Carey said on Wednesday in a Liberty Media conference call with analysts that he hoped and believed the race would happen.
“We think this race could probably be a real signature race for us on the schedule,” he added. (Reporting by Alan Baldwin, editing by Neville Dalton) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-f1-spain-miami/motor-racing-hamilton-has-designs-on-layout-and-is-happy-to-offer-miami-advice-idUKL3N1SH68J |
May 31, 2018 / 7:28 PM / Updated an hour ago Northern Ireland police demand extra resources for post-Brexit Amanda Ferguson 2 Min Read
BELFAST (Reuters) - Northern Ireland’s police will ask the British government for hundreds more officers to help secure the province’s border with Ireland after Britain leaves the European Union, a senior police official said on Thursday.
Authorities on both sides of the now-open frontier fear a return to a hard border, complete with customs and other checks, could reignite the violence that afflicted Northern Ireland until a peace deal in the late 1990s.
Northern Ireland Police Federation (PSNI) chairman Mark Lindsay told a conference that many more officers would be needed “to deal with whatever emerges from negotiations about the border in a post-Brexit era”.
He said the PSNI would have to “provide protection for all government agencies working along the 300-mile border and, as such, additional resources will need to be redeployed”.
The PSNI declined to specify the number of new officers it hoped to recruit, where they would be based, or in what capacity but said a plan was being prepared for presentation to British Prime Minister Theresa May’s government.
Her proposals to avoid a hard border with EU member Ireland have been rejected by EU negotiators, in part because London has coupled them with a bid to also secure better “backdoor” access for the rest of Britain to the EU’s single market.
Britons voted by a 52 to 48 percent margin in June 2016 to leave the EU, although a majority in Northern Ireland voted in favour of remaining in the bloc, seeing open borders as a guarantee of peace and prosperity on the island of Ireland. Reporting by Amanda Ferguson; Editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-nireland/northern-ireland-police-demand-extra-resources-for-post-brexit-idUKKCN1IW2U9 |
'Everybody' is starting to focus on 2019: CIO 5 Hours Ago Investors should have "reasonable" expectations for returns this year, says Kirk Hartman of Wells Fargo Asset Management. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/everybody-is-starting-to-focus-on-2019-cio.html |
NEW YORK, May 31, 2018 /PRNewswire/ -- WeissLaw LLP, a national class action, shareholder rights law firm with offices in New York, Los Angeles, and Atlanta, announces an investigation of Esperion Therapeutics, Inc. (the "Company" or "ESPR") (NASDAQ: ESPR). The investigation focuses on possible breaches of fiduciary duty and violations of federal securities laws.
On May 2, prior to the start of the trading day, ESPR issued a press release announcing the results from phase 3 of its cholesterol-lowering medication, bempedoic acid. The Company reported, among other things, a death-rate for patients in the treatment group that is three times that of patients taking the placebo. These results spurred speculations about the viability of the drug and whether ESPR would be able to secure an FDA approval. On that news, ESPR shares nose-dived from $70.50 per share to $46.55 per share. It has since declined to $36.50.
WeissLaw is investigating whether ESPR's Board breached its fiduciary duties to the Company by (1) making false or misleading and/or failed to disclose material information relating to its bempedoic acid drug; and (2) as a result, issued materially false and/or misleading public statements. If you own ESPR shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact Joshua Rubin of WeissLaw LLP at (888)593-4771 , or by e-mail at [email protected] .
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/esperion-therapeutics-inc/
View original content: http://www.prnewswire.com/news-releases/weisslaw-llp-esperion-therapeutics-inc-is-the-subject-of-a-legal-investigation-300657495.html
SOURCE WeissLaw LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-weisslaw-llp-esperion-therapeutics-inc-is-the-subject-of-a-legal-investigation.html |
BOARD DECLARES SECOND QUARTER 2018 DIVIDEND OF $0.50 PER SHARE OF COMMON STOCK BOARD EXPECTS TO MAINTAIN A $0.50 DIVIDEND ON COMMON STOCK FOR THE REMAINING TWO QUARTERS OF 2018 BOARD DECLARES SECOND QUARTER 2018 DIVIDEND OF $0.50 PER SHARE OF 8% SERIES A CUMULATIVE REDEEMABLE PREFERRED STOCK BOARD DECLARES SECOND QUARTER 2018 DIVIDEND OF $0.50 PER SHARE OF 8% SERIES B CUMULATIVE REDEEMABLE PREFERRED STOCK
NEW YORK--(BUSINESS WIRE)-- The Board of Directors of Chimera announced the declaration of its second quarter cash dividend of $0.50 per common share. The dividend is payable July 31, 2018 to common stockholders of record on June 29, 2018. The ex-dividend date is June 28, 2018.
The Board of Directors of Chimera also announced the declaration of its second quarter cash dividend of $0.50 per share of 8% Series A Cumulative Redeemable Preferred Stock. The dividend is payable June 29, 2018 to preferred shareholders of record on June 1, 2018. The ex-dividend date is May 31, 2018.
The Board of Directors of Chimera also announced the declaration of its second quarter cash dividend of $0.50 per share of 8% Series B Cumulative Redeemable Preferred Stock. The dividend is payable June 29, 2018 to preferred shareholders of record on June 1, 2018. The ex-dividend date is May 31, 2018.
Disclaimer
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “target,” “assume,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among other things, those described in our most recent Annual Report, and any subsequent Quarterly Reports on Form 10-Q, under the caption “Risk Factors.” Factors that could cause actual results to differ include, but are not limited to: the state of credit markets and general economic conditions; changes in interest rates and the market value of our assets; the rates of default or decreased recovery on the mortgages underlying our target assets; the occurrence, extent and timing of credit losses within our portfolio; the credit risk in our underlying assets; declines in home prices; our ability to establish, adjust and maintain appropriate hedges for the risks in our portfolio; the availability and cost of our target assets; our ability to borrow to finance our assets and the associated costs; changes in the competitive landscape within our industry; our ability to manage various operational risks and costs associated with our business; interruptions in or impairments to our communications and information technology systems; our ability to acquire residential mortgage loans and successfully securitize the residential mortgage loans we acquire; our ability to oversee our third party sub-servicers; the impact of any deficiencies in the servicing or foreclosure practices of third parties and related delays in the foreclosure process; our exposure to legal and regulatory claims; legislative and regulatory actions affecting our business; the impact of new or modified government mortgage refinance or principal reduction programs; our ability to maintain our REIT qualification; and limitations imposed on our business due to our REIT status and our exempt status under the Investment Company Act of 1940.
Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Chimera does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Additional information concerning these and other risk factors is contained in Chimera’s most recent filings with the Securities and Exchange Commission (SEC). All subsequent written and oral forward-looking statements concerning Chimera or matters attributable to Chimera or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
Readers are advised that the financial information in this press release is based on company data available at the time of this presentation and, in certain circumstances, may not have been audited by the company’s independent auditors.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006818/en/
Investor Relations
888-895-6557
www.chimerareit.com
Source: Chimera Investment Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-chimera-declares-second-quarter-2018-common-and-preferred-stock-dividends.html |
May 4 (Reuters) - Digital Optics Co Ltd :
* Says Eco Lux Co., Ltd acquired 2,928,257 shares of the company, raising stake in the company to 8.53 percent from 0
Source text in Korean : goo.gl/X3BgMs
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-eco-lux-buys-853-pct-stake-in-digi/brief-eco-lux-buys-8-53-pct-stake-in-digital-optics-idUSL3N1SB32G |
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SpaceX is set to launch Tuesday afternoon from California in its latest mission for NASA and satellite communications company Iridium.
Elon Musk's rocket company will livestream the 3:47 p.m. ET launch from Vandenberg Air Force Base. The mission will launch using a Falcon 9 rocket, which will not return to land on the SpaceX autonomous ship which the company has in the Pacific Ocean.
@SpaceX: Static fire test of Falcon 9 complete—targeting May 22 launch of Iridium-6/GRACE-FO from Vandenberg Air Force Base in California.
The company is expected to attempt to catch the fairing — the bulbous nose cone on top of the rocket.
SpaceX The SpaceX Falcon 9 rocket used for the third Iridium NEXT launch, set to be flown again for the fifth Iridium launch. SpaceX has attempted to catch the fairing after two previous West Coast launches, using a high speed boat known as "Mr. Steven."
The boat has a net strung up behind it to capture the fairing and Musk said SpaceX "should be able catch it with slightly bigger chutes to slow down" its descent.
"[The fairing] has onboard thrusters and a guidance system to bring it through the atmosphere intact, then releases a parafoil and our ship with basically a giant catcher's mitt welded on tries to catch it," Musk said when he shared a photo on Instagram.
Instagram | Elon Musk High-speed SpaceX boat "Mr. Steven" in the Pacific Ocean. After the Feb. 22 launch from Vandenberg, Musk tweeted that the boat missed catching the fairing "by a few hundreds meters," adding that the fairing slowed down enough to land "intact" in the Pacific Ocean.
Musk has noted that the fairing returns to Earth "at about eight times the speed of sound."
SpaceX announced before the launch it would "not attempt to recover" the Falcon 9's first stage. As SpaceX brings about a new variation of the Falcon 9 booster, known as "Block 5," older models are being discarded through expendable missions. SpaceX is using ocean landings to test more booster recovery options.
The mission launches five satellites for Iridium, as the company nears completion of its 75 satellite constellation. Two satellites for NASA are also on board the rocket, for the G ravity Recovery and Climate Experiment Follow-On mission. The satellites, which are a collaboration with the German Research Centre for Geosciences, will monitor changes in the world's water cycle and surface mass by measuring shifts in the Earth's gravitational forces. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/watch-spacex-go-for-its-10th-rocket-launch-this-year.html |
ROCKFORD, Mich., Wolverine World Wide, Inc. (NYSE: WWW) today announced that its Board of Directors has declared a quarterly cash dividend of $0.08 per share of common stock. The dividend is payable on August 1, 2018, to stockholders of record on July 2, 2018. The dividend is equal to the last quarterly dividend and reflects an indicated annual dividend of $0.32 per share.
ABOUT WOLVERINE WORLDWIDE
With a commitment to service and product excellence, Wolverine World Wide, Inc. is one of the world's leading marketers and licensors of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel. The Company's portfolio of highly recognized brands includes: Merrell®, Sperry®, Hush Puppies®, Saucony®, Wolverine®, Keds®, Stride Rite®, Chaco®, Bates®, and HYTEST®. The Company also is the global footwear licensee of the popular brands Cat® and Harley-Davidson®. The Company's products are carried by leading retailers in the U.S. and globally in approximately 200 countries and territories. For additional information, please visit our website, wolverineworldwide.com .
View original content: releases/wolverine-worldwide-declares-quarterly-dividend-300642247.html
SOURCE Wolverine Worldwide | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-wolverine-worldwide-declares-quarterly-dividend.html |
May 9, 2018 / 1:53 Is the dollar rally going further? Chartists think so Saikat Chatterjee , Ritvik Carvalho 5 Min Read
LONDON (Reuters) - The dollar’s near-5 percent rally against a basket of currencies in the space of just three weeks has brought it up against some critical technical levels, which could give fresh legs to the greenback if successfully broken. FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo
The initial catalyst was the realization that some of the world’s biggest central banks, notably the European Central Bank, would not in the near-term follow the example of the U.S. Federal Reserve in raising interest rates from crisis-era lows.
But there are other factors too. From the widening interest rate differential in favor of the United States to investors’ need to unwind some of the short dollar positions they had built up over the past year and low market volatility, all these are conspiring to make the dollar more attractive.
“It is certainly shaping up to be another incredibly bullish trading week for the greenback, which has punched above 93.35, its highest level this year,” said Lukman Otunuga, a research analyst at FXTM, a currency broker.
“The dollar index remains heavily bullish on the daily charts as there have been consistently higher highs and higher lows.”
Graphic: Dollar index breaks above 200-DMA for first time in a year - reut.rs/2In9e7R
On three major market metrics — valuations, positioning and technical indicators — the dollar looks set for more gains, market players reckon. TECHNICAL
Against some of its major rivals, the dollar is perched at some key technical levels.
David Madden, markets analyst at CMC Markets reckons the dollar has recently completed what is known as a “double-bottom” reversal.
Graphic: Dollar marks double-bottom reversal - reut.rs/2IoqMQP
According to technical analysis website, StockCharts.com, this is a bullish reversal pattern, made up of two consecutive troughs that are roughly equal, with a moderate peak-in between.
“There’s a good argument to be made that the downward trend that was in for a while, has been negated because the lows we saw in January and February were multi-year lows,” Madden said.
“So we could push on higher from here.”
For instance, the dollar broke through a 200-day moving average against the British pound last week for the first time in a year. A rise to around $1.3257 would mark the 50 percent range of the pre-Brexit referendum high of $1.5022 and an October 2016 low of $1.1491.
The euro has also lost momentum after scaling a 3-1/2 year high of $1.2556 in mid-February and is now down more than 1 percent on the year, a remarkable turnaround fom last year when it gained more than 10 percent against the dollar.
Market analysts now expect the euro to weaken to as much as $1.1747. POSITIONING
On a positioning basis too, the stars appear aligned for further dollar gains, given the overhang of record short bets against the greenback.
Graphic: Bear hug - reut.rs/2IpraPb
While short-dollar bets have seen a sizeable drop in the last two weeks, according to speculative positioning data from Commodity Futures Trading Commission, a sizeable $18 billion in positions still remain, far more than recent averages.
Banks’ survey data also indicate the same. Bank of America Merrill Lynch monthly survey of funds showed in April that short dollar bets remained well above historical averages, indicating the dollar has more room to strengthen as these bets are unwound. VALUATIONS
Finally, despite the dollar’s recent surge, it still stands below its median value on a 20-year horizon, according to a JP Morgan trade-weighted dollar index.
Graphic: Fairly valued on a historical basis - reut.rs/2ItjqvA
The dollar also offers some of the highest returns thanks to rising yields on the short end of the interest rate curve.
Two-year U.S. Treasury yields are above 2.5 percent, its highest in nearly a decade. So investing in dollars by borrowing in euros offers a chunky yield of 3 percent over a one-year horizon.
That yield has become more attractive as currency market volatility has plumbed to new lows. Three-month implied volatility on the euro-dollar EUR3MO= is now at its lowest levels in four years.
Goldman Sachs strategists say the “carry-to-vol ratios” or returns adjusted for expected market swings for most currencies are at or close to multi-decade highs, indicating more upside for the dollar in the short term. Reporting by Saikat Chatterjee and Ritvik Carvalho; Editing by Toby Chopra | ashraq/financial-news-articles | https://www.reuters.com/article/us-dollar-outlook/is-the-dollar-rally-going-further-chartists-think-so-idUSKBN1IA26C |
May 8 (Reuters) - ESOTIQ & HENDERSON SA:
* SAID ON MONDAY THAT RANVILLE INVESTMENTS SP. Z O.O. HAS ACQUIRED 9.58 PERCENT STAKE IN CO, PREVIOUSLY IT DID NOT OWN ANY OF CO SHARES
* EARLIER IN APRIL, CO INFORMED THAT EDICTA CAPITAL POLSKA SP. Z O.O. DIVESTED ITS 9.58 PERCENT STAKE IN CO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SF0YT |
May 10, 2018 / 10:18 AM / in 4 minutes BRIEF-Global Eagle Entertainment Files For Non-Timely 10-Q Reuters Staff 1 Min Read
May 10 (Reuters) - Global Eagle Entertainment Inc:
* GLOBAL EAGLE ENTERTAINMENT INC FILES FOR NON-TIMELY 10-Q - SEC FILING Source text: [ bit.ly/2rx01iT ] | ashraq/financial-news-articles | https://www.reuters.com/article/brief-global-eagle-entertainment-files-f/brief-global-eagle-entertainment-files-for-non-timely-10-q-idUSFWN1SH0GK |
DENVER--(BUSINESS WIRE)-- Today, the Board of Trustees (the “Board”) for the Clough Global Opportunities Fund (the “Fund”) has declared a monthly cash distribution of $0.0998 per common share. This distribution is a continuation of the “discount management plan” (see press release dated July 10, 2017 for more information) which includes a 10% per annum managed distribution program. The following dates apply to the distribution declared:
Ex-Date: May 18, 2018
Record Date: May 21, 2018
Payable Date: May 31, 2018
A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short-term capital gain, long-term capital gain and return of capital. The final determination of the source of all distributions, including the percentage of qualified dividend income, will be made after year-end.
The Clough Global Opportunities Fund
The Fund is a closed-end fund with an investment objective of providing a high level of total return. The Fund seeks to achieve this objective by applying a fundamental research-driven investment process and will invest in equity and equity-related securities as well as fixed income securities, including both corporate and sovereign debt. Utilizing Clough Capital’s global research capabilities, the Fund will invest in both U.S. and non-U.S. markets. The Fund’s portfolio managers are Chuck Clough and Rob Zdunczyk. As of April 30 th , 2018 the Fund had approximately $644.9 million in total assets. More information, including the Fund’s dividend reinvestment plan, can be found at www.cloughglobal.com or call 877-256-8445.
Clough Capital Partners L.P.
Clough Capital is a Boston-based investment advisory firm which manages approximately $2.1 billion in assets: $901 million in hedge fund and institutional accounts; $108.3 million in open-end mutual funds; and $1.1 billion in three closed-end funds (as of March 31, 2018) – Clough Global Dividend and Income Fund (GLV), Clough Global Equity Fund (GLQ), and Clough Global Opportunities Fund (GLO).
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain an annual report or semi-annual report which contains this and other information visit www.cloughglobal.com or call 877-256-8445. Read them carefully before investing.
The Clough Global Opportunities Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.
Forward-looking statements are based on information that is available on the date hereof, and neither the fund manager nor any other person affiliated with the fund manager has any duty to update any forward-looking statements. Important factors that could affect actual results to differ from these statements include, among other factors, material, negative changes to the asset class and the actual composition of the portfolio.
ALPS Portfolio Solutions Distributor, Inc, FINRA Member Firm.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005029/en/
Clough Capital Partners L.P.
Ned Burke, ALPS, +1 303-623-2577
[email protected]
or
Clough Global Opportunities Fund (NYSE MKT: GLO)
Fund Services Group, 877-256-8445
Source: Clough Global Opportunities Fund | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-clough-global-opportunities-fund-declares-a-monthly-cash-distribution-of-0-point-0998-per-share.html |
Starbucks closing stores for anti-bias training 4:16pm BST - 01:11
8Starbucks is closing 6,000 company-owned stores Tuesday afternoon so it can train 175,000 employees on racial tolerance. Fred Katayama reports. ▲ Hide Transcript ▶ View Transcript
8Starbucks is closing 6,000 company-owned stores Tuesday afternoon so it can train 175,000 employees on racial tolerance. Fred Katayama reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L7a06K | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/29/starbucks-closing-stores-for-anti-bias-t?videoId=431444424 |
May 10 (Reuters) - Gannett Co Inc:
* GANNETT TO ACQUIRE DIGITAL MARKETING SOFTWARE COMPANY WORDSTREAM, INC.
* GANNETT CO INC - PURCHASE PRICE IS $130 MILLION IN CASH
* GANNETT CO INC - ANTICIPATES TRANSACTION WILL BE ACCRETIVE IN FIRST FULL YEAR OF OPERATIONS AND FUNDED FROM BORROWINGS UNDER COMPANY’S REVOLVER
* GANNETT CO INC - IN FIRST YEAR, WORDSTREAM IS FORECASTED TO CONTRIBUTE APPROXIMATELY $55 MILLION IN DIGITAL MARKETING SERVICES REVENUE
* GANNETT CO INC - IN FIRST YEAR, WORDSTREAM IS FORECASTED TO CONTRIBUTE APPROXIMATELY $16 MILLION OF ADJUSTED EBITDA
* GANNETT CO INC - ALONG WITH PURCHASE PRICE, AGGREGATE $20 MILLION EARNOUT ALSO PAYABLE IN 2019 AND 2020 BASED ON ACHIEVING CERTAIN REVENUE TARGETS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gannett-to-acquire-digital-marketi/brief-gannett-to-acquire-digital-marketing-software-company-wordstream-idUSASC0A1C3 |
TRIPOLI (Reuters) - The U.N. refugee agency is resuming evacuations of migrants from Libya with a flight of 132 mostly Eritrean refugees and asylum seekers to Niger for resettlement in third countries.
The group left Tripoli’s Mitiga airport late on Tuesday but the plane had a technical problem and had to turn back, U.N. officials said. They were due to depart again late on Wednesday.
UNHCR previously evacuated about 1,020 refugees and asylum seekers to Niger, but the process had been suspended from late February because of delays in resettling them in Western countries.
Several hundred refugees have been resettled directly from Libya, but numbers have been limited because most Western embassies evacuated from Tripoli in 2014.
Another evacuation flight from Libya to Niger is planned for next week, said UNHCR official Omar Bugharsa.
There are hundreds of thousands of mainly sub-Saharan African migrants in Libya, some of whom traveled to the country hoping to cross to Europe by sea.
Many experience dire conditions and abuse including forced labor and torture in Libya as they pass through the hands of smuggling networks and armed groups.
Reporting by Ahmed Elumami; Writing by Aidan Lewis; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-migrants-libya/u-n-resumes-refugee-evacuations-from-libya-to-niger-idUSKBN1IA178 |
May 23, 2018 / 1:38 PM / Updated 29 minutes ago South Africa's Ramaphosa sets up inquiry into tax service under Zuma Reuters Staff 2 Min Read
CAPE TOWN (Reuters) - South African President Cyril Ramaphosa said on Wednesday he had established an inquiry into tax administration and governance amid allegations of misconduct by the suspended head of the revenue service. FILE PHOTO: South African Deputy President Cyril Ramaphosa greets security personal at the World Economic Forum on Africa 2017 meeting in Durban, South Africa, May 5, 2017. REUTERS/Rogan Ward/File Photo
Ramaphosa, who replaced Jacob Zuma as head of state in February and has promised to crack down on graft, said the terms of reference for the inquiry would be published in the coming days.
“The stabilisation of the South African Revenue Service (SARS) has received priority attention,” Ramaphosa told parliament, adding that he had signed a proclamation establishing the tax commission on Wednesday.
The inquiry will include investigating the handling of revenue shortfalls, the unauthorised payment of bonuses to top executives and the withholding of refunds to ordinary tax payers, a treasury official told parliament.
Tom Moyane, the suspended head of SARS, was earlier this month served with disciplinary charges related to alleged misconduct during his tenure. He denies any wrongdoing.
Moyane is one of several government officials Ramaphosa has replaced since taking over from scandal-plagued Zuma as part of a drive to tackle endemic corruption. Reporting by Wendell Roelf; Editing by Joe Brock | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-safrica-politics-inquiry/south-africas-ramaphosa-sets-up-inquiry-into-tax-service-under-zuma-idUKKCN1IO1Y6 |
BANGKOK (Reuters) - Hundreds of people gathered in Bangkok on Saturday to mark the anniversary of a deadly army crackdown on an anti-government protest in 2010 that killed 91 people and injured hundreds, as pressure builds on the ruling junta to hold a general election.
Protesters gather in front of a department store to mark the anniversary of a deadly army crackdown on an anti-government protest in 2010, in central Bangkok, Thailand May 19, 2018. REUTERS/Panu Wongcha-um The gathering took place just days before the fourth anniversary of a May 2014 coup that ousted a civilian government and as the junta faces a growing public perception crisis.
The military says the 2014 coup was necessary to restore order, but critics accuse it of holding on to power longer than necessary by repeatedly delaying the date of a general election which is now tentatively set for February 2019.
At the event in Bangkok on Saturday, around 200 members of the United Front for Democracy Against Dictatorship (UDD) group, known as the “red shirts”, lit candles and laid flowers at a major intersection, where the weeks-long street demonstration came to a bloody end.
Activists on Saturday chanted: “People were killed here”.
No group or individual has been prosecuted for the crackdown and deaths.
“There is still no justice from what happened in 2010,” said Sombat Boonngamanong, a prominent red shirt activist.
Others spoke about the current, military administration.
“We still feel robbed because of the coup,” said a 49-year- old woman who only wanted to be identified at Noi.
“Our country is going backwards,” she said.
The 2010 protest stemmed from a long-running rivalry between supporters of populist former, ousted prime minister Thaksin Shinawatra and the pro-military, conservative establishment.
Thaksin, a telecommunications tycoon turned prime minister, won huge support among the poor but the loathing of the royalist establishment, largely over accusations of corruption.
His sister, former Prime Minister Yingluck Shinawatra, was ousted in the 2014 coup.
Saturday’s gathering took place amid police security and in violation of a junta ban on political gatherings of more than five people. The event ended peacefully.
Reporting by Panu Wongcha-um, Editing by Amy Sawitta Lefevre, Editing by William Maclean
| ashraq/financial-news-articles | https://in.reuters.com/article/thailand-politics/hundreds-in-bangkok-mark-anniversary-of-army-crackdown-idINKCN1IK0J6 |
SAN DIEGO, May 14, 2018 (GLOBE NEWSWIRE) -- Organovo Holdings, Inc. (NASDAQ:ONVO) (“Organovo”) will host a conference call on Thursday, May 31, 2018 at 5:00 p.m. Eastern Time (ET) to discuss the Company's fiscal fourth-quarter 2018 financial results. In advance of the call on May 31, 2018, Organovo will issue its fiscal fourth-quarter 2018 earnings press release, which will be available at http://www.organovo.com . To participate in the teleconference, callers can dial the following numbers:
1-888-317-6003 (toll-free, U.S. callers only)
1-412-317-6061 (from outside the U.S.)
Conference Call ID: 0713772
To help ensure the conference call begins in a timely manner, please dial in five minutes prior to the scheduled start time. The conference call will also be simultaneously webcast at http://www.organovo.com .
For those unable to participate in the live call, a replay of the call will be available toll-free until June 7, 2018 at 1-877-344-7529 (U.S. callers only) or at 1-412-317-0088 (callers outside the U.S.). The passcode for the replay is: 10119460. An archived replay of the webcast will also be available at http://www.organovo.com .
About Organovo Holdings, Inc.
Organovo is developing and commercializing a platform technology to produce and study living tissues that emulate key aspects of human biology and disease for use in drug discovery, clinical development, and therapeutic applications. The Company develops tissue systems through internal research programs and in collaboration with pharmaceutical, academic and other partners. Organovo's living tissues have the potential to transform the drug discovery process, enabling treatments to be developed more effectively and with greater relevance to performance in human trials and commercialization. The Company’s ExViveTM Liver and Kidney Tissues are used in disease modeling for NASH and fibrosis, high-value drug profiling, target and marker discovery/validation, and other drug testing. The Company is also advancing a preclinical program to develop its NovoTissues ® liver therapeutic tissues for critical unmet medical needs, including certain life-threatening pediatric diseases. The Company has received orphan designation for its potential treatment of alpha-1-antitrypsin deficiency, its lead indication within the category of inborn errors of metabolism. Organovo is changing the shape of life science research and transforming medical care. Learn more at www.organovo.com .
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding the potential for one or more customer’s electing to move toward framework agreements involving annual budgets, revenue commitments, and/or dedicated research plans, the expected costs, timing and operational benefits of the Company’s restructuring plan, the financial impact of the Company’s restructuring plan on its future operating costs and financial results, and statements regarding the potential benefits and therapeutic uses of the Company’s therapeutic liver tissue. The factors that could cause the Company's actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products and services based on its technology; the expected benefits and efficacy of the Company's products, services and technology; the Company’s ability to successfully complete studies and provide the technical information required to support market acceptance of its products, services and technology, on a timely basis or at all; the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies, including its use of third party distributors; the Company’s ability to recognize deferred revenue; the final results of the Company's preclinical studies may be different from the Company's studies or interim preclinical data results and may not support further clinical development of its therapeutic tissues; the Company may not successfully complete the required preclinical and clinical trials required to obtain regulatory approval for its therapeutic tissues on a timely basis or at all; and the Company’s ability to meet its fiscal year 2018 outlook. These and other factors are identified and described in more detail in the Company's filings with the SEC, including its Annual Report on Form 10-K filed with the SEC on June 7, 2017. You should not place undue reliance on these forward-looking statements, which speak only as of the date that they were made. These cautionary statements should be considered with any written or oral forward-looking statements that the Company may issue in the future. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to reflect actual results, later events or circumstances or to reflect the occurrence of unanticipated events.
Investor & Press Contact: Steve Kunszabo Organovo Holdings, Inc. +1 (858) 224-1092 [email protected]
Source:Organovo, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-organovo-announces-release-date-for-fiscal-fourth-quarter-2018-financial-results.html |
May 10, 2018 / 8:12 PM / in 4 minutes Dropbox tops paying subscriber estimates in first results since IPO Reuters Staff 2 Min Read
(Reuters) - File hosting service provider Dropbox Inc ( DBX.O ) topped analysts’ estimates for paying subscribers in its first financial report as a publicly traded company. FILE PHOTO: The Dropbox app logo seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/Illustration/File Photo
The company also beat revenue and profit estimates as it earned more per user.
Shares of the company were marginally up in extended trading on Thursday. They have gained about 12 percent since a blockbuster market debut on March 23, when shares ended up more than 35 percent.
Dropbox said it had 11.5 million paying subscribers at the end of March, up 23.7 percent from the year-ago quarter. That compared with analysts’ average estimate of 11.3 million, according to Thomson Reuters I/B/E/S.
The San Francisco-based company, which started as a free service to share and store photos, music and other large files, competes with Alphabet Inc’s ( GOOGL.O ) Google, Microsoft Corp ( MSFT.O ) and Amazon.com Inc ( AMZN.O ) as well as Box Inc ( BOX.N ).
Dropbox reported average revenue per user of $114.3, beating estimates of $110.
The company’s quarterly loss widened to $465.5 million, largely due to IPO-related expenses.
On an adjusted basis, the company earned 8 cents per share, beating estimates of 5 cents.
Total revenue rose 28 percent to $316.3 million, above estimates of $309.2 million. Reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila | ashraq/financial-news-articles | https://www.reuters.com/article/us-dropbox-results/dropbox-tops-paying-subscriber-estimates-in-first-results-since-ipo-idUSKBN1IB2W2 |
Ellie Mae CEO: Interest rate movement not the deciding factor for homebuyers 2 Hours Ago Jonathan Corr, Ellie Mae CEO, discusses how consumers are turning to technology to get mortgages and what he sees for the housing market. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/ellie-mae-ceo-interest-rate-movement-not-the-deciding-factor-for-homebuyers.html |
May 3, 2018 / 11:20 PM / Updated 9 minutes ago AT&T says selling DirecTV, Turner would 'destroy' value of Time Warner merger David Shepardson , Diane Bartz 4 Min Read
WASHINGTON (Reuters) - AT&T ( T.N ) told a federal judge late Thursday it should reject any request by the U.S. Justice Department to force it to divest its DirecTV unit or Turner networks as part of approving its proposed $85.4 billion acquisition of Time Warner Inc ( TWX.N ). FILE PHOTO: An AT&T logo is pictured in Pasadena, California, U.S., January 24, 2018. REUTERS/Mario Anzuoni/File Photo
The publication of the closing briefs from both sides brings to end the trial over a deal which took on broader political significance immediately after it was announced in October 2016.
President Donald Trump, a frequent critic of Time Warner’s CNN network, attacked the deal on the campaign trail last year, vowing that as president the Justice Department would block it.
Last week, a Justice Department attorney said Judge Richard Leon should consider requiring AT&T to make a “partial divestiture.”
The Justice Department had urged AT&T last year to divest either DirecTV, the largest pay TV company with more than 20 million subscribers, or TimeWarner’s Turner networks because the government said AT&T could use Time Warner content as a “weapon” to raise prices.
The Justice Department had demanded divestitures because it argued that ATT would have the ability to raise prices on Time Warner content for pay TV rivals.
“Divestitures here would destroy the very consumer value this merger is designed to unlock. Divesting DirecTV would eliminate the price decrease for millions of DirecTV consumers predicted by the government itself, and divesting Turner would eliminate the content innovations and the advertising benefits that put downward pressure on Turner prices,” the company said in a court filing.
Leon is expected to decide by June 12 whether to approve the merger. The Justice Department has said it is illegal because consumers would end up paying more for television while AT&T and Time Warner say they need the deal to compete with internet titans like Facebook Inc ( FB.O ) and Netflix Inc ( NFLX.O )
“The government did not even begin to make a credible case that the merger would likely harm competition, substantially or even just a little,” AT&T said in its closing brief. “This is not a close case. The government failed to meet its burden for multiple independent reasons.”
The Justice Department’s final brief was filed under seal late Thursday and a redacted version has not yet been made public.
The government argued the deal would mean that consumers will pay more since AT&T could elect to raise prices for Time Warner content to other pay TV companies, like Charter Communications or Cox. The Justice Department has also said that AT&T could refuse to licence the content to new, cheaper online services.
AT&T, for its part, has argued that Time Warner’s licensing fees were too valuable for the company to forego. Time Warner reported better-than-expected quarterly revenue in late April, an increase of 10 percent to $3.34 billion (£2.46 billion), because of advertisers associated with college basketball games.
AT&T sought to assuage critics by offering to submit to third-party arbitration any disagreement with distributors over the pricing for Time Warner’s networks and to promise not to black out programming during arbitration. The offer is good for seven years.
Judge Leon, who asked few questions during the trial, asked witnesses several times if they felt the arbitration proposal was adequate.
Leon rejected a request by AT&T to force the Justice Department to turn over records that could have shed light on whether Trump pressured the Justice Department to try to block the deal. Reporting by Diane Bartz; editing by Clive McKeef | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-time-warner-m-a-at-t/att-says-selling-directv-turner-would-destroy-value-of-time-warner-merger-idUKKBN1I42UG |
May 31, 2018 / 1:52 AM / Updated an hour ago Powerhouse Warriors must get through James again Reuters Staff 6 Min Read
In what is becoming something of an annual rite, the Cleveland Cavaliers and Golden State Warriors meet for the fourth consecutive season when the NBA Finals tip off on Thursday night.
Game 1 of the best-of-seven series will be played in Oakland, Calif.
The Warriors prevailed in two of the first three season-ending head-to-heads, claiming the 2015 and 2017 titles 4-2 and 4-1, respectively, to sandwich the Cavaliers’ 4-3 shocker in 2016.
If the Cavaliers are to get even in 2018, it would require an even bigger upset than two years ago, when the Warriors set a regular-season win record and led 3-1 before Cleveland gained momentum from a Draymond Green suspension and stunningly swept the last three games.
Thanks to a lineup featuring All-Stars Stephen Curry, Kevin Durant, Klay Thompson and Green, Golden State has been made the second-biggest favorite — about a 10-to-1 choice — in an NBA Finals since sportsoddshistory.com starting tracking such things in 1999.
Only the Los Angeles Lakers, a 20-1 pick to beat the Philadelphia 76ers in 2001, were a heavier favorite. The Lakers won the best-of-seven in five games.
The favorite has won the championship in 13 of the 19 Finals since 1999.
“We can’t worry about what the outside guys are saying and who’s being picked,” Cavaliers coach Tyronn Lue said. “We know what we have here and what we’re trying to do.”
What the Cavaliers have is LeBron James, who already has led two underdogs to titles in the past five years.
He helped the Miami Heat to the first of its back-to-back titles in 2012 as an underdog to the Oklahoma City Thunder before being the driving force in Cleveland’s win over Golden State in 2016.
The Warriors imported Durant in free agency following their 2016 disappointment in part to deal with James. So far, it’s worked.
Durant outscored James 38-28 and 33-29 in the first two games of the 2017 Finals, leading Golden State to overpowering 113-91 and 132-113 victories that cleared the path to a relatively smooth-sailing trip to a five-game championship run.
In fact, it was Kyrie Irving, not James, who arguably was the biggest reason Golden State didn’t sweep. Irving bombed in 40 points in Cleveland’s 137-116 home win in Game 4, sending the series back to Golden State for one last game.
Durant then did it again, offsetting what might otherwise have been a difference-making 41 points from James with 39 of his own, helping the Warriors pull away late for a 129-120 triumph. May 27, 2018; Boston, MA, USA; Boston Celtics forward Jayson Tatum (0) dunks the ball past Cleveland Cavaliers forward LeBron James (23) during the second half in game seven of the Eastern conference finals of the 2018 NBA Playoffs at TD Garden. Mandatory Credit: Bob DeChiara-USA TODAY Sports
On the eve of the rematch, Durant insisted it’s not a one-on-one duel.
“I know my role on my team,” he said. “I’m just trying to play in a way that will help us win a championship. That’s the only thing I can do.”
For the fourth year in a row, Golden State will hold the home-court advantage in the Finals, this time despite finishing second in the Western Conference to Houston in the regular season. The Warriors eliminated the top-seeded Rockets in seven games in the Western finals that ended Monday in Houston.
The Cavaliers entered this year’s playoffs seeded just fourth in the East, and they will be playing their third consecutive series without the home-court advantage. They were able to win twice in Toronto in the Eastern semifinals before waiting until Game 7 to record the key road win of the Eastern finals against the Boston Celtics.
The Warriors won both head-to-heads in the regular season, prevailing 99-92 at home on Christmas Day, then 118-108 at Cleveland three weeks later.
While Golden State will be missing a key role player, Andre Iguodala, for the Finals opener, Cleveland might be without its second-best player, Kevin Love.
Iguodala remains sidelined due to a left leg bone bruise that kept him out of the final four games of the Houston series. He was evaluated this week and is making progress, according to the Warriors. However, he continues to have nerve inflammation surrounding his left knee. He will be re-evaluated again before Game 2 on Sunday.
“Based on how long it’s been and when it happened, I’m not that far away,” Iguodala said Wednesday, according to ESPN.
Love remains in the NBA’s concussion protocol, and his status for Thursday is uncertain. He collided heads with the Celtics’ Jayson Tatum early in Game 6 of the Eastern Conference finals, and he missed the rest of that game and all of Game 7.
“I’m still not sure,” Cleveland coach Tyronn Lue said Wednesday of Love’s Game 1 availability. “He’s going to go do some things today and see how he feels. But he is in the protocol still, so we’ll see how he feels.”
Love’s health could play a big role in determining whether James can capture a fourth championship. James is appearing in his eighth consecutive NBA Finals — the highest total for any player not part of the Boston Celtics’ dynasty in the 1950s and ‘60s — and his ninth Finals overall.
Curry is looking to make some history, too. The league’s Most Valuable Player in 2014-15 and 2015-16, he could become the eighth player with multiple MVP honors and three or more NBA titles. May 28, 2018; Houston, TX, USA; Golden State Warriors guard Stephen Curry (30) drives against Houston Rockets forward Trevor Ariza (1) in the fourth quarter in game seven of the Western conference finals of the 2018 NBA Playoffs at Toyota Center. Mandatory Credit: Thomas B. Shea-USA TODAY Sports
Bill Russell was an 11-time champ and a five-time MVP. Kareem Abdul-Jabbar, a six-time MVP, won six championships. Michael Jordan captured six titles and five MVP honors, and Magic Johnson collected three MVP honors and five championships. James and Larry Bird both have three championships and three MVP trophies. Tim Duncan earned two MVPs and five titles.
—Dave Del Grande, Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-gsw-cle/powerhouse-warriors-must-get-through-james-again-idUSKCN1IW06A |
Paddy Power Betfair to merge US business with Fanduel 1 Hour Ago CNBC's Eric Chemi reports on the latest merger between European operator Paddy Power Betfair and U.S.-based daily fantasy sports company Fanduel which is now getting into sports betting after a recent Supreme Court decision. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/paddy-power-betfair-to-merge-us-business-with-fanduel.html |
– Management to host conference call with live audio webcast today, Thursday, May 10 th at 8:30 am EDT –
BEDMINSTER, N.J., May 10, 2018 (GLOBE NEWSWIRE) -- Matinas BioPharma Holdings, Inc. (NYSE AMER:MTNB), a clinical-stage biopharmaceutical company focused on enabling the delivery of life-changing medicines using its proprietary lipid nano-crystal (LNC) platform technology, today reported its financial results for the quarter ended March 31, 2018. As previously announced, the Company will host a conference call with live audio webcast today, May 10, 2018 at 8:30 AM EDT (details below).
“Since I was appointed CEO in March, we have conducted a strategic review and prioritized the development of MAT2203 as well as the expansion of our platform technology into new and exciting areas of medicine. We believe our proprietary and highly differentiated LNC platform can be leveraged to drive shareholder value through the development of Matinas-owned as well as partnered molecules,” commented Jerome D. Jabbour, Chief Executive Officer of Matinas. “We continue to advance our strategy to collaborate with established pharmaceutical companies to expand the utilization of our LNC platform technology and expect to execute on collaborations over the course of this year. Additionally, we are making progress in the clinical development of our lead product, MAT2203, having streamlined the development path towards addressing a significant unmet medical need in the prevention of invasive fungal infections (IFIs) in patients with acute lymphoblastic leukemia.”
LNC PLATFORM TECHNOLOGY: STRATEGIC COLLABORATIONS UPDATE
The Company believes that its unique and proprietary LNC delivery technology platform can be used to formulate and thereby re-design a wide variety of molecules and drugs which, (i) require delivery technology to improve the stability of molecules inside and outside of the body, (ii) could benefit from efficient delivery and cellular uptake by target cells, and (iii) are currently only available in IV formulations or (iv) otherwise experience significant toxicity-related adverse events. Leveraging its LNC delivery technology, the Company believes it can develop a pipeline of product candidates, both internally and through strategic partnerships with pharmaceutical and biotech companies. Matinas has already demonstrated efficacy of a range of pharmaceutical compounds reformulated by its LNC delivery technology in proof-of-concept animal studies, including small molecule drugs, oligonucleotides (mRNA, siRNA, DNA plasmids), vaccines, peptides, proteins, anti-inflammatory agents, NSAIDs and anti-microbials.
Matinas continues to advance discussions with strategic partners and expects to finalize one or more collaborative agreements in areas of innovative medicine over the course of 2018.
MAT2203 CLINICAL DEVELOPMENT UPDATE
The Company's lead product candidate, MAT2203, utilizes its proprietary LNC formulation technology for the safe and effective delivery of the broad-spectrum fungicidal agent, amphotericin B. Based on the positive patient clinical data reported in 2017 and a recent positive face-to-face interaction with the U.S. Food and Drug Administration (FDA), Matinas is preparing for a potential Phase 2 pivotal trial of MAT2203 for prevention of IFIs in patients with acute lymphoblastic leukemia (ALL).
Matinas expects to commence its pivotal Phase 2 adaptive-designed study following its next interaction with the FDA in the first half of 2019. The Company will position MAT2203 for approval with a targeted indication for prevention of IFIs in ALL patients. The first aspect of this pivotal Phase 2 trial will be an evaluation of the PK/PD and tolerability of MAT2203 in leukemia patients. The second part of this study will evolve to become an evaluation of PK/PD, efficacy and safety of MAT2203 versus placebo in ALL patients, where there is no standard of care in prevention of IFIs. Due to significant drug-drug interactions or the lack of an oral dosing mode, there is limited utility of currently approved antifungal therapies for the prevention of IFIs. The Company believes that orally-administered MAT2203 has the potential to become a highly differentiated therapy in the antifungal field.
The FDA has granted MAT2203 designations for Fast Track and Qualified Infectious Disease Product (QIDP) for the treatment of invasive candidiasis and aspergillosis and for the prevention of IFIs in patients on immunosuppressive therapy.
Q1 2018 SUMMARY OF FINANCIAL RESULTS
For the three months ended March 31, 2018, the Company reported a net loss attributable to common shareholders of approximately $4.3 million, or a net loss per share basic and diluted of $0.05, compared to a net loss attributable to common shareholders of approximately $21.4 million, or a net loss per share basic and diluted of $0.25, for the three months ended March 31, 2017. The net loss for the quarter ended March 31, 2018 was primarily attributable to ongoing research and development activities related to the Company’s MAT2203 antifungal product candidate as well as the costs associated with operating as a public company. The Company ended the quarter with cash and cash equivalents of approximately $4.3 million.
Based on management’s current projections, the Company believes that cash on hand is sufficient to fund operations into September 2018.
CONFERENCE CALL AND WEBCAST DETAILS
As previously announced, Matinas will host a live conference call and webcast for investors, analysts and other interested parties today, Thursday, May 10, 2018 at 8:30 a.m. EDT.
To participate in the call, please dial (877) 407-5976 (domestic) or (412) 902-0031 (international). The live webcast will be available on the Events page of the Investors section of the Company’s website ( www.matinasbiopharma.com ), and will be archived for 60 days.
About Matinas BioPharma
Matinas BioPharma is a clinical-stage biopharmaceutical company focused on enabling the delivery of life-changing medicines using its LNC platform technology. The Company's proprietary, disruptive technology utilizes lipid nano-crystals which can encapsulate small molecule drugs, oligonucleotides, vaccines, peptides, proteins and other medicines potentially making them safer, more tolerable, less toxic and orally bioavailable.
The Company's lead anti-fungal product candidate, MAT2203, utilizes its proprietary lipid nano-crystal formulation technology for the safe and effective delivery of the broad-spectrum fungicidal agent, amphotericin B. Based on the positive patient clinical data reported in 2017, Matinas is preparing for a potential Phase 2 pivotal trial of MAT2203 for prevention of invasive fungal infections in patients with acute lymphoblastic leukemia.
For more information, please visit www.matinasbiopharma.com and connect with the Company on Twitter , LinkedIn , Facebook , and Google+ .
Matinas BioPharma Holdings Inc.
Consolidated Balance Sheets
March 31, 2018 December 31, 2017 Unaudited Audited ASSETS CURRENT ASSETS Cash and cash equivalents $ 4,263,143 $ 7,306,507 Restricted cash – security deposit 155,457 155,431 Prepaid expenses 475,267 502,032 Total current assets 4,893,867 7,963,970 Leasehold Improvements and equipment - net 1,705,725 1,569,858 In-process research and development 3,017,377 3,017,377 Goodwill 1,336,488 1,336,488 Restricted cash – security deposit 535,999 535,999 TOTAL ASSETS $ 11,489,456 $ 14,423,692 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 473,513 $ 582,867 Note payable 42,559 170,236 Accrued expenses 462,233 959,147 Deferred revenue - 29,937 Lease liability 51,698 26,975 Total current liabilities 1,030,003 1,769,162 LONG TERM LIABILITIES Deferred tax liability 848,185 848,185 Deferred rent liability 472,480 455,554 Lease liability - net of current portion 116,035 67,683 Stock dividends payable - long term 589,143 601,143 TOTAL LIABILITIES 3,055,846 3,741,727 STOCKHOLDERS’ EQUITY Series A Convertible preferred stock, stated value $5.00 per share,
1,600,000 shares authorized as of March 31, 2018 and December
31, 2017, respectively; 1,472,858 and 1,502,858 shares outstanding
at March 31, 2018 and December 31, 2017, respectively (liquidation
preference - $7,953,433 at March 31, 2018) 5,602,706 5,716,825 Common stock par value $0.0001 per share, 250,000,000 shares
authorized at March 31, 2018 and December 31, 2017, respectively;
93,981,562 issued and outstanding as of March 31, 2018;
93,371,129 issued and outstanding as of December 31, 2017 9,396 9,335 Additional paid in capital 58,206,054 56,230,347 Accumulated deficit (55,384,546 ) (51,274,542 ) Total stockholders’ equity 8,433,610 10,681,965 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 11,489,456 $ 14,423,692 Matinas BioPharma Holdings, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended March 31, 2018 2017 Revenue: Contract research revenue $ 29,937 $ 14,969 Costs and Expenses: Research and development 2,192,888 2,384,218 General and administrative 1,957,798 2,117,975 Total costs and expenses 4,150,686 4,502,193 Loss from operations (4,120,749 ) (4,487,224 ) Other income/(expense), net 10,745 (8,893 ) Net loss $ (4,110,004 ) $ (4,496,117 ) Series A convertible preferred stock accumulated dividends (147,286 ) (159,000 ) Inducement charge from exercise of warrants - (16,741,356 ) Net loss attributable to common shareholders $ (4,257,290 ) $ (21,396,473 ) Net loss available for common shareholders per share - basic and
diluted $ (0.05 ) $ (0.25 ) Weighted average common shares outstanding: Basic and diluted 93,542,552 84,595,597 Forward Looking Statements: This release contains " " within the meaning of the Private Securities Litigation Reform Act of 1995, including those relating to the Company's anticipated capital and liquidity needs, strategic focus and the future development of its product candidates, including MAT2203, the anticipated timing of regulatory submissions, the anticipated timing of clinical studies, the anticipated timing of regulatory interactions, the Company’s ability to identify and pursue development and partnership opportunities for its products or platform delivery technology on favorable terms, if at all, and the ability to obtain required regulatory approval and other statements that are predictive in nature, that depend upon or refer to future events or conditions. All statements other than statements of historical fact are statements that could be . Forward-looking statements include words such as "expects," "anticipates," "intends," "plans," "could," "believes," "estimates" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from any future results expressed or implied by the . Forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, our ability to obtain additional capital to meet our liquidity needs on acceptable terms, or at all, including the additional capital which will be necessary to complete the clinical trials of our product candidates; our ability to successfully complete research and further development and commercialization of our product candidates; the uncertainties inherent in clinical testing; the timing, cost and uncertainty of obtaining regulatory approvals; our ability to maintain and derive benefit from the Qualified Infectious Disease Product (QIDP), Orphan and/or Fast Track designations for MAT2203, which does not change the standards for regulatory approval or guarantee regulatory approval on an expedited basis, or at all; our ability to protect the Company's intellectual property; the loss of any executive officers or key personnel or consultants; competition; changes in the regulatory landscape or the imposition of regulations that affect the Company's products; and the other factors listed under "Risk Factors" in our filings with the SEC, including Forms 10-K, 10-Q and 8-K. Investors are cautioned not to place undue reliance on such , which speak only as of the date of this release. Except as may be required by law, the Company does not undertake any obligation to release publicly any revisions to such to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Matinas BioPharma's product candidates are all in a development stage and are not available for sale or use.
Investor Contact
Jenene Thomas
Jenene Thomas Communications, LLC
Phone: +1 (833) 475-8247
Email: [email protected] Media Contact
Eliza Schleifstein
Scient Public Relations
Phone: + 1 (917) 763-8106
Email: [email protected] Source: Matinas BioPharma Holdings, Inc.
Source:Matinas BioPharma Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-matinas-biopharma-reports-first-quarter-2018-financial-results-and-provides-corporate-update.html |
(Updates share price; Adds milestone)
By Uday Sampath Kumar
May 25 (Reuters) - Shares of clothing retailer Gap Inc slumped 14 percent on Friday after a surprisingly large fall in same-store sales of its flagship brand weakened overall revenue and dragged quarterly profits down below Wall Street forecasts.
At least seven brokerages cut their targets for the stock after what was the first same-store sales miss compared to consensus estimates in six quarters.
Shares last traded down 13.3 percent at $28.54, putting it on course for its biggest one-day percentage fall in 18 months.
Strong results for the apparel retailer’s ever reliable Old Navy brand of clothing failed to offset a fall in comparable store sales for the GAP brand, which has now been struggling to excite shoppers for years.
“Gap brand (is) just plain disappointing; no way to sugarcoat it,” Jefferies analyst Randal Konik said in a note cutting his target for the stock.
Gap Chief Executive Art Peck fired the head of the GAP brand in February citing disappointment with the unit’s performance, and the store has long been heavily discounting its trademark trousers and sweatshirts.
The brand, the company’s second biggest revenue generator, had only just returned to positive comparable sales in the previous two quarters after years of declines.
“The blunt truth is that on the ground little seems to have changed at Gap,” said Neil Saunders from research house GlobalData Retail.
“The product mix still consists of the same boring basics, there is an absence of fashion trends, base prices remain out of kilter, and discounting is rife.”
The San Francisco-based company said in a results call with analysts that it had struggled to clear inventories in an unusually cold quarter, forcing it to discount many of its products.
Overall same-store sales rose 1 percent in the three months ended May 5 compared to analysts expectations of 1.7 percent growth.
Analysts at RBC Capital Markets, cutting their share price target for Gap to $35, said the stock would continue to remain pressured until investors had more confidence that efforts to turn around the Gap brand were having an impact. (Reporting by Uday Sampath in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/gap-results-stocks/update-1-smell-of-stagnation-sends-gap-shares-down-14-pct-idUSL3N1SW4PR |
MONMOUTH JUNCTION, N.J., May 8, 2018 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader using its CytoSorb® blood purification technology to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, reports financial and operational results for the quarter ending March 31, 2018.
First Quarter 2018 Financial Highlights:
Total Q1 2018 total revenues increased 58% to $4.9 million, which includes both product sales and grant income, from $3.1 million in Q1 2017 Q1 2018 product sales were a record $4.4 million, a 71% increase from $2.6 million in Q1 2017, driven by strength in direct sales of CytoSorb® Product gross margins for Q1 2018 increased to 74%, compared to 68% for Q1 2017 Trailing twelve month product sales at the end of Q1 2018 were $15.2 million, compared to $9.2 million a year ago Ended Q1 2018 with $21.1 million in cash In March 2018, the Company replaced its existing $10 million term loan with $10 million of new debt. This new debt facility is structured as a 4-year term loan, with monthly payments of interest-only for the first 18 months. Another $5M in term loan debt is available by March 2019 to further extend our operating runway
First Quarter 2018 Operational Highlights:
Cumulative CytoSorb human treatments delivered increased to more than 40,000, up from 23,000 a year ago Completed build-out of a new, higher capacity manufacturing facility with initial production anticipated for this quarter (Q2 2018) Extended CytoSorb distribution to Malaysia with partner Biocon Hosted the 5 th International CytoSorb Users meeting in Brussels, Belgium at the 38 th International Symposium of Intensive Care and Emergency Medicine The German government-funded 250 patient randomized, controlled REMOVE endocarditis cardiac surgery trial is well underway with the first patient enrolled in January, now with a total of 22 patients enrolled among three centers, with three more sites to begin enrolling shortly First patient enrolled in April 2018 in the currently ramping U.S. REFRESH 2-AKI pivotal cardiac surgery trial Commercial grade tooling for HemoDefend clinical device parts is nearing completion ahead of a pivotal human clinical trial expected to start in the next 9-12 months Continued clinical benefit of the CytoSorb device, now searchable in a new literature database at CytoSorb.com , and the publication of key papers First published data demonstrating improved hemodynamic stability in patients following heart transplantation using CytoSorb intraoperatively Publication demonstrating the broad reduction of sepsis-associated inflammatory toxins from whole blood using the CytoSorb polymer
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated, "With the execution of a solid first quarter, we are on track to have another record year of CytoSorb sales with expected strong growth and achievement of operating profitability on a quarterly basis later this year. To help support this growth, we have strengthened the Company in a number of key areas.
Significantly expanded our working capital position to more rapidly drive our operational and clinical agenda, anchored by approximately $21 million in cash and a new term loan facility Nearing the final validation and certification of our new manufacturing facility that is expected to begin production this quarter and quadruple our production capacity to approximately $60-80 million in sales. With volume manufacturing and economies of scale, blended product gross margins are expected to be greater than 80% over time Parallel expansion of our direct and international sales, accounting, and manufacturing teams and infrastructure, to help meet the growing demand for CytoSorb Continued focus on both company-sponsored and investigator-initiated studies to generate more outcomes data from well-designed clinical studies and to support multi-country reimbursement efforts
"In addition, we continue to advance our clinical programs. Following the announcement of the first patient enrolled into the pivotal REFRESH 2 trial a couple of weeks ago, we expect the clinical progress on this important study to accelerate with now a total of 26 sites in various stages of evaluation, qualification, and initiation. Meanwhile, the REMOVE endocarditis cardiac surgery trial that is being funded by the German Federal Ministry of Health and Education has already enrolled 22 patients at 3 centers since the first patient enrollment in late January, with an additional 3 sites to start soon."
"Please join us on our previously announced earnings call today at 4:45PM EST where we will cover our progress. We will also respond to questions from the audience during our live Q&A session. The investor presentation and a written transcript of the conference call will be available within a week of the webcast."
Conference Call Details:
Date: Tuesday, May 8, 2018
Time: 4:45 PM Eastern Time
Participant Dial-In: 323-794-2551
Live Presentation Webcast: http://public.viavid.com/index.php?id=129408
It is recommended that participants dial in approximately 10 minutes prior to the start of the call. There will also be a simultaneous live webcast of the conference call that can be accessed through the following audio feed link: http://public.viavid.com/index.php?id=129408
An archived recording and written transcript of the conference call will be available under the Investor Relations section of the Company's website at http://cytosorbents.com/investor-relations/financial-results/
Results of Operations
Comparison for the three months ended March 31, 2018 and 2017:
Revenues:
Revenue from product sales was approximately $4,433,000 in the three months ended March 31, 2018, as compared to approximately $2,596,000 in the three months ended March 31, 2017, an increase of approximately $1,837,000, or 71%. This increase was primarily driven by an increase in direct sales from both new customers and repeat orders from existing customers, an increase in distributor sales, and strength of the Euro.
Grant income was approximately $491,000 for the three months ended March 31, 2018 as compared to approximately $517,000 for the three months ended March 31, 2017, a decrease of approximately $26,000. This decrease was a result of timing of certain grant revenue.
Total revenues were approximately $4,925,000 for the three months ended March 31, 2018, as compared to total revenues of approximately $3,114,000 for the three months ended March 31, 2017, an increase of approximately $1,811,000 or 58%.
Cost of Revenue:
For the three months ended March 31, 2018 and 2017, cost of revenue was approximately $1,568,000 and $1,254,000, respectively, an increase of approximately $314,000. Product cost of revenues increased approximately $305,000 during the three months ended March 31, 2018 as compared to the three months ended March 31, 2017 due to increased sales. Product gross margins were approximately 74% for the three months ended March 31, 2018, as compared to approximately 68% for the three months ended March 31, 2017. This increase in gross margin of 6% was due to a reduction in the cost of devices manufactured as a result of production efficiencies achieved, as well as a favorable mix of sales between direct customers and distributors and the impact of the increase in the exchange rate of the Euro.
Research and Development Expenses:
For the three months ended March 31, 2018, research and development expenses were approximately $1,780,000 as compared to research and development expenses of approximately $469,000 for the three months ended March 31, 2017. The increase of approximately $1,311,000 was due to increase in costs related to our clinical studies and trials of approximately $867,000, an increase in our clinical related salaries of approximately $211,000, an increase in non-clinical research and development salaries of approximately $96,000, an increase in new product development costs of approximately $70,000, an increase in stock-based compensation of approximately $49,000 and increases in other non-clinical research and development costs of approximately $18,000.
Legal, Financial and Other Consulting Expenses:
Legal, financial and other consulting expenses were approximately $416,000 for the three months ended March 31, 2018, as compared to approximately $280,000 for the three months ended March 31, 2017. The increase of approximately $136,000 was due to an increase in employment agency fees of approximately $79,000 related to the recruitment of senior level personnel and an increase in legal fees of approximately $44,000 related to certain corporate initiatives and an increase in auditing and accounting fees of approximately $21,000. These increases were offset by a decrease consulting fees of approximately $8,000.
Selling, General and Administrative Expense:
Selling, general and administrative expenses were approximately $4,262,000 for the three months ended March 31, 2018, as compared to approximately $2,667,000 for the three months ending March 31, 2017. The increase of $1,595,000 was due to increase in salaries, commissions, and related costs of approximately $696,000, an increase in royalty expenses of approximately $146,000 due to the increase in product sales, additional sales and marketing costs, which include advertising and conferences of approximately $81,000, an increase in travel and entertainment and other costs of approximately $84,000, an increase in stock-based compensation of approximately $520,000, an increase in public relations costs of approximately $43,000, an increase in rent expense of approximately $11,000 related to the new expansion of manufacturing and office facilities and an increase in other general and administrative cost increases of approximately $14,000.
Interest Income (Expense), Net:
For the three months ended March 31, 2018, interest expense was approximately $239,000, as compared to interest expense of approximately $120,000 for the three months ended March 31, 2017. This increase in interest expense of approximately $119,000 is directly related to the additional interest expense related to the Company's draw down of the Term B Loan (as defined in the Loan and Security Agreement dated as of June 30, 2016 with Bridge Bank) on June 30, 2017 in the amount of $5,000,000.
Gain (Loss) on Foreign Currency Transactions:
For the three months ended March 31, 2018, the gain on foreign currency transactions was approximately $358,000 as compared to approximately $153,000 for the three months ended March 31, 2017. The 2018 first quarter gain is directly related to the increase in the exchange rate of the Euro to the U.S. dollar at March 31, 2018 as compared to December 31, 2017. The exchange rate of the Euro to the U.S. dollar was $1.23 per Euro at March 31, 2018 as compared to $1.20 per Euro at December 31, 2017.
Liquidity and Capital Resources
Since inception, our operations have been primarily financed through the issuance of debt and equity securities. At March 31, 2018, we had current assets of approximately $24,515,000 including cash on hand of approximately $21,090,000 and current liabilities of approximately $3,986,000.
On June 30, 2016, the Company and its wholly-owned subsidiary, CytoSorbents Medical, Inc. (together, the "Borrower"), entered into a Loan and Security Agreement with Bridge Bank, a division of Western Alliance Bank, (the "Bank"), pursuant to which the Company borrowed $10 million in two equal tranches of $5 million (the "Original Term Loans"). On March 29, 2018 (the "Closing Date"), the Original Term Loans were refinanced with the Bank pursuant to an Amended and Restated Loan and Security Agreement by and between the Bank and the Borrower (the "Amended and Restated Loan and Security Agreement"), under which the Bank agreed to loan the Borrower up to an aggregate of $15 million to be disbursed in two tranches (1) one tranche of $10 million (the "Term A Loan") which was funded on the Closing Date and used to refinance the Original Term Loans, and (2) a second tranche of $5 million which may be disbursed at the Borrower's sole request prior to March 31, 2019 provided certain conditions are met (the "Term B Loan" and together with the Term A Loan, the "Term Loans"). The proceeds of the Term Loans will be used for general business requirements in accordance with the Amended and Restated Loan and Security Agreement.
In addition, during the three months ended March 31, 2018, the Company sold 782,328 shares of its common stock under the terms of its Controlled Equity Offering SM Sales Agreement with Cantor Fitzgerald and Co. (the "Sales Agreement") at an average cost of $7.97 per share, generating net proceeds of approximately $6,047,000, and during the period from April 1, 2018 through May 2, 2018, the Company sold an additional 27,088 shares of its common stock at an average cost of $8.29, per share, generating net proceeds of approximately $218,000.
As a result of the equity financing under the terms of the Sales Agreement and the availability of additional debt financing under the Amended and Restated Loan and Security Agreement with Bridge Bank, we believe we have sufficient liquidity to fund our operations into the second half of 2019.
2018 Second Quarter Revenue Guidance
CytoSorbents has not historically given financial guidance on quarterly results until the quarter has been completed. However, we expect our second quarter 2018 product sales to exceed product sales reported in the first quarter of 2018.
For additional information, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2017 filed on March 8, 2018 on http://www.sec.gov .
About CytoSorbents Corporation (NASDAQ: CTSO )
CytoSorbents Corporation is a leader in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb® ® is approved in the European Union with distribution in 45 countries around the world, as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" that could otherwise cause massive inflammation, organ failure and death in common critical illnesses. These are conditions where the risk of death is extremely high, yet no effective treatments exist. CytoSorb® is also being used during and after cardiac surgery to remove inflammatory mediators that can lead to post-operative complications, including multiple organ failure. CytoSorbents recently initiated its pivotal REFRESH 2-AKI trial – a multi-center, randomized controlled, clinical trial intended to support U.S. regulatory approval of CytoSorb for use in a heart-lung machine during complex cardiac surgery to reduce organ injury. CytoSorb® has been used in more than 40,000 human treatments to date.
CytoSorbents' purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. Its technologies have received non-dilutive grant, contract, and other funding of nearly $22 million from DARPA, the U.S. Army, the U.S. Department of Health and Human Services, the National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), U.S. Special Operations Command (SOCOM) and others. The Company has numerous products under development based upon this unique patented blood purification technology including CytoSorb-XL™, HemoDefend™, VetResQ™, K + ontrol™, ContrastSorb, DrugSorb, and others. For more information, please visit the Company's websites at www.cytosorbents.com and www.cytosorb.com or follow us on Facebook and Twitter .
This press release includes intended to qualify for the safe harbor from liability established by the 1995. These include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as "may," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some expressed differently. You should be aware that the in this press release represent management's current judgment and press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We caution you not to place undue reliance upon any such . We undertake no obligation to publicly update or revise any , whether as a result of new information, future events, or otherwise, other than as required under the Federal securities laws. expectations, but our actual results, events and performance could those in the . Factors which could cause or contribute to such differences include, but are not limited to, the risks discussed in our Annual Report on Form 10-K, filed with the SEC on March 8, 2018, as updated by the risks reported in our Quarterly Reports on Form 10-Q, and in the in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We caution you not to place undue reliance upon any such . We undertake no obligation to publicly update or revise any , whether as a result of new information, future events, or otherwise, other than as required under the Federal securities laws.
CYTOSORBENTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
For the Three Months Ended
3/31/18
3/31/17
Revenue:
CytoSorb sales
$
4,404
$
2,596
Other sales
30
Total Product Sales
4,434
2,596
Grant income
491
517
Total revenue
4,925
3,113
Cost of revenue
1,568
1,254
Gross profit
3,357
1,859
Expenses:
Research and development
1,780
470
Legal, financial and other consulting
416
280
Selling, general and administrative
4,262
2,667
Total operating expenses
6,458
3,417
Loss from operations
(3,101)
(1,558)
Other income(expense), net
119
33
Loss before benefit from income taxes
(2,982)
(1,525)
Benefit from income taxes | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-cytosorbents-reports-strong-first-quarter-2018-financial-results.html |
0 COMMENTS There is a shortage of workers in cybersecurity and a shortage of women in tech jobs. New efforts to get girls interested in cybersecurity are aimed at tackling both of those problems.
Boston University, the SANS Institute and nonprofits such as TechGirlz are among the organizations sponsoring camps and contests to teach girls about coding and how to solve cybersecurity problems. Technology firms are getting into the act, too: Palo Alto Networks Inc. PANW 1.12% has helped develop a cybersecurity curriculum for the Girl Scouts, which will start awarding cybersecurity badges in September, while Symantec Corp. SYMC 0.88% has given a grant to the American Association of University Women to develop a cybersecurity class for middle-school girls.
Journal Report Insights from The Experts Read more at WSJ.com/LeadershipReport More in Cybersecurity CIOs’ Biggest Security Fears How to Create a Cybersafe Company Culture Do Huawei and ZTE Pose a Real Threat? Tips to Keep Your Virtual Assistant as Secure as Possible The goal is to inspire more girls to pursue careers as information-security analysts, a field the Bureau of Labor Statistics predicts will grow 28% from 2016 to 2026. Women today fill just 11% of cybersecurity jobs globally, according to a 2017 report from the Center for Cyber Safety and Education and the Executive Women’s Forum on Information Security, Risk Management & Privacy . And the women who do work in cybersecurity hold fewer positions of authority and are paid less, on average, compared with men in the field despite having higher levels of education, the report found.
Michele Guel, a distinguished engineer at Cisco Systems Inc., battled the Morris Worm, considered to be one of the first pieces of malware, at NASA Ames in 1988. She says some girls have the wrong idea about cybersecurity, which could explain at least some of the gender gap.
“They think that you wear hoodies, work in the dark, drink soda and eat Twinkies all day,” she says. “What we need is a new perception.”
Sarah Larbi, a recent graduate of Boston University, discovered cybersecurity in college and has a job lined up at Liberty Mutual Insurance, where she aims to work on cybersecurity issues. She will be teaching for the second time this summer at a cybersecurity camp sponsored by the university for high-school freshman and sophomore girls.
One exercise the girls will be asked to perform: Using an add-on to the Firefox browser, find the websites with the most third-party trackers, which seek to keep tabs on the websites people visit, often to provide relevant ads. “It’s an inspiring thing to see girls not feel like they [have] to be quiet, that it [is] OK to be curious and learning,” says the 22-year-old Ms. Larbi.
In February, the SANS Institute ran Girls Go CyberStart, a contest that offered high-school girls and their schools prizes for solving cybersecurity problems relating to cryptography, web attacks, forensics, programming and Linux, the operating system that supports commonly used security tools. The contest was held in 16 states plus American Samoa, and prizes included a trip to the Women in Cybersecurity Conference in Chicago in March.
New Ambition In survey responses from 841 young women who participated in the GirlsGoCyberStart program in February: Source: SANS Institute
Hannah Mannering and Miranda Evans, a junior and sophomore at Padua Academy in Wilmington, Del., were part of the Cyber Sisters, the team that won the Delaware contest. The girls said they worked nights and weekends, in one case figuring out how to spot an error in code written in Assembly language.
“I never learned programming, [and] I had no idea I’d be able to do that,” Ms. Mannering says. “I had a blast.”
CyberStart was adapted from a multilevel game created by SANS EMEA, which was under contract to an intelligence agency in the United Arab Emirates. It was used first in the U.A.E. and then in the United Kingdom, which was looking for young people with cybersecurity talent for intelligence agencies, the military, critical infrastructure companies and all internet-connected organizations. It was piloted in seven U.S. states in 2017 for both male and female students age 16 and over, but out of the 3,500 students who enrolled, only 7% were girls.
Read more of our premium in-depth coverage designed to help industry professionals monitor and act on decisions that influence policy. Sign up for a free trial State Cybersecurity Centers Aim to Shrink Talent Gap Realizing Blockchain’s Security Potential Takes Work, Drug Companies Find Wells Fargo CISO: ‘We Need to Move Towards Quantification’ Cyber Insurance: Companies Must Weigh Uncertainties in an Unproven Market Cyber Matters: Heed the Window of Opportunity “I thought the country was stupid if we didn’t get women involved,” says Alan Paller, the director of research at SANS, explaining why Girls Go CyberStart was created. “How would we ever defend ourselves if we use half or less than half of the smart people in the country?”
John Cusimano, the director of industrial cybersecurity at aeSolutions who also teaches cybersecurity workshops to middle-school girls at TechGirlz, says there is no technical reason for the gender gap, which is “right in my face at every conference.”
One of the big challenges for girls is to help them develop the self-confidence to persist through male-dominated classes in high school and college and a male-dominated workforce.
Girls don’t participate in an activity if they feel the environment is unfriendly or if the spotlight is on them too much, says Mandy Galante, a cybersecurity teacher at Red Bank Regional High School in Little Silver, N.J., who helped adapt the CyberStart game for girls.
Many girls like to do things together, she says. At a certain age “they’re like puppies, all over each other,” so the game was designed to allow them to work alone or in groups of up to four.
Participants in the game aren’t penalized for lacking prior knowledge. Each girl receives a field manual where they can check for tips in areas that may be unfamiliar to them. A lower-level problem might require them to decrypt a simple cipher by figuring out how to shift the alphabet a few spaces to the left or right. At a higher level, contestants might have to look at the source code for an electrical panel that runs a factory and figure out what hackers did to disable it.
SANS wants to make CyberStart available to every teacher in the U.S., and directly to students when teachers aren’t interested. “When I first started teaching cyber, it was cool and you could get a good job, but now we need to consider the future of the country,” Ms. Galante says. “If you’re good at this, we need you.”
Ms. Gage is a writer in San Jose, Calif. She can be reached at [email protected] . | ashraq/financial-news-articles | https://www.wsj.com/articles/the-search-for-women-who-want-cybersecurity-careers-1527645661 |
* SSEC +0.1 pct, CSI300 flat, HSI +0.4 pct
* HK->Shanghai Connect daily quota used 0.8 pct, Shanghai->HK daily quota used 1.1 pct
* Energy shares jump after U.S. pulls out of Iran nuclear deal
SHANGHAI, May 9 (Reuters) - Chinese stocks were trading flat and Hong Kong shares rose on Wednesday, while energy shares in both markets jumped on higher oil prices after U.S. President Donald Trump pulled out of the Iran nuclear deal, sparking fears about global oil supplies.
** The CSI300 index was unchanged at 3,877.22 points at the end of the morning session, while the Shanghai Composite Index gained 0.1 percent to 3,163.25 points.
** The Hang Seng index added 0.4 percent to 30,525.19 points, while the Hong Kong China Enterprises Index rose 0.5 percent to 12,205.96.
** Energy sub-indexes rose over 1 percent in China and climbed over 2 percent in Hong Kong.
** China’s blue-chip CSI300 index was roughly flat, with its financial sector sub-index lower by 0.07 percent, the consumer staples sector down 0.48 percent, the real estate index down 0.42 percent and healthcare sub-index down 0.04 percent. ** The smaller Shenzhen index was unchanged for the day and the start-up board ChiNext Composite index was higher by 0.13 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.10 percent while Japan’s Nikkei index was down 0.42 percent . ** The yuan was Quote: d at 6.3727 per U.S. dollar, 0.09 percent weaker than the previous close of 6.3671. ** The largest percentage gainers in the main Shanghai Composite index were Zhejiang Sunriver Culture Co Ltd up 10.08 percent, followed by Qingdao Copton Technology Co Ltd gaining 10.01 percent and Shanghai Putailai New Energy Technology Co Ltd up by 10.01 percent. ** The largest percentage losses in the Shanghai index were Aurora Optoelectronics Co Ltd down 10.02 percent, followed by Shanghai Fukong Interactive Entertainment Co Ltd losing 5.06 percent and Shanghai Laimu Electronics Co Ltd down by 4.73 percent. ** The top gainers among H-shares were Sinoparm Group up 3.93 percent, followed by PetroChina Co Ltd gaining 3.68 percent and China Petroleum & Chemical Corp up by 2.2 percent. ** The three biggest H-shares percentage decliners were Great Wall Motor Co Ltd, which has fallen 3.09 percent, Air China Ltd which has lost 2.3 percent and Postal Savings Bank of China Co Ltd down by 1.9 percent. ** About 6.84 billion shares have traded so far on the Shanghai exchange, roughly 44.0 percent of the market’s 30-day moving average of 15.56 billion shares a day. The volume traded was 14.69 billion as of the last full trading day. ** As of 0405 GMT, China’s A-shares were trading at a premium of 22.80 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average.
Reporting by Luoyan Liu and John Ruwitch
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-midday/china-stocks-flat-hk-edges-up-energy-shares-jump-idUSL3N1SG24W |
* Trump announcement on Iran nuclear deal key event risk
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
By Saikat Chatterjee
LONDON, May 8 (Reuters) - The dollar consolidated gains on Tuesday after scaling a 2018 peak in the previous session as investors focused their attention on U.S. President Donald Trump’s decision about the future of an international nuclear agreement with Iran.
Trump is expected to make an announcement on the nuclear deal at 1800 GMT. A U.S. withdrawal from the deal, which eased economic sanctions in exchange for Tehran limiting its nuclear programme, would impact risk sentiment in the broader markets.
“It is an event risk and has the potential to make risk sentiment which is already cautious more unstable,” said Manuel Oliveri, a currency strategist at Credit Agricole in London.
While global attention has been focused on the recent rally in the dollar — the greenback has rallied around 4 percent in the last three weeks — the Japanese yen has held its own against its higher yielding rivals such as the Australian dollar and the Canadian dollar.
On Tuesday, the dollar was broadly steady after rising above 92.97 on Monday as markets further unwound short bets against the greenback built up in recent months pushing the dollar up for three consecutive weeks.
Some analysts such as Commerzbank say a U.S. withdrawal from the deal with Iran could have considerable consequences for the dollar beyond an initial dollar-positive risk-off movement.
“In that case it would become increasingly more attractive to use the U.S. dollar only for direct US deals and to use another currency for other transactions, which could undermine the status of the US dollar as a dominant reserve currency longer term,” they wrote in a note.
Conversely, the euro remained under pressure, stabilising around the $1.19 line as recent data have suggested the stellar growth seen in Europe last year is losing momentum.
But the Japanese yen’s rise against its rivals, particularly the greenback, was checked by the widening interest rate differentials between U.S. yields and most of its rivals. For example, the gap between U.S. yields and German debt remained near three-decade highs of more than 242 basis points.
Elsewhere, the Australian dollar was down a quarter of a percent at $0.7498 following the release of soft domestic retail sales data for March.
Upbeat China trade figures for April helped limit losses for the Aussie, often used as a proxy for China-related trades.
The New Zealand dollar was little changed at $0.7017 . (Reporting by Saikat Chatterjee Editing by Keith Weir)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-cements-gains-after-scaling-2018-peak-euro-struggles-idUSL3N1SF396 |
Han-Ting Wang: CNBC Digital Video Supervising Producer Published 11:35 AM ET Tue, 1 May 2018 Updated 1:41 PM ET Wed, 9 May 2018 CNBC.com Adam Jeffery | CNBC Ting Han-Wang
Han-Ting Wang is the Supervising Producer of digital video at CNBC, where he oversees business day video production, social video initiatives and cross-platform programming strategies. Previously, he was at CNBC TV as the editorial lead and show runner of Closing Bell with Maria Bartiromo and Bill Griffeth .
Prior to joining CNBC, Han-Ting was a Supervising Producer at Bloomberg TV, where he managed the production of BTV's mid-morning programs hosted by Erin Burnett and Dylan Ratigan.
Han-Ting has been recognized by the Webby Awards for CNBC's Speakeasy digital politicalseries and the Society of American Business Editors and Writers for CNBC TV's breaking news coverage of the U.S. debt downgrade.
Han-Ting holds a Master's degree in Broadcast Journalism from New York University and a Bachelor's degree from Georgetown University's College of Arts & Sciences.
Follow Han-Ting Wang on Twitter @ TingWang8 and LinkedIn hantingwang . CNBC Workshops | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/han-ting-wang-cnbc-com-digital-video-supervising-producer.html |
BERN (Reuters) - Switzerland usually arrive at major tournaments with modest ambitions but with one of the finest generations of players the country has produced reaching its peak, expectations are much higher at this World Cup.
The squad is brimming with players based in Europe’s top leagues and those such as Ricardo Rodriguez, Fabian Schaer, Xherdan Shaqiri and Granit Xhaka are all in their mid-20s with a World Cup and European championship behind them.
Swiss football is reaping the rewards of the hard work done in youth development a decade ago which tapped into the potential offered by second-generation immigrants, many from the former Yugoslavia.
Coach Vladimir Petkovic, who himself boasts a Yugoslav league winners’ medal from his playing days with FK Sarajevo, has tried to establish a new attitude in the team, telling them they are no longer “little Switzerland” and must look to dominate matches.
The old defensive tactics which bored fans rigid at the 2006 and 2010 World Cups have been thrown out of window.
The Swiss have jumped to sixth in the FIFA rankings, lost only one of 12 matches in the qualifying campaign and recently enjoyed a 6-0 thumping of fellow World Cup qualifiers Panama.
For all the optimism though, doubts linger.
Apart from Portugal, the Swiss have not faced any of the world’s leading teams since Euro 2016, a tournament where they never quite lived up to their billing and went out in the last 16 to Poland.
Related Coverage Factbox: Switzerland World Cup Some players have suffered a loss of form.
Schaer has fallen out of favor at Deportivo Coruna, Shaqiri has suffered relegation with Stoke City in the English Premier League and Xhaka, who runs the Swiss midfield, has been made the scapegoat for Arsenal’s failings.
The biggest problem lies in attack where none of the potential forwards have had a good season at club level, with first-choice Haris Seferovic relegated to a substitute’s role at Benfica.
Seferovic was even booed off the field when he was substituted in the playoff against Northern Ireland — a very rare reaction from a Swiss crowd.
The Swiss have reached the last 16 at their last two major tournaments but have not made the quarter-finals since the 1954 World Cup, which the country hosted.
An awkward draw has somewhat dampened hopes that they could take that extra step this time around.
With Brazil expected to top their group, the Swiss will battle Costa Rica and Serbia for second place, which would likely bring a last-16 encounter with defending champions Germany.
Writing by Brian Homewood in Bern; Editing by Peter Rutherford
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-swi-prospects/expectations-high-as-swiss-generation-reaches-its-peak-idUSKCN1IO237 |
SACRAMENTO, Calif., and VISALIA, Calif., May 16, 2018 /PRNewswire/ -- Suncrest Bank (OTCQX: SBKK) ("Suncrest") and CBBC Bancorp (OTCBB: CBBC) ("CBBC"), the parent company of Community Business Bank, today announced that they have received all necessary regulatory approvals to complete their proposed merger. The anticipated closing date of the merger is May 21 st 2018.
"We are looking forward to completing this transformational deal and welcoming both Mr. John DiMichele and Mr. Chad Meyer to the Suncrest Bank Board of Directors," said Mr. Ciaran McMullan, President and CEO of Suncrest Bank. "Their deep experience and knowledge of the Community Business Bank markets and customer base will help ensure a smooth transition and continued growth in the Greater Sacramento and Lodi markets."
"We are excited to bring our two strong banks together and both Chad and I look forward to joining the Suncrest Board and continuing to play an important role in the ongoing development of our combined organizations," said John A. DiMichele, Chief Executive Officer of CBBC.
About Suncrest Bank
Suncrest Bank, member FDIC, is locally owned and operated and offers a full range of commercial, small business and agribusiness loans, cash management services and personal deposit products throughout the Central Valley of California. It is regularly rated Five Stars by Bauer Financial as one of the nation's strongest financial institutions, and in 2017 was named to the 2017 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market. It is a Preferred Lender with the Small Business Administration and its stock can be purchased on the open market, trading on the OTCQX under the ticker symbol SBKK. For all other information, visit www.suncrestbank.com
About CBBC Bancorp
CBBC Bancorp's market area includes the greater Yolo, Solano, Sacramento, San Joaquin, and contiguous counties. It focuses on and provides highly personalized commercial banking services to businesses, professionals, and nonprofit organizations. Community Business Bank continues to be recognized by multiple ranking groups as one of the top performing community banks in America. The Bank has received the following organizations' highest ratings of recognition: Bauer Financial, Bankrate, Weiss Rating, DDF, CB Top 10 and The Findely Reports. Call Reports for CBBC's subsidiary bank Community Business Bank are available for review or download directly from the FDIC website at www.fdic.gov , or through Community Business Bank's website at www.CommunityBizBank.com
Forward Looking Statements
Except for the historical information in this news release, the matters described herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, that the all requirements to consummate the merger will be met or if the merger is consummated, that it will be completed during the second quarter of 2018. Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. Suncrest Bank undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Investors are encouraged to read the Suncrest Bank annual reports which are available on our website.
View original content: http://www.prnewswire.com/news-releases/suncrest-bank-and-cbbc-receive-regulatory-approval-to-merge-300649277.html
SOURCE Suncrest Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-suncrest-bank-and-cbbc-receive-regulatory-approval-to-merge.html |
LONDON (Reuters) - Benchmark German 10-year bond yields climbed to a 2-1/2-week high after the European Central Bank’s Francois Villeroy de Galhau said policymakers could give new guidance on the timing of its first rate hike as the end of its bond stimulus approaches.
FILE PHOTO: Presentation of a new 2 Euro commemorative coin of former German Chancellor Helmut Schmidt in Berlin, Germany, February 2, 2018. REUTERS/Christian Mang The move higher in German debt - 10-year yields posted their biggest daily rise in three weeks - rippled across the core European bond market with French and Belgian bond yields up on the day as the comments caught markets off guard.
The Bank of France governor said that whether the decision to end the European Central Bank’s net asset purchases came at its September or December meeting was “not a deep existential question”.
With the U.S. Federal Reserve well into its policy-tightening cycle, investors are focusing on when will other central banks follow suit in unwinding 2008 financial-crisis era unconventional policies such as quantitative easing which have pushed bond yields to record lows.
“I think the effect of quantitative easing is peaking and we see plenty of upward pressure on government bond yields globally as term premium remains very low,” said Paul O’Connor, head of Janus Henderson’s head of multi-asset investing, whose funds manage 5 billion pounds.
German 10-year bond yields DE10YT=RR rose to 0.60 percent, its highest levels since April 26 and were up 4 basis points on the day. Two-year yields DE2YT=RR were up by a relatively lesser 2 basis points.
Both French FR10YT=RR and Belgian BE10YT=RR ten-year bond yields were up 3 basis points respectively.
Central banks have been gradually reducing their presence in the bond markets. JP Morgan data showed 2017 was the peak in quantitative easing with about $2 trillion being pumped into global markets which has had an “anesthetizing effect” on financial markets.
That is expected to drop to less than half in 2018 and turn into negative territory next year at a time when the U.S. is expected to inject a large dollop of fiscal stimulus.
To view a graphic on Euro zone periphery government bond yields, click: tmsnrt.rs/2ii2Bqr
ITALIAN CONCERNS Yields on peripheral debt such as Spain and Portugal remained subdued as broader market risk appetite remained firm with only Italy the sole exception as concerns that a new coalition might push fiscal deficit higher. [MKTS/GLOB]
Both Italy’s anti-establishment 5-Star Movement and the far-right League neared a deal that they hope will fuse their very different election platforms into a workable coalition government, hours before pivotal talks with the country’s president.
Though this particular combination was initially greeted as the worst case outcome for Italian markets before a general election, sentiment has since become a bit more optimistic due to an improving economy and the European Central Bank operating with an exceptionally loose monetary policy.
But that optimism turned into caution on Monday with benchmark 10-year Italian bond yields IT10YT=RR edging 3 basis points higher to 1.91 percent not far away from a six-week high of 1.94 percent hit last week.
Some of the policies being hawked by the Italian coalition taking shape as the next government include slashing taxes for companies and individuals, boosting welfare provision, cancelling a scheduled increase in sales tax and dismantling a 2011 pension reform which sharply raised the retirement age.
That is expected to increase the fiscal deficit from an estimate of 1.6 percent of GDP this year from 2.4 percent in 2017 though investors waited for details.
Italy’s FTSE MIB is one of the best-performing equity indices worldwide year-to-date as the market focuses on a stronger economy and, despite hitting a six-week high last week, 10-year Italian debt IT10YT=RR remained a third below a eurozone-debt crisis peak of 7.32 percent hit in November 2011.
Some analysts such as Nomura believe that most investors have held on to their Italian bond holdings despite the growing concerns of fiscal loosening from the new government, as Italian debt offers some of the highest yields in the European investment grade space in a low-volatility environment.
Elsewhere, spreads between two-year U.S. and German debt held below a 29-year high of nearly 312 basis points hit on Friday.
In terms of supplies this week, Germany, France and Spain are entering the bond market this week with new issuance though proceeds from redemption of maturing debt is expected to comfortably take care of the supplies, according to Thomson Reuters and Mizuho data.
Reporting by Saikat Chatterjee; Editing by Angus MacSwan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-bonds/european-yields-rise-on-ecb-comments-italy-eyed-idUSKCN1IF1G4 |
Walmart Inc. will subsidize online college tuition at three schools for its U.S. workers as the country’s largest private employer looks to attract and retain talent in a tight labor market.
The retail giant, which has more than 1.5 million employees in the U.S., said Wednesday it would cover the cost of college tuition and other fees for part-time and full-time workers, after factoring in other financial aid and a $1 daily employee contribution. Walmart will initially offer to pay for degrees in supply-chain management and... | ashraq/financial-news-articles | https://www.wsj.com/articles/walmart-to-pay-college-costs-for-its-u-s-store-workers-1527706190 |
NORFOLK, Va., May 24, 2018 /PRNewswire/ -- Norfolk Southern (NYSE: NSC) today announced it has joined the Blockchain in Transport Alliance. Founded in August 2017, BiTA is the transportation and logistics industry's leading trade association for developing standards and education in blockchain technologies, a field focused on the peer-to-peer recording of transactions through use of cryptography and distributed ledgers.
A consortium of more than 250 transportation and logistics companies, BiTA seeks to cultivate a set of industry benchmarks, educate the market, and advance blockchain technology and its transportation and logistics applications within the supply-chain.
"Norfolk Southern's membership with BiTA will help us identify opportunities where blockchain can be used to improve the transportation supply-chain for our customers," said Fred Ehlers, vice president information technology and chief information officer.
Blockchain technologies create a permanent, digital ledger of transactions that can be securely shared among a distributed network of computers. BiTA brings together freight and transportation companies that are working towards the development of blockchain technology to advance supply-chain efficiencies.
"As BiTA membership has grown, companies in all areas of the supply-chain have joined forces to help us work toward common blockchain standards that will define the future of freight movement," said Chris Burruss, president of BiTA. "Norfolk Southern brings a level of intermodal and rail expertise to the Alliance that will benefit all members and the industry as a whole as we move toward a common framework. We look forward to engaging with them as we move forward."
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation's premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 19,500 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal, automotive, and industrial products.
About BiTA
Founded in August of 2017, BiTA promotes the development and adoption of blockchain applications in the trucking, transportation and logistics industries, including establishing industry-wide standards. Members include truckload, LTL, and parcel carriers, as well as shippers, tech startups and incumbents, insurance companies, law firms, and other industry participants who have an interest in integrating blockchain technology into their organizations. Visit BiTA at https://bita.studio/ .
View original content: http://www.prnewswire.com/news-releases/norfolk-southern-announces-bita-membership-300654241.html
SOURCE Norfolk Southern Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-norfolk-southern-announces-bita-membership.html |
HONOLULU, April 30, 2018 /PRNewswire/ -- American Savings Bank, F.S.B. (American), a wholly-owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE: HE) today reported net income for the first quarter of 2018 of $19.0 million compared to $16.9 million in the fourth, or linked, quarter of 2017 and $15.8 million in the first quarter of 2017. Key measures of profitability improved, with return on average equity rising to 12.6%, up 1.49% and 1.76% compared to the linked and prior year quarters, respectively.
"Our first quarter results reflect the benefits of our efforts to manage the effects of rising interest rates while we continue to deliver good earning asset growth from our focus on deepening our customer relationships. The bank delivered higher net interest margin, good deposit and loan growth, and – with the bottom line benefits from tax reform – we reported the highest quarterly net income in American's history," said Richard Wacker, president and chief executive officer. "We continued to deliver well for our customers, the bank, and for shareholders, and our team is committed to continuous improvement."
The lower federal corporate tax rate from the Tax Cuts and Jobs Act of 2017 reduced tax expense by approximately $3 million in the first quarter of 2018, compared to the linked and first quarter of 2017. During the fourth quarter of 2017, the bank recognized a one-time tax benefit of $1.7 million, which was partially offset by the discretionary award of approximately $1 million in special $1,000 cash bonuses paid to employees in December 2017. Beginning in 2018, American also meaningfully increased wage rates for entry level and lower wage positions, increasing compensation costs in the quarter and for the year.
Financial Highlights
Net interest income was $58.5 million in the first quarter of 2018 compared to $57.0 million in the linked quarter and $54.8 million in the first quarter of 2017. The increase in net interest income was primarily due to higher yields on earning assets and strong deposit growth that funded earning asset growth in the investment portfolio and retail loan portfolios, which include consumer loans, residential loans and home equity lines of credit. Net interest margin was 3.76% in the first quarter of 2018 compared to 3.68% in both the linked and prior year quarter of 2017.
The provision for loan losses was $3.5 million in the first quarter of 2018 compared to $3.7 million in the linked quarter and $3.9 million in the first quarter of 2017. The net charge-off ratio was 0.28% in the first quarter of 2018 compared to 0.26% in the linked quarter and 0.29% in the prior year quarter. Nonaccrual loans as a percent of total loans receivable held for investment was 0.53% compared to 0.51% in the linked quarter and 0.41% in the prior year quarter.
Noninterest income was $13.4 million in the first quarter of 2018 compared to $15.0 million in the linked quarter and $15.1 million in the first quarter of 2017. The decrease in noninterest income in the first quarter of 2018 compared to the linked quarter and first quarter of 2017 was primarily due to lower net debit card interchange fees of $1.2 million and $0.9 million, respectively, resulting primarily from a reclassification of $1.0 million in expenses relating to a new accounting standard.
Noninterest expense was $43.9 million in the first quarter of 2018 compared to $45.3 million in the linked quarter and $41.9 million in the first quarter of 2017. Noninterest expense in the first quarter of 2018 compared to the linked and prior year quarter includes higher compensation and benefit expense of $0.6 million and $1.4 million, respectively, reflecting a higher minimum wage for employees, along with higher performance-based incentives and annual merit increases, partially offset by the reclassification noted above. As previously mentioned, noninterest expense in the fourth quarter of 2017 was impacted by approximately $1 million in increased compensation for employees through a $1,000 bonus in connection with the enactment of the Tax Cuts and Jobs Act of 2017.
Total loans were $4.7 billion at March 31, 2018, up $71 million or 6.1% annualized, driven mainly by increases in commercial and commercial real estate loans of $63 million compared to December 31, 2017.
Total deposits were $6.1 billion at March 31, 2018, an increase of $188 million or 12.8% annualized from December 31, 2017. Low-cost core deposits increased $178 million or 13.9% annualized from December 31, 2017. The average cost of funds was 0.23% for the first quarter of 2018, up 2 basis points from the linked quarter and up 3 basis points from the prior year quarter.
Overall, American's return on average equity was 12.58% in the first quarter of 2018 compared to 11.09% in the fourth quarter of 2017 and 10.82% in the prior year quarter. Return on average assets was 1.12% in the first quarter of 2018 compared to 1.01% in the fourth quarter of 2017 and 0.98% in the same quarter last year. American's solid results enabled it to pay dividends of $10.9 million to HEI while maintaining healthy capital levels -- leverage ratio of 8.6% and total capital ratio of 14.0% at March 31, 2018.
HEI EARNINGS RELEASE, HEI WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND 2018 EPS GUIDANCE
Concurrent with American's regulatory filing 30 days after the end of the quarter, American announced its first quarter 2018 financial results today. Please note that these reported results relate only to American and are not necessarily indicative of HEI's consolidated financial results for the first quarter of 2018.
HEI plans to announce its first quarter 2018 consolidated financial results on Thursday, May 10, 2018 and will conduct a webcast and conference call to discuss its consolidated earnings, including American's earnings, and 2018 EPS guidance on Thursday, May 10, 2018, at 7:30 a.m. Hawaii time (1:30 p.m. Eastern time).
Interested parties within the United States may listen to the conference by calling (844) 834-0652 and international parties may listen to the conference by calling (412) 317-5198 or by accessing the webcast on HEI's website at www.hei.com under the "Investor Relations" section, sub-heading "News and Events." HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI's website, www.hei.com , as a means of disclosing additional information. Such disclosures will be included on HEI's website in the Investor Relations section.
Accordingly, investors should routinely monitor such portions of HEI's website at www.hei.com in addition to following HEI's, Hawaiian Electric's and American's press releases, HEI's and Hawaiian Electric's Securities and Exchange Commission (SEC) filings and HEI's public conference calls and webcasts. The information on HEI's website is not incorporated by reference in this document or in HEI's and Hawaiian Electric's SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEI's and Hawaiian Electric's SEC filings.
An on-line replay of the May 10, 2018 webcast will be available on HEI's website beginning about two hours after the event. Replays of the conference call will also be available approximately two hours after the event through May 24, 2018 by dialing (877) 344-7529 or (412) 317-0088 and entering passcode: 10119007.
HEI supplies power to approximately 95% of Hawaii's population through its electric utilities, Hawaiian Electric, Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited; provides a wide array of banking and other financial services to consumers and businesses through American, one of Hawaii's largest financial institutions; and helps advance Hawaii's clean energy and sustainability goals through investments by its non-regulated subsidiary, Pacific Current, LLC.
FORWARD-LOOKING STATEMENTS
This release may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as "will," "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" discussions (which are incorporated by reference herein) set forth in HEI's Annual Report on Form 10-K for the year ended December 31, 2017 and HEI's other periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, American and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
American Savings Bank, F.S.B.
STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended
(in thousands)
March 31,
2018
December 31,
2017
March 31,
2017
Interest and dividend income
Interest and fees on loans
$
52,800
$
51,986
$
50,742
Interest and dividends on investment securities
9,202
8,230
6,980
Total interest and dividend income
62,002
60,216
57,722
Interest expense
Interest on deposit liabilities
2,957
2,802
2,103
Interest on other borrowings
496
386
816
Total interest expense
3,453
3,188
2,919
Net interest income
58,549
57,028
54,803
Provision for loan losses
3,541
3,670
3,907
Net interest income after provision for loan losses
55,008
53,358
50,896
Noninterest income
Fees from other financial services
4,654
5,741
5,610
Fee income on deposit liabilities
5,189
5,678
5,428
Fee income on other financial products
1,654
1,464
1,866
Bank-owned life insurance
871
1,374
983
Mortgage banking income
613
305
789
Other income, net
436
388
458
Total noninterest income
13,417
14,950
15,134
Noninterest expense
Compensation and employee benefits
24,440
23,836
23,042
Occupancy
4,280
4,076
4,154
Data processing
3,464
3,531
3,280
Services
3,047
3,005
2,360
Equipment
1,728
1,899
1,748
Office supplies, printing and postage
1,507
1,676
1,535
Marketing
645
1,211
517
FDIC insurance
713
608
728
Other expense
4,101
5,470
4,506
Total noninterest expense
43,925
45,312
41,870
Income before income taxes
24,500
22,996
24,160
Income taxes
5,540
6,137
8,347
Net income
$
18,960
$
16,859
$
15,813
Comprehensive income
$
6,885
$
10,245
$
16,648
OTHER BANK INFORMATION (annualized %, except as of period end)
Return on average assets
1.12
1.01
0.98
Return on average equity
12.58
11.09
10.82
Return on average tangible common equity
14.57
12.82
12.58
Net interest margin
3.76
3.68
3.68
Efficiency ratio
61.04
62.95
59.87
Net charge-offs to average loans outstanding
0.28
0.26
0.29
As of period end
Nonaccrual loans to loans receivable held for investment
0.53
0.51
0.41
Allowance for loan losses to loans outstanding
1.14
1.15
1.19
Tangible common equity to tangible assets
7.66
7.81
7.78
Tier-1 leverage ratio
8.6
8.6
8.5
Total capital ratio
14.0
14.2
13.6
Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions)
$
10.9
$
9.4
$
9.4
The Statements of Income Data reflects the retrospective application of ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which was adopted in first quarter 2018. Nonservice cost was reclassified from "Compensation and employee benefits" to "Other expense."
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC.
American Savings Bank, F.S.B.
BALANCE SHEETS DATA
(Unaudited)
March 31, 2018
December 31, 2017
Assets
Cash and due from banks
$
123,580
$
140,934
Interest-bearing deposits
90,643
93,165
Investment securities
Available-for-sale, at fair value
1,418,490
1,401,198
Held-to-maturity, at amortized cost
43,450
44,515
Stock in Federal Home Loan Bank, at cost
10,158
9,706
Loans held for investment
4,742,024
4,670,768
Allowance for loan losses
(53,895)
(53,637)
Net loans
4,688,129
4,617,131
Loans held for sale, at lower of cost or fair value
7,379
11,250
Other
425,426
398,570
Goodwill
82,190
82,190
Total assets
$
6,889,445
$
6,798,659
Liabilities and shareholder's equity
Deposit liabilities–noninterest-bearing
$
1,795,114
$
1,760,233
Deposit liabilities–interest-bearing
4,283,953
4,130,364
Other borrowings
100,430
190,859
Other
106,482
110,356
Total liabilities
6,285,979
6,191,812
Common stock
1
1
Additional paid in capital
345,652
345,018
Retained earnings
300,837
292,957
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities
$
(28,248)
$
(14,951)
Retirement benefit plans
(14,776)
(43,024)
(16,178)
(31,129)
Total shareholder's equity
603,466
606,847
Total liabilities and shareholder's equity
$
6,889,445
$
6,798,659
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC.
Contact:
Julie R. Smolinski
Telephone: (808) 543-7300
Manager, Investor Relations
E-mail: [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/american-savings-bank-reports-first-quarter-2018-earnings-300639594.html
SOURCE American Savings Bank, F.S.B. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-american-savings-bank-reports-first-quarter-2018-earnings.html |
Trump set expectations too high for summit, says Eurasia Group president 1 Hour Ago Ian Bremmer, Eurasia Group president, discusses President Trump’s letter calling off the summit with North Korea. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/trump-set-expectations-too-high-for-summit-says-eurasia-group-president.html |
May 8, 2018 / 9:32 AM / Updated an hour ago Rugby - Brumbies would welcome Reds exile Cooper, says Powell Reuters Staff 3 Min Read
MELBOURNE (Reuters) - Quade Cooper remains a highly paid exile at the Queensland Reds but ACT Brumbies scrumhalf Joe Powell says the former Australia flyhalf would be warmly welcomed in Canberra. FILE PHOTO: Rugby Union - Australia Wallabies vs Barbarians - Sydney Football Stadium, Sydney, Australia, October 28, 2017. Australia's Ned Hanigan tackles Quade Cooper of the Barbarians. REUTERS/David Gray
Cooper has been frozen out at the Reds since former All Blacks enforcer Brad Thorn took over as coach in the off-season and the 30-year-old has been plying his trade in the wilds of Brisbane club rugby.
“He’s a guy with a lot of experience and he would teach the younger guys a lot of things,” three-cap Wallaby Powell told local media on Tuesday.
“We’d be happy to have him if he was to come.”
Cooper, who has won 70 tests, remains contracted for Queensland until 2019 and has already rebuffed approaches from the Brumbies and Melbourne Rebels, the Australian newspaper reported on Tuesday.
“If we could get him down to Canberra — I’m not sure he would like the weather too much — but it would be good to see him playing at a higher level again,” Powell added.
If Thorn was hoping Cooper might get fed up playing in front of tiny crowds for Brisbane’s Souths club and put his hand up for a transfer, he might have to think again.
Cooper showed on social media that he was digging his heels in, posting a video of his highlights during a Souths game.
“Work hard for what you want,” he said on Twitter on Monday. “Even when it appears there is no way, there is ALWAYS a way .. persist and be patient.. grateful to be representing @SouthsRugby on this journey back to the Reds & Wallabies.. I will not give up.”
New Zealand-born Cooper played his last test off the bench against Italy in Brisbane last June.
Behind incumbent Bernard Foley, Wallabies coach Michael Cheika has few specialist flyhalves to choose from in Super Rugby and none with Cooper’s international experience.
However Cheika, who is preparing to name a squad for the three-match series against Ireland in June, may elect to have regular inside centre Kurtley Beale back up at flyhalf, while Reece Hodge also played at 10 in last year’s test against Japan. Reporting by Ian Ransom; Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-cooper/rugby-brumbies-would-welcome-reds-exile-cooper-says-powell-idUKKBN1I90YP |
Vox Media CEO: We're not dependent on any one platform 1 Hour Ago Jim Bankoff, Vox Media CEO, speaks with CNBC’s Carl Quintanilla about the media landscape live from the Code Conference. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/vox-media-facebook-social-media.html |
MoviePass, a U.S. movie ticket subscription service owned by data company Helios and Matheson Analytics , offers a cautionary tale of the dangers of a disruptive company caught too soon in the unforgiving glare of the public markets.
Investors loved it when Helios and Matheson bought a majority stake in MoviePass, led by former Netflix vice president Mitch Lowe, for $27 million in August last year.
At the same time it slashed its variable fees to a flat $9.95 that entitled subscribers to watch up to a movie a day for a month, and people thronged. But investors soon began fretting that the company was burning too much cash to subsidize moviegoers trips to the cinema.
Sure enough, in April Helios and Matheson warned in its annual report that its independent auditors had "substantial doubt" about its ability to continue as a going concern and this may hinder its capacity to get financing. On May 8, it said it had only $15.5 million in cash left. Its shares plunged, and are down more than 90 percent for the year to date.
Helios and Matheson's greatest mistake, analysts and fund managers say, was trying to bring the company into the public markets before it was ready.
In fact, they say, MoviePass is not far removed from the success of other disruptive technology companies such as Uber Technologies and Airbnb that have been valued at more than $1 billion - the so-called unicorns, start-up companies valued at more than $1 billion
"The transparency is killing them. You don't hear about how much money Uber loses every time you get in one of their cars, you hear about how fast it's growing. What we're looking at now is one of the best examples of why you don't go public" in the early stages of a technology company's growth, said Kevin Landis, a longtime tech portfolio manager at FirstHand Funds.
Over the last 12 months, MoviePass's subscriber numbers have grown from around 20,000 to close to 3 million. That will swell to more than 5 million by the end of this year, the company projected in March.
The two analysts tracked by Thomson Reuters who follow Helios and Matheson both have a buy rating on its shares and a target price of $12, implying that it has an enterprise value of $1.2 billion. Instead, its market capitalization is just $37 million, and its stock trades at close to 70 cents a share.
Helios and Matheson Chief Executive Ted Farnsworth, who transformed the company to focus almost exclusively on MoviePass, told Reuters that he does not regret bringing MoviePass into the public markets, rather than trying to grow it with venture-capital investments like other unicorns.
"One thing that Wall Street offers you is more freedom," he said.
He believes that it will be cash-flow positive by the end of this year as it continues to attract more subscribers, allowing it to charge movie studios higher fees to promote specific films. It also has more than $300 million in cash available from an equity line of credit.
"I don't worry about the capital at all," he said.
Unforgiving But analysts say that public market investors are not willing to support the years of unprofitability that some so-called unicorns depend on. Uber, for instance, posted a loss of $1.1 billion in its fourth quarter, sources have told Reuters, while short-term rental booking site AirBnB reportedly posted its first full-year of profitability in 2017.
"The growth-at-all-costs strategy is being funded these days by the venture community, not the public market. The last time we saw the public markets fund a growth-at-all-costs strategy was the 1999 internet bubble, and we all know how that ended," said Kathleen Smith, principal at Renaissance Capital and portfolio manager of the company's $18.8 million IPO ETF.
The prospect of steep declines in a company's valuations once it hits the public markets is one reason why U.S. companies are waiting longer to go public.
Overall, U.S. companies that have gone public this year have done so at an average market capitalization of $1.1 billion, according to Thomson Reuters data, a 44 percent increase from the average market cap during the height of the dot com craze in 1999. At the same time, companies are now going public 6.5 years after receiving their first venture capital backing on average, more than double the three years between initial funding and going public in 1999.
On March 23, cloud-storage company Dropbox saw its market value top $12 billion on its first day of trading. The company's Series A funding round was in 2008, when the company was valued at $25 million.
Helios and Matheson, meanwhile, may end up selling MoviePass or being acquired, said Nehal Chokshi, an analyst at New York-based Maxim Group. The value of the company's brand name alone is most likely worth more than its market cap, he said, citing Comcast 's reported $192 million purchase price for movie-ticket seller Fandango in 2007.
Farnsworth, for his part, said he has been approached by "all the major companies you think of" for an acquisition but has turned them down.
"We are so far ahead of other people who were out there who paved the road like Spotify , who burned billions of dollars a year, and we're not even close to that," Farnsworth said.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/moviepass-the-unicorn-that-jumped-into-wall-street-too-soon.html |
May 4, 2018 / 1:02 AM / Updated 16 minutes ago Oil prices inch up on Iran sanction worries Reuters Staff 3 Min Read
BEIJING (Reuters) - Oil prices edged up on Friday, extending the previous session’s modest gains as looming geopolitical risks from possible new U.S. sanctions against Iran supported the market. An oil well is seen at the Sindbad oil field near the Iraqi-Iranian border in Basra, Iraq April 23, 2018. Picture taken April 23, 2018. REUTERS/Essam Al-Sudani
U.S. West Texas Intermediate (WTI) crude futures CLc1 added 3 cents to $68.46 per barrel by 0040 GMT.
Brent crude oil futures LCOc1 were at $73.67 per barrel, up 5 cents, or 0.1 percent, from their last close.
Iran’s foreign minister said on Thursday U.S. demands to change its 2015 nuclear agreement with world powers were unacceptable, as a deadline set by President Donald Trump for Europeans to “fix” the deal loomed.
“Current prices reflect a premium for Iran uncertainties. Investors are worried about supplies after Iran took a tough stance in its response to the United States,” Wang Xiao, Head of Crude Research with Guotai Junan Futures said, adding that prices may fall if expectations of new sanctions ease.
European powers still want to hand Trump a plan to save the Iran nuclear deal next week, but they have also started work on protecting EU-Iranian business ties if the U.S. president makes good on a threat to withdraw, six sources told Reuters.
Markets will remain skittish as the May 12 deadline to rectify the deal approaches, ANZ Research said in note.
Iran resumed its role as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran’s nuclear programme.
Aside from security concerns, growing U.S. crude supplies are capping price gains.
West Texas Intermediate crude for delivery in Midland slid for a fourth day on Thursday to hit their lowest in more than three-and-a-half years. WTI at Midland WTC-WTM traded as much as $14 a barrel below benchmark futures.
Surging production in the Permian basin has continued to outpace pipeline capacity, while local refining issues have exacerbated oversupply in the region, dealers told Reuters.
Multi-year low spot market prices followed U.S. government data that showed a 6.2-million-barrel jump in crude inventories last week.
The United States now produces more crude oil than top exporter Saudi Arabia. Reporting by Meng Meng and Henning Gloystein; editing by Richard Pullin | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-global-oil/oil-prices-inch-up-on-iran-sanction-worries-idUKKBN1I502H |
The captain has abandoned ship at JC Penney, says former Sears Canada CEO 35 Mins Ago Mark Cohen, former Sears Canada chairman and CEO, discusses Marvin Ellison's departure as CEO at J.C. Penney to take on the top job at Lowe's. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/the-captain-has-abandoned-ship-at-jc-penney-says-former-sears-canada-ceo.html |
NEW YORK, April 30 (Reuters) - The U.S. bond market’s barometers of investors’ inflation outlook were little changed on Monday as a measure of price growth that is the Federal Reserve’s preferred gauge rose in line with analyst forecasts in March.
At 8:40 a.m. (1240 GMT), the 10-year inflation breakeven rate, or the yield gap between 10-year Treasury Inflation Protected Securities and regular 10-year Treasury notes, was 2.17 percent, down 0.1 basis point from Friday, Tradeweb data showed. (Reporting by Richard Leong Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds-tips/u-s-tips-breakeven-rates-flat-after-in-line-march-pce-data-idUSL1N1S70FR |
May 3 (Reuters) - Cedar Realty Trust Inc:
* Q1 FFO PER SHARE $0.09 * SEES 2018 NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS PER DILUTED SHARE $0.15 TO $0.13
* SEES 2018 OPERATING FFO PER DILUTED SHARE $0.58 TO $0.60 * SEES 2018 NAREIT-DEFINED FFO PER DILUTED SHARE $0.53 TO $0.55
* FY2018 FFO PER SHARE VIEW $0.52 — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cedar-realty-trust-reports-q1-ffo/brief-cedar-realty-trust-reports-q1-ffo-per-share-0-09-idUSASC09ZOR |
CHICAGO, May 30 (Reuters) - Chicago Mercantile Exchange live cattle on Wednesday settled up its 3-cents per pound daily price limit, driven by short-covering and fund buying, traders said. They said CME live cattle garnered more support from higher wholesale beef values and future's discount to early-week prices for market-ready, or cash, cattle. June and August live cattle closed up 3.000-cents per pound at 106.125 and 104.450 cents, respectively. Thursday's limit will expand to 4.500 cents. A few head traded at $110 per cwt at Wednesday's Fed Cattle Exchange, consistent with last week's sale of a small number of cash cattle in the U.S. Plains. Before the Memorial Day holiday some packers bought enough supplies for the rest of this week, a trader said. But others need cattle for next week, the first full post-holiday week of production, he added. Grocers are restocking meat cases after the U.S. Memorial Day holiday and in preparation for Father's Day on June 17, analysts and traders said. It is risky to try selling futures at a sizable discount to cash cattle trading around $110 per cwt while wholesale beef prices moving higher, said Midwest Market President Brian Hoops. Speculators bought back-month CME cattle contracts with the view that feedlots rushing livestock to market earlier than they had planned may temper increased supplies ahead. "There are still a lot of cattle coming at us ... but it seems like we're able to absorb some of those big numbers," said Hoops. CME feeder cattle reached a three-month top on higher live cattle futures and lower corn prices, which tends to reduce input costs for feedlots. August closed 3.350 cents per pound higher at 148.325 cents. HOG FUTURES POST ONE-YEAR HIGH CME hogs hit a one-year high on technical buying and upward-trending cash prices, said traders. And active cattle futures buying supported lean hog contracts, they said. June hogs closed 1.650 cents per pound higher at 77.325 cents. July ended 1.275 cents higher at 80.125 cents, and above the 100-day moving average 79.814 cents. Packers competed for hogs whose numbers slowed down as hot weather causes them to eat less feed, thereby delaying delivery to packers. "Weights coming down was positive for the hog market. Anytime you take supply off the market, especially a pound and a half off carcass weights, that's a pretty big move," said Hoops. (Reporting by Theopolis Waters)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-livestock/livestock-cme-live-cattle-futures-up-3-cent-price-limit-idUSL2N1T11U6 |
Some U.S. media outlets go offline in Europe 9:28pm IST - 01:05
The EU's new privacy regulations forced some major U.S. media outlets like the Los Angeles Times and Chicago Tribune to shutter their websites Friday. Fred Katayama reports.
The EU's new privacy regulations forced some major U.S. media outlets like the Los Angeles Times and Chicago Tribune to shutter their websites Friday. Fred Katayama reports. //reut.rs/2ILjXdi | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/25/some-us-media-outlets-go-offline-in-euro?videoId=430244021 |
May 21 (Reuters) -
* GENENTECH’S HEMLIBRA (EMICIZUMAB-KXWH) REDUCED TREATED BLEEDS BY 96 PERCENT COMPARED TO NO PROPHYLAXIS IN PHASE III HAVEN 3 STUDY IN HEMOPHILIA A WITHOUT FACTOR VIII INHIBITORS
* GENENTECH - HEMLIBRA REDUCED TREATED BLEEDS BY 96 PERCENT COMPARED TO NO PROPHYLAXIS IN PHASE III HAVEN 3 STUDY IN HEMOPHILIA A WITHOUT FACTOR VIII INHIBITORS
* GENENTECH- DATA FROM BOTH HAVEN 3 AND HAVEN 4 STUDIES ARE BEING SUBMITTED TO HEALTH AUTHORITIES AROUND WORLD FOR APPROVAL CONSIDERATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-genentechs-announces-results-from/brief-genentechs-announces-results-from-phase-iii-haven-3-study-evaluating-hemlibra-prophylaxis-idUSFWN1SS00F |
Mattis backs Trump on Iran deal pullout 11:39am EDT - 01:19
U.S. Defense Secretary Jim Mattis said on Wednesday that the United States will continue to work with allies to ensure that Iran does not acquire a nuclear weapon, a day after President Donald Trump pulled out of an international nuclear deal with Iran. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
U.S. Defense Secretary Jim Mattis said on Wednesday that the United States will continue to work with allies to ensure that Iran does not acquire a nuclear weapon, a day after President Donald Trump pulled out of an international nuclear deal with Iran. 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/2KPgs2U | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/mattis-backs-trump-on-iran-deal-pullout?videoId=425288240 |
Dallas, TX, May 15, 2018 (GLOBE NEWSWIRE) -- Associa , the industry’s largest community management company, announces the recent promotion of Christi Schmidt to vice president of account services.
Ms. Schmidt has been a valued Associa team member for 10 years and has held several positions involving branch marketing, corporate programs, integrated services, and product and service launches. In her new role, Ms. Schmidt will lead the account services team in efforts to support sales, branch and product marketing through campaign management, advertising, print and promotional procurement as well as event planning and project management.
Ms. Schmidt has more than 20 years of experience in both agency and in-house marketing which includes brand identity, brand management, packaging design, and TV and radio advertising. She has vast experience in B2B, B2C and mass marketing in several industries including consumer goods, professional services, technology and retail.
“Christi’s passion for service and commitment to our clients will undoubtedly aid her in rebuilding and growing our account services team,” stated Angela Frieling, Associa senior vice president of marketing. “Her unique ability to really connect with clients and to understand their needs and challenges will ensure that she and her team provide them the best support to achieve their goals.”
Ms. Schmidt holds a Bachelor’s degree in Business Administration with an emphasis in Marketing from the University of North Texas.
With more than 180 branch offices across North America, Associa delivers unsurpassed management and lifestyle services to nearly five million residents worldwide. Our 10,000+ team members lead the industry with unrivaled education, expertise and trailblazing innovation. For more than 40 years, Associa has provided solutions designed to help communities achieve their vision. To learn more, visit www.associaonline.com .
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Ashley S Cantwell Associa 214-272-4107 [email protected]
Source: Associa | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-associa-promotes-christi-schmidt-to-vice-president-of-account-services.html |
May 25, 2018 / 10:16 AM / Updated 3 minutes ago Daimler threatened with recall of over 600,000 diesel models: Spiegel Reuters Staff 2 Min Read
BERLIN (Reuters) - Daimler faces a recall order for more than 600,000 diesel-engine vehicles including C-Class and G-Class models because of suspected emissions manipulation, German magazine Der Spiegel reported on Friday. FILE PHOTO: The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke
Germany’s KBA vehicle authority is probing concrete suspicions that the affected cars were fitted with illicit defeat devices designed to manipulate emissions levels, the magazine said, without citing sources.
Daimler said on Friday it had not received a formal summons from KBA regarding its C-Class and G-Class models, a precursor to a recall, but declined to comment in detail on the Spiegel report.
The report comes a day after the KBA ordered Daimler to recall the Mercedes Vito van model fitted with 1.6 liter diesel Euro-6 engines because of engine control features to reduce exhaust emissions which KBA said breached regulations.
Daimler has said it is appealing the KBA findings on the Vito and will go to court if necessary.
Since rival Volkswagen ( VOWG_p.DE ) admitted in 2015 to cheating U.S. emissions tests, German carmakers including VW, Daimler and BMW have faced a backlash against diesel technology in which they have invested billions of euros.
After news of the Vito recall emerged, German Transport Minister Andreas Scheuer summoned Daimler Chief Executive Dieter Zetsche to a meeting on Monday, a spokeswoman for the ministry said.
He also asked the KBA to pursue any further leads related to emissions at Daimler’s Mercedes-Benz premium brand.
The KBA declined comment. Reporting by Andreas Cremer and Markus Wacket in Berlin and Ilona Wissenbach in Frankfurt; Editing by Edward Taylor and Adrian Croft | ashraq/financial-news-articles | https://www.reuters.com/article/us-daimler-emissions/daimler-threatened-with-recall-of-over-600000-diesel-models-spiegel-idUSKCN1IQ18S |
Growth in U.S. non-manufacturing dropped in April, while maintaining its 99-month streak of overall expansion.
The Institute of Supply Management's measure of the non-manufacturing sector sunk to 56.8 in April, two full points lower than the March reading of 58.8.
The April level fell well below expectations of 58.2, forecast by a survey of Thomson Reuters analysts.
Representatives of the 17 industries tracked in the index cited trade concerns having an impact on their business.
"The trade tensions are impacting purchasing of steel and are causing suppliers to send letters of concern regarding contracted purchases for this year and the future based on these proposed tariffs," a respondent from the construction industry said.
A representative from the finance and insurance industry said: "The international trade situation appears to be shifting on a minute-by-minute basis, which has folks nervous."
A reading above 50 indicates expansion in the service sector, and a reading below 50 signals contraction.
According to the institute's metric, the index of 17 U.S. non-manufacturing industries has seen 99 straight months of expansion. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/april-ism-non-manufacturing-index.html |
(Updates with price, Quote: , details)
LJUBLJANA, May 23 (Reuters) - Insurer Generali CEE Holding BV, a part of Italian Generali Group, has agreed to buy Slovenia’s third-largest insurer Adriatic Slovenica in a deal worth 245 million euros ($286.85 million) from KD Group.
“With the takeover Generali Group will become the second-largest insurer on the Slovenian market,” Generali said in a statement, adding that the takeover still needs regulatory approval.
“We see the region of the Central and Eastern Europe as very important for our further strategic growth and investments, “ Generali’s regional director for Austria, Central and Eastern Europe and Russia Luciano Cirina said in a statement.
$1 = 0.8541 euros Reporting by Marja Novak, editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/adriatic-slovenica-ma-generali/update-1-generali-to-buy-slovenian-insurer-adriatic-slovenica-idUSL5N1SU4UQ |
House Democrats on Thursday released a complete archive of the 3,500 ads that Russia purchased on Facebook . I'm going to show you if you might have liked one of those posts, or followed a page run by the Russian Internet Research Agency (IRA.)
More than 11.4 million Americans were exposed to the ads at some point, the House Democrats said, noting that there were 470 Facebook pages run by the IRA and more than 80,000 pieces of content spread across those pages.
Here's how to see if you were ever fooled by | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/how-to-see-if-i-liked-a-facebook-page-run-by-russians.html |
Cramer on Comcast-Fox bid: CEO Brian Roberts tends to get what he wants CNBC's Jim Cramer says he wouldn't count out Comcast Chairman and CEO Brian Roberts just yet. "What Brian Roberts wants he tends to get," the "Mad Money" host says. 7 Hours Ago | 01:24
CNBC's Jim Cramer said Wednesday that he wouldn't count out Comcast Chairman and CEO Brian Roberts on a successful bid for Twenty-First Century Fox assets just yet.
"What Brian Roberts wants he tends to get," Cramer, whose charitable trust owns shares of Comcast, said on " Squawk Box ."
He added that he hopes a Fox deal gets done — either with Disney or Comcast — before 2019. "As long as this takes, Comcast is going to be lower."
Comcast shares were down more than 2 percent early Wednesday after the company said it is in the "advanced stages of preparing" a "superior" all-cash offer for the parts of Twenty-First Century Fox that Rupert Murdoch 's company has agreed to sell to Walt Disney .
CNBC's David Faber said that everything he hears "indicates that [Comcast CEO] Brian Roberts is extremely focused and aggressive in terms of wanting to own these assets."
In late February, Cramer, host of " Mad Money ," said Disney and Comcast were primed for a bidding war .
"There are many permutations to these machinations, too many to mention here, but both Disney and Comcast want this asset so I bet a bidding war does ensue," Cramer said at the time.
On Wednesday, Cramer said Comast could have had better odds at a deal if it weren't a Murdoch-owned company.
"If Fox were a regular company — with no family control — then this would be done," Cramer said on " Squawk on the Street ." "I mean what is [Fox] going to do? Vote for a lower offer than a higher offer?"
In December, Disney CEO Bob Iger said Twenty-First Century Fox CEO James Murdoch , son of Rupert Murdoch, would help Disney with the transition of the Fox assets that Disney agreed to buy.
Cramer added that the company that nabs this deal will see their stock surge. "Whoever wins this will go higher," he said.
— CNBC's Evelyn Cheng and David Faber contributed to this report.
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com. Sign Up for Our Newsletter Morning Squawk CNBC's before the bell news roundup SIGN UP NOW Get this delivered to your inbox, and more info about about our products and service. Privacy Policy . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/cramer-on-comcast-fox-bid-ceo-brian-roberts-tends-to-get-what-he-wants.html |
Three-peat for Real Madrid at Champions League final 9:37pm IST - 01:01
Real Madrid captured the Champions League crown on Saturday with a 3-1 victory over Liverpool. Nathan Frandino reports.
Real Madrid captured the Champions League crown on Saturday with a 3-1 victory over Liverpool. Nathan Frandino reports. //reut.rs/2L1NVq7 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/27/three-peat-for-real-madrid-at-champions?videoId=430651907 |
May 8 (Reuters) - Abraxas Petroleum Corp:
* ABRAXAS ANNOUNCES FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS
* Q1 EARNINGS PER SHARE $0.07 * Q1 REVENUE $40.6 MILLION VERSUS I/B/E/S VIEW $37.4 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.08 — THOMSON REUTERS I/B/E/S
* QTRLY PRODUCTION OF 944 MBOE * SEES Q2 2018 PRODUCTION OF 9,000-9,500 BOEPD Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-abraxas-reports-q1-adjusted-earnin/brief-abraxas-reports-q1-adjusted-earnings-per-share-0-09-excluding-items-idUSASC0A0KM |
WASHINGTON, May 10, 2018 /PRNewswire-USNewswire/ -- https://www.cpsc.gov/Recalls/2018/Munchkin-Recalls-Waterpede-Bath-Toys-Due-to-Choking-Hazard
Recall Summary
Name of Product: Waterpede™ children's bath toys
Hazard: The bath toy can break apart exposing small parts, posing a choking hazard to young children.
Remedy: Replace
Consumers should immediately take the bath toy away from young children and contact Munchkin for a free replacement bath toy of comparable value.
Consumer Contact:
Munchkin toll-free at 877-242-3134 from 8 a.m. to 5 p.m. PT Monday through Friday or online at www.munchkin.com , click on Help at the bottom of the page and then Recalls for more information.
Recall Details
Units: About 72,000
Description:
This recall involves Munchkin's Waterpede bath toys. The one piece multi-colored Centipede-shaped toy allows water to be scooped from the top, and flows through the chambers of bottom. The bath toy is 100% plastic and is for children six months and up.
Incidents/Injuries: The firm has received one report of the toy breaking apart and exposing small beads. No injuries have been reported.
Sold At : Babies R Us, Target, and other stores nationwide and online at munchkin.com from September 2015 through January 2018 for between $5 and $7.
Importer: Munchkin, Inc., of Van Nuys, Calif.
Manufactured in: China
About U.S. CPSC:
The U.S. Consumer Product Safety Commission is charged with protecting the public from unreasonable risks of injury or death associated with the use of thousands of types of consumer products under the agency's jurisdiction. Deaths, injuries, and property damage from consumer product incidents cost the nation more than $1 trillion annually. CPSC is committed to protecting consumers and families from products that pose a fire, electrical, chemical or mechanical hazard. CPSC's work to ensure the safety of consumer products - such as toys, cribs, power tools, cigarette lighters and household chemicals – contributed to a decline in the rate of deaths and injuries associated with consumer products over the past 40 years.
Federal law bars any person from selling products subject to a publicly-announced voluntary recall by a manufacturer or a mandatory recall ordered by the Commission.
For more lifesaving information, follow us on Facebook , Instagram @USCPSC and Twitter @USCPSC or sign up to receive our e-mail alerts. To report a dangerous product or a product-related injury go online to www.SaferProducts.gov or call CPSC's Hotline at 800-638-2772 or teletypewriter at 301-595-7054 for the hearing impaired.
CPSC Consumer Information Hotline
Contact us at this toll-free number if you have questions about a recall:
800-638-2772 (TTY 301-595-7054)
Times: 8 a.m. – 5:30 p.m. ET; Messages can be left anytime
Call to get product safety and other agency information and to report unsafe products .
Media Contact
Please use the phone numbers below for all media requests.
Phone: 301-504-7908
Spanish: 301-504-7800
View original content with multimedia: http://www.prnewswire.com/news-releases/munchkin-recalls-waterpede-bath-toys-due-to-choking-hazard-300646578.html
SOURCE U.S. Consumer Product Safety Commission | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-munchkin-recalls-waterpede-bath-toys-due-to-choking-hazard.html |
World stocks higher, Trump tweets thaw trade tensions 12:38pm BST - 01:47
Prospects of a thaw in U.S.-China trade tensions supported global stocks on Monday, but in Malaysia, investors punish shares associated with supporters of ousted prime minister Najib Razak after last week's shock election result. As Ciara Lee reports, AirAsia was down by as much as 10 per cent.
Prospects of a thaw in U.S.-China trade tensions supported global stocks on Monday, but in Malaysia, investors punish shares associated with supporters of ousted prime minister Najib Razak after last week's shock election result. As Ciara Lee reports, AirAsia was down by as much as 10 per cent. //reut.rs/2Gd8lcW | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/world-stocks-higher-trump-tweets-thaw-tr?videoId=426814161 |
LONDON (Reuters) - French oil major Total has two months to seek exemption from U.S. sanctions after Washington’s withdrawal from the international nuclear deal, Iran’s oil minister told state news agency SHANA on Wednesday.
The logo of French oil giant Total is seen at La Defense business and financial district in Courbevoie, near Paris, France. May 16, 2018. REUTERS/Charles Platiau The minister, Bijan Zanganeh, added that failure to secure an exemption would mean that China’s state-owned CNPC could take over Total’s stake in the South Pars gas project, lifting its own interest from 30 percent to more than 80 percent.
The United States this month said it would impose new sanctions against oil and gas producer Iran after abandoning the 2015 agreement that limited Tehran’s nuclear ambitions in exchange for sanctions relief.
“Total has 60 days to negotiate with the U.S. government,” Zanganeh said, adding that the French government could also lobby Washington.
Total signed a contract in 2017 to develop phase 11 of the South Pars field with an initial investment of $1 billion - a contract Tehran repeatedly hailed as a symbol of the nuclear deal’s success.
Total said on May 16 that it would pull out of South Pars if it did not receive a waiver from the United States.
European powers still see the nuclear accord as the best chance of stopping Tehran from acquiring a nuclear weapon and have intensified efforts to save the pact.
Zanganeh also said on state television that an agreement with Europe would inspire other potential buyers of Iranian oil.
“Europe is buying only one third of Iranian oil, but an agreement with Europe is important to guarantee our sales, and find insurance for the ships ferrying the crude. Other buyers would also be inspired by this,” he said.
Lukoil Russia’s second-biggest oil producer, said on Tuesday that it had decided not to go ahead with plans to develop projects in Iran because of the threat of U.S. sanctions.
Reporting by Bozorgmehr Sharafedin; Editing by David Goodman
| ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-oil/iran-says-total-has-two-months-to-seek-u-s-sanctions-exemption-idINKCN1IV1E3 |
(Adds quotes, detail)
ANKARA, May 3 (Reuters) - Iran's foreign minister said on Thursday U.S. demands to change its 2015 nuclear agreement with world powers were unacceptable as a deadline set by President Donald Trump for Europeans to "fix" the deal loomed.
Trump has warned that unless European allies rectify the "terrible flaws" in the international accord by May 12, he will refuse to extend U.S. sanctions relief for the oil-producing Islamic Republic.
"Iran will not renegotiate what was agreed years ago and has been implemented," Foreign Minister Mohammad Javad Zarif said in a video message posted on YouTube.
Britain, France and Germany remain committed to the accord as is, but now, in efforts to keep Washington in it, want to open talks on Iran's ballistic missile program, its nuclear activities beyond 2025 - when key provisions of the deal expire - and its role in Middle East crises such as Syria and Yemen.
A senior adviser to Iranian Supreme Leader Ayatollah Ali Khamenei also warned Europeans on Thursday over "revising" the nuclear deal, under which Iran strictly limited its enrichment of uranium to help allay fears this could be put to producing atomic bomb material, and won major sanctions relief in return.
"Even if U.S. allies, especially the Europeans, try to revise the deal..., one of our options will be withdrawing from it," state television quoted Ali Akbar Velayati as saying.
The European signatories to the deal have been trying to persuade Trump to save the pact, reached under his predecessor Barack Obama. They argue it is crucial to forestalling a destabilizing Middle East arms race and that Iran has been abiding by its terms, a position also taken by U.S. intelligence assessments and the U.N. nuclear watchdog agency.
Zarif said: "Let me make it absolutely clear and once and for all: we will neither outsource our security nor will we renegotiate or add onto a deal we have already implemented in good faith."
Referring to Trump's past as a property magnate, Zarif added, "To put it in real estate terms, when you buy a house and move your family in, or demolish it to build a skyscraper, you cannot come back two years later and renegotiate the price."
Defying Western demands, Iran has repeatedly said it has no intention of reducing its imprint in Middle East affairs and its missile capabilities, which it has said are defensive in nature and have nothing to with nuclear activity covered by the deal.
"It now appears that ... some Europeans have been offering more concessions from our pocket," Zarif said. "This appeasement (of Trump) entails a new deal that would include matters we all decided to exclude at the outset of our negotiations."
Zarif, speaking in English in the YouTube video, said the United States had "consistently violated the nuclear deal, particularly by bullying others to prevent businesses from returning to Iran."
Major European banks and businesses continue to shun the Islamic Republic for fear of falling foul of remaining U.S. sanctions, hampering Iran's efforts to rebuild foreign trade and lure much-needed foreign investment to its economy.
(Writing by Parisa Hafezi Editing by Mark Heinrich) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/reuters-america-update-2-iran-says-will-not-renegotiate-nuclear-deal-warns-against-changes.html |
May 23 (Reuters) - Sally Beauty Holdings Inc:
* SALLY BEAUTY HOLDINGS, INC. ANNOUNCES THE APPOINTMENT OF DENISE PAULONIS TO THE BOARD OF DIRECTORS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sally-beauty-announces-appointment/brief-sally-beauty-announces-appointment-of-denise-paulonis-to-board-idUSASC0A3GJ |
old party@
KUALA LUMPUR, May 11 (Reuters) - Malaysia's new government, led by 92-year-old Prime Minister Mahathir Mohamad, has vowed to bring back billions of dollars allegedly stolen from state fund 1Malaysia Development Berhad (1MDB).
The alleged misappropriation of $4.5 billion from the fund, founded by ousted premier Najib Razak, is under investigation by the U.S. Department of Justice and other countries like Switzerland and Singapore.
In the past three years, the scandal has led to arrests, the shuttering of several banks, and seizures of multi-million dollar assets around the world. It also played a role in the ouster of Najib in the May 9 election, political analysts have said.
The case has dogged Najib since the Wall Street Journal reported in August, 2015, that about $700 million in 1MDB funds flowed into his personal account. U.S. Department of Justice (DOJ) lawsuits later showed he received transfers of more than $1 billion from 1MDB. Najib has denied any wrongdoing.
Following are the details:
WHAT IS 1MDB?
1MDB is a state investment fund founded in 2009 by Najib, who chaired the fund's advisory board until 2016.
The fund, aimed at promoting economic development, was set up allegedly with the help of a Malaysian financier, Low Taek Jho, better known as Jho Low.
HOW DID $4.5 BILLION GO MISSING FROM 1MDB?
Between 2009 and 2013, 1MDB raised billions of dollars in bonds for use in investment projects and joint ventures.
With the aid of several high-level 1MDB officials, their associates and bankers, the U.S. DOJ said $4.5 billion was instead diverted to offshore bank accounts and shell companies, many of which were linked to Low and some of his associates.
The siphoned funds were allegedly used to buy luxury assets and real estate for Low and his associates.
Since July 2016, the DOJ has filed civil lawsuits seeking to seize a total of $1.7 billion in 1MDB-linked assets.
The assets include gifts given by Low to celebrity friends, such as a Picasso painting for Hollywood actor Leonardo DiCaprio, and jewelry for Australian model Miranda Kerr, the lawsuits say. DiCaprio and Kerr have since handed the items to U.S. authorities and say they are cooperating with the investigation.
Other assets include a private jet, real estate in London, Los Angeles and New York, and a $107-million stake in EMI Music Publishing.
Low, through spokesmen, has consistently denied wrongdoing. His current whereabouts are unknown.
HOW WAS NAJIB INVOLVED?
According to the DOJ, other beneficiaries of 1MDB funds included Riza Aziz, Najib's stepson and a friend of Low's.
Some of the funds were used to finance the Hollywood films "The Wolf of Wall Street" and "Dumb and Dumber To," both produced by Red Granite, a film company co-founded by Riza.
Red Granite has agreed to pay the U.S. $60 million as part of a settlement deal.
A person described in the U.S. lawsuits as "Malaysian Official 1" was said to have received more than $1 billion in 1MDB funds, some of which was used to buy jewelry for the person's wife.
U.S. and Malaysian sources have said "Malaysian Official 1" refers to Najib.
Riza and Najib have consistently denied wrongdoing. The Malaysian government said the money in Najib's account was a donation from a member of the Saudi Arabian royal family.
WHICH COUNTRIES ARE INVESTIGATING 1MDB?
At least six countries have launched money-laundering, financial mismanagement and criminal probes into 1MDB's business dealings.
Malaysia's attorney-general cleared Najib of wrongdoing in 2016, saying the funds in his account were a legitimate donation. The country's central bank, however, has fined 1MDB and several banks for unspecified breaches of banking regulations.
As part of an extensive review into 1MDB-related transactions, Singapore shut down the local units of Swiss bank BSI and Falcon Bank in 2016 citing failures of money laundering controls and improper conduct by senior management, froze millions of dollars in bank accounts, and charged several private bankers.
In Switzerland, financial watchdog FINMA has confiscated 104 million Swiss francs ($110 million) in illicit profits from 1MDB-related deals by banks BSI, Falcon, and Coutts & Co since mid-2016.
U.S. prosecutors last year requested a stay on its civil lawsuits in order to conduct a criminal probe.
In February, U.S. and Indonesian authorities seized the Equanimity, a $250-million yacht believed to be owned by Low and bought with 1MDB funds, at a port in Bali, Indonesia.
WHAT IMPACT HAS 1MDB HAD IN MALAYSIA?
Najib withstood multiple calls to resign and sacked the deputy prime minister and the attorney-general in actions seen linked to the scandal.
The government has also taken steps seen by critics as limiting discussion of 1MDB, including detaining civil rights activists, suspending a newspaper, and blocking websites and blogs.
In 2016, Mahathir resigned from the ruling coalition saying he was disgusted by the 1MDB scandal, and later joined forces with opposition leader Anwar Ibrahim, his former foe.
Their alliance succeeded in ousting Najib in a stunning election win on Wednesday, with political analysts crediting public anger over 1MDB as a key factor.
HOW WILL MAHATHIR DEAL WITH 1MDB?
After being sworn in as prime minister, Mahathir vowed to investigate 1MDB and said Najib "would face the consequences" if he was found to have broken any laws.
He also said he would review the conduct of and possibly replace the heads of government departments that previously investigated the scandal, including the anti-corruption commission, and the attorney-general who cleared Najib.
Mahathir is also planning to appoint a finance ministry adviser who would oversee efforts to investigate and recover 1MDB funds abroad, two sources told Reuters.
(Reporting by Rozanna Latiff and Praveen Menon; Editing by Raju Gopalakrishnan) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/reuters-america-explainer-the-multi-billion-dollar-scandal-that-brought-down-malaysias-grand-old-party.html |
May 7 (Reuters) - Shenghua Lande Scitech Ltd:
* EXPECTS SUBSTANTIAL INCREASE IN NET LOSS ATTRIBUTABLE FOR QUARTER
* EXPECTED RESULT DUE TO OPERATING EXPENSES OF INCREATOR TECHNOLOGY ADDING TO GROUP’S GENERAL & ADMINISTRATIVE EXPENSES Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-shenghua-lande-scitech-expects-sub/brief-shenghua-lande-scitech-expects-substantial-increase-in-net-loss-attributable-for-quarter-idUSFWN1SE0G9 |
Building on fire collapses in Sao Paulo 2:43am IST - 00:30
A 22-story abandoned office building occupied by hundreds of squatters was engulfed in flames and collapsed in the center of Sao Paulo early Tuesday. Rough Cut (no reporter narration).
A 22-story abandoned office building occupied by hundreds of squatters was engulfed in flames and collapsed in the center of Sao Paulo early Tuesday. Rough Cut (no reporter narration). //reut.rs/2rdDc3q | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/01/building-on-fire-collapses-in-sao-paulo?videoId=423028609 |
The highest-paid banking and finance chief executive in the S&P 500 is no surprise. It is James Dimon, head of JPMorgan Chase & Co., the biggest U.S. bank by assets and market capitalization.
Mr. Dimon, who has run the bank since late 2005 and steered it through the financial crisis, made $28.3 million in 2017, up 4% from $27.2 million a year earlier.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/jamie-dimon-tops-list-of-highest-paid-finance-ceos-1527764400 |
Discussing the trend toward 'people-centric' environments 3 Hours Ago Paul Doherty of The Digit Group explains how autonomous vehicles could become "an extension of real estate through experience." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/discussing-the-trend-toward-people-centric-environments.html |
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