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LAS VEGAS--(BUSINESS WIRE)-- VICI Properties Inc. (NYSE:VICI) (together with its affiliates, “VICI Properties” or the “Company”), an experiential-asset focused real estate investment trust (REIT), today announced that Diana F. Cantor, has been appointed to the Company’s Board of Directors (the “Board”) as an independent director, subject to and effective upon receipt of all applicable regulatory approvals. With the addition, the Board will expand to include eight members, seven of whom are independent. Upon joining the Board, Ms. Cantor will serve on the Board’s Audit & Finance Committee and Nominating and Corporate Governance Committee.
“Diana has extensive experience in investment and portfolio management, having led some of the largest portfolios in the U.S.,” said Edward Pitoniak, Chief Executive Officer of the Company. “As such, her unique perspectives will be invaluable to our team as we continue to build the nation’s most dynamic experiential real estate portfolio.”
“Diana will be a great addition to the VICI Properties Board, and we’re thrilled to have the opportunity to work with her in serving the needs of our shareholders and operating partners,” said Jim Abrahamson, Chairman of the Board. “Her diverse background in investment management, real estate and financial services will further strengthen our Board in its collaboration with our executive leadership team to create unparalleled value within the leisure, gaming, and hospitality REIT segments.”
Ms. Cantor is currently a Partner with Alternative Investment Management, LLC, an independent, privately-held investment firm with a focus on private equity and hedge funds – a position she has held since January 2010. She is the Vice Chairman of the Virginia Retirement System, where she also serves on the Audit and Compliance Committee. Ms. Cantor was a Managing Director with New York Private Bank and Trust from January 2008 through the end of 2009. Ms. Cantor served as founding Executive Director of the Virginia College Savings Plan, the state’s 529 college savings program, from 1996 to January 2008. Ms. Cantor served seven years as Vice President of Richmond Resources, Ltd. from 1990 through 1996, and as Vice President of Goldman, Sachs & Co. from 1985 to 1990. Ms. Cantor has served on the Board of Directors of Domino’s Pizza, Inc. (NYSE:DPZ) since October 2005 and the Board of Directors of Universal Corporation (NYSE:UVV) since 2012, and continues to serve on both. She previously served on the Boards of Directors of Media General Inc., Revlon, Inc., Vistage International, Inc., Knowledge Universe Education LLC, Edelman Financial Services, LLC and Service King Body and Paint LLC.
About VICI Properties
VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 20 gaming facilities comprising over 36 million square feet and features approximately 14,500 hotel rooms and more than 150 restaurants, bars and nightclubs. Its properties are leased to leading brands such as Caesars, Horseshoe, Harrah’s and Bally’s, which prioritize customer loyalty and value through great service, superior products and constant innovation. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006094/en/
Investor:
[email protected]
(725) 201-6415
Or
ICR
Jacques Cornet
[email protected]
Or
Media:
[email protected]
(725) 201-6414
Or
ICR
Phil Denning and Jason Chudoba
[email protected] , (646) 277-1258
[email protected] , (646) 277-1249
Source: VICI Properties Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-vici-properties-inc-to-expand-board-of-directors-with-appointment-of-diana-f-cantor-as-independent-director.html |
18 COMMENTS New York City Mayor Bill de Blasio wants police to issue summonses instead of arresting people for smoking marijuana in public, a move the head of the police department’s sergeants union said would put officers “in positions of conflict.”
Mr. de Blasio, a Democrat, has expressed concerns about legalizing marijuana, but said he believes it is “likely to occur in our state in the near future.” The mayor said last week that the city would relax enforcement of marijuana offenses in order to end racial disparities in arrests .
The New York Daily News previously reported Mr. de Blasio’s new directive.
On Monday, Sgt. Ed Mullins of the Sergeants Benevolent Association said the mayor’s new approach would put police in a tough spot because marijuana is still illegal and officers receive complaints from the public about it.
“You can’t just circumvent the law,” Mr. Mullins said. “If you want to not have enforcement of arrests, then you need to change the law.”
The New York City Police Department hasn’t opposed the mayor’s request, but some top police officials have previously said responding to marijuana complaints can sometimes lead to the arrests of violent criminals.
NYPD Commissioner James O’Neill has formed a 30-day working group to review marijuana-enforcement policies and procedures. The mayor’s directive to issue summonses instead of making arrests for smoking in public is part of that review, a department spokesman said Monday.
Mr. de Blasio has said he is worried about a “corporatization” of the marijuana industry, where profit-driven companies aggressively market to young people. He is convening a task force charged with helping the city prepare for policing, zoning, public health and education issues related to legalized marijuana.
“My focus now will be helping to craft the critical regulatory framework that must come before legalization is realized,” Mr. de Blasio said in a statement.
This isn’t the first time the mayor has sought to reduce racial disparities in marijuana enforcement. In 2014, Mr. de Blasio directed the police to avoid making arrests for marijuana possession in favor of issuing summonses, which result in a $100 fine and require the person to attend summons court.
Marijuana-related arrests have fallen 32% over the past four years, but the department has still been criticized by city council members and others after data showed that 87% of those arrested for smoking in public last year were black or hispanic.
Momentum has been growing for marijuana legalization in New York, with a Quinnipiac University poll released earlier this month showing state voters support the measure by a margin of 63% to 32%. Cynthia Nixon, who is challenging Gov. Andrew Cuomo in the Democratic gubernatorial primary, has called for legalizing marijuana as has New York City Public Advocate Letitia James, who is running for state attorney general .
Mr. Cuomo’s office didn’t respond to a request for comment Monday.
Write to Kate King at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/mayor-police-union-split-on-summons-for-marijuana-1526936485 |
May 7 (Reuters) - Premier Inc:
* PREMIER INC REPORTS FISCAL 2018 THIRD-QUARTER RESULTS
* Q3 REVENUE $425.3 MILLION VERSUS I/B/E/S VIEW $407.5 MILLION
* Q3 NON-GAAP EARNINGS PER SHARE $0.67
* Q3 LOSS PER SHARE $1.93 * Q3 EARNINGS PER SHARE VIEW $0.66 — THOMSON REUTERS I/B/E/S
* Q3 2018 NET REVENUE INCREASED 12% TO $425.3 MILLION * COMPANY IS RAISING ITS FISCAL 2018 CONSOLIDATED REVENUE RANGE TO $1.612 BILLION TO $1.649 BILLION
* GUIDANCE RANGE FOR FISCAL 2018 NON-GAAP ADJUSTED FULLY DISTRIBUTED EARNINGS PER SHARE HAS BEEN NARROWED TO A RANGE OF $2.24 TO $2.28
* FY2018 EARNINGS PER SHARE VIEW $2.29, REVENUE VIEW $1.63 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-premier-inc-reports-q3-non-gaap-ea/brief-premier-inc-reports-q3-non-gaap-earnings-per-share-0-67-idUSASC0A05M |
May 3, 2018 / 3:49 PM / Updated 12 minutes ago Bank of America to shift 125 British jobs to Ireland ahead of Brexit Reuters Staff 2 Bank of America ( BAC.N ) will relocate up to 125 jobs from Britain mostly to Ireland as it prepares for Britain’s exit from the European Union, according to a corporate filing. FILE PHOTO: A Bank of America logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith
The bank said employees in finance, risk, compliance, technology and credit functions would be affected and the moves will take place between July and December this year.
Bank of America last July became the first U.S. bank to pick Dublin as its new base for its EU operations, a necessary step to continue serving its clients as Britain prepares to leave the bloc in March 2019.
The regulatory filing seen by Reuters on Thursday and reported on earlier by Irish media showed the job moves will be a combination of staff relocation and new hires in Ireland.
As part of its preparation for Brexit Bank of America is merging Bank of America Merrill Lynch International, its London-based subsidiary, into its similarly-named Irish entity based in Dublin.
The up to 125 roles the bank said are likely to shift across the Irish Sea represent a first phase of job moves, with a second phase possible depending on the outcome of Britain’s negotiations with the EU, the bank added.
Those “potential second phase relocations” would mostly be to France, with some going to Ireland, Germany and other locations, the bank said. Reporting by Lawrence White; Editing by Alexandra Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-bank-of-america/bank-of-america-to-shift-125-british-jobs-to-ireland-ahead-of-brexit-idUKKBN1I420N |
MOGADISHU (Reuters) - Somalia’s al Shabaab insurgents stoned to death on Wednesday a woman it accused of having multiple husbands, residents of a town in the south of the country said.
Residents of Sablale town in Lower Shabelle region gathered to witness the stoning of the woman, Shukri Abdullahi, 30, who allegedly had 11 husbands.
“Shukri Abdullahi and nine husbands, including her legal husband, were brought at the court, each saying she was his wife,” Mohamed Abu Usama, al Shabaab’s governor for the Lower Shabelle region, told Reuters.
Al Shabaab is fighting to impose its own harsh interpretation of Islamic law in Somalia. Courts set up by the militants do not allow legal representation or appeals.
Its members have handed out brutal punishments for religious infractions, including hacking limbs for alleged thieves.
Stoning suspected adulterers in one such punishment; the accused is buried neck-deep and then killed by rocks thrown by a crowd. Both men and women have been stoned.
Reporting by Feisal Omar; editing by George Obulutsa, Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-somalia-violence/somalias-al-shabaab-stones-to-death-woman-accused-of-having-multiple-husbands-idUSKBN1IA1Z1 |
May 14 (Reuters) - Netshoes (CAYMAN) Ltd:
* NETSHOES LIMITED ANNOUNCES FIRST QUARTER 2018 RESULTS * Q1 SALES BRL 399.3 MILLION VERSUS I/B/E/S VIEW BRL 421.5 MILLION
* QTRLY REGISTERED MEMBERS UP 21%, REACHING 23 MILLION MEMBERS
* QTRLY INVOICED ORDERS UP 13% TO 2.8 MILLION ORDERS * QTRLY LOSS PER SHARE BRL 1.94 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-netshoes-qtrly-loss-per-share-brl/brief-netshoes-qtrly-loss-per-share-brl-1-94-idUSASC0A24N |
* SPAR plans two more stores in Sri Lanka
* Sales hit by weak S.Africa economy, listeria
* H1 headline earnings per share up 14 pct (Recasts with Sri Lanka expansion, shares)
By Nqobile Dludla
JOHANNESBURG, May 30 (Reuters) - South African retailer and wholesaler SPAR Group Ltd plans to open two more stores in Sri Lanka, it said on Wednesday, after warning that fuel price hikes and currency weakness could affect its home market.
In 2016, SPAR entered into a 50/50 joint venture (JV) with Ceylon Biscuits Ltd in Sri Lanka to establish SPAR SL.
SPAR SL opened its first store in a suburb of the capital Colombo in March and Chief Executive Graham O’Connor told Reuters two more stores would be opened by year end.
“(There is) strong growth, very little opposition, very fragmented market so very good opportunities,” he said.
The two additional stores will be located in Colombo, trading under the SPAR banner, group Financial Director Mark Godfrey added in an emailed response to questions.
Sri Lanka’s economy is expected to grow between 5 and 5.5 percent this year from an estimate of less than 4 percent in 2017, according to the country’s central bank.
Back home, the group expects its core Southern Africa market to be held back by fuel price increases and foreign currency changes, meaning “consumers will remain under pressure, with a constrained spending outlook.”
SPAR, which also has operations in Switzerland and Ireland, reported a 5.6 percent increase in first-half group sales to 50 billion rand ($4 billion), boosted by its European operations.
Overall sales slowed from the 12.6 percent growth the company reported a year earlier.
Sales in Southern Africa were impacted by low consumer spending due to weak economic growth and the world’s largest ever listeria outbreak, which forced retailers to remove cold meat products from their shelves. At least 200 people have died from listeria in South Africa since January 2017.
The company’s headline earnings per share rose 14 percent to 541.2 cents. Headline earnings per share is the main profit measure in South Africa and strips out certain one-off items.
SPAR shares, which had fallen by 2.4 percent over the past year, were up 2.68 percent at 1004 GMT. ($1 = 12.6534 rand) (Editing by James Macharia and Mark Potter)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/spar-group-results/update-1-south-africas-spar-group-h1-earnings-rise-on-european-operations-idUSL5N1T10HD |
MODESTO, Calif., May 9, 2018 /PRNewswire/ -- An affiliate of E. & J. Gallo Winery (Gallo) announced today that it has purchased 542 acres of the Sierra Madre property, a vineyard located near the western edge of the Santa Maria Valley appellation in Santa Barbara County.
First planted to vineyard in 1971, Sierra Madre has a long, storied history of producing some of the highest-quality Pinot Noir and Chardonnay from Santa Barbara County. Located just 15 miles from the Pacific Ocean, Sierra Madre Vineyard is known for its sandy-loam soils and cool growing season, which allow the grapes to ripen slowly, while developing intense structure and flavor.
Today, the Sierra Madre property acquired by Gallo has approximately 151 acres planted to vine, and supplies grapes to about 35 wineries, ranging from small boutique wineries to large wine companies. Sierra Madre Vineyard has continued to be an ideal location for premier grape growing, and over the years has been the source of many notable vineyard-designated wines. As part of the agreement, Gallo will honor all grape contracts with existing Sierra Madre Vineyard customers.
"Our family has a 35-year history in agriculture on the Central Coast, and we remain wholeheartedly committed to the region," said seller Doug Circle of Circle Vision, LLC. To that end, he added, "We feel blessed to have had the opportunity to shepherd this magical Central Coast vineyard for 15 years of its exceptional 47-year history, and are pleased that it is now passing to another family who will responsibly steward it into its next chapter."
According to Roger Nabedian, Senior Vice President and General Manager of Gallo's Premium Wine Division, "We are thrilled to add this impressive vineyard into our premium portfolio." He added, "This purchase supports Gallo's commitment to continue making and selling luxury wines, while growing the finest grapes in Santa Barbara County."
Gallo currently owns and operates Edna Valley Vineyard, Bridlewood Estate Winery, and Talbott Vineyards in California's Central Coast.
International Wine Associates served as the exclusive financial advisor for Sierra Madre Vineyard. Terms of the deal were not disclosed.
About E. & J. Gallo Winery
Founded by brothers Ernest and Julio Gallo in 1933 in Modesto, California, E. & J. Gallo Winery is the world's largest family-owned winery and the acclaimed producer of award-winning wines and spirits featured in more than 90 countries around the globe. A pioneer in the art of grape growing, winemaking, sustainable practices, marketing and worldwide distribution, Gallo crafts and imports wines and spirits to suit a diverse range of tastes and occasions, from everyday offerings to boutique, luxury bottlings.
The Gallo portfolio is comprised of more than 90 unique brands, including Barefoot Cellars, Dark Horse, and Gallo Family Vineyards, as well as premium box wines The Naked Grape and Vin Vault. Premium offerings include Apothic, Carnivor, Columbia Winery, Ecco Domani, Edna Valley Vineyard, J Vineyards & Winery, Louis M. Martini, MacMurray Estate Vineyards, Mirassou, Orin Swift, Souverain, Talbott Vineyards, and William Hill Estate, along with highly acclaimed imports, such as Alamos, Brancaia, La Marca, Las Rocas, Martín Códax, Whitehaven, and LUX Wines, importers of Allegrini, Argiano, Jermann, Pieropan and Renato Ratti. Gallo Spirits offers New Amsterdam Vodka and Gin and E&J Brandy, in addition to imported Scotch whiskies from Whyte & Mackay, including The Dalmore, Jura Single Malt and John Barr Blended.
About Circle Vision, LLC
Circle Vision, LLC is a privately held real estate investment management company, located in Placentia, CA. The company owns, manages, and acquires income properties with a unique focus on both agriculture and commercial properties throughout the Western United States.
View original content with multimedia: http://www.prnewswire.com/news-releases/gallo-expands-presence-in-santa-barbara-county-with-purchase-of-renowned-sierra-madre-vineyard-300645268.html
SOURCE E. & J. Gallo Winery | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-gallo-expands-presence-in-santa-barbara-county-with-purchase-of-renowned-sierra-madre-vineyard.html |
May 15, 2018 / 5:49 PM / in 31 minutes MSCI says Argentina market situation makes index decision more difficult Karin Strohecker 3 Min Read
LONDON, May 15 (Reuters) - Argentina’s recent market turmoil will make it more difficult for index provider MSCI to decide on whether to give the country the emerging markets status it seeks in June, the U.S. firm said on Tuesday.
Faced with a recent rise in dollar and U.S. Treasury yields, Argentina has found itself at the centre of an emerging markets sell-off with its currency losing a quarter of its value since the start of the year despite heavy central bank intervention. That forced Buenos Aires to turn to the International Monetary Fund for help.
A consultation with investors on whether to elevate Argentina to “emerging” market status from its current “frontier” market status is due to end within weeks and ahead of MSCI’s annual classification review due in June, said Sebastien Lieblich, managing director at MSCI.
“We received a lot of unprompted feedback, going both ways,” Lieblich told Reuters during a conference in London.
“Clearly the discussions will be and the decision will be more difficult to take, given the latest on Argentina. Now whether that will spur a structural change or structural issue, we don’t know,” he said, adding MSCI was monitoring the situation constantly.
In 2009, MSCI relegated Argentine stocks to its “frontier” index which encompasses smaller and less developed stock markets, as a result of Buenos Aires’ restrictions on inflows and outflows of capital in its equity market.
On assuming office in December 2015, center-right President Mauricio Macri declared Argentina open for business after more than a decade of sweeping state intervention, including capital controls, had choked off much foreign investment.
MSCI surprised markets by not promoting Argentina at its index review last year, which investors had widely expected. It said at the time it needed more signs that Macri’s pro-market reforms were “irreversible” to re-incorporate the country’s shares into its emerging markets index.
MSCI indexes are used by investment funds worldwide, with some $1.7 trillion of active and passive money benchmarked against its emerging markets gauges.
MSCI has not yet set a date for its annual review, though it is normally scheduled for the third week of June, said Lieblich. (Reporting by Karin Strohecker Editing by Hugh Lawson) | ashraq/financial-news-articles | https://www.reuters.com/article/argentina-stocks-msci/msci-says-argentina-market-situation-makes-index-decision-more-difficult-idUSL5N1SM8C4 |
May 3 (Reuters) - MAGFORCE AG:
* FY REVENUES INCREASED TO EUR 716 THOUSAND COMPARED TO EUR 474 THOUSAND IN PREVIOUS YEAR
* FY OPERATING RESULT OF EUR -7,410 THOUSAND WAS ALMOST AT PREVIOUS YEAR’S LEVEL OF EUR -7,461 THOUSAND.
* CASH AND CASH EQUIVALENTS AS OF DECEMBER 31, 2017 AMOUNTED TO EUR 666 THOUSAND (PRIOR YEAR: EUR 614 THOUSAND)
* FY TOTAL NET LOSS STABLE AND AMOUNTED TO EUR 7,465 THOUSAND (PRIOR YEAR: EUR 7,231 THOUSAND)
* IN Q1 2018, MAGFORCE DREW EUR 10 MILLION FROM EIB LINE OF CREDIT
* EXPECTS TO EXPAND ITS BUSINESS ACTIVITIES IN FINANCIAL YEAR 2018 BEYOND GERMANY
* EXPECTS FOR BUSINESS YEAR 2018 A HIGHER OPERATIONAL LOSS DUE TO INCREASING COMMERCIAL ACTIVITIES Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-magforce-fy-stable-net-loss-of-eur/brief-magforce-fy-stable-net-loss-of-eur-7-5-mln-idUSFWN1SA04K |
May 17, 2018 / 2:09 AM / Updated 8 hours ago Mourinho and Conte feud adds spice to final showdown Martyn Herman 4 Min Read
LONDON (Reuters) - Jose Mourinho’s relationship with Antonio Conte has been acrimonious since they took the hot seats at Manchester United and Chelsea respectively but the Portuguese can have the last laugh at Wembley on Saturday. Soccer Football - Premier League - Manchester United vs Chelsea - Old Trafford, Manchester, Britain - February 25, 2018 Manchester United manager Jose Mourinho and Chelsea manager Antonio Conte react Action Images via Reuters/Jason Cairnduff
Few FA Cup finals have been as eagerly awaited as this season’s with both managers desperate to avoid the ignominy of ending the campaign without any silverware.
Mourinho did at least steer United to runners-up spot behind a peerless Manchester City in the Premier League but Conte’s Chelsea trailed in fifth and defeat in what is expected to be his final game in charge would be a bitter pill for the Italian.
Ever since Mourinho, Chelsea’s most successful manager, criticised Conte for his wild celebrations during Chelsea’s 4-0 rout of United in the early weeks of the 2016-17 season, the two have been trading insults, some more veiled than others.
Conte has criticised Mourinho’s spending at United and accused him of being obsessed with events at Stamford Bridge.
Mourinho upped the ante by labelling Conte’s touchline manner as clown-like and alluding to a match-fixing allegation Conte was eventually cleared of in Italy.
Conte in turn described Mourinho as a “little man” and “a fake”.
While things have cooled of late, there will be no love lost going into the climax of the domestic season on Saturday when United hope to join record-holders Arsenal with 13 FA Cup triumphs to their name.
Chelsea have not won the Cup since 2012 when Conte’s compatriot Roberto di Matteo was in charge.
Last season they were favourites going into the final having already won the Premier League in Conte’s first season in charge but fell flat, losing 2-1 to Arsenal. DISAPPOINTING SEASON
No matter who is in charge of Chelsea next season, Spanish midfielder Cesc Fabregas said the only thing that counts now is to make sure the club ends a disappointing season on a high.
“We don’t have to think about next season, we need to win now, Saturday,” he said. “We can’t make (the season right) because the Champions League (qualification) is gone.
“But to finish on a high would be nice.”
Mourinho has not won the FA Cup since his first spell at Chelsea in 2007 — his only success in the competition.
While he would like nothing more than to lead United to victory against his old club, several of his players could also rub salt into Chelsea’s wounds too.
United’s Belgian striker Romelu Lukaku was deemed surplus to requirements by Chelsea but has flourished at United while midfielder Nemanja Matic was surprisingly allowed to join Mourinho at Old Trafford last season — a departure that seriously undermined Conte’s squad.
Lukaku is battling to shake off an ankle injury but is expected to be available for the final.
United’s progress under Mourinho has been impressive this season and they garnered 12 more points in the Premier League than they did in his first season.
However, last season Mourinho added the League Cup and Europa League title to the Old Trafford honours list, and midfielder Ander Herrera knows the club is defined by winning silverware.
“This club is about titles, about trophies, it’s about finals,” the Spaniard said.
“We will respect Chelsea, they are a top team and are used to winning as well. That makes the final even more difficult.”
While a feisty final is expected, both sets of players, managers and fans will unite to remember former Chelsea and United midfielder Ray Wilkins whose untimely death last month will be marked by a series of special tributes before kickoff.
Wilkins’ widow Jackie will present the trophy to the winners. Reporting by Martyn Herman, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-che-mun/mourinho-and-conte-feud-adds-spice-to-final-showdown-idUKKCN1II07A |
LISHUI, China, May 11, 2018 /PRNewswire/ -- Tantech Holdings Ltd. (NASDAQ: TANH), ("Tantech" or the "Company"), an alternative energy company with diversified operations, including the manufacturing of bamboo-based charcoal products and Electric Vehicles (EVs), today announced its financial results for its fiscal year ended December 31, 2017.
Financial Highlights (All Figures Approximated)
Total revenues increased by 6.3%, or approximately $2.6 million, to $43.1 million Total gross profit from following segments decreased by 18.2%, or approximately $2.4 million, to $10.7 million
- Gross profit from the Company's Consumer Products segment decreased by 33.6%, or $4.2 million, to $8.3 million
- Gross profit from the Company's Trading segment decreased by 21.0%, or $0.1 million, to $0.4 million
- Revenues from newly acquired Electronic Vehicle segment was approximately $8.6 million.
Despite the decline in gross profit, the Company was still able to achieve net income attributable to common stockholders of $3.8 million, or $0.15 per share for fiscal year 2017 The Company expects increased revenue and a concerted increase in development of new electric vehicle models in 2018 and beyond driven by innovation, new business development initiatives and more streamlined operations
Mr. Zhengyu Wang, Chairman and CEO of Tantech said, "During the reporting period, the Company continued to implement its transformation efforts by focusing on special purpose electric automobiles. The Company made a concerted effort to create efficiencies and improve competitiveness. During the reporting period, the Company reported $43.1 million in revenue and $3.8 million in net profit attributed to shareholders.
In FY 2017, the Company acquired a 70% ownership interest in Suzhou E Motors Co., Ltd. ("Suzhou E-Motors"), a Chinese manufacturer of special purpose electric vehicles and power batteries. After the acquisition, Suzhou E-Motors became a majority-owned subsidiary of the Company. During the reporting period, Suzhou E-Motors generated $1.9 million in revenue."
Mr. Wang continued, "In a bid to improve efficiencies, the Company agreed to dispose of its Electric Double-Layer Capacitor ("EDLC") carbon business during the reporting period. Compared to lithium-ion batteries, EDLC carbon, the key material to make super capacitors, is more environmentally friendly and requires less time to recharge. However, as China's policies prefer lithium-ion batteries over other battery technologies in the electric automobile industry, demand for EDLC and super capacitors has shrunk sharply. Recognizing the challenges, the Company in December sold the EDLC carbon business to a Chinese start-up company controlled by Dr. Zaihua Chen, the Company's former Chief Technology Officer.
"In early 2018, the Company also acquired an 18% equity interest in Libo Haokun Stone Co., which owns a small marble quarry in the southwestern province of Guizhou, for $18.2 million. Since its establishment, the Company has accumulated rich customer resources and has built a strong brand image in home decoration and indoor air purification. With China's growing economy and rising household income, marble has become a favored choice for commercial construction and home decoration because of its endurance and environmentally friendly fabrication process. The investment in Libo Haokun was aimed at diversifying risk and creating more value for our shareholders.," continued Mr. Wang.
"Looking ahead to fiscal 2018, as China makes adjustments to government policies for alternative energy automobiles, the Company will accelerate the research and development for and launch of new models, expand production capacity and improve product competitiveness to satisfy various demands and will work toward realizing its goal of becoming the leading manufacturer of special purpose electric automobiles in China." Mr. Wang concluded.
Full Year 2017 Financial Results
Revenues
Revenues increased by approximately $2.6 million, or 6.3%, to approximately $43.1 million in fiscal 2017 from approximately $40.5 million in fiscal 2016. The increase was mainly attributable to approximately $8.6 million in revenue from our new electronic vehicle ("EV") segment and approximately $1.3 million increase in revenue from our trading segment, offset by a $7.7 million decrease in revenue from our consumer product segment.
For the Twelve Months Ended December 31,
2017
2016
Revenues
($'000)
Gross
Profit
($'000)
Gross
Margin
(%)
Revenues
($'000)
Gross
Profit
($'000)
Gross
Margin
(%)
Consumer product
32,676
8,319
25.5%
39,979
12,528
31.3%
Trading
1,829
417
22.8%
554
528
95.3%
Electric Vehicles
8,579
1,943
22.7%
-
-
-
Total
43,084
10,679
24.8%
40,533
13,056
32.2%
Revenues for the consumer product segment decreased by $7.7 million, or 18%, to $32.7 million for fiscal 2017 from $40.0 million for fiscal 2016. The gross margin of our consumer product segment decreased from 31.3% in fiscal 2016 to 25.5% in fiscal 2017. The decrease in our revenue from our consumer product segment in 2017 was due to decreasing orders from the company's traditional selling channels. During fiscal 2017, the Company gradually reduced its relationships with certain supermarket customers with low selling prices and unfavorable profit margins. On the other hand, the Company increased sales to distributors during the current period. In response to market competition, the Company also reduced its average selling price by approximately 3% to 5% to satisfy customers' demand in fiscal 2017 as compared to fiscal 2016.
In our trading segment, revenue was approximately $1.8 million in fiscal 2017, increasing 230% from $0.6 million in fiscal 2016. In fiscal 2016, we dropped the trading business of non-"Charcoal Doctor" products, because those products disrupted our own branded charcoal products sales. The change in marketing strategy caused lower sales volume and revenue in fiscal 2016. Starting in fiscal 2017, the Company focused on promoting "Charcoal Doctor" products in the market. As a result, our domestic sales of "Charcoal Doctor" products increased from $0.1 million in fiscal 2016 to $1.4 million in fiscal 2017, while export sales remained around $0.4 million in both years. The gross margin in export sales is generally higher than in domestic sales. The decline in gross margin in fiscal 2017 was due to the fact that approximately 76% of sales in fiscal 2017 were made to the domestic market with lower margins, compared to only 19% sales to domestic market in fiscal 2016.
On July 12, 2017, the Company completed the acquisition of 70% of the equity interests of Suzhou E-Motors Co., Ltd ("E-Motors"), a specialty electric vehicles and power batteries manufacturer based in Zhang Jia Gang City, Jiangsu Province, People's Republic of China. The revenue for our new EV segment was approximately $8.6 million in fiscal 2017 with a gross margin of 22.6%. The Company sold 196 electronic vehicles in fiscal 2017 with an average price of approximately $47,000.
As mentioned above, until recently, the Company had another Biofuel Energy segment, which primarily produces and sells BBQ charcoal and bamboo-based fuel for EDLC. Our EDLC carbon and low emission barbecue charcoal products are facing increasing challenges from rapid technology innovation, competition from large international rivals, and our limited sales network for these products. Thus, we decided to cease operations of our EDLC carbon segment and sold certain key assets to an entity headed by our former Chief Technology Officer. On December 14, 2017, the Company and ZheJiang Apeikesi Energy Technology Co., Ltd signed a purchase agreement, pursuant to which, the Purchaser agreed to acquire certain assets and all copyrights and technology know-how related to EDLC carbon business from the Company's wholly-owned subsidiary Tantech Energy.
Cost of revenues
Our cost of revenues increased by approximately $4.9 million or 17.9% to approximately $32.4 million in fiscal 2017 from approximately $27.5 million in fiscal 2016. The increase in cost of revenues was mainly attributable to approximately $6.6 million cost of revenue for EV segment.
Gross profit
Our gross profit decreased by approximately $2.3 million, or 18.2%, to approximately $10.7 million in fiscal 2017 from approximately $13 million in fiscal 2016. The gross profit margin was 24.8% in fiscal 2017, as compared to 32.2% in fiscal 2016. On a segment basis, gross margins for consumer product and trading were 25.5% and 22.8%, respectively, for fiscal 2017, compared to 31.3%, and 95.4%, respectively, for fiscal 2016. The decrease in gross margin was primarily attributable to the lower selling price related our consumer products and trading segment in fiscal 2017.
Selling expenses
Selling expenses increased by approximately $0.1 million to approximately $0.8 million in fiscal 2017 compared to approximately $0.7 million in fiscal 2016. The increase in selling expenses was primarily attributable to $0.3 million of selling expense in our EV segment, which is our new business segment acquired in fiscal 2017. The selling expense for our consumer product segment and trading segment decreased by $0.2 million comparing to fiscal 2016.
General and administrative expenses
Our general and administrative expenses increased by approximately $1.0 million or 28.4%, to approximately $4.7 million in fiscal 2017 from approximately $3.6 million in fiscal 2016. The increase was primarily attributable to additional allowances of $2.6 million provided for the accounts receivable as of December 31, 2017.
Research and development expenses
Research and development expenses increased by $0.5 million, or 358.4%, to $0.6 million in fiscal 2017 from $0.1 million in fiscal 2016. The increase was primarily due to our R&D efforts in our new EV segment during the second half of fiscal 2017. We intend to focus more efforts on the EV segment going forward.
Provision for income taxes
Our provision for income taxes was approximately $1.5 million in fiscal 2017, an increase of approximately $0.2 million or 11.2% from approximately $1.4 million in fiscal 2016. Even though the Company had a lower income before income tax from continuing operations, the Company provided full valuation allowance on bad debt reserves due to uncertainties in realizing those tax benefits in the future, which resulted in higher income tax provision in fiscal 2017.
Net income attributable to common stockholders
Our net income attributable to common stockholders was approximately $3.8 million in fiscal 2017, a decrease of approximately $0.5 million from approximately $4.3 million in fiscal 2016. The decrease was attributable to the factors described above.
Recent Updates
As previously reported, on January 10, 2018, the Company signed a share purchase agreement (the "Agreement") with Shanghai Shicai Minerals Co., Ltd. ("Shanghai Shicai") to acquire all of the shares of Lishui Xincai Industrial Co., Ltd. ("Lishui XinCai"), a wholly-owned subsidiary of Shanghai Shicai, at a price of approximately $18.2 million (or RMB 120 million). Lishui Xincai owns 18% of the equity interests in Libo Haokun Stone Co., Ltd. ("Libo Haokun"). Following the completion of the acquisition, the Company indirectly holds a 18% stake in Libo Haokun. Libo Haokun holds a government-issued permit and has the exclusive right to mine a 0.11-square-kilometer marble quarry in the southwestern province of Guizhou, China. According to a geological report issued by Liaoning Nuclear Geological Survey Institute in June 2016, the quarry had estimated reserves of approximately 4.02 million cubic meters of ores.
About Tantech Holdings Ltd.
Established in 2001 and headquartered in Lishui City, Zhejiang Province, China, Tantech Holdings Ltd., together with its subsidiaries, primarily develops and manufactures bamboo-based charcoal products in China and internationally. It operates through three segments: Consumer Products, Trading, and Electric Vehicles. The company produces pressed and formed charcoal briquettes for use in grills, incense burners, and other applications under the Algold brand. It also offers Charcoal Doctor branded products, such as air purifiers and humidifiers, automotive accessories for air purification, underfloor humidity control, pillows and mattresses, wardrobe deodorizers, mouse pads and wrist mats, refrigerator deodorants, charcoal toilet cleaner disks, liquid charcoal cleaners, shoe insoles, and decorative charcoal gifts. In addition, the Company provides liquid byproduct consists of bamboo vinegar that is used in disinfectants, detergents, lotions, specialized soaps, toilet cleaners, and fertilizers, as well as in various agricultural applications. Further, it recently acquired a majority stake in Suzhou E-Motors as it has begun a focus on manufacturing special purpose electric vehicles and power batteries. The Company provides its products for industrial energy applications, as well as household cooking, heating, purification, agricultural, and cleaning uses. The company also exports its bamboo vinegar and bamboo charcoal purification products. For more information about Tantech Holdings Ltd., please visit: http://www.tantechholdings.com
Forward-Looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information please contact:
Tantech Holdings Ltd.
Ms. Ye Ren
IR Manager
+86-578-261-2869
[email protected]
Tantech Holdings Ltd and Subsidiaries
Consolidated Balance Sheets
(In US Dollars)
December 31,
December 31,
2017
2016
Assets
Current Assets
Cash and cash equivalents
$
9,941,040
$
5,942,842
Restricted cash
3,901,526
328,254
Notes receivable
15,370
-
Accounts receivable from continuing operations, net
44,834,930
35,904,345
Accounts receivable from EDLC business, net
5,420,047
4,736,547
Inventories, net
2,762,016
1,075,573
Advances to suppliers from continuing operations, net
11,290,625
10,055,316
Advances to suppliers from EDLC business, net
6,230,340
4,739,235
Prepaid value-added taxes
3,131,667
680,857
Other receivables , net
1,688,625
70,683
Current assets from discontinued operation
28,699
123,177
Total current assets
89,244,885
63,656,829
Property, plant and equipment, net
9,883,846
8,677,977
Other Assets
Account receivable - long term
1,502,518
-
Advances to suppliers
2,109,005
8,638,260
Manufacturing rebate receivable
9,269,118
-
Deferred tax assets
-
94,153
Intangible assets, net
17,476,430
1,788,178
Deposit for asset acquisition
-
431,913
Deposit for business acquisition
-
10,423,500
Goodwill
9,001,924
-
Non-current assets from discontinued operations
-
591,857
Total Assets
$
138,487,726
$
94,302,667
Liabilities and Equity
Current Liabilities
Short-term bank loans
$
5,208,893
$
6,694,652
Bank acceptance notes payable
6,975,526
1,727,652
Accounts payable from continuing operations
5,543,226
575,487
Accounts payable from EDLC business
1,643,579
1,372,071
Due to related parties
2,995,228
-
Customer deposits
1,198,661
799,510
Taxes payable
796,182
720,492
Due to third parties
708,864
846,837
Accrued liabilities and other payables
1,719,103
1,359,897
Total Current Liabilities
26,789,262
14,096,598
Deferred tax liability
2,086,086
-
Total Liabilities
28,875,348
14,096,598
Stockholders' Equity
Common stock, $0.001 par value, 50,000,000 shares authorized,
28,703,242 and 24,311,935 shares issued and outstanding as of December 31, 2017 and 2016,
respectively
28,703
24,312
Additional paid-in capital
39,067,328
26,603,511
Statutory reserves
6,461,788
6,461,788
Retained earnings
56,356,369
52,589,154
Accumulated other comprehensive loss
(1,101,270)
(5,472,696)
Total Stockholders' Equity
100,812,918
80,206,069
Noncontrolling interest
8,799,460
-
Total Equity
109,612,378
80,206,069
Total Liabilities and Equity
$
138,487,726
$
94,302,667
Tantech Holdings Ltd and Subsidiaries
Consolidated Statements of Income and Comprehensive Income (Loss)
(In US Dollars)
For the Years Ended December 31,
2017
2016
2015
Revenues
$
43,084,397
$
40,532,595
$
46,814,536
Cost of revenues
32,405,887
27,476,070
32,082,693
Gross Profit
10,678,510
13,056,525
14,731,843
Operating expenses
Selling expenses
790,191
690,024
857,115
General and administrative expenses
4,653,294
3,622,959
4,723,387
Research and development expenses
627,577
136,625
1,084,867
Total operating expenses
6,071,062
4,449,608
6,665,369
Income from operations
4,607,448
8,606,917
8,066,474
Other income (expenses)
Interest income
18,750
588
82,579
Interest expense
(551,545)
(470,656)
(410,471)
Government subsidy income
-
52,597
326,018
Other income, net
436,163
98,994
1,088,334
Total other income (expenses)
(96,632)
(318,477)
1,086,460
Income before income taxes
4,510,816
8,288,440
9,152,934
Provision for income taxes
1,528,003
1,367,270
2,115,915
Net income from continuing operations
2,982,813
6,921,170
7,037,019
Discontinued operation:
Net income (loss) from discontinued operations
30,318
(2,313,477)
1,889,734
Net income
3,013,131
4,607,693
8,926,753
Less: Net loss (income) attributable to the noncontrolling interest from continuing
operations
754,084
(308,442)
(487,928)
Net income attributable to common stockholders of Tantech Holding Inc.
$
3,767,215
$
4,299,251
8,438,825
Net income
3,013,131
4,607,693
8,926,753
Other comprehensive income:
Foreign currency translation income (losses)
4,341,324
(5,448,209)
(3,977,179)
Comprehensive gain (loss)
7,354,455
(840,516)
4,949,574
Less: Comprehensive loss attributable to noncontrolling interest
784,186
(70,029)
(289,069)
Comprehensive income (loss) attributable to common stockholders of Tantech
Holding Inc.
$
8,138,641
$
(910,545)
$
4,660,505
Earnings Per share -Basic and Diluted
Continuing operations
$
0.15
$
0.19
$
0.40
Discontinuing operations
$
0.00
$
(0.10)
$
0.09
Weighted Average Shares Outstanding - Basic and diluted
Continuing operations and discontinued operations
25,971,912
23,019,185
21,240,548
Tantech Holdings Ltd and Subsidiaries
Consolidated Statements of Cash Flows
(In US Dollars)
For the Years Ended December 31,
2017
2016
2015
Cash flows from operating activities
Net income
$
3,013,131
$
4,607,693
$
8,926,753
Net (income) loss from discontinued operations
(30,318)
2,313,477
(1,889,734)
Net income from continuing operations
2,982,813
6,921,170
7,037,019
Adjustments to reconcile net income to net cash
provided by (used in) operating activities from continuing operations:
Allowance for doubtful accounts - accounts receivable
2,632,813
239,487
949,823
Allowance for doubtful accounts - advance to suppliers
(45,507)
927,218
(47,883)
Allowances for doubtful accounts - loan to third parties
(16,827)
59,742
-
Inventory reserve (recovery)
13,908
(84,414)
156,775
Depreciation expense
613,296
534,252
546,528
Amortization of intangible asset
201,647
39,659
9,811
Gain from disposal of property, plant and equipment
-
-
197,026
Changes in operating assets and liabilities:
Accounts receivable
(1,378,315)
(3,192,557)
(212,550)
Advances to suppliers
4,127,511
(11,438,701)
(5,762,321)
Inventory
845,496
(97,373)
20,295
Other receivables
(812,643)
(11,192)
(49,507)
Government rebate receivable
(2,942,190)
-
-
Accounts payable
(955,969)
(965,208)
(486,409)
Accrued liabilities and other payables
(1,450,958)
346,725
728,339
Customer deposits
(377,020)
244,020
76,546
Taxes payable
(2,102,969)
87,175
(1,516,650)
Decrease (increase) in deferred tax liability
-
(98,473)
-
Net cash provided (used in) by continuing operations
1,335,086
(6,488,470)
1,646,842
Net cash provided by (used in) discontinued operating activities
968,949
(544,582)
2,803,690
Net cash provided by (used in) operating activities
2,304,035
(7,033,052)
4,450,532
Cash flows from investing activities
Acquisition of property, plant and equipment
(82,263)
(10,819)
(242,552)
Proceeds from disposal of property, plant and equipment
-
-
32,940
Payment for business acquisition
(4,552,240)
(3,372,925)
(8,030,000)
Cash acquired from business acquisition
35,707
-
-
Changes in deposit for asset acquisition
443,400
1,505,770
1,085,752
Net cash used in investing activities from continuing operations
(4,155,396)
(1,877,974)
(7,153,860)
Net cash provided by investing activities from discontinued operations
662,144
-
-
Net cash used in investing activities
(3,493,252)
(1,877,974)
(7,153,860)
Cash flows from financing activities
Changes in restricted cash
(3,392,606)
(343,316)
3,533,200
Proceeds from third party loan
-
885,694
-
Repayment of loans from third party
(187,706)
-
-
Proceeds from Banker's acceptance notes payable
6,893,163
4,818,464
2,248,400
Repayments of Banker's acceptance notes payable
(1,995,953)
(3,011,540)
(9,314,800)
Proceeds from bank loans
10,093,262
7,001,831
12,012,880
Repayments of bank loans
(11,957,020)
(8,251,620)
(5,299,800)
Due from related parties
(477,565)
-
-
Proceeds from issuance of common stocks
5,968,208
7,957,100
5,663,122
Net cash provided by financing activities from continuing operations
4,943,783
9,056,613
8,843,002
Net cash provided by financing activities from discontinued operations
-
-
-
Net cash provided by financing activities
4,943,783
9,056,613
8,843,002
Effect of exchange rate changes on cash and cash equivalents
243,632
(476,134)
(281,560)
Net increase (decrease) in cash and cash equivalents
3,998,198
(330,547)
5,858,114
Cash and cash equivalents, beginning of year
5,942,842
6,273,389
415,275
Cash and cash equivalents, end of year
$
9,941,040
$
5,942,842
$
6,273,389
Supplemental disclosure information:
Income taxes paid
$
1,156,976
$
696,435
$
2,892,808
Interest paid
$
479,358
$
261,625
$
411,805
Supplemental non-cash activities:
Common shares issued for Minority interest buyback
$
-
$
2,160,142
$
-
Common shares issued for acquisition of E-Motors
$
6,500,000
$
-
$
-
Net book value of assets and liabilities of E-Motors acquired
$
11,122,410
$
-
$
-
View original content: http://www.prnewswire.com/news-releases/tantech-holdings-ltd-announces-fiscal-year-2017-financial-results-300647010.html
SOURCE Tantech Holdings Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-tantech-holdings-ltd-announces-fiscal-year-2017-financial-results.html |
INCLINE VILLAGE, Nev., May 21, 2018 /PRNewswire/ -- PDL BioPharma, Inc. ("PDL" or "the Company") (NASDAQ: PDLI) announces the appointment of Jill M. Jene, Ph.D. as Vice President, Business Development. Dr. Jene will lead the efforts to add healthcare assets to PDL's portfolio of products and companies. She will report to PDL President, Dominique Monnet.
"Jill brings to PDL more than 20 years of biopharmaceutical business development experience and an exceptional track-record of success spanning more than $3 billion in licensing and M&A transactions," said Mr. Monnet. "We look forward to her expertise in identifying opportunities and creating novel deal structures that support our goal of increasing shareholder value by expanding our portfolio of biopharmaceutical companies and products. Jill is exceptionally qualified to fill this critical position, and we are delighted to welcome her to PDL."
"PDL has the managerial expertise and the balance sheet to capitalize on a range of acquisitions and product opportunities that fit its strategic objectives," said Dr. Jene. "I'm excited to be working with the PDL team to generate a pipeline of qualified targets and to consummate transactions that expand the Company's portfolio."
Prior to PDL, Dr. Jene was Senior Vice President, Business Development at twoXAR, where she revamped the business development process, generated a pipeline of opportunities and negotiated deal terms for collaborations, spinouts and licenses. Previously, she was with Depomed for 11 years rising to Vice President, Business Development. At Depomed she was instrumental in closing more than 20 transactions, including the acquisition of four commercial franchises. Earlier in her career, Dr. Jene held positions of increasing responsibilities in business development at Cell Genesys, 3M Company and Baxter International.
Dr. Jene holds a Ph.D. and MS in chemistry from Northwestern University, an MBA from DePaul University and a BS in chemistry from Bradley University.
About PDL BioPharma
PDL seeks to provide a significant return for its shareholders by acquiring and managing a portfolio of companies, products, royalty agreements and debt facilities in the biotech, pharmaceutical and medical device industries. In 2012, PDL began providing alternative sources of capital through royalty monetizations and debt facilities, and in 2016 began acquiring commercial-stage products and launching specialized companies dedicated to the commercialization of these products. To date, PDL has consummated 17 of such transactions, of which nine are active and outstanding. PDL has one debt transaction outstanding, representing deployed and committed capital of $20.0 million: CareView Communications, Inc.; PDL has one hybrid royalty/debt transaction outstanding, representing deployed and committed capital of $44.0 million: Wellstat Diagnostics, LLC; and PDL has five royalty transactions outstanding, representing deployed and committed capital of $396.1 million and $397.1 million, respectively: KYBELLA®, AcelRx Pharmaceuticals, Inc. The Regents of the University of Michigan, Viscogliosi Brothers, LLC and Depomed, Inc. PDL's equity and loan investments in Noden Pharma DAC, Inc. and Noden Pharma USA, Inc. (together with their subsidiaries, "Noden") represent deployed and committed capital of $179.0 million and $202.0 million, respectively, and PDL's converted equity and loan investment in LENSAR, Inc. represents deployed capital of $40.0 million.
PDL operates in three segments designated as Income Generating Assets, Pharmaceutical and Medical Devices.
NOTE: PDL, PDL BioPharma, the PDL logo and the PDL BioPharma logo are trademarks or registered trademarks of, and are proprietary, to PDL BioPharma, Inc., which reserves all rights therein.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Important factors that could impair the value of the Company's assets and business are disclosed in the risk factors contained in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 16, 2018. All forward-looking statements are expressly qualified in their entirety by such factors. We do not undertake any duty to update any forward-looking statement except as required by law.
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SOURCE PDL BioPharma, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-pdl-biopharma-names-dr-jill-jene-vice-president-business-development.html |
results beat@ (Adds CEO, CFO comments, analyst quotes)
May 3 (Reuters) - Fortinet Inc topped Wall Street estimates for first-quarter profit and revenue as more mid-market enterprise customers signed up for its security products and services.
Shares of the cybersecurity company, which has a market value of around $9.4 billion, rose 3.3 percent to $58 after the bell on Thursday.
Revenue from its services business, which accounts for more than half of its revenue, rose around 25 percent to $256.2 million, edging past analysts' estimates of $256.1 million.
"Small emerging businesses have been reacting to the recent hacks and for the last two years the company has been focusing on the mid-enterprises," Chief Financial Officer Keith Jensen told Reuters.
Fortinet like other cybersecurity companies have been ramping up its cloud security offerings to attract companies that are trying to lower costs by shifting to cloud for data storage.
"The company tends to outperform competitors particularly at the mid-market where price tends to be a bigger factor relative to feature set and additional platform solutions," Anne Meisner, analyst at Susquehanna Financial Group said.
Fortinet said billings - an important barometer of the health of the company's business - rose 15 percent to $463.2 million.
The company's product revenue rose 5.5 percent to $142.8 million, beating analysts' estimates of $134.9 million.
"Cloud security continues to be a fastest-growing part of our business," Chief Executive Officer Ken Xie said on a post-earnings call.
Fortinet's net income rose to $41.6 million or 24 cents per share in the quarter ended March 31, from $10.7 million or 6 cents per share, last year, when it reported a restructuring charges of $430,000.
On an adjusted basis, the Sunnyvale, California-based company earned 33 cents per share.
Total revenue rose 17.1 percent to $399 million.
Analysts on an average were expecting the company to report a profit of 24 cents per share and revenue of $390.4 million, according to Thomson Reuters I/B/E/S. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/reuters-america-update-2-fortinets-security-products-see-demand-from-mid-market-firms-results-beat.html |
Tim Allen's 'Last Man Standing' Will Have a New Home at Fox Richard Cartwright ABC via Getty Images By Jamie Ducharme 3:18 PM EDT
A year after its abrupt cancellation, Tim Allen’s comedy Last Man Standing is getting an encore at Fox , the network announced Friday .
The highly rated show ran on ABC for six seasons before it was axed last year, angering fans and sparking allegations that the show’s conservative bent played a part in the network’s decision. (ABC blamed scheduling issues.) Last Man Standing is set to return for Fox’s 2018-2019 television season.
“Excited?” Allen said in a Fox statement. “Team [‘Last Man Standing’] was in the sixth inning, ahead by four runs, stands were packed and then for no reason, they call off the game. It leaves you sitting in the dugout, holding a bat and puzzled. Now we get the news from FOX that it’s time to get back out on that diamond — hell yes, I’m excited! When I heard the offer to create more episodes of LAST MAN STANDING, I did a fist pump so hard I threw my back out.”
Allen was a vocal critic of the show’s cancellation last year. At the time, he tweeted, “Stunned and blindsided by the network I called home for the last six years.” Stunned and blindsided by the network I called home for the last six years. #lastmanstanding
— Tim Allen (@ofctimallen) May 16, 2017
Allen stars in Last Man Standing as Mike Baxter, “a married father of three girls, who tries to maintain his manliness in a world increasingly dominated by women,” according to the Fox statement. The show reportedly drew an average of 8.3 million viewers during its 2016-2017 season.
The news of Last Man Standing’s pick-up comes shortly after Fox made the controversial decision to cancel its hit comedy Brooklyn Nine-Nine . The show found a new home at NBC the next day . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/12/last-man-standing-fox-tim-allen/ |
FRIEDBERG, Germany--(BUSINESS WIRE)-- voxeljet AG (NYSE:VJET) (the “Company” or “voxeljet”), a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers, today announced that it will release its the first quarter 2018 after the closing of the financial markets on Thursday, May 17 th .
The company will host a conference call and webcast to review the results for the first quarter on Friday, May 18 th at 8:30 a.m. Eastern Time. Participants from voxeljet will include its Chief Executive Officer, Dr. Ingo Ederer, and its Chief Financial Officer, Rudolf Franz, who will provide a general business update and respond to investor questions.
Interested parties may access the live audio broadcast by dialing 1-877-705-6003 in the United States/Canada, or 1-201-493-6725 for international, Conference Title “voxeljet AG First Quarter 2018 Financial Results Conference Call”. Investors are requested to access the call at least five minutes before the scheduled start time in order to complete a brief registration. An audio replay will be available approximately two hours after the completion of the call at 1-844-512-2921 or 1-412-317-6671, Replay Conference ID number 13679191. The recording will be available for replay through May 25 th , 2018. A live webcast of the call will also be available on the investor relations section of the Company’s website. Please go to the website https://event.webcasts.com/starthere.jsp?ei=1191083&tp_key=35bcb63183 at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. A replay will also be available as a webcast on the investor relations section of the Company’s website.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005157/en/
voxeljet AG
Investors and Media
Johannes Pesch
Director, Investor Relations and Business Development
[email protected]
+49-821-7483-172
Source: voxeljet AG | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-voxeljet-ag-schedules-first-quarter-2018-financial-results-release-and-conference-call.html |
MOSCOW (Reuters) - Kremlin spokesman Dmitry Peskov said on Thursday that any Russian counter sanctions against the West would take investor sentiment into account and played down worries they would hurt the economy.
FILE PHOTO: Kremlin spokesman Dmitry Peskov attends an awarding ceremony at the Kremlin in Moscow, Russia April 6, 2018. Alexander Zemlianichenko/Pool via REUTERS Peskov made his comments when asked by reporters on a conference call if a draft law proposing jail time for people who enforce U.S. sanctions against Russia would hurt the investment climate if implemented.
German Gref, the head of Russia’s biggest bank Sberbank, has warned the proposed law would backfire on the Russian economy if approved in its current form.
“In the current case, there is not yet any definitive clarity about the implementation of these new regulations, but in any case the issues of viability and supporting an attractive climate for investors will of course always be taken into account,” said Kremlin spokesman Dmitry Peskov.
“It’s often the case that the implementation of some regulations cause concern, but it frequently turns out that these concerns are not confirmed during the implementation process.”
Reporting by Maria Tsvetkova; Editing by Andrew Osborn
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-sanctions-kremlin/kremlin-says-any-counter-sanctions-to-take-account-of-investor-sentiment-idUSKCN1IP1FU |
WUHAN, China, May 3, 2018 /PRNewswire/ -- Dunxin Financial Holdings Limited (the "Company" NYSE American: DXF) announces that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2017 with the United States Securities and Exchange Commission (the "SEC"), which includes its audited financial statements.
Pursuant to Section 203.01 of the New York Stock Exchange ("NYSE") Listed Company Manual, the requirement for an NYSE-listed company to distribute a hard copy of the annual report to shareholders was eliminated. A listed company is required to file with the SEC its annual reports (which include the audited financial statements) and is required to simultaneously make the annual report available to its shareholders on or through the Company's website.
Pursuant to the current rule, the Company's annual report on Form 20-F may be accessed through the SEC's website ( www.sec.gov ), as well as the official website of the Company ( http://www.dunxin.us/irwebsite/index.php?mod=annual ). The soft copy of the Company's annual report on Form 20-F (in PDF format) may also be downloaded through its website.
The Company will deliver within a reasonable time after request a hard copy of its annual report on Form 20-F, including its complete audited financial statements, free of charge, to any shareholder upon request. To request a hard copy of the annual report, please write to:
Mr. Chee Jiong Ng
Chief Financial Officer
Telephone: +86 136 5593 9932
Email: [email protected]
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
About Dunxin Financial Holdings Limited
Dunxin Financial Holdings Limited ("DXF") is one of the leading licensed microfinance lenders in Hubei Province, China. We have been granted a microfinance license by the Financial Affairs Office of the Hubei Provincial People's Government to provide loans to individuals, small and medium-sized enterprises. We were awarded as the Vice President Unit of China Micro-credit Companies Association under the China Banking Regulatory Commission in January 2017 and the President Unit of Hubei Micro-credit Company Association in December 2017. In 2016, we were recognized as a "National Excellent Microfinance Company" by China Micro-credit Companies Association. We have been named one of the "Top 100 Most Competitive Microfinance Companies in China" by China Microfinance Institution Association for four consecutive years since 2013, an "AA- Credit Rating Enterprise" by China Credit Management Co., Ltd in August 2017, and a "Top 10 Private Enterprises in Wuchang District, Wuhan City" by the People's Government of Wuchang District in July 2017. The Group has a strong capital base and professional credit business experience in microfinance industry. For more information, please visit the Company's website at http://www.hbctf.com .
For additional information, please contact:
Dunxin Financial Holdings Limited
Ms Claire Chen
Telephone: +86-27-88569912
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/dunxin-financial-holdings-limited-files-annual-report-on-form-20-f-300641859.html
SOURCE Dunxin Financial Holdings Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-dunxin-financial-holdings-limited-files-annual-report-on-form-20-f.html |
JOHNSON CITY, Tenn., May 7, 2018 /PRNewswire/ -- NN, Inc., (Nasdaq: NNBR) a diversified industrial company, today announced that it successfully completed its acquisition of Paragon Medical, Inc. Paragon Medical is a medical device manufacturer which focuses on the orthopedic, case and tray, implant and instrument markets.
Richard Holder, President and CEO, commented, "We are thrilled to welcome the Paragon team to the NN family. Paragon Medical enhances our technical proficiencies, diversifies our product and finished device offerings, and adds key employees that will make impactful contributions throughout the organization. This acquisition continues our strategic focus to expand our Life Sciences portfolio as well as create a balanced business."
NN, Inc., a diversified industrial company combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Johnson City, Tennessee, NN has 51 facilities in North America, Western Europe, Eastern Europe, South America and China.
Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements, are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of NN, Inc. (the "Company") and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "assumptions", "target", "guidance", "outlook", "plans", "projection", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "potential" or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. Factors which could materially affect actual results include, but are not limited to: general economic conditions and economic conditions in the industrial sector, inventory levels, regulatory compliance costs and the Company's ability to manage these costs, start-up costs for new operations, debt reduction, competitive influences, risks that current customers will commence or increase captive production, risks of capacity underutilization, quality issues, availability and price of raw materials, currency and other risks associated with international trade, the Company's dependence on certain major customers, and the successful implementation of the global growth plan including development of new products. Similarly, statements made herein and elsewhere regarding pending and completed transactions are also forward-looking statements, including statements relating to the future performance and prospects of an acquired business, the expected benefits of an acquisition on the Company's future business and operations and the ability of the Company to successfully integrate recently acquired businesses or the possibility that the Company will be unable to execute on the intended redeployment of proceeds from a divestiture, whether due to a lack of favorable investment opportunities or otherwise.
For additional information concerning such risk factors and cautionary statements, please see the section titled "Risk Factors" in the Company's periodic reports filed with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements make in this press release, whether as a result of new information, future events or otherwise.
View original content: http://www.prnewswire.com/news-releases/nn-inc-completes-acquisition-of-paragon-medical-300643470.html
SOURCE NN, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-nn-inc-completes-acquisition-of-paragon-medical.html |
The Trump administration sent a sudden, harsh message to its Chinese counterparts on Tuesday morning, saying the U.S. was moving forward with its threat to apply tariffs on Chinese imports and other moves to restrict Beijing from accessing sensitive U.S. technology.
The move surprised many observers after the White House had for days trumpeted the outlines of a deal, in which any trade war with China would be put on hold while negotiators—led on the U.S. side by Treasury Secretary Steven Mnuchin—worked on a deal that would... RELATED VIDEO Why Trump’s ZTE U-Turn Has Sparked Backlash President Trump’s mixed messages about a plan to help controversial Chinese telecom giant ZTE has baffled Washington. WSJ's Shelby Holliday breaks down three reasons why lawmakers see the company as a threat. Illustration: Adam Falk | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-sets-dates-for-tariffs-investment-restrictions-on-china-1527599565 |
VANCOUVER, British Columbia, May 23, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : Bonterra Resources Inc. TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : BTR Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 10 :05 IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--btr.html |
May 31, 2018 / 4:16 PM / Updated an hour ago Nadal on a roll, Gasquet next in the firing line Martyn Herman 4 Min Read
PARIS (Reuters) - Rafael Nadal had expected to be spending his days fishing off his home island of Mallorca by the time he reached the age of 32 and his good friend Richard Gasquet probably wishes he was. Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 Spain's Rafael Nadal celebrates winning his second round match against Argentina's Guido Pella REUTERS/Benoit Tessier
Instead, the Frenchman will be the latest player in Nadal’s firing line as the Spaniard, who celebrates his birthday next week, moves inexorably towards an 11th French Open title.
Nadal romped into the third round on Thursday with a 6-2 6-1 6-1 defeat of the outclassed Argentine Guido Pella.
Far from slowing down, he appears fitter and faster and is striking his forehand with frightening power.
Poor Pella never stood a chance once he had squandered four break points in the opening game of the match. Related Coverage Shapovalov keeps it in perspective as Paris run cut short
Nadal has now won 27 consecutive sets at Roland Garros, including last year’s charge to La Decima.
On this form, it looks hard to make a case for him not clamping his jaws around the Coupe des Mousquetaires trophy yet again and if Gasquet is to stop him he will have to improve on a head-to-head record which reads played 15, lost 15.
It gets worse. The last 10 times the Frenchman has played against Nadal he has not even managed to win a set. Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 Spain's Rafael Nadal in action during his second round match against Argentina's Guido Pella REUTERS/Benoit Tessier
“Ten years is a long time,” Gasquet said, recalling a conversation he had with his father after losing to the Spaniard in the semi-final of the Monte Carlo Masters in 2005, a few weeks before Nadal claimed his first French Open title.
“I said, ‘He’s going to win and he might win a lot of Grand Slams, because he was incredible’. Maybe five or six, I didn’t think he would win 10 times.” NUMBER ONE
Gasquet was rated as a future Grand Slam champion then.
In all probability he will never win one major while Nadal already has 16. Yet the Spaniard could hardly have imagined he would still be ranked number one in the world 13 years after that clash and looking immovable on the Parisian clay. Slideshow (10 Images)
“You cannot predict the future. I just enjoy the things that are happening. At the age of 25, if you’d asked me when I’m 32 will I be here, I would say probably not,” he told reporters.
“Probably I will be fishing or doing other things.
“I am very happy to be where I am. Very happy to keep playing tennis at my age, because I heard all my career I will have a short career because of my style of game.”
With rain showers predicted on Thursday, Nadal was in no mood for any overtime against Pella, dispatching his fellow left-hander with a barrage of brutal forehands on a warm and bouncy Court Suzanne Lenglen.
He struck 24 fizzing winners on the forehand and many more that softened Pella into a pulp.
“The forehand, especially after the first set, I think starts to go quicker and finding more the right spots,” he said.
Worryingly for the field, Nadal appears to be setting no limits on where his career might still go.
“How do you know when you’ve reached your limit?” he said. “If you think you can’t improve because you have reached your limit, it’s not the right thing. You can improve small things, and small things at this level can lead to great things.
“I don’t know where the limit is.” Reporting by Martyn Herman, editing by Ed Osmond and Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-nadal/nadal-too-hot-for-pella-as-he-rolls-into-third-round-idUKKCN1IW2CA |
WASHINGTON (Reuters) - The United States has not made a final decision on changes to its ban on ZTE Corp ( 0763.HK ), but any alternative remedy could include installing U.S. compliance officers at the Chinese telecoms company, Commerce Secretary Wilbur Ross said on Thursday.
FILE PHOTO: U.S. Commerce Secretary Wilbur Ross, a member of the U.S. trade delegation to China, returns to a hotel in Beijing, China May 3, 2018. REUTERS/Jason Lee The U.S. Department of Commerce is re-evaluating sanctions on the company at the request of President Donald Trump. The ban had been imposed on the company, which has admitted to violating sanctions on Iran and prompted national security concerns.
FILE PHOTO: The logo of ZTE Corp is seen on its building in Beijing, China April 19, 2018. REUTERS/Stringer In an interview on CNBC, Ross said it remained unclear if the Chinese would accept having Americans embedded in ZTE, but that the company was not “in strong negotiating position” with sanctions already in effect.
“If we do decide to go forward with an alternative, what it literally would involve would be implanting people of our choosing into the company to constitute a compliance unit,” that would report back to the Commerce Department and the chair of the company board after management changes.
“The whole key is enforcement,” he added.
Reporting by Susan Heavey; Editing by Doina Chiacu and Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-zte/u-s-could-seek-american-compliance-officers-at-zte-ross-idUSKCN1IP1T8 |
SAN FRANCISCO, May 1 (Reuters) - Apple Inc lavished cash on its shareholders like no company in history in the first three months of the year and it intends to keep doing so, making the iPhone maker’s investors the clearest winners yet from last year’s sweeping U.S. corporate tax cuts.
With a mountain of overseas cash suddenly freed up by the tax overhaul, Apple bought back $23.5 billion of its own stock in the March quarter, a record amount for any U.S. company, according to S&P Dow Jones Indices, and it added $100 billion to its target for future repurchases.
It also doled out another $3.2 billion in dividends and will boost them by 16 percent going forward.
The amount Apple spent buying its shares in those three months exceeded the stock market value of most companies in the S&P 500 index, including household names like Kroger Co, Best Buy Co Inc and Hershey Co.
The decision to turn over record amounts of cash to shareholders was a direct results of the Tax Cuts and Jobs Act passed by Republican lawmakers in December.
It also coincided with a bout of volatility on Wall Street in recent months that has many investors worried that a nine-year bull market may be ending. Apple’s beefed up plans to return cash to shareholders through dividends and buybacks will provide additional support for its stock price.
The biggest overhaul of the U.S. tax code in over 30 years, the new law slashes the corporate income tax rate to 21 percent from 35 percent, and charges multinationals a one-time tax on profits held overseas. As a result, analysts had expected Apple to repatriate most of its $252 billion in cash abroad.
In its quarterly report on Tuesday, Apple said it would earmark $100 billion for a new share repurchase program, succeeding a $210 billion buyback program that started in 2012 and will wrap up this quarter - roughly nine months ahead of schedule.
Given the size of the expanded program, Apple has not placed a termination date on it.
“We are not giving an end date to the program this time because the amount is very, very large,” Apple Chief Financial Officer Luca Maestri told analysts on a conference call. “But we also want to do it efficiently. We want to make sure that we buy back the stock at the right time.”
Roughly $400 billion worth of Apple stock changed hands in that March quarter, and the company’s gross purchases would account for between 5 percent and 6 percent of that.
Apple’s program dwarfs others even as stock repurchase efforts kick into high gear. By comparison, U.S. companies in April announced a combined total of $50.4 billion in new buyback plans, up from $38.1 billion worth of planned buybacks announced in April 2017, according to TrimTabs Investment Research.
The first quarter of 2018 was the biggest quarter on record for buyback announcements, with $242.1 billion worth of buybacks announced by U.S. companies, according to TrimTabs.
Apple said its dividend increase would be reflected in a cash dividend of 73 cents per share payable on May 17. Its current payout is 63 cents a share.
Other companies announcing plans to return cash to shareholders include Facebook Inc, which announced a $9 billion buyback program when it reported earnings last week, and AbbVie Inc, which plans a tender offer starting as early as May 1 to buy up to $7.5 billion of its stock. Broadcom Inc unveiled a $12 billion buyback program on April 13.
Reporting by Noel Randewich; additional reporting by Sinead Carew in New York Editing by Dan Burns and Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/apple-results-buybacks/apple-plows-u-s-tax-cuts-into-record-share-buybacks-idUSL1N1S81SB |
Police Tested Facial Recognition at a Major Sporting Event. The Results Were Disastrous Photograph by John Lamb — Getty Images By David Meyer 4:48 AM EDT
Facial recognition systems in China can be scarily accurate—witness the recent case of a man, wanted for “economic crimes,” who was picked out of a 60,000-strong crowd at a Nanching pop concert and arrested. “If I knew, I wouldn’t have gone,” he memorably said afterwards.
However, the facial recognition systems used by British cops in a pilot scheme seem to be somewhat less impressive. It turns out that those deployed at a major soccer match in Wales last year flagged up thousands of potential matches with faces stored on a custody database—and a whopping 92% were false positives.
In other words, out of 2,470 potential matches at the 2017 Champions League final in Cardiff, a mere 173 really were matches.
The news was first reported by Wired , which pried the information out of South Wales Police with a freedom-of-information request. The cops also issued their own, rather defensive press release , which began with the line, “Of course no facial recognition system is 100% accurate under all conditions.”
South Wales Police noted that none of these false positives had been arrested—though some were interviewed by officers—and no members of the public had complained about the trial of the “AFR Identity” system.
Civil liberties advocates are certainly complaining, though. Not only is real-time facial recognition a threat to civil liberties, it is a dangerously inaccurate policing tool.
Big Brother Watch has more to come on this, soon. Watch this space! https://t.co/9i058Y5pP6
— Big Brother Watch (@bbw1984) May 4, 2018
The Champions League figures are particularly embarrassing due to the numbers of faces that were scanned, but some of the other figures released by the police force are a little more heartening for proponents of the technology.
For example, the scanning of faces at an Elvis festival yielded 10 true positive results, compared with just seven false positives. On the other hand, when the cops tried out the system at a Stereophonics gig, the score was five false positives to zero accurate results. (Presumably the band’s fans just look like they’ve spent time in jail.)
South Wales Police claimed its high miss rate at the Champions League final was down to poor-quality images and an old algorithm from the system’s supplier, NEC, which “has since been updated and is more accurate reducing false positives and collateral intrusion.”
Perhaps the U.K. will catch up with the Chinese on the surveillance front after all. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/07/wales-police-champions-league-facial-recognition/ |
May 23, 2018 / 8:42 PM / Updated 8 minutes ago Facebook suggests no compensation for European users affected by data breach Foo Yun Chee 2 Min Read
BRUSSELS (Reuters) - Facebook is unlikely to compensate the 2.7 million European users whose data was improperly shared with political consultancy Cambridge Analytica because sensitive bank account data had not been shared, the company said on Wednesday. Facebook's CEO Mark Zuckerberg leaves after a meeting with French President at the Elysee Palace in Paris, France, May 23, 2018. REUTERS/Christian Hartmann
The world’s largest social media network was responding to questions from EU lawmakers who had failed to get answers from Chief Executive Mark Zuckerberg during a grilling a day earlier at the Brussels-based European Parliament.
“This was clearly a breach of trust. However, it’s important to remember that no bank account details, credit card information or national ID numbers were shared,” Facebook said in a statement.
“Most people gave the app at issue here access to information like their public profile as well their page likes, friend list and birthday. It was the same for friends whose settings allowed sharing.”
It said the app developer involved in the data breach had sold information on U.S. users, not EU users, to Cambridge Analytica.
Facebook and Cambridge Analytica are already the targets of a class-action complaint filed by a Maryland resident seeking damages over the exploitation of U.S. users’ data without their permission.
In response to EU lawmakers’ concerns about the use of non-Facebook users’ data without their knowledge, the company said it was clear about the information it collects and it expects websites and apps to be equally transparent via their data or cookie policy.
It said non-Facebook users could ask what kind of data has been collected about them via its help center but the company does not create profiles of them.
The company also rejected suggestions that it separates users’ personal data between Facebook and WhatsApp, saying sharing data was necessary to help fight abusive content or spam on its services.
It was similarly dismissive of another EU lawmaker’s proposal to split off Facebook Messenger and WhatsApp, citing the benefits a packaged service brings to consumers. Reporting by Foo Yun Chee; Editing by Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-privacy-eu/facebook-suggests-no-compensation-for-european-users-affected-by-data-breach-idUSKCN1IO37W |
LONDON (Reuters) - A 70,000 pound ($95,000) fine for campaign group Leave.EU is a politically motivated attack on Brexit by people who don’t want it to happen, the group’s founder said on Friday.
FILE PHOTO: Brittany Kaiser of Cambridge Analytica, Brexit campaigner Aaron Banks, Gerry Gunster, a Washington-based strategist hired by the Leave.EU campaign, and Liz Bilney, CE of Eldon Insurance Services during a Leave.EU news conference in central London, Britain, November 18, 2015. REUTERS/Stefan Wermuth/File Photo The Electoral Commission fined Leave.EU for breaking campaign spending rules in the 2016 campaign but said that it found no evidence the group had used controversial political consultancy Cambridge Analytica.
“The Electoral Commission is a ‘Blairite Swamp Creation’ packed full of establishment ‘Remoaners’,” Leave.EU founder Arron Banks said, using a derogatory slang term for “remain” voters.
“We view the Electoral Commission announcement as a politically motivated attack on Brexit and the 17.4 million people who defied the establishment to vote for an independent Britain.”
Reporting by Alistair Smout; editing by Guy Faulconbridge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-spending-banks/leave-eu-founder-says-uk-electoral-fine-is-a-part-of-plot-by-enemies-of-brexit-idUSKBN1IC0KH |
May 7 (Reuters) - Iflytek Co Ltd
* Says it will pay a cash dividend of 1 yuan (before tax) per 10 shares and use additional paid-in capital to distribute 5 new shares for every 10 shares for 2017, to shareholders of record on May 11
* Says the company’s shares will be traded ex-right and ex-dividend on May 14 and the dividend will be paid on May 14
Source text in Chinese: goo.gl/aznYtj
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-iflytek-says-dividend-payment-date/brief-iflytek-says-dividend-payment-date-on-may-14-idUSL3N1SE19Y |
MADRID (Reuters) - Spain’s centrist Ciudadanos party will not support a motion of no-confidence in Prime Minister Mariano Rajoy due this Friday, its leader said on Wednesday, making it unlikely the parliamentary vote will succeed in unseating him.
Ciudadanos leader Albert Rivera arrives at Parliament to attend a cabinet control session in Madrid, Spain, May 30, 2018. REUTERS/Juan Medina However, Ciudadanos would be open to proposing a second motion of no-confidence with an independent candidate and an eye to calling an early election, Albert Rivera said in an interview with COPE radio station.
Spanish political parties are taking advantage of Rajoy’s weak minority party and a court ruling last week that sentenced dozens of people linked to his conservative People’s Party (PP) to decades in prison in a long-running corruption trial.
Spain's Prime Minister Mariano Rajoy answers a question during a cabinet control session at Parliament in Madrid, Spain, May 30, 2018. REUTERS/Juan Medina Rajoy said in parliament on Wednesday he intended to carry out his four-year term without calling an early election. But opposition parties are expected to continue to try to oust him even if Friday’s no-confidence vote fails.
Slideshow (3 Images) “Even if no successful motion is passed to oust Rajoy, the risk of early elections before the end of the year has increased significantly,” said Antonio Barroso, an analyst at Teneo Intelligence.
“If an early election is held before year-end, a centrist, market-friendly and pro-European government would be the most likely result,” he added.
Friday’s motion of no-confidence has been proposed by the Socialists, with their leader Pedro Sanchez as the alternative candidate for leader.
However, without Ciudadanos, Sanchez must seek the support of small regional parties including Catalan forces seeking independence from Spain. Leftist party Podemos has said it will support the Socialist motion of no-confidence.
Rivera dismissed these potential partners on Wednesday as “separatists and populists”.
“A strong legitimate government arising from elections will give much more stability to Spain than a ‘Frankenstein government’ with a parliamentary minority,” he said.
Additional reporting by Rodrigo de Miguel; Editing by Angus MacSwan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-politics/spains-ciudadanos-says-wont-support-no-confidence-vote-in-pm-idUSKCN1IV11C |
SoftBank to sell entire Flipkart stake to Walmart 2 Hours Ago The "Squawk Box" crew talks about several of the morning's top headlines, including SoftBank cashing out on Flipkart. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/softbank-to-sell-entire-flipkart-stake-to-walmart.html |
May 2 (Reuters) - CVR Energy Inc:
* CVR ENERGY NAMES TRACY JACKSON CHIEF FINANCIAL OFFICER * TRACY JACKSON HAS BEEN NAMED EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
* JACKSON ALSO WILL SERVE AS CHIEF FINANCIAL OFFICER FOR GENERAL PARTNER OF CVR ENERGY’S PETROLEUM SUBSIDIARY, CVR REFINING, LP Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cvr-energy-names-tracy-jackson-chi/brief-cvr-energy-names-tracy-jackson-chief-financial-officer-idUSASC09Z7K |
A federal appeals court on Wednesday will hear oral arguments in a case brought by the widow of a Chicago lawyer who committed suicide while taking a generic version of GlaxoSmithKline’s anti-anxiety drug Paxil, making it the latest court to weigh in on the contentious issue of “innovator liability.”
GSK is appealing to the 7th U.S. Circuit Court a 2017 jury verdict that awarded $3 million to the widow of Stewart Dolin, who took his life a few days after he began taking paroxetine, the generic version of Paxil, in 2010.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2kD6ANT
| ashraq/financial-news-articles | https://www.reuters.com/article/products-testosterone/case-to-watch-7th-circuit-hears-arguments-in-paxil-generic-suit-idUSL2N1T027T |
May 2, 2018 / 11:38 AM / Updated 4 minutes ago BRIEF-Insmed Reports Q1 Loss Per Share $0.89 Reuters Staff
May 2 (Reuters) - Insmed Inc:
* INSMED REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE * Q1 LOSS PER SHARE $0.89
* Q1 EARNINGS PER SHARE VIEW $-0.98 — THOMSON REUTERS I/B/E/S
* PREPARING FOR POTENTIAL PRODUCT LAUNCH OF ALIS IN 4Q 2018
* SUBMITTED NDA TO FDA FOR AMIKACIN LIPOSOME INHALATION SUSPENSION (ALIS) IN NTM LUNG DISEASE CAUSED BY MAC; ANTICIPATES PRIORITY REVIEW
* AS OF MARCH 31, 2018, INSMED HAD CASH AND CASH EQUIVALENTS OF $686.6 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-insmed-reports-q1-loss-per-share-0/brief-insmed-reports-q1-loss-per-share-0-89-idUSASC09YYD |
First Quarter 2018 Highlights:
Record unit shipments of 5.5 million, up 95% year-over-year Record net sales of $386.4 million; record Value-Added Sales of $207.4 million Value-Added Sales per wheel of $37.46 compared to $33.58 in 2017 Net income of $10.3 million; earnings per diluted share of $0.07, includes the impact from acquisition-related items of ($2.0) million, or ($0.08) per diluted share Record Adjusted EBITDA of $52.2 million, up 173% year-over-year 2018 Outlook reaffirmed
SOUTHFIELD, Mich.--(BUSINESS WIRE)-- Superior Industries International, Inc. (“Superior”) (NYSE:SUP) , one of the world’s leading aluminum wheel suppliers for OEMs and the European aftermarket, today reported financial results for the first quarter ended March 31, 2018.
“Our first quarter of 2018 represented a record start to the year, extending our momentum from the end of 2017. Driven by the combination of solid volume, improved performance in our North American operations, and the addition of our European business, Value-Added Sales increased 117% and Adjusted EBITDA grew 173%,” commented Don Stebbins, President and Chief Executive Officer. “The combination of our European and North American teams into one global organization is benefitting our performance. While we are pleased with our first quarter results, we have substantial opportunities to gain additional efficiencies as we continue to capitalize on the secular changes in the market.”
First Quarter Results
Wheel unit shipments were 5.5 million in the first quarter of 2018, an increase of 94.8%, compared to first quarter unit shipments of 2.8 million in the prior year period. The increase in unit shipments was primarily due to the inclusion of our European operations as well as higher unit shipments in North America.
Net sales for the first quarter of 2018 were $386.4 million, compared to net sales of $174.2 million in the first quarter of 2017. Value-Added Sales, a non-GAAP financial measure defined as net sales less pass-through charges, primarily for the value of aluminum, were $207.4 million for the first quarter of 2018, a 117% increase compared to the first quarter of 2017. See “Non-GAAP Financial Measures” below and the reconciliation of consolidated net sales to Value-Added Sales in this press release.
Gross profit for the first quarter of 2018 was $50.0 million, compared to $19.2 million in the prior year period. Gross profit as a percentage of Value-Added Sales was 24.1% compared to 20.1% in the prior year period. The increase in gross profit was due mainly to an overall strong sales performance, increased operational efficiency in North America, and the addition of the European business unit.
Selling, general and administrative expenses for the first quarter were $22.4 million, or 5.8% of net sales, compared to $15.3 million, or 8.8% of net sales in the prior year period. The increased expense was largely driven by the inclusion of Superior’s European operations.
Income from operations for the first quarter of 2018 was $27.6 million, compared to income from operations of $3.9 million in the prior year period. Income from operations as a percentage of Value-Added Sales was 13.3% for the first quarter of 2018 compared to 4.1% of Value-Added Sales in the prior year period. Income from operations in the prior year period was negatively impacted by transaction expenses incurred as a result of the acquisition of the European operations.
The provision for income taxes for the first quarter of 2018 was $3.4 million, resulting in an effective tax rate of 24.6%. This compares to an income tax provision in the first quarter of 2017 of $0.2 million and an effective tax rate of 6.0%. The higher tax rate was the result of the mix of earnings among tax jurisdictions now incorporating European operations and a discrete tax expense of $1.7 million based on an adjustment to provisional amounts related to tax reform.
For the first quarter of 2018, the Company reported net income of $10.3 million, and earnings per diluted share of $0.07, including the impact from acquisition-related items of ($2.0) million, or ($0.08) per diluted share. This compares to $3.1 million of net income, or $0.12 per diluted share, in the first quarter of 2017.
Adjusted EBITDA, a non-GAAP financial measure, reached a record-level of $52.2 million, or 13.5% of net sales, for the first quarter of 2018. This compares to $19.1 million, or 11.0% of net sales, for the first quarter of 2017. Adjusted EBITDA as a percentage of Value-Added Sales was 25.2% compared to 20.0% in the prior year period. See “Non-GAAP Financial Measures” below and the reconciliation of net income to Adjusted EBITDA in this press release.
Financial Position and Cash Flow
The Company reported net cash provided by operating activities of $14.4 million in the first quarter of 2018 compared to cash used by operating activities of $1.6 million during the first quarter of 2017. Cash used for capital expenditures to support the ongoing maintenance, as well as expansion and enhancement of our product portfolio of products and technologies amounted to $22.7 million.
During the first quarter of 2018, the Company paid common dividends of $2.3 milllion and preferred dividends of $7.2 million.
2018 Outlook
Based on the current outlook for the year, Superior is reaffirming its full year 2018 Outlook provided on January 17, 2018 as follows:
Superior expects net sales to be in the range of $1.45 billion to $1.50 billion, driven by unit shipments of 21.25 million to 21.6 million. Value-Added Sales are expected to be in the range of $800 million to $835 million. Adjusted EBITDA is expected to be between $185 million and $200 million. Capital expenditures are expected to be approximately $95 million. Cash flow from operations is expected to be between $160 million and $180 million. Effective Tax Rate is expected to be between 10% to 15%.
Mr. Stebbins concluded, “Today, we are reaffirming our 2018 Outlook, which reflects stable North American light truck and vehicle production as compared to last year and moderate production growth in Europe. We are pleased that the initiatives we are implementing to drive improvement in our North American operations are yielding results; however, there is more work to be done. We remain tremendously optimistic and excited about the prospects ahead of Superior, our strategic position in the market, and our capabilities. We will continue to focus on further differentiating ourselves through investments in product innovation, product quality, and exceptional customer engagement, and are confident that we are well-positioned to drive long-term sustainable growth and profitability for our shareholders.”
Value-Added Sales and Adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Information”. In reliance on the safe harbor provided under section 10(e) or Regulation S-K, Superior has not quantitatively reconciled differences between Adjusted EBITDA presented in the 2018 Outlook to net income, the most comparable GAAP measure, as Superior is unable to quantify certain amounts that would be required to be included in net income without unreasonable efforts and due to the inherent uncertainty regarding such variables. Superior also believes that such reconciliation would imply a degree of precision that could potentially be confusing or misleading to investors. However, the magnitude of these amounts may be significant.
Conference Call
Superior will host a conference call beginning at 8:00 AM ET on Wednesday, May 9, 2018. The conference call may be accessed by dialing (800) 289-0438 for participants in the U.S./Canada or +1 (323) 794-2423 for participants outside the U.S./Canada using the required conference ID 5033195. The live conference call can also be accessed by logging into the Company’s website at www.supind.com . A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.
During the conference call, the Company's management plans to review operating results and discuss other financial and operating matters. In addition, management may disclose material information in response to questions posed by participants during the call.
About Superior Industries
Superior is one of the world’s leading aluminum wheel suppliers. Superior’s team collaborates and partners with customers to design, engineer, and manufacture a wide variety of innovative and high quality products utilizing the latest lightweighting and finishing technologies. Superior also maintains leading aftermarket brands including ATS, RIAL, ALUTEC, and ANZIO. Headquartered in Southfield, Michigan, Superior is listed on the New York Stock Exchange and is a component of Standard & Poor’s Small Cap 600 and Russell 2000 Indices. For more information, please visit www.supind.com .
Non-GAAP Financial Information
In addition to the results reported in accordance with GAAP included throughout this earnings release, this release refers to “Adjusted EBITDA,” which Superior has defined as earnings before interest, income taxes, depreciation, amortization, plant closure costs, acquisition and integration costs, and change in fair value of preferred derivative and “Value-Added Sales,” which Superior defines as net sales less pass-through charges primarily for the value of aluminum.
Management believes the non-GAAP financial measures used in this press release are useful to management and may be useful to investors in their analysis of the Company’s financial position and results of operations. Further, management uses these non-GAAP financial measures for planning and forecasting future periods. This non-GAAP financial information is provided as additional information for investors and is not in accordance with or an alternative to GAAP. These non-GAAP measures may be different from similar measures used by other companies.
For reconciliations of Adjusted EBITDA and Value-Added Sales to the most directly comparable financial measures calculated and presented in accordance with GAAP, see the attached supplemental data pages which, together with this press release, have been posted on the Company’s website through the “Investors” link at www.supind.com .
Forward-Looking Statements
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by the use of future dates or words such as "may," "should," "could," “will,” "expects," "seeks to," "anticipates," "plans," "believes," "estimates," "intends," "predicts," "projects," "potential" or "continue" or the negative of such terms and other comparable terminology. These statements also include, but are not limited to, the 2018 Outlook included herein, the Company’s ability to integrate its European operations acquired in 2017, and the Company’s strategic and operational initiatives, product mix and overall cost improvement and are based on current expectations, estimates, and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, risks, and uncertainties discussed in the Company's Securities and Exchange Commission filings and reports, including the Company's Annual Report on Form 10-K for the year-ended December 31, 2017, and other reports from time to time filed with the Securities and Exchange Commission. You are cautioned not to unduly rely on such forward looking statements when evaluating the information presented in this press release. Such forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
SUPERIOR INDUSTRIES INTERNATIONAL, INC. Condensed Consolidated Statements of Operations (Unaudited) (Dollars in Millions, Except Per Share Amounts) Three Months 1Q 2018 1Q 2017 Net Sales $ 386.4 $ 174.2 Cost of Sales 336.4 155.0 Gross Profit $ 50.0 $ 19.2 SG&A 22.4 15.3 Income From Operations $ 27.6 $ 3.9 Interest Expense, net (11.9) (0.3) Other Expense, net (2.9) (0.3) Change in Fair Value of Preferred Derivative 0.9 - Income Before Income Taxes $ 13.7 $ 3.3 Income Tax Provision (3.4) (0.2) Net Income 10.3 3.1 Earnings Per Share: Basic $ 0.07 $ 0.12 Diluted $ 0.07 $ 0.12 Weighted Average and Equivalent Shares Outstanding for EPS (in Thousands): Basic 24,936 25,030 Diluted 24,980 25,135 SUPERIOR INDUSTRIES INTERNATIONAL, INC. Condensed Consolidated Balance Sheets (Unaudited) (Dollars in Millions) FY 2018 FY 2017 Current Assets $ 448.8 $ 417.4 Property, Plant and Equip, net 552.2 536.7 Investments and Other Assets 616.8 597.2 Total Assets $ 1,617.8 $ 1,551.3 Current Liabilities $ 208.3 $ 195.1 Long-Term Liabilities 780.7 765.8 Redeemable Preferred Shares 148.9 144.7 Uniwheels Noncontrolling Redeemable Equity 55.6 - Shareholders’ Equity 424.3 393.8 Noncontrolling Interest - 51.9 Total Liabilities and Shareholders’ Equity $ 1,617.8 $ 1,551.3 SUPERIOR INDUSTRIES INTERNATIONAL, INC. Consolidated Statements of Cash Flows (Unaudited) (Dollars in Millions) Three Months Ended 1Q18 1Q17 Cash Flow Provided (Used) by Operating Activities $14.4 ($1.6 ) Capital Expenditures (22.7 ) (16.9 ) Cash Flow Provided (Used) by Investing Activities ($22.7 ) ($16.9 ) Net Debt Repayments (1.8 ) - Cash Dividends (9.5 ) (4.5 ) Stock Repurchases - (5.0 ) Payments Related to Tax Withholdings for Stock-Based Compensation (0.6 ) (1.0 ) Cash Flow Provided (Used) by Financing Activities ($11.9 ) ($10.5 ) Effect of Exchange Rate on Cash (2.9 ) - Net Change in Cash ($23.1 ) ($29.0 ) Cash - Beginning 46.4 57.8 Cash - Ending $23.3 $28.8 SUPERIOR INDUSTRIES INTERNATIONAL, INC. Earnings Per Share Calculation (Unaudited) (Dollars and Shares in Millions) Three Months 1Q 2018 1Q 2017 Basic EPS Calculation
Net Income $ 10.3 $ 3.1 Less: Accretion of preferred stock (4.1 ) - Less: Redeemable preferred stock dividends (3.9 ) - Less: Dividends to Uniwheels Noncontrolling Redeemable Equity
(0.6 ) - Numerator $ 1.7 $ 3.1 Denominator: Weighted avg. shares outstanding 24.9 25.0 Basic income per share $ 0.07 $ 0.12 Diluted EPS Calculation
Net Income $ 10.3 $ 3.1 Less: Accretion of preferred stock (4.1 ) - Less: Redeemable preferred stock dividends (3.9 ) - Less: Dividends to Uniwheels Noncontrolling Redeemable Equity
(0.6 ) - Numerator $ 1.7 $ 3.1 Weighted avg shares outstanding-Basic 24.9 25.0 Dilutive stock options and restricted stock units 0.1 0.1 Denominator: Weighted avg. shares outstanding 25.0 25.1 Diluted income per share $ 0.07 $ 0.12 SUPERIOR INDUSTRIES INTERNATIONAL, INC. Impact of Acquisition-related Items on EPS (Unaudited) (Dollars in Millions, except EPS amounts) Q1 2018 Before Tax
Net Income Impact
Location on Income
Statement
M&A and Integration Costs (3.2 ) SG&A Change in Fair Value of Preferred Derivative 0.9 Other Income Total Impact $ (2.3 ) After Tax Net Income Impact $ (2.0 ) Impact to Earnings Per Share $ (0.08 ) SUPERIOR INDUSTRIES INTERNATIONAL, INC. Non-GAAP Financial Measures (Unaudited) (Dollars in Millions) Value Added Sales
Three Months 1Q 2018 1Q 2017 Net Sales $ 386.4 $ 174.2 Less: Aluminum Value and Outside Service Provider Costs (179.0) (78.7) Value Added Sales $ 207.4 $ 95.5
Adjusted EBITDA
Three Months 1Q 2018 1Q 2017 Net Income $ 10.3 $ 3.1 Adjusting Items: - Interest Income, net 11.9 0.3 - Income Tax Provision 3.4 0.2 - Depreciation 17.5 8.4 - Amortization 6.8 - - M&A and Integration Costs 3.2 6.9 - Change in Fair Value of Preferred Derivative (0.9) - - Closure Costs (Excluding Accelerated Depreciation) - 0.2 $ 41.9 $ 16.0 Adjusted EBITDA $ 52.2 $ 19.1 SUPERIOR INDUSTRIES INTERNATIONAL, INC. Non-GAAP Financial Measures (Unaudited) (Dollars in Millions) Outlook for Full Year 2018 Value-Added Sales
Outlook Range Net Sales Outlook $ 1,450.0 $ 1,500.0 Less: Aluminum Value and Outside Service Provider Costs (650.0) (665.0) Value-Added Sales Outlook $ 800.0 $ 835.0
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005315/en/
Superior Investor Relations:
Troy Ford
(248) 234-7104
[email protected]
Source: Superior Industries International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-superior-industries-reports-first-quarter-2018-financial-results.html |
Cashin: Trump needs progress on NAFTA and China 3 Hours Ago UBS's Art Cashin weighs in on "bumps" in the market as trade negotiations continue between the U.S. and several of its trading partners. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/cashin-trump-needs-progress-on-nafta-and-china.html |
VANCOUVER, British Columbia, May 07, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : ATI Airtest Technologies Inc.
TSX-Venture Symbol / Symbole à la Bourse de croissance TSX :
AAT Reason / Motif : Cease Trade Order / Interdiction d’opérations sur valeurs
Halt Time (ET) / Heure de la suspension (HE) 8 20
Company / Société : AlkaLi3 Resources Inc.
TSX-Venture Symbol / Symbole à la Bourse de croissance TSX :
ALK.H Reason / Motif : Cease Trade Order / Interdiction d’opérations sur valeurs
Halt Time (ET) / Heure de la suspension (HE) 8:20
Company / Société : Bayshore Petroleum Corp.
TSX-Venture Symbol / Symbole à la Bourse de croissance TSX :
BSH Reason / Motif : Cease Trade Order / Interdiction d’opérations sur valeurs
Halt Time (ET) / Heure de la suspension (HE) 8:20 IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--aaat-alk-h-bsh.html |
The word "Gerrymander" was actually named after someone — Elbridge Gerry. But the 18th-century politician pronounced it more like Gary than Gerry. Why don't we? Photo: Library of Congress | ashraq/financial-news-articles | http://live.wsj.com/video/gerrymandering-youre-saying-it-wrong/090A5D97-4928-4A08-A800-8305465AC5F5.html |
Published: May 30, 2018 11:26 a.m. ET Share
Fund is down 5.94% for the year, while similar funds have declined 0.22% Getty Images Did antiestablishment politics in Italy slam Bill Gross’s funds?
By Justin Baer
Bill Gross’s Janus Henderson Global Unconstrained Bond Fund dropped more than 3% on Tuesday, an unusually big decline for a mutual fund that invests in corporate bonds and other fixed-income securities.
The fund fell 3.04% on Tuesday, and is now down 5.94% for the year, according to data by Morningstar. Similar funds have returned, on average, a 0.22% decline in 2018, Morningstar said.
“Even for unconstrained bond funds, it’s rare for such a sharp decline,” said Todd Rosenbluth, director of ETF & Mutual Fund research at CFRA.
Rosenbluth said Gross may have been caught flat-footed during Tuesday’s selloff of Italian TMBMKIT-10Y, -6.35% Fearful of an escalating political crisis, investors fled to safer U.S TMUBMUSD10Y, +2.66% and German credits TMBMKDE-10Y, +48.10% | ashraq/financial-news-articles | https://www.wsj.com/articles/bill-grosss-janus-unconstrained-bond-fund-drops-sharply-1527688629?mod=mktw |
PORTLAND, Ore.--(BUSINESS WIRE)-- Today Vacasa , the largest U.S. vacation rental management company, announced the appointment of Lisa Jurinka as chief legal officer. Jurinka will oversee global legal affairs for Vacasa, helping the company scale to its next phase of growth. Bringing expertise in IPO readiness, Jurinka has built her career providing legal guidance for high-growth technology companies. She was instrumental in the transition from the private to public markets for Epocrates Inc. , a medical tools software provider, and CafePress Inc. , an online marketplace. Most recently, Jurinka served as senior vice president and general counsel for Jive Software , a publicly traded software company purchased by Aurea in 2017.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180530005429/en/
Lisa Jurinka appointed chief legal officer at Vacasa, largest U.S. vacation rental management company. (Photo: Business Wire)
“Lisa’s global legal affairs background and public company experience aligns well with Vacasa and our future plans,” said Eric Breon, CEO and founder of Vacasa. “We’re excited to welcome Lisa and strengthen our leadership team as we continue to pursue the tremendous opportunity ahead and scale our business across the globe.”
“Vacasa’s growth, paired with its unique business model, industry-leading technology, and total addressable market greatly appealed to me,” said Lisa Jurinka, Vacasa’s chief legal officer. “The company is at an exciting juncture with incredible opportunities on the horizon. I’m looking forward to supporting Vacasa as we continue to expand and become the world’s largest and most trusted vacation rental management company.”
Jurinka began her legal career at Sullivan & Cromwell LLP, in their New York and Palo Alto offices. She has a J.D. from the University of Pennsylvania Law School.
Founded in 2009, Vacasa is the largest U.S. vacation rental management company, employing more than 2,000 employees worldwide. Ranked number three on last month’s GeekWire 200 – a list of the top startups in the Pacific Northwest – Vacasa is one of the fastest-growing companies in the region. Last year, Vacasa raised $103.5 million in Series B financing , the largest funding round to date for the vacation rental management industry.
About Vacasa
Vacasa LLC is the largest U.S. vacation rental management company. Leveraging industry-leading technology, Vacasa maximizes revenue for homeowners and provides unforgettable experiences for guests. Founded in 2009 and based in Portland, Oregon, Vacasa and its subsidiaries manage a growing portfolio of more than 8,000 vacation homes in the U.S., Europe, Central and South America, and South Africa. In eight years, Vacasa has grown from two to more than 2,000 employees, has been honored as the Oregon Better Business Bureau Large Business of the Year and was ranked ninth on the Inc. 5000 Fastest-Growing Companies list. For more information, visit www.vacasa.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005429/en/
Vacasa
Sarah Tatone, 971-409-2061
[email protected]
Source: Vacasa LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-vacasa-expands-senior-leadership-team-by-appointing-first-chief-legal-officer.html |
TROY, Mich.--(BUSINESS WIRE)-- The Board of Directors of Horizon Global Corporation (NYSE: HZN), one of the world’s leading manufacturers of branded towing and trailering equipment, today announced that it appointed Carl Bizon to serve as Interim President and Chief Executive Officer, effective immediately, to build on Horizon Global’s solid foundation and increase profitability for long-term sustainable growth. The appointment follows the Board’s acceptance of Mark Zeffiro’s resignation from his executive positions and as a director. The Board will immediately begin a search to identify a permanent Chief Executive Officer with the assistance of a leading executive recruiting firm.
Related to this announcement, Horizon Global has adjourned its 2018 Annual Meeting of Stockholders previously scheduled for Tuesday, May 8, 2018. The adjourned Annual Meeting will reconvene at the Hilton Garden Inn, 200 Wilshire Drive, Room 1, Troy, Michigan 48084, on Tuesday, May 15, 2018, at 8:00 a.m. Eastern Time.
Denise Ilitch, Chair of the Board of Directors, stated, “Horizon Global is an industry leader, providing towing and trailering solutions to some of the world’s best-known automotive manufacturers, distributors and retailers. The Board concluded that this is the right time to bring in a leader who can rapidly advance the Company’s progress, building on our established strengths and intensifying the organization’s focus on execution of our Targeted Action Plan now underway across the Company.
“Carl has extensive knowledge of our products, customers and suppliers, as well as the overall industry. His experience running each of our three divisions, coupled with a long track record of achievement in manufacturing and operations, make him an excellent fit to lead Horizon Global during this period. Under his leadership, we are confident that the Company will continue to make progress, improving efficiency and productivity and reinforcing the broad appeal of our successful brands in key geographies worldwide, to drive improved profitability and increased value for our shareholders.”
Ilitch concluded, “We thank Mark for his many contributions to Horizon Global over the past several years. We wish him well in his future endeavors.”
In a related move, James Tindell will become Interim President of the Americas, in addition to his role as Divisional Finance Officer. Tindell has worked closely with Carl Bizon to develop and implement the restructuring of the Company’s North American operations. Tindell has over 15 years of experience with large, multi-national companies such as Black & Decker, Newell Brands, PPG Industries, and Principal Financial Group and has held management roles within commercial finance, treasury, financial planning and analysis, and operations finance.
Bizon joined Horizon Global in January 2018 as President of Horizon Americas. Prior to Horizon Global’s spin-off from its former parent company, TriMas Corporation, Bizon led its international businesses from 2008 to 2015, including both Europe-Africa and Asia-Pacific. Before re-joining the Company, Bizon served as Chief Executive Officer at Jayco Corporation, Australia’s largest manufacturer of camper trailers, caravans and motorhomes. Prior to TriMas, he developed a strong knowledge and skill set in the areas of sales, manufacturing, customer management, product development, IT and large-scale project management at companies such as GWA International, Stramit Industries and Tubemakers. Bizon brings extensive experience in the manufacturing sector and expertise in operations.
About Horizon Global
Horizon Global is the #1 designer, manufacturer and distributor of a wide variety of high-quality, custom-engineered towing, trailering, cargo management and other related accessory products in North America, Australia and Europe. The Company serves OEMs, retailers, dealer networks and the end consumer as the category leader in the automotive, leisure and agricultural market segments. Horizon provides its customers with outstanding products and services that reflect the Company’s commitment to market leadership, innovation and operational excellence. The Company’s mission is to utilize forward-thinking technology to develop and deliver best-in-class products for our customers, engage with our employees and realize value creation for our shareholders.
Horizon Global is home to some of the world’s most recognized brands in the towing and trailering industry, including: BULLDOG, Draw-Tite, Fulton, Hayman Reese, Reese, ROLA, Tekonsha, and Westfalia. Horizon Global has approximately 4,300 employees in 58 facilities across 21 countries.
For more information, please visit www.horizonglobal.com .
Safe Harbor Statement
This release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained herein speak only as of the date they are made and give our current expectations or forecasts of future events. These forward-looking statements can be identified by the use of forward-looking words, such as “may,” “could,” “should,” “estimate,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “target,” “plan” or other comparable words, or by discussions of strategy that may involve risks and uncertainties. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results including, but not limited to, risks and uncertainties with respect to: the Company’s leverage; liabilities imposed by the Company’s debt instruments; market demand; competitive factors; supply constraints; material and energy costs; technology factors; litigation; government and regulatory actions; the Company’s accounting policies; future trends; general economic and currency conditions; various conditions specific to the Company’s business and industry; the spin-off from TriMas Corporation; risks inherent in the achievement of cost synergies and the timing thereof in connection with the Westfalia acquisition, including whether the acquisition will be accretive; the Company’s ability to promptly and effectively integrate Westfalia; the performance and costs of integration of Westfalia; the Company’s ability to successfully complete the acquisition of the Brink Group; the Company’s ability to successfully implement its targeted action plan, including realizing the expected cost savings within the anticipated time frame or at all; the timing and amount of repurchases of the Company’s common stock, if any; and other risks that are discussed in the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. The risks described herein are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. We caution readers not to place undue reliance on such statements, which speak only as of the date hereof. We do not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005901/en/
Horizon Global
Christi Cowdin, 248-593-8810
Director, Corporate Communications & Investor Relations
[email protected]
Source: Horizon Global Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-horizon-global-board-of-directors-appoints-carl-bizon-current-president-of-horizon-global-americas-interim-president-and.html |
SUNRISE, Fla., May 9, 2018 /PRNewswire/ -- U.S. Stem Cell, Inc. (OTC: USRM), a leader in the development of proprietary, physician-based stem cell therapies and novel regenerative medicine solutions, today announced first quarter results for 2018.
Revenue increased 48%, to $1.7m from $1.15m for the first quarter of 2017. Gross profit increased more than 52%, to $1.2m from $793k for the same period last year. Profit margin and net cash flow from operations also increased, from 55% to 71%, and $268k to $688k, respectively.
Working capital deficit is down 11%, from $5.4m at year end 2017 to $4.8m at the end of the first quarter of this year.
For two consecutive years, USRM has sustained substantial revenue growth, which may be attributable to an increased awareness of stem cell therapy, as Americans seek alternatives to pain management and opioids.
"Our first quarter financials reflect a continued increase in market demand, as we continue to manage growth and identify ways to serve the marketplace and our business partners," said Mike Tomas, President and Chief Executive Officer of U.S. Stem Cell, Inc. "This is our eighth consecutive quarter of increased revenue -- an indication of a possible sea change in how Americans view autologous stem cell therapy, as more and more patients seek alternatives to surgery and pharmaceuticals."
"Our productivity continues to increase as we further our mission to help educate the public on the value of stem cell therapy, while simultaneously continuing to serve a population that is sick and tired of being sick," said Dr. Kristin Comella, Chief Science Officer for U.S. Stem Cell, Inc. "Helping patients repurpose their own healing cells to employ them where their bodies need them is one of the most important scientific and holistic breakthroughs we have seen in the 21st century. We continue to be dedicated to the application of this incredible therapy to help as many people as possible."
USRM has been instrumental in administering more than ten thousand stem cell procedures in the past 19 years for a variety of indications, including orthopedic, autoimmune, degenerative and neurological diseases. USRM also trains and certifies physicians in stem cell therapy -- to date, more than 700+ physicians worldwide -- and has engaged with more than 288 clinics.
Dr. Kristin Comella, USRM's Chief Science Officer, continues to enhance USRM's visibility worldwide for autologous stem cell treatments, as well as developing and bringing USRM's proprietary Adipocell™ kit to market. Dr. Comella is also well published in the scientific literature and has been recognized by her peers as an innovator and world leader in the development and clinical practice of stem cell products and therapies.
U.S. Stem Cell, Inc. is a leader in the regenerative medicine / cellular therapy industry specializing in physician training and certification and stem cell products including its lead product Adipocell™, as well as veterinary stem cell training and stem cell banking and creation and management of stem cell clinics. To management's knowledge, USRM has completed more clinical treatments than any other stem cell company in the world.
Forward-Looking Statements: Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as "may", "will", "to", "plan", "expect", "believe", "anticipate", "intend", "could", "would", "estimate", or "continue", or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements and represent our management's beliefs and assumptions only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. The Company's business and the risks and uncertainties of the business are described in its filings with the Securities and Exchange Commission which can be found at sec.gov .
Media Contact: U.S. Stem Cell, Inc.
13794 NW 4th Street, Suite 212
Sunrise, Fl 33325
Phone: 954.835.1500
Email: [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/us-stem-cell-reports-first-quarter-results-300645820.html
SOURCE U.S. Stem Cell, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-u-s-stem-cell-reports-first-quarter-results.html |
ST PETERSBURG, Russia (Reuters) - Russian Finance Minister Anton Siluanov said on Thursday Russia is prepared to buy the assets of sanctions-hit companies that are held as collateral by foreign banks.
Russian First Deputy Prime Minister and Finance Minister Anton Siluanov attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 24, 2018. REUTERS/Sergei Karpukhin “The state is not going to stand aside here and it will help companies that have fallen into a difficult financial situation,” Siluanov said at an economic forum in St Petersburg.
Reporting by Darya Korsunskaya; Writing by Tom Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-economic-forum-siluanov-assets/russia-is-ready-to-buy-assets-of-sanctioned-companies-siluanov-idUSKCN1IP190 |
President Donald Trump personally urged U.S. Postmaster General Megan Brennan to double the shipping rates for Amazon and other companies, according to a Washington Post report.
Brennan has not complied with these demands, citing preexisting contracts and the need for regulatory review, the report said. The Post said it spoke to three people with knowledge of the conversations, which took place both this year and in 2017.
On several occasions, Trump has complained on Twitter about Amazon and its relationship with the U.S. Postal Service, which delivers around 40% of Amazon packages during the final leg of their travel, according to the report. Critics say Trump’s real goal is to retaliate against Amazon’s CEO Jeff Bezos, who also owns the Washington Post , which the president has accused of being against him.
I am right about Amazon costing the United States Post Office massive amounts of money for being their Delivery Boy. Amazon should pay these costs (plus) and not have them bourne by the American Taxpayer. Many billions of dollars. P.O. leaders don’t have a clue (or do they?)!
— Donald J. Trump (@realDonaldTrump) April 3, 2018
While we are on the subject, it is reported that the U.S. Post Office will lose $1.50 on average for each package it delivers for Amazon. That amounts to Billions of Dollars. The Failing N.Y. Times reports that “the size of the company’s lobbying staff has ballooned,” and that…
— Donald J. Trump (@realDonaldTrump) March 31, 2018
…does not include the Fake Washington Post, which is used as a “lobbyist” and should so REGISTER. If the P.O. “increased its parcel rates, Amazon’s shipping costs would rise by $2.6 Billion.” This Post Office scam must stop. Amazon must pay real costs (and taxes) now!
— Donald J. Trump (@realDonaldTrump) March 31, 2018
The Postal Service has called the relationship with Amazon mutually beneficial, according to the Post , and says it has similar arrangements with other companies. While the USPS still loses money overall, its package delivery profits grew 11.8% in the 2017 fiscal year, according to news site Vox . (Vox also notes that a decline in first class mail sent, along with higher labor costs and the price of health and retirement benefits are adding to the USPS’s financial losses.)
The Postal Service is legally barred from charging shippers less than what it costs to deliver a parcel. However, it’s not required to factor in costs like retiree benefits (a major Postal Service expenditure) into those prices.
According to Bloomberg , Amazon’s deal with the Postal Service saves it around $2.6 billion annually, compared to what it would have to pay by using UPS or FedEx .
And some, like the president’s campaign manager Brad Parscale, have complained that the U.S. government is subsidizing Amazon through low USPS rates.
In April, President Trump ordered a commission led by Treasury Secretary Steven Mnuchin to examine the Postal Service’s finances and “the expansion and pricing of the package delivery market and the USPS’s role in competitive markets.”
| ashraq/financial-news-articles | http://fortune.com/2018/05/18/trump-postmaster-general-double-rates-for-amazon/ |
AMHERST, N.Y.--(BUSINESS WIRE)-- Allied Motion Technologies Inc. (NASDAQ: AMOT) (“Company”), a designer and manufacturer that sells precision motion control products and solutions to the global market, today reported financial results for the first quarter ended March 31, 2018. Reported results include the acquisition of the original equipment steering business of Maval Industries, LLC (“Maval”) in January 2018.
First quarter revenue increased 25% to a record $76.6 million driven primarily by organic growth Operating income grew $2.0 million, or 47%, to $6.4 million; Operating margin expanded 130 basis points to 8.4% Net Income rose 58% to $4.2 million; Earnings per share increased $0.16 to $0.45 Orders increased 33% over the prior year; Backlog grew 7% sequentially to a new record level of $107.3 million Acquired the original equipment (“OE”) steering business of Maval Industries, LLC enabling Allied to provide a fully integrated steering system solution to its customers
“Building market momentum, the traction gained in our targeted markets, and our recent acquisition contributed to record sales in the first quarter,” commented Dick Warzala, Chairman and CEO of Allied Motion. “We are laser-focused on executing our strategy for growth while streamlining the organization and emphasizing continuous improvement in quality, delivery, cost and innovation as we drive the One Allied approach and expand our value proposition for our customers.”
Mr. Warzala concluded, “We continue to be excited about our future and are well positioned to take share in our served markets, many of which are also experiencing a lift from the improved economic environment. We are also encouraged with the prospects of our latest acquisition, and although the gross margin contribution is lower than our typical technology based solutions, it enhances our value proposition, deepens customer relationships and is expected to be neutral to slightly accretive to earnings in 2018.”
First Quarter 2018 Results (Narrative compares with prior-year period unless otherwise noted)
Record revenue of $76.6 million was up $15.2 million, or 25%. The increase was due to growth across all of the Company’s served markets, and reflects significantly higher sales to the Industrial/Electronics and Vehicle markets. Excluding the favorable effects of foreign currency exchange (FX), first quarter revenue was $72.5 million, up 18%. Sales to U.S. customers were 53% of total sales for the quarter compared with 54% for the same period last year, with the balance of sales to customers primarily in Europe, Canada and Asia.
Gross profit rose $4.9 million, or 27%, to $22.6 million, while gross margin improved 60 basis points to 29.5%. The expansion in gross margin was due to more favorable mix and higher volume, somewhat offset by a lower margin contribution from the recent acquisition and a lack of leverage from FX revenue expansion.
Operating costs and expenses were up $2.8 million to $16.1 million. General and administrative expense as a percent of sales increased 30 basis points to 9.7% primarily due to higher incentive compensation and additional personnel to support the Company’s growth. Engineering and development (“E&D”) was $5.0 million, up 18%, though as a percent of revenue, E&D decreased 30 basis points to 6.5%. The $151 thousand in business development costs in the 2018 first quarter was primarily from the Maval acquisition.
Operating income was up 47%, or $2.0 million, to $6.4 million, and operating margin expanded 130 basis points to 8.4%.
Interest expense increased $91 thousand to $0.6 million as the Company took on additional debt to fund part of the Maval acquisition.
The effective tax rate for the quarter was 26.2% compared with 31.0% in the prior-year period. The Company anticipates its effective tax rate for 2018 to range from 22% to 26%. Net income increased 58% to $4.2 million, or $0.45 per diluted share, from $2.7 million, or 0.29 per diluted share.
Earnings before interest, taxes, depreciation, amortization, stock compensation expense and business development costs (“Adjusted EBITDA”) was $9.7 million, up $2.5 million or 34%. As a percent of sales, Adjusted EBITDA was 12.7% compared with 11.9% in the prior-year period. The Company believes that, when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles, Adjusted EBITDA, which is a non-GAAP measure, helps in the understanding of its operating performance. See the attached table for a description of non-GAAP financial measures and reconciliation table for Adjusted EBITDA.
Balance Sheet and Cash Flow Review
Allied Motion purchased substantially all of the operating assets associated with the original equipment steering business of Maval Industries, LLC on January 19, 2018. The acquisition was funded with debt, cash generated from operations and cash on hand. Cash and cash equivalents at the end of the first quarter were $13.0 million compared with $15.6 million at the end of 2017. Total debt was $63.4 million at the end of the first quarter, up $10.3 million from year-end 2017. Debt, net of cash, was $50.4 million, or 34.6% of net debt to capitalization, up from 30.1% at the end of 2017.
Capital expenditures of $2.2 million included productivity and growth initiatives. The Company continues to expect to invest $13 million to $16 million in capital expenditures during fiscal 2018. The higher level of capital expenditures when compared with 2017 reflects success based expenditures in support of the significant recent project wins announced over the last year.
Orders and Backlog Summary ($ in thousands)
Q1 2018
Q4 2017
Q3 2017
Q2 2017
Q1 2017
Orders $ 80,699 $ 72,764 $ 72,964 $ 65,754 $ 60,459 Backlog $ 107,321 $ 100,708 $ 93,547 $ 85,250 $ 77,954 The year-over-year increase in orders and backlog reflect strength across all of the Company’s served markets as well as the Maval acquisition. The impact on orders from FX fluctuations was favorable $4.1 million year-over-year.
Backlog was up 38% over the prior year period and increased nearly 7% since fourth quarter 2017. The time to convert the majority of backlog to sales is approximately three to six months. Not included in the backlog are previously announced new business awards of $225.0 million that were received over the last year and will start shipping in 2019.
Conference Call and Webcast
The Company will host a conference call and webcast on Thursday, May 3, 2018 at 11:00 am ET. During the conference call, management will review the financial and operating results and discuss Allied Motion’s corporate strategy and outlook. A question and answer session will follow.
To listen to the live call, participants can call (778) 327-3988. In addition, the call will be webcast live and may be found at: http://www.alliedmotion.com/investors
A telephonic replay will be available from 2:00 pm ET on the day of the call through Thursday, May 10, 2018. To listen to the archived call, dial (412) 317-6671 and enter replay pin number 10004596 or access the webcast replay via the Company’s website. A transcript will also be posted to the website once available.
About Allied Motion Technologies Inc.
Allied Motion (NASDAQ: AMOT) designs, manufactures and sells precision and specialty motion control components and systems used in a broad range of industries within our major served markets, which include Vehicle, Medical, Aerospace & Defense, and Industrial/Electronics. The Company is headquartered in Amherst, NY, has global operations and sells into markets across the United States, Canada, South America, Europe and Asia.
Allied Motion is focused on motion control applications and is known worldwide for its expertise in electro-magnetic, mechanical and electronic motion technology. Its products include brush and brushless DC motors, brushless servo and torque motors, coreless DC motors, integrated brushless motor-drives, gear motors, gearing, modular digital servo drives, motion controllers, incremental and absolute optical encoders, and other associated motion control-related products.
The Company’s growth strategy is focused on becoming the motion solution leader in its selected target markets by leveraging its “technology/know how” to develop integrated precision motion solutions that utilize multiple Allied Motion technologies to “change the game” and create higher value solutions for its customers. The Company routinely posts news and other important information on its website at http://www.alliedmotion.com/ .
Safe Harbor Statement
The statements in this news release and in the Company’s May 3, 2018 conference call that relate to future plans, events or performance are “ ” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and may contain the word “believe,” “anticipate,” “expect,” “project,” “intend,” “will continue,” “will likely result,” “should” or words or phrases of similar meaning. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from the expected results described in the The risks and uncertainties include those associated with: the domestic and foreign general business and economic conditions in the markets we serve, including political and currency risks and adverse changes in local legal and regulatory environments; the introduction of new technologies and the impact of competitive products; the ability to protect the Company’s intellectual property; our ability to sustain, manage or forecast its growth and product acceptance to accurately align capacity with demand; the continued success of our customers and the ability to realize the full amounts reflected in our order backlog as revenue; the loss of significant customers or the enforceability of the Company’s contracts in connection with a merger, acquisition, disposition, bankruptcy, or otherwise; our ability to meet the technical specifications of our customers; the performance of subcontractors or suppliers and the continued availability of parts and components; changes in government regulations; the availability of financing and our access to capital markets, borrowings, or financial transactions to hedge certain risks; the Company's ability to realize the annual interest expense savings from its debt refinancing; the ability to attract and retain qualified personnel who can design new applications and products for the motion industry; the ability to implement our corporate strategies designed for growth and improvement in profits including to identify and consummate favorable acquisitions to support external growth and the development of new technologies; the ability to successfully integrate an acquired business into our business model without substantial costs, delays, or problems, including the ability to carve out, relocate and separate the Maval OE business; our ability to control costs, including the establishment and operation of low cost region manufacturing and component sourcing capabilities; and other risks and uncertainties detailed from time to time in the Company’s SEC filings. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these as a prediction of actual results. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict the occurrence of those matters or the manner in which they may affect us. The Company has no obligation or intent to release publicly any revisions to any forward looking statements, whether as a result of new information, future events, or otherwise.
FINANCIAL TABLES FOLLOW
ALLIED MOTION TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
For the three months ended March 31, 2018 2017 Revenues $ 76,576 $ 61,354 Cost of goods sold 54,022 43,653 Gross profit 22,554 17,701 Operating costs and expenses: Selling 2,697 2,603 General and administrative 7,456 5,749 Engineering and development 4,955 4,191 Business development 151 - Amortization of intangible assets 884 793 Total operating costs and expenses 16,143 13,336 Operating income 6,411 4,365 Other expense (income): Interest expense 614 523 Other expense, net 106 (10) Total other expense, net 720 513 Income before income taxes 5,691 3,852 Provision for income taxes (1,493) (1,195) Net income $ 4,198 $ 2,657 Basic earnings per share: Earnings per share $ 0.45 $ 0.29 Basic weighted average common shares 9,251 9,068 Diluted earnings per share: Earnings per share $ 0.45 $ 0.29 Diluted weighted average common shares 9,325 9,229 Net income $ 4,198 $ 2,657 Other comprehensive income: Foreign currency translation adjustment 1,687 674 Change in accumulated gain (loss) on derivatives 604 (86) Comprehensive income $ 6,489 $ 3,245 ALLIED MOTION TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
March 31,
2018
December 31,
2017
Assets Current assets: Cash and cash equivalents $ 13,003 $ 15,590 Trade receivables, net of allowance for doubtful accounts of $411 and $341 at March 31, 2018 and December 31, 2017, respectively
42,822 31,822 Inventories 39,619 32,568 Prepaid expenses and other assets 4,685 3,460 Total current assets 100,129 83,440 Property, plant and equipment, net 39,375 38,403 Deferred income taxes 3,493 14 Intangible assets, net 35,123 32,073 Goodwill 35,679 29,531 Other long term assets 4,444 4,461 Total assets $ 218,243 $ 187,922 Liabilities and Stockholders’ Equity Current liabilities: Debt obligations 478 461 Accounts payable 22,675 15,351 Accrued liabilities 15,870 14,270 Total current liabilities 39,023 30,082 Long-term debt 62,928 52,694 Deferred income taxes 7,106 3,609 Pension and post-retirement obligations 4,743 4,667 Other long term liabilities 9,332 9,523 Total liabilities 123,132 100,575 Stockholders’ Equity: Common stock, no par value, authorized 50,000 shares; 9,482 and 9,427 shares issued and outstanding at
March 31, 2018 and December 31, 2017, respectively 32,327 31,051 Preferred stock, par value $1.00 per share, authorized 5,000 shares; no shares issued or outstanding - - Retained earnings 66,079 61,882 Accumulated other comprehensive loss (3,295) (5,586) Total stockholders’ equity 95,111 87,347 Total Liabilities and Stockholders’ Equity $ 218,243 $ 187,922 ALLIED MOTION TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the three months ended March 31, 2018 2017 Cash Flows From Operating Activities: Net income $ 4,198 $ 2,657 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 2,791 2,450 Deferred income taxes 2,822 (48) Stock compensation expense 496 466 Debt issue cost amortization recorded in interest expense 37 37 Other 609 248 Changes in operating assets and liabilities, excluding changes due to acquisition: Trade receivables (8,231) (4,768) Inventories (3,887) 221 Prepaid expenses and other assets (1,408) 150 Accounts payable 5,479 1,302 Accrued liabilities (1,211) (383) Net cash provided by operating activities 1,695 2,332 Cash Flows From Investing Activities: Consideration paid for acquisition (13,312) - Purchase of property and equipment (2,222) (1,288) Net cash used in investing activities (15,534) (1,288) Cash Flows From Financing Activities: Borrowings on long-term debt 14,500 - Principal payments of long-term debt (4,350) (3,000) Dividends paid to stockholders - (228) Stock transactions under employee benefit stock plans 849 628 Net cash provided by (used in) financing activities 10,999 (2,600) Effect of foreign exchange rate changes on cash 253 121 Net decrease in cash and cash equivalents (2,587) (1,435) Cash and cash equivalents at beginning of period 15,590 15,483 Cash and cash equivalents at end of period $ 13,003 $ 14,048 ALLIED MOTION TECHNOLOGIES INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands)
In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, the Company presents Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, stock compensation expense, and business development costs), which is a non-GAAP measure. The Company believes Adjusted EBITDA is often a useful measure of a Company’s operating performance and is a significant basis used by the Company’s management to evaluate and compare the core operating performance of its business from period to period by removing the impact of the capital structure (interest), tangible and intangible asset base (depreciation and amortization), taxes, stock-based compensation expense, business development costs related to acquisitions, and other items that are not indicative of the Company’s core operating performance. Adjusted EBITDA does not represent and should not be considered as an alternative to net income, operating income, net cash provided by operating activities or any other measure for determining operating performance or liquidity that is calculated in accordance with generally accepted accounting principles.
The Company’s calculation of Adjusted EBITDA for the three months ended March 31, 2018 and 2017 is as follows:
Three Months Ended March 31, 2018 2017 Net income $ 4,198 $ 2,657 Interest expense 614 523 Provision for income tax 1,493 1,195 Depreciation and amortization 2,791 2,450 EBITDA $ 9,096 $ 6,825 Stock compensation expense 496 466 Business development costs 151 - Adjusted EBITDA $ 9,743 $ 7,291
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006719/en/
Allied Motion Technologies Inc.
Sue Chiarmonte, 716-242-8634 x602
[email protected]
or
Investors:
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
[email protected]
Source: Allied Motion Technologies Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-allied-motion-reports-operating-income-up-47-percent-on-revenue-growth-of-25-percent-in-first-quarter-2018.html |
May 16, 2018 / 11:48 AM / Updated 41 minutes ago Gaspar Noe's 'Climax' takes Cannes on a drug-fuelled dance Robin Pomeroy 3 Min Read
CANNES, France (Reuters) - Gaspar Noe seems almost disappointed by the largely enthusiastic response to the film he premiered in Cannes this week.
The Argentine director takes pride in the provocateur status he earned with films such as “Irreversible”, in which Monica Bellucci undergoes a 9-minute rape scene, the drug-addled “Enter the Void” and “Love”, which features 3-D unsimulated sex.
Now he has brought “Climax” to the Cannes Film Festival, a film Peter Bradshaw, from Britain’s Guardian newspaper, described as a “satanic dance-troupe freak-out of sex and despair”. Noe’s team told him to expect his toughest press reaction yet.
“My publicist announced me it was going to be much harder with this movie than with ‘Love’ or ‘Enter the Void’,” Noe told Reuters on the beach at Cannes.
“We had 75 percent bad press on ‘Enter the Void’ and 85 percent bad press on ‘Love’. I (said I) hope we get 90-95 percent (on ‘Climax’), but the wind turned the other way, most of the press is extremely good.”
The movie’s premise is simple. A troupe of young dancers are enjoying a post-rehearsal party which starts to get nasty when they realise someone has spiked the punch with LSD. 71st Cannes Film Festival - Screening of the film "BlacKkKlansman" in competition - Red Carpet Arrivals - Cannes, France May 14, 2018. Gaspar Noe and the team of the film "Climax" arrive. REUTERS/Regis Duvignau
“It’s a bad night out,” Noe, 54, said. “It starts as something joyful ... something that was supposed to turn great turns awful.”
While there is violence and horror aplenty in “Climax”, Noe’s cast of top-notch dancers deliver stunning performances filmed by a swirling - sometimes upside down - camera that is mesmerizing and disconcerting.
Not all reviews have been great. Variety’s Owen Gleiberman said it was “like watching ‘Fame’ directed by the Marquis de Sade with a Steadicam”.
Rating the film A-, IndieWire critic Eric Cohn said: “Noe’s remarkable psychedelic ride is his most focused achievement, a concise package of sizzling dance sequences and jolting developments that play like a slick mashup of the ‘Step Up’ franchise and ‘Salo, or the 120 Days of Sodom’”. 71st Cannes Film Festival - Screening of the film "BlacKkKlansman" in competition - Red Carpet Arrivals - Cannes, France May 14, 2018. Gaspar Noe and the team of the film "Climax" arrive. REUTERS/Regis Duvignau
“I got used to having mostly bad reviews and I kind of enjoy it,” said Noe. “I have to deal with the opposite.”
“Climax” is in the Directors’ Fortnight competition at the Cannes Film Festival, a side event to the main race for the Palme d’Or. The festival runs to May 19. Reporting by Robin Pomeroy; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-filmfestival-cannes-gaspar-noe/gaspar-noes-climax-takes-cannes-on-a-drug-fuelled-dance-idUKKCN1IH1H5 |
A total of 3,817 hotels or 384,959 hotel rooms in operation as of March 31, 2018. Net revenues increased 29.6% year-over-year from RMB1,614.1 million to RMB2,091.2 million (US$333.4 million) 1 for the first quarter of 2018 ， exceeding the higher end of our Q1 Guidance. Net revenues in 2018Q1 and the comparative for 2017 has reflected the changes in the accounting for revenue recognition in the US GAAP effective from January 1, 2018. Excluding the impact of such accounting changes, the revenue growth in Q1 under the previous accounting standards on revenue recognition would have been 30.3%. Excluding unrealized loss from fair value changes of equity securities of RMB136.7 million and share based compensation, adjusted EBITDA (non-GAAP) increased 47.5% year-over-year from RMB379.5 million to RMB559.7 million (US$89.2 million) for the first quarter of 2018. Net income attributable to China Lodging Group, Limited was RMB128.5 million (US$20.5 million) for the first quarter of 2018, compared with RMB152.6 million for the first quarter of 2017. Excluding unrealized loss from fair value changes of equity securities of RMB136.7 million and share based compensation, adjusted net income (non-GAAP) increased 67.6% year over year from RMB168.4 million to RMB282.3 million (US$45.0 million) for the first quarter of 2018. To strengthen our partnership with AccorHotels, Huazhu had made a strategic investment of about 4.5% in AccorHotels and suggested a representation on the board of AccorHotels accordingly. This suggestion has been positively received by AccorHotels and shall be discussed further in the coming weeks. The Company provides guidance for Q2 2018 net revenues growth of 24 %-26% year over year, and revises upward the full year net revenues growth estimate ranges from 16%-19% to 18%-22% accordingly.
SHANGHAI, China, May 14, 2018 (GLOBE NEWSWIRE) -- China Lodging Group, Limited (NASDAQ:HTHT) (“China Lodging Group”, “Huazhu” or the “Company”), a leading and fast-growing multi-brand hotel group in China, today announced its unaudited financial results for the first quarter ended March 31, 2018.
First Quarter of 2018 Operational Highlights
During the first quarter of 2018, China Lodging Group opened 127 hotels, including 7 leased (“leased-and-operated”) hotels and 120 manachised (“franchised-and-managed”) hotels and franchised hotels.
The Company closed a total of 56 hotels, including 5 leased hotels and 51 manachised and franchised hotels, during the first quarter of 2018. This was mainly due to:
a) The Company's strategic focus to upgrade the quality of the product and service. The Company closed 3 hotels for brand upgrade purposes and permanently removed 15 hotels from its network for their non-compliance with the brand and operating standards. These hotels were mainly under HanTing and Hi Inn brands. By removing hotels of lower quality, the Company is able to provide a more consistent customer experience, which will help enhance both the brands and future profitability.
b) Property related issues, including rezoning and returning of military-owned properties, and expiry of leases, which resulted in the closure of 24 hotels.
c) Operating losses from hotels located mainly in selected 3 rd or lower tier cities which resulted in the closure of 14 hotels.
As of March 31, 2018, the Company had 673 leased hotels, 2,943 manachised hotels, and 201 franchised hotels in operation in 382 cities. The number of hotel rooms in operation totaled 384,959, an increase of 14.6% from a year ago.
The ADR, which is defined as the average daily rate for all hotels in operation, was RMB207 in the first quarter of 2018, compared with RMB182 in the first quarter of 2017 and RMB211 in the previous quarter. The year-over-year increase of 13.9% was due to both an increase in ADR of the mature hotels, as well as an increase in the proportion of midscale and upscale hotels with higher ADR in the Company’s brand mix. The sequential decrease resulted mainly from seasonality.
The occupancy rate for all hotels in operation was 83.7% in the first quarter of 2018, compared with 83.9% in the first quarter of 2017 and 86.0% in the previous quarter. The occupancy rate almost remained flat year-over-year. The sequential decrease resulted mainly from seasonality.
RevPAR, defined as revenue per available room for all hotels in operation, was RMB173 in the first quarter of 2018, compared with RMB152 in the first quarter of 2017 and RMB181 in the previous quarter. The year-over-year increase of 13.7% was attributable to higher ADR. The sequential decrease resulted mainly from seasonality.
For all hotels which had been in operation for at least 18 months, the same-hotel RevPAR was RMB165 for the first quarter of 2018, representing a 6.5% increase from RMB155 for the first quarter of 2017, with a 6.1% increase in ADR and a 0.3-percentage-point increase in occupancy rate. The economy hotels registered a 6.4% same-hotel RevPAR improvement, driven by a 6.1% increase in ADR and a 0.2-percentage-point increase in occupancy rate. The midscale and upscale hotels recorded a 6.5% same-hotel RevPAR improvement, driven by a 5.0% increase in ADR and a 1.0-percentage-point increase in occupancy rate. Crystal Orange Hotels will not be counted in the same-hotel RevPAR statistics until they are in the Huazhu system for 18 months.
As of March 31, 2018, the Company’s loyalty program had approximately 108 million members, who contributed approximately 76% of room nights sold during the first quarter of 2018 and approximately 87% of room nights were sold through the Company’s own direct channels.
“We are excited to report a great start to the year. In the first quarter, same-hotel RevPAR grew by 6.5%, exceeding our expectation and reflecting the solid economic growth. Our fast expansion in mid- and upscale hotels are well on track. In the first quarter of 2018, our mid- and upscale room count increased by 92% year-over-year, and accounted for approximately 32% and 80% in total rooms in operation and in pipeline, respectively,” commented Ms. Jenny Zhang, Chief Executive Officer of China Lodging Group.
“I’m also delighted to announce that we have made a strategic investment about 4.5% in AccorHotels to strengthen our partnership. Since our strategic alliance with AccorHotels in 2016, we have made efforts to expand the hotel network, enhance brand awareness and operational efficiencies. In the first quarter of 2018, Ibis and Mercure achieved same-hotel RevPAR growth of 14.5% and 12.6%, respectively,” added Ms. Zhang. “We have also engaged discussions with AccorHotels for a board representation. This has been positively received by AccorHotels and shall be discussed further in the coming weeks.”
First Quarter of 2018 Financial Results
In the first quarter of 2018, the Company adopted new revenue recognition standards and all prior year numbers are restated using the new standards. Please see the “Accounting Standards Update” section of this release for more information.
(RMB in thousands) Q1 2017 Q4 2017 Q1 2018 Revenues: Leased and owned hotels 1,226,644 1,716,259 1,575,977 Manachised and franchised hotels 379,150 495,851 508,792 Others 8,268 13,032 6,455 Net revenues 1,614,062 2,225,142 2,091,224 Net revenues for the first quarter of 2018 were RMB2,091.2 million (US$333.4 million), representing a 29.6% year-over-year increase and a 6.0% sequential decrease. The year-over-year increase was primarily due to our hotel network expansion, improved blended RevPAR and the acquisition of Crystal Orange Hotels. The sequential decrease was due to seasonality.
Net revenues from leased and owned hotels for the first quarter of 2018 were RMB1,576.0 million (US$251.2 million), representing a 28.5% year-over-year increase and a 8.2% sequential decrease.
Net revenues from manachised and franchised hotels for the first quarter of 2018 were RMB508.8 million (US$81.1 million), representing a 34.2% year-over-year increase and a 2.6% sequential increase. Net revenues from manachised and franchised hotels accounted for 24.3% of the Company’s net revenues in the first quarter of 2018, up from 23.5% a year ago.
Other revenues represent revenues generated from other than hotel businesses, which mainly include revenues from Huazhu mall and the provision of IT products and services to hotels, totaling RMB6.5 million (US$1.0 million) in the first quarter of 2018.
(RMB in thousands) Q1 2017 Q4 2017 Q1 2018 Operating costs and expenses: Hotel operating costs 1,199,226 1,623,449 1,506,035 Other operating costs 1,933 6,836 2,842 Selling and marketing expenses 48,902 98,464 65,826 General and administrative expenses 165,343 236,213 158,752 Pre-opening expenses 24,112 71,575 75,271 Total operating costs and expenses 1,439,516 2,036,537 1,808,726 Hotel operating costs for the first quarter of 2018 were RMB1,506.0 million (US$240.1 million), compared to RMB1,199.2 million in the first quarter of 2017, representing a 25.6% year-over-year increase. Total hotel operating costs excluding share-based compensation expenses (non-GAAP) for the first quarter of 2018 were RMB1,501.0 million (US$239.3 million), representing 71.8% of net revenues, compared to 74.0% for the first quarter in 2017 and 72.7% for the previous quarter. The year-over-year decrease in the percentage was mainly attributable to the improved blended RevPAR and the maturity of our leased and owned hotels.
Selling and marketing expenses for the first quarter of 2018 were RMB65.8 million (US$10.5 million), compared to RMB48.9 million in the first quarter of 2017 and RMB98.5 million in the previous quarter. Selling and marketing expenses excluding share-based compensation expenses (non-GAAP) for the first quarter of 2018 were RMB64.7 million (US$10.3 million), or 3.0% of net revenues, compared to 3.0% for the first quarter of 2017 and 4.4% for the previous quarter.
General and administrative expenses for the first quarter of 2018 were RMB158.8 million (US$25.3 million), compared to RMB165.3 million in the first quarter of 2017 and RMB236.2 million in the previous quarter. General and administrative expenses excluding share-based compensation expenses (non-GAAP) for the first quarter of 2018 were RMB147.8 million (US$23.6 million), representing 7.1% of net revenues, compared with 9.5% of net revenues in the first quarter of 2017 and 10.0% in the previous quarter. The year-over-year decrease was mainly due to the one-off transaction costs related to Crystal Orange Hotels acquisition amounting to RMB46.2 million in first quarter of 2017.
Pre-opening expenses for the first quarter of 2018 were RMB75.3 million (US$12.0 million), representing a 212.2% year-over-year increase and a 5.2% sequential increase. The year-over-year increase was mainly due to more midscale or upscale leased hotels being under construction in the first quarter of 2018. As of March 31, 2018, the Company had 37 midscale and upscale leased hotels under construction, as compared to 15 as of March 31, 2017.
Income from operations for the first quarter of 2018 was RMB306.6 million (US$48.9 million), compared to RMB173.4 million in the first quarter of 2017 and RMB231.2 million in the previous quarter. Excluding share-based compensation expenses, adjusted income from operations (non-GAAP) for the first quarter of 2018 was RMB323.7 million (US$51.6 million), compared to adjusted income from operation (non-GAAP) of RMB189.2 million for the first quarter of 2017 and RMB250.4 million for the previous quarter. The adjusted operating margin, defined as adjusted operating income (non-GAAP) as percentage of net revenues, for the first quarter of 2018 was 15.5%, compared with 11.7% in the first quarter of 2017 and 11.3% in the previous quarter. The improved year-over-year adjusted operating margin was mainly attributable to the improved blended RevPAR and increased proportion of manachised and franchised hotels.
Unrealized loss from fair value changes of equity securities for the first quarter of 2018 was RMB136.7 million (US$21.8 million), mainly represents the unrealized loss from our investment in equity securities with readily determinable fair values, such as AccorHotels and Quanjude. According to ASU 2016-01 which was effective from January 1, 2018, we are required to reflect the unrealized gain (loss) from fair value changes related to equity investment (except equity method investment) in net income. The unrealized losses from equity securities in the first quarter of 2018 were due to the lower share prices at end of the first quarter of 2018 compared to those at end of the fourth quarter of 2017. The unrealized gain (loss) will have a significant impact on our GAAP net income going forward. The closing share price of AccorHotels was EUR46.45 on May 11, 2018. Therefore, the unrealized gain on this AccorHotels investment in the second quarter up to May 11, 2018 would have been approximately RMB260 million.
Net income attributable to China Lodging Group, Limited for the first quarter of 2018 was RMB128.5 million (US$20.5 million), compared to RMB152.6 million in the first quarter of 2017 and RMB225.7 million in the previous quarter. Excluding share-based compensation expenses and the unrealized loss from fair value changes of equity securities, adjusted net income attributable to China Lodging Group, Limited (non-GAAP) for the first quarter of 2018 was RMB282.3 million (US$45.0 million), representing a 67.6% year-over-year increase and a 27.9% sequential increase.
Basic and diluted earnings per share/ADS. For the first quarter of 2018, basic earnings per share were RMB0.46 (US$0.07) and diluted earnings per share were RMB0.44 (US$0.07); basic earnings per ADS were RMB1.83 (US$0.29) and diluted earnings per ADS were RMB1.75 (US$0.28). For the first quarter of 2018, excluding share-based compensation expenses and unrealized loss from fair value changes of equity securities, adjusted basic earnings per share (non-GAAP) were RMB1.01 (US$0.16) and adjusted diluted earnings per share (non-GAAP) were RMB0.96 (US$0.15); adjusted basic earnings per ADS (non-GAAP) were RMB4.02 (US$0.64) and adjusted diluted earnings per ADS (non-GAAP) were RMB3.85 (US$0.61).
EBITDA (non-GAAP) for the first quarter of 2018 was RMB405.9 million (US$64.7 million), compared with RMB363.7 million in the first quarter of 2017 and RMB445.8 million in the previous quarter. Excluding share-based compensation expenses and unrealized loss from fair value changes of equity securities, adjusted EBITDA (non-GAAP) for the first quarter of 2018 was RMB559.7 million (US$89.2 million), compared with RMB379.5 million for the first quarter of 2017 and RMB440.9 million for the previous quarter.
Cash flow. Operating cash inflow for the first quarter of 2018 was RMB420.2 million (US$67.0 million). Investing cash outflow for the first quarter was RMB4,023.3 million (US$641.4 million).
In the first quarter of 2018, the Company purchased 10.8 million shares of AccorHotels from public market at cash consideration of EUR489 million. As of March 31, 2018, the Company held a total of 13.1 million AccorHotels shares representing 4.5% of the company. The purchase consideration of this investment amounted to EUR586.8 million, partly financed by a three-year share margin financing facility totaling EUR260 million.
Cash and cash equivalents and Restricted cash. As of March 31, 2018, the Company had a total balance of cash and cash equivalents and restricted cash of RMB4,044.7 million (US$644.8 million).
Debt financing. As of March 31, 2018, the Company had a total debt balance of RMB8,527.8 million (US$1,359.5 million) and the unutilized credit facility available to the Company was RMB830.0 million.
Adoption of New Revenue Recognition Accounting Standards
The Company adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) on January 1, 2018 on a full retrospective basis in the condensed consolidated financial statements. As such, prior period results have been adjusted to reflect the adoption of ASU 2014-09.
The most meaningful impacts of the adoption of ASU 2014-09 are as follows:
Under previous guidance, initial one-time franchise fee was recognized when the hotels opened for business and the Company had fulfilled its commitments and obligations. Upon adoption of new revenue standards the one-time franchise fee will be recognized over the term of the franchise contract.
Under previous guidance, the Company adopted the incremental cost model to account for customer loyalty program. The estimated incremental costs, net of the reimbursement received from the franchisees, are accrued and recorded as accruals for customer loyalty program as members accumulate points and are recognized as cost and expense in the accompanying consolidated statements of comprehensive income. Under new revenue standards, loyalty program is considered a separate performance obligation and the consideration allocated to the loyalty program will be recognized as revenue upon point redemption, net of any cost paid to the franchisees and other third parties.
Guidance
Thanks to the better-than-expected growth in RevPAR outlook, the Company revised upwards the full year net revenues growth estimate from 16%-19% to 18%-22%. In the second quarter of 2018, the Company expects net revenues to grow 24%-26% year-over-year.
The above forecast reflects the Company’s current and preliminary view, which is subject to change.
Conference Call
China Lodging Group’s management will host a conference call at 9 p.m. ET, Monday, May 14, 2018 (or 9 a.m. on Tuesday, May 15, 2018 in the Shanghai/Hong Kong time zone) following the announcement. To participate in the event by telephone, please dial +1 (845) 675 0438 (for callers in the US), +86 400 120 0654 (for callers in China Mainland), +852 3018 6776 (for callers in Hong Kong) or +65 6713 5440 (for callers outside of the US, China Mainland, and Hong Kong) and enter pass code 6426629. Please dial in approximately 10 minutes before the scheduled time of the call.
A recording of the conference call will be available after the conclusion of the conference call through May 22, 2018. Please dial +1 (855) 452 5696 (for callers in the US) or +61 2 9003 4211 (for callers outside the US) and entering pass code 6426629.
The conference call will also be webcast live over the Internet and can be accessed by all interested parties at the Company’s website, http://ir.huazhu.com .
Use of Non-GAAP Financial Measures
To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. GAAP, the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the SEC: hotel operating costs excluding share-based compensation expenses; general and administrative expenses excluding share-based compensation expenses; selling and marketing expenses excluding share-based compensation expenses; adjusted income from operations excluding share-based compensation expenses; adjusted net income attributable to China Lodging Group, Limited excluding share-based compensation expenses and unrealized gain (loss) from fair value changes of equity securities; adjusted basic and diluted earnings per share and per ADS excluding share-based compensation expenses and unrealized gain (loss) from fair value changes of equity securities; EBITDA; and adjusted EBITDA excluding share-based compensation expenses and unrealized gain (loss) from fair value changes of equity securities. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this release. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding Company performance by excluding share-based compensation expenses and unrealized gain (loss) from fair value changes of equity securities that may not be indicative of Company operating performance. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing Company performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. A limitation of using non-GAAP financial measures excluding share-based compensation expenses and unrealized gain (loss) from fair value changes of equity securities is that share-based compensation expenses and unrealized gain (loss) from fair value changes of equity securities have been – and will continue to be – significant and recurring in the Company’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
The Company believes that EBITDA is a useful financial metric to assess the operating and financial performance before the impact of investing and financing transactions and income taxes, given the significant investments that the Company has made in leasehold improvements, depreciation and amortization expense that comprise a significant portion of the Company’s cost structure. In addition, the Company believes that EBITDA is widely used by other companies in the lodging industry and may be used by investors as a measure of financial performance. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization expense attributable to capital expenditures. The Company also uses adjusted EBITDA, which is defined as EBITDA before share-based compensation expenses and unrealized gain (loss) from fair value changes of equity securities, to assess operating results of the hotels in operation. The Company believes that the exclusion of share-based compensation expenses and unrealized gain (loss) from fair value changes of equity securities helps facilitate year-on-year comparison of the results of operations as the share-based compensation expenses and unrealized gain (loss) from fair value changes of equity securities may not be indicative of Company operating performance.
The company believes that unrealized gains and losses from changes in fair value of equity securities are generally meaningless in understanding our reported results or evaluating our economic performance of our businesses. These gains and losses have caused and will continue to cause significant volatility in periodic earnings.
Therefore, the Company believes adjusted EBITDA more closely reflects the performance capability of hotels. The presentation of EBITDA and adjusted EBITDA should not be construed as an indication that the Company’s future results will be unaffected by other charges and gains considered to be outside the ordinary course of business.
The use of EBITDA and adjusted EBITDA has certain limitations. Depreciation and amortization expense for various long-term assets (including land use rights), income tax, interest expense and interest income have been and will be incurred and are not reflected in the presentation of EBITDA. Share-based compensation expenses and unrealized gain (loss) from fair value changes of equity securities have been and will be incurred and are not reflected in the presentation of adjusted EBITDA. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the relevant disclosure of the depreciation and amortization, interest income, interest expense, income tax expense, share-based compensation expenses, and unrealized gain (loss) from fair value changes of equity securities and other relevant items both in the reconciliations to the U.S. GAAP financial measures and in the consolidated financial statements, all of which should be considered when evaluating the performance of the Company.
The terms EBITDA and adjusted EBITDA are not defined under U.S. GAAP, and neither EBITDA nor adjusted EBITDA is a measure of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing the operating and financial performance, investors should not consider these data in isolation or as a substitute for the Company’s net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, the Company’s EBITDA or adjusted EBITDA may not be comparable to EBITDA or adjusted EBITDA – or similarly titled measures utilized by other companies – since such other companies may not calculate EBITDA or adjusted EBITDA in the same manner as the Company does.
Reconciliations of the Company’s non-GAAP financial measures, including EBITDA and adjusted EBITDA, to the consolidated statement of operations information are included at the end of this press release.
About China Lodging Group, Limited
China Lodging Group, Limited is a leading hotel operator and franchisor in China. As of March 31, 2018, the Company had 3,817 hotels or 384,959 rooms in operation. With a primary focus on economy and midscale hotel segments, China Lodging Group’s brands include Hi Inn, HanTing Hotel, Elan Hotel, HanTing Premium Hotel, JI Hotel, Starway Hotel, Joya Hotel, Crystal Orange Hotel, Orange Hotel Select, Orange Hotel and Manxin Hotel. The Company also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in Pan-China region.
The Company's business includes leased and owned, manachised and franchised models. Under the lease and ownership model, the Company directly operates hotels typically located on leased or owned properties. Under the manachise model, the Company manages manachised hotels through the on-site hotel managers it appoints and collects fees from franchisees. Under the franchise model, the Company provides training, reservation and support services to the franchised hotels and collects fees from franchisees but does not appoint on-site hotel managers. The Company applies a consistent standard and platform across all of its hotels. As of March 31, 2018, China Lodging Group operates 22 percent of its hotel rooms under lease and ownership model, 78 percent under manachise and franchise models.
For more information, please visit the Company’s website: http://ir.huazhu.com .
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: The information in this release contains forward-looking statements which involve risks and uncertainties, including statements regarding the Company’s capital needs, business strategy and expectations. Any herein that are not statements of historical fact may be deemed to be forward-looking statements, which may be identified by terminology such as “may,” “should,” “will,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “forecast,” “project,” or “continue,” the negative of such terms or other comparable terminology. Readers should not rely on forward-looking statements as predictions of future events or results. Any or all of the Company’s forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions, risks and uncertainties and other factors which could cause actual events or results to be materially different from those expressed or implied in the forward-looking statements. In evaluating these statements, readers should consider various factors, including the anticipated growth strategies of the Company, the future results of operations and financial condition of the Company, the economic conditions of China, the regulatory environment in China, the Company’s ability to attract customers and leverage its brands, trends and competition in the lodging industry, the expected growth of the lodging market in China and other factors and risks outlined in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F and other filings. These factors may cause the Company’s actual results to differ materially from any forward-looking statement. In addition, new factors emerge from time to time and it is not possible for the Company to predict all factors that may cause actual results to differ materially from those contained in any forward-looking statements. Any projections in this release are based on limited information currently available to the Company, which is subject to change. This release also contains statements or projections that are based upon information available to the public, as well as other information from sources which the Company believes to be reliable, but it is not guaranteed by the Company to be accurate, nor does the Company purport it to be complete. The Company disclaims any obligation to publicly update any forward-looking statements to reflect events or circumstances after the date of this document, except as required by applicable law.
---Financial Tables and Operational Data Follow—
China Lodging Group, Limited Unaudited Condensed Consolidated Balance Sheets December 31, 2017
March 31, 2018
RMB
RMB US$ (in thousands)
ASSETS Current assets: Cash and cash equivalents 3,474,719 3,547,531 565,560 Restricted cash 481,348 497,176 79,262 Short-term investments 129,911 110,841 17,671 Accounts receivable, net 162,910 198,529 31,651 Loan receivables 380,580 160,675 25,615 Amounts due from related parties 118,537 112,416 17,922 Prepaid rent 659,973 563,521 89,838 Inventories 24,006 27,217 4,339 Other current assets 329,140 313,216 49,933 Total current assets 5,761,124 5,531,122 881,791 Property and equipment, net 4,522,878 4,654,417 742,024 Intangible assets, net 1,643,972 1,634,631 260,599 Land use rights 140,108 138,764 22,122 Long-term investments 2,361,969 6,039,743 962,877 Goodwill 2,264,758 2,264,759 361,056 Loan receivables 42,330 124,379 19,829 Other assets 364,660 351,617 56,056 Deferred tax assets 405,975 401,162 63,954 Total assets 17,507,774 21,140,594 3,370,308 LIABILITIES AND EQUITY Current liabilities: Short-term debt 130,815 345,888 55,143 Accounts payable 766,565 720,854 114,921 Amounts due to related parties 36,890 120,813 19,261 Salary and welfare payables 427,070 243,623 38,839 Deferred revenue 942,651 1,003,154 159,925 Accrued expenses and other current liabilities 1,249,032 1,302,380 207,631 Income tax payable 218,238 99,218 15,818 Total current liabilities 3,771,261 3,835,930 611,538 Long-term debt 4,921,774 8,181,918 1,304,390 Deferred rent 1,380,484 1,401,277 223,395 Deferred revenue 398,303 396,444 63,203 Other long-term liabilities 380,578 401,000 63,929 Deferred tax liabilities 422,090 419,950 66,950 Total liabilities 11,274,490 14,636,519 2,333,405 Equity: Ordinary shares 212 213 34 Treasury shares (107,331 ) (107,331 ) (17,111 ) Additional paid-in capital 3,624,135 3,641,310 580,511 Retained earnings 2,512,719 2,681,883 427,555 Accumulated other comprehensive income 167,965 252,499 40,254 Total China Lodging Group, Limited shareholders' equity 6,197,700 6,468,574 1,031,243 Noncontrolling interest 35,584 35,501 5,660 Total equity 6,233,284 6,504,075 1,036,903 Total liabilities and equity 17,507,774 21,140,594 3,370,308
China Lodging Group, Limited Unaudited Condensed Consolidated Statements of Comprehensive Income Quarter Ended March 31, 2017 December 31, 2017 March 31, 2018
RMB RMB RMB US$ (in thousands, except per share and per ADS data)
Revenues: Leased and owned hotels 1,226,644 1,716,259 1,575,977 251,248 Manachised and franchised hotels 379,150 495,851 508,792 81,113 Others 8,268 13,032 6,455 1,029 Net revenues 1,614,062 2,225,142 2,091,224 333,390 Operating costs and expenses: Hotel operating costs: Rents (463,138 ) (560,178 ) (564,372 ) (89,974 ) Utilities (101,974 ) (89,418 ) (125,534 ) (20,013 ) Personnel costs (280,357 ) (412,990 ) (375,935 ) (59,933 ) Depreciation and amortization (169,567 ) (204,147 ) (211,111 ) (33,656 ) Consumables, food and beverage (108,701 ) (154,454 ) (144,432 ) (23,026 ) Others (75,489 ) (202,262 ) (84,651 ) (13,495 ) Total hotel operating costs (1,199,226 ) (1,623,449 ) (1,506,035 ) (240,097 ) Other operating costs (1,933 ) (6,836 ) (2,842 ) (453 ) Selling and marketing expenses (48,902 ) (98,464 ) (65,826 ) (10,494 ) General and administrative expenses (165,343 ) (236,213 ) (158,752 ) (25,309 ) Pre-opening expenses (24,112 ) (71,575 ) (75,271 ) (12,000 ) Total operating costs and expenses (1,439,516 ) (2,036,537 ) (1,808,726 ) (288,353 ) Other operating income (expense), net (1,145 ) 42,563 24,088 3,839 Income from operations 173,401 231,168 306,586 48,876 Interest income 18,332 40,713 34,193 5,451 Interest expense (2,358 ) (34,295 ) (51,457 ) (8,203 ) Other income (expense), net 27,049 (12,939 ) (8,836 ) (1,409 ) Unrealized gain (loss) from fair value changes of equity securities - 24,134 (136,680 ) (21,790 ) Foreign exchange gain (loss) (5,378 ) (2,341 ) 30,012 4,785 Income before income taxes 211,046 246,440 173,818 27,710 Income tax expense (53,858 ) (17,747 ) (44,465 ) (7,088 ) (Loss) from equity method investments (4,654 ) (2,871 ) (3,560 ) (568 ) Net income 152,534 225,822 125,793 20,054 Less: net loss (income) attributable to noncontrolling interest 92 (116 ) 2,731 435 Net income attributable to China Lodging Group, Limited 152,626 225,706 128,524 20,489 Other comprehensive income Unrealized securities holding gains, net of tax 8,736 11,400 - - Reclassification of gains realized to net income, net of tax (3,737 ) - - - Foreign currency translation adjustments, net of tax 1,113 58,502 125,174 19,956 Comprehensive income 158,646 295,724 250,967 40,010 Comprehensive loss (income) attributable to noncontrolling interest 92 (116 ) 2,731 435 Comprehensive income attributable to China Lodging Group, Limited 158,738 295,608 253,698 40,445 Earnings per share: Basic 0.55 0.81 0.46 0.07 Diluted 0.53 0.77 0.44 0.07 Earnings per ADS: Basic 2.19 3.23 1.83 0.29 Diluted 2.12 3.08 1.75 0.28 Weighted average number of shares used in computation: Basic 278,472 279,861 280,701 280,701 Diluted 287,313 298,903 293,243 293,243
China Lodging Group, Limited Unaudited Condensed Consolidated Statements of Cash Flows Quarter Ended
March 31, 2017
December 31, 2017
March 31, 2018
RMB RMB RMB US$ (in thousands)
Operating activities: Net income 152,534 225,822 125,793 20,054 Adjustments to reconcile net income to net cash provided by operating activities: Share-based compensation 15,799 19,245 17,129 2,731 Depreciation and amortization 173,204 208,756 215,671 34,383 Amortization of issuance cost of convertible senior notes - 2,598 7,958 1,269 Deferred taxes 4,470 (82,338 ) 2,672 426 Bad debt expenses 413 1,434 542 86 Deferred rent 14,837 103,688 23,882 3,807 Loss (Gain) from disposal of property and equipment 4,291 (2,795 ) (460 ) (73 ) Impairment loss - 92,480 - - Loss from equity method investments 4,654 2,871 3,560 568 Investment (income) loss (27,016 ) (44,403 ) 137,126 21,861 Changes in operating assets and liabilities, net of effect of acquisitions: Accounts receivable 6,174 10,735 (36,160 ) (5,765 ) Prepaid rent (34,897 ) (131,592 ) 96,452 15,377 Inventories (1,748 ) 3,684 (3,210 ) (512 ) Amounts due from related parties 2,835 (23,967 ) (11,574 ) (1,845 ) Other current assets (7,134 ) (56,720 ) 13,857 2,209 Other assets (21,002 ) 4,691 13,044 2,081 Accounts payable (39,822 ) 35,417 (11,315 ) (1,804 ) Amounts due to related parties (700 ) 4,234 (2,448 ) (390 ) Salary and welfare payables (104,752 ) 223,455 (183,447 ) (29,246 ) Deferred revenue (23,359 ) 23,014 58,644 9,349 Accrued expenses and other current liabilities 105,092 (44,279 ) 51,030 8,135 Income tax payable (46,442 ) (39,224 ) (119,020 ) (18,975 ) Other long-term liabilities 8,583 17,386 20,453 3,261 Net cash provided by operating activities 186,014 554,192 420,179 66,987 Investing activities: Purchases of property and equipment (185,116 ) (267,332 ) (370,977 ) (59,142 ) Purchases of intangibles (826 ) (4,079 ) - - Amount received as a result of government zoning - 2,593 2,528 403 Acquisitions, net of cash received (765,023 ) (330 ) - - Proceeds from disposal of subsidiary and branch, net of cash disposed - 13,684 1,185 189 Purchases of long-term investments (78,609 ) (856,682 ) (3,789,845 ) (604,190 ) Proceeds from maturity/sale of long-term investments 38,613 1,857 2,182 348 Payment for shareholder loan to equity investees (75,980 ) (6,079 ) (6,240 ) (995 ) Payment for the origination of loan receivables (3,400 ) (319,500 ) (132,170 ) (21,071 ) Proceeds from collection of loan receivables 5,812 20,303 270,026 43,048 Net cash (used in) investing activities (1,064,529 ) (1,415,565 ) (4,023,311 ) (641,410 ) Financing activities: Net proceeds from issuance of ordinary shares upon exercise of options 2,190 1,875 47 7 Proceeds from short-term bank borrowings 1,000 - 220,000 35,073 Repayment of short-term bank borrowings (1,000 ) - - - Proceeds from long-term bank borrowings - - 3,450,652 550,115 Repayment of long-term bank borrowings - (1,650,916 ) - - Funds advanced from noncontrolling interest holders 22,739 34,972 - - Repayment of funds advanced from noncontrolling interest holders - - (2,250 ) (359 ) Acquisition of noncontrolling interest (3,750 ) - - - Proceeds from amounts due to related parties - - 86,371 13,770 Contribution from noncontrolling interest holders 310 17,743 4,070 649 Dividends paid to noncontrolling interest holders (650 ) (240 ) (1,422 ) (227 ) Dividends paid - (306,343 ) - - Proceeds from issuance of convertible senior notes, net of issuance cost and capped call option - 2,925,202 - - Debt financing and administrative costs paid - (9,763 ) - - Proceeds from ADS Lending - 7 - - Net cash provided by financing activities 20,839 1,012,537 3,757,468 599,028 Effect of exchange rate changes on cash and cash
equivalents (1,839 ) (21,717 ) (65,696 ) (10,473 ) Net (decrease) increase in cash and cash equivalents, and restricted cash (859,515 ) 129,447 88,640 14,132 Cash, cash equivalents and restricted cash at the beginning of the period 3,235,507 3,826,620 3,956,067 630,690 Cash, cash equivalents and restricted cash at the end of the period 2,375,992 3,956,067 4,044,707 644,822
China Lodging Group, Limited Unaudited Reconciliation of GAAP and Non-GAAP Results Quarter Ended March 31, 2018 GAAP Result % of Net
Revenues
Share-based
Compensation % of Net
Revenues
Non-GAAP
Result % of Net
Revenues
RMB RMB RMB (in thousands)
Hotel operating costs 1,506,035 72.0 % 5,038 0.2 % 1,500,997 71.8 % Other operating costs 2,842 0.1 % - 0.0 % 2,842 0.1 % Selling and marketing expenses 65,826 3.1 % 1,120 0.1 % 64,706 3.0 % General and administrative expenses 158,752 7.6 % 10,971 0.5 % 147,781 7.1 % Pre-opening expenses 75,271 3.6 % - 0.0 % 75,271 3.6 % Total operating costs and expenses 1,808,726 86.4 % 17,129 0.8 % 1,791,597 85.6 % Income from operations 306,586 14.7 % 17,129 0.8 % 323,715 15.5 % . Quarter Ended March 31, 2018
GAAP Result % of Net
Revenues
Share-based
Compensation % of Net
Revenues
Non-GAAP
Result % of Net
Revenues
US$ US$ US$ (in thousands)
Hotel operating costs 240,097 72.0 % 804 0.2 % 239,293 71.8 % Other operating costs 453 0.1 % - 0.0 % 453 0.1 % Selling and marketing expenses 10,494 3.1 % 179 0.1 % 10,315 3.0 % General and administrative expenses 25,309 7.6 % 1,748 0.5 % 23,561 7.1 % Pre-opening expenses 12,000 3.6 % - 0.0 % 12,000 3.6 % Total operating costs and expenses 288,353 86.4 % 2,731 0.8 % 285,622 85.6 % Income from operations 48,876 14.7 % 2,731 0.8 % 51,607 15.5 % Quarter Ended December 31, 2017
GAAP Result % of Net
Revenues
Share-based
Compensation % of Net
Revenues
Non-GAAP
Result % of Net
Revenues
RMB RMB RMB (in thousands)
Hotel operating costs 1,623,449 73.0 % 6,091 0.3 % 1,617,358 72.7 % Other operating costs 6,836 0.3 % - 0.0 % 6,836 0.3 % Selling and marketing expenses 98,464 4.4 % 551 0.0 % 97,913 4.4 % General and administrative expenses 236,213 10.6 % 12,603 0.6 % 223,610 10.0 % Pre-opening expenses 71,575 3.2 % - 0.0 % 71,575 3.2 % Total operating costs and expenses 2,036,537 91.5 % 19,245 0.9 % 2,017,292 90.6 % Income from operations 231,168 10.4 % 19,245 0.9 % 250,413 11.3 % Quarter Ended March 31, 2017
GAAP Result % of Net
Revenues
Share-based
Compensation % of Net
Revenues
Non-GAAP
Result % of Net
Revenues
RMB RMB RMB (in thousands)
Hotel operating costs 1,199,226 74.3 % 4,672 0.3 % 1,194,554 74.0 % Other operating costs 1,933 0.1 % - 0.0 % 1,933 0.1 % Selling and marketing expenses 48,902 3.0 % 287 0.0 % 48,615 3.0 % General and administrative expenses 165,343 10.2 % 10,840 0.7 % 154,503 9.5 % Pre-opening expenses 24,112 1.5 % - 0.0 % 24,112 1.5 % Total operating costs and expenses 1,439,516 89.1 % 15,799 1.0 % 1,423,717 88.1 % Income from operations 173,401 10.7 % 15,799 1.0 % 189,200 11.7 %
China Lodging Group, Limited Unaudited Reconciliation of GAAP and Non-GAAP Results Quarter Ended
March 31, 2017 December 31, 2017 March 31, 2018
RMB RMB RMB US$ (in thousands, except per share and per ADS data)
Net income attributable to China Lodging Group, Limited (GAAP) 152,626 225,706 128,524 20,489 Share-based compensation expenses 15,799 19,245 17,129 2,731 Unrealized loss (gain) from fair value changes of equity securities - (24,134 ) 136,680 21,790 Adjusted net income attributable to China Lodging Group, Limited (non-GAAP) 168,425 220,817 282,333 45,010 Earnings per share (GAAP) Basic 0.55 0.81 0.46 0.07 Diluted 0.53 0.77 0.44 0.07 Earnings per ADS (GAAP) Basic 2.19 3.23 1.83 0.29 Diluted 2.12 3.08 1.75 0.28 Adjusted earnings per share (non-GAAP) Basic 0.60 0.79 1.01 0.16 Diluted 0.59 0.74 0.96 0.15 Adjusted earnings per ADS (non-GAAP) Basic 2.42 3.16 4.02 0.64 Diluted 2.34 2.96 3.85 0.61 Weighted average number of shares used in computation Basic 278,472 279,861 280,701 280,701 Diluted 287,313 298,903 293,243 293,243 Quarter Ended
March 31, 2017 December 31, 2017 March 31, 2018
RMB RMB RMB US$ (in thousands) Net income attributable to China Lodging Group, Limited (GAAP) 152,626 225,706 128,524 20,489 Interest income (18,332 ) (40,713 ) (34,193 ) (5,451 ) Interest expense 2,358 34,295 51,457 8,203 Income tax expense 53,858 17,747 44,465 7,088 Depreciation and amortization 173,204 208,756 215,671 34,383 EBITDA (non-GAAP) 363,714 445,791 405,924 64,712 Share-based compensation 15,799 19,245 17,129 2,731 Unrealized loss (gain) from fair value changes of equity securities - (24,134 ) 136,680 21,790 Adjusted EBITDA (non-GAAP) 379,513 440,902 559,733 89,233
China Lodging Gro up, Limited
Operational Data As of March 31, December 31, March 31, 2017 2017 2018 Total hotels in operation: 3,336 3,746 3,817 Leased and owned hotels 620 671 673 Manachised hotels 2,535 2,874 2,943 Franchised hotels 181 201 201 Total hotel rooms in operation 335,900 379,675 384,959 Leased and owned hotels 78,012 85,018 85,508 Manachised hotels 241,251 275,065 280,133 Franchised hotels 16,637 19,592 19,318 Number of cities 369 378 382 For the quarter ended March 31, December 31, March 31, 2017 2017 2018 Occupancy rate (as a percentage) Leased and owned hotels 85.0 % 87.2 % 85.6 % Manachised hotels 84.6 % 86.6 % 84.0 % Franchised hotels 65.6 % 72.1 % 69.8 % Blended 83.9 % 86.0 % 83.7 % Average daily room rate (in RMB) Leased and owned hotels 204 251 243 Manachised hotels 174 197 194 Franchised hotels 180 232 228 Blended 182 211 207 RevPAR (in RMB) Leased and owned hotels 174 219 208 Manachised hotels 147 170 163 Franchised hotels 118 167 159 Blended 152 181 173 Same-hotel Operational Data: like-for-like performance for leased, manachised and franchised hotels opened for at least 18 months during the current quarter As of and for the quarter ended March 31,
2017 2018 Total 2,813 2,813 Leased and owned hotels 571 571 Manachised hotels 2,242 2,242 Occupancy rate (as a percentage) 85.9 % 86.2 % Average daily room rate (in RMB) 181 192 RevPAR (in RMB) 155 165
Hotel breakdown by segment Number of Hotels in Operation Number of Hotel Rooms in Operation As of March 31, 2018 As of March 31, 2018 Economy hotels 2,864 262,885 HanTing Hotel 2,245 220,877 Leased hotels 440 50,637 Manachised hotels 1,801 169,862 Franchised hotels 4 378 Hi Inn 391 25,753 Leased hotels 30 2,837 Manachised hotels 315 20,160 Franchised hotels 46 2,756 Elan Hotel 220 15,414 Manachised hotels 188 13,433 Franchised hotels 32 1,981 Orange Hotel 8 841 Leased hotels 6 678 Manachised hotels 1 85 Franchised hotels 1 78 Midscale hotels and upscale hotels 953 122,074 JI Hotel 423 57,192 Leased hotels 91 16,078 Manachised hotels 330 40,912 Franchised hotels 2 202 Starway Hotel 173 16,550 Leased hotels 2 386 Manachised hotels 141 13,415 Franchised hotels 30 2,749 Joya Hotel 7 1,197 Leased hotels 4 589 Manachised hotels 2 452 Franchised hotels 1 156 Manxin Hotels & Resorts 15 1,473 Leased hotels 3 447 Manachised hotels 9 922 Franchised hotels 3 104 HanTing Premium Hotel 28 2,493 Leased hotels 11 1,068 Manachised hotels 17 1,425 ibis Hotel 105 13,810 Leased and owned hotels 17 3,124 Manachised hotels 44 4,914 Franchised hotels 44 5,772 ibis Styles Hotel 16 2,238 Manachised hotels 13 1,821 Franchised hotels 3 417 Mercure Hotel 19 4,345 Leased hotels 2 496 Manachised hotels 12 3,007 Franchised hotels 5 842 Novotel Hotel 4 1,697 Manachised hotels 3 1,374 Franchised hotels 1 323 Grand Mercure Hotel 5 1,293 Leased hotels 1 360 Manachised hotels 2 562 Franchised hotels 2 371 Orange Selected 114 13,963 Leased hotels 46 5,990 Manachised hotels 49 5,768 Franchised hotels 19 2,205 Crystal Orange 44 5,823 Leased hotels 20 2,818 Manachised hotels 16 2,021 Franchised hotels 8 984 Total 3,817 384,959
Same-hotel operational data by segment Number of hotels in operation Same-hotel RevPAR Same-hotel ADR Same-hotel Occupancy As of For the quarter ended For the quarter ended For the quarter ended March 31, March 31, yoy
change March 31, yoy
change March 31, yoy
change 2017 2018 2017 2018 2017 2018 2017 2018 Economy hotels 2,406 2,406 141 150 6.4 % 160 170 6.1 % 88.0 % 88.2 % 0.2 % Leased and owned hotels 477 477 147 160 8.7 % 169 182 7.6 % 87.3 % 88.1 % 0.9 % Manachised and franchised hotels 1,929 1,929 139 147 5.6 % 157 166 5.6 % 88.3 % 88.2 % 0.0 % Midscale and upscale hotels 407 407 215 229 6.5 % 279 293 5.0 % 76.9 % 78.0 % 1.0 % Leased hotels 94 94 264 281 6.3 % 320 335 4.9 % 82.6 % 83.7 % 1.1 % Manachised and franchised hotels 313 313 193 205 6.4 % 259 272 5.0 % 74.4 % 75.4 % 1.0 % Total 2,813 2,813 155 165 6.5 % 181 192 6.1 % 85.9 % 86.2 % 0.3 % Contact Information
Investor Relations
Tel: +86 (21) 6195 9561
Email: [email protected]
http://ir.huazhu.com | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-china-lodging-group-limitedareports-first-quarter-of-2018-financial-results.html |
May 4 (Reuters) - PANION ANIMAL HEALTH AB:
* TO CARRY OUT RIGHTS ISSUE OF UNITS OF ABOUT SEK 9.2 MILLION Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-panion-animal-health-to-carry-out/brief-panion-animal-health-to-carry-out-rights-issue-of-units-idUSFWN1SB090 |
PayPal Holdings Inc. has agreed to buy European financial-technology startup iZettle AB for about $2.2 billion, a move that would catapult the U.S. digital-payments giant into hundreds of thousands of brick-and-mortar retailers around the world.
The acquisition, the largest in PayPal’s history, sets up a showdown between the San Jose, Calif., company and Jack Dorsey’s Square Inc., which has built a big payments business catering to coffee shops, flea-market vendors and millions of other small businesses with physical locations... | ashraq/financial-news-articles | https://www.wsj.com/articles/paypal-nears-2-2-billion-deal-for-european-fintech-startup-izettle-1526584777 |
NEW YORK (Reuters) - Rising inflation means the Federal Reserve should hike interest rates two or possibly three more times this year, and could move as soon as next month, Philadelphia Fed President Patrick Harker said on Monday.
Harker, a centrist at the U.S. central bank, said that while he currently sees two more rate rises this year, after an initial policy-tightening in March, “it is possible that we see an acceleration of inflation that I could be supportive of a third” rise.
“I do think it is prudent to continue to move away from the zero lower bound when we can,” Harker said, adding: Inflation “does seem to be moving toward 2 percent ... and there is not much slack in the labor markets, so I think it’s appropriate to continue to move rates up judiciously.”
“That could be as early as June, I don’t know,” added Harker, who in February penciled in only two total rate hikes in 2018.
Reporting by Jonathan Spicer; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-harker/harker-could-back-3-more-fed-rate-hikes-in-face-of-u-s-inflation-idUSKCN1IM254 |
* Aluminium exports rise slightly to 451,000 t in April
* Steel exports up 14.7 pct from March, highest since Aug 2017
* U.S. tariffs not having material impact on aluminium - analyst
By Tom Daly and Muyu Xu
BEIJING, May 8 (Reuters) - China’s aluminium exports inched higher in April as U.S. import tariffs were offset by a spike in international prices due to U.S. sanctions on Rusal that encouraged Chinese firms to send more metal abroad.
Steel exports also jumped, official customs data showed on Tuesday, rising to their highest level since August last year.
The United States imposed a 25 percent duty on steel imports and a 10 percent tariff on aluminium imports, including from China, effective March 23 as U.S. President Donald Trump sought to protect U.S. metal makers.
The United States accounts for around 14 percent of Chinese aluminuim exports but only 1 percent of its steel exports.
Unwrought aluminium and aluminium product exports, including primary, alloy and semi-finished aluminium products, came in at 451,000 tonnes last month, up 0.2 percent from a revised 450,000 tonnes in March and up 4.9 percent from 430,000 tonnes in April 2017, the General Administration of Customs said on Tuesday.
April has one less day than March, so the latest increase was greater on a daily basis.
Exports of steel products, meanwhile, rose 14.7 percent to 6.48 million tonnes in April.
That compared with 5.65 million tonnes in March and 6.49 million tonnes in April 2017.
Washington imposed sanctions on Russia’s Rusal, the world’s second-biggest aluminium producer, on April 6, causing London Metal Exchange (LME) aluminium prices to rise 12.5 percent last month on fears of a supply shortage.
Shanghai aluminium prices climbed only 4.8 percent in April in a well supplied Chinese market, creating a price arbitrage to the LME that encouraged Chinese producers to ship more metal overseas.
“Exports are still happening, which suggests the tariff is not really having a material impact at this point,” said Lachlan Shaw, a metals analyst at UBS in Melbourne.
“Certainly anecdotal reporting from within the U.S. aluminium products manufacturing sector suggests that some fabricators are just paying the tariffs to secure the required imports. So it appears that trade is holding up for now,” he added.
For more details, see (Reporting by Tom Daly and Muyu Xu; additional reporting by Melanie Burton in MELBOURNE; editing by Richard Pullin)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-trade-aluminium/china-april-aluminium-steel-exports-rise-defying-u-s-tariffs-idUSL3N1SE1IZ |
May 18 (Reuters) - Patrick Industries Inc:
* PATRICK INDUSTRIES INC - ON MAY 16, BOARD APPOINTED TODD CLEVELAND, CEO , TO ROLE OF CHAIRMAN OF BOARD - SEC FILING
* PATRICK INDUSTRIES INC - ALSO BOARD APPOINTED SCOTT WELCH AS LEAD INDEPENDENT DIRECTOR Source text: ( bit.ly/2wTxgm7 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-patrick-industries-appointed-todd/brief-patrick-industries-appointed-todd-cleveland-chairman-of-board-idUSFWN1SP0YL |
Ocado shares soar on deal with Kroger to enter the U.S. 11:58am BST - 01:00
Britain's online supermarket Ocado clinched a game-changing deal with Kroger as its exclusive partner in the U.S., securing its entry into the world's biggest market and sending its shares up 50 percent. Jacob Greaves reports.
Britain's online supermarket Ocado clinched a game-changing deal with Kroger as its exclusive partner in the U.S., securing its entry into the world's biggest market and sending its shares up 50 percent. Jacob Greaves reports. //reut.rs/2IoMepS | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/ocado-shares-soar-on-deal-with-kroger-to?videoId=427717124 |
May 2 (Reuters) - Fitbit Inc reported a 17 percent drop in first-quarter revenue on Wednesday, as the wearable device maker sold fewer products in an increasingly competitive market.
The company’s net loss widened to $80.9 million, or 34 cents per share, in the quarter ended March 31, from a loss of $60.1 million, or 27 cents per share, a year earlier.
Fitbit’s revenue fell to $247.9 million from $298.9 million. (Reporting by Munsif Vengattil and Shariq Khan in Bengaluru; Editing by Arun Koyyur)
| ashraq/financial-news-articles | https://www.reuters.com/article/fitbit-results/fitbit-reports-17-pct-drop-in-quarterly-revenue-idUSL3N1S958I |
Mom "rattled" by Southwest's biracial son query 9:08pm IST - 01:02
UC Berkeley women’s head basketball coach Lindsay Gottlieb says Southwest Airlines asked for proof that her biracial baby was hers before they'd allow her to board a fllght.. Linda So reports.
UC Berkeley women’s head basketball coach Lindsay Gottlieb says Southwest Airlines asked for proof that her biracial baby was hers before they'd allow her to board a fllght.. Linda So reports. //reut.rs/2L58XUQ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/30/mom-rattled-by-southwests-biracial-son-q?videoId=431702596 |
JAKARTA (Reuters) - Indonesia’s central bank will hold an additional meeting of its board of governors on Wednesday to discuss economic and monetary conditions, Bank Indonesia said in a statement on Friday.
“The additional meeting will discuss recent economic and monetary conditions as well as future prospects,” the statement said. It did not elaborate. It said the meeting would not replace the regular monthly monetary policy meeting.
The central bank on May 17 raised its benchmark interest rate for the first time since November 2014 in a bid to bolster the fragile rupiah and stem an outflow of capital. The currency has, however, remained weak and was trading near its lowest since October, 2015, this week.
Reporting by Gayatri Suroyo; Writing by Ed Davies; Editing by Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-indonesia-economy-cenbank/indonesia-central-bank-schedules-extra-board-meeting-for-wednesday-idUSKCN1IQ1R6 |
May 10 (Reuters) - Avid Technology Inc:
* AVID TECHNOLOGY ANNOUNCES Q1 2018 RESULTS AND ISSUES Q2 2018 GUIDANCE
* Q1 REVENUE $97.9 MILLION VERSUS I/B/E/S VIEW $100.7 MILLION
* SEES Q2 2018 REVENUE $97 MILLION - $107 MILLION
* SEES Q2 2018 ADJUSTED EBITDA $4 MILLION - $10 MILLION
* QTRLY NET LOSS PER COMMON SHARE $0.22 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-avid-technology-reports-qtrly-net/brief-avid-technology-reports-qtrly-net-loss-per-common-share-0-22-idUSASC0A1MW |
BRUSSELS (Reuters) - About one in 10 British civil servants at the European Commission has taken another EU nationality since the Brexit vote, but are nonetheless resigned to scant prospects of future promotion.
A British passport is pictured in front of an European Union flag in this photo illustration taken in Brussels, Belgium, June 20, 2016. REUTERS/Francois Lenoir/Illustration/Files Figures from European Union data provided to Reuters and interviews reflect a pessimistic view of the future in Brussels for nearly 900 remaining British staff on the EU executive once Britain leaves the bloc in March next year following its June 2016 referendum.
They also highlight the role of nationality in EU career advancement despite a formal taboo on discrimination according to passport — as some Britons have already found to their cost.
“As Brits, our careers here are already finished,” said one mid-ranking official with over 20 years service at the Commission who, like many of those switching, has now acquired an Irish passport through descent.
“But no one will see me as Irish. This is basically just an insurance policy for now.”
President Jean-Claude Juncker gave British staff a formal undertaking in late March that the Commission would not exercise its right to dismiss them after March 29, 2019, when they lose the EU citizenship that is a normal requirement for employment.
But despite such sympathy at the top for their plight, Britons have already been voting with their feet.
Public data shows that on Jan. 1 this year there were 894 Commission employees whose officially recorded first nationality was British. That was down 135, or 13 percent, from a year earlier and 240, or 21 percent, fewer than at the start of 2016.
Internal data cited by an EU official showed that since May 2016 “slightly above 150” Britons retired, resigned or left at the end of the kind of temporary contract given to a quarter of the Commission’s 32,000 staff; some 65 British citizens were hired, but all but four of these were on short-term contracts.
NEW PASSPORTS Strikingly, compared to that net decline of 85, “slightly above 100” more Britons also switched their “first nationality” to another of the 27 EU states, notably to Ireland, where many millions of British people have roots, as well as to France.
In a tweet sent on the day after the Brexit vote devastated his colleagues, one British EU official with dual nationality posted a photo of a bottle of Irish whiskey. Quote: : “Time to connect with my Irishness to numb my wounded Britishness.”
Britain allows dual nationality, so those switching in the EU are not obliged to renounce their private UK citizenship.
Conversations with EU officials — none would speak on the record about personal choices — shows some Britons already had dual citizenship and have merely switched to the “first nationality” recorded in Commission records.
Some raced to acquire new passports after the referendum. Others also have another citizenship but have yet to formally switch to it, while many are thinking of or are applying to other countries.
Among these, notably, is Belgium. It has resisted granting citizenship to some EU officials, despite many having spent decades living in Brussels, on the grounds they have not been in the local tax system. Juncker appealed personally to the Belgian prime minister this month to show them compassion.
The issue of nationality in EU careers is a delicate one. Formally, officials “leave their passports at the door”, though officials also expect teams to reflect the bloc’s diversity.
A Commission spokeswoman told Reuters: “We can’t see how changing first nationality ... could result in any sort of advantage. Promotions of EU officials are based on merit only.”
Even before Brexit, that view is contested by some who say privately that British colleagues have been passed over for expected promotions or removed from work that superiors feared could cause a conflict of loyalties between Brussels and London.
Some British EU staff say that has offended them, arguing that, if anything, they feel the Brexit vote has strengthened their commitment to a project people back home have abandoned.
“It’s been painful,” said one veteran staffer.
“Since the referendum, I feel much less British — but the world sees me as much less European,”
STIFF UPPER LIP Even those switching passports see little hope — certainly not in senior positions, where national governments are unlikely to lobby for what one Irish official described as “re-badged Brits”. Like other capitals, Dublin wants jobs for its own.
The number of Commission officials recording Irish first nationality rose by 37 to 520 in the two years to January.
An Irish EU embassy spokesman said the issue of British EU officials taking Irish nationality was “complex” and that the government was “continuing to monitor matters”.
Even without Brexit, Euro-Brits have been a vanishing breed, reflecting what many of them see as long growing indifference to the EU among British voters and successive London governments.
While they once made up closer to the 13 percent of the current EU population that Britain accounts for, they are today just 3 percent of Commission, albeit better represented in the senior ranks, reflecting longer EU membership than most states and more effort to see “national balance” across the top jobs.
Some British staffers speak of serving out time till their pension; others are sticking to EU ambitions, knowing that the Commission does hire some non-EU nationals with special skills.
Rather than linger in roles of diminishing responsibility, some are looking to follow colleagues into the private sector.
A few are tempted to move to a London civil service that may grow thanks to Brexit; others see little welcome from a British establishment they feel has done little for them. Amid anger, grief and uncertainty, there is deal of British stiff upper lip:
“It’s not the end of the world,” said one. “No one’s going to be helicoptered off the embassy roof, Saigon-style.”
Writing by Alastair Macdonald; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-eu-jobs/exclusive-jumping-ship-brexit-hit-eu-staff-ditch-uk-passports-idINKCN1IF0XI |
NEWPORT BEACH, Calif. (AP) _ American Vanguard Corp. (AVD) on Tuesday reported first-quarter net income of $4.7 million.
The Newport Beach, California-based company said it had profit of 16 cents per share.
The agricultural products company posted revenue of $104.1 million in the period.
American Vanguard shares have climbed roughly 10 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $21.60, an increase of 24 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on AVD at https://www.zacks.com/ap/AVD | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-american-vanguard-1q-earnings-snapshot.html |
Wall Street drops amid trade worries Wednesday, May 02, 2018 - 01:30
Stocks dropped on Wednesday as investors remained concerned about worsening trade relations between the U.S. and China. Fred Katayama reports.
Stocks dropped on Wednesday as investors remained concerned about worsening trade relations between the U.S. and China. Fred Katayama reports. //reut.rs/2KwkexK | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/02/wall-street-drops-amid-trade-worries?videoId=423316164 |
CNBC.com Vera Anderson | Getty Images
Today, Ellen DeGeneres is at the top of her career. As the star of "The Ellen DeGeneres" show, Variety estimates she's bringing in a $50 million a year chatting with the Kardashians, Bill Gates and every celebrity in between.
And her media empire extends beyond television with her online streaming platform EllenTube, content on Amazon's Alexa platform and original shows for YouTube. This year, she's even releasing a stand up special on Netflix .
But as a kid in Louisiana, DeGeneres' circumstances looked much different.
"I was poor growing up," DeGeneres reveals on a recent episode of her show.
It was during those years that DeGeneres began to develop a mindset about money she still holds today.
"We never owned a house when I was growing up," DeGeneres tells Good Housekeeping . "We rented, and we moved about every two years, just far enough to have to start at a new school.
"My mother was a real estate agent for a little while, so I was always looking at houses with her. We couldn't afford to buy one, so it was a frustrating thing as a kid," she continues. "You're imagining, 'This is going to be my room,' and then it was like, 'Oh, we can't afford it.'"
After graduating high school, DeGeneres enrolled in college at the University of New Orleans but dropped out after a semester and began working odd jobs.
She "sold clothes at the Merry-Go-Round chain store at the Lakeside Shopping Center, served food, painted houses, worked at a car wash, bar-tended, wrapped gifts ... sold Hoover vacuums and shucked oysters," Lisa Iannucci writes in " Ellen Degeneres: A Biography ."
When money was tight, DeGeneres decided that if she ever found success, she wouldn't be a miser about her finances.
"I just was like, 'I am never going to have that attitude about money,'" DeGeneres says on her show to guest and fellow comedian Ali Wong.
Wong had joked that she isn't willing to pay for a Netflix subscription despite having a special airing on the platform. "I was so poor for so long and struggling as a comic that I just can't let go," Wong says on the show. "I'm still super duper cheap."
"I had the opposite effect," DeGeneres tells Wong.
"I am always going to just get what I want, I'm going to do what I want. Because I know there is an abundance and I will always have enough," she says. "That's how I live my life."
For DeGeneres, it's about enjoying success: "You shouldn't live your life in fear of money." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/ellen-degeneres-explains-her-attitude-about-money.html |
Euro zone inflation jumped by far more than expected in May on higher energy costs, bringing relief to the European Central Bank after market turbulence that has jeopardized its planned exit from a lavish stimulus program.
Inflation in the 19 countries sharing the euro rose to 1.9 percent from 1.2 percent in April, EU statistics office Eurostat said on Thursday, well above expectations for a 1.6 percent increase, as surging oil prices quickly fed through to consumers.
Excluding volatile energy and unprocessed food prices, inflation was 1.3 percent, from 1.1 percent in April. Another core inflation measure, also excluding alcohol and tobacco, was 1.1 percent in May, from 0.7 percent in April.
The ECB has a mandate to keep inflation below but close to 2 percent, a task that has proven challenging, even with economic growth on its best run in a decade. The ECB has spent months setting up markets for an end to its 2.55 trillion euros ($3 trillion) bond purchase scheme.
However, Italy's political crisis risks reigniting market turbulence on the bloc's periphery and derailing a the bank's exit strategy.
Daniel Roland | AFP | Getty Images Mario Draghi, President of the European Central Bank (ECB) addresses a press conference following the meeting of the ECB's Governing Council in Frankfurt am Main, western Germany, on January 25, 2018. Indeed, ten-year Italian yields surged to a four-year high this week with Spanish, Portuguese and Greek yields also moving higher. The ECB has already amassed 2 trillion euros worth of sovereign debt and will stay in the market at least until the end of September.
But policymakers have long argued that the ECB's mandate is to oversee inflation, not help troubled countries, suggesting little appetite now to give up plans to normalise policy.
ECB board members Benoit Coeure and Sabine Lautenschlaeger both made the case in recent days for ending the bond purchases this year and Thursday's inflation data are likely to support their case.
While policymakers tend to look past oil price shocks, some of them privately argue that the inflation rise over the coming months may bolster their case to end the bond buys even if they know the surge is temporary and the actual inflation picture is more benign.
The ECB will next meet on June 14 when it publishes fresh projections but a decision on whether to wind down the asset buys is more likely to come at the July 26 meeting.
While investors are near unanimous in expecting the ECB to end bond purchases by December after a short taper, forecasts for the bank's first rate hike have shifted quite sharply in recent weeks, from around next April to possibly as late as September.
Eurostat's first estimate of inflation does not include a month-on-month figure.
In a separate release, Eurostat said unemployment in the euro zone fell to 8.5 percent in April from an upwardly revised 8.6 percent in March. A Reuters poll of economists had on average expected a drop to 8.4 percent. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/euro-zone-inflation-well-above-expectations-in-may.html |
May 23, 2018 / 7:22 AM / Updated 5 minutes ago Pakistani girl killed in Texas school shooting buried in Karachi Reuters Staff 2 Min Read
ISLAMABAD (Reuters) - A Pakistani exchange student killed in a mass shooting in Texas last week was buried in her home town of Karachi on Wednesday, her coffin draped with Pakistan’s green and white flag.
Sabika Sheikh, 17, was among eight students and two teachers killed in Texas when Santa Fe High School, southeast of Houston, on Friday joined a grim list of U.S. schools and campuses where students and staff have been gunned down, stoking a divisive debate about gun laws.
Sheikh’s body arrived in Pakistan on Tuesday night and the funeral was held at a graveyard near her home in Karachi in the middle class Gulshe-e-Iqbal neighbourhood.
Among about 400 people at the funeral was U.S. Ambassador David Hale and politicians from the provincial Sindh government.
“This innocent girl had gone to brighten the name of Pakistan,” Amir Khan, a senior leader of the Muttahida Quami Movement party which forms the city government in Karachi, told reporters at the funeral. Aziz Sheikh father of Sabika Aziz Sheikh, a Pakistani exchange student, who was killed with others when a gunman attacked Santa Fe High School in Santa Fe, Texas, U.S., sits in an ambulance next to her coffin, wrapped in national flag, during a funeral in Karachi, Pakistan May 23, 2018. REUTERS/Akhtar Soomro
“But due to bad luck in a country that accuses the world of terrorism, she became a victim of terrorism herself.”
Sheikh’s father, Aziz, said earlier the thought of school shootings had never crossed his mind when he sent Sabika to study in the United States.
“Sabika’s case should become an example to change the gun laws,” Aziz Sheikh told Reuters. [L3N1SS2PQ] Slideshow (3 Images)
Sabika was part of the YES exchange programme funded by the U.S. State Department, which provides scholarships for students from countries with significant Muslim populations to spend an academic year in the United States. She was due to return to Pakistan on June 9.
“I have no words to express my feelings,” family friend Mohammad Ali said after the coffin arrived at the family home. “It is a great loss to Pakistan. She wanted to do a lot for this country.” Writing by Saad Sayeed; Editing by Nick Macfie | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-texas-shooting-pakistan/pakistani-girl-killed-in-texas-school-shooting-buried-in-karachi-idUKKCN1IO0T2 |
HONG KONG, May 23 (Reuters) - China welcomes high-quality and competitive products made by the United States to enter its market, the commerce ministry said on Wednesday.
Both China and the United States will seriously implement a deal reached in Washington, including the purchase of farm and and energy products, the ministry said in a statement.
China said on Tuesday it would cut import tariffs for automobiles and car parts in the effort to further open up its markets. (Reporting by Beijing Monitoring Desk Editing by Clarence Fernandez)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-trade-usa/china-welcomes-high-quality-u-s-products-to-enter-its-market-idUSB9N1RQ00Y |
possible"@
* ShFE plans 380-centistoke bonded fuel oil contract
* Would be China's second bonded energy futures contract
* Bourse will bring forward natgas, oil product futures -chairman (Adds detail)
BEIJING, May 29 (Reuters) - The Shanghai Futures Exchange (ShFE) will list a new fuel oil contract "as soon as possible," according to a copy of a speech delivered by its chairman on Tuesday, as the bourse pushes to expand in the competitive commodities derivatives market.
The 380-centistoke bonded fuel oil contract would be China's second bonded energy futures after the March launch of crude oil futures on the Shanghai International Energy Exchange (INE), a ShFE subsidiary.
Chairman Jiang Yan said the ShFE would also launch pulp futures contracts, while bringing forward the development of natural gas and other refined oil product futures.
It will also accelerate the internationalization of futures products to attract more foreign investors, he added in his speech to the Shanghai Derivatives Market Forum, a copy of which was available on the exchange's website.
A senior ShFE official told Reuters the bourse wanted the new fuel oil futures to replace its existing 180-centistoke contract "pretty soon" and that - unlike the current contract - the new one would be open to foreign investors.
The official declined to be identified because the information is not yet public.
The INE's crude oil contract was the first commodities derivatives contract in China to be opened to foreign investors when it launched in March, while an iron ore contract on the Dalian Commodity Exchange went international on May 4.
The ShFE is continuing to make preparations to list options for rubber and copper, Jiang said. The exchange is currently testing out copper options via simulated trading.
The chairman said ShFE would explore opportunities to set up warehouses in the Hainan free-trade zone, which China is aiming to establish by 2020, and overseas, without specifying for which commodities.
(Reporting by Tom Daly; additional reporting by Aizhu Chen; Editing by Sherry Jacob-Phillips and Joseph Radford) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-update-2-shanghai-exchange-says-to-list-new-fuel-oil-contract-as-soon-as-possible.html |
(Updates with Felda official statement, background)
KUALA LUMPUR, May 14 (Reuters) - The chairman of Malaysia’s state palm oil plantation agency, the Federal Land Development Authority (Felda), has resigned, an agency spokesman said on Monday, confirming earlier reports.
The move follows shock election results in which the coalition that has ruled the country for six decades was defeated.
“Effective today I resign as the chairman of Felda. My resignation letter has been sent to Mahathir Mohamad, the prime minister of Malaysia,” Shahrir Samad said in a statement released on Monday evening.
“Seeing as I was elected as Felda chairman by the previous government, it is only fair for me to resign in an institution led by a new government.”
Shahrir, a former federal minister, was appointed as Felda’s chairman in January 2017.
Malaysia’s palm oil settlers, oil palm farmers working for Felda, have been grappling with rising costs of living and high debt levels due to insufficient incomes.
Both Mahathir’s alliance and the coalition led by ousted prime minister Najib Razak campaigned vigorously in Felda settlements leading up to the polls held last week, with both parties promising to improve living conditions and erase debts.
Felda settlers form the majority of voters in at least 54 of the 222 seats in the national parliament, and have been pivotal in the former ruling coalition winning every election since Malaysia’s independence in 1957. (Reporting by Emily Chow; Editing by Kim Coghill)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-felda/update-1-malaysia-state-palm-oil-agency-felda-says-chairman-steps-down-idUSL3N1SL47N |
ZURICH, May 25 (Reuters) - Swiss luxury goods group Richemont has clinched its takeover offer for Yoox Net-a-Porter (YNAP) by garnering more than 95 percent of the Italian group’s shares, the companies said on Friday.
Cartier owner Richemont, which like many rivals in the watch industry and high fashion world has been slow to move into selling online, had offered 38 euros per share for YNAP. The stock closed on Thursday at just below that level.
The offer valued YNAP at 5.3 billion euros ($6.20 billion).
$1 = 0.8542 euros Reporting by Michael Shields
| ashraq/financial-news-articles | https://www.reuters.com/article/ynap-ma-cmpne-financiere/richemont-clinches-takeover-of-yoox-net-a-porter-idUSFWN1SV12E |
May 22, 2018 / 8:16 PM / a few seconds ago Urban Outfitters first-quarter sales beat estimates
(Reuters) - Apparel retailer Urban Outfitters Inc ( URBN.O ) reported quarterly sales that beat analysts’ estimates on Tuesday, driven by higher sales on its online platform and at its stores. FILE PHOTO: An Urban Outfitters store front is seen in Evanston, Illinois, U.S. May 13, 2016. REUTERS/Jim Young/File Photo
Net income rose to $41.3 million, or 38 cents per share, in the first quarter ended April 30, from $11.9 million, or 1 cent per share, a year earlier.
Net sales rose 12.4 percent to $855.7 million, beating analysts’ average estimate of $838.1 million, according to Thomson Reuters I/B/E/S. Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta | ashraq/financial-news-articles | https://www.reuters.com/article/us-urban-outfitters-results/urban-outfitters-first-quarter-sales-beat-estimates-idUSKCN1IN2UE |
An Asteroid the Size of a City Block Will Fly Close to Earth Today Asteroid rendering By Emily Price 12:51 PM EDT
Earth is going to come in close contact with an asteroid Tuesday the size of a city block. The asteroid is set to fly by at 6:05 p.m. ET, and will be within 126,419 miles of Earth, roughly half the distance from the Earth to the moon, Weather.com reports .
While we don’t typically see astroids fly that close to the Earth’s surface, it’s not an uncommon occurrence. NASA says that an asteroid this size come this close to Earth roughly every decade. Still, it’s a great opportunity for scientists to observe the astroid’s flight, as well as a great chance for regular people to catch a glimpse—thanks to its size and proximity to Earth, it should be visible with just a small telescope. 'Lost' asteroid to pass closely May 15: https://t.co/GReylBTMIr
Asteroid 2010 WC9 will pass at about half the moon's distance, in one of the closest approaches ever observed of an asteroid of this size.
Click in for information about viewing online. pic.twitter.com/QBNXQ036wd
— EarthSky (@earthskyscience) May 12, 2018
This is the closest this particular asteroid, known as 2010 WC9, has gotten to Earth in 300 years.
While the asteroid will be fairly close to Earth, the 200-400-foot rock won’t be close enough to be seen by the naked eye. If you don’t have a telescope and want to snag a look, the Norholt Branch Observatories in London will be live-streaming a telescopic view of the astroid’s approach on its Facebook page around 7 p.m. ET. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/asteroid-size-city-block/ |
NEW YORK (Reuters) - The U.S. economy is likely growing at a 3.01 percent annualized pace in the second quarter, slower than the 3.20 percent pace estimated a week earlier, the New York Federal Reserve’s Nowcast model showed on Friday.
It lowered its projection on gross domestic product in the second quarter after data that showed declines in new home sales and durable goods orders.
Reporting by Richard Leong
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-economy-nyfed/n-y-fed-pares-u-s-second-quarter-gdp-growth-view-to-3-01-percent-idUSKCN1IQ2BC |
May 4, 2018 / 4:34 AM / Updated 6 hours ago New car sales rise for first time in a year, diesel slumps again Reuters Staff 1 British new car registrations ended a year-long run of declines to rise by an annual 10.4 percent in April although an industry body cautioned the increase reflected a poor performance in the same month last year. Cars are displayed outside a showroom in west London October 4, 2013. REUTERS/Luke MacGregor
Demand in April 2017 dropped 20 percent as a tax rise came into effect.
Sales last month reached 167,911 units according to the Society of Motor Manufacturers and Traders (SMMT) which also said there were more selling days last month compared with the April 2017 due to the timing of Easter.
Demand for diesel cars dropped by 25 percent in Europe’s second-largest autos market as customers continued to worry about tax rises and looming bans and restrictions in many countries.
“Consumers need certainty about future policies towards different fuel types, including diesel, and a compelling package of incentives to deliver long-term confidence in the newest technologies,” said SMMT CEO Mike Hawes. Reporting by Costas Pitas; Editing by William Schomberg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-economy-autos/new-car-sales-rise-around-10-percent-in-april-preliminary-data-idUKKBN1I509S |
7 Hours Ago | 02:52
Russia's second-largest bank said it has halted lending to Russian billionaire Oleg Deripaska following U.S. sanctions against the oligarch.
"Of course, we are not lending any new money to him, we are not having any operations with him," Andrei Kostin, the president of VTB Bank told CNBC's Geoff Cutmore .
He said the bank is waiting to see what the U.S. Office of Foreign Assets Control (OFAC), which administers economic sanctions, does next. The United States in April slapped sanctions on a group of Russians including Deripaska, who has since announced plans to quit his post as director of aluminum giant Rusal.
"With Rusal and others, we're waiting for the OFAC decisions, but we hope that the issue will be resolved because we are a big creditor to him so we need to return our money," he said, insisting that the bank's business would not be affected.
"The business with newly sanctioned institutions represents less than 2 percent of our assets so of course it will affect us to a certain extent but we still have to see what's going to happen with them as there's some discussion that they could be lifted for Rusal and some other companies. So we shall see, but at the moment it doesn't represent a huge problem for us," he said.
Deripaska quit the EN+ board (Rusal's parent company) a few days ago and said he would reduce his majority stake in the company to below 50 percent in a bid to reduce pressure on the company and its subsidiary — both of which were listed on the "oligarch-owned companies" list under the new U.S. sanctions.
He also said he would quit the board of Rusal, although on Monday the firm said it had not yet received a formal resignation, Reuters reported.
Deripaska's attempt to distance himself from those companies comes after the U.S. decision to impose sanctions on the aluminum firm and other companies in which the Russian billionaire is a major shareholder.
Speaking on oligarchs like Deripaska , Treasury Secretary Steven Mnuchin said in a damning statement in April that this was punishment for alleged Moscow meddling in the U.S. election and other "malign activity."
"Deripaska has said that he does not separate himself from the Russian state. He has also acknowledged possessing a Russian diplomatic passport, and claims to have represented the Russian government in other countries. Deripaska has been investigated for money laundering, and has been accused of threatening the lives of business rivals, illegally wiretapping a government official, and taking part in extortion and racketeering." U.S. Treasury sanctions announcement, April 6 2018. 'The world knows me as banker'
Kostin was also placed on the latest sanctions list as a "Russian government official" although he denied that, telling CNBC it was "unfair."
"I'm listed as a senior government official, which I'm not. I'm the chairman of one of the leading commercial, internationally-listed banks, and the 'malign activity' that was mentioned included Ukraine, hacking and Syria or undermining American democracy , and I have nothing to do with this, of course. All the banking community around the world knows me as banker," he said.
He said he had no fear that he could be removed from the leadership of VTB as he was not a shareholder.
"I'm not an owner. If they want to do something to VTB, they'll have to deal with the 40 percent of foreign investors and the 60 percent of the Russian government. I own nothing of VTB, I have a very, very small part but this is a different case , Mr. Deripaska is facing the problem when he has to somehow step down not only as an executive but as a shareholder, an owner of the company," he said.
"But I don't think it's the end of the world if they find a solution. As far as I understand, Mr Deripaska agreed not to be the major shareholder for the sake of the company … So hopefully the issue can be resolved. Rusal is a well-known, international company with a substantial share of the aluminum market and hopefully it will continue to work."
Kostin added that he had not experienced any difficulties so far, despite the personal sanctions on him.
"At the moment I haven't seen any specific problems. Some people are saying that the reason I was on the list is because I was giving too many interviews to leading American TV channels like yourself," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/oleg-deripaska-vtb-says-it-has-stopped-lending-to-sanctioned-oligarch.html |
LONDON (Reuters) - Britain is looking at information as the government receives it from the United States over the impact of new sanctions on Iran, Prime Minister Theresa May’s spokesman said on Wednesday when asked whether assurances had been sought for companies.
“We’re obviously at an early point in this process and we’re looking at information as we receive it from the U.S,” he told reporters. “But that is obviously something we’ll be talking about with our European counterparts as well.”
Reporting by Elizabeth Piper; editing by Stephen Addison
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-britain-business/britain-looking-at-impact-of-u-s-sanctions-on-iran-mays-spokesman-idUSKBN1IA1SA |
KUALA LUMPUR (Reuters) - Malaysia’s finance minister said on Friday he has asked the Inland Revenue Board to investigate financier Low Taek Jho and his family in relation to 1Malaysia Development Berhad (1MDB), the state fund at the heart of massive anti-corruption probe.
Malaysia's Finance Minister Lim Guan Eng speaks during a news conference in Putrajaya, Malaysia May 24, 2018. REUTERS/Lai Seng Sin Lim Guan Eng said in a tweet: “The Inland Revenue Board is asked to investigate Jho Low and his family in relation to any returns or anything received in the 1MDB scandal.”
The whereabouts of Low, a close friend of former prime minister Najib Razak’s family, are unknown. He has previously denied any wrongdoing. Najib, who was defeated in an election two weeks ago, has been barred from leaving Malaysia, as the new government has relaunched an investigation into how billions of dollars disappeared from 1MDB.
Reporting by John Geddie; Editing by Simon Cameron-Moore
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-1mdb-jho-low/malaysias-tax-office-to-investigate-jho-low-over-1mdb-finance-minister-idUSKCN1IQ10F |
Scientists Have Created Synthetic Embryos. Here's What That Could Mean for Humans Could it help us understand human embryo development? Photograph by Sandy Huffaker — Getty Images By Sy Mukherjee May 3, 2018
Dutch scientists have made yet another advance in embryonic science , creating synthetic embryos (mouse embryos, that is) without the need for sperm or eggs. Down the line, the achievement could have implications for human infertility, too.
Using mouse cells that weren’t gametes (the traditional sex cells), researchers from the MERLN Institute for Technology-Inspired Regenerative Medicine in the Netherlands were able to create “blastocyst-like structures” —which form during the early developmental stage for mammals. This was done using just two types of mouse stem cells, and the resulting mass of cells resembled what you’d expect from the more traditional baby-forming process. What’s more, these structures were then attached to the wombs of female mice and grew for several days in what the scientists claim is a medical first.
Subscribe to Brainstorm Health Daily , our newsletter about the most exciting health innovations.
So how exactly might such biomedical technology benefit humans? For one, it could assist in infertility research, including the kind centering on miscarriages that occur at the implantation stage of development. “We can now generate extremely large numbers of these embryos and study them in detail,” lead researcher Dr. Nicolas Rivron told the BBC . “It could help us understand why some embryos fail to implant and let us screen for drugs that might help with fertility.”
But that reality may be a ways away. For one thing, creating and implanting artificial human embryos would require regulatory clearance. Nations like China and the U.K. have been somewhat more lenient on this issue than the United States (the U.K. paved the way for three-parent babies to combat devastating genetic disorders back in 2016), but most things involving even a whiff of genetic engineering still come with a fair bit of bioethical controversy. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/03/synthetic-embryos-stem-cells-infertility/ |
(Adds details on funds, analyst Quote: , table, byline) By Trevor Hunnicutt NEW YORK, May 24 (Reuters) - U.S. fund investors streamed into U.S. stocks for a second straight week, according to Lipper data on Thursday, betting that domestic equities can dodge the threat of a retaliatory trade war and economic-slowdown risks. Equity mutual funds and exchange-traded funds (ETFs) took in $3.7 billion during the seven-day stretch that ended May 23, while their taxable-bond counterparts attracted $3.1 billion, the research service said. Nine in 10 dollars that went into stocks moved into funds primarily invested within the United States. The inflows into stocks and bonds supported a market being blown many different directions by rising rates, trade conflict and other geopolitical crosscurrents even as corporate earnings strengthen. "I was pretty amazed by the numbers," said Tom Roseen, head of research services for Thomson Reuters' Lipper unit, noting the rise since April in both oil prices and U.S. bond yields, though both assets have eased a bit off their highs. "We still have headwinds as far as global markets go and that could dampen global growth." Small-cap funds, seen as less influenced by global economic factors as by domestic demand and corporate tax cuts, pulled in $2.6 billion, the most since April 2017. Global equities in 47 countries measured by MSCI Inc have returned just over 1 percent this year as the U.S. feuds with China over trade and North Korea over nuclear weapons. Emerging market currencies sank on economic concerns in Argentina and Turkey, while Italian government bond yields soared on fears the government could shred euro zone unity. Softening the blow, Roseen said, were notes from the U.S. Federal Reserve's May 1-2 meeting released on Wednesday that showed policymakers were still ready to raise rates but seeing limited signs that inflation has already gotten out of hand. The march higher in yields, which pushes bond prices lower, has done little to hurt demand for funds invested in those bonds. Corporate investment-grade debt funds, for instance, took in their 11th straight week of cash. Higher yields did help bank sector funds pull in $330 million, while debt-sensitive real estate sector funds posted $334 million in withdrawals. Strong oil prices helped energy stock funds draw $560 million in new cash, the most since January. And healthcare funds posted $533 million just one week after their largest inflows of the year after a policy speech by U.S. President Donald Trump on drug prices. The following is a breakdown of the flows for the week, including mutual funds and ETFs: Sector Flow Chg % Assets Assets Count ($blns) ($blns) All Equity Funds 3.666 0.05 7,461.469 12,318 Domestic Equities 3.371 0.07 5,168.998 8,770 Non-Domestic Equities 0.296 0.01 2,292.471 3,548 All Taxable Bond Funds 3.057 0.11 2,776.305 6,066 All Money Market Funds 2.967 0.11 2,693.895 1,041 All Municipal Bond Funds 0.233 0.05 427.735 1,485 (Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and Cynthia Osterman)
| ashraq/financial-news-articles | https://www.reuters.com/article/investment-mutualfunds-lipper/update-1-u-s-fund-investors-hunker-down-in-domestic-stocks-idUSL2N1SV2JP |
May 3 (Reuters) - VICTORIA PARK AB:
* VICTORIA PARK HAS RECEIVED A PUBLIC CASH OFFER FROM VONOVIA: THE INDEPENDENT BID COMMITTEE RECOMMENDS THE OFFER
* INDEPENDENT BID COMMITTEE UNANIMOUSLY RECOMMENDS SHAREHOLDERS IN VICTORIA PARK TO ACCEPT OFFER
* BID COMMITTEE DOES NOT RECOMMEND TO ACCEPT STARWOOD CAPITAL GROUP’S OFFER TO SHAREHOLDERS IN VICTORIA PARK WITH REGARD TO PREFERENCE SHARES Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-victoria-park-independent-bid-comm/brief-victoria-park-independent-bid-committee-recommends-offer-from-vonovia-idUSFWN1SA063 |
May 3 (Reuters) - Tai-Saw Technology Co Ltd
* Says it will issue up to 15 million shares, to replenish working capital and repay loans
* 10 percent to 15 percent of the new shares will be offered to the company’s employees
Source text in Chinese: goo.gl/YoCXBY
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tai-saw-technology-to-issue-up-to/brief-tai-saw-technology-to-issue-up-to-15-mln-shares-idUSL3N1SA3TU |
LONDON--(BUSINESS WIRE)-- LivaNova PLC (NASDAQ:LIVN) (“LivaNova” or the “Company”), a market-leading medical technology and innovation company, today reported results for the quarter ended March 31, 2018.
For the first quarter of 2018, worldwide sales from continuing operations were $250.4 million, an increase of 10.4 percent on a reported basis and an increase of 5.3 percent on a constant currency basis, as compared to the same quarter of the previous year. On the basis of U.S. Generally Accepted Accounting Principles ("GAAP"), first quarter 2018 diluted earnings per share from continuing operations were $0.36. First quarter 2018 adjusted diluted earnings per share from continuing operations were $0.68.
“We are continuing our positive momentum into 2018. Since the beginning of the year, we announced the commencement of 4 new clinical studies, received approval for 2 products, completed a strategic acquisition and executed a divestiture. We delivered solid top-line growth, invested in marketing, product development and clinical activities, and grew our earnings,” said Damien McDonald, LivaNova's Chief Executive Officer. “Our Neuromodulation business benefited from strong demand for our newest VNS Therapy ® System, SenTiva ® , which received U.S. Food and Drug Administration approval in October 2017 and CE Mark approval in April 2018. Cardiac Surgery also experienced strong growth, driven by sales of our S5 ® heart-lung machine and our Perceval ® sutureless aortic heart valve. We completed our acquisition of TandemLife and the divestiture of our Cardiac Rhythm Management business to MicroPort Scientific Corporation. We will now focus on the next stage of our growth strategy for our Cardiac Surgery and Neuromodulation portfolios, where we have strength and market leadership. While we continue to deliver quality care to patients around the world, this focus will allow us to deliver long-term value to our stakeholders.”
First Quarter 2018 Results
Worldwide sales from continuing operations for the first quarter were $250.4 million, up 5.3 percent on a constant currency basis compared to the first quarter of 2017. The following table highlights worldwide sales for the first quarter of 2018 by business:
$ in millions Three months ended March 31, % Change Constant
Currency
% Change
Business / Product Line: 2018 2017 Cardiopulmonary $125.1 $107.3 16.6 % 9.1 % Heart Valves 31.0 31.9 (2.7 %) (9.5 %) Cardiac Surgery 156.2 139.2 12.2 % 4.9 % Neuromodulation 93.8 87.2 7.7 % 6.2 % Other 0.4 0.5 — % — % Total Net Sales $250.4 $226.8 10.4 % 5.3 % Note: Numbers may not add up precisely due to rounding. Constant currency % change is considered a non-GAAP metric.
For discussion purposes, all sales growth rates below reflect comparable, constant currency growth. Constant currency growth accounts for the impact from fluctuations in the various currencies in which the Company operates as compared to reported growth.
Cardiac Surgery
Cardiac Surgery sales, which include cardiopulmonary products and heart valves, were $156.2 million, representing a 4.9 percent increase versus the first quarter of 2017.
Sales in cardiopulmonary products were $125.1 million, representing a 9.1 percent increase versus the first quarter of 2017. Growth in heart-lung machines was the major contributor to favorable performance in every region, primarily due to customer upgrades from legacy S3 ® to current S5 machines.
Heart valve sales for both tissue and mechanical heart valves, were $31.0 million, a decrease of 9.5 percent compared to the first quarter of 2017. Strong growth in demand for the Perceval sutureless aortic heart valve was more than offset by the expected loss of a contract manufacturing customer and by continued declines in mechanical and traditional tissue valves.
Neuromodulation
Neuromodulation sales were $93.8 million in the first quarter, representing a 6.2 percent increase versus the first quarter of 2017, driven by strong demand for the SenTiva VNS Therapy System.
Cardiac Rhythm Management
On November 20, 2017, LivaNova entered into a binding Letter of Intent for the sale of the company’s Cardiac Rhythm Management business to MicroPort Scientific Corporation. The transaction closed on April 30, 2018. All current quarter and historical financial results for this business are captured on the income statement under Discontinued Operations.
Financial Performance
On a U.S. GAAP basis, first quarter 2018 operating income from continuing operations was $12.5 million. Adjusted operating income from continuing operations for the first quarter of 2018 was $41.5 million, a decrease of 9.6 percent as compared to the first quarter of 2017. This was primarily due to increased investments in sales and marketing activities, product innovation and clinical trials to support sales growth and gross margin expansion, and a negative impact from foreign currency.
Our adjusted effective tax rate in the quarter was 15.7 percent, an improvement from 23.5 percent in the first quarter of 2017 as a result of ongoing tax efforts and the recent changes in U.S. and U.K. tax laws.
On a U.S. GAAP basis, first quarter 2018 diluted earnings per share from continuing operations were $0.36. First quarter 2018 adjusted diluted earnings per share from continuing operations were $0.68, an increase of 1.5 percent as compared to the first quarter of 2017.
2018 Revised Guidance
Aligned with LivaNova’s strategic growth initiatives, we completed the acquisition of TandemLife on April 4, 2018. As a result of this acquisition and changes in the tax laws, certain guidance for full-year 2018 is being revised.
LivaNova worldwide net sales for full-year 2018 are now expected to grow between 6 and 8 percent on a constant currency basis. Full-year 2018 effective tax rate is now expected to be in the range of 18 to 20 percent. Adjusted diluted earnings per share for 2018 are now expected to be in the range of $3.50 to $3.70.
Webcast and Conference Call Instructions
The Company will host a live audio webcast for interested parties commencing at 2 p.m. London time (9 a.m. Eastern Daylight Time) on Wednesday, May 2, 2018 that will be accessible through the Investor Relations section of the LivaNova corporate website at www.livanova.com . To listen to the conference call live by telephone, dial (866) 393-4306 (if dialing from within the U.S.) or (734) 385-2616 (if dialing from outside the U.S.). The conference ID is 4355139.
Within 24 hours of the webcast, a replay will be available under the "News & Events / Presentations" section of the Investor Relations portion of the LivaNova website, where it will be archived and accessible for approximately 12 months.
About LivaNova
LivaNova PLC is a global medical technology company built on nearly five decades of experience and a relentless commitment to improve the lives of patients around the world. LivaNova’s advanced technologies and breakthrough treatments provide meaningful solutions for the benefit of patients, healthcare professionals and healthcare systems. Headquartered in London, LivaNova has a presence in more than 100 countries worldwide. The Company currently employs more than 3,500 employees. LivaNova operates as two businesses: Cardiac Surgery and Neuromodulation, with operating headquarters in Mirandola (Italy) and Houston (U.S.A.), respectively.
For more information, please visit www.livanova.com .
Use of Non-GAAP Financial Measures
In this press release, management has disclosed financial measurements that present financial information not necessarily in accordance with GAAP. Company management uses these measurements as aids in monitoring the Company’s ongoing financial performance from quarter to quarter and year to year on a regular basis and for benchmarking against other medical technology companies. Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, the operating performance measure as prescribed by GAAP.
Unless otherwise noted, all sales growth rates in this release reflect comparable, constant currency growth. Management believes that referring to comparable, constant currency growth is the most useful way to evaluate the sales performance of LivaNova and to compare the sales performance of current periods to prior periods on a consistent basis. Constant currency growth, a non-GAAP financial measure, measures the change in sales between current and prior-year periods using average exchange rates in effect during the applicable prior-year period.
The Company also believes adjusted financial measures such as adjusted diluted earnings per share, adjusted operating income and adjusted tax rate are meaningful and allow investors to evaluate the Company’s performance for different periods on a more comparable basis by adjusting for items that are not related to the ongoing operations of the Company.
Safe Harbor Statement
Certain statements in this press release, other than purely historical information, are “ ” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, LivaNova’s plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual financial results, performance, achievements or prospects may those expressed or implied by these . In some cases, you can identify by the use of words such as “may,” “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” “believe,” “will,” “should,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “forecast,” “foresee,” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such are necessarily based on estimates and assumptions that, while considered reasonable by LivaNova and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. These statements are not guarantees of future performance, and stockholders should not place undue reliance on . Investors are cautioned that all such statements involve risks and uncertainties, including without limitation, statements concerning achieving a stronger future, driving sustainable growth and value to our shareholders, projected net sales, adjusted diluted earnings per share, cash flow from operations, capital expenditures, and depreciation and amortization for 2018, advancing our growth, driving product launches and funding our equity investments, executing on our synergy targets and retaining our focus, energy and discipline as a company, serving the needs of our customers and patients, and delivering strong value to our shareholders. Important factors that may cause actual results to differ include, but are not limited to: (i) the inability of LivaNova to meet expectations regarding the timing, completion and accounting of tax treatments; (ii) organizational and governance structure; (iii) reductions in customer spending, a slowdown in customer payments and changes in customer demand for products and services; (iv) unanticipated changes relating to competitive factors in the industries in which LivaNova operates; (v) the ability to hire and retain key personnel; (vi) the ability to attract new customers and retain existing customers in the manner anticipated; (vii) changes in legislation or governmental regulations affecting LivaNova; (viii) international, national or local economic, social or political conditions that could adversely affect LivaNova, its partners or its customers; (ix) conditions in the credit markets; (x) business and other financial risks inherent to the industries in which LivaNova operates; (xi) risks associated with assumptions made in connection with critical accounting estimates and legal proceedings; (xii) LivaNova’s international operations, which are subject to the risks of currency fluctuations and foreign exchange controls; (xiii) and the potential for international unrest, economic downturn or effects of currencies, tax assessments, tax adjustments, anticipated tax rates, raw material costs or availability, benefit or retirement plan costs, or other regulatory compliance costs. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the Company’s business, including those described in the “Risk Factors” section of Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed from time to time with the United States Securities and Exchange Commission by LivaNova.
We caution you not to place undue reliance on any , which are made only as of the date of this press release. The Company does not undertake or assume any obligation to update publicly any of the in this press release to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting , except to the extent required by applicable law. If we update one or more , no inference should be drawn that we will make additional updates with respect to those or other .
LIVANOVA PLC QUARTERLY SALES (U.S. dollars in millions) Three Months Ended March 31, 2018 2017 % Change at
Actual Currency
Rates
% Change at
Constant
Currency Rates (1)
Cardiopulmonary US $38.4 $32.2 19.5 % 19.5 % Europe 36.9 30.6 20.5 % 4.9 % Rest of world 49.8 44.5 11.9 % 4.6 % Total 125.1 107.3 16.6 % 9.1 % Heart Valves US 6.5 6.1 7.7 % 7.7 % Europe 12.1 10.3 17.1 % 1.8 % Rest of world 12.4 15.5 (20.0 %) (23.8 %) Total 31.0 31.9 (2.7 %) (9.5 %) Cardiac Surgery US 45.0 38.2 17.6 % 17.6 % Europe 49.0 41.0 19.6 % 4.1 % Rest of world 62.2 60.0 3.7 % (2.7 %) Total 156.2 139.2 12.2 % 4.9 % Neuromodulation US 78.0 73.7 5.9 % 5.9 % Europe 10.3 7.9 29.8 % 14.4 % Rest of world 5.6 5.6 (0.2 %) (1.3 %) Total 93.8 87.2 7.7 % 6.2 % Other US — — N/A N/A Europe — — N/A N/A Rest of world 0.4 0.5 N/A N/A Total 0.4 0.5 N/A N/A Totals US 123.0 111.9 9.9 % 9.9 % Europe 59.3 48.9 21.3 % 5.8 % Rest of world 68.1 66.0 3.2 % (2.8 %) Total $250.4 $226.8 10.4 % 5.3 % *
The sales results presented are unaudited. Numbers may not add up precisely due to rounding.
(1)
Constant currency is a non-GAAP measure.
LIVANOVA PLC AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED (U.S. dollars in millions, except per share amounts) Three Months Ended March 31, 2018 2017 % Change (1) Net sales $250.4 $226.8 Cost of sales 84.6 80.0 Product remediation 3.7 (0.8 ) Gross profit 162.1 147.6 9.8 % Operating expenses: Selling, general and administrative 104.2 87.3 Research and development 31.8 20.4 Merger and integration expenses 3.0 2.2 Restructuring expenses 1.9 10.0 Amortization of intangibles 8.8 8.0 Total operating expenses 149.6 127.9 17.0 % Operating income from continuing operations 12.5 19.7 (36.5 %) Interest expense, net
(1.7 ) (2.0 ) Gain on acquisition of ImThera Medical, Inc. 11.5 — Foreign exchange and other (losses) gains (0.3 ) 3.2 Income from continuing operations before tax 22.1 20.9 5.7 % Income tax expense 3.9 5.7 Losses from equity method investments (0.4 ) (2.0 ) Net income from continuing operations 17.8 13.2 34.8 % Net loss from discontinued operations (4.5 ) (2.0 ) 125.0 % Net income $13.3 $11.3 17.7 % Basic income (loss) per common share: Continuing operations $0.37 $0.28 Discontinued operations ($0.10 ) ($0.05 ) $0.27 $0.23 Diluted income (loss) per common share: Continuing operations $0.36 $0.27 Discontinued operations ($0.09 ) ($0.04 ) $0.27 $0.23 Weighted average common shares outstanding Basic 48.3 48.1 Diluted 49.2 48.2 Adjusted gross profit (1) $167.4 $148.0 13.1 % Adjusted SG&A (1) 96.8 81.9 18.2 % Adjusted R&D (1) 29.1 20.2 44.1 % Adjusted operating income from continuing operations (1) 41.5 45.9 (9.6 %) Adjusted income from continuing operations, net of tax (1) 33.6 32.4 3.7 % Adjusted diluted earnings per share from continuing operations (1) $0.68 $0.67 1.5 % Statistics (as a % of net sales, except for income tax rate) GAAP Three Months Ended March 31, Adjusted (1) Three Months Ended March 31, 2018 2017 2018 2017 Gross profit 64.7 % 65.1 % 66.9 % 65.2 % SG&A 41.6 % 38.5 % 38.7 % 36.1 % R&D 12.7 % 9.0 % 11.6 % 8.9 % Operating income from continuing operations 5.0 % 8.7 % 16.6 % 20.2 % Income from continuing operations, net of tax 7.1 % 5.8 % 13.4 % 14.3 % Income tax rate 17.6 % 27.1 % 15.7 % 23.5 % (1)
Adjusted financial measures are Non-GAAP measures and exclude specified items as described and reconciled in the "Reconciliation of GAAP to non-GAAP Financial Measures" contained in the press release. * Numbers may not add up precisely due to rounding. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions, except per share amounts) Specified Items Three Months Ended March 31, 2018 GAAP
Financial
Measures
Merger and
Integration
Expenses
(A)
Restructuring
Expenses
(B)
Depreciation
and
Amortization
Expenses
(C)
Product
Remediation
Expenses
(D)
Acquisition
Costs
(E)
Non-recurring
Legal and
Contingent
Consideration
(F)
Stock-based
Compensation
Costs
(G)
Certain
Tax
Adjustments
(H)
Certain
Interest
Adjustments
(I)
Adjusted
Financial
Measures
Net sales $250.4 $250.4 Cost of sales 84.6 (0.8 ) (0.6 ) (0.3 ) 83.0 Product remediation 3.7 (3.7 ) — Gross profit 162.1 0.8 3.7 0.6 0.3 167.4 Operating expenses: Selling, general and administrative 104.2 (0.2 ) (0.4 ) (3.4 ) (3.3 ) 96.8 Research and development 31.8 (0.1 ) (1.3 ) (0.2 ) (1.2 ) 29.1 Merger and integration expenses 3.0 (3.0 ) — Restructuring expenses 1.9 (1.9 ) — Amortization of intangibles 8.8 (8.8 ) — Total operating expenses 149.6 (3.0 ) (1.9 ) (9.1 ) (1.7 ) (3.6 ) (4.4 ) 125.9 Operating income from continuing operations 12.5 3.0 1.9 9.8 3.7 1.7 4.2 4.7 41.5 Interest income 0.4 0.4 Interest expense (2.1 ) 0.7 (1.4 ) Gain on acquisition of ImThera Medical, Inc. 11.5 (11.5 ) — Foreign exchange and other (losses) gains (0.3 ) (0.3 ) Income from continuing operations before tax 22.1 3.0 1.9 9.8 3.7 (9.8 ) 4.2 4.7 0.7 40.2 Income tax expense 3.9 0.6 0.5 2.4 0.9 0.4 1.1 1.1 (4.7 ) 0.2 6.3 Losses from equity method investments (0.4 ) (0.4 ) Net income from continuing operations $17.8 $2.4 $1.4 $7.4 $2.8 ($10.2 ) $3.1 $3.6 $4.7 $0.5 $33.6 Diluted EPS - Continuing Operations $0.36 $0.05 $0.03 $0.15 $0.06 ($0.21 ) $0.06 $0.07 $0.10 $0.01 $0.68 GAAP results for the three months ended March 31, 2018 include: (A) Merger and integration expenses related to our legacy companies (B) Restructuring expenses related to organizational changes (C) Includes depreciation and amortization associated with purchase price accounting (D) Costs related to the 3T Heater-Cooler remediation plan (E) Costs related to acquisitions (F) Contingent consideration related to acquisitions and legal expenses primarily related to 3T Heater-Cooler defense and other matters (G) Non-cash expenses associated with stock-based compensation costs (H) Primarily relates to discrete tax items and the tax impact of intercompany transactions (I) Primarily related to intellectual property migration and other non-recurring impacts to interest expense * Numbers may not add up precisely due to rounding. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions, except per share amounts) Specified Items Three Months Ended March 31, 2017 GAAP
Financial
Measures
Merger and
Integration
Expenses
(A)
Restructuring
Expenses
(B)
Depreciation
and
Amortization
Expenses
(C)
Product
Remediation
Expenses
(D)
Non-recurring
Legal and
Contingent
Consideration
(E)
Stock-based
Compensation
Costs
(F)
Certain Tax
Adjustments
(G)
Certain
Interest
Adjustments
(H)
Adjusted
Financial
Measures
Net sales $226.8 $226.8 Cost of sales 80.0 (1.1 ) 78.8 Product remediation (0.8 ) 0.8 — Gross profit 147.6 1.1 (0.8 ) 148.0 Operating expenses: Selling, general and administrative 87.3 (0.3 ) (1.6 ) (3.6 ) 81.9 Research and development 20.4 (0.1 ) 20.2 Merger and integration expenses 2.2 (2.2 ) — Restructuring expenses 10.0 (10.0 ) — Amortization of intangibles 8.0 (8.0 ) — Total operating expenses 127.9 (2.2 ) (10.0 ) (8.3 ) (1.6 ) (3.8 ) 102.1 Operating income from continuing operations 19.7 2.2 10.0 9.4 (0.8 ) 1.6 3.8 45.9 Interest income 0.3 0.3 Interest expense (2.3 ) 1.1 (1.2 ) Foreign exchange and other (losses) gains 3.2 (3.2 ) — Income from continuing operations before tax 20.9 2.2 10.0 9.4 (0.8 ) (1.6 ) 3.8 1.1 44.9 Income tax expense 5.7 0.6 1.3 4.8 (0.3 ) 0.6 0.6 (2.6 ) 10.6 Losses from equity method investments (2.0 ) 0.1 (1.9 ) Net income from continuing operations $13.2 $1.6 $8.7 $4.6 ($0.5 ) ($2.2 ) $3.2 $2.6 $1.1 $32.4 Diluted EPS - Continuing Operations $0.27 $0.03 $0.18 $0.10 ($0.01 ) ($0.05 ) $0.07 $0.05 $0.02 $0.67 GAAP results for the three months ended March 31, 2017 include: (A) Merger and integration expenses related to our legacy companies (B) Restructuring expenses related to organizational changes (C) Includes depreciation and amortization associated with purchase price accounting (D) Costs related to the 3T Heater-Cooler remediation plan (E) Contingent consideration related to acquisitions, legal expenses primarily related to 3T Heater-Cooler defense, gain on sale of Instituto Europeo di Oncologia S.R.L. and other matters (F) Non-cash expenses associated with stock-based compensation costs (G) Primarily relates to discrete tax items and the tax impact of intercompany transactions (H) Primarily related to intellectual property migration and other non-recurring impacts to interest expense * Numbers may not add up precisely due to rounding. LIVANOVA PLC AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. dollars in millions) March 31, 2018 December 31, 2017 ASSETS (Unaudited) Current Assets: Cash and cash equivalents $65.0 $93.6 Accounts receivable, net 279.8 282.1 Inventories 154.3 144.5 Prepaid and refundable taxes 47.1 46.3 Assets held for sale 13.7 13.6 Assets of discontinued operations 257.1 250.7 Prepaid expenses and other current assets 31.1 39.0 Total Current Assets 848.1 869.9 Property, plant and equipment, net 191.7 192.4 Goodwill 875.6 784.2 Intangible assets, net 692.0 535.4 Investments 22.1 34.5 Deferred tax assets, net 68.9 11.6 Other assets 6.6 76.0 Total Assets $2,704.9 $2,503.9 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current debt obligations $119.7 $84.0 Accounts payable 89.9 85.9 Accrued liabilities and other 81.7 78.9 Taxes payable 12.1 12.8 Accrued employee compensation and related benefits 71.0 66.2 Liabilities of discontinued operations 85.0 78.1 Total Current Liabilities 459.5 406.0 Long-term debt obligations 63.7 62.0 Deferred income taxes liability 149.7 123.3 Long-term employee compensation and related benefits 29.1 28.2 Other long-term liabilities 184.0 69.1 Total Liabilities 885.9 688.6 Total Stockholders’ Equity 1,819.0 1,815.3 Total Liabilities and Stockholders’ Equity $2,704.9 $2,503.9 * Numbers may not add up precisely due to rounding.
LIVANOVA PLC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (U.S. dollars in millions) Three Months Ended March 31, Operating Activities: 2018 2017 Net income $13.3 $11.3 Non-cash items included in net income: Depreciation 8.3 8.8 Amortization 8.8 11.4 Stock-based compensation 6.7 3.8 Deferred income tax benefit (0.9 ) (5.5 ) Losses from equity method investments 1.6 3.1 Gain on acquisition of ImThera Medical, Inc. (11.5 ) — Impairment of property, plant and equipment 0.5 4.7 Amortization of income taxes payable on inter-company transfers of property 2.0 6.5 Other (1.0 ) (1.9 ) Changes in operating assets and liabilities: Accounts receivable, net 9.1 6.6 Inventories (6.3 ) (4.4 ) Other current and non-current assets (16.7 ) (9.3 ) Accounts payable and accrued current and non-current liabilities 5.7 5.0 Restructuring reserve 0.9 (6.7 ) Net cash provided by operating activities 20.4 33.2 Investing Activities: Acquisition of ImThera Medical, Inc., net of cash acquired (77.6 ) — Purchases of property, plant and equipment and other (5.8 ) (7.6 ) Proceeds from sale of cost-method investment — 3.2 Loans to equity-method investees — (5.3 ) Proceeds from asset sales 0.1 — Other — (0.4 ) Net cash used in investing activities (83.4 ) (10.1 ) Financing Activities: Change in short-term borrowing, net 15.5 0.3 Proceeds from short-term borrowing (maturities greater than 90 days) 20.0 — Repayment of long-term debt obligations (0.3 ) — Proceeds from exercise of stock options 1.6 0.9 Other (4.8 ) (1.8 ) Net cash provided by (used in) financing activities 32.0 (0.7 ) Effect of exchange rate changes on cash and cash equivalents 2.3 0.5 Net (decrease) increase in cash and cash equivalents (28.7 ) 22.9 Cash and cash equivalents at beginning of period 93.6 39.8 Cash and cash equivalents at end of period $65.0 $62.7 * Numbers may not add up precisely due to rounding.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005284/en/
LivaNova PLC
Karen King, +1 (281) 228-7262
Vice President, Investor Relations & Corporate Communications
Fax: +1 (281) 218-9332
[email protected]
Source: LivaNova PLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-livanova-reports-first-quarter-2018-results.html |
May 13, 2018 / 5:48 PM / Updated 31 minutes ago Pakistani ethnic rights group stages first rally in Karachi Saad Sayeed 3 Min Read
KARACHI (Reuters) - A Pakistani ethnic Pashtun rights group on Sunday staged its first rally in the southern city of Karachi, the site of a killing in January that sparked the movement and led to nationwide protests and rallies. Members of the Pakistan's Pashtun community, listen to their leader during a rally against, what they say, are human rights violations, organised by the Pashtun Tahaffuz Movement (PTM) in the southern city Karachi, Pakistan May 13, 2018. REUTERS/Akhtar Soomro
The Pashtun Tahaffuz Movement (PTM) emerged after the January killing by police of Pashtun youth Naqibullah Mehsud in Karachi.
A crowd of several thousand people gathered for the rally on Sunday in Karachi’s outlying Sohrab Goth suburb.
The PTM has said several thousand such killings have been carried out since Pakistan joined the U.S.-led war on terror and launched major military operations in 2009 and 2014 targeting Pakistani Taliban strongholds in the Pashtun majority Federally Administered Tribal Areas (FATA) areas bordering Afghanistan.
Hundreds of thousands migrated to Karachi after the military operations, where the largest population of Pashtuns in Pakistan lives.
Among the crowd of protesters were families of missing persons, holding pictures of their loved ones who they say were taken by security officials. Members of the Pakistan's Pashtun community, rise their hands as they chant slogans during a rally against, what they say, are human rights violations, organized by the Pashtun Tahaffuz Movement (PTM) in the southern city Karachi, Pakistan May 13, 2018. REUTERS/Akhtar Soomro
The families say they have not received any information since the disappearances, some of them more than a decade ago.
The PTM estimates there are over 5,000 such cases.
“PTM was born out of the incident that happened in Karachi,” Mohsin Dawar, one of the group’s founders, told Reuters.
“The trauma and pain the Pashtuns of the FATA have experienced, the Pashtuns of Karachi have gone through a similar experience,” he said. A policeman stands on a residential building to keep watch a rally against, what they say, are human rights violations, organised by the Pashtun Tahaffuz Movement (PTM) in the southern city Karachi, Pakistan May 13, 2018. REUTERS/Akhtar Soomro
Officials from Pakistan’s paramilitary Rangers, which are part of the security forces, did not respond to request for comment.
The PTM leader Manzoor Pashteen’s popularity has surged amongst Pashtun youth. Some of the protesters wore the red and black patterned hat, which has become Pashteen’s trademark, as they waited for him to arrive at the rally.
But Pashteen did not board his flight from Islamabad to Karachi on Saturday morning and a representatives of local airline Serene Air said his booking had been cancelled, Dawar said.
A Serene Air representative was not immediately available for comment.
Dawar said Pashteen and three other PTM leaders had started on the more than 20-hour drive from Islamabad to Karachi but they were stopped several times along the way.
“He has been stopped and detained for hours several times,” Dawar said.
Speakers at the rally said they would not leave until Pashteen arrived.
“We demand that security officials themselves bring Manzoor Pashteen here before our rally ends,” PTM member Sana Ejaz said.
After sunset, the protesters held up cellphone flashlights, refusing to move until Pashteen turned up. Writing by Saad Sayeed. Editing by Jane Merriman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-pakistan-pashtuns/pakistani-ethnic-rights-group-stages-first-rally-in-karachi-idUKKCN1IE0X7 |
May 11, 2018 / 8:26 AM / Updated an hour ago South Africa police probe 'extremism' element in mosque attack Reuters Staff 2 Min Read
JOHANNESBURG (Reuters) - South Africa’s elite police unit has taken over the investigation of a mosque attack near Durban which killed one person because “extremism” is suspected as a possible motive, an official said on Friday. Police investigators collect evidence at a mosque where three men were attacked in Ottawa, South Africa, May 10, 2018. REUTERS/Rogan Ward
Africa’s most industrialised country is racked by violent crime and social strife rooted in poverty and glaring income disparities but is seldom associated with the Islamist militancy seen in other parts of the continent.
No suspects have been arrested yet over Thursday’s attack by three men armed with guns and knives in which two worshippers were also injured. Witnesses said the suspects, who set the mosque alight, were Egyptian. Police investigators collect evidence at a mosque where three men were attacked in Ottawa, South Africa, May 10, 2018. REUTERS/Rogan Ward
“Upon assessing the crime scene it was found that there was an element of extremism to it,” said Simphiwe Mhlongo, a spokesman for the Directorate for Priority Crime Investigation, known popularly as the “Hawks.”
The victim who died had had his throat cut.
Local media reported on Friday that the victim was the mosque’s imam and that he was from Canada but Mhlongo could not confirm those details. Reporting by Ed Stoddard; Editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-safrica-mosque-attack/south-africa-police-probe-extremism-element-in-mosque-attack-idUKKBN1IC0R4 |
SHANGHAI, May 3, 2018 /PRNewswire/ -- 51job , Inc. ( Nasdaq : JOBS ) ("51job" or the "Company"), a leading provider of integrated human resource services in China, announced today its unaudited financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Financial Highlights:
Total revenues increased 33.5% over Q1 2017 to RMB811.3 million (US$129.3 million), exceeding the Company's guidance range Online recruitment services revenues increased 30.5% over Q1 2017 to RMB548.3 million (US$87.4 million) Other human resource related revenues increased 40.2% over Q1 2017 to RMB263.0 million (US$41.9 million) Gross margin increased to 74.4% compared with 73.5% in Q1 2017 Income from operations increased 43.5% over Q1 2017 to RMB236.0 million (US$37.6 million) Due to the significant impact of the change in fair value of convertible senior notes, basic and fully diluted loss per share was RMB(5.46) (US$(0.87)) Excluding share-based compensation expense, gain from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect of these items, non-GAAP adjusted fully diluted earnings per share were RMB3.76 (US$0.60), exceeding the Company's guidance range
Commenting on the results, Rick Yan, President and Chief Executive Officer of 51job, said, "We carried solid momentum in sales execution and operating efficiency into 2018 throughout the organization. Consistent with our high-quality growth strategy, our online business saw further uplift in revenue per customer as we pursued up-selling to existing customers and increased prices on certain entry-level online packages this year. In the other HR services area, customer demand and adoption was extremely robust for these value-added services that can enhance recruitment effectiveness, improve employee productivity and alleviate day-to-day HR administrative burden. 51job continues to be a pioneer and leader on the forefront of the HR industry in China, focused on delivering proven solutions, tangible results and dedicated long-term commitment to our employers, job seekers, partners and shareholders."
First Quarter 2018 Unaudited Financial Results
Total revenues for the first quarter ended March 31, 2018 were RMB811.3 million (US$129.3 million), an increase of 33.5% from RMB607.7 million for the same quarter in 2017.
Online recruitment services revenues for the first quarter of 2018 were RMB548.3 million (US$87.4 million), representing a 30.5% increase from RMB420.1 million for the same quarter of the prior year. The growth was driven primarily by higher revenue per unique employer as well as a modest increase in the number of unique employers utilizing the Company's online services. Average revenue per unique employer increased 25.8% in the first quarter of 2018 due to successful up-selling efforts that resulted in the purchase of multiple and/or higher value online products and services by customers, as well as price increases for select like-for-like products when compared with the same quarter in 2017. The estimated number of unique employers increased 3.8% to 375,290 in the first quarter of 2018 compared with 361,644 in the same quarter of the prior year due to new customer acquisition. The estimated number of unique employers in the first quarter of 2018 reflects those employers currently assigned a unique identification number in the Company's management information systems and does not include employers utilizing Lagou.com .
Other human resource related revenues for the first quarter of 2018 increased 40.2% to RMB263.0 million (US$41.9 million) from RMB187.6 million in the same quarter in 2017. The increase was primarily due to greater usage and growth of business process outsourcing, training, assessment and placement services.
Gross profit for the first quarter of 2018 increased 35.2% to RMB596.4 million (US$95.1 million) from RMB441.0 million for the same quarter of the prior year. Gross margin, which is gross profit as a percentage of net revenues, was 74.4% in the first quarter of 2018 compared with 73.5% for the same quarter in 2017.
Operating expenses for the first quarter of 2018 increased 30.3% to RMB360.3 million (US$57.4 million) from RMB276.5 million for the same quarter in 2017. Sales and marketing expenses for the first quarter of 2018 increased 34.1% to RMB274.8 million (US$43.8 million) from RMB204.9 million for the same quarter of the prior year primarily due to higher employee compensation expenses, headcount additions and greater advertising expenses. General and administrative expenses for the first quarter of 2018 increased 19.4% to RMB85.5 million (US$13.6 million) from RMB71.7 million for the same quarter of the prior year primarily due to higher employee compensation and office expenses.
Income from operations for the first quarter of 2018 increased 43.5% to RMB236.0 million (US$37.6 million) from RMB164.4 million for the first quarter of 2017. Operating margin, which is income from operations as a percentage of net revenues, was 29.5% in the first quarter of 2018 compared with 27.4% for the same quarter in 2017. Excluding share-based compensation expense, operating margin would have been 32.3% in the first quarter of 2018 compared with 31.1% for the same quarter in 2017.
The Company recognized a gain from foreign currency translation of RMB36.3 million (US$5.8 million) in the first quarter of 2018 compared with a loss of RMB0.04 million in the first quarter of 2017 primarily due to the impact of the change in exchange rate between the Renminbi and the U.S. dollar on the Company's U.S. dollar cash deposits and U.S. dollar-denominated convertible senior notes issued in 2014.
In the first quarter of 2018, the Company recognized a mark-to-market, non-cash loss of RMB589.1 million (US$93.9 million) associated with a change in fair value of convertible senior notes compared with RMB25.1 million in the first quarter of 2017. The large non-cash loss was a result of the significant increase in the price of the Company's American Depositary Shares traded on the Nasdaq Global Select Market during the first quarter of 2018 and its corresponding effect on the fair value of the convertible senior notes.
Other income in the first quarter of 2018 included local government financial subsidies of RMB0.6 million (US$0.1 million) compared with RMB50.0 million in the first quarter of 2017.
Net loss attributable to 51job for the first quarter of 2018 was RMB(332.8) million (US$(53.1) million) compared with net income of RMB162.9 million for the same quarter in 2017. Fully diluted loss per share for the first quarter of 2018 were RMB(5.46) (US$(0.87)) compared with earnings per share of RMB2.74 for the same quarter in 2017.
In the first quarter of 2018, total share-based compensation expense was RMB22.8 million (US$3.6 million) compared with RMB22.0 million in the first quarter of 2017.
Excluding share-based compensation expense, gain/loss from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect of these items, non-GAAP adjusted net income attributable to 51job for the first quarter of 2018 increased 15.5% to RMB242.7 million (US$38.7 million) compared with RMB210.1 million for the first quarter of 2017. Non-GAAP adjusted fully diluted earnings per share were RMB3.76 (US$0.60) in the first quarter of 2018 compared with RMB3.46 in the first quarter of 2017.
As of March 31, 2018, cash and short-term investments totaled RMB7,331.8 million (US$1,168.9 million) compared with RMB7,132.0 million as of December 31, 2017.
Business Outlook
Based on current market and operating conditions, the Company's total revenues target for the second quarter of 2018 is in the estimated range of RMB855 million to RMB885 million (US$136.3 million to US$141.1 million). Guidance for earnings per share is provided on a non-GAAP basis due to the inherent difficulty in forecasting the future impact of certain items, such as gain/loss from foreign currency translation and change in fair value of convertible senior notes. The Company is not able to provide a reconciliation of these non-GAAP items to expected reported GAAP earnings per share, without unreasonable efforts, due to the unknown effect and potential significance of such future impact and changes. Excluding share-based compensation expense, any gain or loss from foreign currency translation, and any mark-to-market gain or loss associated with a change in fair value of convertible senior notes, as well as the related tax effect of these items, the Company's non-GAAP fully diluted earnings target for the second quarter of 2018 is in the estimated range of RMB3.70 to RMB4.00 (US$0.59 to US$0.64) per share. The Company expects total share-based compensation expense in the second quarter of 2018 to be in the estimated range of RMB22 million to RMB23 million (US$3.5 million to US$3.7 million).
Other Company News
In March 2018, the Company completed the acquisition of approximately 1,615 square meters of office space in Shanghai to accommodate its growing business operations. The total purchase price was RMB57.3 million (US$9.1 million), which was funded from the Company's existing cash resources.
Currency Convenience Translation
For the convenience of readers, certain Renminbi amounts have been translated into U.S. dollars at the rate of RMB6.2726 to US$1.00, the noon buying rate on March 30, 2018 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
Conference Call Information
The Company's management will hold a conference call at 9:00 p.m. Eastern Time on May 3, 2018 (9:00 a.m. Beijing / Hong Kong time zone on May 4, 2018) to discuss its first quarter 2018 financial results, operating performance and business outlook. To dial in to the call, please use the following telephone numbers:
US: +1-888-346-8982
International: +1-412-902-4272
Hong Kong: 800-905945
China: 4001-201203
Conference ID: 51job
The call will also be available live and on replay through 51job's investor relations website, http://ir.51job.com .
Use of Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), 51job uses non-GAAP financial measures of income before income tax expense, income tax expense, adjusted net income, adjusted net income attributable to 51job and adjusted earnings per share, which are adjusted from results based on GAAP to exclude share-based compensation expense, gain/loss from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect of these items. The Company believes excluding share-based compensation expense and its related tax effect from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company's core operating results as such expense is not directly attributable to the underlying performance of the Company's business operations and do not impact its cash earnings. The Company believes excluding gain/loss from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect, from its non-GAAP financial measures is useful for its management and investors as such translation or mark-to-market loss is not indicative of the Company's core business operations and will not result in cash settlement nor impact the Company's cash earnings. 51job also believes these non-GAAP financial measures excluding share-based compensation expense, gain/loss from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect of these items, are important in helping investors to understand the Company's current financial performance and future prospects and to compare business trends among different reporting periods on a consistent basis. The presentation of these additional measures should not be considered a substitute for or superior to GAAP results or as being comparable to results reported or forecasted by other companies. The non-GAAP measures have been reconciled to GAAP measures in the attached financial statements.
About 51job
Founded in 1998, 51job is a leading provider of integrated human resource services in China. With a comprehensive suite of HR solutions, 51job meets the needs of enterprises and job seekers through the entire talent management cycle, from initial recruitment to employee retention and career development. The Company's main online recruitment platforms ( http://www.51job.com , http://www.yingjiesheng.com , http://www.51jingying.com , and http://www.lagou.com ), as well as mobile applications, connect millions of people with employment opportunities every day. 51job also provides a number of other value-added HR services, including business process outsourcing, training, professional assessment, placement, executive search and compensation analysis. 51job has a call center in Wuhan and a nationwide sales office network spanning 25 cities across China.
Safe Harbor Statement
This announcement contains These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "targets, "confident" and similar statements. Among other things, statements that are not historical facts, including statements about 51job's beliefs and expectations, the business outlook and quotations from management in this announcement, as well as 51job's strategic and operational plans, are or contain 51job may also make written or oral in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. All are based upon management's expectations at the time of the statements and involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: execution of 51job's strategies and business plans; behavioral and operational changes of enterprises in meeting their human resource needs as they respond to evolving social, political, regulatory and financial conditions in China; introduction by competitors of new or enhanced products or services; price competition in the market for the various human resource services that 51job provides in China; acceptance of new products and services developed or introduced by 51job outside of the human resources industry; risks related to acquisitions or investments 51job has made or will make in the future; accounting adjustments that may occur during the quarterly or annual close or auditing process; fluctuations in the value of the Renminbi against the U.S. dollar and other currencies; and fluctuations in general economic and business conditions in China. Further information regarding these and other risks are included in 51job's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release and based on assumptions that 51job believes to be reasonable as of this date, and 51job undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Contact:
Linda Chien,
Investor Relations,
51job, Inc.,
+86-21-6879-6250,
[email protected]
51job, Inc.
Consolidated Statements of Operations and Comprehensive Income
For the Three Months Ended
March 31, 2017
March 31, 2018
March 31, 2018
(In thousands, except share and per share data)
(unaudited)
(unaudited)
(unaudited)
RMB
RMB
US$ (Note 1)
Revenues:
Online recruitment services
420,088
548,292
87,411
Other human resource related revenues
187,625
262,981
41,925
Total revenues
607,713
811,273
129,336
Less: Government surcharges
(8,058)
(9,910)
(1,580)
Net revenues
599,655
801,363
127,756
Cost of services (Note 2)
(158,668)
(204,985)
(32,679)
Gross profit
440,987
596,378
95,077
Operating expenses:
Sales and marketing (Note 3)
(204,883)
(274,813)
(43,812)
General and administrative (Note 4)
(71,659)
(85,530)
(13,635)
Total operating expenses
(276,542)
(360,343)
(57,447)
Income from operations
164,445
236,035
37,630
(Loss) Gain from foreign currency translation
(40)
36,287
5,785
Interest and investment income, net
15,423
23,014
3,669
Change in fair value of convertible senior notes
(25,081)
(589,102)
(93,917)
Other income, net
49,358
315
50
Income (Loss) before income tax expense
204,105
(293,451)
(46,783)
Income tax expense
(41,077)
(44,175)
(7,043)
Net income (loss)
163,028
(337,626)
(53,826)
Net (income) loss attributable to non-controlling interests
(108)
4,814
767
Net income (loss) attributable to 51job, Inc.
162,920
(332,812)
(53,059)
Net income (loss)
163,028
(337,626)
(53,826)
Other comprehensive loss
(116)
(700)
(112)
Total comprehensive income (loss)
162,912
(338,326)
(53,938)
Earnings (Loss) per share:
Basic
2.76
(5.46)
(0.87)
Diluted (Note 5)
2.74
(5.46)
(0.87)
Weighted average number of common shares outstanding:
Basic
58,951,190
60,934,455
60,934,455
Diluted
59,514,570
60,934,455
60,934,455
Notes:
(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.2726
to US$1.00 on March 30, 2018 in New York for cable transfers of Renminbi as set forth in the H.10 weekly
statistical release of the Federal Reserve Board.
(2) Includes share-based compensation expense of RMB3,530 and RMB3,569 (US$569) for the three months ended
March 31, 2017 and 2018, respectively.
(3) Includes share-based compensation expense of RMB3,034 and RMB3,068 (US$489) for the three months ended
March 31, 2017 and 2018, respectively.
(4) Includes share-based compensation expense of RMB15,466 and RMB16,165 (US$2,577) for the three months ended
March 31, 2017 and 2018, respectively.
(5) Diluted earnings (loss) per share is calculated in accordance with the "if converted" method. The potential
conversion of the convertible senior notes was excluded in the computation of diluted earnings (loss) per share for
2017 and 2018 because the effect would be anti-dilutive. The impact of
share options was also excluded in the computation of diluted loss per share for the three months ended
March 31, 2018 because the effect would be anti-dilutive.
51job, Inc.
Reconciliation of GAAP and Non-GAAP Results
For the Three Months Ended
March 31, 2017
March 31, 2018
March 31, 2018
(In thousands, except share and per share data)
(unaudited)
(unaudited)
(unaudited)
RMB
RMB
US$ (Note 1)
GAAP income (loss) before income tax expense
204,105
(293,451)
(46,783)
Add back: Share-based compensation
22,030
22,802
3,635
Add back: Loss (Gain) from foreign currency translation
40
(36,287)
(5,785)
Add back: Change in fair value of convertible senior notes
25,081
589,102
93,917
Non-GAAP income before income tax expense
251,256
282,166
44,984
GAAP income tax expense
(41,077)
(44,175)
(7,043)
Tax effect of non-GAAP line items
1
(81)
(13)
Non-GAAP income tax expense
(41,076)
(44,256)
(7,056)
Non-GAAP adjusted net income
210,180
237,910
37,928
Non-GAAP adjusted net income attributable to 51job, Inc.
210,072
242,724
38,695
Non-GAAP adjusted earnings per share:
Basic
3.56
3.98
0.63
Diluted (Note 2)
3.46
3.76
0.60
Weighted average number of common shares outstanding:
Basic
58,951,190
60,934,455
60,934,455
Diluted
63,550,242
66,953,934
66,953,934
Notes:
(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.2726
to US$1.00 on March 30, 2018 in New York for cable transfers of Renminbi as set forth in the H.10 weekly
statistical release of the Federal Reserve Board.
(2) Diluted earnings per share is calculated in accordance with the "if converted" method. This includes the add-back
of interest expense of RMB9,640 and RMB8,854 (US$1,412) related to the convertible senior notes to the numerator
of non-GAAP adjusted net income attributable to 51job for 2017 and 2018,
respectively. The maximum number of 4,035,672 potentially converted shares related to the convertible senior notes
was added to the denominator of diluted common shares for 2017 and 2018.
51job, Inc.
Consolidated Balance Sheets
As of
December 31, 2017
March 31,
2018
March 31,
2018
(In thousands, except share and per share data)
(unaudited)
(unaudited)
(unaudited)
RMB
RMB
US$ (Note 1)
ASSETS
Current assets:
Cash
2,292,476
1,857,769
296,172
Restricted cash
249
125,265
19,970
Short-term investments
4,839,550
5,473,995
872,684
Accounts receivable (net of allowance of RMB5,384
and RMB7,474 as of December 31, 2017 and
March 31, 2018, respectively)
186,861
155,289
24,757
Prepayments and other current assets
559,105
616,725
98,320
Total current assets
7,878,241
8,229,043
1,311,903
Non-current assets:
Long-term investments
433,886
433,886
69,172
Property and equipment, net
497,845
547,984
87,362
Goodwill
1,021,454
1,021,454
162,844
Intangible assets, net
162,024
156,142
24,893
Other long-term assets
17,370
105,481
16,816
Deferred tax assets
12,912
13,604
2,169
Total non-current assets
2,145,491
2,278,551
363,256
Total assets
10,023,732
10,507,594
1,675,159
LIABILITIES, MEZZANINE EQUITY AND EQUITY
Current liabilities:
Accounts payable
35,532
49,221
7,847
Salary and employee related accrual
134,966
86,264
13,753
Taxes payable
230,734
242,401
38,644
Advance from customers
937,981
1,099,822
175,337
Other payables and accruals
703,441
764,759
121,921
Total current liabilities
2,042,654
2,242,467
357,502
Non-current liabilities:
Deferred tax liabilities
121,348
119,687
19,081
Convertible senior notes
1,667,967
2,191,544
349,384
Total non-current liabilities
1,789,315
2,311,231
368,465
Total liabilities
3,831,969
4,553,698
725,967
Mezzanine equity:
Redeemable non-controlling interests
228,230
222,646
35,495
Shareholders' equity:
Common shares (US$0.0001 par value: 500,000,000
shares authorized, 61,853,004 and 62,304,094
shares issued and outstanding as of December 31,
2017 and March 31, 2018, respectively)
50
50
8
Additional paid-in capital
1,809,732
1,909,717
304,454
Statutory reserves
13,874
13,874
2,212
Accumulated other comprehensive income
136,947
136,247
21,721
Retained earnings
3,993,777
3,660,965
583,644
Total 51job, Inc. shareholders' equity
5,954,380
5,720,853
912,039
Non-controlling interests
9,153
10,397
1,658
Total equity
5,963,533
5,731,250
913,697
Total liabilities, mezzanine equity and equity
10,023,732
10,507,594
1,675,159
Note (1): The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of
RMB6.2726 to US$1.00 on March 30, 2018 in New York for cable transfers of Renminbi as set forth in the H.10
weekly statistical release of the Federal Reserve Board.
View original content: http://www.prnewswire.com/news-releases/51job-inc-reports-first-quarter-2018-financial-results-300641902.html
SOURCE 51job, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-51job-inc-reports-first-quarter-2018-financial-results.html |
CALGARY, Alberta, May 14, 2018 (GLOBE NEWSWIRE) -- Foremost Income Fund (" Foremost " or the " Fund ") announces the financial results for the three-month period ended March 31, 2018.
Overview
The Fund is an unincorporated open end mutual fund trust conducting its business through two operating segments, Foremost Energy Equipment (“FEE”) and Foremost Mobile Equipment (“FME”). FEE’s overall business is focused on the oil and gas industry and includes activity from three active manufacturing sites throughout Alberta. FME manufactures off-highway large wheeled and tracked vehicles, hydrovac and vacuum trucks, equipment for custom drilling, construction, water wells, and mining sectors. FME has three manufacturing facilities located in Alberta.
Message to Unitholders
2018 has started well for Foremost; the Western Canadian energy markets and worldwide mining markets are starting to show recovery and strength and the US economy continues to do well. Foremost had the best revenue quarter in over two years and showed some sales momentum from Q4 2017 into 2018.
The fund generated $37.4 million in revenue, a 3.4% increase over Q4 2017 and a 17.4% increase over the same quarter in 2017, adjusted for the $1.0 million increase in revenue recognition due to the initial adoption of IFRS 15. Both Foremost Mobile Equipment and Foremost Energy Equipment produced revenue increases over the previous quarter. Most of this increase was due to increased sales volume in trucks and drills. Gross profit was also healthy at 12%, the highest since Q2 2016. The Fund generated a net income of $0.4 million and an EBIDTA of $1.3 million in Q1 2018.
Foremost Energy Equipment continues to present the biggest challenge in terms of margin and profitability. The company has been working hard to consolidate product lines, add automation, and improve process flow through its plants. This work will continue in 2018, as the supply of fabricated products for the Western Canadian Energy markets remains very competitive.
Foremost Mobile Equipment is producing consistent revenue growth and margin. While margin dipped slightly due to variability in parts sales, revenue increased by $3.4 million (adjusted for IFRS 15), a 19.5% increase over Q1 2017. These results were driven by increased sales of vacuum trucks in Ontario and Western Canada, interest in Dual Rotary rigs within mining markets, and continued strength in the US.
Overall, it has been a strong start to the year. The focus of the company is maintaining sales momentum and continuing to increase operational efficiency. Foremost also continues its focus on reducing fixed costs by lowering or eliminating non-essential spend. In the past year, significant work has been put into removing underperforming business units from its operations; this work will continue through 2018.
Kevin Johnson
President
Q1 2018 Highlights
Revenue increased by $6.4 million quarter over quarter. The FME segment increased revenue by $4.4 million. This was a result of increased sales volumes ($3.3 million) and an adjustment as part of the adoption of IFRS 15 - the new revenue recognition standard ($1.1 million). The FEE segment increased by $2.0 million. More information can be found in the Segmented Results of Operations section of the MD&A. Gross profit increased from $3.3 million in the first quarter of 2017 to $4.5 million in 2018. More information can be found in the Segmented Results of Operations section of the MD&A. Administration costs remained consistent at 9% of revenues. Within this category of spend, the personnel costs increased slightly from $1.6 million in 2017 to $1.9 million in 2018. During the three months ended March 31, 2018 the Fund recognized a $0.06 million foreign exchange gain (2017 - $0.2 million loss). The foreign exchange gain is mainly reflective of changes in the value of the Fund’s U.S. dollar-denominated net monetary assets and liabilities along with the change in value for forward contracts.
SUMMARY OF QUARTERLY INFORMATION (000's, except per Trust Unit amount)
2018 Q1 Q2 Q3 Q4 Total Revenue $ 37,393 - - - $ 37,393 Gross profit ($) $ 4,455 - - - $ 4,455 Gross profit (%) 12% 12 % Admin. expenses ($) $ 3,236 - - - $ 3,236 Admin. expenses (% of total revenue) 9% 9% Exchange rate gain $ (63) - - - $ (63) EBITDA $ 1,282 - - - $ 1,282 Income from operations $ 312 - - - $ 312 Comprehensive income $ 417 - - - $ 417 Trust units redeemed 10,863 - - - 10,863 Redemptions $ 65 - - - $ 65 Basic and diluted earnings per trust unit $ 0.02 - - - $ 0 2017 Q1 Q2 Q3 Q4 Total Revenue $ 31,009 $ 34,067 $ 32,320 $ 35,134 $ 132,530 Gross profit ($) $ 3,344 $ 4,109 $ 2,665 $ 3,739 $ 13,857 Gross profit (%) 11% 12% 8% 11% 10% Admin. expenses ($) $ 2,866 $ 3,049 $ 2,944 $ 3,050 $ 11,909 Admin. expenses (% of total revenue) 9% 9% 9% 9% 9% Exchange rate loss (gain) $ 199 $ 337 $ 132 $ (38) $ 630 Adjusted EBITDA * $ 284 $ 723 $ (416) $ 727 $ 1,318 Gain (loss) from operations $ (502) $ 93 $ (1,225) $ (238) $ (1,872) Comprehensive (loss) gain $ (600) $ (157) $ (1,268) $ 4,442 $ 2,417 Trust units redeemed 27,160 - - 267 27,427 Redemptions $ 160 $ - $ - $ 1 $ 161 Basic and diluted loss per trust unit $ (0.03) $ (0.01) (0.07) 0.24 $ 0.13 Temporary Reduction of Monthly Limit for Fund Unit Redemptions Pursuant to Section 6.4(ii)(A) and (B) of the Deed of Trust
Pursuant to section 6.4(ii)(A) and (B) of the Deed of Trust of the Fund dated November 12, 2005 as amended (the “Deed of Trust”), the Trustees of the Fund have discretion, in any calendar month, to reduce the monthly limit for cash redemptions of units of the Fund due to a material change, or concerns as to the current working capital or debt of the Fund. The exercise of such discretion may result in all or a portion (on a pro rata basis, depending on notices of redemption received) of the amount payable for units redeemed being paid by unsecured promissory notes in accordance with section 6.5 of the Deed of Trust.
As disclosed by prior press releases, effective May 1, 2014 and applying to all notices of redemption received in the months of May through October 2014, inclusive, and February 2015 through March 2018, inclusive, the Trustees of the Fund exercised their discretion pursuant to section 6.4(ii)(B) to reduce the monthly limit for cash redemptions from $1,500,000.00 to $0.00, to $500,000.00 for the months of November and December 2014 and January 2015, and to $250,000 for the month of April 2018 (in each case the subject redemptions being payable by the end of the following month). The Trustees undertook to review the revised monthly limit in respect of the month of May 2018 no later than May 15, 2018.
With respect to the month of May 2018, the Trustees have determined that the monthly limit for cash redemptions will be set at $250,000.00. The Trustees have undertaken to review the revised monthly limit in respect of the month of June 2018 no later than June 15, 2018. In accordance with the Deed of Trust, unitholders that submit or have submitted notices of redemption during the month of May 2018, such that the Fund is obligated to pay the redemption price in respect of the subject units on or before June 29, 2018.
Regarding notices of redemption received in the month of May, the Fund will redeem up to $250,000.00 of units for cash. If notices of redemption received in May exceed $250,000.00, then the unitholders that have submitted notices of redemption in May will be contacted and provided with an opportunity to withdraw all or any part of such notices of redemption. Thereafter, to the extent notices of redemption remain in excess of $250,000.00, the subject units will be redeemed in part for cash and in part for unsecured promissory notes on a pro rata basis.
This discussion is intended for summary purposes only and is subject in all respects to the Deed of Trust. The income and other tax consequences of holding, redeeming or disposing of units and acquiring promissory notes will vary depending on the unitholder’s particular circumstances, including the jurisdiction(s) in which the unitholder resides or carries on business, and whether the unitholder is an RRSP, RESP, RRIF, PPSP or TFSA. Accordingly, this summary is of a general nature only and is not intended to be legal or tax advice to any prospective purchaser or any unitholder. All unitholders should consult their own legal and tax advisors prior to redeeming units of the Fund.
On behalf of the Trustees
Foremost Income Fund
[signed: Bevan May]
Bevan May, Trustee
FORWARD-LOOKING STATEMENT
Certain statements in this news release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements use words such as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements include statements the Fund's intention to proceed with a Unitholders' meeting and information regarding the Trustees' views of the future prospects and tax treatment of the Fund and tax treatment of the Special Redemption, the Fund's expectations regarding the future availability of cash to meet redemption requests and the Trustee's expectations for redemption prices in December 2011 and January 2012. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this news release. These forward-looking statements involve a number of risks and uncertainties, including: the impact of general economic conditions, industry conditions, changes in laws and regulations, increased competition, fluctuations in commodity prices and foreign exchange, and interest rates and stock market volatility.
For further Investor Relations information please contact:
Jackie Schenn, CA
Tel: (403) 295-5800 or toll free 1-800-661-9190 (Canada/US) - Fax: (403) 295-5832 E-mail: [email protected] - Website: www.foremost.ca
Source:Foremost Income Fund | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-foremost-income-fund-reports-q1-2018-results-and-reviews-unit-redemption-monthly-limit-for-may-2018.html |
Enfission Takes Charge of Fuel Roadmap Project
Strengthens Balance Sheet for Enfission R&D Work
RESTON, Va., May 09, 2018 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ:LTBR), a U.S. nuclear fuel technology company, today provided a business update and reported financial results for the first quarter ended March 31, 2018.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “This has been a productive first quarter. Most notably, we announced the launch of Enfission, our 50/50 joint venture with Framatome. Since the formation of Enfission in January 2018, we have been making rapid progress. Specifically, we are working on developing a regulatory licensing plan for lead test assemblies and Enfission expects to present this plan to the U.S. Nuclear Regulatory Commission (NRC) later this year. We appreciate the ongoing support and guidance we receive from the Nuclear Utility Fuel Advisory Board members, comprised of four leading U.S. nuclear utilities. We are also making rapid progress developing analytical models for our metallic fuel technology that can be used for reactor analysis and regulatory licensing. As a result, we remain on track for Enfission to enter into a lead test rod and/or lead test assembly agreement with one of the major U.S. nuclear utilities in the 2019-2020 timeframe.”
“While other nuclear fuels in development may bring safety advantages to reactors, none can match both the significant safety advantages and the dramatic improvement to a power plant’s economics offered by the Lightbridge Fuel™ that the reactors need to compete and win against other sources of baseload power. Some of these other fuel concepts can be combined with the Lightbridge Fuel™, further enhancing the safety benefits of each technology. Lightbridge Fuel™ can also uniquely bring significant benefits on the back-end of the fuel cycle by reducing the amount of spent fuel/waste per kilowatt-hour of electricity, with the spent fuel/waste having the major positive attribute of being useless for any nuclear explosives purposes. Finally, Lightbridge Fuel™ also has advantages for extending the licensed life of reactors.”
ENFISSION R&D ADVANCEMENTS THIS QUARTER
1. Corporate governance and project management:
Established corporate governance and project management structure to ensure effective project control and oversight
2. Fabrication:
Completed and issued preliminary specifications and requests for quotation for scope on several fabrication-related tasks Completed technical and commercial assessment for two suppliers Identified options to be evaluated for commercial-scale fabrication process optimization
3. Fuel Design:
Launched Critical Heat Flux test program Completed procedures for first test rig qualification and interim inspection equipment at IFE/Halden
4. Regulatory licensing:
Initiated preparation of NRC regulatory licensing plan and identification of criteria for Standard Review Plan
FINANCIAL HIGHLIGHTS
“We continue to strengthen our balance sheet, and I’m pleased to report we ended the quarter with approximately $22 million of cash and cash equivalents as of March 31, 2018. This strong cash position provides us significant flexibility and the ability to fund both operations as well as activities necessary to advance the commercial designs and manufacturing of lead test rods and assemblies. As these activities progress over the next couple years, we expect Enfission to begin receiving fuel-related cash contributions from nuclear utility customers. At the same time, we are actively pursuing a variety of non-dilutive funding options, which could include meaningful grants that would help to further accelerate our commercialization timeline.”
Balance Sheet Overview
At March 31, 2018, we had cash and cash equivalents of approximately $22 million, as compared to approximately $4.5 million at December 31, 2017. The $17.5 million increase in cash and cash equivalents resulted from the sale of approximately $20.7 million of common stock and $4 million of preferred stock during the three months ended March 31, 2018. This amount of cash inflow was partially offset by net cash used in operating activities of approximately $1.9 million and cash used in investing activities of approximately $5.3 million, which consisted of cash contributions into Enfission of approximately $5.2 million which are not included in our above mentioned $22 million cash and cash equivalents balance at March 31, 2018. We used cash during the three months ended March 31, 2018 primarily to fund our research and development expenses and general and administrative expenses. We had a working capital surplus of approximately $21.3 million in Lightbridge and approximately $4.5 million of working capital surplus in Enfission to be used for future research and development activities. Stockholders' equity at March 31, 2018 was approximately $27 million compared to stockholders’ equity of approximately $5.8 million at December 31, 2017.
Operating Results – First Quarter of Fiscal 2018 Compared to First Quarter of Fiscal 2017
Net losses incurred for the three months ended March 31, 2018 and 2017 amounted to approximately $4.7 million, $1.7 million respectively. Excluding the impact of non-cash charges for financing costs (write off of the deferred financing costs asset) of approximately $1 million and the immediate vesting of the performance-based long-term stock option grants of approximately $1.1 million, net loss for the three months ended March 31, 2018 and 2017 would have been $2.6 million and $1.7 million, respectively. (See "About Non-GAAP Financial Measures" near the end of this release). For the first quarter ended March 31, 2018, total general and administrative expenses increased by $1.0 million as compared to the three months ended March 31, 2017. The increase was due to an increase in professional fees of approximately $0.3 million, due to the increased legal work in forming the Enfission joint venture and an increase in stock-based compensation of approximately $0.7 million, due to the immediate vesting of the long-term incentive stock options granted in 2017. Total stock-based compensation included in general and administrative expenses was approximately $0.8 million and $0.1 million for the three months ended March 31, 2018 and 2017, respectively. Total research and development expenses increased by $0.4 million for the three-month period ended March 31, 2018, as compared to the three months ended March 31, 2017. The increase was due to cost of employees and consultants providing services to Enfission of approximately $0.2 million and an increase in stock-based compensation of approximately $0.2 million. Total research and development expenses, totaled approximately $0.9 million for the three months ended March 31, 2018 compared to $0.5 million for the three months ended March 31, 2017.
2018 First Quarter Conference Call
Lightbridge will host a conference call on Thursday, May 10 th at 11:00 a.m. Eastern Time to discuss the company's financial results for the first quarter ending March 31, 2018, as well as the Company's corporate progress, Enfission’s progress and other meaningful developments.
Interested parties can access the conference call by calling 877-407-0778 for U.S. callers, or +1-201-689-8565 for international callers. The call will be available on the Company’s website via webcast at http://ir.ltbridge.com/events.cfm . The conference call will be led by Seth Grae, President and Chief Executive Officer and other Lightbridge executives will also be available to answer questions. Questions may also be submitted in writing before or during the conference call to [email protected].
A webcast will also be archived on the Company’s website and a telephone replay of the call will be available approximately one hour following the call, through 11 p.m. June 10, 2018, and can be accessed by calling: 877-481-4010 (U.S. callers) or +1-919-882-2331 (international callers) and entering conference ID: 28287.
About Lightbridge Corporation
Lightbridge (NASDAQ:LTBR) is a nuclear fuel technology development company based in Reston, Virginia, USA. The Company develops proprietary next generation nuclear fuel technologies for current and future reactors, which significantly enhances the economics and safety of nuclear power, operating about 1000° C cooler than standard fuel. In January 2018, Lightbridge and Framatome, Inc. formed a 50-50 joint venture, Enfission, LLC, to develop, license, manufacture, and sell nuclear fuel assemblies based on Lightbridge-designed metallic fuel technology and other advanced nuclear fuel intellectual property. Enfission has the exclusive rights to this technology and is responsible for the development of manufacturing processes and fuel assembly designs for pressurized water reactors (PWRs), boiling water reactors (BWRs), water-cooled small modular reactors, and water-cooled research reactors developed around this intellectual property. PWRs and BWRs constitute the most widely used reactor types in the world. Four large electric utilities that generate about half the nuclear power in the US already advise Lightbridge on fuel development and deployment. In addition to distributions from Enfission based on the parties’ ownership interest in the joint venture, Lightbridge anticipates receiving future licensing revenues in connection with sales by Enfission of nuclear fuel incorporating its intellectual property. Lightbridge also provides comprehensive advisory services for established and emerging nuclear programs based on a philosophy of transparency, non-proliferation, safety and operational excellence. For more information please visit: www.ltbridge.com .
To receive Lightbridge Corporation updates via e-mail, subscribe at http://ir.ltbridge.com/alerts.cfm .
Lightbridge is on Twitter. Sign up to follow @LightbridgeCorp at http://twitter.com/lightbridgecorp .
Forward Looking Statements
With the exception of historical matters, the matters discussed in this news release are within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's competitive position, the timing of demonstration testing and commercial production, the Company's entry into agreements with nuclear fuel manufacturers and the timing thereof, the potential impact of the U.S. Clean Power Plan and similar regulations, the Company's anticipated financial resources and position, the Company's product and service offerings, the expected market for the Company's product and service offerings. These statements are based on current expectations on the date of this news release and involve a number of risks and uncertainties that may cause actual results to differ significantly from such estimates. The risks include, but are not limited to, the degree of market adoption of the Company's product and service offerings; market competition; dependence on strategic partners; demand for fuel for nuclear reactors; the Company's ability to manage its business effectively in a rapidly evolving market; as well as other factors described in Lightbridge's filings Commission. Lightbridge does not assume any obligation to update or revise any such , whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on .
Investor Relations Contact:
David Waldman/Natalya Rudman
Tel. +1 855-379-9900
[email protected]
*** tables follow ***
Lightbridge Corporation Condensed Consolidated Balance Sheets March 31, 2018 December 31, (Unaudited) 2017 ASSETS Current Assets Cash and cash equivalents $ 21,973,862 $ 4,515,398 Accounts receivable - project revenue and reimbursable project costs - 10,400 Other receivable from joint venture 488,685 - Prepaid expenses and other current assets 146,612 70,067 Deferred financing costs, net - 491,168 Total Current Assets 22,609,159 5,087,033 Investment in joint venture 4,188,673 - Other Assets Patent costs 1,462,492 1,367,692 Deferred financing costs, net - 491,268 Total Other Assets 1,462,492 1,858,960 Total Assets $ 28,260,324 $ 6,945,993 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities $ 1,291,777 $ 1,151,210 Total Current Liabilities 1,291,777 1,151,210 Total Liabilities 1,291,777 1,151,210 Commitments and Contingencies – Note 5 Stockholders' Equity Preferred stock, $0.001 par value, 10,000,000 authorized shares: Convertible Series A preferred shares, 1,020,000 shares issued and outstanding at March 31, 2018 and December 31, 2017 (liquidation preference $3,142,813 and $3,088,764 at March 31, 2018 and December 2017, respectively) 1,020 1,020 Convertible Series B preferred shares, 2,666,667 and 0 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively (liquidation preference $4,046,667 at March 31, 2018) 2,667 - Common stock, $0.001 par value, 100,000,000 authorized, 23,927,882 shares and 12,737,703 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 23,928 12,738 Additional paid-in capital 119,483,933 93,602,539 Accumulated deficit (92,543,001 ) (87,821,514 ) Total Stockholders' Equity 26,968,547 5,794,783 Total Liabilities and Stockholders' Equity $ 28,260,324 $ 6,945,993
Lightbridge Corporation Unaudited Condensed Consolidated Statements of Operations Three Months Ended March 31, 2018 2017 Revenue: Consulting Revenue $ - $ 135,485 Cost of Consulting Services Provided - 85,363 Gross Margin - 50,122 Operating Expenses General and administrative 2,223,590 1,208,303 Research and development 911,034 464,343 Total Operating Expenses 3,134,624 1,672,646 Other Operating Income and (Loss) Other income from joint venture 400,343 - Equity in loss from joint venture (1,028,327 ) - Total Other Operating Income and Loss (627,984 ) - Operating Loss (3,762,608 ) (1,622,524 ) Other Income and (Expenses) Interest income 23,557 - Financing costs (982,436 ) (122,804 ) Other income - 20 Total Other Income and (Expenses) (958,879 ) (122,784 ) Loss before income taxes (4,721,487 ) (1,745,308 ) Income taxes - - Net loss $ (4,721,487 ) $ (1,745,308 ) Accumulated preferred stock dividend (112,902 ) (49,000 ) Deemed additional dividend on preferred stock dividend due the beneficial conversion feature (31,134 ) - Deemed dividend on issuance of Series B convertible preferred stock due to beneficial conversion feature (2,624,836 ) - Net loss attributable to common stockholders $ (7,490,359 ) $ (1,794,308 ) Net Loss Per Common Share, Basic and Diluted (0.39 ) $ (0.20 ) Weighted Average Number of Common Shares Outstanding 19,231,578 9,138,014
Lightbridge Corporation Unaudited Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2018 2017 Operating Activities: Net Loss $ (4,721,487 ) $ (1,745,308 ) Adjustments to reconcile net loss from operations to net cash used in operating activities: Stock-based compensation 1,273,035 229,631 Amortization of deferred financing cost - 122,804 Write off of deferred financing costs 982,436 - Equity in loss from joint venture 1,028,327 - Changes in operating working capital items: Accounts receivable - fees and reimbursable project costs 10,400 300,820 Other receivable from joint venture (488,685 ) - Prepaid expenses and other assets (76,545 ) (84,134 ) Accounts payable and accrued liabilities 140,567 78,262 Deferred lease abandonment liability - (42,164 ) Net Cash Used In Operating Activities (1,851,952 ) (1,140,089 ) Investing Activities: Investment in joint venture (5,217,000 ) - Patent costs (94,800 ) (42,889 ) Net Cash Used In Investing Activities (5,311,800 ) (42,889 ) Financing Activities: Net proceeds from the issuance of common stock 20,722,215 2,813,160 Net proceeds from the issuance of preferred stock 3,900,001 - Restricted cash - (24 ) Net Cash Provided by Financing Activities 24,622,216 2,813,136 Net Increase In Cash and Cash Equivalents 17,458,464 1,630,158 Cash and Cash Equivalents, Beginning of Period 4,575,398 3,584,877 Cash and Cash Equivalents, End of Period $ 21,973,862 $ 5,215,035 Supplemental Disclosure of Cash Flow Information: Cash paid during the period: Interest paid $ - $ - Income taxes paid $ - $ - Non-Cash Financing Activities: Deemed dividend on Series B convertible preferred stock due to beneficial conversion feature $ 2,624,836 $ - Accumulated preferred stock dividend $ 144,036 $ 49,000 Decrease in accrued liabilities - stock-based compensation $ - $ 121,720 About Non-GAAP Financial Measures:
This press release contains non-GAAP financial measures for earnings that excludes the expenses recorded for the immediate vesting of certain performance-based long-term stock options granted in 2017 and the write-off of the deferred offering costs asset. Net income excluding these items is not a measure of performance calculated in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company believes the presentation of net income excluding these items is relevant and useful by enhancing the readers’ ability to understand the Company’s operating performance. The Company’s management utilizes net income excluding these items as a means to measure operating performance. The table below reconciles net loss excluding the vesting of certain performance-based long-term stock options and the write-off of the deferred offering costs asset, a non-GAAP measure, to net loss for the three months ended March 31, 2018 and 2017.
(in millions) 3 Months Ended 3 Months Ended March 31, March 31, 2018 2017 Net Loss - Excluding Immediate Vesting of Performance-Based Options and Write-Off of the Deferred Financing Costs (4.7 ) (1.7 ) Adjustments: Write-off of the deferred financing cost asset 1.0 0.0 Immediate vesting of long-term performance-based stock options 1.1 0.0 Net Loss (2.6 ) (1.7 )
Source:Lightbridge Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-lightbridge-reports-financial-results-for-the-first-quarter-of-2018-and-provides-business-update-on-enfission-and-other.html |
Virgin Galactic took another step on Tuesday toward beginning commercial operations with its latest test flight, only 54 days after its last launch went supersonic.
Richard Branson's space tourism company completed the second rocket-powered flight of its Unity spacecraft — launching and landing from the Mojave Air and Space Port in the California desert. Virgin Galactic said in a tweet that the company hoped to test a critical system for commercial flights.
@VirginGalactic: Today's flight is planned to be a partial duration rocket burn that will test a rearward center of gravity closer to the commercial configuration
Unity's test flight comes not long after the company completed the spacecraft's first powered flight in nearly four years on April 5. Rapid reuse is a key part of Virgin Galactic's plan, as it has over 700 astronauts-to-be signed on to launch, with tickets priced at $250,000 per flight.
Unity was lifted into the air by the jet-powered mothership Eve. The carrier aircraft then released the spacecraft from under its wing and then Unity's rocket motor roared the life. Piloted by a two-member crew of Mark Stucky and Dave Mackay, Unity screamed into a steep climb as the engine burned for 31 seconds, pushing Unity past the speed of sound to Mach 1.9.
This test flight bested April's in altitude, with Unity hitting the top of its climb at 114,500 feet. The first test reached 84,271 feet at its peak.
Branson, who was not at the first flight in person, said in a blog post that "it felt extra special being there for another supersonic test."
This was the sixth powered test flight of the SpaceShipTwo design, and the second since the fatal crash of the Spaceship Enterprise on Oct. 31, 2014. Unity underwent extensive engine testing and seven glide tests before Virgin Galactic said it was ready for a powered test flight.
Branson is neck and neck with fellow billionaire Jeff Bezos in the race to begin launching tourists into space. Bezos has been pouring nearly $1 billion a year from his Amazon holdings into rocket-builder Blue Origin in the pursuit of reaching zero gravity conditions. Blue Origin is in the final stages of testing its New Shepard rocket, most recently launching its human-carrying capsule to 322,405 feet in an eighth successful flight on April 29. Blue Origin CEO Bob Smith told CNBC on April 18 that he hopes his company will be launching tourists to space on New Shepard this year.
Virgin Galactic has raised capital through private investment since its founding in 2004. Branson's space companies recently got a boost from Saudi Arabia, which announced intentions to invest $1 billion in Virgin Galactic, The Spaceship Company and small rocket builder Virgin Orbit.
WATCH: Richard Branson says he and Jeff Bezos want to use space to better Earth show chapters Richard Branson: Elon Musk is 'absolutely fixated' on going to Mars 8:06 AM ET Wed, 18 Oct 2017 | 01:26 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/virgin-galactic-lands-second-unity-spacecraft-rocket-flight.html |
KHAN YOUNIS, Gaza Strip—A taxi driver who hopes to move to Turkey. An aspiring law student. A father seeking opportunities for his children.
They are among the hundreds of Palestinians in the Gaza Strip who have rushed for the exit since Egypt opened its border last week.
It is a rare opportunity to leave a territory that has been largely... | ashraq/financial-news-articles | https://www.wsj.com/articles/egypt-opens-a-door-and-gaza-residents-rush-for-the-exit-1527026568 |
First Quarter Financial Results
Q1 Total revenue of $45.4 million Q1 Adjusted EBITDA of $6.1 million 1 Q1 GAAP earnings per share of $0.04 Q1 Non-GAAP earnings per share of $0.12 1
CHICAGO and ZURICH, Switzerland, May 08, 2018 (GLOBE NEWSWIRE) -- VASCO Data Security International, Inc. (NASDAQ:VDSI), a global leader in digital identity security, transaction security and business productivity, today reported financial results for the first quarter ended March 31, 2018.
“We reported record non-hardware revenue in the first quarter with strong contributions from software licenses and subscriptions. Our success was underscored by the doubling of our mobile security software and an increase of nearly 50% in our e-signature solutions,” stated VASCO CEO, Scott Clements. “Strong software and services revenue combined with expected Q1 declines in hardware revenue contributed to a higher gross profit margin. Our strategy of developing software and services solutions that address the secure identity and business enablement challenges of our customers is being well received by the market and we anticipate future gains as we prepare to launch our Trusted Identity Platform later this quarter.”
Revenue for the first quarter of 2018 increased 8% to $45.4 million from $42.0 million in the first quarter of 2017.
Adjusted earnings before interest, taxes, depreciation, amortization and long-term incentive compensation (Adjusted EBITDA) 1 for the first quarter of 2018 was $6.1 million, an increase of $1.9 million, or 44% from $4.2 million reported for the first quarter of 2017. Adjusted EBITDA as a percentage of revenue was 13.5% for the first quarter of 2018, and increase of 3.4 percentage points from 10.1% in the first quarter of 2017.
Net income for the first quarter of 2018 was $1.8 million or $0.04 per fully diluted share, an increase of $1.2 million from net income of $0.6 million or $0.01 per fully diluted share for the first quarter of 2017.
Non-GAAP net income 1 , which excludes long-term incentive compensation and the amortization of intangible assets, for the first quarter of 2018, was $4.6 million or $0.12 per fully diluted share, an increase of $1.4 million from $3.2 million or $0.08 per fully diluted share, for the first quarter of 2017.
Other Financial Metrics
Gross profit was $34.7 million or 76% of revenue for the first quarter of 2018. Gross profit was $29.9 million or 71% of revenue for the first quarter of 2017. Operating expenses for the first quarter were $33.0 million, an increase of 11.6% from $29.6 million reported for the first quarter of 2017. Cash, cash equivalents and short-term investments at March 31, 2018 totaled $166.4 million compared to $158.4 million at December 31, 2017.
1 An explanation of the use of non-GAAP measures is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of GAAP to non-GAAP financial measures has also been provided in tables below.
First Quarter Operational and Other Highlights
On January 1, 2018 VASCO adopted Accounting Standards Codification 606 – Revenue from Contracts with Customers (“ASC 606”). Software revenue included a seven-figure eSignLive™ term license with a major U.S. financial services company. Software revenue included several six-figure DIGIPASS for Apps perpetual licenses. We launched an orchestration SDK for DIGIPASS for Apps that enables our customers to more simply and rapidly integrate biometrics and other security features into their mobile applications.
Guidance for Full Year 2018
VASCO is reaffirming guidance for the full-year 2018 as follows:
Revenue is expected to be in the range of $197 million to $207 million; and Adjusted EBITDA is expected to be in the range of $21 million to $25 million.
Conference Call Details
In conjunction with this announcement, VASCO Data Security International, Inc. will host a conference call today, May 8, 2018, at 4:30 p.m. EDT/22:30 CEST. During the conference call, Mr. Scott Clements, CEO, and Mr. Mark Hoyt, CFO, will discuss VASCO’s results for the first quarter of 2018.
To participate in this conference call, please dial one of the following numbers:
USA/Canada: 800‑659‑3371
International: +1-312-281-1206
The conference call is also available in listen-only mode on ir.vasco.com . The recorded version of the conference call will be available on the VASCO website as soon as possible following the call and will be available for replay for at least 60 days.
About VASCO
VASCO ® is a global leader in delivering trust and business productivity solutions to the digital market. VASCO develops next generation technologies that enable more than 10,000 customers in 100 countries in financial, enterprise, government, health care and other segments to achieve their digital agenda, deliver an enhanced customer experience and meet regulatory requirements. More than half of the top 100 global banks rely on VASCO solutions to protect their online, mobile, and ATM channels. VASCO’s solutions combine to form a powerful trust platform that empowers businesses by incorporating identity, fraud prevention, electronic and transaction signing, mobile application protection and risk analysis. Learn more about VASCO at VASCO.com and on Twitter , LinkedIn and Facebook .
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, including, without limitation the guidance for full year 2018. These forward-looking statements (1) are identified by use of terms and phrases such as “expect”, “believe”, “will”, “anticipate”, “emerging”, “intend”, “plan”, “could”, “may”, “estimate”, “should”, “objective”, “goal”, “possible”, “potential”, “project” and similar words and expressions, but such words and phrases are not the exclusive means of identifying them, and (2) are subject to risks and uncertainties and represent our present expectations or beliefs concerning future events. VASCO cautions that the forward-looking statements are qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These risks, uncertainties and other factors have been described in our Annual Report on Form 10‑K for the year ended December 31, 2017 and include, but are not limited to, (a) risks of general market conditions, including currency fluctuations and the uncertainties resulting from turmoil in world economic and financial markets, (b) risks inherent to the computer and network security industry, including rapidly changing technology, evolving industry standards, increasingly sophisticated hacking attempts, increasing numbers of patent infringement claims, changes in customer requirements, price competitive bidding, and changing government regulations, and (c) risks specific to VASCO, including demand for our products and services, competition from more established firms and others, pressures on price levels and our historical dependence on relatively few products, certain suppliers and certain key customers. Thus, the results that we actually achieve may differ materially from any anticipated results included in, or implied by these statements. Except for our ongoing obligations to disclose material information as required by the U.S. federal securities laws, we do not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events.
VASCO Data Security International, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three months ended March 31, 2018 2017 Revenue Product and license $ 33,494 $ 31,561 Services and other 11,938 10,404 Total revenue 45,432 41,965 Cost of goods sold Product and license 8,185 9,540 Services and other 2,550 2,513 Total cost of goods sold 10,735 12,053 Gross profit 34,697 29,912 Operating costs Sales and marketing 14,277 13,702 Research and development 5,797 5,856 General and administrative 10,774 7,853 Amortization of purchased intangible assets 2,201 2,199 Total operating costs 33,049 29,610 Operating income 1,648 302 Interest income, net 393 290 Other income, net 380 214 Income before income taxes 2,421 806 Provision for income taxes 629 233 Net income $ 1,792 $ 573 Net income per share Basic $ 0.04 $ 0.01 Diluted $ 0.04 $ 0.01 Weighted average common shares outstanding Basic 39,910 39,760 Diluted 40,059 39,770
VASCO Data Security International, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) March 31, December 31, 2018 2017 ASSETS Current assets Cash and equivalents $ 126,484 $ 78,661 Short term investments 39,953 79,733 Accounts receivable, net of allowances of $809 in 2018 and $520 in 2017 34,445 48,126 Inventories, net 11,504 12,040 Prepaid expenses 6,478 3,876 Contract assets 4,874 — Other current assets 4,547 5,501 Total current assets 228,285 227,937 Property and equipment: Furniture and fixtures 7,451 5,655 Office equipment 10,012 13,084 Total Property and equipment: 17,463 18,739 Accumulated depreciation (11,163 ) (13,963 ) Property and equipment, net 6,300 4,776 Goodwill 57,025 56,332 Intangible assets, net of accumulated amortization 35,733 37,888 Deferred income taxes 4,975 5,460 Contract assets - non-current 7,488 — Other assets 7,062 5,229 Total assets $ 346,868 $ 337,622 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 4,822 $ 8,144 Deferred revenue 30,433 33,295 Accrued wages and payroll taxes 10,669 11,643 Short-term income taxes payable 1,435 3,673 Other accrued expenses 9,598 7,746 Deferred compensation 395 1,652 Total current liabilities 57,352 66,153 Long-term deferred revenue 6,773 7,019 Other long-term liabilities 7,500 5,919 Long-term income taxes payable 12,848 12,848 Deferred income taxes 8,169 7,753 Total liabilities 92,642 99,692 Stockholders' equity Common stock: $.001 par value per share, 75,000 shares authorized; 40,312 and 40,086 issued and outstanding at March 31, 2018 and December 31, 2017, respectively 40 40 Additional paid-in capital 91,106 90,307 Accumulated income 170,319 156,151 Accumulated other comprehensive loss (7,239 ) (8,568 ) Total stockholders' equity 254,226 237,930 Total liabilities and stockholders' equity $ 346,868 $ 337,622
VASCO Data Security International, Inc. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (in thousands, unaudited) Three months ended March 31, 2018 2017 Cash flows from operating activities: Net income $ 1,792 $ 573 Adjustments to reconcile net income to net cash provided: Depreciation and amortization 2,747 2,633 Deferred tax benefit (9 ) (395 ) Stock-based compensation 800 544 Changes in assets and liabilities Accounts receivable, net 14,185 1,715 Inventories, net 535 (1,403 ) Contract assets (4,195 ) — Accounts payable (3,360 ) (1,507 ) Income taxes payable (3,012 ) (2,914 ) Accrued expenses (821 ) 1,265 Deferred compensation (1,258 ) 243 Deferred revenue 3,424 1,691 Other (1,102 ) (738 ) Net cash provided by operating activities 9,726 1,707 Cash flows from investing activities: Purchase of short term investments — (69,626 ) Maturities of short term investments 40,000 75,000 Additions to property and equipment (2,296 ) (247 ) Net cash provided by investing activities 37,704 5,127 Cash flows from financing activities: Tax payments for restricted stock issuances (179 ) (154 ) Net cash used in financing activities (179 ) (154 ) Effect of exchange rate changes on cash 572 253 Net increase in cash 47,823 6,933 Cash and equivalents, beginning of period 78,661 49,345 Cash and equivalents, end of period $ 126,484 $ 56,278
Revenue by major products and services:
For the three months ended March 31, 2018 2017* Hardware products $ 17,491 $ 21,744 Software licenses 16,003 9,816 Subscription 2,970 2,115 Professional services 964 961 Maintenance, support and other 8,004 7,329 Total Revenue $ 45,432 $ 41,965 * Prior period amounts are presented under ASC 605 and 985-605
Impact of ASC 606 Adoption:
For the three-months ended March 31, 2018 As Reported Adjustments Balances without
the adoption of
Topic 606 Revenue Product and license $ 33,494 $ (2,447 ) $ 31,047 Services and other 11,938 (698 ) 11,240 Total revenue 45,432 (3,145 ) 42,287 Cost of goods sold Product and license 8,185 393 8,578 Services and other 2,550 — 2,550 Total Cost of goods sold 10,735 393 11,128 Gross profit 34,697 (3,538 ) 31,159 Operating Costs Sales and marketing 14,277 382 14,659 Total operating costs 33,049 382 33,431 Operating income (loss) 1,648 (3,920 ) (2,272 ) Income before taxes 2,421 (3,920 ) (1,499 ) Provision for income tax 629 (1,019 ) (390 ) Net income (loss) $ 1,792 $ (2,901 ) $ (1,109 ) Basic EPS $ 0.04 $ (0.03 ) Diluted EPS $ 0.04 $ (0.03 )
Non-GAAP Financial Measures
We report financial results in accordance with GAAP. We also evaluate our performance using certain non-GAAP operating metrics, namely Adjusted EBITDA, non-GAAP Net Income and non-GAAP diluted EPS. Our management believes that these measures provide useful supplemental information regarding the performance of our business and facilitates comparisons to our historical operating results. We believe these non-GAAP operating metrics provide additional tools for investors to use to compare our business with other companies in the industry.
These non-GAAP measures are not measures of performance under GAAP and should not be considered in isolation, as alternatives or substitutes for the most directly comparable financial measures calculated in accordance with GAAP. While we believe that these non-GAAP measures are useful within the context described below, they are in fact incomplete and are not a measure that should be used to evaluate our full performance or our prospects. Such an evaluation needs to consider all of the complexities associated with our business including, but not limited to, how past actions are affecting current results and how they may affect future results, how we have chosen to finance the business, and how taxes affect the final amounts that are or will be available to shareholders as a return on their investment. Reconciliations of the non-GAAP measures to the most directly comparable GAAP financial measures are found below.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss) before interest, taxes, depreciation, amortization and long-term incentive compensation. We use Adjusted EBITDA as a simplified measure of performance for use in communicating our performance to investors and analysts and for comparisons to other companies within our industry. As a performance measure, we believe that Adjusted EBITDA presents a view of our operating results that is most closely related to serving our customers. By excluding interest, taxes, depreciation, amortization and long-term incentive compensation we are able to evaluate performance without considering decisions that, in most cases, are not directly related to meeting our customers’ requirements and were either made in prior periods (e.g., depreciation, amortization and long-term incentive compensation), or deal with the structure or financing of the business (e.g., interest) or reflect the application of regulations that are outside of the control of our management team (e.g., taxes). Similarly, we find the comparison of our results to those of our competitors is facilitated when we do not consider the impact of these items.
Reconciliation of Net Income to Adjusted EBITDA (in thousands, unaudited) Three months ended March 31, 2018 2017 Net income $ 1,792 $ 573 Interest income, net (393 ) (290 ) Provision for income taxes 629 233 Depreciation and amortization 2,747 2,633 Long-term incentive compensation 1,352 1,100 Adjusted EBITDA $ 6,127 $ 4,249 Non-GAAP Net Income & Non-GAAP Diluted EPS
We define non-GAAP net income and non-GAAP diluted EPS, as net income or EPS before the consideration of long-term incentive compensation expenses and the amortization of purchased intangible assets. We use these measures to assess the impact of our performance excluding items that can significantly impact the comparison of our results between periods and the comparison to competitors.
Long-term incentive compensation for management and others is directly tied to performance and this measure allows management to see the relationship of the cost of incentives to the performance of the business operations directly if such incentives are based on that period’s performance. To the extent that such incentives are based on performance over a period of several years, there may be periods which have significant adjustments to the accruals in the period but which relate to a longer period of time, and which can make it difficult to assess the results of the business operations in the current period. In addition, the Company’s long-term incentives generally reflect the use of restricted stock grants or cash awards while other companies may use different forms of incentives the cost of which is determined on a different basis, which makes a comparison difficult.
We exclude amortization of purchased intangible assets as we believe the amount of such expenses in any given period may not be correlated directly to the performance of the business operations and that such expenses can vary significantly between periods as a result of new acquisitions, the full amortization of previously acquired intangible assets or the write down of such assets due to an impairment event. However, purchased intangible assets contribute to current and future revenue and related amortization expense will recur in future periods until expired or written down. We make a tax adjustment based on the above adjustments resulting in an effective tax rate on a non-GAAP basis, which may differ from the GAAP tax rate. We believe the effective tax rates we use in the adjustment are reasonable estimates of the overall tax rates for the Company under its global operating structure.
Reconciliation of Net Income to Non-GAAP Net Income (in thousands except per share data, unaudited) Three months ended March 31, 2018 2017 Net income $ 1,792 $ 573 Long-term incentive compensation 1,352 1,110 Amortization of purchased intangible assets 2,201 2,199 Tax impact of adjustments* (711 ) (662 ) Non-GAAP net income $ 4,634 $ 3,220 Non-GAAP diluted EPS $ 0.12 $ 0.08 Diluted shares outstanding 40,059 39,770 * The tax impact of adjustments is calculated at 20% of the adjustments in all periods
Copyright © 2018 VASCO Data Security, Inc., VASCO Data Security International GmbH. All rights reserved. VASCO ® , DIGIPASS ® , CRONTO ® , and eSignLive™ are registered or unregistered trademarks of VASCO Data Security, Inc. and/or VASCO Data Security International GmbH, or Silanis Technology Inc. in the U.S. and other countries.
For more information contact:
Joe Maxa
+1-612‑247‑8592
[email protected]
Source:VASCO Data Security International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-vasco-reports-results-for-first-quarter-2018.html |
Washington, D.C., May 26,
HORMEL FOODS CORPORATION RECALLS CANNED PORK AND CHICKEN PRODUCTS DUE TO POSSIBLE FOREIGN MATTER CONTAMINATION
WASHINGTON, May 26, 2018 – Hormel Food Corp., a Fremont, NE establishment, is recalling approximately 228,614 pounds of canned pork and chicken products that may be contaminated with foreign matter, specifically pieces of metal, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) announced today.
The canned pork and chicken products were produced on February 8 through February 10, 2018. The following products are subject to recall:
12-oz. metal cans containing “SPAM Classic” with a “Best By” February 2021 date and production codes: F020881, F020882, F020883, F020884, F020885, F020886, F020887, F020888 and F020889. These products were shipped throughout the United States. 12-oz. metal cans containing “Hormel Foods Black-Label Luncheon Loaf” with a “Best By” February 2021 date and production codes F02098 and F02108. These products were shipped to Guam only. The products subject to recall bear establishment number “EST. 199N” on the bottom of the can. These items were shipped throughout the United States and to Guam.
The problem was discovered after the firm received four consumer complaints stating that metal objects were found in the canned products. FSIS was notified on May 24, 2018.
There have been reports of minor oral injuries associated with consumption of the products. FSIS has received no additional reports of injury or illness from consumption of these products. Anyone concerned about an injury or illness should contact a healthcare provider.
FSIS is concerned that some product may be in consumers’ food pantries. Consumers who have purchased these products are urged not to consume them. These products should be thrown away or returned to the place of purchase.
FSIS routinely conducts recall effectiveness checks to verify recalling firms notify their customers of the recall and that steps are taken to make certain that the product is no longer available to consumers. When available, the retail distribution list(s) will be posted on the FSIS website at www.fsis.usda.gov/recalls .
Consumers with questions about the recall can contact Consumer Response, Hormel Foods, at (800) 523-4635. Members of the media with questions about the recall can contact Hormel Foods Media Relations, at (507) 437-5345.
Consumers with food safety questions can "Ask Karen," the FSIS virtual representative available 24 hours a day at AskKaren.gov or via smartphone at m.askkaren.gov . The toll-free USDA Meat and Poultry Hotline 1-888-MPHotline (1-888-674-6854) is available in English and Spanish and can be reached from 10 a.m. to 6 p.m. (Eastern Time) Monday through Friday. Recorded food safety messages are available 24 hours a day. The online Electronic Consumer Complaint Monitoring System can be accessed 24 hours a day at: http://www.fsis.usda.gov/reportproblem .
### NOTE: Access news releases and other information at FSIS’ website at http://www.fsis.usda.gov/recalls .
Follow FSIS on Twitter at twitter.com/usdafoodsafety or in Spanish at: twitter.com/usdafoodsafe_es .
USDA RECALL CLASSIFICATIONS Class I This is a health hazard situation where there is a reasonable probability that the use of the product will cause serious, adverse health consequences or death. Class II This is a health hazard situation where there is a remote probability of adverse health consequences from the use of the product. Class III This is a situation where the use of the product will not cause adverse health consequences.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (800) 795-3272 (voice), or (202) 720-6382 (TDD).
Attachment
FSIS Recall 041-2018 Foreign materials USDA FSIS USDA Food Safety and Inspection Service (202) 720-9113 [email protected]
Source: USDA Food Safety and Inspection Service | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/26/globe-newswire-hormel-foods-corporation-recalls-canned-pork-and-chicken-products-due-to-possible-foreign-matter-contamination.html |
EditorsNote: Editors: Fixes typo ‘pending’ in penultimate graf
Shin-Soo Choo drilled a walk-off home run in the 10th inning to lift the Texas Rangers past the Kansas City Royals 4-3 Saturday afternoon at Globe Life Park in Arlington, Texas.
The Rangers, who lead the four-game series 2-1, improved to 5-1 in extra-inning games this season. The Royals dropped to 2-4 in extras.
Choo homered for the second straight game and eighth time this season. His opposite-field shot off Kevin McCarthy (3-2) to left was also the 176th home run of his career, breaking a tie with Hideki Matsui for the most among Asian-born players.
Alex Claudio (3-2) pitched the 10th for Texas and picked up the win.
Texas starter Bartolo Colon made his first start since his 45th birthday on Thursday, and though he wasn’t particular sharp early, the big righty racked up another quality start.
Colon gave the Rangers a chance by lasting seven innings and giving up three runs, all coming in the third. The Royals did rough up Colon on four hits in the third, the big blow being a two-run double by Whit Merrifield.
Texas got a run back in the bottom of the inning on a double by Isiah Kiner-Falefa off Royals starter Ian Kennedy. Joey Gallo nearly tied it in the fourth with a towering drive that hit the top of the wall in center to score Jurickson Profar.
Kennedy didn’t factor into the decision either after allowing two runs on five hits in five innings. The right-hander struck out four and walked three.
Brad Keller relieved Kennedy to open the sixth and gave up the tying run. Ronald Guzman knotted it at 3-3 with a two-out double to plate Gallo.
The Rangers had a chance to take the lead in the eighth after Profar doubled with one out, but reliever Tim Hill nailed down the last two outs.
The Royals received bad news before the game as starter Eric Skoglund went on the disabled list with a left ulnar collateral ligament sprain, an injury that’s often a precursor to Tommy John surgery. Skoglund will undergo an MRI after the Royals return to Kansas City.
The Rangers could be getting Matt Moore back in the rotation next week, depending on how the left-hander recovers from Saturday’s bullpen session.
The series ends Sunday afternoon with Texas sending Cole Hamels (3-4, 3.38 ERA) to the hill and Kansas City countering with Jason Hammel (1-5, 5.70)
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-tex-kc-recap/rangers-beat-royals-on-choos-10-inning-hr-idUSMTZEE5RCZMFXC |
* SSEC 1.2 pct, CSI300 1.3 pct, HSI 0.5 pct
* HK->Shanghai Connect daily quota used 3.3 pct, Shanghai->HK daily quota used 1.3 pct
* China economy expected to remain solid despite trade tensions
SHANGHAI, May 7 (Reuters) - China stocks rose on Monday, as investors expect strong economic data for April, and responded positively to new rules that would allow domestic listings of overseas-listed IT giants. Hong Kong shares tracked Asian markets higher after a tame reading on U.S. wages lowered risks of faster rate hikes by the Federal Reserve.
** Meanwhile, fears of a full-flown Sino-U.S. trade war eased. UBS Securities wrote on Monday the continued negotiations will likely result in a scale back of the current proposal on tariffs as China quickens its implementation of some announced opening and reform measures in the next couple of months.
** The CSI300 index was up 1.3 percent at 3,821.97 points at the end of the morning session, while the Shanghai Composite Index gained 1.2 percent to 3,128.34.
** In Hong Kong, the Hang Seng index added 0.5 percent to 30,077.63 points, while the Hong Kong China Enterprises Index climbed 1 percent to 12,011.51.
** A flurry of Chinese data in coming weeks is expected to show that the world’s second-largest economy remained strong in April, underpinned by a pick-up in industrial output and a rebound in exports despite rising trade tensions with the United States.
** Tech shares in China rose sharply, after China’s securities regulator on Friday published draft rules on the issuance of China Depositary Receipts, or CDRs, paving the way for domestic flotation of offshore-listed technology giants.
** The smaller Shenzhen index was up 1.52 percent and the start-up board ChiNext Composite index was higher by 1.73 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.34 percent, while Japan’s Nikkei index slipped 0.07 percent. ** The yuan was Quote: d at 6.3554 per U.S. dollar, 0.07 percent firmer than the previous close of 6.36. ** The largest percentage gainers in the main Shanghai Composite index were Fujian Kuncai Material Technology Co Ltd, which gained 10.03 percent, followed by Yibin Paper Industry Co Ltd, which jumped 10.03 percent and Guangdong Dcenti Auto-Parts Stock Ltd Co up by 10.01 percent. ** The largest percentage losses in the Shanghai index were Aurora Optoelectronics Co Ltd, which fell 10.03 percent, followed by Zhejiang ChiMin Pharmaceutical Co Ltd , which lost 9.96 percent and Dahu Aquaculture Co Ltd down by 6.22 percent. ** The top gainers among H-shares were CSPC Pharmaceutical Group Ltd up 6.65 percent, followed by New China Life Insurance Co Ltd gaining 3.25 percent and CNOOC Ltd up by 2.91 percent. ** The three biggest H-shares percentage decliners were ZhongAn Online P&C Insurance Co Ltd, which dropped 3.28 percent, Huaneng Power International Inc, which lost 0.9 percent and Guangzhou Automobile Group Co Ltd, which dipped 0.4 percent. ** About 7.80 billion shares have traded so far on the Shanghai exchange, roughly 49.9 percent of the market’s 30-day moving average of 15.63 billion shares a day. The volume traded was 11.87 billion, as of the last full trading day. ** As of 0430 GMT, China’s A-shares were trading at a premium of 23.09 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 Samuel Shen and John Ruwitch, Editing by Sherry Jacob-Phillips
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-midday/china-hk-stocks-rise-on-economic-optimism-despite-trade-tensions-idUSL3N1SE21L |
TAGUM CITY, Philippines (Thomson Reuters Foundation) - A dozen bamboo and tarpaulin tents are pitched on the pavement, festooned with washing and banners - the department in charge of agrarian reform in Tagum City is sporting a new facade.
Inside the tents there are hammocks, boxes of groceries and cooking vessels, presenting a tranquillity that belies the urgent appeals on banners demanding land for peasants, and an end to the killing of farmers on the island of Mindanao.
Peasant farmers and leaders in the camp say they want genuine reform, as the government’s agrarian reform programme, known as CARP and enacted in 1988, has failed.
“Thirty years after the law was passed, land has not been given to peasant farmers who have tilled the land for generations,” said Lito Lao, chairperson of the agricultural workers’ union in Mindanao, known by its Tagalog acronym UMA.
“Instead, farmers are getting killed for demanding their right to land, and dummy beneficiaries have been settled by landlords on land meant for the landless,” he said.
CARP, signed into law by then president Corazon Aquino, was initially set for 10 years, with an aim to distribute about 7.8 million hectares of land - roughly the size of Portugal - to reduce inequality and help alleviate poverty.
In 1998, the programme was extended by another 10 years. In 2009, Gloria Arroyo, who was president, unveiled CARPER, adding an Extension with Reforms to CARP and a deadline of 2014.
Of a total area of 5.4 million hectares that fell under CARP’s scope, the government has distributed 4.8 million hectares as of December 2017, according to a spokesman for the Department of Agrarian Reform (DAR).
Activists say officials accepted thousands of fraudulent claims, and that about 44 percent of land distributed is public, requiring farmers pay to an amortisation fee they say is excessive.
COLONIAL LEGACY Land reform has long been a contentious issue in the Philippines, where a lasting legacy of Spanish colonial rule was a concentration of ownership among a wealthy few.
Large corporations came to control the bulk of farm land for plantations of coconuts, bananas and pineapples.
Matters came to a head in 1987, when the military attacked peasants marching in Manila, killing more than a dozen.
Enacted the following year, CARP allowed land owners to retain up to five hectares, in addition to three hectares for each heir. The state would acquire the remainder for distribution among the landless.
But inaccurate and missing land titles slowed acquisitions, according to DAR. Landowners filed petitions for exemptions, or installed fraudulent beneficiaries on their land, activists say.
“Landlords and corporations who own large holdings are a powerful lobby, so acquisition of private lands fell well below target,” said Marlon Manuel, an advisor to the legal advocacy group Namati.
“Where land was distributed, there were no other services like funding or marketing. The farmers had little experience in managing land, and many of them ended up leasing or selling the land and finding themselves landless again,” he said.
An official at the provincial DAR office in Tagum City said all qualified beneficiaries had been identified, and that distribution is still underway.
“There is a procedure to become an Agricultural Reform Beneficiary (ARB), and we believe it is nearly perfect. Those who say they did not receive land - perhaps they did not qualify,” Jocelyn Seno said in an interview in her office.
“As for those who say fake ARBs have been installed in land holdings, there are legal options open to them, and it is up to them to prove they are fake. We have installed ARBs after identification and verification, and we stand by the process.”
NO CHOICE Protests by farmers have sometimes erupted into violent clashes with private security forces of landlords who refused to honour titles issued by DAR, activists say.
Hundreds of farmers have also been arrested, and at least 114 have been killed amid a rural crackdown since President Rodrigo Duterte took office in 2016, according to rights groups.
The Department of Justice did not respond to e-mails seeking comment on attacks on farmers.
“Many of them have been waiting for years, if not decades, for land promised to them by the government. They have no choice but to mobilise and fight - and sometimes occupy public lands,” said Hanimay Suazo of the Peasant Movement of the Philippines.
“Not only have they not got land, they have been arrested on trumped up charges and are at risk of attacks by armed forces, as well as the private security forces of landlords.”
Suazo and other farmer leaders have lobbied for years for the adoption of the Genuine Agrarian Reform Bill, which they say addresses the inadequacies of CARP and CARPER.
The bill is with the Congress, “and no deliberation has been conducted to date”, the DAR spokesman said.
In Tagum City, after two attempts to settle farmers in a banana plantation failed because of resistance from the corporate landowner, DAR officials last year settled 159 farmers on 145 hectares of land.
About 15 of those farmers formed a collective by pooling their land to grow bananas, vegetables and mushrooms.
Rights groups are encouraging this model, saying it gives farmers more bargaining power with buyers, and greater protection from large land owners.
“We were all tenant farmers before and did not have a say,” said Franklin Consejo, taking a break in a bamboo shelter.
“Now we decide what to grow, whom to sell to, and what to do with the money,” he said. “It’s a good feeling.”
That sense of well-being does not extend to the farmers camped outside the DAR office in Tagum City.
“We will be here until DAR distributes land to all landless farmers,” said Lao, of the UMA.
“(If) the government doesn’t implement genuine land reform, there is no option but to protest and wage revolution,” he said.
Reporting by Rina Chandran @rinachandran. Editing by Jared Ferrie. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org to see more stories.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/uk-philippines-landrights-farming-featur/philippine-peasants-fight-for-land-30-years-after-reform-idUSKCN1IW04K |
BALTIMORE, May 10, 2018 /PRNewswire/ -- MMA Capital Management, LLC (NASDAQ: MMAC) (" MMA Capital " or " the Company ") today reported financial results for the quarter ended March 31, 2018, including common shareholders' equity of $178.4 million, or $30.82 per share of diluted common shareholders' equity (" Book Value "). The Company filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 (the " First Quarter 2018 Report ") with the Securities and Exchange Commission (" SEC ") earlier today and will hold an investor call on Friday, May 11, 2018 at 8:30 a.m. EDT.
Common shareholders' equity increased from $137.6 million at December 31, 2017 to $178.4 million at March 31, 2018. This change was driven by $27.5 million in comprehensive income that was allocable to common shareholders and by $13.3 million of other increases in common shareholders' equity. Book Value per share increased $6.34 per share in the first quarter of 2018 to $30.82 at March 31, 2018, an increase of 25.9% for the quarter. Included in the $13.3 million of other increases was the $9.2 million increase due to the change in accounting principles and $4.1 million share issuance we previously reported with our Form 8-K and Form 10-K filings earlier this year.
We recognized comprehensive income that was allocable to common shareholders of $27.5 million in the first quarter of 2018, which consisted of $18.3 million of net income that was allocable to common shareholders and $9.2 million of other comprehensive income that was allocable to common shareholders. In comparison, we recognized $3.1 million of comprehensive loss that was allocable to common shareholders during the first quarter of 2017, which consisted of $3.4 million of net loss that was allocable to common shareholders and $0.3 million of other comprehensive income that was allocable to common shareholders. Comprehensive income that we recognized in the first quarter of 2018 was primarily driven by the sale of certain business lines and assets to an affiliate of Hunt Companies, Inc. (" Hunt "), which resulted in the recognition of $33.2 million of comprehensive income.
Michael Falcone, MMA Capital's Chief Executive Officer stated, "As previously discussed, we started off 2018 with a significant transaction that recast the balance sheet, the majority of those effects you see in our first quarter report. In addition, as we further discuss in our filing, should Hunt decide to take an assignment of the MGM Agreements and, subject to the terms of such agreements, consummate the acquisition of the MGM LIHTC business, we would also recognize an estimated $14 million increase in GAAP common shareholders' equity. As a result of the Hunt transaction, our first quarter activity has been focused on reporting the transaction and transitioning to externalized management. With the transition going well and capital ready for deployment, we have switched our focus to future investment opportunities, which likely includes additional investments in our existing portfolios but may include other opportunistic investments that meet our investment criteria."
Conference Call Information
The conference call with investors will be webcast. All interested parties are welcome to join the live webcast, which can be accessed through the Company's web site at www.mmacapitalmanagement.com (refer to the Shareholder Relations tab of our website for more information). Participants may also join the conference call by dialing toll free 1-888-346-6987 or 1-412-902-4268 for international participants and 1-855-669-9657 for Canadian participants.
For purposes of the conference call, the Company will reference select tables from Item 2 of the First Quarter 2018 Report (Management's Discussion & Analysis).
An archived replay of the event will be available one hour after the event through May 18, 2018, toll free at 1-877-344-7529, or 1-412-317-0088 for international participants and 1-855-669-9658 for Canadian participants (Passcode: 10119752).
About MMAC
MMAC primarily invests in debt associated with affordable housing and renewable energy. MMAC is externally managed and advised by Hunt Investment Management, LLC, an affiliate of Hunt Companies, Inc. For additional information about MMA Capital Management, LLC (NASDAQ: MMAC), please visit MMAC's website at www.mmacapitalmanagement.com . For additional information about Hunt Investment Management, LLC, please see its brochure (Part 2A of Form ADV) available at www.advisorinfo.sec.gov .
MMA CAPITAL MANAGEMENT: INTEGRITY. INNOVATION. SERVICE.
www.mmacapitalmanagement.com
View original content: http://www.prnewswire.com/news-releases/mma-capital-management-announces-first-quarter-results-and-investor-conference-call-300646306.html
SOURCE MMA Capital Management, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-mma-capital-management-announces-first-quarter-results-and-investor-conference-call.html |
Expat Brits in NY cheer for the royal couple at viewing party Saturday, May 19, 2018 - 01:35
A rainy day in New York didn't keep people from celebrating Britain's glittering royal wedding. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
A rainy day in New York didn't keep people from celebrating Britain's glittering royal wedding. 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/2ItSKvo | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/19/expat-brits-in-ny-cheer-for-the-royal-co?videoId=428465530 |
(Repeats with no change to text)
ISTANBUL, April 30 (Reuters) - Turkey’s central bank is moving closer to its long-stated target of simplifying its complex system of monetary policy, where it uses multiple rates, Governor Murat Cetinkaya said on Monday.
“I think we are close to the final step on simplification,” Cetinkaya said at the release of the bank’s regular inflation report on Monday. He said that simplification remains a target for the bank. He also described last week’s rate hike as a “measured” step. (Reporting by Ece Toksabay and Nevzat Devranoglu; Writing by David Dolan)
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-cenbank-inflation-policy/turkeys-cenbank-closing-in-on-final-step-on-policy-simplification-cetinkaya-says-idUSA4N1PK024 |
May 9, 2018 / 11:21 AM / Updated 11 minutes ago BRIEF-R1 RCM Inc Reports Q1 Loss Per Share Of $0.26 Reuters Staff
May 9 (Reuters) - R1 RCM Inc: * SEES FY 2018 REVENUE $850 MILLION TO $900 MILLION
* QTRLY GAAP NET SERVICES REVENUE OF $147.3 MILLION, UP $60.4 MILLION
* SEES 2018 REVENUE OF BETWEEN $850 MILLION AND $900 MILLION
* SEES 2018 GAAP OPERATING LOSS OF $30 MILLION TO $55 MILLION * SEES 2018 ADJUSTED EBITDA OF $50 MILLION TO $55 MILLION
* QTRLY LOSS PER SHARE $0.26 | ashraq/financial-news-articles | https://www.reuters.com/article/brief-r1-rcm-inc-reports-q1-loss-per-sha/brief-r1-rcm-inc-reports-q1-loss-per-share-of-0-26-idUSASC0A0X8 |
May 1, 2018 / 11:39 AM / Updated 7 hours ago India infrastructure output growth slows to three-year low in 2017/18 Manoj Kumar 3 Min Read
NEW DELHI (Reuters) - India’s infrastructure growth slowed to a three-year low of 4.2 percent in the fiscal year ending in March, indicating Prime Minister Narendra Modi faces a tough challenge to boost investment ahead of general elections due early next year. Labourers work at the construction site of a flyover in New Delhi, February 1, 2018. REUTERS/Adnan Abidi /Files
Annual output growth was 4.2 percent during the 2017/18 fiscal year that ended in March, lower than 4.8 percent in the previous year, and dragged down by slower growth in the production of coal, steel and electricity, according to data released on Tuesday by the Ministry of Commerce and Industry.
Modi, who is expected to seek a second five-year term next year, has eased several rules and pumped billion of dollars of state funds into building roads, ports, and airports to support economic growth and create jobs.
India completed on Sunday the electrification of all its villages 12 days ahead of a deadline set by Modi, which could give the ruling party a boost ahead of a general election in 2019.
Analysts, however, say higher borrowing costs and delays in official clearances for projects have hit private investments.
Some 356 infrastructure projects, each costing 1.5 billion rupees or more, had been delayed by up to five years, leading to a total cost overrun of 2.19 trillion rupees ($32.9 billion), according to government estimates.
Infrastructure output, which comprises eight sectors such as coal, crude oil, natural gas, steel, cement and electricity, accounts for nearly 40 percent of India’s industrial output.
Steel output growth slowed to 5.6 percent in the year ending in March from 10.7 percent in the previous year. Cement output was up 6.3 percent in same period compared to a 1.2 percent fall, indicating a pick up in construction activity.
In March, infrastructure growth slowed to a three-month low of 4.1 percent from a year ago, government data showed.
Asia’s third-largest economy has been held back for years by a shortage of energy sources such as electricity, coal and transport fuel, leaving industries to cope with blackouts and hospitals to rely on diesel-run generators as a back-up power supply.
The government plans to spend 5.97 trillion rupees ($89.7 billion) on infrastructure in 2018/19 fiscal year, more than three times what was allocated in 2014/15.
India’s economy is expected to grow over 7 percent in current fiscal year beginning in April, up from an estimated 6.6 pct in the previous year.
($1 = 66.5000 Indian rupees) Labourers work at the site of metro railway flyover under construction in Ahmedabad, March 31, 2016.REUTERS/Amit Dave/Files Reporting by Manoj Kumar; Editing by Darren Schuettler | ashraq/financial-news-articles | https://in.reuters.com/article/india-economy-infrastructure/indias-march-infrastructure-output-grows-4-1-percent-idINKBN1I23HV |
May 1, 2018 / 11:08 AM / Updated 4 minutes ago BRIEF-Xylem Q1 Earnings Per Share $0.43 Reuters Staff 1 Min Read
May 1 (Reuters) - Xylem Inc:
* XYLEM REPORTS SEVEN PERCENT ORGANIC REVENUE INCREASE AND STRONG DOUBLE-DIGIT GROWTH IN 1ST QUARTER 2018 EARNINGS * Q1 EARNINGS PER SHARE $0.43
* Q1 REVENUE $1.2 BILLION VERSUS I/B/E/S VIEW $1.19 BILLION
* Q1 EARNINGS PER SHARE VIEW $0.51 — THOMSON REUTERS I/B/E/S * SEES FY 2018 REVENUE $5.1 BILLION TO $5.2 BILLION
* ON AN ORGANIC BASIS, CONTINUES TO ANTICIPATE REVENUE GROWTH IN RANGE OF FOUR TO SIX PERCENT FOR FULL-YEAR 2018
* FY2018 EARNINGS PER SHARE VIEW $2.92, REVENUE VIEW $5.16 BILLION — THOMSON REUTERS I/B/E/S
* SEES FULL-YEAR 2018 ADJUSTED EARNINGS PER SHARE OF $2.82 TO $2.97 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-xylem-q1-earnings-per-share-043/brief-xylem-q1-earnings-per-share-0-43-idUSASC09YID |
Deregulation and innovation will extend the bull market run, says Greg Powell 12:36am IST - 05:26
Fi Plan Partners' CEO and author of ''Better, Richer, Fuller'' also tells Reuters' Fred Katayama his top tip for those planning for their financial future.
Fi Plan Partners' CEO and author of "Better, Richer, Fuller" also tells Reuters' Fred Katayama his top tip for those planning for their financial future. //reut.rs/2KJ4tTz | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/21/deregulation-and-innovation-will-extend?videoId=429103710 |
POWAY, CA, May 01, 2018 (GLOBE NEWSWIRE) -- Solar Integrated Roofing Corporation (OTCPINK: SIRC) CEO Dave Massey announced this week that one of the members of the company’s Board of Directors is retiring 5 million shares of his SIRC stock.
“This is a tremendous show of faith in the company,” said Massey. “This move increases overall shareholder value by reducing the amount of shares outstanding. We couldn't be more delighted to know that this board member believes in our business plan so much, that he is willing to support SIRC in improving the balance sheet and readying the company for continued growth, now and in the future."
About Solar Integrated Roofing Corporation
Solar Integrated Roofing Corporation (SIRC) is an integrated solar and roofing installation company specializing in commercial and residential properties with a focus on acquisitions of like companies to build a footprint nationally. For more information, please visit: www.solarintegratedroofingcorp.com
Forward-Looking Statements:
Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
JOHN RANDOLPH 760-916-7444 [email protected]
Source:Solar Integrated Roofing Company Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-sirc-board-member-retiring-5-million-shares-of-stock.html |
May 23 (Reuters) - GWG Holdings Inc:
* GWG HOLDINGS ANNOUNCES ELECTION OF NEW BOARD MEMBER THOMAS J. DONOHUE, JR., RETIREMENT OF BOARD MEMBER C.H. MAGUIRE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gwg-holdings-announces-election-of/brief-gwg-holdings-announces-election-of-new-board-member-thomas-donohue-idUSASC0A3G7 |
CALABASAS, Calif.--(BUSINESS WIRE)-- Unico American Corporation (NASDAQ – “UNAM”) (“Unico,” the “Company”) announced today its consolidated financial results for the three months ended March 31, 2018. For the three months ended March 31, 2018, revenues were $8.8 million and net loss was $2.2 million ($0.42 diluted loss per share) compared with revenues of $9.0 million and net loss of $2.1 million ($0.40 diluted loss per share) for the three months ended March 31, 2017.
Stockholders’ equity was $56.8 million as of March 31, 2018, or $10.71 per common share including unrealized after-tax investment losses of $1.1 million, compared to stockholders’ equity of $59.9 million as of December 31, 2017, or $11.30 per common share including unrealized after-tax investment losses of $0.2 million.
“We continued to improve our foundation for future success during the first quarter of 2018,” said Cary L. Cheldin, Unico’s President and Chief Executive Officer. “While our losses for the quarter were unacceptably high, our investment yields improved and we took steps to contain our costs by reducing our workforce and implementing a rate increase and underwriting restrictions.”
About Unico
Headquartered in Calabasas, California, Unico is an insurance holding company that underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty and health insurance through its agency subsidiaries; and through its other subsidiaries provides insurance premium financing and membership association services. Unico has conducted the majority of its operations through its subsidiary, Crusader Insurance Company, since 1985. For more information concerning Crusader Insurance Company, please visit the Crusader’s Web site at www.crusaderinsurance.com .
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (or “the Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (or “the Exchange Act”). In this context, forward-looking statements are not historical facts and include statements about the Company plans, objectives, beliefs and expectations. Forward-looking statements include statements preceded by, followed by, or that include the words “believes,” “expects,” “anticipates,” “seeks,” “plans,” “estimates,” “intends,” “projects,” “targets,” “should,” “could,” “may,” “will,” “can,” “can have,” “likely,” the negatives thereof or similar words and expressions.
Forward-looking statements are only predictions and are not guarantees of future performance. These statements are based on current expectations and assumptions involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. These predictions are also affected by known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from those expressed or implied by any forward-looking statement. Many of these factors are beyond the Company’s ability to control or predict. The Company’s actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors. Such factors include, but are not limited to, failure to meet minimum capital and surplus requirements; vulnerability to significant catastrophic property loss; a change in accounting standards issued by the Financial Accounting Standards Board; ability to adjust claims accurately; insufficiency of loss and loss adjustment expense reserves to cover future losses; changes in federal or state tax laws; ability to realize deferred tax assets; ability to accurately underwrite risks and charge adequate premium; ability to obtain reinsurance or collect from reinsurers and or losses in excess of reinsurance limits; extensive regulation and legislative changes; reliance on subsidiaries to satisfy obligations; downgrade in financial strength rating by A.M. Best; changes in interest rates; investments subject to credit, prepayment and other risks; geographic concentration; reliance on independent insurance agents and brokers; insufficient reserve for doubtful accounts; litigation; enforceability of exclusions and limitations in policies; reliance on information technology systems; ability to prevent or detect acts of fraud with disclosure controls and procedures; change in general economic conditions; dependence on key personnel; ability to attract, develop and retain employees and maintain appropriate staffing levels; insolvency, financial difficulties, or default in performance of obligations by parties with significant contracts or relationships; ability to effectively compete; maximization of long-term value and no focus on short-term earnings expectations; control by a small number of shareholders; failure to maintain effective system of internal controls; and difficulty in effecting a change of control or sale of any subsidiaries.
Please see Part I - Item 1A – “Risk Factors” in the Company’s 2017 Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission (“SEC”), as well as other documents the Company files with the SEC from time-to-time, for other important factors that could cause the Company’s actual results to differ materially from its current expectations and from the forward-looking statements discussed herein. Because of these and other risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
UNICO AMERICAN CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
($ in thousands)
March 31 December 31 2018 2017 (Unaudited) ASSETS
Investments Available-for-sale: Fixed maturities, at fair value (amortized cost: March 31, 2018 $65,628; December 31, 2017 $58,153) $ 64,191 $ 57,849 Held-to-maturity: Fixed maturities, at amortized cost (fair value: March 31, 2018 $23,848; December 31, 2017 $28,098) 23,848 28,098 Short-term investments, at fair value 6,012 10,440 Total Investments 94,051 96,387 Cash and restricted assets 263 774 Accrued investment income 377 491 Receivables, net 5,585 6,006 Reinsurance recoverable: Paid losses and loss adjustment expenses 540 127 Unpaid losses and loss adjustment expenses 11,570 8,394 Deferred policy acquisition costs 3,939 4,163 Property and equipment, net 9,912 10,015 Deferred income taxes 4,232 3,381 Other assets 521 561 Total Assets $ 130,990 $ 130,299 LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Unpaid losses and loss adjustment expenses $ 53,914 $ 49,077 Unearned premiums 18,054 18,768 Advance premium and premium deposits 309 208 Accrued expenses and other liabilities 1,870 2,301 Total Liabilities $ 74,147 $ 70,354 Commitments and contingencies STOCKHOLDERS' EQUITY
Common stock, no par – authorized 10,000,000 shares; issued and outstanding shares 5,307,133 at March 31, 2018, and December 31, 2017 $ 3,773 $ 3,773 Accumulated other comprehensive income (1,135 ) (240 ) Retained earnings 54,205 56,412 Total Stockholders’ Equity $ 56,843 $ 59,945 Total Liabilities and Stockholders' Equity $ 130,990 $ 130,299 UNICO AMERICAN CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
($ in thousands, except per share)
Three Months Ended March 31 2018 2017 REVENUES
Insurance company operation:
Net premium earned $ 7,682 $ 7,921 Investment income 445 212 Other income 55 68 Total Insurance Company Revenues 8,182 8,201 Other insurance operations: Gross commissions and fees 607 742 Finance fees earned 18 18 Total Revenues 8,807 8,961 EXPENSES
Losses and loss adjustment expenses 7,802 8,525 Policy acquisition costs 1,622 1,498 Salaries and employee benefits 1,288 1,349 Commissions to agents/brokers 40 42 Other operating expenses 867 814 Total Expenses 11,619 12,228 Loss before taxes (2,812 ) (3,267 ) Income tax benefit 605 1,120 Net Loss $ (2,207 ) $ (2,147 ) PER SHARE DATA:
Basic Loss Per Share $ (0.42 ) $ (0.40 ) Weighted Average Shares 5,307,133 5,307,133 Diluted Loss Per Share $ (0.42 ) $ (0.40 ) Weighted Average Shares 5,307,133 5,307,133 UNICO AMERICAN CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
($ in thousands)
Three Months Ended March 31 2018 2017 Cash flows from operating activities: Net Loss $ (2,207 ) $ (2,147 ) Adjustments to reconcile net loss to net cash from operations: Depreciation and amortization 140 132 Bond amortization, net 99 (3 ) Bad debt expense - 13 Non-cash stock based compensation - 6 Changes in assets and liabilities: Net receivables and accrued investment income 535 (292 ) Reinsurance recoverable (3,589 ) (262 ) Deferred policy acquisition costs 224 11 Other assets 34 377 Unpaid losses and loss adjustment expenses 4,837 2,834 Unearned premiums (714 ) 22 Advance premium and premium deposits 101 169 Accrued expenses and other liabilities (431 ) (141 ) Income taxes current/deferred (607 ) (1,118 ) Net Cash Used by Operating Activities (1,578 ) (399 ) Cash flows from investing activities: Purchase of fixed maturity investments (8,161 ) (100 ) Proceeds from maturity of fixed maturity investments 4,837 12,238 Net decrease (increase) in short-term investments 4,428 (11,598 ) Additions to property and equipment (37 ) (35 ) Net Cash Provided by Investing Activities 1,067 505 Cash flows from financing activities: Net Cash Used by Financing Activities - - Net (decrease) increase in cash and restricted cash (511 ) 106 Cash and restricted cash at beginning of period 774 13,496 Cash and Restricted Cash at End of Period $ 263 $ 13,602 Supplemental cash flow information Cash paid during the period for: Interest - - Income taxes - -
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006769/en/
Unico American Corporation
Michael Budnitsky
Chief Financial Officer
818-591-9800
Source: Unico American Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-unico-american-corporation-reports-first-quarter-2018-financial-results.html |
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