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LISBON, May 29 (Reuters) - Dutch-based Altice will not propose any new market remedies to secure a takeover of Media Capital after its earlier proposals were rejected by Portugal’s antitrust authority, but will still pursue the deal, Altice said on Tuesday.
The authority told Reuters earlier its decision “was not final as the company is free to present other remedies.”
In a statement, Altice Portugal said it disagreed with the regulator’s decision and was ready to provide all explanations to the authorities in order to still be able to proceed with the deal agreed with Spain’s Prisa last year for Media Capital, which owns the TVI television channel. (Reporting By Catarina Demony, writing by Andrei Khalip)
| ashraq/financial-news-articles | https://www.reuters.com/article/altice-portugal-competition/altice-refuses-to-propose-new-remedies-in-media-capital-deal-idUSP4N1SP001 |
The Company Will Host a Conference Call at 8:30am ET
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Catabasis Pharmaceuticals, Inc. (NASDAQ:CATB), a clinical-stage biopharmaceutical company, will report first quarter 2018 financial results before the NASDAQ Global Market open on Thursday, May 10, 2018. Jill C. Milne, Ph.D., Chief Executive Officer, will host a conference call and webcast at 8:30am ET to provide an update on corporate developments and to discuss first quarter financial results.
Conference Call Dial-In Information:
Participant Toll-Free Dial-In Number: (877) 388-2733 Participant International Dial-In Number: (541) 797-2984 Pass Code: 2192025 Please specify to the operator that you would like to join the “Catabasis First Quarter 2018 Results Call.”
Interested parties may access a live audio webcast of the conference call via the investor section of the Catabasis website, www.catabasis.com . Please connect to the Catabasis website several minutes prior to the start of the broadcast to ensure adequate time for any software download that may be necessary. The webcast will be archived for 90 days.
About Catabasis
At Catabasis Pharmaceuticals, our mission is to bring hope and life-changing therapies to patients and their families. Our SMART (Safely Metabolized And Rationally Targeted) Linker drug discovery platform enables us to engineer molecules that simultaneously modulate multiple targets in a disease. Our lead program in development is edasalonexent for the treatment of Duchenne muscular dystrophy. For more information on edasalonexent and our pipeline of drug candidates, please visit www.catabasis.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005250/en/
Investor and Media Contact
Catabasis Pharmaceuticals, Inc.
Andrea Matthews, 617-349-1971
[email protected]
Source: Catabasis Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-catabasis-pharmaceuticals-to-report-first-quarter-2018-financial-results-and-recent-corporate-developments-on-thursday-may.html |
PORTLAND, Ore., May 08, 2018 (GLOBE NEWSWIRE) -- Electro Scientific Industries, Inc. (NASDAQ:ESIO), an innovator of laser-based manufacturing solutions for the microtechnology industry, today announced results for its fiscal 2018 fourth quarter and year ended March 31, 2018. Financial measures are provided on both a GAAP and a non-GAAP basis. Non-GAAP results exclude the impact of purchase accounting, equity compensation, restructuring, and other items shown in the non-GAAP reconciliation table.
Fourth Quarter and Fiscal 2018 Financial and Operational Highlights
Fourth quarter orders of $111.8 million, reflecting 36% year over year growth. Fiscal 2018 orders of $451.4 million, up 144% from fiscal 2017.
Fourth quarter and fiscal 2018 revenue of $113.4 million and $367.9 million, respectively; each more than doubled the revenue in fiscal 2017
Backlog of $148.4 million, primarily expected to ship in the first half of fiscal 2019
Fiscal 2018 GAAP operating margin of 20.6%. Non-GAAP operating margin was 27.4%.
Fiscal 2018 GAAP EPS of $3.27 and non-GAAP EPS of $2.78. For the fourth quarter GAAP EPS was $2.10 and non-GAAP EPS was $1.02, exceeding one dollar for the first time in recent history.
Fiscal 2018 operating cash flow of $67.4 million, leading to total cash and investments balance of $125.0 million
Fourth Quarter Results
Fourth quarter revenue was $113.4 million, compared to $49.9 million in the fourth quarter of last fiscal year and $110.8 million last quarter. GAAP net income was $75.1 million or $2.10 per diluted share, compared to a net loss of $17.9 million or $0.54 per share last year, as the Company’s strong financial performance over the last twelve months triggered the reversal of our tax valuation allowance, resulting in a fourth quarter tax credit of approximately $41 million. On a non-GAAP basis net income was $36.5 million or $1.02 per diluted share, compared to $2.9 million or $0.09 per diluted share last year and net income of $35.6 million or $0.99 per diluted share last quarter.
Michael Burger, ESI's president and CEO, stated, “We delivered another quarter of exceptional financial results, which closed out a defining and transformative year for ESI. Our team executed well and capitalized on strong market conditions, positioning us for future success."
Orders in the fourth quarter were $111.8 million, compared to $82.3 million one year ago. Burger continued, “Overall, our markets enabled strong bookings in the fourth quarter, primarily as a result of demand for flex circuit drilling. Demand for our semiconductor and component test products remained strong and total book to bill was 0.99, even as we delivered our highest quarterly revenues in recent history."
GAAP gross margin was 48.3%, compared to 36.5% in the fourth quarter of last year. Operating expense was $20.0 million, down from $36.3 million last year. Operating income was $34.7 million, or 30.6% of sales, compared to a loss of $18.1 million in the year-ago quarter.
Non-GAAP gross margin was 49.2%, up from 45.7% one year ago, on significantly higher revenues. Non-GAAP operating expenses decreased year over year from $20.1 million to $18.8 million as a result of the completion of our restructuring activities, and non-GAAP operating income was $37.0 million, or 32.6% of sales, up from $2.7 million, or 5.4% of sales, in last year's fourth quarter.
First Quarter 2019 Outlook
Based on current market and backlog conditions, revenues for the first quarter of fiscal 2019 are expected to be between $97 and $111 million. Non-GAAP earnings per diluted share is expected to be $0.75 to $0.95.
Burger concluded, "We enter our fiscal 2019 with a product portfolio that is retaining or growing market share. In this coming fiscal year we expect to introduce significant new products that will expand our addressable market, extend our competitive advantage, generate incremental revenue, and increase our exposure to secular growth drivers. Our markets will naturally cycle, and our visibility into the timing of those cycles remains limited. That said, the long-term technology trends and drivers indicate solid growth across our markets, and our new products should enable us to retain or grow share. Through the cycles our technology advantages and lower fixed cost base should allow us to generate solid earnings in all market conditions."
The company will hold a conference call today at 5:00 p.m. ET. The session will include a review of the financial results, operational performance and business outlook, and also a question and answer period.
The conference call can be accessed by calling 888-419-5570 (domestic participants) or 617-896-9871 (international participants). The conference ID number is 48069661. A live audio webcast can be accessed at www.esi.com . The webcast will be available on ESI’s website for one year.
Discussion of Non-GAAP Financial Measures
In this press release, we have presented financial measures which have not been determined in accordance with generally accepted accounting principles (GAAP) and are therefore non-GAAP financial measures. Non-GAAP, or adjusted, financial measures exclude the impact of purchase accounting, equity compensation, restructuring, reversal of tax valuation allowance, inventory and goodwill write-downs, and other items. We believe that this presentation of non-GAAP financial measures allows investors to assess the company’s operating performance by comparing it to prior periods on a more consistent basis. We have included a reconciliation of various non-GAAP financial measures to those measures reported in accordance with GAAP. Because our calculation of non-GAAP financial measures may differ from similar measures used by other companies, investors should be careful when comparing our non-GAAP financial measures to those of other companies.
About ESI
ESI’s integrated solutions allow industrial designers and process engineers to control the power of laser light to transform materials in ways that differentiate their consumer electronics, wearable devices, semiconductor circuits and high-precision components for market advantage. ESI’s laser-based manufacturing solutions feature the micro-machining industry’s highest precision and speed, and target the lowest total cost of ownership. ESI is headquartered in Portland, Oregon, with global operations and subsidiaries in Asia, Europe and North America. More information is available at www.esi.com .
Forward-Looking Statements
The statements contained in this press release that are not statements of historical fact, including statements regarding expected shipment of backlog, our positioning for future growth and success, our expected financial results for the fiscal 2019 first quarter, including revenue and non-GAAP earnings per diluted share, our expectations regarding market share of our product portfolio, the introduction of new products, and their ability to expand our addressable market, retain or grow share, extend our competitive advantage, generate incremental revenue, reduce cyclicality and increase our exposure to secular growth drivers, our belief that our markets will naturally cycle, and our expectations regarding the effect of long-term technology trends and drivers and our ability to generate solid earnings in all market conditions, and other statements containing the words “believes”, “expects”, “anticipates,” “continue,” “will,” “may” and similar words, constitute that are subject to a number of . These are based on information available to us on the date of this release and we undertake no obligation to update these for any reason. Actual results may differ materially from those in the . Risks and uncertainties that may affect the include: the risk that anticipated growth opportunities may be smaller than anticipated or may not be realized; risks related to the relative strength and volatility of the electronics industry; the health of the financial markets and availability of credit for end customers and related effect on the global economy; the volatility associated with the industries we serve which includes the relative level of capacity and demand, and financial strength of the manufacturers; the risk that customer orders may be reduced, canceled or delayed; our ability to respond promptly to customer requirements; the risk that we may not be able to ship products on the schedule required by customers, whether as a result of production delays, supply delays, or otherwise; our ability to develop, manufacture and successfully deliver new products and enhancements; the risk that customer acceptance of new or customized products may be delayed; the risk that large orders and related revenues may not be repeated; our need to continue investing in research and development; our ability to hire and retain key employees; our ability to create and sustain intellectual property protection around its products; the risk that competing or alternative technologies could reduce demand for our products; the risk that we may not be successful in penetrating new or adjacent markets; the risk that the incorporation of Visicon's vision technology does not give us a competitive advantage; the risk that our new products may not gain acceptance in the marketplace; the risk that new products may not be introduced to the market in the anticipated time frame or at all; risks associated with our restructuring efforts; foreign currency fluctuations; the risk that duties or tariffs could be imposed or increased on goods imported or exported by us; the risk that changes to policies regarding immigration and visits to the United States could negatively impact our ability to hire or retain and train qualified personnel or our ability to operate internationally on an integrated basis; the company’s ability to utilize recorded deferred tax assets; taxes, interest or penalties resulting from tax audits; and changes in tax laws or the interpretation of such tax laws.
Electro Scientific Industries, Inc.
Condensed Consolidated Statements of Operations
(Unaudited) Fiscal quarter ended Fiscal year ended (In thousands, except per share data) Mar 31, 2018 Dec 30, 2017 Apr 1, 2017 Mar 31, 2018 Apr 1, 2017 Net sales: Systems $ 103,522 $ 99,418 $ 40,029 $ 325,349 $ 125,098 Services 9,871 11,422 9,889 42,535 35,925 Total net sales 113,393 110,840 49,918 367,884 161,023 Cost of sales: Systems 53,247 52,502 27,499 185,354 81,350 Services 5,424 5,182 4,189 21,700 18,207 Total cost of sales 58,671 57,684 31,688 207,054 99,557 Gross profit 54,722 53,156 18,230 160,830 61,466 Gross margin 48.3 % 48.0 % 36.5 % 43.7 % 38.2 % Operating expenses: Selling, general and administration 11,128 11,040 13,781 46,624 52,698 Research, development and engineering 9,038 8,165 8,461 34,411 31,719 Restructuring costs (144 ) 706 6,614 3,935 6,935 Acquisition and integration costs — — — — 366 Impairment of goodwill — — 7,445 — 7,445 Net operating expenses 20,022 19,911 36,301 84,970 99,163 Operating income (loss) 34,700 33,245 (18,071 ) 75,860 (37,697 ) Non-operating (expense) income: Interest and other (expense) income, net (283 ) 789 103 93 265 Total non-operating (expense) income (283 ) 789 103 93 265 Income (loss) before income taxes 34,417 34,034 (17,968 ) 75,953 (37,432 ) (Benefit from) provision for income taxes (40,671 ) 61 (45 ) (40,270 ) (23 ) Net income (loss) $ 75,088 $ 33,973 $ (17,923 ) $ 116,223 $ (37,409 ) Net income (loss) per share—basic $ 2.19 $ 0.99 $ (0.54 ) $ 3.42 $ (1.15 ) Net income (loss) per share—diluted $ 2.10 $ 0.94 $ (0.54 ) $ 3.27 $ (1.15 )
Electro Scientific Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited) (In thousands) Mar 31, 2018 Dec 30, 2017 Apr 1, 2017 Assets Current assets: Cash and cash equivalents $ 76,792 $ 62,251 $ 56,642 Short-term investments 47,121 36,824 5,743 Trade receivables, net 63,044 75,674 40,494 Inventories, net 87,686 74,502 58,942 Shipped systems pending acceptance 4,734 5,780 5,713 Other current assets 5,493 5,116 6,180 Total current assets 284,870 260,147 173,714 Non-current assets: Property, plant and equipment, net 22,025 19,732 21,619 Deferred income taxes, net 43,518 — 890 Goodwill 2,626 2,626 3,027 Acquired intangible assets, net 5,169 5,525 6,564 Other assets (1) 14,780 18,274 18,931 Total assets $ 372,988 $ 306,304 $ 224,745 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 37,354 $ 38,577 $ 21,213 Accrued liabilities 34,533 40,391 22,186 Deferred revenue 9,818 11,982 14,712 Total current liabilities 81,705 90,950 58,111 Non-current liabilities: Long-term debt 12,766 12,875 13,489 Income taxes payable 1,901 1,587 1,036 Other liabilities 10,258 10,085 7,578 Total liabilities 106,630 115,497 80,214 Shareholders’ equity: Preferred and common stock 210,995 211,330 207,152 Retained earnings (accumulated deficit) 54,816 (20,273 ) (61,407 ) Accumulated other comprehensive income (loss) 547 (250 ) (1,214 ) Total shareholders’ equity 266,358 190,807 144,531 Total liabilities and shareholders’ equity $ 372,988 $ 306,304 $ 224,745 End of period shares outstanding 34,387 34,309 33,260 (1) Included in Other assets is long-term restricted cash of $1.1 million each on March 31, 2018, December 30, 2017 and April 1, 2017.
Electro Scientific Industries, Inc.
Analysis of Key Metrics
(Unaudited) Fiscal quarter ended Fiscal year ended (Dollars and shares in thousands) Mar 31, 2018 Dec 30, 2017 Apr 1, 2017 Mar 31, 2018 Apr 1, 2017 Sales detail: Printed Circuit Board $ 76,772 $ 83,799 $ 28,339 $ 256,430 $ 88,771 Component Test 9,459 7,473 7,382 32,790 22,381 Semiconductor 24,055 12,351 8,036 55,171 29,557 Industrial Machining 3,107 7,217 6,161 23,493 20,314 Net Sales $ 113,393 $ 110,840 $ 49,918 $ 367,884 $ 161,023 As % of net sales GAAP Gross profit 48.3 % 48.0 % 36.5 % 43.7 % 38.2 % Selling, service and administration expense 10 % 10 % 28 % 13 % 33 % Research, development and engineering expense 8 % 7 % 17 % 9 % 20 % Net operating expenses 18 % 18 % 73 % 23 % 62 % Operating income (loss) 31 % 30 % (36 %) 21 % (23 %) Non-GAAP Gross profit 49.2 % 48.9 % 45.7 % 48.1 % 42.3 % Net operating expenses 17 % 17 % 40 % 21 % 48 % Operating income (loss) 33 % 32 % 5 % 27 % (6 %) GAAP - Effective tax rate % (118.2 %) 0.2 % 0.3 % (53.0 %) 0.1 % Weighted average shares outstanding Basic 34,350 34,224 33,065 33,967 32,551 Diluted GAAP 35,830 36,010 33,065 35,571 32,551 Diluted Non-GAAP 35,830 36,010 33,822 35,571 32,551 End of period employees 615 595 683 615 683 Reconciliation of Cash and Investments Mar 31, 2018 Dec 30, 2017 Apr 1, 2017 Cash 27,043 33,565 29,302 Cash equivalents 49,749 28,686 27,340 Restricted cash 1,093 1,087 1,090 Cash, cash equivalents, and restricted cash at end of period 77,885 63,338 57,732 Short-term investments 47,121 36,824 5,743 Cash, restricted cash and current investments 125,006 100,162 63,475
Electro Scientific Industries, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited) Fiscal quarter ended Fiscal year ended (In thousands, except per share data) Mar 31, 2018 Dec 30, 2017 Apr 1, 2017 Mar 31, 2018 Apr 1, 2017 Gross profit per GAAP $ 54,722 $ 53,156 $ 18,230 $ 160,830 $ 61,466 Purchase accounting 242 242 447 977 1,133 Equity compensation 69 64 105 277 503 Charges for other asset and inventory impairment 277 — 1,696 13,554 2,642 Charges from VAT audit 521 777 — 1,298 — Charges for impairment of intangibles — — 2,349 — 2,349 Non-GAAP gross profit $ 55,831 $ 54,239 $ 22,827 $ 176,936 $ 68,093 Operating expenses per GAAP $ 20,022 $ 19,911 $ 36,301 $ 84,970 $ 99,163 Purchase accounting (114 ) (116 ) (414 ) (566 ) (1,077 ) Equity compensation (1,223 ) (649 ) (1,707 ) (4,336 ) (5,934 ) Impairment of assets — — — — (46 ) Acquisition and integration costs — — — — (366 ) Restructuring costs 144 (706 ) (6,614 ) (3,935 ) (6,986 ) Impairment of goodwill — — (7,445 ) — (7,445 ) Non-GAAP operating expenses $ 18,829 $ 18,440 $ 20,121 $ 76,133 $ 77,309 Operating income (loss) per GAAP $ 34,700 $ 33,245 $ (18,071 ) $ 75,860 $ (37,697 ) Non-GAAP adjustments to gross profit 1,109 1,083 4,597 16,106 6,627 Non-GAAP adjustments to operating expenses 1,193 1,471 16,180 8,837 21,854 Non-GAAP operating income (loss) $ 37,002 $ 35,799 $ 2,706 $ 100,803 $ (9,216 ) Non-operating (expense) income, net per GAAP $ (283 ) $ 789 $ 103 $ 93 $ 265 Expense (income), on charges from VAT audit, Gain on asset sale, net of other non-operating expense (income) 336 (687 ) — (351 ) — Acquisition-related adjustments — — — — (190 ) Non-GAAP non-operating income (expense) $ 53 $ 102 $ 103 $ (258 ) $ 75 Non-GAAP income (expense) before income taxes $ 37,055 $ 35,901 $ 2,809 $ 100,545 $ (9,141 ) Net income (loss) per GAAP $ 75,088 $ 33,973 $ (17,923 ) $ 116,223 $ (37,409 ) Non-GAAP adjustments to gross profit 1,109 1,083 4,597 16,106 6,627 Non-GAAP adjustments to operating expenses 1,193 1,471 16,180 8,837 21,854 Non-GAAP adjustments to non-operating income (expense) 336 (687 ) — (351 ) (190 ) Income tax effect of other non-GAAP adjustments (a) (41,225 ) (235 ) 32 (41,967 ) (252 ) Non-GAAP net income (loss) $ 36,501 $ 35,605 $ 2,886 $ 98,848 $ (9,370 ) Basic Non-GAAP net income (loss) per share $ 1.06 $ 1.04 $ 0.09 $ 2.91 $ (0.29 ) Diluted Non-GAAP net income (loss) per share $ 1.02 $ 0.99 $ 0.09 $ 2.78 $ (0.29 ) (a) The income tax effect of other non-GAAP adjustments in the fourth quarter of 2018 and fiscal 2018 was primarily due to release of tax valuation allowance/
Electro Scientific Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited) Fiscal quarter ended Fiscal year ended (In thousands) Mar 31, 2018 Dec 30, 2017 Apr 1, 2017 Mar 31, 2018 Apr 1, 2017 Net income (loss) $ 75,088 $ 33,973 $ (17,923 ) $ 116,223 $ (37,409 ) Non-cash adjustments and changes in operating activities (48,457 ) (18,872 ) 16,789 (48,795 ) 36,576 Net cash provided by (used in) operating activities 26,631 15,101 (1,134 ) 67,428 (833 ) Net cash (used in) provided by investing activities (10,993 ) (2,974 ) (203 ) (47,353 ) 2,614 Net cash (used in) provided by financing activities (1,739 ) 1,838 13,923 (1,132 ) 14,165 Effect of exchange rate changes on cash 648 302 255 1,210 (627 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 14,547 14,267 12,841 20,153 15,319 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 63,338 49,071 44,891 57,732 42,413 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 77,885 $ 63,338 $ 57,732 $ 77,885 $ 57,732
Electro Scientific Industries, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures - Projected
(Unaudited) Fiscal quarter ending
Jun 30, 2018 Non-GAAP diluted earnings per share $0.75 - $0.95 Purchase accounting (0.01) Equity compensation (0.04) Income tax (0.09) - (0.12) GAAP diluted EPS $0.61 - $0.78 Brian Smith
ESI
503-672-5760
[email protected]
Source:Electro Scientific Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-esi-announces-fourth-quarter-and-full-year-fiscal-2018-results.html |
May 30, 2018 / 3:43 PM / Updated 36 minutes ago Destination Maternity names Ryan as CEO after activists win proxy Svea Herbst-Bayliss 2 Min Read
BOSTON (Reuters) - Destination Maternity ( DEST.O ) named veteran retail executive Marla Ryan as its new chief executive on Wednesday, one week after a group of activist investors took control of the board at the maternity and baby clothing retailer.
Ryan, who previously held positions at Lands’ End, J. Crew, Inc. and Brooks Brothers, will be Destination Maternity’s first permanent CEO since Anthony Romano stepped down in September. Two interim CEOs followed Romano.
“We believe that Marla is the ideal leader to drive immediate change at Destination Maternity,” board Chair Anne-Charlotte Windal, who was elected last week, said in a statement.
Ryan was voted onto Destination Maternity’s the board last week when investors broadly backed a dissident slate of four directors, including three women.
The slate replaced all sitting directors, and their election marks the first time in recent corporate history that a majority of women dissident directors have won a proxy contest. Ryan and Windal were elected along with Holly Alden, co-founder of audio accessory company Skullcandy, and investor Christopher Morgan.
Hours after being elected to the board, Ryan met with senior managers at the company and a day later she held two town hall meetings with staff at the company’s Moorestown, New Jersey, headquarters, said a person familiar with her schedule but not permitted to discuss it publicly.
Activists Nathan Miller and Peter O’Malley, who own roughly 9 percent of the company, had spent months pushing for it to improve operations and argued that the maternity clothing company needed more gender diversity.
Its stock traded at $3.40 on Wednesday after it had climbed nearly 7 percent to close at $2.90 a week ago after the dissidents were elected. Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler | ashraq/financial-news-articles | https://www.reuters.com/article/us-destination-mat-ceo/destination-maternity-names-ryan-as-ceo-after-activists-win-proxy-idUSKCN1IV239 |
May 30, 2018 / 3:24 PM / a few seconds ago It's time to reform global trade rules, says France's Macron Reuters Staff 3 Min Read
PARIS (Reuters) - French President Emmanuel Macron on Wednesday said it was time for the world’s biggest economic powers to start talks on reshaping World Trade Organization rules to prevent current tensions spiralling into trade wars. FILE PHOTO: French President Emmanuel Macron attends the OECD ministerial council meeting on "Refounding Multilateralism" in Paris, France, May 30, 2018. REUTERS/Philippe Wojazer/Pool
Macron’s comments before the Paris-based Organization for Economic Cooperation and Development (OECD) came as the European Union faced less than 48 hours to win an exemption from U.S. tariffs on European aluminium and steel.
“This is about a complete update of global competition rules,” Macron said, advocating multilateralism at a time when the risk of tit-for-tat trade measures threatens to derail global growth.
The French leader wants the EU, United States, China and Japan to draw up a blueprint for WTO reform in time for the next G-20 meeting in Argentina at the end of the year.
“The new rules must meet the current challenges of world trade: massive state subsidies creating distortions of global markets, intellectual property, social rights and climate protection,” Macron added.
Macron said, however, that Europe should show no weakness in the face of unilateral action. “All sides always lose in a trade war,” he said.
Macron has painted himself as a defender of global co-operation - what he calls “strong multilateralism” - and sought to dissuade leaders such as U.S. President Donald Trump and Russia’s Vladimir Putin from going it alone on issues from diplomacy to trade and the environment.
The results have been limited so far. Trump has pulled out of the Paris Climate Accord, the Iran nuclear deal, and is threatening to upend trade ties with China, the EU and other big economies.
Earlier on Wednesday, Trump’s trade envoy Wilbur Ross said multilateralism should not be an excuse for endless talks and said Washington would meet the needs of average Americans threatened by globalisation.
Trump has effectively engineered a crisis in the WTO’s system of settling global disputes by vetoing all appointments of judges to its appeals chamber.
By September, the normally seven-strong Appellate Body will only have three judges, the number required to hear each appeal.
“I hear the criticism, but I reject the blocking method,” Macron said. Reporting by Michel Rose; editing by Philip Blenkinsop and Richard Lough | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-trade-macron/its-time-to-reform-global-trade-rules-says-frances-macron-idUKKCN1IV21T |
PEN America honors Reuters journalists 12:39am BST - 01:54
Reuters journalists Wa Lone and Kyaw Soe Oo are awarded with the PEN America 2018 Barbey Freedom to Write Award. Rough Cut (no reporter narration).
Reuters journalists Wa Lone and Kyaw Soe Oo are awarded with the PEN America 2018 Barbey Freedom to Write Award. Rough Cut (no reporter narration). //reut.rs/2GL29ci | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/23/pen-america-honors-reuters-journalists?videoId=429712664 |
May 2, 2018 / 6:15 AM / Updated 35 minutes ago REFILE-China's yuan settings point to concerns about EM rivals Reuters Staff
(Refiles to attach correct graphic. Adds dropped word in second last paragraph.)
* Yuan midpoint fixed consistently below consensus since mid-April
* Weaker fixing bias seen aimed at stabilising CFETS basket index
* Few see direct link to Sino-U.S. trade frictions
By Winni Zhou and John Ruwitch
SHANGHAI, May 2 (Reuters) - China’s efforts in recent weeks to guide the yuan lower through daily fixings have been much more aggressive than traders expected, in what analysts say are moves targeted at slowing the currency’s gains against emerging market counterparts.
Since mid-April, the People’s Bank of China has consistently set its yuan midpoint against the dollar lower than the consensus predicted by traders’ models, prompting speculation the central bank was nudging the currency downward to keep its trade-weighted basket stable.
Many yuan traders and currency strategists said their models for estimating the yuan midpoint, which previously had a high degree of accuracy, have overestimated with a deviation of around 37 pips, or hundredths of a basis point, on average in the last two weeks.
While few analysts see any direct connection between the weakening of the yuan midpoint and China’s recent trade frictions with the United States, it nonetheless comes at a sensitive time for Beijing. Currency manipulation is among a range of complaints Washington has leveled against China in regards to trade. A delegation of senior Trump administration officials is set to visit Beijing this week for trade talks.
On some days, the deviation of the fixing from consensus trader expectation was as much as 94 pips - a relatively large gap given the paper-thin range in which the yuan tends to trade.
Some interpreted the weaker fixing bias as an official attempt to limit yuan’s gains against a basket of 24 currencies created by the China Foreign Exchange Trading System, or CFETS.
“As an emerging market currency, the Chinese government is unwilling to let the yuan actively appreciate against other EM currencies,” said Li Liuyang, senior foreign exchange analyst at China Merchants Bank in Shanghai. He notes EM currencies have underperformed compared with developed-market currencies this year, which would hurt China’s trade competitiveness against other emerging economies.
Keeping the CFETS index rangebound could allow strength in euro and yen to offset the broad weakness in the dollar, while not giving China any trade disadvantage against its emerging market peers, such as the South Korean won and Indian rupee.
Li added the exchange rate relative to the CFETS yuan index has been at the high end of the central bank’s comfort zone of 97 to 97.5.
By lowering the yuan’s value against the heaviest weighted currency in the basket - the U.S. dollar - the central bank could ease its appreciation against the whole basket.
The CFETS yuan index stood at 97.37 at the end of April, its highest since early February. The index is only published once a week.
The yuan midpoint, around which the government allows the currency to trade as much as 2 percent in either direction, is considered by foreign exchange market to be an official signal of the central bank’s tolerance band.
The central bank did not respond to a faxed request for a comment for this story.
Cliff Tan, Hong Kong-based East Asian head of global markets research at MUFG Bank, said his forecasts overshot official fixings by 30 pips at times during the week before last. MUFG Bank is one of the 14 banks contributing to official midpoint fixing.
While the recent heightening of Sino-U.S. trade tensions is not a foremost factor in yuan fixing trends, they loom as a potential driver of the currency’s direction, he said.
“If we do get into a trade war, the implication remains moderately higher USD/CNY,” said Tan. Additional reporting by Vidya Ranganathan; Editing by Sam Holmes | ashraq/financial-news-articles | https://www.reuters.com/article/china-yuan-depreciation/chinas-yuan-settings-point-to-concerns-about-em-rivals-idUSL3N1S13G3 |
May 25, 2018 / 2:06 PM / Updated an hour ago Trump metals tariffs make Granite City great again, but at what cost? Nick Carey 8 Min Read
GRANITE CITY, Ill. (Reuters) - After Donald Trump was elected president in 2016 on a pledge to “Make America Great Again” and revive the country’s old industrial heartland, Dave Chrusciel hoped someday to return to his previous job at the steel mill here in this southern corner of Illinois. Steel workers return to work after a two-year idle at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. Photo taken May 24, 2018. REUTERS/Lawrence Bryant
That day has arrived. Chrusciel, 61, is one of around 500 workers United States Steel Corp ( X.N ) is re-hiring or recruiting as it readies for production in mid-June at a blast furnace it idled in 2015.
“I’d been waiting for that phone call asking me to come back for more than two years,” he said.
Chrusciel and Granite City are among the winners as the Trump administration fights a multi-front war to reshape U.S. trade policy. City officials say the well-paid jobs at the Granite City Works, which traces its roots to the late 19th century, are the heart of this town of 29,000 people.
“These are jobs you can raise a family on,” said Granite City Mayor Ed Hagnauer. “Those are the jobs we’ve seen disappear.”
Trump imposed the tariffs of 25 percent on steel imports and 10 percent on aluminum in March. They are popular in Granite City, but problematic in other communities.
Major U.S. manufacturers as diverse as Caterpillar Inc ( CAT.N ), Ford Motor Co ( F.N ), Whirlpool Corp ( WHR.N ), Campbell Soup Co ( CPB.N ) and Harley-Davidson Inc ( HOG.N ) have said rising steel and aluminum prices will have to be passed on to consumers, offset with cost-cutting measures, or hurt profits. U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. Photo taken May 24, 2018. REUTERS/Lawrence Bryant
Bill Hickey, chairman of Chicago-based Lapham-Hickey Steel, which has half a dozen U.S. steel processing plants, said he wants to help U.S. steelmakers, but is concerned rising prices will push manufacturers to duck tariffs by purchasing steel parts overseas.
“The main beneficiary would be China, which has plenty of surplus steel,” he said.
The tariffs are in effect for some countries, and a temporary exemption for Canada, Mexico and the European Union is supposed to expire on June 1.
Uncertainty over the tariffs’ future has left U.S. steel producers’ shares in limbo. U.S. Steel shares surged earlier this year but are now up just 1.6 percent in the year to date. Nucor Corp ( NUE.N ) is also up just 1.6 percent for the year. A steel worker returns to U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. Photo taken May 24, 2018. REUTERS/Lawrence Bryant Slideshow (13 Images) COMPANY TOWN
Tariffs created Granite City.
The 1890 McKinley Tariff Act, which increased protective duties, acted as a catalyst for the nascent U.S. domestic steel industry and created Granite City in 1896.
Dominated by steel since, the city’s fortunes have mirrored the industry’s. Its population peaked at around 40,000 in the 1970s. U.S. steel-making’s decline is reflected in the faded glory of formerly grand brick buildings, like those in many Rust Belt cities.
Across the Mississippi from St Louis, Granite City sits in Madison County, which voted for Trump by a 15-point margin. Joe Jones of Joe's Hog Doc works on a motorcycle in his bike shop in Granite City, Illinois, U.S., May 24, 2018. Photo taken May 24, 2018. REUTERS/Lawrence Bryant
U.S. Steel has not disclosed its investment in restarting the blast furnace, which will have an annual capacity of 1.5 million tons of raw steel, but said in March the furnace would “support anticipated increased demand for steel” from Trump’s tariffs.
“People say tariffs could start a trade war,” said Dan Simmons, president of United Steelworkers’ Local 1899, which represents workers at the plant. “But we’ve been in a trade war for 15 years and we’ve been losing.”
Nucor has announced two investments since Trump’s tariff announcement, which a spokeswoman said were part of a long-term growth strategy.
“The impact should be even greater when the remaining tariff exemptions expire on June 1st,” the spokeswoman said.
Granite City business owners say the 500 new jobs - bringing U.S. Steel’s local workforce up to 1,300 - are a much-needed boost.
Joe Jones owns Joe’s Hog Doc opposite the plant. His business repairing and customizing Harley-Davidson bikes has more than doubled since Trump took office last year and continues to rise.
“The Trump effect is really working,” he said. “It’s making Granite City great again.”
GRAPHIC: Iron and steel manufacturing employment WHERE JOBS ARE AT RISK
Elsewhere, steel and aluminum price volatility following Trump’s tariff actions puts jobs at risk, company executives said.
Tim Chimera, director of metal procurement for North America at Norwegian aluminum maker Norsk Hydro ( NHY.OL ), said aluminum consumers have been whipsawed by tariffs and by U.S. sanctions on the major shareholder of Russian aluminum producer United Company Rusal Plc ( 0486.HK ). Norsk Hydro has warned those sanctions could lead to global supply shortages.
“The big risk I see is the threat to the business overall because of extremely volatile pricing,” Chimera said.
In March, Bob Miller, who heads U.S. operations at top Russian steelmaker Novolipetsk Steel PAO (NLMK) ( NLMK.MM ), said the unit halted planned U.S. investments of more than $600 million and warned that its 1,200 U.S. workers’ jobs are at risk.
Miller now says his stocks of pre-tariff steel are dwindling, while Canadian rivals have exploited the tariff exemption.
Like many other companies, NLMK’s U.S. unit has applied for an exemption from the tariffs so it can import Russian steel slabs. Miller says the Trump administration’s response will likely determine whether he has to lay off workers.
For Granite City steelworker Dave Chrusciel, Trump’s commitment to steel tariffs is crucial. He calls himself a “hard-headed” Democrat, but voted for the Republican Trump because he believed the businessman could revive steel jobs.
Although only a year from retirement himself, Chrusciel says his future vote for Trump depends on the president “seeing it through” and keeping the tariffs in place.
“Many people here have a lot riding on the tariffs,” Chrusciel said. “Without them, this would be a ghost town.”
Map showing iron and steel manufacturing employment tmsnrt.rs/2Fc94hU in the United States. Reporting by Nick Carey; Editing by Frances Kerry | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-tariffs-steel/trump-metals-tariffs-make-granite-city-great-again-but-at-what-cost-idUSKCN1IQ1YL |
May 10, 2018 / 1:44 PM / in 18 minutes BRIEF-Schroders Takes Stake In U.S. Real Estate Lender A10 Capital Reuters Staff 1 Min Read
May 10 (Reuters) - Schroders PLC:
* TAKES 20 PERCENT EQUITY STAKE IN U.S. COMMERCIAL REAL ESTATE LENDER A10 CAPITAL Source text for Eikon: Further company coverage: (Reporting By Simon Jessop) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-schroders-takes-stake-in-us-real-e/brief-schroders-takes-stake-in-u-s-real-estate-lender-a10-capital-idUSL8N1SH5VZ |
May 8, 2018 / 5:42 PM / Updated 26 minutes ago Berlusconi denies he may take step back to let Italy form government Crispian Balmer , Gavin Jones 4 Min Read
ROME (Reuters) - Silvio Berlusconi denied he may stand aside to let his ally the League form a government with the anti-establishment 5-Star Movement, after senior sources from his Forza Italia party said on Tuesday he was considering it. Forza Italia leader Silvio Berlusconi speaks following a talk with Italian President Sergio Mattarella at the Quirinale palace in Rome, Italy, April 12, 2018. REUTERS/Max Rossi
Italy has been stuck in political limbo since inconclusive elections in March, with 5-Star offering to form a government with the far-right League but only on condition that it breaks clear from its veteran partner, Berlusconi.
Italian markets fell sharply earlier on Tuesday as investors feared a new election would further benefit the League and 5-Star at the expense of mainstream groups.
Forza Italia has so far refused to withdraw and allow the League to launch a government with 5-Star alone, but three senior party sources told Reuters on Tuesday it may now be ready to change its position.
“Berlusconi is thinking about it,” one source said.
Shortly afterwards the 81-year-old former prime minister issued a statement saying he “firmly denied” media reports that he could step aside, adding that his party “can accept no vetoes” against its participation in government.
Prospects are growing of an unprecedented summer re-vote which opinion polls suggest would see Forza Italia haemorrhaging vote to the increasingly buoyant League, which is the dominant partner in the conservative bloc.
The March 4 election saw the centre-right alliance winning the most seats, while 5-Star was the biggest single party.
Both groups fell well short of a majority, and while 5-Star says it is willing to hook up with the League, it has refused to deal with the scandal-plagued Berlusconi, seeing him as a symbol of political corruption.
The League has refused to abandon its old ally, but it is putting increasing pressure on him to stand aside voluntarily.
“We are continuing to ask Berlusconi to make a gesture of responsibility and help us give this country a government,” said senior League politician Giancarlo Giorgetti, indicating he wanted Forza Italia to agree to sit out of a government deal.
Forza Italia faces a lose-lose situation. If it gives in to the League, it risks becoming an irrelevance in parliament. If it pushes for a re-vote, it seems set to lose many of its seats. PRESIDENTIAL CONCERN
5-Star leader Luigi Di Maio is calling for snap elections in July, and said on Tuesday he had “stopped hoping” there would be any change in the position of Berlusconi or the League.
An SWG poll released on Tuesday showed the League, which has presented itself as the voice of reason in the political impasse, on 24.2 percent against the 17.4 it took in March, while Forza Italia was on just 9.4 percent from 14 percent.
The same survey showed 5-Star and the Democratic Party (PD), which has ruled for the last five years, broadly unchanged from their March 4 results on 32 percent and 19 percent respectively.
President Sergio Mattarella, a key player in Italian politics, is eager to avoid an immediate election, fearing it will result in another stalemate and damage the economy.
He said on Monday he planned to nominate a “neutral government” to draw up a 2019 budget to stave off the threat of an automatic increase in sales taxes that would be triggered because of missed deficit targets.
A source in his office said the president would name the new prime minister on Wednesday or Thursday in the hope that parliament will give the nominee the necessary confidence votes to pursue a limited mandate that would expire in December.
That looks highly unlikely, with both the League and 5-Star highly hostile to the idea.
If parliament rejects the president’s pleas, then the earliest possible date for an election would be July 22, when many Italians will have gone on holiday, meaning turnout could slump.
Italy traditionally holds its national elections in the spring and the latest it has ever voted was June 26, in 1983. Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics/forza-italia-considering-moving-aside-to-let-govt-take-office-idUKKBN1I92JR |
WASHINGTON, May 2, 2018 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the quarter ended March 31, 2018. Net revenue was approximately $99.6 million, a decrease of 1.6% from the same period in 2017. Broadcast and digital operating income 1 was approximately $32.5 million, a decrease of 7.0% from the same period in 2017. The Company reported operating income of approximately $7.3 million for the three months ended March 31, 2018, compared to $16.5 million for the same period in 2017. Net loss was approximately $22.6 million or $0.48 per share (basic) compared to net loss of approximately $2.3 million or $0.05 per share (basic) for the same period in 2017. Adjusted EBITDA 2 was approximately $28.5 million for the three months ended March 31, 2018, compared to $27.7 million for the same period in 2017, an increase of 2.7%.
Alfred C. Liggins, III, Urban One's CEO and President stated, "I was pleased that we were able to grow our Adjusted EBITDA, despite some softness in the radio markets and ratings challenges at TV One. According to Miller Kaplan, our radio clusters outperformed their markets by 190 Bps. TV One ratings for primetime in the P25-54 demographic were down 9% vs Q1 2017, and sequentially flat vs. Q4 2017. Digital revenues continue to perform well, driven by our 2017 acquisition of the Bossip and Madame Noire brands and websites. Our cash generation for the quarter was strong; we added approximately $6.3 million of cash to the balance sheet while repurchasing $11.0 million of our 9.25% 2020 Notes, which re-affirms our commitment to reducing the Company's leverage. Finally, we recently entered into a binding agreement to sell WPZR in Detroit for $12.7 million, which represents a high double-digit seller's multiple and will further help to reduce our net leverage. Pro-forma for the asset sale, our net leverage ratio at March 31, 2018 was approximately 6.68x."
RESULTS OF OPERATIONS
Three Months Ended March 31,
2018
2017
STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except share data)
NET REVENUE
$ 99,621
$ 101,289
OPERATING EXPENSES
Programming and technical, excluding stock-based compensation
32,147
31,897
Selling, general and administrative, excluding stock-based compensation
34,977
34,455
Corporate selling, general and administrative, excluding stock-based compensation
8,962
10,039
Stock-based compensation
1,376
133
Depreciation and amortization
8,288
8,312
Impairment of long-lived assets
6,556
-
Total operating expenses
92,306
84,836
Operating income
7,315
16,453
INTEREST INCOME
144
103
INTEREST EXPENSE
19,281
20,346
GAIN ON RETIREMENT OF DEBT
(239)
-
OTHER INCOME, net
(1,901)
(1,321)
Loss before provision for (benefit from) income taxes and
noncontrolling interest in income (loss) of subsidiaries
(9,682)
(2,469)
PROVISION FOR (BENEFIT FROM) INCOME TAXES
12,840
(112)
CONSOLIDATED NET LOSS
(22,522)
(2,357)
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
33
(44)
CONSOLIDATED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ (22,555)
$ (2,313)
AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS
CONSOLIDATED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ (22,555)
$ (2,313)
Weighted average shares outstanding - basic 3
46,757,386
47,965,189
Weighted average shares outstanding - diluted 4
46,757,386
47,965,189
Three Months Ended March 31,
2018
2017
PER SHARE DATA - basic and diluted:
(unaudited)
(unaudited)
(in thousands, except per share data)
Consolidated net loss attributable to common stockholders (basic)
$ (0.48)
$ (0.05)
Consolidated net loss attributable to common stockholders (diluted)
$ (0.48)
$ (0.05)
SELECTED OTHER DATA
Broadcast and digital operating income 1
$ 32,497
$ 34,937
Broadcast and digital operating income margin (% of net revenue)
32.6%
34.5%
Broadcast and digital operating income reconciliation:
Consolidated net loss attributable to common stockholders
$ (22,555)
$ (2,313)
Add back non-broadcast and digital operating income items included in consolidated net
loss:
Interest income
(144)
(103)
Interest expense
19,281
20,346
Provision for (benefit from) income taxes
12,840
(112)
Corporate selling, general and administrative expenses
8,962
10,039
Stock-based compensation
1,376
133
Gain on retirement of debt
(239)
-
Other income, net
(1,901)
(1,321)
Depreciation and amortization
8,288
8,312
Noncontrolling interest in income (loss) of subsidiaries
33
(44)
Impairment of long-lived assets
6,556
-
Broadcast and digital operating income
$ 32,497
$ 34,937
Adjusted EBITDA 2
$ 28,489
$ 27,745
Adjusted EBITDA reconciliation:
Consolidated net loss attributable to common stockholders:
$ (22,555)
$ (2,313)
Interest income
(144)
(103)
Interest expense
19,281
20,346
Provision for (benefit from) income taxes
12,840
(112)
Depreciation and amortization
8,288
8,312
EBITDA
$ 17,710
$ 26,130
Stock-based compensation
1,376
133
Gain on retirement of debt
(239)
-
Other income, net
(1,901)
(1,321)
Noncontrolling interest in income (loss) of subsidiaries
33
(44)
Employment Agreement Award, incentive plan award expenses and other compensation
1,588
1,041
Contingent consideration from acquisition
1,530
-
Severance-related costs
198
353
Cost method investment income
1,638
1,453
Impairment of long-lived assets
6,556
-
Adjusted EBITDA
$ 28,489
$ 27,745
March 31, 2018
December 31, 2017
(unaudited)
(in thousands)
SELECTED BALANCE SHEET DATA:
Cash and cash equivalents and restricted cash
$ 44,092
$ 37,811
Intangible assets, net
958,144
971,484
Total assets
1,305,558
1,316,755
Total debt (including current portion, net of original issue discount and issuance costs)
959,521
970,666
Total liabilities
1,277,021
1,263,320
Total stockholders' equity
17,323
42,655
Redeemable noncontrolling interest
11,214
10,780
March 31, 2018
Applicable Interest
Rate
(in thousands)
SELECTED LEVERAGE DATA:
2017 Credit Facility, net of original issue discount and issuance costs of approximately
$7.8 million (subject to variable rates) (a)
$ 338,727
5.88%
9.25% senior subordinated notes due February 2020, net of original issue discount and
issuance costs of approximately $1.1 million (fixed rate)
262,884
9.25%
7.375% senior secured notes due April 2022, net of original issue discount and issuance
costs of approximately $4.0 million (fixed rate)
346,038
7.375%
Comcast Note due April 2019 (fixed rate)
11,872
10.47%
(a) Subject to variable Libor plus a spread that is incorporated into the applicable interest rate set forth above.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve other factors, some of which are beyond Urban One's control, that may cause the any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One's reports on Forms 10-K, 10-Q, 8-K and other filings (the "SEC"). Urban One does not undertake any duty to update any forward-looking statements.
Net revenue consists of gross revenue, net of local and national agency and outside sales representative commissions. Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing.
Three Months Ended March 31,
2018
2017
$ Change
% Change
(Unaudited)
(in thousands)
Net Revenue:
Radio Advertising
$
44,622
$
46,187
$
(1,565)
-3.4%
Political Advertising
200
243
(43)
-17.7%
Digital Advertising
8,146
5,506
2,640
47.9%
Cable Television Advertising
18,936
21,140
(2,204)
-10.4%
Cable Television Affiliate Fees
27,250
27,323
(73)
-0.3%
Event Revenues & Other
467
890
(423)
-47.5%
Net Revenue (as reported)
$
99,621
$
101,289
$
(1,668)
-1.6%
Net revenue decreased to approximately $99.6 million for the quarter ended March 31, 2018, from approximately $101.3 million for the same period in 2017, a decrease of 1.6%. Net revenues from our radio broadcasting segment decreased 0.6% compared to the same period in 2017. We experienced net revenue declines most significantly in our Atlanta, Raleigh and St. Louis markets, with our Cincinnati, Cleveland, Dallas, Philadelphia and Richmond markets experiencing growth for the quarter. We recognized approximately $46.2 million of revenue from our cable television segment during the three months ended March 31, 2018, compared to approximately $48.6 million for the same period in 2017, with a decrease primarily in advertising sales. Net revenue from our Reach Media segment decreased approximately $1.1 million for the quarter ended March 31, 2018, compared to the same period in 2017 due primarily to weaker demand. Finally, net revenues for our digital segment increased 47.9% for the three months ended March 31, 2018, compared to the same period in 2017, primarily due to an increase in direct revenues and due to performance from our digital acquisition.
Operating expenses, excluding depreciation and amortization, stock-based compensation and impairment of long-lived assets, decreased to approximately $76.1 million for the quarter ended March 31, 2018, down 0.4% from the approximately $76.4 million incurred for the comparable quarter in 2017. The overall operating expense decrease was driven by lower corporate selling, general and administrative expenses, which were partially offset by an increase of programming and technical expenses and an increase of selling, general and administrative expenses.
Depreciation and amortization expense decreased 0.3% for the quarter ended March 31, 2018, primarily due to the mix of assets approaching or near the end of their useful lives.
Interest expense decreased to approximately $19.3 million for the quarter ended March 31, 2018, compared to approximately $20.3 million for the same period in 2017. The Company made cash interest payments of approximately $18.4 million on its outstanding debt for the quarter ended March 31, 2018, compared to cash interest payments of approximately $19.9 million on all outstanding instruments for the quarter ended March 31, 2017. On April 18, 2017, the Company closed on a new senior secured credit facility (the "2017 Credit Facility"). The proceeds from the 2017 Credit Facility were used to prepay in full the Company's previously existing senior secured credit facility and the agreement governing such credit facility was terminated on April 18, 2017.
The gain on retirement of debt of $239,000 for the quarter ended March 31, 2018, was due to the redemption of approximately $11 million of our 2020 Notes at a discount.
The impairment of long-lived assets for the three months ended March 31, 2018, was related to a non-cash impairment charge of approximately $2.7 million recorded to reduce the carrying value of our Charlotte goodwill balance and a charge of approximately $3.8 million associated with our Detroit market radio broadcasting licenses.
For the three months ended March 31, 2018, we recorded a provision for income taxes of approximately $12.8 million on a pre-tax loss from continuing operations of approximately $9.7 million, which results in a tax rate of (132.6)%. This tax rate is based on an estimated annual effective rate of (141.1)%, primarily attributable to the limitation of interest expense that results in a deferred tax benefit which is expected to be recognizable at the end of the year, and a discrete tax benefit of $823,000. For the three months ended March 31, 2017, we recorded a benefit from income taxes of $112,000 on a pre-tax loss from continuing operations of approximately $2.5 million, which results in a tax rate of 4.5%. This tax rate is based on an estimated annual effective rate of 18.6%, and a discrete tax provision adjustment for $346,000. The Company paid $748,000 and $167,000 in taxes 2017, respectively.
Other income, net increased to approximately $1.9 million for the quarter ended March 31, 2018, compared to approximately $1.3 million for the same period in 2017.
The increase in noncontrolling interests in income (loss) of subsidiaries was due primarily to net income recognized by Reach Media during the three months ended March 31, 2018, versus a net loss during the three months ended March 31, 2017.
Other pertinent financial information includes capital expenditures of $914,000 and approximately $1.5 million 2017, respectively.
During the three months ended March 31, 2018, the Company did not repurchase any Class A common stock and repurchased 1,000,455 shares of Class D common stock in the amount of approximately $1.9 million. There were no open market stock repurchases made during the three months ended March 31, 2017.
The Company, in connection with its 2009 stock plan, is authorized to purchase shares of Class D common stock to satisfy employee tax obligations in connection with the vesting of share grants under the plan. During the three months ended March 31, 2018, the Company executed a Stock Vest Tax Repurchase of 567,791 shares of Class D Common Stock in the amount of approximately $1.0 million. During the three months ended March 31, 2017, the Company executed a Stock Vest Tax Repurchase of 317,103 shares of Class D Common Stock in the amount of $915,000.
On May 1, 2018, the Company announced it signed a definitive agreement to sell the assets of one of its Detroit, Michigan, radio stations, WPZR-FM (102.7 FM), to Educational Media Foundation, of California, for total consideration of approximately $12.7 million. As part of the deal, the Company will receive 3 FM translators that service the Detroit metropolitan area, and these signals will be combined with its existing FM translator to multicast the Detroit Praise Network. The closing on the sale of WPZR-FM is subject to customary conditions, prorations and adjustments, including approval from the FCC. Urban One expects the transaction to close shortly after final consent from the FCC.
Supplemental Financial Information:
For comparative purposes, the following more detailed, unaudited statements of operations for the three are included.
Three Months Ended March 31, 2018
(in thousands, unaudited)
Radio
Reach
Cable
Corporate/
Consolidated
Broadcasting
Media
Digital
Television
Eliminations
STATEMENT OF OPERATIONS:
NET REVENUE
$
99,621
$
39,513
$
6,520
$
8,146
$
46,186
$
(744)
OPERATING EXPENSES:
Programming and technical
32,147
9,643
4,286
3,479
14,811
(72)
Selling, general and administrative
34,977
17,420
1,440
6,906
9,883
(672)
Corporate selling, general and administrative
8,962
-
757
1
1,969
6,235
Stock-based compensation
1,376
178
18
59
3
1,118
Depreciation and amortization
8,288
870
63
476
6,557
322
Impairment of long-lived assets
6,556
6,556
-
-
-
-
Total operating expenses
92,306
34,667
6,564
10,921
33,223
6,931
Operating income (loss)
7,315
4,846
(44)
(2,775)
12,963
(7,675)
INTEREST INCOME
144
-
-
-
-
144
INTEREST EXPENSE
19,281
338
-
-
1,919
17,024
GAIN ON RETIREMENT OF DEBT
(239)
-
-
-
-
(239)
OTHER INCOME, net
(1,901)
(219)
-
-
-
(1,682)
(Loss) income before provision for (benefit from) income taxes
and noncontrolling interest in income of subsidiaries
(9,682)
4,727
(44)
(2,775)
11,044
(22,634)
PROVISION FOR (BENEFIT FROM) INCOME TAXES
12,840
1,116
50
(509)
2,705
9,478
CONSOLIDATED NET (LOSS) INCOME
(22,522)
3,611
(94)
(2,266)
8,339
(32,112)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
33
-
-
-
-
33
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(22,555)
$
3,611
$
(94)
$
(2,266)
$
8,339
$
(32,145)
Adjusted EBITDA 2
$
28,489
$
12,605
$
37
$
(696)
$
19,920
$
(3,377)
Three Months Ended March 31, 2017
(in thousands, unaudited)
Radio
Reach
Cable
Corporate/
Consolidated
Broadcasting
Media
Digital
Television
Eliminations
STATEMENT OF OPERATIONS:
NET REVENUE
$
101,289
$
39,737
$
7,663
$
5,506
$
48,554
$
(171)
OPERATING EXPENSES:
Programming and technical
31,897
7,917
5,194
2,603
16,191
(8)
Selling, general and administrative
34,455
18,336
1,497
4,041
10,685
(104)
Corporate selling, general and administrative
10,039
-
1,224
-
2,311
6,504
Stock-based compensation
133
64
-
-
-
69
Depreciation and amortization
8,312
957
54
341
6,561
399
Total operating expenses
84,836
27,274
7,969
6,985
35,748
6,860
Operating income (loss)
16,453
12,463
(306)
(1,479)
12,806
(7,031)
INTEREST INCOME
103
-
-
-
-
103
INTEREST EXPENSE
20,346
337
-
-
1,919
18,090
OTHER INCOME, net
(1,321)
(25)
-
-
-
(1,296)
(Loss) income before (benefit from) provision for income taxes and
noncontrolling interest in loss of subsidiaries
(2,469)
12,151
(306)
(1,479)
10,887
(23,722)
(BENEFIT FROM) PROVISION FOR INCOME TAXES
(112)
4,661
(122)
22
4,225
(8,898)
CONSOLIDATED NET (LOSS) INCOME
(2,357)
7,490
(184)
(1,501)
6,662
(14,824)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(44)
-
-
-
-
(44)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(2,313)
$
7,490
$
(184)
$
(1,501)
$
6,662
$
(14,780)
Adjusted EBITDA 2
$
27,745
$
13,748
$
(211)
$
(1,132)
$
19,394
$
(4,054)
Urban One, Inc. will hold a conference call to discuss its results for the first fiscal quarter of 2018. The conference call is scheduled for Wednesday, May 02, 2018 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-800-230-1085; international callers may dial direct (+1) 612-332-0107.
A replay of the conference call will be available from 12:00 p.m. EDT May 02, 2018 until 11:59 p.m. EDT May 05, 2018. Callers may access the replay by calling 1-800-475-6701; international callers may dial direct (+1) 320-365-3844. The replay Access Code is 447973.
Access to live audio and a replay of the conference call will also be available on Urban One's corporate website at www.urban1.com . The replay will be made available on the website for seven days after the call.
Urban One, Inc. ( urban1.com ), formerly known as Radio One, Inc., together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 59 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform and inspire a diverse audience of adult Black viewers. As one of the nation's largest radio broadcasting companies, Urban One currently owns and/or operates 56 broadcast stations in 15 urban markets in the United States. Through its controlling interest in Reach Media, Inc. ( blackamericaweb.com ), the Company also operates syndicated programming including the Tom Joyner Morning Show, Russ Parr Morning Show, Rickey Smiley Morning Show, Get up Morning! with Erica Campbell, DL Hughley Show, Willie Moore Jr Show, Nightly Spirit with Darlene McCoy, Reverend Al Sharpton Show. In addition to its radio and television broadcast assets, Urban One owns Interactive One, LLC ( ionedigital.com ), the largest digital resource for urban enthusiasts and Blacks, reaching millions each month through its Cassius and BHM Digital platforms. Additionally, One Solution , the Company's branded content agency and studio combines the dynamics of Urban One's holdings to provide brands with an integrated and effectively engaging marketing approach that reaches 82% of Black Americans throughout the country.
Notes:
1 "Broadcast and digital operating income" consists of net (loss) income before depreciation and amortization, corporate selling, general and administrative expenses, stock-based compensation, income taxes, noncontrolling interest in income (loss) of subsidiaries, interest expense, impairment of long-lived assets, other (income) expense, loss (gain) on retirement of debt, gain on sale-leaseback and interest income. Broadcast and digital operating income is not a measure of financial performance under generally accepted accounting principles. Nevertheless, broadcast and digital operating income is a significant measure used by our management to evaluate the operating performance of our core operating segments because broadcast and digital operating income provides helpful information about our results of operations apart from expenses associated with our fixed assets and long-lived intangible assets, income taxes, investments, debt financings and retirements, overhead, stock-based compensation, impairment charges, and asset sales. Our measure of broadcast and digital operating income is similar to industry use of station operating income; however, it reflects our more diverse business and therefore is not completely analogous to "station operating income" or other similarly titled measures used by other companies. Broadcast and digital operating income does not purport to represent operating income or cash flow from operating activities, as those terms are defined under generally accepted accounting principles, and should not be considered as an alternative to those measurements as an indicator of our performance. A reconciliation of net income (loss) to broadcast and digital operating income has been provided in this release.
2 "Adjusted EBITDA" consists of net loss plus (1) depreciation, amortization, income taxes, interest expense, noncontrolling interest in (loss) income of subsidiaries, impairment of long-lived assets, stock-based compensation, (gain) loss on retirement of debt, gain on sale-leaseback , Employment Agreement and incentive plan award expenses and other compensation, contingent consideration from acquisition, severance-related costs, cost investment income, less (2) other income and interest income. Net income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as "EBITDA." Adjusted EBITDA and EBITDA are not measures of financial performance under generally accepted accounting principles. However, we believe Adjusted EBITDA is often a useful measure of a company's operating performance and is a significant measure used by our management to evaluate the operating performance of our business because Adjusted EBITDA excludes charges for depreciation, amortization and interest expense that have resulted from our acquisitions and debt financing, our taxes, impairment charges, and gain on retirements of debt. Accordingly, we believe that Adjusted EBITDA provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and long-lived intangible assets or capital structure. EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four segments (radio broadcasting, Reach Media, digital and cable television). Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under generally accepted accounting principles, and should not be considered as alternatives to those measurements as an indicator of our performance. A reconciliation of net income (loss) to EBITDA and Adjusted EBITDA has been provided in this release.
3 For the three Urban One had 46,757,386 and 47,965,189 shares of common stock outstanding on a weighted average basis (basic), respectively.
4 For the three Urban One had 46,757,386 and 47,965,189 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively.
View original content with multimedia: http://www.prnewswire.com/news-releases/urban-one-inc-reports-first-quarter-results-300640564.html
SOURCE Urban One, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-urban-one-inc-reports-first-quarter-results.html |
From Venezuela’s election to U.S.-China trade talks, catch up with the Morning Briefing.
Venezuela's President Nicolas Maduro stands with supporters during a gathering after the results of the election were released, outside of the Miraflores Palace in Caracas, Venezuela, May 20, 2018. REUTERS/Carlos Garcia Rawlins For all the news you need to start your day, subscribe to the News Now newsletter . The best of Reuters news delivered right into your inbox absolutely free.
VENEZUELA
Venezuela’s socialist leader Nicolas Maduro faced fresh international censure after re-election in a vote foes denounced as a farce cementing autocracy in the crisis-stricken OPEC nation. The 55-year-old successor to former president Hugo Chavez hailed his win as a victory against “imperialism,” but his main rival refused to recognize the result alleging irregularities.
Venezuela has had massive turnouts at its recent presidential elections, but turnout dropped drastically for Sunday’s election due to a boycott from the opposition. Reuters Graphics charts the results .
Poor Venezuelans scanned state-issued “fatherland cards” at red tents after voting yesterday in hope of receiving a prize promised by Maduro, a practice opponents said was akin to vote-buying .
CHINA
China on Monday praised a significant dialing back of trade tension with the United States, with the government saying agreement was in the interests of both countries while state media trumpeted what it saw as China’s refusal to surrender .
The Philippines expressed “serious concerns” over the presence of China’s strategic bombers in the disputed South China Sea and its foreign ministry has taken “appropriate diplomatic action”, the spokesman of President Rodrigo Duterte said.
WORLD
Hawaii faced a new hazard as lava flows from Kilauea’s volcanic eruption could produce clouds of acid fumes, steam and glass-like particles as they reach the Pacific, authorities said .
Cubans in eastern Holguin province held a funeral on Sunday for an art instructor and her small child, the first of 67 Holguin residents to be brought home for burial out of 110 people who died Friday in Cuba’s worst plane crash since 1989.
At Reuters, more than 50 editors, producers and reporters from Botswana to Brixton coordinated coverage of the latest union in the British royal family. In this podcast , Jamillah Knowles, a Reuters social media editor, looks at how the world’s largest news organization curated real-time updates from Windsor.
BUSINESS
After the near collapse of his company following the 2010 Gulf of Mexico disaster and a three-year slump in oil prices, BP Chief Executive Officer Bob Dudley is hardly relaxed . “It doesn’t feel like we are in a serene time for any energy company,” Dudley told Reuters in an interview.
South Korea’s Hyundai Motor Group has shelved a restructuring plan which would have given the son of its aging chairman more control of the conglomerate, following opposition from investors including U.S. hedge fund Elliott Management Corp.
U.S. small-cap stocks look poised to extend a breakout rally, especially if oil prices advance deeper into levels last seen in 2014 to drive further gains in the small energy companies that have provided leadership in recent week, analysts and investors said.
REUTERS TV
President Donald Trump said on Sunday that he will ask the Justice Department to look into whether or not the Obama administration infiltrated or surveilled his 2016 campaign.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-newsnow-may21/monday-morning-briefing-idUSKCN1IM133 |
Martin Sorrell makes comeback after short hiatus 11:22am EDT - 01:19
Martin Sorrell is staging a comeback just six weeks after leaving WPP using the same formula as the 1980s when he transformed a little-known shell company into the world’s biggest advertising group. Laura Frykberg reports.
Martin Sorrell is staging a comeback just six weeks after leaving WPP using the same formula as the 1980s when he transformed a little-known shell company into the world’s biggest advertising group. Laura Frykberg reports. //reut.rs/2IUF1Ok | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/30/martin-sorrell-makes-comeback-after-shor?videoId=431700353 |
May 25, 2018 / 1:34 PM / Updated 15 minutes ago Soccer: World Cup divides fans with 'Live It Up' Will Smith anthem Reuters Staff 2 Min Read
LONDON (Reuters) - Soccer’s World Cup organisers divided fans by releasing the tournament’s official song on Friday - a fast-paced dance tune titled “Live It Up” featuring American actor and rapper Will Smith. Actor Will Smith speaks during the 6th International Jazz Day at the Grand Theatre of Havana Alicia Alonso, Cuba, April 30, 2017. REUTERS/Alexandre Meneghini
Some on social media asked how the tune’s Latin American feel fitted in with the tournament’s host country Russia - and compared it unfavourably with past efforts including Shakira’s “Waka Waka” theme for the 2010 contest in South Africa.
Some more were puzzled by the choice of performers - Will Smith is joined by Puerto Rico-born Reggaeton artist Nicky Jam and singer Era Istrefi, who describes herself as “Albanian Kosovar” - none of them from countries competing in this year’s contest.
“The World Cup song doesn’t have any football ring to it. Blegh. How is Messi gonna dance to Live it up?!” Twitter user @arla_I said, referring to Argentina star Lionel Messi.
Others were won over by the energetic track, with its affirming chorus “One life, live it up/‘Cos we got one life.”
“This one definitely has the World Cup vibe to it,” one user wrote, calling the song “awesome”.
The trio will perform “Live It Up” in front of spectators before the World Cup final in Moscow on July 15.
“It’s an honour to be asked to perform at the 2018 FIFA World Cup,” Smith said in a statement.
“Collaborating with Nicky, (producer) Diplo and Era on this track represents harmony, eclectic flavours and genres coming together. At the end of the day, we just want to see the world dance.”
Smith has focused on his acting career for years, but the “Independence Day” star has recently hinted about a return to music.
This week, he posted a clip of himself rapping in a music booth on his Instagram page titled “Gettin’ back in the studio. Just warmin’ Up”. Reporting By Marie-Louise Gumuchian; Editing by Andrew Heavens | ashraq/financial-news-articles | https://in.reuters.com/article/soccer-worldcup-officialsong-launch/soccer-world-cup-divides-fans-with-live-it-up-will-smith-anthem-idINKCN1IQ1TR |
How to Hire: New York's Hottest Ice Cream Spot Courtesy of Ample Hills. By Laura Entis May 7, 2018
A startup is a rapidly evolving organism. Things change, and, if everything is going well, grow so quickly a year feels like a decade. For many entrepreneurs, these early adrenaline-fueled days can be a messy period of trial and error. Which is ok! Learning by doing isn’t a bad strategy.
That said, it’s helpful to learn from other founders who have gone through the same process, particularly when it comes to hiring. Identifying the roles you need to create and the people you need to fill them determines what your business can—and will—become.
In the second of a three part series, the founders of Brooklyn ice cream spot Ample Hills share what the experience has taught them about hiring and managing employees early on.
Name: Jackie Cuscuna and Brian Smith
Business: Ample Hills Creamery , an ice cream maker based in Brooklyn.
Founded in: 2011
Number of employees: Full-time employees: 56. Ice cream scoopers (in the summer): Around 200
When Ample Hills Creamery opened its doors in 2011, founders Jackie Cuscuna and Brian Smith were worried no one would show up. In the ice cream maker’s salad days, the husband-and-wife team hired friends, family, and Cuscuna’s students (she was a highschool teacher at the time).
A boyfriend of one of her students was an early hire. He started as a scooper, and is now a full-time chef. “He makes ice cream everyday,” she says.
Allowing people to grow with the company is a point of pride. “A $10-an-hour scooper is now the head of the art department,” Smith says. Their regional retail manager also started as a scooper. Promoting from within has its own challenges: namely, everyone is figuring it out on the job, which can lead to mistakes that would have been avoided with outside experience.
But both Cuscuna and Smith stress that they started the ice cream company because they wanted to create a sense of community. This means promoting from within, and “learning together,” Smith says.
Ample Hills, which has nine locations, recently raised $8 million in Series A round led by Rosecliff Ventures. To secure the funding, the founders had to sit down and put into words a cultural identity and ethos that, until this point, had felt organic, and present it to investors. They’re now in the process of striking the right balance between keeping things casual and largely based on gut-feel and standardizing operations, particularly when it comes to hiring. For now, the company doesn’t have a set of questions it asks applicants—but Cuscuna and Smith say they’re grappling with formalizing the process, particularly as they continue to grow.
Other tips:
You will hire the wrong person. It’s unavoidable. Don’t beat yourself up about it. But, in general, Smith says “if you hire for culture with some awareness of skillset it will work out.”
| ashraq/financial-news-articles | http://fortune.com/2018/05/07/how-to-hire-new-yorks-hottest-ice-cream-spot/ |
LAS VEGAS--(BUSINESS WIRE)-- Caesars Entertainment Corporation (NASDAQ:CZR) (“Caesars Entertainment” or “Caesars”) and VICI Properties Inc. (NYSE:VICI) (“VICI Properties” or “VICI”) today announced they have entered into a non-binding letter of intent related to the acquisition by VICI Properties of two real estate assets owned by Caesars as well as modifications to certain of the lease agreements between the two companies. The various strategic transactions will support each of the companies’ growth strategies and demonstrate the strong working relationship and continued alignment of interests between the two companies. The planned transactions are subject to negotiation of definitive documentation, receipt of regulatory approvals and other third-party approvals and other conditions.
The LOI contemplates that VICI will acquire from Caesars the real estate assets associated with the Octavius Tower at Caesars Palace and the real estate assets associated with Harrah’s Philadelphia for $507.5 million and $241.5 million, respectively. The aggregate purchase price of $749 million for these two properties will be reduced by $159 million to reflect the consideration due to VICI Properties related to the planned lease modifications described below. Caesars will continue to operate both properties under the terms of the long-term leases between both companies.
“The planned lease amendments and asset sales will allow us to create more value for shareholders through growth initiatives and additional investment opportunities in our core businesses,” said Mark Frissora, President and Chief Executive Officer of Caesars Entertainment.
Edward Pitoniak, Chief Executive Officer of VICI Properties said, “We are continuing to execute on all facets of our strategy. Octavius Tower will strengthen our footprint on the Las Vegas Strip, Harrah’s Philadelphia will bolster our presence on the East Coast by establishing a foothold in a top gaming market all while we add $56 million of NOI to our portfolio at an attractive net cap rate. Moreover, our mutually beneficial relationship and shared interests with Caesars will make the modifications of the lease terms possible. As a REIT, we look to enhance our organic growth in the near-term, protect against volatility in our rental income over the long-term, and incentivize our tenant to invest capital into the real estate to grow and strengthen their own business.”
Lease Amendments
According to the LOI, Caesars and VICI will amend the Caesars Palace Las Vegas (“CPLV”) and other domestic property lease agreements (“Non-CPLV”) in support of both companies’ strategies. Additionally, the parties will add base rent escalation of 1.5% per year for years two through five of the Non-CPLV lease, add minimum rent coverage ratios that would impact the base rent increases paid by Caesars to VICI, and reduce variable rent adjustments from 13% and 19.5% to 4% of revenue growth over the relevant periods.
The modifications to the leases are intended to bring the lease agreements into alignment with other market precedents and the long-term performance of the properties. This will result in near-term increases in rent for VICI as well as the addition of new assets, while moderating changes to Caesars’ long-term rent payments and potential significant volatility in Caesars’ rent payments to VICI. The modifications are also expected to create additional flexibility to facilitate Caesars’ development ambitions on the East Side of the Las Vegas Strip by removing certain impediments associated with those plans.
Octavius and Philadelphia
The Octavius Tower, built in 2012, is a 23-story complex that comprises 1.2 million square feet of space containing 668 hotel rooms located on the Flamingo Avenue side of Caesars Palace Las Vegas. After closing, Caesars will lease from VICI Properties the real estate associated with Octavius Tower under the modified CPLV lease agreement. Caesars annual lease payment related to Octavius Tower will be $35 million.
Harrah’s Philadelphia was built in 2006 and is benefiting from significant property enhancements completed in 2017, Harrah’s is located along the waterfront in Chester, Pennsylvania. The property comprises 2.0 million square feet of space featuring approximately 2,450 slot machines, live table games, several bars and restaurants and parking garages. After closing Caesars will lease from VICI Properties the real estate associated with Harrah’s Philadelphia under the Non-CPLV lease agreement. Caesars initial annual lease payment related to Harrah’s Philadelphia will be $21 million in the first year after close and will be subject to contractual annual increase thereafter in accordance with the Non-CPLV Lease.
The parties expect to announce definitive agreements in the coming weeks and, assuming satisfaction of all conditions, to consummate the transaction in phases by the fall of 2018.
PJT Partners LP is acting as exclusive financial advisor and Latham & Watkins LLP and Mayer Brown LLP are acting as legal advisors to Caesars in connection with the transactions. Morgan Stanley & Co. LLC is acting as exclusive financial advisor, Kramer Levin Naftalis & Frankel LLP is acting as legal advisor and ICR, LLC is acting as communications advisor to VICI Properties.
About Caesars Entertainment Corporation
Caesars Entertainment is the world's most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions and its portfolio of subsidiaries now operate 47 casinos in 13 U.S. states and five countries. Caesars Entertainment's resorts operate primarily under the Caesars®, Harrah's® and Horseshoe® brand names. Caesars Entertainment's portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment. For more information, please visit www.caesars.com .
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 .
Forward-Looking Statements
This release includes " " intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 regarding the proposed strategic transactions between Caesars and VICI. These are based on current expectations and projections about future events.
You are cautioned that are not guarantees of future performance and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual results may that expressed or implied by such . Such risks and uncertainties include, but are not limited to, the ability of the parties to negotiate and reach agreement upon definitive documentation, receipt of regulatory approvals and other third-party approvals and other conditions, and may include other factors described from time to time in Caesars’ and VICI’s reports filed with the SEC.
You are cautioned to not place undue reliance on these , which speak only as of the date of this document. Caesars and VICI undertake no obligation to publicly update or release any revisions to these to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005447/en/
For Caesars Entertainment:
Investors:
Joyce Arpin, 702-880-4707
or
Media:
Stephen Cohen, 212-886-9332
or
For VICI:
Investors:
725-201-6415
[email protected]
or
ICR
Jacques Cornet
[email protected]
or
Media:
725-201-6414
[email protected]
or
ICR
Phil Denning and Jason Chudoba
[email protected] , (646) 277-1258
[email protected] , (646) 277-1249
Source: VICI Properties Inc. and Caesars Entertainment Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-caesars-entertainment-vici-properties-announce-letter-of-intent-for-asset-sale-lease-amendments.html |
SURABAYA, Indonesia (Reuters) - The parents of Indonesian children and young adults who took part in deadly suicide bombings in Surabaya had isolated them within a tightly knit circle of militant Islamists, police said on Tuesday.
An anti-terror policeman stands guard during a raid of a house of a suspected terrorist at Medokan Ayu area in Surabaya, Indonesia May 15, 2018. REUTERS/Beawiharta A family of six killed at least 13 people, including themselves, by bombing three churches in Surabaya on Sunday in the worst militant attack in the world’s biggest Muslim-majority country since the bombing of restaurants in Bali in 2005.
On Monday, another militant family of five riding two motorbikes blew themselves up at a police checkpoint in the city, wounding 10 people and killing four of the family and two others. An eight-year-old daughter survived.
“These children have been indoctrinated by their parents. It seems they did not interact much with others,” East Java Police Chief Machfud Arifin told reporters.
The eight-year-old daughter who survived did not have explosives strapped to her, but was thrown three metres (10 ft) into the air by the blast and was receiving intensive care in hospital, police said.
“She’s conscious. She will be accompanied by relatives and social workers when questioned by police,” said Arifin.
Police in Sidoarjo, near Surabaya, recovered pipe bombs at an apartment where a blast on Sunday killed three members of a family alleged to have been making bombs.
Three children survived and in interviews with police described how they had interacted only with parents and adults of similar ideology.
Every Sunday evening they were made to attend a prayer circle with these adults, said Arifin, adding that the families behind the two sets of suicide attacks had attended.
Police said that the fathers of the families involved in the church bombing and the apartment in Sidoarjo where bombs were found were also friends.
After some major successes tackling Islamist militancy since 2001, there has been a resurgence in recent years, including in January 2016 when four suicide bombers and gunmen attacked a shopping area in the capital, Jakarta.
MIDDLE CLASS HOUSING COMPLEX Police suspect the attacks on the churches were carried out by a cell of the Islamic State-inspired group Jemaah Ansharut Daulah (JAD), an umbrella organisation on a U.S. State Department terrorist list that is reckoned to have drawn hundreds of Indonesian sympathisers of Islamic State.
The family involved in those attacks lived in a middle class housing complex in the city and police said the father was the head of a local JAD cell.
“I think the family setting and the isolation from the outside world... were perfect settings for him to indoctrinate the rest of his family,” said Alexander Raymond Arifianto, an Indonesia expert at Nanyang Technological University in Singapore.
Surabaya Mayor Tri Rismaharini was Quote: d as saying by news portal Tempo.co that one of the sons had also refused to attend flag raising ceremonies or go to classes on Indonesia’s state ideology Pancasila, which enshrines religious diversity under an officially secular system.
Indonesian Vice President Jusuf Kalla urged the public to provide information that could help stop attacks.
“Please be the government’s eyes and ears so these things won’t happen in the future,” Kalla told a conference in Jakarta.
In all, around 30 people have been killed since Sunday in attacks, including 13 suspected perpetrators, police said.
Sidney Jones, of the Jakarta-based Institute for Policy Analysis of Conflict, said in a commentary for the Lowy Institute that the attacks showed how urgent it was for authorities to learn more about family networks.
“If three families can be involved in two days’ worth of terrorist attacks in Surabaya, surely there are more ready to act,” he said.
An anti-terror policeman stands guard during a raid of a house of a suspected terrorist as people watch at Medokan Ayu area in Surabaya, Indonesia May 15, 2018. REUTERS/Beawiharta Additional reporting by Jessica Damiana and Gayatri Suroyo; Writing by Ed Davies; Editing by Nick Macfie
| ashraq/financial-news-articles | https://in.reuters.com/article/indonesia-bomb/indonesian-children-who-joined-suicide-attacks-kept-isolated-by-parents-idINKCN1IG1AJ |
Royal fans sum up the big day in one word 12:39pm EDT - 01:03
''Amazing,'' ''spectacular,'' and ''dazzling'' were just some of the words used by fans to sum up the royal wedding between Meghan Markle and Prince Harry on Saturday. ▲ Hide Transcript ▶ View Transcript
"Amazing," "spectacular," and "dazzling" were just some of the words used by fans to sum up the royal wedding between Meghan Markle and Prince Harry on Saturday. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KBW4Bc | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/19/royal-fans-sum-up-the-big-day-in-one-wor?videoId=428461112 |
Ford Motor Co.’s big bet on China, the world’s biggest auto market, has yet to pay off.
The auto maker began a $5 billion investment plan in the country in 2006, building more models locally, adding dealerships and expanding factory space in a bid to catch up with rivals such as General Motors Co. and Volkswagen AG.
After an initial boost,... | ashraq/financial-news-articles | https://www.wsj.com/articles/why-fords-big-china-wager-is-faltering-1525950005 |
TOKYO, May 29 (Reuters) - A global aluminium producer has offered Japanese buyers a premium of $159 per tonne for primary metal shipments for the July-September quarter, up 23 percent from the current quarter, four sources directly involved in pricing talks said on Tuesday.
Another producer has sought a premium of $160 a tonne, up 24 percent from the premium PREM-ALUM-JP of $129 agreed for the April-June quarter, the sources said.
Japan is Asia’s biggest aluminium importer and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region. (Reporting by Yuka Obayashi; Editing by Tom Hogue)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-aluminium-premiums/aluminium-producers-offer-q3-premiums-of-159-t-160-t-to-japan-buyers-sources-idUSL3N1T0351 |
A year ago this week, the election of French President Emmanuel Macron eased concerns about rising political instability in Europe, and helped clear the way for a monthslong euro rally. So much for that. The euro is sliding again, down 3.4% against the dollar over the past month and 1.2% for the year. On Tuesday, one euro bought How Will U.S. Sanctions Against Iran Play Out This Time?—Energy Journal Next Stocks to Watch: Walmart, Facebook, Disney, EA, ConocoPhillips, Papa John's, ADT, TripAdvisor | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/09/the-euro-slide-feels-like-deja-vu/ |
May 1, 2018 / 2:56 PM / Updated 4 hours ago Basque group ETA's decades of violence and gradual demise Reuters Staff 7 Min Read
MADRID(Reuters) - Basque separatist group ETA is due to announce its final dissolution this week, ending Western Europe’s last major armed insurgency, a 50-year campaign which killed more than 850 people in Spain. Agus Hernan (Foro Social), Alain Iriart, mayor of St. Pierre d'Irube, Anais Funosas (Bake Bidea), Jean Rene Etchegaray, mayor of Bayonne, Francois Xavier Nenon and Raymond Kendall (International Contact Group), give a news conference, to offer information concerning the dissolution of armed Basque separatists ETA, due for May 4 in the French town of Cambo-Les-Bains, in Bayonne, France, April 23, 2018. REUTERS/Vincent West
Here is a timeline of major events since the founding of ETA, whose initials stand for Euskadi ta Askatasuna (Basque Country and Freedom), and its gradual weakening.
1959 - Students in Madrid form ETA during dictatorship of Francisco Franco, who suppressed Basque culture, to fight for an independent state in northern Spain and southern France.
1968 - ETA carries out first known killing, shooting Meliton Manzanas, secret police chief in Basque city of San Sebastian.
1973 - Franco’s prime minister and heir apparent Luis Carrero Blanco is killed when his car drives over explosives planted by ETA in Madrid.
1974 - Explosion at Rolando cafe in Madrid kills 12.
1975 - Spain becomes democracy but ETA continues its violent campaign, altering perceptions of movement as force for resistance against fascism.
1978 - ETA founds political wing Herri Batasuna.
1980 - In its bloodiest year, ETA kills about 100 people.
1983 - Government officials set up illegal death squads known as Anti-Terrorist Liberation Groups (GAL).
1985 - ETA car bomb explodes in Madrid. A U.S. tourist is killed and 16 Civil Guards wounded.
1986 - Twelve Civil Guards are killed and 50 wounded in Madrid in July. Juan Manuel Soares is later sentenced to 1,401 years in jail for killings.
1987 - Twenty-one shoppers are killed by bomb at Barcelona supermarket in June. ETA apologises. Car bomb outside barracks in Zaragoza kills 11.
1991 - Ten people killed by car bomb outside Civil Guard barracks in Barcelona.
1995 - ETA members attempt to kill Jose Maria Aznar, leader of right-wing Popular Party, with car bomb. He survives and becomes prime minister in March 1996.
1995 - Attempt to asssassinate King Juan Carlos in Mallorca.
1997 - Police foil plot to assassinate King Juan Carlos at Guggenheim Museum in Bilbao. One officer dies in shootout, ETA member Eneko Gogeaskoetxea escapes.
1997 - ETA kidnaps and kills Basque Popular Party member and Ermua town councillor Miguel Angel Blanco. Outrage spreads through Spain and 6 million take to streets.
1998 - ETA announces truce which ends in Dec. 1999.
1998 - Former Interior Minister Jose Barrionuevo, his deputy Rafael Vera and a former civil governor, Julian Sancristobal, are jailed for their role in GAL actions. The three were granted a partial pardon and released later that year.
1999 - ETA meets Spanish government in Switzerland. In November, it announces ceasefire for Dec. 3.
2000 - Car bombs in Madrid mark return to violent campaign.
2003 - Supreme Court outlaws Batasuna party, which denies links to ETA but refuses to condemn attacks.
2003 - Two bombs in resort towns of Alicante and Benidorm injure more than 10 people. Santander airport is also bombed.
2004 - Suspected leader Mikel Albisu Iriarte, alias “Mikel Antza” is arrested in France. Prime Minister Jose Luis Rodriguez Zapatero appeals to ETA to give up fight.
2005 - Parliament lower house approves resolution authorising government to negotiate disarmament.
2006 - ETA declares permanent ceasefire in March. Zapatero tells parliament he will seek peace talks. In December, car bomb explodes at Madrid airport killing two Ecuadorians. Zapatero breaks off peace process.
2007 - Zapatero rejects an offer from Arnaldo Otegi, leader of Batasuna, to restart peace talks without demanding major concessions from Spain. In April, ETA says it is willing to compromise if Spain stops arresting militants in Basque Country.
2007 - ETA announces end to ceasefire in June. In December, two undercover Guardia Civil officials are killed in France.
2008 - Zapatero rules out any chance of peace talks with ETA and says only option is unilateral surrender. Isaias Carrasco, former Socialist Party councillor, is killed in Mondragon. In November, ETA claims responsibility for 10 bombings and says it will press its campaign for Basque rights.
- Suspected military leader, Garikoitz Aspiazu Rubina, known by his alias “Txeroki” or “Cherokee”, is arrested in France.
- In December, Ignacio Uria, owner of construction company Altuna y Uria which was building high-speed train line, is shot dead in Azpeitia. French police arrest man identified as Balak, presumed successor to Txeroki.
2009 - Jurdan Martitegi, ETA’s new military leader known as “the giant”, is arrested in France in April. Two Civil Guard officers are killed in explosion at barracks in Mallorca, near royal holiday home, in July.
- French police arrest three suspected members in ski resort and raid 13 weapons stashes in southern France in August, dealing heavy blow to the group.
- In November, Batasuna calls for talks between ETA and Spain based on principles used in Northern Ireland’s peace process. Spain rejects overtures the next day.
2010 - Ibon Gogeascoechea, ETA’s latest leader and on run since escaping scene of assassination attempt on King Juan Carlos in 1997, is arrested in Normandy.
- French police officer is shot and killed near Paris after suspected rebels fire on his patrol. French Prime Minister Nicolas Sarkozy vows to pursue group.
- Suspected military leader Mikel Kabikoitz Karrera Sarobe, known as “Ata”, is arrested in France.
- In September, ETA says it has decided to stop carrying out armed attacks. Spain is sceptical and insists ETA must lay down its arms for good. ETA lays out conditions for end to its violent campaign.
- Batasuna says it will reject violence in its drive to be legalized but government says it must go further to be allowed to participate in elections.
2011 - ETA declares permanent, general and verifiable ceasefire in January. The government rejects it and demands ETA permanently renounce violence and all its activities.
- In October, ETA announces “definitive end” to violence and moves to negotiate with France and Spain, which demand it gives up weapons. ETA makes no mention of possible weapons handover or disbanding.
- ETA says deal with France and Spain would be a condition to end armed fight but Spain says it must disband unconditionally.
2015 - Egoitz Urrutikoetxea arrested in Paris. Incumbent leader Mikel Irastorza arrested in France.
2017 - ETA effectively ends its armed campaign on April 8, surrendering its caches of weapons, explosives and ammunition to authorities in the French city of Bayonne. Spain’s government says the move is positive but insufficient, and calls on the group to formally dissolve and apologise to its victims.
2018 - Leaders ask members to vote on whether to dismantle completely by summer after months of internal debate, the group says in February.
- In April, Basque public television reports ETA plans to announce its full dissolution on the first weekend in May. Later the same month, the group apologises for harm caused to victims and their relatives. Spain welcomes the apology, but says it should have been offered a long time before. Reporting by Isla Binnie; Editing by Angus MacSwan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-spain-eta-timeline/basque-group-etas-decades-of-violence-and-gradual-demise-idUKKBN1I23TU |
May 28, 2018 / 9:13 PM / Updated 3 hours ago WTO being 'asphyxiated', outgoing judge says, in veiled rebuke to U.S. Tom Miles 3 Min Read
GENEVA (Reuters) - The World Trade Organization is being slowly strangled to death, a retiring trade judge whose replacement has been blocked by the United States said in his farewell speech, delivering a thinly-veiled rebuke to the Donald Trump administration. A World Trade Organization (WTO) logo is pictured on their headquarters in Geneva, Switzerland, June 3, 2016. REUTERS/Denis Balibouse
Ricardo Ramírez-Hernández served two terms as a judge on the WTO’s Appellate Body, which acts as the final court for trade disputes between countries. Since his departure last year, the United States has been blocking the process to replace him and other judges, throwing the WTO into crisis.
“This institution does not deserve to die through asphyxiation,” Ramírez-Hernández said. “You have an obligation to decide whether you want to kill it or keep it alive.”
In a speech introducing Ramirez-Hernandez, WTO Deputy Director-General Karl Brauner said there was “no movement in sight” to unblocking appointments.
“This is frightening,” he said, adding that it was an illusion to believe the WTO could manage without its appeals judges. It remained to be seen if the WTO was an achievement of civilisation or only a temporary experiment, he added.
The Geneva-based World Trade Organization, founded in 1995, is the final arbiter for trade disputes between its 164 member economies and the main global forum for discussing trade.
Its appellate body normally has seven members, but because of the Trump administration’s veto on new hires, only four of the posts are now filled. One judge is due for reappointment in September and two are due to leave next year.
Three judges are needed to hear any case, which means the court will cease to function altogether next year unless Trump lifts his refusal to fill vacancies.
Trump and his trade advisers take a tough and unorthodox line on what they see as “unfair” treatment by the trade body.
Ramírez-Hernández did not point fingers directly at any particular country for the crisis, saying all WTO members were responsible for dealing with problems.
“It seems to me that the crisis we now face could have been avoided if it had been addressed face-on, as it began to escalate,” he said. Reporting by Tom Miles; Editing by Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-wto/wto-being-asphyxiated-outgoing-judge-says-in-veiled-rebuke-to-u-s-idUKKCN1IT21G |
May 21, 2018 / 12:39 PM / Updated 2 hours ago First Ebola vaccines given as WHO seeks to beat Congo outbreak Kate Kelland 4 Min Read
LONDON, (Reuters) - A vaccination campaign aimed at beating an outbreak of Ebola in Congo began on Monday in the port city of Mbandaka, where four cases of the deadly disease have been confirmed. FILE PHOTO: A Congolese child washes her hands as a preventive measure against Ebola at the Church of Christ in Mbandaka, Democratic Republic of Congo May 20, 2018. REUTERS/Kenny Katombe/File Photo
Use of the VSV-EBOV shot - an experimental vaccine developed by Merck - marks a “paradigm shift” in how to fight Ebola, said the World Health Organization’s head of emergency response, and means regions with Ebola outbreaks can in future expect more than just containment of an outbreak with basic public health measures such as isolation and hygiene.
The shot is designed for use in so-called ring vaccination plans. When a new Ebola case is diagnosed, all people who might have been in recent contact with the patient are traced and vaccinated to keep the disease from spreading.
“It’s the first time in the midst of an outbreak ... that we’re using this as a way to stem transmission,” WHO’s Peter Salama said in a telephone interview. “It’s an important moment that changes the way we’ve seen Ebola for 40 years.”
The same strategy was used to test Merck’s vaccine in Guinea in late 2015, towards the end of an Ebola outbreak in West Africa from 2013 to 2016. The trial results showed it was safe and gave very high levels of protection against Ebola. Related Coverage Congo begins Ebola vaccinations in northwest city: witness
Around 30 Guinean health workers who were directly involved in that 2015 vaccine trial have travelled to Congo and will help with the immunizations there, Salama said.
Ebola causes hemorrhagic fever, vomiting and diarrhea and spreads through contact with the bodily fluids of an infected person. More than 11,300 people died in the West Africa epidemic.
This latest outbreak has killed 25 people since early April, according to the WHO. It is Congo’s ninth since the disease made its first known appearance near the country’s Ebola river in the 1970s. FILE PHOTO: A resident speaks to a medical worker through a cordon ribbon, near the isolation facility prepared to receive suspected Ebola cases, at the Mbandaka General Hospital, in Mbandaka, Democratic Republic of Congo May 20, 2018. REUTERS/Kenny Katombe/File Photo
Cases in Mbandaka, a port city on the Congo river, have raised concern that the virus could spread downstream to the capital, Kinshasa, which has a population of 10 million.
Salama, who visited Congo after the Ebola outbreak was first reported on May 8, said up to 1,000 people - first in Mbandaka and then in Bikoro and other affected areas -could be vaccinated within the next week.
Some 7,300 doses are already in Congo, and hundreds of thousands more are available in a stockpile built up by Merck.
“If we need any more we can ship it within days,” he said. “We’re fine for vaccine supply; that’s not an issue. The issue is going to be making sure we find every contact, track them down and get them vaccinated if they agree.”
Congolese health ministry data show four cases of Ebola confirmed in Mbandaka’s Wangata neighborhood and two suspected cases. One patient has died. For every case, up to 150 contacts will be offered the vaccine.
Salama said he was particularly concerned about the “unknowns” of the outbreak - namely the potential numbers of cases in the village of Ikobo, where no roads go and even helicopters have trouble landing.
“I’m actually very worried about Ikobo because we have four new suspected cases there and it’s very, very remote. We’ve tried to land helicopters there several times, but we need the community to clear the airstrip, and they haven’t fully cleared it yet,” Salama said.
“And when you haven’t got people on the ground, it’s very hard to assess the extent of the outbreak. I’m worried there are many more cases than we’ve been able to identify so far.” Reporting by Kate Kelland; Editing by Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-ebola-vaccinations-congo/first-ebola-vaccines-given-as-who-seeks-to-beat-congo-outbreak-idUKKCN1IM18Q |
May 2, 2018 / 11:38 AM / Updated 5 minutes ago BRIEF-Avadel Pharmaceuticals Reports Q1 Adjusted Loss Per Share $0.34 Reuters Staff
May 2 (Reuters) - Avadel Pharmaceuticals PLC:
* AVADEL PHARMACEUTICALS REPORTS FIRST QUARTER 2018 RESULTS * Q1 GAAP LOSS PER SHARE $0.32
* Q1 REVENUE $33.3 MILLION VERSUS I/B/E/S VIEW $29.5 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.27 — THOMSON REUTERS I/B/E/S * SEES FY 2018 REVENUE $105 MILLION TO $125 MILLION
* AVADEL PHARMACEUTICALS - CASH AND MARKETABLE SECURITIES AT MARCH 31, 2018 WERE $198.2 MILLION, UP FROM $94.1 MILLION AT DECEMBER 31, 2017
* AVADEL PHARMACEUTICALS - REITERATING FY 2018 GUIDANCE Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-avadel-pharmaceuticals-reports-q1/brief-avadel-pharmaceuticals-reports-q1-adjusted-loss-per-share-0-34-idUSASC09YYO |
STUDIO CITY, Calif., May 23, 2018 /PRNewswire/ -- Namaste | Nail Sanctuary , a sanctuary for women that combines the necessity of nail salon services with the life changing benefits of relaxation, meditation, and rejuvenation, has announced the recent appointment of Kathleen Huntsman as President and Chief Operating Officer. Huntsman is joining the leadership team at a pivotal time in the brand's growth as her duties focus on the operations and processes within the franchise system.
Huntsman's impressive background brings nearly 25 years of franchise operations experience. After successfully helping franchises like Jenny Craig Weight Loss, Doctors Express Franchises, Sylvan Learning Systems, and Mathnasium rapidly grow, Huntsman is bringing her expertise to the health and wellness industry with Namaste Nail Sanctuary. While working with Doctors Express Franchises, Huntsman helped the one location franchise grow to 60 centers, award 149 additional territories, and produce an annual revenue of over $26M. Her background in operations and training will be an impressive addition to the Namaste Nail Sanctuary leadership team.
"I'm excited to join the Namaste Nail Sanctuary team at the ground level and truly learn the ins and outs of the brand, operations and training," said Huntsman. "From the operations manual to the training of the staff, I firmly believe in consistent, repeatable processes and adherence to the look and feel of a brand's identity. As I join a strong executive team, my focus will remain on putting a corporate infrastructure in place and setting up our franchisees for success."
Namaste Nail Sanctuary, the brainchild of serial entrepreneur Michael Elliot and his wife Mecca, was created to fill a void in the health and wellness space. After recognizing the societal burnout women face in their fast-paced professional and personal lives, the husband and wife duo experienced a light bulb moment as they realized they could provide women with dual-purposed concept where they are able to receive a manicure and pedicure while simultaneously meditate and relax. As a result, the first Namaste Nail Sanctuary location opened in April 2018 to create an ultra-Zen environment specially created for relaxation, meditation and nail care.
As the founder and Chairman of Hammer & Nails Grooming Shop for Guys, Michael is no stranger to the industry and is sure to flourish alongside Mecca, a certified meditation instructor and a self-healing coach who studied under the renowned Deepak Chopra.
"Kathleen brings an incredible amount of industry knowledge and experience to our executive team," said Michael Elliot. "We are confident she will help the Namaste Nail Sanctuary brand continue to flourish and grow as she leads franchise operations and assists our franchise partners in achieving success. Our brand is only as strong as the people behind it and Kathleen is a great addition to help guide ongoing development."
With the first flagship location open in Studio City on Ventura Boulevard in Los Angeles County, brand expansion will continue with the development of more than 600 locations across 25 states as part of the 10 Area Representative multi-unit agreements already awarded. The strong franchise development efforts are part of the company's overarching goal to have 100 locations open and operating by 2021.
Namaste Nail Sanctuary's focus on relaxation and meditation sets it apart from conventional nail salons and positions the brand as the first-and-only nail services franchise in the health and wellness category. Through walk-ins and optional membership plans ranging from $50-$120 a month, Namaste Nail Sanctuary guests can receive their routine mani-pedi while doing something that improves their health and their lives: relaxing. With a mission to create a nail sanctuary that's an optimal environment for relaxation, meditation, and rejuvenation, guests are to expect Zen architecture, stone fountains, serene colors, moss wall art, soft lighting, relaxing audio, ultra-comfortable custom seating, privacy draping, personal flat screen TVs, BOSE noise-cancelling headphones and premium polish brands – all combined with ultra-hygienic nail care services and clean business practices.
Additionally, guests will have the option to use Deepak Chopra Dream Masters – audio and visual programming which use light and sound pulses at specified frequencies to help the user relax quickly and reach a variety of beneficial states of consciousness, and a Cocoon room – a dedicated mediation space for guests to continue their state of relaxation.
For more information about the Namaste Nail Sanctuary franchise opportunity, visit http://namastenailsanctuary-franchising.com/ .
About Namaste | Nail Sanctuary
Namaste | Nail Sanctuary was founded in 2017 in Studio City, California by Michael and Mecca Elliot. The husband and wife duo are disrupting the industry with a nail and meditation sanctuary for women to de-stress, relax and rejuvenate their mind, body, and nails. Even before announcing the franchise opportunity, the brand awarded licenses for more than 650 sanctuaries and is projected to have 100 locations open and operating by 2021. To learn more about the brand, service offerings, and locations, visit http://namastenailsanctuary-franchising.com/ .
View original content with multimedia: http://www.prnewswire.com/news-releases/namaste-nail-sanctuary-disrupts-health-and-wellness-industry-appoints-franchise-expert-to-lead-the-way-300653683.html
SOURCE Namaste | Nail Sanctuary | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-namaste-nail-sanctuary-disrupts-health-and-wellness-industry-appoints-franchise-expert-to-lead-the-way.html |
The auto industry is juggling a range of policy priorities in Washington, from tariffs to tailpipe emissions. But one item remains firm atop President Donald Trump’s agenda for the industry: more jobs for Rust Belt states that helped elect him.
Mr. Trump made clear at a White House meeting Friday with top auto-industry executives that he wasn’t done prodding them on jobs—including foreign manufacturers. During a televised portion of the meeting, Mr. Trump told the executives he wants to see “manufacturing of millions of more... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-keeps-up-pressure-on-auto-makers-to-generate-u-s-jobs-1526241284 |
May 18, 2018 / 5:24 AM / in 2 minutes GLOBAL LNG-Spot prices spike amid flurry of interest from Asian buyers Reuters Staff
* Spot prices climb higher than seasonal average
* Demand from China, South Asia and South Korea boosts prices
* LNG plant start-up delays, maintenance support market
By Jessica Jaganathan
SINGAPORE, May 18 (Reuters) - Asian spot liquefied natural gas (LNG) prices spiked this week amid a flurry of buying interest from buyers in China, Pakistan, South Korea and India, and as new supply from Australia is delayed by several months.
Spot prices for July LNG-AS delivery in Asia were at $8.70 per million British thermal units (mmBtu) this week, jumping 80 cents from the previous week, according to several LNG traders. Price assessments last week were still looking at cargoes loading in June.
The LNG market is in the midst of the northern hemisphere’s low-demand spring season, during which little gas is typically used. Demand this year has been relatively strong, however, pushing spot prices higher than the seasonal average.
Stronger prices for other power generating fuels coal and oil are also lending support to LNG prices. Oil prices climbed to above $80 per barrel this week, the first time since late 2014.
Global gas inventory levels heading into the summer are below the seasonal average as well, also boosting prices, Goldman Sachs analysts said earlier this week.
Gas inventories across the Organisation for Economic Co-operation and Development may be 650 billion cubic feet (bcf) below the seasonal average, equivalent to a shortfall of 4.3 days of demand, the Goldman analysts said.
Maintenance in Angola’s Soyo plant in July and delays on Australia’s massive new Ichthys LNG project are also expected to tighten supplies. TENDERS AND TRADES
Meanwhile, Chinese buyers, including state-owned companies, are back in the spot market looking for cargoes for the next few months, trade sources said.
Gas distributor ENN, for instance, is seeking a commissioning cargo for China’s first privately owned LNG import terminal, expected to be ready in two months.
Pakistan LNG is also seeking six LNG cargoes of about 140,000 cubic metres each for delivery over July to August, as three new power plants in the country start up after initial teething issues.
South Korea’s POSCO and Korea Midland Power Co Ltd (Komipo) are both seeking spot cargoes for delivery in July as well.
Korea Gas Corp may look for cargoes ahead of winter to build up inventories and to meet summer demand, though the requirement will depend on the status of nuclear plants in the country, a source familiar with the matter said.
Indian Oil Corp and Bharat Petroleum Corp Ltd are also looking for cargoes for delivery in June.
On the supply side, Indonesia’s Donggi-Senoro LNG export plant has offered a cargo for late-June loading, traders said. Reporting by Jessica Jaganathan; Additional reporting by Jane Chung in SEOUL; Editing by Tom Hogue | ashraq/financial-news-articles | https://www.reuters.com/article/global-lng/global-lng-spot-prices-spike-amid-flurry-of-interest-from-asian-buyers-idUSL3N1SO3ER |
NEW YORK, May 2, 2018 /PRNewswire/ -- Berkeley Research Group (BRG) advised Arizona State Retirement System (ASRS) in its $550 million acquisition of a 50 percent stake in Mill Creek Residential Trust LLC. The deal will allow ASRS direct control over this asset management platform while lowering its investment fees.
BRG acted as ASRS's valuation and due diligence advisors in this deal. The BRG team advising ASRS was led by John Fenn and Brandon Cradeur .
BRG also represented ASRS on its 2016 investment in Ascent Resources, LLC.
Regarding these acquisitions, Michael Athanason, Managing Director in BRG's Corporate Finance team said, "ASRS's transactions are great examples of the growing LP trend towards direct investments. BRG is pleased that ASRS relies on us for both diligence and deal valuation support."
About Berkeley Research Group, LLC
Berkeley Research Group, LLC ( www.thinkbrg.com ) is a leading global strategic advisory and expert consulting firm that provides independent advice, data analytics, valuation, authoritative studies, expert testimony, investigations, transaction advisory, restructuring services, regulatory and dispute consulting to Fortune 500 corporations, financial institutions, investors, major law firms and regulatory bodies around the world. BRG experts and consultants combine intellectual rigor with practical, real-world experience and an in-depth understanding of industries and markets. Their expertise spans economics and finance, data analytics and statistics, and public policy in many of the major sectors of our economy, including healthcare, banking, information technology, energy, construction and real estate. BRG is headquartered in Emeryville, California, with offices across the United States and in Asia, Australia, Canada, Latin America, the Middle East and the United Kingdom.
View original content: http://www.prnewswire.com/news-releases/berkeley-research-group-advises-arizona-state-retirement-system-in-acquisition-of-50-stake-in-mill-creek-residential-trust-llc-300641118.html
SOURCE Berkeley Research Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-berkeley-research-group-advises-arizona-state-retirement-system-in-acquisition-of-50-percent-stake-in-mill-creek-residential.html |
May 4 (Reuters) - Glotech Industrial Corp
* Says it plans to issue 20 million new shares with par value of T$10 per share, for T$120 million to T$200 million in total, for loan repayment
Source text in Chinese: goo.gl/nk8rVT
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-glotech-industrial-updates-20-mln/brief-glotech-industrial-updates-20-mln-shares-issue-plan-idUSL3N1SB3BG |
There's trouble brewing in tech land, and TradingAnalysis.com founder Todd Gordon is looking to short one flagship FANG name in particular.
On a chart of the Nasdaq 100-tracking ETF ( QQQ ), Gordon noted that the chart is being held up by strong support well above its 200-day moving average. But when you look beneath the surface, he sees potential weakness in some of the ETF's most popular stocks, which could spell trouble for the broader market.
"As this overall market is really consolidating, I think we might be setting up for a move lower," he said Thursday on CNBC's "Trading Nation." "You want to be short weak stocks when the overall indexes look to be heading lower."
Looking at the FANG names — Facebook , Amazon , Netflix and Google-parent company Alphabet — Gordon noted that only two (Amazon and Netflix) are holding steady above their 200-day moving averages, while the others are in dangerous territory.
Amazon and Netflix have been on fire this year, up a respective 35 and 62 percent in 2018. The picture hasn't been so rosy for Facebook and Alphabet as concerns over privacy have rattled investors.
And Gordon sees an even bigger breakdown for Alphabet on the horizon.
"That 200-day moving average has been trying to hold the market," he said. "It's like the life preserver trying to hold support here just above that $1,000 level. I think we might be set for a breakdown."
To prepare for a potential drop below $1,000 in Alphabet, Gordon wants to buy the May 980-strike put and sell the May 970-strike put for about $1.45, or $145 per options spread. This is a bearish bet that Alphabet shares could fall as low as $970, or another 5 percent, in the next two weeks.
Stocks closed the day lower on Thursday after a big comeback during the early afternoon. Alphabet is currently down more than 2 percent year to date.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/fang-stock-alphabet-is-losing-its-life-preserver-todd-gordon-says.html |
BEIJING (Reuters) - Chinese President Xi Jinping’s top economic adviser, Vice Premier Liu He, will meet a top-level U.S. trade delegation in Beijing this week, the government said on Wednesday, amid a festering dispute between the world’s two largest economies.
FILE PHOTO - Chinese Vice Premier Liu He attends the news conference following the closing session of the National People's Congress (NPC), at the Great Hall of the People in Beijing, China March 20, 2018. REUTERS/Jason Lee U.S. President Donald Trump has threatened tariffs on up to $150 billion worth of Chinese goods to punish China over its joint-venture requirements and other policies the United States says force American companies to surrender their intellectual property to state-backed Chinese competitors.
China, which denies it coerces such technology transfers, has threatened retaliation in equal measure, including tariffs on U.S. soybeans and aircraft.
In a brief statement, China’s Commerce Ministry welcomed the delegation’s trip to Beijing, set for Thursday and Friday, adding that Liu would meet its members to “exchange views” on issues of mutual concern about Sino-U.S. trade and business ties.
It did not elaborate.
The U.S. visitors include Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, White House trade and manufacturing adviser Peter Navarro and new White House economic adviser Larry Kudlow.
China says it is determined to open its economy further to the outside world, and has denounced what it calls U.S. protectionism.
Chinese Foreign Ministry spokeswoman Hua Chunying told reporters the talks would be constructive so long as the United States came in good faith.
However, owing to the complex nature and sheer size of the relationship it was not really very realistic to expect everything to be resolved simply by just one round of talks, she added.
The talks needed some give-and-take, the official China Daily said in a Wednesday editorial.
Related Coverage Key sticking points in the U.S.-China trade dispute “The time when China could be forced to open its doors is long past, and Beijing is not opening them wider now simply to appease others,” it said.
“If the U.S. delegation comes to China believing Beijing’s resolve to open wider to the outside world is a matter of expediency under pressure from Washington, it will likely mean a lot of time is wasted setting the record straight.”
Lighthizer said on Tuesday he was not looking to negotiate changes to China’s state-driven economic system in the talks, but would seek to expose it to more foreign competition.
Lighthizer told the U.S. Chamber of Commerce he viewed the talks as the start of a long learning process for Washington and Beijing to better manage their trade differences.
Earlier on Tuesday, Ross said Trump was prepared to levy tariffs on China if the delegation did not reach a negotiated settlement to reduce trade imbalances.
Speaking to CNBC television before traveling to China, Ross said he had “some hope” agreements could be reached to resolve the trade tensions between the two sides.
But Ross and Navarro, who spoke to steel company executives in Washington on Tuesday, both said any final decision would be made by U.S. President Donald Trump.
Lighthizer downplayed the potential imposition of tariffs on China in his remarks to the most powerful U.S. business lobby, which has opposed tariffs to try to force changes in China’s trade practices.
FILE PHOTO - Staff members set up Chinese and U.S. flags for a meeting between Chinese Transport Minister Li Xiaopeng and U.S. Secretary of Transportation Elaine Chao at the Ministry of Transport of China in Beijing, China April 27, 2018. REUTERS/Jason Lee/Pool The so-called Section 301 investigation tariffs could be imposed sometime in June after the end of a public comment process.
Reporting by Ben Blanchard; Additional reporting by Cheng Fang; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-china-trade-meeting/chinas-vice-premier-to-meet-u-s-trade-delegation-in-beijing-state-tv-idINKBN1I30BU |
HARTFORD, Conn., May 16, 2018 /PRNewswire/ -- Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a multi-manager asset management business, today announced that its Board of Directors has declared a cash dividend of $0.45 per share on its common stock for the second quarter of 2018. The dividend will be paid on August 15, 2018 to shareholders of record at the close of business on July 31, 2018.
The board also declared a quarterly cash dividend of $1.8125 per share on the company's 7.25% Series D Mandatory Convertible Preferred Stock (NASDAQ: VRTSP). The dividend will be paid on August 1, 2018 to shareholders of record at the close of business on July 16, 2018.
Future declarations of dividends will be subject to the approval of the Board of Directors.
About Virtus Investment Partners
Virtus Investment Partners (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. The company provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process, and individual brand. Virtus Investment Partners offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs. Its affiliates include Ceredex Value Advisors , Duff & Phelps Investment Management , Kayne Anderson Rudnick Investment Management , Newfleet Asset Management , Rampart Investment Management , Seix Investment Advisors , Silvant Capital Management , and Virtus ETF Solutions . Additional information can be found at virtus.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/virtus-investment-partners-declares-quarterly-cash-dividends-on-common-and-preferred-stock-300649036.html
SOURCE Virtus Investment Partners, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-virtus-investment-partners-declares-quarterly-cash-dividends-on-common-and-preferred-stock.html |
WASHINGTON (Reuters) - A Russian oligarch with links to the Kremlin met Donald Trump’s lawyer Michael Cohen at the Trump Tower in New York City less than two weeks before Trump’s inauguration as president, a source familiar with the meeting said on Friday.
U.S. President Donald Trump's personal lawyer Michael Cohen arrives at his hotel in New York City, U.S., May 11, 2018. REUTERS/Brendan McDermid During a discussion in Cohen’s office, located on the skyscraper’s 26th floor eleven days before the inauguration, Cohen and Russian businessman Viktor Vekselberg talked about improving relations between Moscow and Washington and arranged to meet again at the inauguration, the New York Times first reported. The paper Quote: d Andrew Intrater, an American who attended the meeting and manages investments for Vekselberg.
The source, who asked for anonymity as private conversations were being discussed, confirmed the New York Times’ account to Reuters by telephone.
Cohen and a lawyer for Intrater could not immediately be reached for comment.
The paper reported that days after Trump’s inauguration as president in January 2017, Intrater’s private equity firm, Columbus Nova, gave Cohen a $1 million consulting contract, which was now under investigation by U.S. federal authorities.
Special Counsel Robert Mueller is conducting an extensive investigation into alleged contacts and dealings between Trump, his associates and Russia, before and after the 2016 U.S. presidential election.
Federal prosecutors at the U.S. Attorney’s office in Manhattan are, meanwhile, conducting a separate investigation into financial and business dealings by Cohen.
Intrater told The New York Times that Vekselberg, his cousin and biggest client, did not instruct Columbus Nova to hire Cohen as a consultant.
Earlier this year, Vekselberg himself was questioned by FBI agents working on Mueller’s inquiry, and was asked about Columbus Nova payments to Cohen as well as more than $300,000 in donations Intrater made to the Republican National Committee and Trump’s inauguration, CNN reported on Friday.
Reporting by Mark Hosenball, Nathan Layne and Karen Freifeld; Editing by Bernadette Baum
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-trump-russia-cohen/trump-lawyer-met-russian-oligarch-shortly-before-inauguration-source-idINKCN1IQ2I5 |
First Quarter 2018 and Recent Highlights
Continued development at Newhall Ranch. On track for land deliveries at the end of 2019. Milestone approvals secured for additional commercial entitlements in San Francisco while moving forward with infrastructure at Candlestick. Sale of 33 acres for $166 million with approval to build 536 homes in the Great Park Neighborhoods. Company maintains strong credit profile, including total liquidity of $902 million and debt to total capitalization of 24.1% at March 31, 2018.
ALISO VIEJO, Calif.--(BUSINESS WIRE)-- Five Point Holdings, LLC (“Five Point” or the “Company”) (NYSE:FPH), an owner and developer of large mixed-use, master-planned communities in California, today reported financial results for the first quarter of 2018. Emile Haddad, Chairman and CEO, commented that “Five Point has benefited from a strong start to the year driven by continued operational progress. Economic tailwinds in the form of sustained job growth and limited housing supply in our core markets suggest that the value of our land portfolio will steadily appreciate. Our ongoing efforts to develop Newhall Ranch have continued. As a result, we believe that we are positioned to generate revenues in that community sometime toward the end of 2019. In San Francisco, the receipt of certain milestone approvals leaves us on track to acquire another two million square feet of commercial entitlements before the end of 2018. We continue moving forward with infrastructure at Candlestick Point. At the Shipyard, we are having discussions with the City of San Francisco as it relates to the timing of land conveyance. In the Great Park Neighborhoods, buyer demand at Cadence Park, which opened its first phase in March, has been brisk. We have also been active since the end of the quarter. In April, the Great Park Venture made a cash distribution of $235 million to holders of legacy interests. In May, the Great Park Venture completed the sale of 33 acres for $166 million, or $5 million per acre, in the Great Park Neighborhoods. This transaction further validates our view of the residual value of our assets. We remain firmly committed to maximizing the value of our assets while maintaining a strong financial position.”
First Quarter 2018 Consolidated Results
Liquidity and Capital Resources
As of March 31, 2018, total liquidity of $902 million was comprised of cash and cash equivalents totaling $778 million and borrowing availability of $124 million under our $125 million unsecured revolving credit facility. Total capital was $1.9 billion, reflecting $3.0 billion in assets and $1.1 billion in liabilities.
Results of Operations
Revenues. Revenues of $15.0 million for the three months ended March 31, 2018 were primarily generated from management services. Our adoption of new revenue accounting guidance on January 1, 2018 has resulted in accelerated recognition of revenue that reflects the impact of variable incentive compensation in our development management agreement with the Great Park Venture. Historically, revenue was not recognized until contingencies related to the amount and timing of the consideration were resolved. Under new revenue guidance, however, we will recognize the revenue that we expect to receive over the projected contract term and as to which a significant reversal is unlikely to occur.
Other income. Other income for the three months ended March 31, 2018 consisted primarily of a $6.7 million gain on the sale of the Tournament Players Club at Valencia golf course in our Newhall segment, in addition to interest income earned on our cash and cash equivalents during the three-month period.
Equity in loss from unconsolidated entities. Equity in loss from unconsolidated entities was $3.6 million for the three months ended March 31, 2018. The loss was primarily due to our proportionate share of the Great Park Venture's net loss during the quarter of $14.7 million. After adjusting for amortization and accretion of the basis difference, our equity in loss from our 37.5% percentage interest in the Great Park Venture was $4.1 million. Equity in earnings from our 75% interest in the Gateway Commercial Venture was $0.4 million for the three months ended March 31, 2018.
Selling, general, and administrative. Selling, general, and administrative expenses were $28.6 million for the three months ended March 31, 2018 and were largely comprised of employee related costs, including $3.4 million in share based compensation expense.
Net loss. Consolidated net loss for the quarter was $14.3 million. The net loss attributable to noncontrolling interests totaled $9.1 million, resulting in a net loss attributable to the Company of $5.2 million.
Segment Results
Newhall Segment. We are continuing our land development activities with a focus on Mission Village and expect to start delivering homesites to builders in late 2019. Mission Village is approved for up to 4,055 homesites and approximately 1.6 million square feet of commercial development.
Total segment revenues were $2.8 million for the first quarter of 2018 and were derived from agricultural leasing and the sale of citrus crops. Selling, general, and administrative expenses were $4.1 million for the three months ended March 31, 2018.
San Francisco Segment. We are continuing our land development activities at Candlestick Point. We are also working with the City of San Francisco to increase the total amount of commercial entitlements at The San Francisco Shipyard and Candlestick Point by over two million square feet. We recently received milestone approvals for these new entitlements from several agencies, including the Planning Commission, the Metropolitan Transportation Authority, and the Office of Community Investment and Infrastructure. As a result, we anticipate receiving final approval for increased commercial square footage sometime before the end of 2018.
Total segment revenues were $2.0 million for the first quarter of 2018. Revenues during the quarter were mostly attributable to fees generated from management agreements. Selling, general, and administrative expenses were $6.4 million for the first quarter.
Great Park Segment. A favorable operating environment has resulted in solid sales performance at the Great Park Neighborhoods. Parasol Park is substantially sold out, and sales at Cadence Park, the Great Park Venture's newest neighborhood, which opened its first phase in March, are off to a good start.
Total segment revenues were $10.5 million for the first of quarter 2018. Revenues were mainly attributable to management services that we provided to the Great Park Venture. The Great Park Segment's net loss for the quarter was $11.4 million, which included a net loss of $14.7 million attributed to the Great Park Venture that is not consolidated in our financial statements. After making adjustments to account for a difference in investment basis, the Company’s equity in loss from the Great Park Venture was $4.1 million for the three months ended March 31, 2018.
Commercial Segment. For the three months ended March 31, 2018, the commercial segment recognized $6.8 million in revenues from a triple net lease with Broadcom and property management services provided by us. Segment expenses were mostly comprised of depreciation, amortization and interest expense totaling $5.1 million. Segment net income was $0.7 million. Our share of equity in income from the Gateway Commercial Venture totaled $0.4 million for the three months ended March 31, 2018.
Conference Call Information
In conjunction with this release, Five Point will host a conference call today, Monday, May 14, 2018 at 5:00 pm Eastern Time. Emile Haddad, Chairman, President and Chief Executive Officer, and Erik Higgins, Vice President and Chief Financial Officer, will host the call. Interested investors and other parties can listen to a live Internet audio webcast of the conference call that will be available on the Five Point website at ir.fivepoint.com . The conference call can also be accessed by dialing (877) 425-9470 (domestic) or (201) 389-0878 (international). A telephonic replay will be available approximately two hours after the call by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the live call and the replay is 13680073. The telephonic replay will be available until 11:59 p.m. Eastern Time on May 28, 2018.
About Five Point
Five Point, headquartered in Aliso Viejo, California, designs and develops large mixed-use, master-planned communities in Orange County, Los Angeles County, and San Francisco County that combine residential, commercial, retail, educational, and recreational elements with public amenities, including civic areas for parks and open space. Five Point’s communities include the Great Park Neighborhoods® in Irvine, Newhall Ranch® near Valencia, and The San Francisco Shipyard/Candlestick Point in the City of San Francisco. These communities are designed to include approximately 40,000 residential homes and approximately 21 million square feet of commercial space.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “would,” “result” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. This press release may contain forward-looking statements regarding: our expectations of our future revenues, costs and financial performance; future demographics and market conditions in the areas where our communities are located; the outcome of pending litigation and its effect on our operations; the timing of our development activities; and the timing of future real estate purchases or sales. We caution you that any forward-looking statements included in this press release are based on our current views and information currently available to us. Forward-looking statements are subject to risks, trends, uncertainties and factors that are beyond our control. Some of these risks and uncertainties are described in more detail in our filings with the SEC, including our Annual Report on Form 10-K, under the heading “Risk Factors.” Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law.
FIVE POINT HOLDINGS, LLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2018 2017 REVENUES: Land sales $ 49 $ 465 Land sales—related party 221 84,271 Management services—related party 11,767 5,470 Operating properties 2,930 2,097 Total revenues 14,967 92,303 COSTS AND EXPENSES: Land sales 38 80,447 Management services 7,089 2,649 Operating properties 2,390 2,280 Selling, general, and administrative 28,596 27,198 Total costs and expenses 38,113 112,574 OTHER INCOME: Adjustment to payable pursuant to tax receivable agreement 1,928 — Interest income 2,747 — Miscellaneous 7,781 23 Total other income 12,456 23 EQUITY IN LOSS FROM UNCONSOLIDATED ENTITIES (3,607 ) (2,876 ) LOSS BEFORE INCOME TAX BENEFIT (14,297 ) (23,124 ) INCOME TAX BENEFIT — — NET LOSS (14,297 ) (23,124 ) LESS NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS (9,065 ) (15,282 ) NET LOSS ATTRIBUTABLE TO THE COMPANY $ (5,232 ) $ (7,842 ) FIVE POINT HOLDINGS, LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except shares)
(Unaudited)
March 31, 2018 December 31, 2017 ASSETS INVENTORIES $ 1,471,615 $ 1,425,892 INVESTMENT IN UNCONSOLIDATED ENTITIES 529,467 530,007 PROPERTIES AND EQUIPMENT, NET 29,417 29,656 ASSETS HELD FOR SALE, NET — 4,519 INTANGIBLE ASSET, NET—RELATED PARTY 104,653 127,593 CASH AND CASH EQUIVALENTS 778,242 848,478 RESTRICTED CASH AND CERTIFICATES OF DEPOSIT 1,467 1,467 RELATED PARTY ASSETS 44,836 3,158 OTHER ASSETS 8,247 7,585 TOTAL $ 2,967,944 $ 2,978,355 LIABILITIES AND CAPITAL LIABILITIES: Notes payable, net $ 561,062 $ 560,618 Accounts payable and other liabilities 164,879 167,620 Liabilities related to assets held for sale — 5,363 Related party liabilities 177,209 186,670 Payable pursuant to tax receivable agreement 152,855 152,475 Total liabilities 1,056,005 1,072,746 CAPITAL: Class A common shares; No par value; Issued and outstanding: 2018—64,268,027 shares; 2017—62,314,850 shares Class B common shares; No par value; Issued and outstanding: 2018—81,418,003 shares; 2017—81,463,433 shares Contributed capital 535,900 530,015 Retained earnings 63,293 57,841 Accumulated other comprehensive loss (2,474 ) (2,455 ) Total members’ capital 596,719 585,401 Noncontrolling interests 1,315,220 1,320,208 Total capital 1,911,939 1,905,609 TOTAL $ 2,967,944 $ 2,978,355 FIVE POINT HOLDINGS, LLC
SUPPLEMENTAL DATA
(In thousands)
(Unaudited)
March 31, 2018 Cash and cash equivalents $ 778,242 Borrowing capacity (1) 124,000 Total liquidity $ 902,242 (1) As of March 31, 2018, no funds have been drawn on the Company's $125.0 million revolving credit facility; however, letters of credit of $1.0 million are issued and outstanding under the revolving credit facility, thus reducing the available capacity by the outstanding letters of credit amount.
March 31, 2018 Debt (1) $ 607,692 Total capital 1,911,939 Total capitalization $ 2,519,631 Debt to total capitalization 24.1 % (1) For purposes of this calculation, debt consists of (i) the outstanding principal on the Company’s 7.875% senior notes due 2025 of $500.0 million, (ii) a settlement note with an outstanding principal of $5.0 million, and (iii) the Company’s related party EB-5 reimbursement obligation of $102.7 million.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006318/en/
Five Point Holdings, LLC
Investor Relations:
Bob Wetenhall, 949-349-1087
[email protected]
or
Media:
Steve Churm, 949-349-1034
[email protected]
Source: Five Point Holdings, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-five-point-holdings-llc-announces-first-quarter-2018-results.html |
Starting next week, mom-and-pop investors will learn how much their broker made selling them bonds, writes Andrew Ackerman and Healther Gillers. The change in practice is due to a new rule meant to curb abusive sales practices. Beginning Monday, brokers will have to say how much they pocket when they buy corporate and municipal bonds WSJ City: RBS Agrees $4.9 Billion U.S. Settlement, Investors Await BOE’s Interest Rate Plan Next Sorry, This Oil Route Is Closed Due to a Collapse in the Iran Deal—Energy Journal | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/10/wsj-wealth-adviser-briefing-insider-trading-new-broker-rules-kanye-tweets/ |
May 9, 2018 / 11:33 AM / in 35 minutes Arabs must have say in any new Iran nuclear deal, Egypt says Reuters Staff 1 Min Read
CAIRO, May 9 (Reuters) - Egypt said on Wednesday that Arab nations must be involved in any future efforts to amend the international nuclear deal on Iran following U.S. President Donald Trump’s decision to withdraw from it.
The Egyptian Foreign Ministry also said Iran must abide by its commitments under the separate nuclear Non-Proliferation Treaty “in a way that will ensure that Iran remains as a country free of nuclear weapons.”.
A ministry statement called for Arab participation in any future dialogue on regional issues “especially that which is related to the possibility of amending the nuclear deal with Iran”. Relations between Egypt and Iran have been strained since the late 1970s but Cairo says it engages with the Islamic Republic in multilateral forums. (Reporting by Ahmed Tolba, Writing by Sami Aboudi; Editing by Angus MacSwan) | ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-reaction-egypt/arabs-must-have-say-in-any-new-iran-nuclear-deal-egypt-says-idUSL8N1SG3CV |
May 9 (Reuters) - LTC Properties Inc:
* LTC REPORTS 2018 FIRST QUARTER RESULTS; SELLS PORTFOLIO OF SIX ASSISTED LIVING COMMUNITIES FOR $67.5 MILLION
* Q1 FFO PER SHARE $0.75 * Q1 FFO PER SHARE VIEW $0.75 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ltc-sells-portfolio-of-six-assiste/brief-ltc-sells-portfolio-of-six-assisted-living-communities-for-67-5-million-idUSASC0A17K |
May 30, 2018 / 9:19 AM / Updated 8 minutes ago Trump wades into furore over racist Roseanne Barr tweet Lisa Richwine , Eric Kelsey 4 Min Read
LOS ANGELES (Reuters) - U.S. President Donald Trump jumped into the uproar over comedian Roseanne Barr’s racist tweet, complaining on Wednesday the executive who apologised for her comments had turned a deaf ear to criticism of Trump by the Disney-owned ABC network.
Barr sparked widespread anger with a tweet on Tuesday comparing former Obama administration adviser Valerie Jarrett to an ape. Barr wrote in a now-deleted message that if the Islamist political movement “muslim brotherhood & planet of the apes had a baby = vj.”
The tweet led the Disney-owned ABC network to cancel its hit revival of her “Roseanne” sitcom. Trump has cited the revival’s popularity as evidence that his supporters, who include Barr, want shows that speak to their concerns.
Jarrett said on Tuesday that Disney CEO Bob Iger called her before ABC announced the show’s cancellation.
“Gee, he never called President Donald J. Trump to apologise for the HORRIBLE statements made and said about me on ABC. Maybe I just didn’t get the call?” Trump said on Twitter. Trump has been a persistent critic of the news media throughout his campaign and presidency.
White House spokeswoman Sarah Sanders told a briefing that Trump’s comments were not a defence of Barr’s tweet.
“The president is simply calling out the media bias. No one is defending what she said,” Sanders said.
She brought up several examples of what she called a media slant against Trump. These included comments made by ABC’s “The View” host Joy Behar about Christians and comedian Kathy Griffin’s comments on the same television program as well as Disney-owned ESPN’s former host Jemele Hill and ESPN’s recent hiring of television personality Keith Olbermann.
Iger last year quit a Trump advisory council because of the president’s decision to withdraw from the Paris climate accord. Iger told Vogue magazine last month that he had considered running for president but decided against it to focus on business.
ABC requests for comment. Actress Rosanne Barr arrives for the taping of the Comedy Central Roast of Roseanne in Los Angeles, U.S., August 4, 2012. REUTERS/Phil McCarten/Files ROSEANNE BLAMES AMBIEN
Barr blamed her late-night message on the sleep aid Ambien.
“It was 2 in the morning and I was Ambien tweeting-it was memorial day too-i went 2 far & do not want it defended-it was egregious Indefensible,” she wrote in a message that has since been deleted. “I made a mistake I wish I hadn’t but...don’t defend it please.”
Ambien’s maker, Sanofi ( SASY.PA ), responded.
“While all pharmaceutical treatments have side effects, racism is not a known side effect of any Sanofi medication,” its U.S. arm said on Twitter.
On Tuesday, Barr had apologised “for making a bad joke” about Jarrett, who is black and was born in Iran to American parents.
“Don’t feel sorry for me, guys!!,” Barr said in a tweet late on Tuesday. “I just want to apologise to the hundreds of people, and wonderful writers (all liberal) and talented actors who lost their jobs on my show due to my stupid tweet.”
On Wednesday, she said on Twitter she did not know Jarrett was black.
Barr’s Twitter profile drew supportive comments, with some users saying they believed she had been treated unfairly because of her politics. She responded, saying, “you guys make me feel like fighting back. I will examine all of my options carefully and get back to U.”
The original “Roseanne” ran from 1988 to 1997, featuring a blue-collar family, the Conners, with overweight parents struggling to get by. It was praised for its realistic portrayal of working-class life.
The current “Roseanne” was ABC’s biggest hit of the 2017-2018 season, drawing an average 18.7 million viewers, second only to CBS’s “The Big Bang Theory,” according to Nielsen data through May 20. Reporting by Lisa Richwine and Eric Kelsey; additional reporting by Steve Holland in Washington and Brendan O'Brien in Milwaukee; Editing by Scott Malone, Steve Orlofsky and Cynthia Osterman | ashraq/financial-news-articles | https://in.reuters.com/article/television-roseanne/roseanne-barr-blames-sleep-aid-ambien-for-racist-tweet-idINKCN1IV11P |
Afghan girls code game to 'fight against opium' 10:57am BST - 01:24
A group of young Afghani girl coders have created a game called ''Fight Against Opium,'' highlighting Afghanistan's struggle to stamp out poppy fields in the country.
A group of young Afghani girl coders have created a game called "Fight Against Opium," highlighting Afghanistan's struggle to stamp out poppy fields in the country. //reut.rs/2FVZegm | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/afghan-girls-code-game-to-fight-against?videoId=424927734 |
May 1(Reuters) - Sugi Holdings Co Ltd
* Says it bought back 82,800 shares for 528.7 million yen in total from April 23 to April 30
* Says this was part of the share repurchase plan announced on April 16
* Says it accumulatively repurchased 82,800 shares for 528.7 million yen in total as of April 30
Source text in Japanese: goo.gl/JfZt59
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sugi-holdings-buys-back-82800-shar/brief-sugi-holdings-buys-back-82800-shares-for-528-7-mln-yen-idUSL3N1S81IK |
May 5, 2018 / 2:05 AM / Updated 9 hours ago Ship runs aground causing delays on Argentina's Parana near Rosario Maximilian Heath 2 Min Read
BUENOS AIRES (Reuters) - Around 60 ships faced delays on Friday near Argentina’s grains hub of Rosario after a vessel on the Parana River ran aground and blocked passage downriver towards the Atlantic Ocean, the head of Argentina’s Chamber of Port and Maritime Activity said.
The cargo ship, contracted by Glencore and en route to Australia, was stranded on Thursday about 85 kilometers (53 miles) south of Rosario on the Rio Parana, the country’s principal commercial waterway.
The grounded boat was loaded with 42,500 tonnes of soybean meal, the chamber said, at a time when farmers in Argentina are beginning their seasonal harvest of corn and soy and port activity is increasing.
“At this time no boats can move downriver and they are starting to hold shipments at port,” said chamber manager Guillermo Wade.
Wade said a tugboat was currently trying to pry the boat, called the Pilatus Venture, off the bottom.
Argentina is the world’s top exporter of soymeal livestock feed and the third biggest supplier of raw soybeans. Reporting by Maximilian Heath; Writing by Dave Sherwood; Editing by Sandra Maler | ashraq/financial-news-articles | https://www.reuters.com/article/us-argentina-shipping/ship-runs-aground-causing-delays-on-argentinas-parana-near-rosario-idUSKBN1I6024 |
BRUSSELS (AP) — Facebook CEO Mark Zuckerberg is expected to speak with leaders of the European parliament next week about the data protection scandal that has engulfed his company — but might avoid a public testimony like the one he endured in the U.S.
The EU and British parliaments have been calling for Zuckerberg to submit to an on-air grilling since it emerged earlier this year that a company, political consultants Cambridge Analytica, had been allowed to misuse the data of millions of Facebook users.
While Zuckerberg testified last month to the U.S. Congress, he had long been noncommittal on his appearance in Europe, sending his chief technical officer to speak to the British parliament and delaying confirmation of any visit to Brussels.
On Wednesday, EU Parliament President Antonio Tajani confirmed that Zuckerberg "will be in Brussels as soon as possible, hopefully already next week" and would meet with parliamentary leaders and an expert on civil liberties and justice.
That suggests he will avoid an uncomfortable public appearance and instead meet only with the legislature's top brass behind closed doors.
Facebook came away largely unscathed from Zuckerberg's testimony to the U.S. Congress in April. Shares in the company even rose after his appearance. And several of the U.S. lawmakers often appeared to fail to grasp the technical details of Facebook's operations and data privacy.
He might get tougher questions in Brussels, where an assertive new European data protection law comes into effect on May 25. The law will give Facebook's millions of European users more control over what companies can do with what they post, search and click.
Yet the question of whether Zuckerberg should explain himself publicly remains a point of contention.
The president of the ALDE liberal group, Guy Verhofstadt already said he would not attend the meeting if it was behind closed doors. "It must be a public hearing - why not a Facebook Live," he asked in a Tweet.
Tajani said that simply showing up to explain himself was already a good move. "It is a step in the right direction towards restoring confidence," he said. "Our citizens deserve a full and detailed explanation."
On Monday, Zuckerberg will also attend a meeting organized by French President Emmanuel Macron aimed at pressuring tech giants to use their global influence for public good.
Zuckerberg's EU visit will be his first since a whistleblower alleged that Cambridge Analytica improperly harvested information from over 50 million Facebook accounts to help Donald Trump win the 2016 presidential election. Cambridge says none of the Facebook data was used in the Trump campaign, and Facebook is investigating.
Damian Collins, the head of the U.K. parliament's media committee, has said he hopes Zuckerberg would take advantage of his trip to Europe next week to visit London and testify there as well.
Zuckerberg has so far declined to appear, to the British lawmakers' annoyance. Collins warned Zuckerberg last month that if he does not come voluntarily, he could be issued a formal summons, which would force him to appear before the parliament when he next enters the U.K.
Angela Charlton in Paris, Barbara Ortutay in San Francisco and Danica Kirka in London contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/the-associated-press-zuckerberg-to-meet-eu-officials-dodging-public-grilling.html |
(Adds details on IPO, background)
May 15 (Reuters) - Online education company PluralSight Inc on Tuesday raised the anticipated price range for its initial public offering by $2, valuing the company at nearly $2 billion at the higher end.
The public offering was well oversubscribed, a source familiar with the matter told Reuters on Tuesday. The IPO is expected to be priced on Wednesday evening and the stock begins trading on Thursday.
The company revised its expected IPO price range to between $12 and $14 per share, up from the prior $10 to $12 per share range. The offering size of 20.7 million shares was left unchanged. ( https://bit.ly/2KoeiWJ )
At $14, the company will raise nearly $290 million in net proceeds, which it said it will largely use to lower its debt. The $2 billion-valuation excludes a green shoe option.
Following the IPO, Co-Founder and Chief Executive Officer Aaron Skonnard will hold about 54.4 percent of voting power.
The company is backed by Insight Venture Partners, which is also an investor in ride-sharing company BlaBlaCar and crowdfunding platform Indiegogo.
PluralSight's platform provides online learning courses which is used by businesses to train their employees in technology-based skills such as HTML and JavaScript.
Its customers include Adobe, telecommunications giant AT&T Inc and VMware Inc.
Morgan Stanley, J.P. Morgan, Barclays and BofA Merrill Lynch are lead underwriters to the offering.
Farmington, Utah-based PluralSight has achieved 'unicorn' status - a tag given to companies that have reached $1 billion in valuation without tapping the stock markets. (Reporting by Nikhil Subba and Aparajita Saxena in Bengaluru; Editing by Bernard Orr and Shailesh Kuber) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/reuters-america-update-2-learning-platform-pluralsight-raises-ipo-price-on-high-demand.html |
May 14, 2018 / 10:22 AM / Updated 6 hours ago PRECIOUS-Gold firms as dollar retreats from 2018 peak Reuters Staff 3 Min Read * Geopolitical risks could support gold * Gold price expected to remain in narrow range (Updates prices) By Pratima Desai LONDON, May 14 (Reuters) - Gold prices edged higher on Monday as the dollar retreated from a 2018 peak after subdued U.S. inflation data last week highlighted the prospect of fewer U.S. interest rate increases than previously expected this year. Spot gold was up 0.1 percent at $1,318.9 an ounce at 1252 GMT, having touched $1,325.96 on Friday, its highest since April 26. U.S. gold futures were down 0.1 percent at $1,318.8. A weaker U.S. currency makes dollar-denominated gold cheaper for holders of other currencies -- a relationship used by funds to generate buy and sell signals. Though the dollar eased on Monday, its performance against a basket of other major currencies touched 93.416 last week for a gain of more than 4 percent since April 17 and its highest level since December. "Gold is dollar-driven but it is doing reasonably well given the dollar is generally stronger," said Macquarie commodities strategist Matthew Turner. Further support could come from rising security risks in the Middle East after the United States said it would withdraw from the 2015 international nuclear deal with Iran and reimpose sanctions. However, gold is expected to remain in the narrow range in which it has been trading this year -- mostly between $1,300 and $1,350 -- unless supply or demand fundamentals change dramatically. "Gold's trading range in the first four months between low and high price was the lowest in percentage terms since it was fixed to the dollar in 1971," Turner said. An increase to U.S. interest rates, possibly in June at the Federal Reserve's next meeting, will weigh on gold, though analysts say that would be unlikely to push gold significantly lower. "Over the short term, and particularly during May, we see gold trading between $1,285 and $1,338 an ounce as continued strength in the dollar and rising rates pressure values lower," said INTL FCStone analyst Edward Meir. Traders said that falling gold imports by India, a top consumer, were also undermining sentiment. Silver was up 0.1 percent at $16.63 an ounce, platinum fell 0.2 percent to $920.00 and palladium slipped 0.2 percent to 994.25. (Additional reporting by Apeksha Nair in Bengaluru Editing by David Goodman) | ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-firms-as-dollar-retreats-from-2018-peak-idUSL3N1SL3BA |
May 1 (Reuters) - Paychex Inc:
* PAYCHEX COLLABORATES WITH WORKPLACE BY FACEBOOK TO BRING NEW COMMUNICATION TOOLS TO PAYCHEX FLEX® USERS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-paychex-collaborates-with-workplac/brief-paychex-collaborates-with-workplace-by-facebook-idUSFWN1S80NM |
Acquisition Will Enable China-based Aircraft Component Maintenance Services Provider to Extend Customer Offerings and Grow Beyond Traditional Markets
NEW YORK--(BUSINESS WIRE)-- Seabury Capital LLC (“Seabury Capital”) announced that its Aerospace & Defense M&A Advisory team has successfully advised on the sale of Tallinn, Estonia-headquartered Magnetic MRO (“Magnetic”), a full-service aircraft maintenance provider, to Guangzhou Hangxin Aviation Technology Co., Ltd. (300424.SZ) (“Hangxin”), at an enterprise value of over USD 61 million.
Led by Managing Director Antares Reis, the London-based Aerospace & Defense M&A advisory team partnered with Superia Corporate Finance’s Estonian team to advise and assist Magnetic and its majority shareholder BaltCap on the divestment process.
“Magnetic’s successful cross-border sale to Hangxin demonstrates once more Seabury’s unique expertise as an aerospace industry adviser,” commented Global Head of Seabury Investment Banking Patrick Henry Dowling. “Our team’s unparalleled track record in the MRO space provided our client with invaluable industry insights and clear guidance on how to manage the process. This is a great outcome for Magnetic’s shareholders and an excellent European acquisition for Hangxin.”
Risto Mäeots, Magnetic CEO, added: “Through their hard-work, professionalism and good humor, Seabury and Superia have earned my deepest thanks. They provided critical guidance throughout the process, correctly identifying the innovative nature of our business model. More importantly, they were able to articulate and present it in a way that allowed buyers to understand our true value. Under their counsel, we always felt assured that we would achieve the best possible outcome and I am delighted to have the opportunity to develop Magnetic’s unique positioning under Hangxin’s leadership.”
“Seabury demonstrated its in-depth understanding of the MRO and aircraft parts trading markets by immediately identifying the uniqueness of Magnetic’s business model as an aviation aftermarket total technical care provider,” commented Kristjan Kalda, partner at BaltCap. “Antares successfully positioned the company as a high-value asset, using his knowledge and relationships within the aerospace buyer community to garner strong interest. His team worked seamlessly with Superia to manage the project, combining industry expertise with superior local knowledge and first-class execution skills. Both teams’ superb attention to detail and their highly disciplined approach kept Magnetic’s team on the right track, allowed us to anticipate potential issues ahead of time and kept the project moving forward. The result has been an outstanding success for the shareholders, making it our largest exit to date, whilst providing Magnetic with an owner that understands and appreciates its unique business model.”
Magnetic ( www.magneticmro.com ) is an EASA- and FAA-certified MRO providing total technical care and comprehensive aviation asset management services to a broad range of European clients. The company has a well-established reputation in offering innovative solutions across a wide range of MRO services and a proven track record as a one-stop, total technical care provider for airlines, asset owners, OEMs and operators. In 2017, Magnetic won Estonia’s prestigious ‘Company of the Year’ and ‘Exporter of the Year’ awards.
Operating from a base in Guangzhou, China, Hangxin ( www.hangxin.com ) provides aircraft component maintenance services for over twenty aircraft types and to over fifty airlines in Asia, the Middle East, Europe, and North America. Hangxin is listed on the Shenzhen Stock Exchange (300424) with a market capitalization over EURO 700 million.
BaltCap ( www.baltcap.com ) is the largest buy-out, growth capital and infrastructure investor in the Baltic states (Estonia, Latvia, and Lithuania). Since 1995, BaltCap has been managing several private equity funds with a total capital of over EUR 400 million.
ABOUT SEABURY CAPITAL
Seabury Capital LLC (“Seabury Capital”) operates a number of specialty finance, investment banking, technology and software companies with a core focus anchored in aviation, aerospace & defense, maritime, and financial services & technology. Since its founding in 1996, Seabury Capital has historically been the investment holding company of its founder, John E. Luth, operating as a venture capital firm with ownership stakes in software and asset management businesses servicing the aviation and travel industries. Within the last few years, Seabury Capital has expanded its portfolio by investing in early stage startup companies within the financial technology industry and structured investment products. In addition, Seabury Capital owns and operates FINRA and FCA regulated investment banking services firms in the U.S. and U.K., respectively, serving external clients as well as assisting the companies in which Seabury Capital has invested. Seabury Capital has operations in New York, Jersey City, Summit (NJ), Los Angeles, Minneapolis, Stamford (CT), Amsterdam, Berlin, Cordoba, Dublin, Durban, Hong Kong, London, Manila, Singapore, and Tokyo. www.seaburycapital.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006061/en/
Seabury Capital LLC
Media contact:
John Luth, +1-612-638-2633
[email protected]
Source: Seabury Capital LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-seabury-capital-aerospace-defense-ma-advisory-team-advises-magnetic-mro-on-sale-to-hangxin.html |
ATLANTA and BRUSSELS, May 14, 2018 /PRNewswire/ --
- BRIVIACT® ( brivaracetam ) CV oral formulations are approved as a monotherapy or adjunctive therapy in patients four years of age and older with partial-onset seizures
- Approval provides pediatric epilepsy patients a treatment option which can be initiated at a therapeutic dose from day one
- Pediatric epilep sy is the most common, serious neurological disorder among children and young adults, thought to affect nearly 470, 000 children in the U.S [1] , [2]
- I ndication comes less than 2 years after the launch of BRIVIACT in the U.S. , building on existing adult monotherapy and adjunctive therapy indications, and broadening clinical application for UCB ' s newest anti-epilepsy drug
UCB announced today that the U.S. Food and Drug Administration (FDA) has approved a supplemental new drug application (sNDA) for the company's newest anti-epileptic drug (AED) BRIVIACT ® (brivaracetam) CV oral formulations indicated as monotherapy and adjunctive therapy in the treatment of partial onset (focal) seizures in patients age four years and older.
This approval provides clinicians with the convenient option to prescribe BRIVIACT to their pediatric patients as a tablet or oral solution, providing flexible administration options which are important considerations when treating children.
As the safety of BRIVIACT injection has not been established in pediatric patients, BRIVIACT injection is indicated for the treatment of partial-onset seizures only in patients 16 years of age and older. Please see additional BRIVIACT Important Safety Information below.
As a result of the FDA's decision, children age four years and older with partial-onset seizures in the U.S. can now be treated with BRIVIACT. This extends the clinical application for BRIVIACT which already has a similar indication for adults.
BRIVIACT is the newest anti-epileptic drug (AED) in the synaptic vesicle protein 2A (SV2A) family of medicines - a class of medicines discovered and developed by UCB. BRIVIACT demonstrates a high and selective affinity for SV2A in the brain. It is highly permeable and is rapidly and almost completely absorbed which may contribute to its anticonvulsant effects. Gradual dose escalation is not required when initiating treatment with BRIVIACT for monotherapy or adjunctive therapy, allowing clinicians to initiate treatment at a therapeutic dose from day one.
"As a pediatric neurologist, one of the most challenging aspects in treating epilepsy in children is establishing, quickly, which anti-epilepsy drug will support them best in managing their seizures. The impact of poor seizure control can be extremely detrimental - both to overall quality of life for patients and caregivers and for a child's development. There is a real sense of urgency for parents and healthcare providers to know whether a particular therapeutic approach is likely to be successful, minimizing some of the challenges associated with epilepsy and potentially allowing them to live a normal and active life," explained Dr. James Wheless, Director, Neuroscience Institute & Le Bonheur Comprehensive Epilepsy Program - Le Bonheur Children's Hospital. "The availability of an approved treatment option, such as BRIVIACT, has potential to help improve the lives of children and their families by providing an additional choice to support them in their epilepsy journey."
Epilepsy in childhood is a complex disorder that can have a significant impact on many aspects of a child's development and function. Social and societal stigma still associated with epilepsy can be especially cruel for children. The prevalence of pediatric epilepsy has been steadily increasing in the U.S. [3] Today, it is estimated that nearly 470,000 children in the U.S. under the age of 18 have epilepsy, representing around a quarter of the total worldwide population who develop the condition each year. [4] The U.S. Centers for Disease Control and Prevention (CDC) estimate that 0.6 percent of children in the U.S. ages 0 to 17 have active epilepsy - equivalent to six students in a school of 1000. [5] Despite its growing prevalence, approximately 10 to 20 percent of pediatric epilepsy patients experience inadequate seizure control with available anti-epileptic drugs. [6] , [7] , [8] Alongside close partnerships with educators, family members, and healthcare providers, there is a need for newer AEDs with better seizure control which can support and maximize a child's potential for academic success.
"We believe there is a real need for newer AEDs to support and maximize the potential for success for children with epilepsy," explained Jeff Wren, Executive Vice-President, Head of UCB's Neurology Patient Value Unit. "The approval of BRIVIACT in the U.S for pediatric patients represents an important milestone for patients, families, doctors, UCB, and the wider epilepsy community, and has the potential to provide additional value for patients - both today and for their future. We are very excited to be able to provide a new pediatric treatment choice, and we are proud to support patients as they progress on their epilepsy journey."
The expanded FDA indication for BRIVIACT is based on the principle of extrapolation of its efficacy data from adults to children, and is supported by safety and pharmacokinetics data collected in children. Adverse reactions in pediatric patients are generally similar to those seen in adult patients [ 9 ] . This principle of extrapolating clinical data from well controlled studies in adults has been recognized by the FDA as potentially addressing the challenge of limited pediatric data availability.
The safety and effectiveness of BRIVIACT in the treatment of partial-onset seizures have been established in patients four years of age and older. Use of BRIVIACT in these age groups is supported by evidence from placebo-controlled partial-onset seizure studies of BRIVIACT in adults with additional pharmacokinetic and open-label safety studies in pediatric patients age 4 to younger than 16 years of age. Partial-onset seizures in pediatric patients aged 4 to 16 years of age are similar to those in adults and a similar AED exposure-response relationship has been demonstrated. Weight-based dose adaptations have been established in the pediatric population to achieve similar plasma concentrations as observed in adults. The safety and tolerability profile for BRIVIACT in pediatric patients 4 to 16 years of age is generally similar to that seen with adult patients. [ 9 ]
The most common adverse reactions recorded for adults (at least 5 percent for BRIVIACT and at least 2 percent more frequently than placebo) are somnolence and sedation, dizziness, fatigue, and nausea and vomiting symptoms. [9]
For additional medical information about BRIVIACT, patient assistance, or any other information please visit http://www.BRIVIACT.com or call 1-844-599-2273.
About Epilepsy [10],[11],[12],[ 5 ]
Epilepsy is a chronic neurological disorder of the brain. It is the fourth most common neurological condition worldwide and affects approximately 65 million people. In the U.S. more than 3.4 million people have epilepsy. Anyone can develop epilepsy; it occurs across all ages, races and genders, and is defined as one or more unprovoked seizures with a risk of further seizures. Around one third of patients with epilepsy currently live with uncontrolled seizures.
About UCB in Epilepsy
UCB has a rich heritage in epilepsy with over 20 years of experience in the research and development of anti-epileptic drugs. As a company with a long-term commitment to epilepsy research, our goal is to address unmet medical needs. Our scientists are proud to contribute to advances in the understanding of epilepsy and its treatment. We partner and create super-networks with world-leading scientists and clinicians in academic institutions, pharmaceutical companies and other organizations who share our goals. At UCB, we are inspired by patients, and driven by science in our commitment to support patients with epilepsy.
About BRIVIACT [ 9 ],[13]
BRIVIACT (brivaracetam) is a new molecular entity that was rationally designed and developed by UCB.
Brivaracetam displays a high and selective affinity for synaptic vesicle protein 2A (SV2A) in the brain, which may contribute to the anticonvulsant effect. However, the precise mechanism of action by which BRIVIACT exerts its anticonvulsant activity is not known.
In the U.S., BRIVIACT® (brivaracetam) CV is indicated for the treatment of partial-onset seizures in patients 4 years of age and older. As the safety of BRIVIACT injection in pediatric patients has not been established, BRIVIACT injection is indicated for the treatment of partial-onset seizures only in adult patients (16 years of age and older).
In the European Union, BRIVIACT is approved as adjunctive therapy in the treatment of partial-onset seizures in patients 16 years of age and older with epilepsy. The European Medicines Agency has different regulatory requirements from FDA for approval of monotherapy indications.
Important Safety Information about BRIVIACT ® in the U.S. [9 ]
Warnings and Precautions
- S u ic i d a l B eh av ior a nd I de a ti o n: Anti-epileptic drugs, including BRIVIACT, increase the risk of suicidal behavior and ideation. Monitor patients taking BRIVIACT for the emergence or worsening of depression; unusual changes in mood or behavior; or suicidal thoughts, behavior, or self-harm. Advise patients, their caregivers, and/or families to be alert for these behavioral changes and report them immediately to a healthcare provider.
- Neuro l ogic a l A dve r se Re a cti o ns: BRIVIACT causes somnolence, fatigue, dizziness, and disturbance in coordination. Somnolence and fatigue-related adverse reactions were reported in 25% of adult patients taking at least 50 mg per day of BRIVIACT compared to 14% of adult patients taking placebo. Dizziness and disturbance in gait and coordination were reported in 16% of adult patients taking at least 50 mg per day of BRIVIACT compared to 10% of adult patients taking placebo. The risk is greatest early in treatment but can occur at any time. Monitor patients for these signs and symptoms and advise them not to drive or operate machinery until they have gained sufficient experience on BRIVIACT.
- Psy c hi a tric Ad ve r se Re a ct i o n s: BRIVIACT causes psychiatric adverse reactions, including non-psychotic and psychotic symptoms. These events were reported in approximately 13% of adult patients taking at least 50 mg per day of BRIVIACT compared to 8% of adult patients taking placebo. A total of 1.7% of adult patients taking BRIVIACT discontinued treatment due to psychiatric reactions compared to 1.3% of patients taking placebo. Psychiatric adverse reactions were also observed in open-label pediatric trials and were generally similar to those observed in adults. Advise patients to report these symptoms immediately to a healthcare provider.
- Hypers e nsit i v i ty: BRIVIACT can cause hypersensitivity reactions. Bronchospasm and angioedema have been reported. Discontinue BRIVIACT if a patient develops a hypersensitivity reaction after treatment. BRIVIACT is contraindicated in patients with a prior hypersensitivity reaction to brivaracetam or any of the inactive ingredients.
- Withdr awa l of Anti - e pil e ptic Drug s : As with all anti-epileptic drugs, BRIVIACT should generally be withdrawn gradually because of the risk of increased seizure frequency and status epilepticus.
DOS I NG C O N S I D E RAT I ONS
- Dose adjustments are recommended for patients with all stages of hepatic impairment.
- When BRIVIACT is co-administered with rifampin, an increase in the BRIVIACT dose is recommended.
ADV E RSE R E ACT I O N S
In adult adjunctive therapy placebo-controlled clinical trials, the most common adverse reactions (at least 5% for BRIVIACT and at least 2% more frequently than placebo) were somnolence and sedation, dizziness, fatigue, and nausea and vomiting symptoms. Adverse reactions reported in clinical studies of pediatric patients 4 years to less than 16 years of age were generally similar to those in adult patients.
BR I VIA C T i s a Sch e dule V c o ntroll e d s u bs ta nce.
Please refer to full Prescribing Information at http://www.briviact.com/briviact-PI.pdf .
For more information on BRIVIACT®, contact 844-599-CARE (2273).
BRIVIACT® is a registered trademark of the UCB Group of Companies.
About UCB
UCB, Brussels, Belgium ( http://www.ucb.com ) is a global biopharmaceutical company focused on the discovery and development of innovative medicines and solutions to transform the lives of people living with severe diseases of the immune system or of the central nervous system. With more than 7500 people in approximately 40 countries, the company generated revenue of € 4.2 billion in 2016. UCB is listed on Euronext Brussels (symbol: UCB). Follow us on Twitter: @UCB_news
Forward looking statements - UCB
This press release contains forward-looking statements based on current plans, estimates and beliefs of management. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including estimates of revenues, operating margins, capital expenditures, cash, other financial information, expected legal, political, regulatory or clinical results and other such estimates and results. By their nature, such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions which could cause actual results to differ materially from those that may be implied by such forward-looking statements contained in this press release. Important factors that could result in such differences include: changes in general economic, business and competitive conditions, the inability to obtain necessary regulatory approvals or to obtain them on acceptable terms, costs associated with research and development, changes in the prospects for products in the pipeline or under development by UCB, effects of future judicial decisions or governmental investigations, product liability claims, challenges to patent protection for products or product candidates, changes in laws or regulations, exchange rate fluctuations, changes or uncertainties in tax laws or the administration of such laws and hiring and retention of its employees. UCB is providing this information as of the date of this press release and expressly disclaims any duty to update any information contained in this press release, either to confirm the actual results or to report a change in its expectations.
There is no guarantee that new product candidates in the pipeline will progress to product approval or that new indications for existing products will be developed and approved. Products or potential products which are the subject of partnerships, joint ventures or licensing collaborations may be subject to differences between the partners. Also, UCB or others could discover safety, side effects or manufacturing problems with its products after they are marketed. Moreover, sales may be impacted by international and domestic trends toward managed care and health care cost containment and the reimbursement policies imposed by third-party payers as well as legislation affecting biopharmaceutical pricing and reimbursement.
References:
1. Shinnar, S., Pellock, J.M. Update on the epidemiology and prognosis of pediatric epilepsy. J Child Neurol. 2002;17(Suppl 1):S4-17.
2. Zack MM, Kobau R. National and State Estimates of the Numbers of Adults and Children with Active Epilepsy - United States, 2015. MMWR Morb Mortal Wkly Rep 2017;66:821-825. DOI: http://dx.doi.org/10.15585/mmwr.mm6631a1 accessed 02 May 2018.
3. Datamonitor Healthcare. Epilepsy disease coverage. 2015.
4. Featherstone, V. Epilepsy in children and young people. Cerebra - Positively Different. 2010. Available at: http://eprints.hud.ac.uk/id/eprint/14522/1/Epilepsy%2520Brief.pdf accessed 12th March 2018.
5. Centers for Disease Control and Prevention. Available at https://www.cdc.gov/epilepsy/basics/fast-facts.htm Accessed 02 May 2018.
6. Berg AT, Vickrey BG, Testa FM, Levy SR, Shinnar S, DiMario F, et al. How long does it take for epilepsy to become intractable? A prospective investigation. Ann Neurol. 2006;60:14-17.
7. Berg, A., Shinnar, S., Levy, S., Testa, F., Smith-Rapaport, S., Beckerman, B. Early development of intractable epilepsy in children: a prospective study. Neurology. 2001;56(11):1445-1452.
8. Geerts A, Arts WF, Stroink H, Peeters E, Brouwer O, Peters B, et al. Course and outcome of childhood epilepsy: a 15-y follow-up of the Dutch study of epilepsy in childhood. Epilepsia. 2010;51:1189-97.
9. Briviact® U.S. Prescribing Information. Brussels, Belgium: UCB, 2018. https://www.briviact.com/briviact-PI.pdf
10. The Epilepsy Foundation of America. About epilepsy basics http://www.epilepsy.com/learn/about-epilepsy-basics accessed accessed 02 May 2018.
11. The Epilepsy Foundation of America. What is epilepsy? http://www.epilepsy.com/learn/epilepsy-101/what-epilepsy accessed 02 May 2018.
12. The Epilepsy Foundation of America. Who gets epilepsy? http://www.epilepsy.com/learn/epilepsy-101/who-gets-epilepsy accessed 02 May 2018
13. Briviact® EU Prescribing Information. Brussels, Belgium: UCB, 2016. http://www.ema.europa.eu/docs/en_GB/document_library/EPAR_-_Product_Information/human/003898/WC500200206.pdf accessed 02 May 2018.
SOURCE UCB | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-ucb-announces-briviacta-brivaracetam-now-approved-by-fda-to-treat-partial-onset-focal-seizures-in-pediatric-epilepsy-patients.html |
DENVER, BioScrip, Inc. (NASDAQ:BIOS) ("BioScrip" or the "Company"), the largest independent national provider of infusion and home care management solutions, today announced its first quarter 2018 financial results.
First Quarter 2018 Highlights
Net revenue of $168.6 million, including core product mix of 75.4%, compared to 71.9% in the prior year quarter, including the impact of the implementation of ASC 606 * in the first quarter of 2018, which resulted in the recognition of amounts previously reported as bad debt expense as a reduction to revenue
Net revenues, primarily for antibiotics therapies that carry higher than average gross profit margins, were negatively impacted by an estimated $2.5 million during the first quarter of 2018, due to temporary closures of the Company’s branches resulting from inclement winter weather
Cost of revenue for the quarter included additional product acquisition and delivery costs of approximately $1.0 million related to temporary product shortages
Net loss from continuing operations of $13.0 million, a $6.4 million improvement compared to the prior year quarter
Adjusted EBITDA of $5.6 million, 16% above the prior year quarter, driven by a 530 basis point improvement in gross profit margin and a $3.6 million reduction in operating expenses, compared to the prior year quarter reflecting ASC 606 pro forma adjustments
Net cash used in operating activities of $5.2 million, reflecting $8.9 million of operational and working capital improvements over the prior year quarter, and $15.9 million of interest payments, including a bi-annual bond interest payment of $8.8 million
Liquidity of $40.4 million at March 31, 2018, consisting of $30.4 million of cash and equivalents and $10.0 million of senior credit facility availability, compared to $16.0 million at March 31, 2017
“BioScrip’s first quarter adjusted EBITDA increased 16% year over year, as we continued to execute successfully on our turnaround strategy. Our teammates navigated significant weather-related branch closures and temporary product shortages, which resulted in lower revenue and increased cost of revenue during the quarter,” said Daniel E. Greenleaf, President and Chief Executive Officer. “We also made important investments in our field force, managed care team, and other strategic initiatives, as we continue to position our business for growth and further earnings expansion. We look forward to accelerating core revenue and gross profit margin expansion as we proceed into the seasonally stronger second half of the year. We remain as enthusiastic as ever about BioScrip’s unique position as the only independent national home infusion pure play, and are reaffirming our 2018 adjusted EBITDA guidance of between $54 million and $58 million, and updating our 2018 revenue guidance to between $688 million and $698 million, which was only adjusted for the implementation of ASC 606 * .”
* Implementation of ASC 606 during the first quarter of 2018 resulted in the recognition of amounts previously recorded as bad debt expense as a reduction to revenue. The impact of the change in accounting principle reduced both revenue and bad debt expense by $5.5 million during the quarter. The implementation of ASC 606 did not impact operating income or Adjusted EBITDA during the first quarter of 2018, and will not impact operating income or Adjusted EBITDA on a go-forward basis. The implementation of ASC 606 also resulted in a reduction of our 2018 revenue guidance by approximately $22 million, but did not impact 2018 Adjusted EBITDA guidance.
Conference Call and Presentation
BioScrip will host a conference call and live webcast on May 10, 2018, at 9:00 a.m. Eastern Time, to discuss its first quarter 2018 financial results. Interested parties may participate by dialing 877-423-9820 (US) or by accessing a link under the "Investors" section on the Company's website at www.bioscrip.com .
An audio webcast and archive will be available within two hours of the call’s completion under the “Investors" section of the Company's website.
About BioScrip, Inc.
BioScrip, Inc. is the largest independent national provider of infusion and home care management solutions, with approximately 2,200 teammates and nearly 80 service locations across the U.S. BioScrip partners with physicians, hospital systems, payors, pharmaceutical manufacturers and skilled nursing facilities to provide patients access to post-acute care services. BioScrip operates with a commitment to bring customer-focused pharmacy and related healthcare infusion therapy services into the home or alternate-site setting. By collaborating with the full spectrum of healthcare professionals and the patient, BioScrip provides cost-effective care that is driven by clinical excellence, customer service, and values that promote positive outcomes and an enhanced quality of life for those it serves.
Investor Contacts
Stephen Deitsch
Chief Financial Officer & Treasurer
T: (720) 697-5200
[email protected] Kalle Ahl, CFA
The Equity Group
T: (212) 836-9614
[email protected] Forward-Looking Statements – Safe Harbor
This press release includes statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the statements regarding guidance, projections of certain measures of the Company's results of operations, projections of future levels of certain charges and expenses incremental cost structure improvements and other statements regarding the Company's financial improvement plan and strategy and anticipated effects of the Cures Act. You can identify these statements by the fact that they do not relate strictly to historical or current facts. In some cases, forward-looking statements can be identified by words such as "may," "should," "could," "anticipate," "estimate," "expect," "project," "outlook," "aim," "intend," "plan," "believe," "predict," "potential," "continue" or comparable terms. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. Important factors that could cause actual results to differ materially from those in the forward-looking statement include but are not limited to risks associated with: the Company’s ability to make principal and interest payments on our debt and unsecured notes and satisfy the other covenants contained in its debt agreements; the Company’s ability to grow its core Infusion revenues; the Company's ability to continue to execute its financial improvement plan to reduce operating costs and focus its business on its Infusion Services segment; the Company’s ability to evaluate opportunities for improvement and implement solutions as part of its strategic review process; the success of the Company’s initiatives to mitigate the impact of the Cures Act on its business; reductions in federal, state and commercial reimbursement for the Company's products and services; increased government regulation related to the health care and insurance industries; as well as the risks described in the Company's periodic filings with the Securities and Exchange Commission. The Company does not undertake any duty to update these forward-looking statements after the date hereof, even though the Company's situation may change in the future. All of the forward-looking statements herein are qualified by these cautionary statements.
Note Regarding Use of Non-GAAP Financial Measures
In addition to reporting financial information in accordance with generally accepted accounting principles (GAAP), the Company is also reporting Adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be used in isolation or as a substitute or alternative to net income, operating income or any other performance measure derived in accordance with GAAP, or as a substitute or alternative to cash flow from operating activities or a measure of the Company’s liquidity. In addition, the Company's definition of Adjusted EBITDA may not be comparable to similarly titled non-GAAP financial measures reported by other companies. Adjusted EBITDA, as defined by the Company, represents net income before net interest expense, income tax expense, depreciation and amortization, impairment of goodwill, stock-based compensation expense, and restructuring, integration and other expenses. As part of restructuring, the Company may incur significant charges such as the write down of certain long−lived assets, temporary redundant expenses, retraining expenses, potential cash bonus payments and potential accelerated payments or terminated costs for certain of its contractual obligations. Management believes that Adjusted EBITDA provides useful supplemental information regarding the performance of BioScrip’s business operations and facilitates comparisons to the Company’s historical operating results. For a full reconciliation of Adjusted EBITDA to the most comparable GAAP financial measure, please see the attachment to this earnings release.
Schedule 1 BIOSCRIP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands) March 31, December 31, 2018 2017 (unaudited) ASSETS Current assets Cash and cash equivalents $ 30,352 $ 39,457 Restricted cash 4,950 4,950 Receivables, less allowance for doubtful accounts of $37,912 as of December 31, 2017 88,185 85,522 Inventory 41,549 38,044 Deferred taxes 1,066 1,098 Prepaid expenses and other current assets 9,848 18,620 Total current assets 175,950 187,691 Property and equipment, net 24,971 26,973 Goodwill 367,198 367,198 Intangible assets, net 16,681 19,114 Other non-current assets 2,082 2,116 Total assets $ 586,882 $ 603,092 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Current portion of long-term debt $ 1,055 $ 1,722 Accounts payable 68,835 65,963 Amounts due to plan sponsors 3,652 4,621 Accrued interest 2,219 6,706 Accrued expenses and other current liabilities 27,933 26,118 Total current liabilities 103,694 105,130 Long-term debt, net of current portion 480,382 478,866 Other non-current liabilities 18,282 21,769 Total liabilities 602,358 605,765 Series A convertible preferred stock, $.0001 par value; 825,000 shares authorized; 21,643 and 21,645 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively; and $2,998 and $2,916 liquidation preference as of March 31, 2018 and December 31, 2017, respectively 2,923 2,827 Series C convertible preferred stock, $.0001 par value; 625,000 shares authorized; 614,177 shares issued and outstanding; and $86,952 and $84,555 liquidation preference as of March 31, 2018 and December 31, 2017, respectively. 81,813 79,252 Stockholders' (deficit) equity Preferred stock, $.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively - - Common stock, $.0001 par value; 250,000,000 shares authorized; 127,793,785 and 127,634,012 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 13 13 Treasury stock, 96,467 and 5,106 shares outstanding, at cost as of March 31, 2018 and December 31, 2017, respectively. (354 ) (16 ) Additional paid-in capital 622,657 624,762 Accumulated deficit (722,528 ) (709,511 ) Total stockholders' deficit (100,212 ) (84,752 ) Total liabilities and stockholders' deficit $ 586,882 $ 603,092
Schedule 2 BIOSCRIP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Quarters Ended March 31, 2018 2017 Net revenue $ 168,584 $ 217,810 Cost of revenue (excluding depreciation expense) 113,536 152,936 Gross profit 55,048 64,874 % of revenues 32.7 % 29.8 % Other operating expenses 39,299 44,319 Bad debt expense - 7,042 General and administrative expenses 10,669 9,266 Restructuring, acquisition, integration, and other expenses, net 1,882 3,223 Change in fair value of equity linked liabilities (3,439 ) - Depreciation and amortization expense 6,486 7,165 Interest expense 13,395 12,659 Gain on dispositions (305 ) - Loss from continuing operations, before income taxes (12,939 ) (18,800 ) Income tax expense 48 619 Loss from continuing operations, net of income taxes (12,987 ) (19,419 ) Loss from discontinued operations, net of income taxes (30 ) (299 ) Net loss $ (13,017 ) $ (19,718 ) Accrued dividends on preferred stock (2,481 ) (2,214 ) Deemed dividend on preferred stock (176 ) (174 ) Loss attributable to common stockholders $ (15,674 ) $ (22,106 ) Denominator - Basic and Diluted: Weighted average number of common shares outstanding 127,772 118,783 Loss from continuing operations, basic and diluted $ (0.12 ) $ (0.18 ) Income from discontinued operations, basic and diluted - - Loss per common share, basic and diluted $ (0.12 ) $ (0.18 )
Schedule 3 BIOSCRIP, INC. AND SUBSIDIARIES QUARTERLY RECONCILIATION BETWEEN GAAP AND NON-GAAP MEASURES (in thousands) Three Months Ended 3/31/2018 3/31/2017 Loss from continuing operations, net of income taxes (12,987 ) (19,419 ) Interest expense (13,395 ) (12,659 ) Gain on dispositions 305 - Income tax expense (48 ) (619 ) Depreciation and amortization expense (6,486 ) (7,165 ) Stock-based compensation expense (556 ) (594 ) Change in fair value of equity linked liabilities 3,439 - Restructuring, acquisition, integration, and other expenses, net (1) (1,882 ) (3,223 ) Consolidated Adjusted EBITDA $ 5,636 $ 4,841 (1) Restructuring, acquisition, integration and other expenses, net include costs associated with restructuring, acquisition, and integration initiatives such as employee severance costs, certain legal and professional fees, redundant wage costs, impacts recorded from the change in contingent consideration obligations, and other costs related to contract terminations and closed locations.
Schedule 4 BIOSCRIP, INC AND SUBSIDIARIES CONSOLIDATED CONDENSED CASH FLOWS (in thousands) (unaudited) Three Months Ended 3/31/2018 3/31/2017 Cash flows from operating activities: Net loss $ (13,017 ) $ (19,718 ) Less: Loss from discontinued operations, net of income taxes (30 ) (299 ) Loss from continuing operations, net of income taxes (12,987 ) (19,419 ) Adjustments to reconcile net loss from continuing operations, net of income taxes to net cash used in operating activities: Depreciation and amortization 6,486 7,165 Amortization of deferred financing costs and debt discount 2,023 1,318 Change in fair value of equity linked liabilities (3,439 ) - Change in deferred income tax 31 619 Compensation under stock-based compensation plans 556 521 Gain on dispositions (305 ) - Changes in assets and liabilities: Receivables (2,663 ) 2,210 Inventory (3,505 ) 5,616 Prepaid expenses and other assets 8,807 3,601 Accounts payable 2,872 (10,936 ) Amounts due to plan sponsors (969 ) 645 Accrued interest (4,487 ) (1,157 ) Accrued expenses and other liabilities 2,418 (917 ) Net cash used in operating activities from continuing operations (5,162 ) (10,734 ) Net cash used in operating activities from discontinued operations (30 ) (299 ) Net cash used in operating activities (5,192 ) (11,033 ) Cash flows from investing activities: Purchases of property and equipment (2,646 ) (1,684 ) Net cash used in investing activities (2,646 ) (1,684 ) Cash flows from financing activities: Proceeds from priming credit agreement, net - 23,060 Proceeds from private issuances, net - 5,052 Borrowings on revolving credit facility - 563 Repayments on revolving credit facility - (1,000 ) Principal payments of long-term debt - (3,137 ) Repayments of capital leases (967 ) (238 ) Net activity from exercises of employee stock awards (300 ) (51 ) Net cash (used in) provided by financing activities (1,267 ) 24,249 Net change in cash and cash equivalents (9,105 ) 11,532 Cash, cash equivalents, and restricted cash - beginning of period 44,407 9,569 Cash, cash equivalents, and restricted cash - end of period $ 35,302 $ 21,101
Schedule 5 BIOSCRIP, INC AND SUBSIDIARIES FULL YEAR 2018 GUIDANCE (dollars and shares in millions) Low End High End of Range of Range Revenues $ 688.0 $ 698.0 Loss from continuing operations, net of income tax (51.9 ) (43.4 ) Stock Compensation 5.4 4.9 Depreciation & Amortization 27.0 26.0 Interest Expense, net 55.0 54.0 Restructuring Costs 6.0 5.0 Income Tax Expense 2.0 1.0 Preferred Stock Dividends 10.5 10.5 Adjusted EBITDA $ 54.0 $ 58.0 Adjusted EBITDA Margin 7.8 % 8.3 % Diluted Loss Per Common Share $ (0.41 ) $ (0.34 ) Weighted-Average Diluted Shares 128.0 128.0
Source:BioScrip, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-bioscrip-reports-first-quarter-2018-financial-results.html |
Elon Musk
Short-seller Mark Spiegel believes Tesla will suffer from new competition in the electric car market.
The noted skeptic of the electric car maker reiterated his bearish stance on the company saying his speech "almost seems redundant" after Musk's bizarre conference call performance last night.
"Tesla is still a zero," he said at the Kase Learning: The Art, Pain and Opportunity of Short Selling conference in New York. "Tesla's financials are horrible and worsening even before massive competition coming later this year … [The company has] no moat of any kind."
Spiegel noted Tesla's losses are still rising even as it sells more cars and after 15 years as a company.
The investor said major luxury brands will launch new, more attractive electric cars later this year and in 2019. He cited the pipelines from Jaguar, Audi, Porsche and Mercedes.
"There is a massive number of long-range electric cars that will soon be on the market," he said.
The investor downplayed Tesla's supposed advantage in batteries from its Gigafactory.
"Tesla battery cells are made by Panasonic," he said. "No other automaker wants to use them."
Spiegel is managing member and portfolio manager of Stanphyl Capital Partners. Previously he was an investment banker at Piper Jaffray.
Tesla did not immediately respond to a request for comment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/short-seller-mark-spiegel-says-tesla-stock-is-worth-zero.html |
May 25, 2018 / 6:35 AM / Updated an hour ago Britain will build own satellite system if no access to EU's - Hammond Reuters Staff 2 Min Read
BRUSSELS (Reuters) - Britain would develop its own separate satellite navigation system if it lost access to the Galileo project, the European Union’s version of GPS, Britain’s finance minister said on Friday.
Britain told the European Union on Thursday it will demand the repayment of up to 1 billion pounds ($1.34 billion) if the bloc restricts its access to Galileo.
“The plan has always been to work as a core member of the Galileo project, contributing financially and technically to the project. If that proves impossible then Britain will have to go it alone, possibly with other partners outside Europe and the U.S., to build a third competing system,” Philip Hammond told reporters before a meeting of EU finance ministers in Brussels.
“For national security strategic reasons we need access to a system and we’ll ensure that we get it,” he added.
He said Britain was aware of the short time available for talks on its departure from the European Union and was working on “all sorts of options” to maintain the open border between Northern Ireland and Ireland after it leaves.
“We are very conscious of the ticking clock and the need to make significant progress for the June European Council”, Hammond said, adding that a comment from a senior EU official on “fantasy” Brexit gambits were not “particularly helpful”.
($1 = 0.7488 pounds) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-hammond/britain-very-conscious-of-ticking-brexit-clock-its-finance-minister-says-idUKKCN1IQ0M7 |
This strategist says 'China is our favourite market' in Asia 8 Hours Ago Steve Brice of Standard Chartered Private Bank says China has held up well even with a stronger dollar and regional political risks. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/28/this-strategist-says-china-is-our-favourite-market-in-asia.html |
JAKARTA (Reuters) - The specter of financial market instability could force Indonesia’s central bank to raise interest rates later on Thursday even though the economy needs anything but monetary tightening.
FILE PHOTO: An Indonesia Rupiah note is seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration/File Photo In the month since Bank Indonesia last met and said it would be an “overkill or counterproductive” to be raising rates, consensus expectations have swiftly turned to suggest a rate rise is needed to put a floor under the falling rupiah.
Southeast Asia’s largest economy is one of the region’s worst affected by the combination of rising U.S. yields and higher oil prices, and has seen about $4 billion leave its markets over the past month as foreign investors review their exposure to higher-yielding emerging markets.
The rupiah IDR= has fallen more than 5 percent to past 14,000 per dollar in four months as Indonesian 10-year bond yields jumped more than a percentage point over that period, and the stock market .JKSE is down 7 percent this year.
Thus, despite a slowing economy and benign inflationary pressures, economists are bracing for Bank Indonesia to raise its benchmark 7-day reverse repurchase rate on Thursday.
“It is not ideal for the central bank to raise rates to prevent the currency worsening, but seems like they have no choice,” said Ivan Chamdani, a fund manager at Maybank Asset Management in Jakarta. “It would be funny if they keep intervening in currency but they leave their stance loose, not hiking rates.”
In a Reuters poll, 13 of 21 economists predicted a rate hike at Thursday’s meeting, the last for Governor Agus Martowardojo.
“Policymakers from BI have signaled a clear shift in policy priority lately towards safeguarding financial stability, given the weakening rupiah,” Mizuho Bank’s Chang Wei Liang wrote.
“While FX reserves level remain relatively high by historical standards, defending the rupiah through selling off reserves will not be the optimal solution if rupiah consistently faces selling pressure.”
Bank Indonesia has tried to put a floor under the rupiah by intervening in both the currency and bond markets, but its foreign exchange reserves declined by $7.1 billion in February through April, and analysts said burning reserves may not be enough to support the currency.
A pre-emptive tightening would set Indonesia up with some cushion in its yields, should financial volatility in global markets escalate.
BALANCING ACT If Indonesia raises rates IDCBRR=ECI, it would be the first hike since November 2014. It cut rates by 200 basis points over 2016 and 2017 to try to spur lending and economic growth.
Frist-quarter growth was slightly below expectations, at 5.06 percent, as private consumption remained sluggish. Annual inflation rate edged up in April to 3.41 percent, but remained within BI’s 2.5-4.5 percent 2018 target range.
Financial stability is a big priority for an economy that was among the ‘fragile five’ emerging markets during the 2013 taper tantrum sell-off, and has a long history of volatile capital flows. Foreigners hold more than one-third of outstanding Indonesian government bonds.
Chamdani said foreign holdings are already low by historic standards. “They need rupiah stability to come back in, which unfortunately has to come partly from intervention and rate hike,” he said.
Bank of America Merrill Lynch analysts Rohit Garg and Mohamed Faiz Nagutha said that even in an extreme scenario of capital outflows being as much as 20 percent of foreign exchange reserves, Indonesia would be better off than in 2013 and have enough reserves to fund 5-1/2 months of imports. At the end of April, reserves were $124.9 billion.
If reserves drop beyond $110 billion, pressure on BI to hike “will increase significantly,” they said in a note earlier this month.
Bearish bets on the rupiah are at the highest since October 2015 despite rate hike expectations, a Reuters poll showed on Thursday.
(This story was refiled to add dropped word ‘hike’ in seventh paragraph.)
Reporting by Nilufar Rizki, Maikel Jefriando, Gayatri Suroyo and Tabita Diela; Writing by Vidya Ranganathan; Editing by Richard Borsuk
| ashraq/financial-news-articles | https://www.reuters.com/article/us-indonesia-economy-rates/currency-fragility-puts-strong-pressure-on-bank-indonesia-idUSKCN1II0TT |
VANCOUVER, May 15, 2018 /PRNewswire/ - International exploration and production company, TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF), is pleased to announce the appointment of Mr. Peter Loretto to its Board of Directors.
Mr. Loretto obtained an MBA from Gonzaga University in 1984 and has over 30 years of extensive investment banking and public company experience by working as an independent businessman and investor both in the U.S. and Canada. Mr. Loretto has been involved with funding and developing numerous companies in the resource and technology sector, including several successful oil and gas exploration and development stage companies. Mr. Loretto has also served as an executive and director for various companies, including Trans-Orient Petroleum Ltd. Currently, Mr. Loretto beneficially owns, or controls, 3,635,872 common shares, 500,000 warrants and 475,000 options of TAG Oil.
About TAG Oil Ltd.
TAG Oil ( http://www.tagoil.com/ ) is an international oil and gas explorer with established high netback production, development and exploration assets, including production infrastructure in New Zealand and Australia. TAG Oil is poised for significant reserve and production growth with several oil and gas fields under development and high-impact exploration in proven oil and gas fairways. TAG Oil currently has 85,282,252 shares outstanding.
Cautionary Note Regarding Forward-Looking Statements and Disclaimer
Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG Oil. Such statements can generally, but not always, be identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. All estimates and statements that describe TAG Oil's plans relating to operations are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties. Actual results may vary materially from the information provided in this release, and there is no representation by TAG Oil that the actual results realized in the future will be the same in whole or in part as those presented herein.
Other factors that could cause actual results to differ from those contained in the forward-looking statements are also set forth in filings that TAG Oil and its independent evaluator have made, including TAG Oil's most recently filed quarterly financial reports, AIFs and reports in Canada under National Instrument 51-101, which can be found under TAG Oil's SEDAR profile at www.sedar.com . TAG Oil undertakes no obligation, except as otherwise required by law, to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors change.
View original content: http://www.prnewswire.com/news-releases/tag-oil-announces-addition-to-its-board-of-directors-300648204.html
SOURCE TAG Oil Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-tag-oil-announces-addition-to-its-board-of-directors.html |
5/29/2018 3:22PM Maryland Town Hit by Second ‘1000-Year Flood’ Since 2016 The second flash flood in two years hit Ellicott City, Md., on Sunday, sweeping away cars and covering streets in mud. Photo: Getty | ashraq/financial-news-articles | http://www.wsj.com/video/maryland-town-hit-by-second-1000-year-flood-since-2016/405E0764-8F90-4D04-B201-05BA83AAB923.html |
Expands offering in 12 markets, adding in-store capabilities in 11 markets
Provides scalable platform for rapid geographic expansion
Advances PayPal’s mission to help small businesses grow and thrive in the global digital economy
SAN JOSE, Calif. & STOCKHOLM--(BUSINESS WIRE)-- PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has agreed to acquire iZettle, the leading small business commerce platform in Europe and Latin America, for $2.2 billion USD. The acquisition of iZettle significantly expands PayPal’s in-store presence, strengthening PayPal’s platform to help millions of small businesses around the world grow and thrive in an omnichannel retail environment.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180517006443/en/
Left to right: Jacob de Geer, CEO and Co-Founder of iZettle, Dan Schulman, President and CEO of PayPal, and Bill Ready, EVP, Chief Operating Officer of PayPal. (Photo: Business Wire)
“Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile,” said PayPal President and CEO Dan Schulman. “iZettle and PayPal are a strategic fit, with a shared mission, values and culture—and complementary product offerings and geographies. In today's digital world, consumers want to be able to buy when, where and how they want. With nearly half a million merchants on their platform, Jacob de Geer and his team add best-in-class capabilities and talent that will expand PayPal’s market opportunity to be a global one-stop solution for omnichannel commerce.”
This combination brings together iZettle’s in-store expertise, recognized brand and digital marketing strength with PayPal’s global scale, mobile and online payments leadership, and trusted brand reputation.
Upon closing, PayPal gains in-store capabilities in the following 11 markets: Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain and Sweden. PayPal also gains near-term in-store expansion opportunities into other existing PayPal markets, and acceleration of omnichannel commerce solutions in Australia, U.K. and U.S.
“Combining our assets and expertise with a global industry leader like PayPal allows us to deliver even more value to small businesses to help them succeed in a world of giants,” said iZettle CEO Jacob de Geer. “The combination of iZettle and PayPal will provide tremendous benefits to our merchants who will have access to an even wider range of tools to help them get paid, sell smarter and grow.”
iZettle expects to generate gross revenues of approximately $165 million USD in 2018, with approximately $6 billion USD of total payment volume (TPV) expected to be processed on its platform. The company has grown its revenues at a CAGR of approximately 60% from 2015 to 2017. iZettle expects to reach EBITDA profitability by 2020 on a standalone basis.
Once the acquisition closes, Jacob de Geer will continue to lead iZettle, which will operate as an integral part of PayPal’s merchant services offering, reporting to PayPal’s Chief Operating Officer Bill Ready. iZettle’s experienced management team, who have a demonstrated track record of scaling at pace, will continue running the business, ensuring continuity for customers, employees and partners. Upon closing, iZettle will become the European center of excellence for PayPal’s in-store product and services offerings.
The transaction is expected to be approximately $0.01 dilutive to PayPal’s previously communicated full year 2018 non-GAAP EPS. The transaction is expected to close in the third quarter of 2018. The completion of this transaction is subject to customary closing conditions, including regulatory approvals. The two companies will continue to operate independently until close.
A slide presentation with an overview of the transaction can be accessed through the company’s Investor Relations website at investor.paypal-corp.com . PayPal will host an Investor Day on May 24, 2018 in San Francisco, Calif. and management will provide additional details related to the transaction. A live webcast of the event will be available at investor.paypal-corp.com starting at 8:30 a.m. PDT.
Evercore is acting as sole financial adviser to PayPal, and Skadden, Arps, Slate, Meagher & Flom LLP and Roschier are acting as its legal advisers with regard to the transaction. J.P. Morgan Securities plc is acting as sole financial adviser to iZettle, while Gernandt & Danielsson is acting as its legal adviser.
About PayPal
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal Holdings, Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal's 237 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about or follow us at @PayPalNews . For PayPal Holdings, Inc. financial information, visit https://investor.paypal-corp.com .
About iZettle
iZettle is on a mission to help small businesses succeed in a world of giants. Founded in Stockholm in 2010, the financial technology company revolutionized mobile payments with the world’s first mini chip card reader and software for mobile devices. Today iZettle’s commerce platform for small businesses in Europe and Latin America provides tools to get paid, sell smarter and grow your business. iZettle’s current largest shareholders are Zouk Capital, Index Ventures and 83North.
Forward-Looking Statements
This announcement contains “forward-looking” statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect PayPal’s expectations regarding the impact of this transaction on PayPal’s and iZettle’s financial and operating results and business, the operation and management of iZettle after the acquisition, and the timing of the closing of the acquisition. Forward-looking statements may be identified by words such as “seek”, “believe”, “plan”, “estimate”, “anticipate”, expect”, “intend”, and statements that an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and any other similar expressions.
Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made, and, accordingly, readers should not place undue reliance on forward-looking statements and information. Factors that could cause or contribute to such differences include, but are not limited to, the timing and possible outcome of security holder and regulatory approvals in connection with the transaction, the possibility that the transaction may not close, the reaction to the transaction of iZettle’s customers and business partners, the reaction of competitors to the transaction, the retention of iZettle’s employees, PayPal’s plans for iZettle, economic and political conditions in the global markets in which PayPal and iZettle operate, the future growth of PayPal’s and iZettle’s businesses and the possibility that integration following the transaction may be more difficult than expected. More information about these and other factors can be found in PayPal Holdings, Inc.’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the “SEC”), and its future filings with the SEC.
PayPal expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517006443/en/
PayPal Holdings, Inc.
PayPal Investor Relations
Gabrielle Rabinovitch
[email protected]
or
PayPal Media Relations
Amanda Miller, +1 408-219-0563
[email protected]
or
Neil Cassley, +44 (0)7500 813852
[email protected]
Source: PayPal Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-paypal-significantly-expands-global-omnichannel-platform-with-acquisition-of-izettle.html |
May 14, 2018 / 2:07 PM / in 6 minutes U.S. to consider expanding Medicare drug price negotiation Yasmeen Abutaleb , Michael Erman 4 Min Read
WASHINGTON/NEW YORK (Reuters) - The Trump administration is considering expanding Medicare’s ability to negotiate the cost of drugs by giving private payers a role in setting the price of medicines administered in hospitals and doctors’ offices, Health and Human Services Secretary Alex Azar said on Monday. U.S. Health and Human Services Secretary Alex Azar speaks during the daily briefing at the White House in Washington, U.S., May 11, 2018. REUTERS/Leah Millis
Azar’s comments provided more details on the plan to lower prescription drug costs for Americans announced on Friday by President Donald Trump.
While Trump assailed “middlemen,” an apparent reference to health insurers and pharmacy benefit managers (PBMs), for pocketing negotiated rebates on drugs rather than passing savings to consumers, the proposal discussed on Monday appears to see them as part of the solution to high prices.
Shares of leading PBMs and insurers rose on Monday. CVS Health Corp ( CVS.N ) shares climbed 3.7 percent with Express Scripts Holding EXRX.O up 1.2 percent, while Humana Inc ( HUM.N ) shares rose 1.7 percent and Cigna Corp ( CI.N ) closed up 2.2 percent.
“On the one hand we are talking about banning rebates, but on the other we are talking about how great the private market is at controlling costs,” said Craig Garthwaite, director of the healthcare program at Northwestern University’s Kellogg School of Management. “Where exactly do we think those price reductions come from?”
Trump has vowed to tackle rising drug prices since running for office, but his plan spared the pharmaceutical industry from direct government negotiations to control costs, a proposal he endorsed during the 2016 presidential campaign. Shares of drugmakers rose for a second day on Monday as Wall Street analysts said the new policies were unlikely to hurt industry profits.
Medicare is the national health insurance plan run by the federal government for Americans over the age of 65 and the disabled.
Azar, a former pharmaceutical company executive, said Trump views tougher negotiation as key to the plan. Azar said his agency will consider an alternative system for buying Medicare Part B drugs, which are administered by a healthcare provider and covered directly by the government, such as many cancer treatments and infused biotech drugs.
The administration would seek to allow private payers to negotiate the price of those medicines, as health insurers and PBMs already do in Medicare Part D, which covers drugs patients get at the pharmacy.
“We believe there are more private sector entities equipped to negotiate these better deals in Part B, and we want to let them do it,” Azar said. “More broadly, the President has called for me to merge Medicare Part B drug payments into Part D, where negotiation has been so successful.”
Health and Human Services senior officials said at a briefing with reporters on Monday that they could experiment with moving some drugs from Medicare Part B to Part D in a pilot program, but did not say when that might begin.
HHS likely has authority to pilot or experiment with limited programs, health policy experts said. But Joe Antos, of the conservative American Enterprise Institute, said the bulk of expensive drugs will likely remain in Part B, limiting the proposal’s ability to significantly lower drug prices.
“These are sophisticated drugs for complicated diseases,” Antos said. “It’s a relatively small part of the Medicare population, but it’s a big chunk of spending.”
Under the current system, drugmakers and physicians are incentivized to keep prices high in Medicare Part B, Leerink analyst Ana Gupte said.
She said companies best positioned to participate in the new proposal would be insurers that have their own PBMs, Part D plans and Medicare Advantage business, such as UnitedHealth Group ( UNH.N ), Humana, Anthem Inc ( ANTM.N ) and Cigna if the Trump administration approves its merger with Express Scripts. Reporting by Yasmeen Abutaleb in Washington and Michael Erman in New York; Editing by Michele Gershberg, Dan Grebler and Bill Berkrot | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-healthcare-drugpricing/u-s-considering-expanding-medicare-drug-price-negotiation-idUSKCN1IF1VI |
VENLO, the Netherlands--(BUSINESS WIRE)-- Cimpress N.V. (Nasdaq: CMPR), the world leader in mass customization, has posted on its investor relations website at ir.cimpress.com its financial results for the three-month period ended March 31, 2018, in a PDF file called "Q3 Fiscal Year 2018 Quarterly Earnings Document". The company has also posted on that site an accompanying spreadsheet with historical financial results and operating metrics.
About Cimpress
Cimpress N.V. (Nasdaq: CMPR) invests in and builds customer-focused, entrepreneurial, mass-customization businesses for the long term. Mass customization empowers customers who need small individual orders of uniquely personalized products. Cimpress businesses include Drukwerkdeal, Exaprint, National Pen, Pixartprinting, Printi, Vistaprint and WIRmachenDRUCK. To learn more, visit http://www.cimpress.com .
Cimpress and the Cimpress logo are trademarks of Cimpress N.V. or its subsidiaries. All other brand and product names appearing on this announcement may be trademarks or registered trademarks of their respective holders.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006118/en/
Cimpress N.V.
Investor Relations:
Jenna Berg, +1-781-652-6480
[email protected]
or
Media Relations:
Paul McKinlay
[email protected]
Source: Cimpress N.V. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-cimpress-reports-third-quarter-fiscal-year-2018-financial-results.html |
April 30 (Reuters) -
* WHATSAPP FOUNDER PLANS TO LEAVE AFTER BROAD CLASHES WITH PARENT FACEBOOK - WASHINGTON POST
* CHIEF EXECUTIVE OF WHATSAPP, JAN KOUM, ALSO PLANS TO STEP DOWN FROM FACEBOOK’S BOARD OF DIRECTORS - WASHINGTON POST Source text - wapo.st/2HFQEIw Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-whatsapp-founder-jan-koum-to-leave/brief-whatsapp-founder-jan-koum-to-leave-after-broad-clashes-with-facebook-wapo-idUSFWN1S71A9 |
(Corrects last paragraph to clarify that the response to Kim’s comments came from Samsung Elec Vice Chairman Yoon Boo-keun, not Jay Y. Lee)
SEOUL, May 10 (Reuters) - South Korea’s antitrust chief said on Thursday that South Korea’s No. 1 conglomerate Samsung Group’s current ownership structure is not sustainable.
Korea Fair Trade Commission chief Kim Sang-jo told reporters on the sidelines of a meeting with business leaders that Samsung’s current ownership structure, resting on circular shareholding between companies such as Samsung C&T, Samsung Life Insurance, and Samsung Electronics , was not sustainable.
“The clear fact is, the current ownership and control structure of Samsung Group, which goes from Vice Chairman Jay Y. Lee to Samsung C&T to Samsung Life Insurance to Samsung Electronics, is not sustainable,” said Kim.
Kim said he urges Samsung Group heir and Samsung Electronics Vice Chairman Jay Y. Lee to make a decision concerning the ownership structure, adding that Samsung Electronics Vice Chairman Yoon Boo-keun, who attended the meeting, had told him it will be considered. (Reporting by Heekyong Yang; Writing by Joyce Lee; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/southkorea-antitrust-samsung-group/samsung-groups-ownership-structure-unsustainable-s-korea-antitrust-chief-idUSS6N1RZ01F |
NEW YORK--(BUSINESS WIRE)-- Empire State Realty Trust, Inc. (NYSE:ESRT) (the “Company”), a leading real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, today announced that its Board of Directors has declared a dividend of $0.105 per share/unit for the second quarter 2018, payable to holders of the Company’s Class A common stock and Class B common stock and to holders of Empire State Realty OP, L.P.’s (“ESRO”) Series ES, Series 250 and Series 60 operating partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR operating partnership units.
Additionally, the Board of Directors has declared a dividend of $0.15 per unit for the second quarter of 2018, payable to holders of ESRO’s Private Perpetual Preferred Units.
The dividends will be payable in cash on June 29, 2018 to stockholders and unitholders of record at the close of business on June 15, 2018.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE:ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world's most famous building. Headquartered in New York, New York, the Company's office and retail portfolio covers 10.1 million rentable square feet, as of March 31, 2018, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words such as "assumes," "believes," "estimates," "expects," "intends," "plans," "projects" or the negative of these words or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. Such factors and risks include, without limitation, a failure of conditions or performance regarding any event or transaction described above, regulatory changes, and other risks and uncertainties described from time to time in the Company’s filings with the SEC, including those set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 under the headings “Risk Factors”. Except as may be required by law, the Company does not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005472/en/
Investors
Empire State Realty Trust Investor Relations
(212) 850-2678
[email protected]
Source: Empire State Realty Trust, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-empire-state-realty-trust-inc-announces-dividend-for-second-quarter-2018.html |
-- First Quarter SaaS and License Revenue Increased 35% to $68.0 million Year-Over-Year --
-- First Quarter Total Revenue Increased 25% to $92.8 million Year-Over-Year --
-- First Quarter GAAP Net Income Increased to $10.5 million , Compared to $4.0 million for the First Quarter of 2017 --
-- First Quarter Non-GAAP Adjusted EBITDA Increased to $23.0 million, Compared to $14.1 million for the First Quarter of 2017 --
TYSONS, Va., May 03, 2018 (GLOBE NEWSWIRE) -- Alarm.com Holdings, Inc. (Nasdaq:ALRM), the leading platform for the intelligently connected property, today reported financial results for its first quarter ended March 31, 2018. Alarm.com also provided its financial outlook for SaaS and license revenue for the second quarter of 2018 and increased its guidance for the full year 2018.
“We are pleased to report a solid start to 2018 as our service provider partners continued to drive the adoption of smarter home and business security and automation services,” said Steve Trundle, President and CEO of Alarm.com . “During the quarter, we expanded our Alarm.com for Business platform to enable new growth opportunities for our service provider partners in the small and medium sized business market.”
First Quarter 2018 Financial Results as Compared to First Quarter 2017
SaaS and license revenue increased 35% to $68.0 million, compared to $50.2 million. SaaS and license revenue includes software license revenue of $9.9 million, compared to $2.3 million, which represents partial quarter results from the closing of the acquisition of the Connect line of business from Icontrol Networks, Inc. on March 8, 2017. Total revenue increased 25% to $92.8 million, compared to $74.2 million. GAAP net income increased to $10.5 million, or $0.21 per diluted share, compared to $4.0 million or $0.08 per diluted share. Non-GAAP adjusted EBITDA increased to $23.0 million, compared to $14.1 million. Non-GAAP adjusted net income increased to $16.7 million, or $0.34 per diluted share, compared to $7.8 million or $0.16 per diluted share.
Balance Sheet and Cash Flow
Total cash and cash equivalents increased to $96.8 million as of March 31, 2018, compared to $96.3 million as of December 31, 2017. For the three months ended March 31, 2018, cash flows from operations decreased to $3.5 million, compared to $13.0 million for the three months ended March 31, 2017.
Implementation of ASC 606, Revenue from Contracts with Customers
Effective January 1, 2018, Alarm.com adopted ASC 606 using the modified retrospective transition method. ASC 606 did not have a material impact on Alarm.com's revenue recognition policies or its consolidated financial statements for the three months ended March 31, 2018. Effective January 1, 2018, Alarm.com capitalized a portion of its commission costs as an incremental cost of obtaining a contract. Previously, Alarm.com expensed commission costs as incurred. The capitalization of commission costs did not have a material impact on Alarm.com's consolidated financial statements.
Recent Business Highlights
Announced Expansion of Alarm.com for Business Solution: Alarm.com announced the deployment of Alarm.com for Business, an integrated solution for small and medium-sized businesses. Alarm.com for Business combines interactive security, video surveillance, access control and energy management to provide a single interface for managing and monitoring business properties. Cloud intelligence enables advanced automation capabilities and gives business owners and employees insights into operations, awareness of activity and traffic flow, and complete control over property security. An expanded portfolio of commercial-grade video cameras and a new Smarter Access Control solution enable Alarm.com’s service provider partners to address a broad range of customer needs in the commercial market.
Launched Smarter Access Control: Alarm.com's new access control solution lets businesses securely manage access to assets and facilities ranging from storefronts to entire office buildings. End-to-end support from Alarm.com’s Partner Services platform streamlines installation and enables remote account configuration and support. Fully integrated with the Alarm.com for Business platform, Smarter Access Control automates property monitoring and awareness with increased flexibility to address a broad range of use cases. Subscribers can use Alarm.com’s mobile app to grant access to visitors from anywhere and receive video clips and alerts when doors are accessed. Cloud-based user management software enables subscribers to assign PIN codes and badges for all access points to the property, including security panels, security partitions, and doors with card readers or Z-Wave locks. Smarter Access Control was recently recognized with a Most Valuable Product award during the International Security Conference and Exposition.
Enhanced Mobile App for Service Provider Partners: The latest enhancements to MobileTech, Alarm.com’s mobile app for installers, technicians and customer support personnel, make it easier for Alarm.com’s service provider partners to ensure accurate installations, decrease time spent on-site, and reduce support calls and return visits. New capabilities facilitate operations and workflows through auto-generated service appointment reminders and tasks, and improve troubleshooting efficiency by streamlining access to key resources. By continually expanding MobileTech’s intelligent tools for account configuration, system installation, device enrollment, and comprehensive system diagnostics, Alarm.com enables its service provider partners to more effectively and efficiently support their Alarm.com subscribers.
Introduced Third Generation Image Sensor: Alarm.com’s Image Sensor offers instant visual verification of property activity and provides an engaging service upgrade that enhances property security and awareness. The device detects motion, captures the activity with an integrated still camera, and delivers the image for instant verification of alarm events and increased subscriber engagement with on-demand views. The completely wireless device operates independently of a broadband connection and provides an added layer of security even when the power is out. Enhancements to the third generation Image Sensor include a redesigned form factor, higher resolution camera, improved night vision, wider field of view, and faster image uploads via Alarm.com’s proprietary M2M communications protocol and dedicated cellular connection.
Alarm.com’s Support Organization Recognized: Alarm.com’s service provider support organization was named a finalist for the International Customer Management Institute’s Global Contact Center Awards in the category of Best Strategic Value to the Organization. The product experts in Alarm.com’s service provider support organization provide real-time troubleshooting directly to technicians, so they can efficiently address issues encountered in the field.
Financial Outlook
Alarm.com is providing its outlook for SaaS and license revenue for the second quarter of 2018 and is increasing its guidance for the full year 2018.
For the second quarter of 2018:
SaaS and license revenue is expected to be in the range of $69.4 million to $69.6 million.
For the full year 2018:
SaaS and license revenue is expected to be in the range of $284.0 million to $284.5 million. Total revenue is expected to be in the range of $381.5 million to $383.5 million, which includes anticipated hardware and other revenue in the range of $97.5 million to $99.0 million. Non-GAAP adjusted EBITDA is expected to be in the range of $82.5 million to $83.2 million. Non-GAAP adjusted net income is expected to be in the range of $57.0 million to $57.5 million, based on an estimated tax rate of 21%. Based on an expected 50.0 million weighted average shares outstanding (diluted), non-GAAP adjusted net income is expected to be in the range of $1.14 to $1.15 per diluted share.
Conference Call and Webcast Information
Alarm.com will host a conference call to discuss its first quarter 2018 financial results and its outlook for the second quarter and full year 2018. A live audio webcast is scheduled to begin at 4:30 p.m. ET on May 3, 2018. To participate on the live call, analysts and investors should dial 877.445.1593 (U.S./Canada) or 267.753.2138 (International) at least ten minutes prior to the start time of the call. A telephonic replay of the call will be available through May 11, 2018 by dialing 855.859.2056 (U.S./Canada) or 404.537.3406 (International) and providing Conference ID: 3197825. Alarm.com will also offer a live and archived webcast of the conference call accessible via Alarm.com’s Investor Relations website at http://investors.alarm.com.
About Alarm.com Holdings, Inc.
Alarm.com is the leading platform for the intelligently connected property. Millions of people use Alarm.com's technology to monitor and control their property from anywhere. Centered on security and remote monitoring, our platform addresses a wide range of market needs and enables application-based control for a growing variety of Internet of Things (IoT) devices. Our security, video monitoring, intelligent automation and energy management solutions are available through our network of thousands of professional service providers in North America and around the globe. Alarm.com's common stock is traded on Nasdaq under the ticker symbol ALRM. For more information, please visit www.alarm.com .
Non-GAAP Financial Measures
To supplement our consolidated selected financial data presented on a basis consistent with GAAP, this press release contains certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP adjusted income before income taxes, non-GAAP adjusted net income, non-GAAP adjusted income attributable to common stockholders before income taxes, non-GAAP adjusted net income attributable to common stockholders and non-GAAP adjusted net income per share. We have included non-GAAP measures in this press release because they are financial and operating measures used by our management to understand and evaluate our core operating performance and trends and generate future operating plans, make strategic decisions regarding the allocation of capital, and investments in initiatives that are focused on cultivating new markets for our solutions. We also use certain non-GAAP financial measures, including adjusted EBITDA, as performance measures under our executive bonus plan. Further, we believe that these non-GAAP measures of our financial results provide useful information to investors and others in understanding and evaluating our results of operations, business trends and financial condition. While we believe the use of these non-GAAP measures provides useful information to investors and management in analyzing our financial performance, non-GAAP measures have inherent limitations in that they do not reflect all of the amounts and transactions that are included in our financial statements prepared in accordance with GAAP. Non-GAAP measures do not serve as an alternative to GAAP nor do we consider our non-GAAP measures in isolation, accordingly we present non-GAAP financial measures only in connection with GAAP results. We urge investors to consider non-GAAP measures only in conjunction with our GAAP financials and to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures which are included in this press release.
With respect to our expectations under “Financial Outlook” above, reconciliation of adjusted EBITDA and adjusted net income guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, in particular, non-ordinary course litigation expense, acquisition-related expense and tax windfall adjustments can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot reasonably be predicted. We expect the above charges to have a significant and potentially highly variable impact on our future GAAP financial results. The litigation expense we exclude from this calculation relates to non-ordinary course litigation expenses, including those expenses resulting from ongoing intellectual property litigation. Notably, we do not adjust for ordinary course legal expenses, including those expenses resulting from maintaining and enforcing our intellectual property portfolio and license agreements.
We exclude one or more of the following items from non-GAAP financial measures:
Stock-based compensation expense: We exclude stock-based compensation expense, which relates to stock options and other forms of equity incentives primarily awarded to employees of Alarm.com, because they are non-cash charges that we do not consider when assessing the operating performance of our business. Additionally, the determination of stock-based compensation expense can be calculated using various methodologies and is dependent upon subjective assumptions and other factors that vary on a company by company basis. Therefore, we believe that excluding stock-based compensation from our non-GAAP financial measures improves the comparability of our results to the results of other companies in our industry.
Litigation expense: We exclude non-ordinary course litigation expense because we do not consider legal costs incurred in litigation and litigation-related matters of non-ordinary course lawsuits, particularly costs incurred in ongoing intellectual property litigation, to be indicative of our core operating performance. We do not adjust for ordinary course legal expenses, including those expenses resulting from maintaining and enforcing our intellectual property portfolio and license agreements.
Acquisition-related expense: Included in operating expenses are external incremental costs directly related to completing the acquisition and integration of the Connect and Piper business units from Icontrol Networks, Inc. We exclude acquisition-related expense from our non-GAAP financial measures because we believe it is useful for investors to understand the effects of this transaction and its integration costs on our total operating expenses.
Depreciation expense: We record depreciation primarily for investments in property and equipment. We exclude depreciation in calculating adjusted EBITDA because we do not consider depreciation when we evaluate our ongoing business operations. For non-GAAP adjusted net income, non-GAAP adjusted net income attributable to common stockholders and non-GAAP adjusted net income per share, basic and diluted, we do not exclude depreciation.
Amortization expense: GAAP requires that operating expenses include the amortization of acquired intangible assets, which principally include acquired customer relationships, developed technology and trade names. We exclude amortization of intangibles from our non-GAAP financial measures because we do not consider amortization expense when we evaluate our ongoing business operations, nor do we factor amortization expense into our evaluation of potential acquisitions, or our measurement of the performance of those acquisitions. We believe that the exclusion of amortization expense enables the comparison of our performance to other companies in our industry as other companies may be more or less acquisitive than us and therefore, amortization expense may vary significantly by company based on their acquisition history.
Interest expense: We record interest expense primarily related to our debt facility. We exclude interest expense in calculating our adjusted EBITDA calculation. For non-GAAP adjusted net income, non-GAAP adjusted net income attributable to common stockholders and non-GAAP adjusted net income per share, basic and diluted, we do not exclude interest expense.
Other income, net: We exclude other income, net from our non-GAAP financial measures because we do not consider it part of our ongoing results of operations.
Income taxes : We exclude the impact related to our provision for income taxes from our adjusted EBITDA calculation. We also exclude the impact related to the adoption of the accounting standard for employee share-based transactions from our provision for income taxes within our non-GAAP adjusted net income, non-GAAP adjusted net income attributable to common stockholders and non-GAAP adjusted net income per share, basic and diluted. We do not consider these tax adjustments to be part of our ongoing results of operations.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by their use of terms and phrases such as “anticipate,” “expect,” “will,” “believe,” “continue,” “enable” and other similar terms and phrases, and such forward-looking statements include, but are not limited to, the statements regarding the Company’s continued enhancements of its platform and new product offerings and the Company’s future financial performance for the second quarter and full-year 2018. The events described in these forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: the Company’s ability to retain service provider partners and residential and commercial subscribers and grow sales, the Company’s ability to manage growth and execute on its business strategies, the effects of increased competition and evolving technologies, the Company’s ability to integrate acquired assets and businesses and to manage service provider partners, customers and employees, consumer demand for interactive security, video monitoring, intelligent automation, energy management and wellness solutions, the reliability of the Company’s network operations centers, the Company’s reliance on its service provider network to attract new customers and retain existing customers, the reliability of the Company’s hardware and wireless network suppliers, future financial prospects, as well as other risks and uncertainties discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2018 and other subsequent filings the Company makes with the Securities and Exchange Commission from time to time. In addition, the forward-looking statements included in this press release represent the Company’s views and expectations as of the date hereof and are based on information currently available to the Company. The Company anticipates that subsequent events and developments may cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.
Investor Relations:
Brinlea Johnson
The Blueshirt Group
[email protected]
Media Relations:
Matthew Zartman
Alarm.com
[email protected]
ALARM.COM HOLDINGS, INC. Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited)
Three Months Ended
March 31, 2018 2017 Revenue: SaaS and license revenue $ 67,988 $ 50,226 Hardware and other revenue 24,768 23,968 Total revenue 92,756 74,194 Cost of revenue: Cost of SaaS and license revenue 10,806 8,092 Cost of hardware and other revenue 17,571 18,543 Total cost of revenue 28,377 26,635 Operating expenses: Sales and marketing 10,822 10,314 General and administrative 16,162 15,375 Research and development 20,377 14,521 Amortization and depreciation 5,025 2,864 52,386 43,074 Operating income 11,993 4,485 Interest expense (672 ) (216 ) Other income, net 396 237 Income before income taxes 11,717 4,506 Provision for income taxes 1,202 543 Net income 10,515 3,963 Income allocated to participating securities (3 ) (2 ) Net income attributable to common stockholders $ 10,512 $ 3,961 Per share information attributable to common stockholders: Net income per share: Basic $ 0.22 $ 0.09 Diluted $ 0.21 $ 0.08 Weighted average common shares outstanding: Basic 47,226,382 46,225,473 Diluted 49,268,255 48,758,774 Stock-based compensation expense included in operating expenses: Three Months Ended
March 31, 2018 2017 Sales and marketing $ 235 $ 113 General and administrative 1,028 569 Research and development 1,406 631 Total stock-based compensation expense $ 2,669 $ 1,313
ALARM.COM HOLDINGS, INC. Consolidated Balance Sheets (in thousands, except share and per share data) (unaudited) March 31,
2018 December 31,
2017 Assets Current assets: Cash and cash equivalents $ 96,798 $ 96,329 Accounts receivable, net 43,634 40,634 Inventory, net 12,890 14,177 Other current assets 20,842 12,796 174,164 163,936 25,228 23,459 Intangible assets, net 90,466 94,286 Goodwill 63,591 63,591 Deferred tax assets 17,285 18,444 Other assets 9,309 7,925 Total assets $ 380,043 $ 371,641 Liabilities and stockholders’ equity Current liabilities: Accounts payable, accrued expenses and other current liabilities $ 26,849 $ 29,084 Accrued compensation 7,211 12,127 Deferred revenue 3,281 3,292 37,341 44,503 Deferred revenue 8,852 9,386 Long-term debt 70,000 71,000 Other liabilities 13,592 13,925 Total liabilities 129,785 138,814 Stockholders’ equity Preferred stock, $0.001 par value, 10,000,000 shares authorized;
no shares issued and outstanding as of March 31, 2018 and December 31, 2017. — — Common stock, $0.01 par value, 300,000,000 shares authorized; 47,301,434 and
47,215,720 shares issued; and 47,291,147 and 47,202,310 shares outstanding
as of March 31, 2018 and December 31, 2017, respectively. 473 472 Additional paid-in capital 324,825 321,032 Accumulated deficit (75,040 ) (88,677 ) Total stockholders’ equity 250,258 232,827 stockholders’ equity $ 380,043 $ 371,641
ALARM.COM HOLDINGS, INC. Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended
March 31, Cash flows from operating activities: 2018 2017 Net income $ 10,515 $ 3,963 Adjustments to reconcile net income to net cash from operating activities: Provision for doubtful accounts 13 128 Reserve for product returns — 554 Amortization on patents and tooling 236 247 Amortization and depreciation 5,025 2,864 Amortization of debt issuance costs 27 23 Deferred income taxes 204 (1,123 ) Undistributed losses from equity investees — (5 ) Stock-based compensation 2,669 1,313 Changes in operating assets and liabilities (net of business acquisitions): Accounts receivable (3,013 ) 1,580 Inventory 1,287 3,553 Other assets (5,563 ) 668 Accounts payable, accrued expenses and other current liabilities (7,001 ) 483 Deferred revenue (545 ) (213 ) Other liabilities (334 ) (1,066 ) Cash flows from operating activities 3,520 12,969 Cash flows used in investing activities: Business acquisitions, net of cash acquired — (154,289 ) Additions to property and equipment (3,047 ) (2,637 ) Issuances of notes receivable — (1,000 ) Cash flows used in investing activities (3,047 ) (157,926 ) Cash flows (used in) / from financing activities: Proceeds from credit facility — 67,000 Repayments of credit facility (1,000 ) — Issuances of common stock from equity based plans 996 473 Cash flows (used in) / from financing activities (4 ) 67,473 Net increase / (decrease) in cash and cash equivalents 469 (77,484 ) Cash and cash equivalents at beginning of the period 96,329 140,634 Cash and cash equivalents at end of the period $ 96,798 $ 63,150
ALARM.COM HOLDINGS, INC. Reconciliation of Non-GAAP Measures (in thousands) (unaudited) Three Months Ended
March 31, 2018 2017 Adjusted EBITDA: Net income $ 10,515 $ 3,963 Adjustments: Interest expense and other income, net 276 (21 ) Provision for income taxes 1,202 543 Amortization and depreciation expense 5,025 2,864 Stock-based compensation expense 2,669 1,313 Acquisition-related expense — 3,648 Litigation expense 3,271 1,793 Total adjustments 12,443 10,140 Adjusted EBITDA $ 22,958 $ 14,103 Adjusted net income: Net income, as reported $ 10,515 $ 3,963 Provision for income taxes 1,202 543 Income before income taxes 11,717 4,506 Adjustments: Less: Other income, net (396 ) (237 ) Amortization expense 3,820 1,493 Stock-based compensation expense 2,669 1,313 Acquisition-related expense — 3,648 Litigation expense 3,271 1,793 Non-GAAP adjusted income before income taxes 21,081 12,516 Income taxes 1 (4,427 ) (4,694 ) Non-GAAP adjusted net income $ 16,654 $ 7,822 1 Income taxes are calculated using a rate of 21.0% and 37.5% for the three months ended March 31, 2018 and 2017, respectively, which represents the effective tax rate excluding the impact of the accounting standard for employee share-based payments (ASU 2016-09). The 21.0% rate for the three months ended March 31, 2018 reflects the estimated long-term corporate tax rate which incorporates the impact of the Tax Cuts and Jobs Act signed into law in December 2017.
ALARM.COM HOLDINGS, INC. Reconciliation of Non-GAAP Measures - continued (in thousands, except share and per share data) (unaudited) Three Months Ended
March 31, 2018 2017 Adjusted net income attributable to common stockholders: Net income attributable to common stockholders, as reported $ 10,512 $ 3,961 Provision for income taxes 1,202 543 Income attributable to common stockholders before income taxes 11,714 4,504 Adjustments: Less: Other income, net (396 ) (237 ) Amortization expense 3,820 1,493 Stock-based compensation expense 2,669 1,313 Acquisition-related expense — 3,648 Litigation expense 3,271 1,793 Non-GAAP adjusted income attributable to common stockholders before income taxes 21,078 12,514 Income taxes 1 (4,426 ) (4,693 ) Non-GAAP adjusted net income attributable to common stockholders $ 16,652 $ 7,821
Three Months Ended
March 31, 2018 2017 Adjusted net income per share: Net income per share - basic, as reported $ 0.22 $ 0.09 Provision for income taxes 0.03 0.01 Income before income taxes 0.25 0.10 Adjustments: Less: Other income, net (0.01 ) (0.01 ) Amortization expense 0.08 0.03 Stock-based compensation expense 0.06 0.03 Acquisition-related expense — 0.08 Litigation expense 0.07 0.04 Non-GAAP adjusted income before income taxes 0.45 0.27 Income taxes 1 (0.10 ) (0.10 ) Non-GAAP adjusted net income per share - basic $ 0.35 $ 0.17 Non-GAAP adjusted net income per share - diluted $ 0.34 $ 0.16 Weighted average common shares outstanding: Basic, as reported 47,226,382 46,225,473 Diluted, as reported 49,268,255 48,758,774 1 Income taxes are calculated using a rate of 21.0% and 37.5% for the three months ended March 31, 2018 and 2017, respectively, which represents the effective tax rate excluding the impact of the accounting standard for employee share-based payments (ASU 2016-09). The 21.0% rate for the three months ended March 31, 2018 reflects the estimated long-term corporate tax rate which incorporates the impact of the Tax Cuts and Jobs Act signed into law in December 2017.
Source:Alarm.com Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-alarm-com-reports-first-quarter-2018-results.html |
May 9 (Reuters) - Enbridge Energy Partners LP:
* ENBRIDGE - REPLACING LINE 3 IN CURRENT ROUTE WOULD REQUIRE SHUTTING DOWN LINE FOR 9 TO 12 MONTHS - NEGATIVELY IMPACTING MINNESOTA’S ENERGY SUPPLY
* ENBRIDGE INC - IF LINE 3 IS SHUT DOWN, REFINERS WILL BE SHORT OF FUEL AND LEFT TO TRANSPORT CRUDE BY RAIL
* ENBRIDGE - FILED ITS EXCEPTIONS TO FINDINGS OF FACT, CONCLUSIONS OF LAW AND RECOMMENDATIONS OF ALJ WITH MINNESOTA PUBLIC UTILITIES COMMISSION
* ENBRIDGE SAYS “EXCEPTIONS FILING REINFORCES EVIDENCE ON NEED AND PREFERRED ROUTE AND WILL HELP INFORM MPUC VOTE ON LINE 3 REPLACEMENT PROJECT IN JUNE 2018” Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-enbridge-replacing-line-3-in-curre/brief-enbridge-replacing-line-3-in-current-route-would-require-shutting-down-line-for-9-to-12-months-idUSFWN1SG1JI |
(Reuters) - The spectre of slower global economic growth presents another threat for Asian currencies, many of which are already under pressure from rising U.S. yields and capital outflows.
A Japan Yen note is seen in this illustration photo taken June 1, 2017. REUTERS/Thomas White/Illustration Recent economic data showing a cooling in Asian exports and in business activity in the United States and Europe, coupled with the risk that trade tensions will further undermine global supply chains, poses a risk to Asian currencies which had held up last year even as the Federal Reserve raised policy rates.
“The strengthening in the global economy since second half of last year has supported Asian currencies and that was one of the reasons why they were largely able to brush off higher U.S. yields last year,” said Khoon Goh, head of Asia research at ANZ Banking Group.
“But with early signs that we could be seeing a peak in growth with March PMI numbers largely disappointing, there is a concern that ‘if the growth start to slowdown, then that is one less supportive factor for Asian currencies’.”
Emerging Asian currencies performance: reut.rs/2rfEyvn
Moreover, unlike last year, when there were bursts of volatility in Treasury yields, this year’s sustained rise in yields could force dollar borrowers to pull money out of emerging markets. That could embolden regional currency bears.
The U.S. 10-year Treasury yield breached the psychological level of 3 percent last month. However, its 20-day volatility is hovering near 8-year lows of 15.86 percent hit in April.
“At the beginning of the year, increased volatility discouraged foreign investment in U.S. bonds, including from Japan, but smoother rises in U.S. yields may attract foreign demand more easily,” said Yujiro Goto, senior FX strategist at Nomura in a note.
Thai baht notes are seen at a Kasikornbank in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha/File Photo “As long as rises in foreign yields are smooth, further upside in dollar-yen and euro-yen is possible.”
The yield spread of Japanese and Thai bonds over U.S. Treasuries narrowed to a 11-year low last week, while Malaysian bond’s spreads are hovering near a 4-1/2 year low hit in March.
Asian bonds yield spreads over U.S.: reut.rs/2I5OtgB
With the Fed being the only major central bank set to raise interest rates in this quarter, most analysts expect further upside in U.S. bond yields.
The dwindling yield premium in emerging markets is already driving foreigners out of Asian bond and equity markets.
Data from seven Asian stock exchanges showed foreign outflows totalled about $3.5 billion in April, extending the year’s tally to $8.2 billion. South Korea, India and Indonesian markets led the outflows last month.
Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo Foreign investments in Asian equities: reut.rs/2rfFrUJ
Wei Liang, FX strategist at Mizuho Bank expects $1 billion worth of foreign outflows from Malaysia, Indonesia and Thailand bond markets for every 10 basis point increase in U.S. 10-year Treasury yields, based on his regression analysis.
Foreign flows into Asian bonds: reut.rs/2I1R1N1
Rising crude oil prices are a risk for currencies of the two net oil importers, India and Indonesia, which also have among the highest current account deficits in the region.
ANZ’s Goh expects a varied performance for regional currencies for the rest of the year.
He favors the Singapore dollar due to the central bank’s recent tightening and the Thai baht for its higher current account surplus.
“Those with deteriorating external imbalances, like India in particular, will continue to underperform,” Goh said.
Asia exports: reut.rs/2JNrK6c
Reporting by Patturaja Murugaboopathy and Gaurav Dogra; Editing by Vidya Ranganathan & Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-asia-currencies-graphic/slowing-growth-is-another-headwind-for-asian-currencies-idUSKBN1I40L0 |
CALGARY, Alberta, May 07, 2018 (GLOBE NEWSWIRE) -- Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or “the Company”) is pleased to report its financial and operating results for the three months ended March 31, 2018. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR ( www.sedar.com ) and will be available on Pulse’s website at www.pulseseismic.com .
HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2018
Total revenue, comprised exclusively of data library sales in both periods, was $2.3 million for the three months ended March 31, 2018 compared to $2.7 million for the three months ended March 31, 2017; The net loss was $696,000 or $0.01 per share compared to a net loss of $2.5 million or $0.04 per share in the first quarter of 2017; Cash EBITDA was $934,000 or $0.02 per share compared to $1.3 million or $0.02 per share for the comparable period in 2017; Shareholder free cash flow was $880,000 or $0.02 per share compared to $1.3 million or $0.02 per share in the first quarter of 2017; In the three-month period ended March 31, 2018 Pulse purchased and cancelled, through its normal course issuer bid, a total of 169,900 common shares at a total cost of approximately $534,000 (average cost of $3.15 per common share including commissions); and
At March 31, 2018 Pulse was debt-free and had cash of $18.2 million. The $30.0 million revolving credit facility is undrawn and fully available to the Company.
SELECTED FINANCIAL AND OPERATING INFORMATION Three months ended March 31, Year ended (thousands of dollars except per share data, 2018 2017 December 31, numbers of shares and kilometres of seismic data) (unaudited) 2017 Revenue – Data library sales 2,328 2,719 43,525 Amortization of seismic data library 1,878 4,635 15,870 Net earnings (loss) (696 ) (2,502 ) 15,087 Per share basic and diluted (0.01 ) (0.04 ) 0.27 Cash provided by (used in) operating activities (8,592 ) 3,298 38,755 Per share basic and diluted (0.16 ) 0.06 0.70 Cash EBITDA (a) 934 1,330 37,070 Per share basic and diluted (a) 0.02 0.02 0.67 Shareholder free cash flow (a) 880 1,254 29,729 Per share basic and diluted (a) 0.02 0.02 0.54
Capital expenditures Seismic data purchase, digitization and related costs 62 65 1,575 Property and equipment 2 27 48 Total capital expenditures 64 92 1,623 Special dividend - - 10,915
Weighted average shares outstanding Basic and diluted 53,887,280 55,743,767 55,135,035 Shares outstanding at period-end 53,850,917 55,337,560 54,020,817
Seismic library 2D in kilometres 450,000 447,000 447,000 3D in square kilometres 28,956 28,647 28,956 FINANCIAL POSITION AND RATIO March 31,
March 31, December 31, (thousands of dollars except ratio) 2018 2017 2017 Working capital 22,216 10,427 22,486 Working capital ratio 13.5:1
11.1:1 3.1:1 Cash and cash equivalents 18,232 7,647 27,422 Total assets 41,218 39,873 51,693 Shareholders’ equity 36,656 34,843 37,810 (a) The Company’s continuous disclosure documents provide discussion and analysis of “cash EBITDA”, “cash EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of cash EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization less participation survey revenue, plus any non-cash and non-recurring expenses. Cash EBITDA excludes participation survey revenue as these funds are directly used to fund specific participation surveys and this revenue is not available for discretionary capital expenditures. The Company believes cash EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to participation survey revenue and non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. Cash EBITDA per share is defined as cash EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from cash EBITDA. Non-discretionary expenditures are defined as debt financing costs (net of deferred financing expenses amortized in the current period) and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management's Discussion and Analysis.
OUTLOOK
Pulse started the year with slightly lower quarterly sales than in 2017, and looks ahead cautiously to the rest of the year. Visibility as to Pulse’s traditional sales remains poor and transaction-based sales are innately unpredictable.
At present, traditional industry indicators are somewhat contradictory. Among these are:
Crude oil prices have strengthened, with benchmark West Texas Intermediate closing at US$69.19 per bbl on April 18, the highest price since the steep decline of world crude oil prices in late 2014; The average Canada-U.S. oil price differential is higher than in 2017 and is forecast to remain relatively high, which reduces revenue for Canadian producers; Alberta natural gas prices, despite a long and cold winter, remain extremely low, with the AECO benchmark barely breaking $2 per gigajoule during March and closing at only $1.36 per gigajoule on April 17, according to GasAlberta Inc. data; Amidst continuing growth in production and an active U.S. drilling count that exceeded 1,000 rigs in early April, according to Baker Hughes, U.S. natural gas prices also remain low. Following several spikes earlier in the winter, the benchmark Henry Hub price has been typically in the range of US$2.50-US$2.90 per million Btu over the past two months, according to EIA data; Withdrawals from U.S. natural gas storage set near-record volumes in winter 2017-2018, according to the Energy Information Administration, with net withdrawals continuing into April, resulting in very low storage levels; U.S. exports of liquefied natural gas (LNG) remain on an upward track, with the country’s second major LNG export facility recently commencing commercial operations; Mineral lease auctions or “land sales” in Western Canada to date in 2018 are down slightly from the comparable period of 2017 but remain much stronger than in 2016 and 2015; Capital spending in Western Canada’s energy-producing sector, forecast as of early February at $29.01 billion for 2018, according to the Daily Oil Bulletin database, is moderately positive; Expectations remain within the industry for significant and potentially greater merger-and-acquisition activity, which could trigger transaction-based seismic data library sales, but activity to date in 2018 remains inconclusive; The Canadian Association of Oilwell Drilling Contractors’ drilling forecast for 2018 remains unchanged at 6,138 wells, up slightly from 2017. To date in 2018, rig utilization and total drilling days are roughly comparable to 2017; and The Petroleum Services Association of Canada is forecasting 7,400 wells across Canada this year, up from 7,100 last year.
Not surprisingly given these inconclusive indicators, full recovery from an extremely difficult, three-year-long downturn is proving a major struggle for Western Canada’s oil and gas producing sector. Although activity is picking up, the industry has not benefited from the virtually across-the-board strengths driving U.S. industry activity. Pulse anticipates this slower recovery will continue.
Further barriers to accelerated field activity are ongoing takeaway pipeline constraints, weak intra-Alberta gas demand, strong productivity from newly drilled wells in the Montney, Duvernay, Deep Basin and other unconventional plays, fluctuating gas exports to the U.S., and Canada’s failure to move forward with large LNG export projects. These are significant handicaps for a gas-focused supply basin.
Government policies at all levels in Canada remain, on balance, less supportive of oil and gas industry capital investment than in the past (or in the U.S. at present). The intensifying nationwide controversy over the politically-driven holdup of the National Energy Board-approved expansion of the Trans-Mountain Pipeline from Alberta to tidewater in Burnaby, B.C., is an example.
Fortunately, Pulse’s business has been grown, enlarged and fine-tuned to be resilient against industry volatility and negative market forces. The Company’s strong balance sheet, with effectively zero cash financing costs, its low cash operating costs and the absence of other spending commitments make Pulse cash-flow positive at annual revenue of just $6 million. Pulse’s lowest annual sales in the depths of the energy industry’s downturn were $14.3 million. Even with weaker first-quarter sales, Pulse generated positive cash EBITDA and shareholder free cash flow.
For 2018, Pulse is cautious about its expectations for traditional sales. Large or small transaction-based sales can occur at any time, creating potential upside to Pulse’s quarterly and annual revenues. The strength or weakness of transaction-based sales will determine whether 2018 financial results exceed or underperform 2017.
CORPORATE PROFILE
Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the second-largest licensable seismic data library in Canada, currently consisting of approximately 28,956 square kilometres of 3D seismic and 450,000 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada’s oil and natural gas exploration and development occur.
For further information, please contact:
Neal Coleman , President and CEO
Or
Pamela Wicks , Vice President Finance and CFO
Tel.: 403-237-5559
Toll-free: 1-877-460-5559
E-mail: [email protected] .
Please visit our website at www.pulseseismic.com .
This document contains information that constitutes “forward-looking information” or “ ” (collectively, “forward-looking information”) within the meaning of applicable securities legislation.
The Outlook section contains forward-looking information which includes, among other things, statements regarding:
Pulse looks ahead cautiously to the rest of the year; For 2018, Pulse anticipates continuing moderate recovery in its traditional sales, providing a reasonable revenue base for the year; Pulse’s capital allocation strategy; Pulse’s dividend policy; Oil and natural gas prices; Oil and natural gas drilling activity and land sales activity; Oil and natural gas company capital budgets; Future demand for seismic data; Future seismic data sales; Future demand for participation surveys; Pulse’s business and growth strategy; and Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance.
Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to vary and in some instances to differ materially from those anticipated in the forward-looking information. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue.
The material risk factors include, without limitation:
Oil and natural gas prices; The demand for seismic data and participation surveys; The pricing of data library license sales; Relicensing (change-of-control) fees and partner copy sales; Cybersecurity; The level of pre-funding of participation surveys, and the Company’s ability to make subsequent data library sales from such participation surveys; The Company’s ability to complete participation surveys on time and within budget; Environmental, health and safety risks; Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection and safety; Competition; Dependence on qualified seismic field contractors; Dependence on key management, operations and marketing personnel; The loss of seismic data; Protection of intellectual property rights; The introduction of new products; and Climate change.
The foregoing list is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” of the Company’s MD&A for the year ended December 31, 2017. Forward-looking information is based on the assumptions, expectations, estimates and opinions of the Company’s management at the time the information is presented.
Source: Pulse Seismic Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-pulse-seismic-inc-reports-q1-2018-results.html |
Wall St drops as healthcare slides, oil climbs Monday, April 30, 2018 - 01:12
Wall Street fell on Monday as healthcare stocks slid and rising oil prices and a looming deadline for exemptions to U.S. steel and aluminum tariffs weighed on investor sentiment. Fred Katayama reports. ▲ Hide Transcript ▶ View Transcript
Wall Street fell on Monday as healthcare stocks slid and rising oil prices and a looming deadline for exemptions to U.S. steel and aluminum tariffs weighed on investor sentiment. Fred Katayama reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KqFCEE | ashraq/financial-news-articles | https://www.reuters.com/video/2018/04/30/wall-st-drops-as-healthcare-slides-oil-c?videoId=422736018 |
May 24 (Reuters) - Twitter Inc:
* TWITTER - LAUNCHING POLITICAL CAMPAIGNING POLICY IN U.S. FOR POLITICAL CONTENT, TO PROVIDE INSIGHT WHO IS ADVERTISING POLITICAL CONTENT
* TWITTER - UNDER NEW POLICY, WILL REQUIRE ADVERTISERS WANTING TO RUN POLITICAL ADS FOR ELECTIONS TO CERTIFY THEY ARE LOCATED IN U.S. CANDIDATES
* TWITTER SAYS WILL NOT ALLOW FOREIGN NATIONALS TO TARGET POLITICAL ADS TO PEOPLE WHO ARE IDENTIFIED AS BEING IN U.S. - BLOG
* TWITTER - UNDER NEW POLICY, REQUIRE COMMITTEES TO PROVIDE FEC ID, NON-FEC REGISTERED ORGANIZATIONS, INDIVIDUALS WILL HAVE TO SUBMIT NOTARIZED FORM
* TWITTER - ENFORCEMENT OF THE POLICY WILL BEGIN LATER THIS SUMMER, AFTER WHICH ONLY CERTIFIED ADVERTISERS WILL BE ALLOWED TO RUN POLITICAL CAMPAIGNING ADS
* TWITTER - UNDER NEW POLITICAL CAMPAIGNING POLICY , WILL BE INCLUDING VISUAL BADGE, DISCLAIMER ON PROMOTED CONTENT FROM CERTIFIED ACCOUNTS IN NEAR FUTURE
* TWITTER - HANDLES USED FOR POLITICAL CAMPAIGNING SHOULD HAVE PROFILE PHOTO, HEADER PHOTO, WEBSITE WHICH MUST BE CONSISTENT WITH ITS ONLINE PRESENCE
* TWITTER - HANDLES USED FOR POLITICAL CAMPAIGNING SHOULD ALSO HAVE A TWITTER BIO MUST INCLUDE A WEBSITE THAT PROVIDES VALID CONTACT INFORMATION Source text : ( bit.ly/2IIsJod ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-twitter-launches-new-political-cam/brief-twitter-launches-new-political-campaigning-policy-in-u-s-idUSFWN1SV0Z1 |
BRUSSELS (Reuters) - Britain would develop its own separate satellite navigation system if it lost access to the Galileo project, the European Union’s version of GPS, Britain’s finance minister said on Friday.
Britain told the European Union on Thursday it will demand the repayment of up to 1 billion pounds ($1.34 billion) if the bloc restricts its access to Galileo.
“The plan has always been to work as a core member of the Galileo project, contributing financially and technically to the project. If that proves impossible then Britain will have to go it alone, possibly with other partners outside Europe and the U.S., to build a third competing system,” Philip Hammond told reporters before a meeting of EU finance ministers in Brussels.
“For national security strategic reasons we need access to a system and we’ll ensure that we get it,” he added.
He said Britain was aware of the short time available for talks on its departure from the European Union and was working on “all sorts of options” to maintain the open border between Northern Ireland and Ireland after it leaves.
“We are very conscious of the ticking clock and the need to make significant progress for the June European Council”, Hammond said, adding that a comment from a senior EU official on “fantasy” Brexit gambits were not “particularly helpful”.
(The story is refiled to remove extraneous word in first paragraph.)
Britain's Chancellor of the Exchequer Philip Hammond attends a meeting of regional leaders of the financial and professional services in Halifax, Britain, May 17, 2018. REUTERS/Craig Brough/File Photo Reporting by Francesco Guarascio, editing by Philip Blenkinsop
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-hammond/britain-very-conscious-of-ticking-brexit-clock-its-finance-minister-says-idUSKCN1IQ0LV |
2018 voters to rely on vulnerable ballot machines 3:45pm IST - 02:03
Many voters in this year's midterm elections will rely on old voting machines that cannot fully be checked for hacking or manipulation, raising concerns not just of meddling but of a collapse in voter confidence.
Many voters in this year's midterm elections will rely on old voting machines that cannot fully be checked for hacking or manipulation, raising concerns not just of meddling but of a collapse in voter confidence. //reut.rs/2H6oIse | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/31/2018-voters-to-rely-on-vulnerable-ballot?videoId=431889480 |
May 15, 2018 / 10:42 PM / Updated an hour ago Israel's Netta Barzilai wins Eurovision Song Contest Andrei Khalip 3 Min Read
LISBON (Reuters) - Israel’s Netta Barzilai won the Eurovision Song Contest in Lisbon on Saturday, bringing Israel its fourth victory in the glitzy pageant, watched by over 200 million people around the world, and the right to host the event next year.
“Next time in Jerusalem!” Barzilai, a smiling 25-year-old live looping artist shouted after being named the winner. “I’m so happy! Thank you for accepting differences between us. Thank you for celebrating diversity!”
Wearing a Japanese-style kimono and geisha hairdo, she won with a lively dance mix, singing “I’m Not Your Toy” that has a women’s empowerment twist, beating Cypriot entry Eleni Foureira with her fiery Latin pop song “Fuego”.
“I believe that authenticity passes through,” said Barzilai, who has previously described the message of her song as being about female power and justice, but with a happy, colourful vibe. Her instantly recognisable song began with Barzilai mimicking chicken clucking sounds to loud cheers from fans.
She normally uses a voice looping machine during her live shows, but not in the Eurovision contest where her backing vocalists produced a similar effect.
The Saturday night show had been briefly marred by a protester with a backpack who ran onto the stage and grabbed the microphone from British contestant SuRie. She quickly recomposed and continued to sing her song Storm a few moments later.
The man was arrested by police, said organizers, lamenting the incident.
Cyprus and Israel had been the bookmakers’ favourites going into the 63rd edition of the Eurovision contest, which was hosted in the Portuguese capital.
Israel made its debut in the contest in 1971 and had previously won in 1978, 1979 and 1998.
Other hopefuls with a social message included French duo Madame Monsieur, clad in black, with their song “Mercy”, inspired by the story of a Nigerian refugee who gave birth to a baby girl aboard a boat that rescued her and hundreds of other refugees trying to cross to Europe. The baby’s name is Mercy.
Lisbon hosted Eurovision for the first time this year after Portugal’s Salvador Sobral won last year’s contest in Ukraine.
The event was broadcast from the 20,000-capacity Altice Arena and projected simultaneously on giant screens on the city’s main Commerce Square overlooking the Tagus river, where thousands of music lovers from all over the world partied and cheered for their countries.
Tens of thousands of visitors further boosted the record tourist numbers in the city, where pop star Madonna fixed her residence last year. Lodging bookings had jumped by up to 80 percent in Eurovision week and officials expected the event publicity to lure more foreigners. Israel's Netta reacts as she wins the Grand Final of Eurovision Song Contest 2018 at the Altice Arena hall in Lisbon, Portugal, May 12, 2018. REUTERS/Pedro Nunes Reporting by Andrei Khalip; Editing by Marguerita Choy and Alistair Bell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-music-eurovision/israels-netta-barzilai-wins-eurovision-song-contest-idUKKCN1IG3F5 |
Argentines brace for crisis as nation again seeks IMF help 8:18am EDT - 01:49
Soaring interest rates and a plunging currency have left many Argentines bracing for an economic crisis. As Ciara Lee reports, it comes just weeks after a sombre President Macri announced in a televised speech that Argentina would start talks with the IMF for a credit line worth at least $19.7 billion.
Soaring interest rates and a plunging currency have left many Argentines bracing for an economic crisis. As Ciara Lee reports, it comes just weeks after a sombre President Macri announced in a televised speech that Argentina would start talks with the IMF for a credit line worth at least $19.7 billion. //reut.rs/2IK1wW7 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/25/argentines-brace-for-crisis-as-nation-ag?videoId=430189191 |
May 3 (Reuters) - BERENTZEN GRUPPE AG:
* DGAP-NEWS: ANNUAL GENERAL MEETING OF BERENTZEN-GRUPPE AKTIENGESELLSCHAFT: UWE BERGHEIM NEW CHAIRMAN OF THE SUPERVISORY BOARD
* CHAIRMAN OF SUPERVISORY BOARD GERT PURKERT STEPPED DOWN FROM BOARD WITH EFFECT FROM END OF MEETING Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-berentzen-gruppe-appoints-uwe-berg/brief-berentzen-gruppe-appoints-uwe-bergheim-as-new-chairman-of-supervisory-board-idUSASO000482 |
HOUSTON, May 9, 2018 /PRNewswire/ -- Vanguard Natural Resources, Inc. (OTCQX: VNRR) ("Vanguard," "VNRR," or the "Company") today reported financial results for the quarter ended March 31, 2018, and other operational results.
Key Highlights
Executed four purchase and sales agreements for more than $60.0 million in aggregate gross proceeds Reported production volumes of 368 million cubic feet equivalent (MMcfe) per day, at the high-end of first quarter guidance Participated in drilling and completion of two new Pinedale horizontal wells with four more horizontal wells being drilled at quarter end Lease operating expenses were $31.0 million, below first quarter guidance Updated second quarter and full-year 2018 operational and financial guidance for the year, with an updated 2018 capital budget of approximately $140.0 million to $145.0 million Lower end of full year production guidance increased despite incorporating the impact of the recently announced divestments and reduced capital budget Remain significantly hedged for the balance of 2018 and through 2020 with the balance of 2018 production hedged 71%, 85% and 43% for natural gas, oil and NGLs, respectively, at the mid-point of announced guidance
Mr. R. Scott Sloan, President and CEO, commented, "We have taken several steps forward in achieving our long-term strategy to realign the portfolio, lower debt and maintain liquidity. We signed multiple purchase and sales agreements for proceeds of over $60.0 million, and we are continuing to evaluate non-core assets for accretive divestments. These assets are not core to our growth strategy, and we will be able to use these proceeds to decrease our leverage and improve our financial positioning. I'm pleased with the strategic changes we're making to turn Vanguard into a competitive E&P company focused on organic growth and financial discipline. We continue to actively pursue ways to optimize the portfolio and achieving these recent milestones is an affirmation that we're headed down the road for future success."
"I'm also excited to see our volumes in the Pinedale field start to ramp up. An operator of our Pinedale position is turning what was once a conventional vertical play into an unconventional horizontal gas play with very attractive economics. I'm also extremely proud of the success our team achieved during the quarter on our operated assets. They continue to execute our business plan by operating efficiently and effectively," concluded Mr. Sloan.
First Quarter 2018 Highlights:
Reported average production of 368 MMcfe per day in the first quarter of 2018 represents a 2% increase compared to 362 MMcfe per day for the fourth quarter of 2017. When adjusting fourth quarter 2017 volumes for the Williston asset sale, which was completed in December 2017, production volumes for the first quarter of 2018 increased 3% from the fourth quarter of 2017. The production increase was primarily attributable to new well completions in the Pinedale field of the Green River Basin, along with the resolution of production curtailments we had experienced at the end of 2017. On a Mcfe basis, crude oil, natural gas, and NGLs accounted for 15%, 71% and 14%, respectively, of our first quarter 2018 production.
Lease operating expenses ("LOE") of $31.0 million during the first quarter of 2018 ($0.94 per Mcfe) decreased 10% compared to the $34.5 million in the fourth quarter of 2017 ($1.04 per Mcfe). When adjusted for the Williston asset sale, pro forma LOE decreased 3% from the fourth quarter of 2017 which is primarily attributable to lower workover costs in the first quarter.
Transportation and gathering expenses related to certain of our natural gas and NGLs contracts were $11.5 million during the first quarter of 2018 ($0.35 per Mcfe) and are marginally higher as compared to $11.2 million in the fourth quarter of 2017 ($0.34 per Mcfe). However, on a per unit basis, these costs remained virtually unchanged quarter-over-quarter.
Selling, general and administrative expenses ("SG&A") were $12.7 million during the first quarter of 2018 ($0.38 per Mcfe). Excluding non-cash compensation of $0.5 million and severance costs of approximately $2.3 million, SG&A was $9.9 million for the first quarter of 2018, a decrease of 5% compared to the $10.4 million reported in the fourth quarter of 2017 ($0.31 per Mcfe). The fourth quarter 2017 SG&A also excludes non-cash compensation and non-recurring adjustments of approximately $4.8 million.
Depreciation, depletion and amortization expenses ("DD&A") were $40.0 million in the first quarter of 2018 ($1.21 per Mcfe), representing a decrease of 8% from $43.7 million in the fourth quarter of 2017 ($1.31 per Mcfe). The reported DD&A decreased primarily due to impairment charges and the sale of properties in the Williston Basin in the fourth quarter of 2017, both of which reduced our depletable base for the current period.
We reported a net loss attributable to Common Stockholders for the first quarter of 2018 of $32.7 million. This compares to a net loss attributable to Common Stockholders of $74.1 million in the fourth quarter of 2017. The decrease in the Company's reported net loss for the first quarter of 2018 is primarily attributable to lower impairment expenses reported during the period. Lower operating costs and SG&A expenses also contributed to the improvement in net earnings as compared to the fourth quarter of 2017.
Adjusted Net Loss Attributable to Common Stockholders (a non-GAAP financial measure defined below) was $4.7 million in the first quarter of 2018. This compares to Adjusted Net Loss of $9.7 million in the fourth quarter of 2017. The Adjusted Net Loss for the first quarter of 2018 included adjustments for net non-cash expenses of $23.9 million primarily comprised of a $14.6 million impairment charge on our oil and natural gas properties and a $9.3 million loss from the change in fair value of commodity derivative contracts. The Adjusted Net Loss for the fourth quarter of 2017 results included adjustments for net non-cash expenses of $52.7 million primarily comprised of a $47.6 million impairment charge on our oil and natural gas properties, a $4.5 million gain on divestiture of oil and natural gas properties and a $9.5 million loss from the change in fair value of commodity derivative contracts.
Adjusted EBITDA (a non-GAAP financial measure defined below) was $52.0 million in the first quarter of 2018 and represents a 7% increase as compared to the fourth quarter of 2017. The increase as compared to the fourth quarter of 2017 is attributable primarily to a decrease in LOE and SG&A.
Capital expenditures for the first quarter of 2018 were $42.1 million, up from $39.2 million in the fourth quarter of 2017. Drilling and development in the Pinedale field, located in the Green River Basin, and the Mamm Creek field in the Piceance Basin, accounted for approximately 86% of the Company's total capital costs for the period. In Pinedale, we participated as a non-operated partner in the drilling and completion of two horizontal and 49 vertical natural gas wells, and in Mamm Creek, we accelerated our infill development drilling program that we are continuing to focus on in 2018.
"We started off 2018 on the right track by delivering first quarter results that either met or exceeded our initial guidance for the period and is a testament to our assets and dedicated employees. Steady production volumes and cost control helped drive our Adjusted EBITDA to approximately $52.0 million in the first quarter. Although there is a component of seasonality to our LOE, we expect to have continued success on structural cost-control measures over the course of 2018," stated Ryan Midgett, Chief Financial Officer.
Selected Financial Information
A summary of selected financial information follows (in thousands, except for production data):
(Unaudited)
Successor
Successor
Predecessor
Three Months
Three Months
Three Months
Ended
Ended
Ended
March 31, 2018
December 31, 2017
March 31, 2017
Production (Mcfe/day)
367,568
362,011
384,870
Oil, natural gas and natural gas liquids sales
$
123,275
$
125,818
$
118,756
Net gains (losses) on commodity derivative contracts
$
(18,585)
$
(23,505)
$
7
Operating expenses (1)
$
40,776
$
41,937
$
48,546
Selling, general and administrative expenses
$
12,736
$
15,367
$
10,295
Net Loss Attributable to Vanguard Common Stockholders/Unitholders
$
(32,684)
$
(74,113)
$
(11,155)
Adjusted Net Income (Loss) Attributable to Vanguard Common Stockholders/Unitholders (2)
$
(4,679)
$
(9,681)
$
15,466
Adjusted EBITDA attributable to Vanguard Common Stockholders/Unitholders (2)
$
51,981
$
48,765
$
62,134
Total Debt (as of March 31, 2018 and 2017, and December 31, 2017, respectively)
$
926,144
$
911,976
$
1,770,053
Interest expense, including settlements paid on interest rate derivative contracts
$
14,753
$
14,589
$
16,535
Capital expenditures
$
42,073
$
39,201
$
13,645
Net cash provided by operating activities
$
36,249
$
24,054
$
51,174
(1)
Includes lease operating expenses and production and other taxes.
(2)
Non-GAAP financial measures. Please see Adjusted Net Income Attributable to Common Stockholders/Unitholders and Adjusted EBITDA attributable to Vanguard Stockholders/Unitholders tables at the end of this press release for a reconciliation of these measures to their nearest comparable GAAP measure.
Average Prices and Production Volumes
Three Months Ended
March 31,
Percentage
Increase /
Three Months
Ended
December 31,
Percentage
Increase /
2018 (a)
2017 (b)
(Decrease)
2017 (a)(b)
(Decrease)
Average realized prices, excluding hedges:
Oil (Price/Bbl)
$
55.30
$
45.01
23
%
$
50.65
9
%
Natural Gas (Price/Mcf)
$
2.36
$
2.43
(3)
%
$
2.48
(5)
%
NGLs (Price/Bbl)
$
27.91
$
19.88
40
%
$
28.92
(3)
%
Average realized prices, including hedges (c) :
Oil (Price/Bbl)
$
41.66
$
45.02
(7)
%
$
41.33
1
%
Natural Gas (Price/Mcf)
$
2.63
$
2.43
8
%
$
2.61
1
%
NGLs (Price/Bbl)
$
22.78
$
19.88
15
%
$
23.08
(1)
%
Average NYMEX prices:
Oil (Price/Bbl)
$
62.89
$
51.87
21
%
$
55.31
14
%
Natural Gas (Price/Mcf)
$
2.98
$
3.30
(10)
%
$
2.93
2
%
Total production volumes:
Oil (MBbls)
834
992
(16)
%
893
(7)
%
Natural Gas (MMcf)
23,371
23,659
(1)
%
23,097
1
%
NGLs (MBbls)
785
838
(6)
%
808
(3)
%
Combined (MMcfe)
33,081
34,638
(4)
%
33,305
(1)
%
Average daily production volumes:
Oil (Bbls/day)
9,266
11,017
(16)
%
9,711
(5)
%
Natural Gas (Mcf/day)
259,674
262,881
(1)
%
251,059
3
%
NGLs (Bbls/day)
8,717
9,314
(6)
%
8,781
(1)
%
Combined (Mcfe/day)
367,568
384,870
(4)
%
362,011
2
%
(a)
In accordance with the adoption of ASC Topic 606, the average realized natural gas and NGLs prices for the three months ended March 31, 2018 and the three months ended December 31, 2017 exclude gathering, transportation, and processing fees of $11.5 million related to certain of our natural gas and NGLs marketing and processing agreements that were reclassified and presented as Transportation, gathering, processing, and compression expense in our condensed consolidated statements of operations. As such, our average realized prices are not comparable with the prior periods. If our natural gas and NGLs revenues are shown net of these fees, the average realized natural gas price and average NGLs price excluding hedges would be $2.00 and $24.13, respectively, for the three months ended March 31, 2018, and $2.12 per Mcf and $25.26 per Bbl, respectively, for the three months ended December 31, 2017.
(b)
During 2017, we divested certain oil and natural gas properties and related assets. As such, there are no operating results from these properties included in our operating results from the closing date of the divestitures forward.
(c)
Excludes the premiums paid, whether at inception or deferred, for derivative contracts that settled during the period and the fair value of derivative contracts acquired as part of prior period business combinations that apply to contracts settled during the period.
Asset Divestiture Update
Since the end of the first quarter, the Company has executed four purchase and sale agreements ("PSA") for the divestments of certain of our properties in the Permian Basin, Green River Basin, and Mississippi. Collectively, these divestment properties have current production of approximately 17 MMcfe per day. Aggregate gross proceeds are more than $60.0 million and the transactions are expected to close in mid-2018.
Upon closing, proceeds from the four divestments are intended to be used to pay down outstanding debt on the Company's revolving credit facility and, furthermore, these divestments are expected to be accretive to liquidity.
The Company continues to actively market and evaluate additional assets for accretive divestment options, including certain assets in the Midcontinent and the Gulf Coast areas. The sales of these properties are anticipated to further reduce debt under the Company's revolving credit facility and sharpen the focus of the asset base by optimizing the portfolio.
"We're taking the right steps to holistically look at our portfolio and determine the right mix of assets while protecting the balance sheet. Our guiding principle during this ongoing process is to improve our operational focus and the strength of our balance sheet while enhancing the long-term value of the Company. By doing so, I believe we will position the Company to be a successful exploration and production company with competitive organic growth opportunities," remarked Mr. Sloan.
Operational Update
The Company continues to invest in key assets and evaluate future potential in new resources, primarily in the Pinedale field of the Green River Basin, the Piceance Basin, and the Arkoma Basin.
In the Pinedale field, production increased 8% to approximately 117 MMcfe per day in the first quarter of 2018 from approximately 109 MMcfe per day in the fourth quarter of 2017. The production increase is attributable to new horizontal and vertical wells placed online during the quarter. The production from two horizontal wells are exceeding the Company's budget case assumptions. The operator of the horizontal wells, Ultra Petroleum Corporation, expects to drill 15 to 20 additional horizontal wells throughout the year as they continue to test and delineate the play. To date the six horizontal wells the Company has participated in have an average working interest of approximately 12%.
In the first quarter of 2018, the Arkoma Woodford area produced approximately 30 MMcfe per day. Vanguard participated in the drilling of two wells operated by BP America, Inc. ("BP") and we expect these to be completed during the second quarter. Later in 2018 the Company will participate in seven additional wells which Newfield Exploration Company ("Newfield") will operate. Lease operating expenses continue to remain low in the area as the Company reported $0.60 per Mcfe, sustaining cash flow for the Company.
The Piceance assets produced approximately 71 MMcfe per day for the first quarter of 2018. We have drilled 14 vertical gas wells and we are in the process of completing them. We expect to have all of these wells in production by early third quarter.
Capital Expenditures Update
Our 2018 capital budget has been revised to approximately $140.0 million to $145.0 million, down from our initial 2018 guidance of $160.0 million. This is primarily due to a shift in drilling activity in the Green River Basin at the Pinedale Field where we expect to spend between $70.0 million and $80.0 million, down from our previously estimated $90.0 million to $95.0 million. In the Piceance Basin, our operated drilling and completion program is continuing as planned at the Mamm Creek Field where we expect to spend between $10.0 million and $15.0 million during the remainder of 2018. In the Arkoma Basin, we are on track to spend approximately $20.0 million of our total 2018 capital budget where we will be participating as a non-operated partner with Newfield and BP in a one rig program. The remaining drilling and completion capital will be spent on additional drilling, completion and production uplift projects in the Permian, Big Horn, and Powder River Basins.
Revised 2018 Guidance
New guidance is being issued for the second quarter and full year of 2018 to reflect the updated investment allocation and to incorporate the operational and financial results of the first quarter. Production is now estimated to be in the range of 360 MMcfe per day to 370 MMcfe per day and 360 MMcfe per day to 380 MMcfe per day for the second quarter and full year of 2018, respectively.
"Overall, our revised 2018 guidance considers both $60.0 million in divestments closing in July of 2018 and a decrease of over $15.0 million in forecasted capital spend for the year with minimal impact to our previously announced production guidance. This is clearly a testament to the high rate of return from drilling in the Pinedale and the performance of our other assets," commented Mr. Midgett.
The following table sets forth the Company's revised guidance for 2018 which is based on certain estimates being used by the Company to model its anticipated results of operations for the 2018 fiscal year. These estimates include the recently announced divestments in the Permian Basin, Green River Basin, and Mississippi, assuming a close date in July of 2018. No additional acquisitions or divestitures of oil or natural gas properties or changes in the Company's current capital structure are assumed.
Q2 2018E
FY 2018E
Net Production:
Oil (Bbls/day)
8,600
-
9,000
8,600
-
9,000
Natural gas (Mcf/day)
258,600
-
263,800
257,400
-
272,600
NGLs (Bbls/day)
8,300
-
8,700
8,500
-
8,900
Combined (Mcfe/day)
360,000
-
370,000
360,000
-
380,000
Costs ($ in thousands):
Lease operating expenses
$
35,000
-
$
38,000
$
128,000
-
$
136,000
Production taxes (% of revenue)
9
%
-
10
%
9
%
-
10
%
G&A expenses (1)
$
8,500
-
$
10,500
$
38,000
-
$
43,000
Interest expense
$
15,000
-
$
16,000
$
58,000
-
$
62,000
Capital expenditures
$
28,000
-
$
34,000
$
140,000
-
$
145,000
Average NYMEX Differentials (2) :
Oil ($/Bbl)
$
(9.00)
-
$
(11.00)
$
(8.00)
-
$
(10.00)
Natural gas ($/MMBtu)
$
(1.10)
-
$
(1.30)
$
(1.00)
-
$
(1.25)
NGLs realization of crude oil price (%) (3)
37
%
-
42
%
37
%
-
42
%
(1)
Includes post-emergence restructuring related costs of $2.3 million for the balance of 2018.
(2)
Includes impact of transportation and gathering costs that may be classified as operating expenses under ASC Topic 606. In Q1 2018, transportation and gathering expenses related to certain of our natural gas and NGLs contracts were $11.5 million.
(3)
Assumes a weighted average product breakout of approximately 16% ethane, 38% propane, 11% isobutane, 14% n-butane and 21% pentane.
Liquidity Update
As of March 31, 2018, we have $715.0 million of outstanding borrowings and $109.8 million of borrowing capacity under the reserve-based credit facility after reflecting a $0.2 million reduction in availability for letters of credit. We also had approximately $9.0 million in available cash.
Ryan Midgett, Chief Financial Officer, commented, "Rightsizing the balance sheet is the primary focus for 2018, and our ongoing divestment strategy will help the Company pay down debt, improve liquidity and position the Company for future success. We have begun working with our banking group as the August redetermination is now in our sights. Of utmost importance is making sure the Company has the financial flexibility to execute on its strategy to focus the portfolio and grow its core assets. We are actively making strides towards executing these goals, and are taking a proactive and early approach to work with our lenders to improve our financial position over the next twelve to eighteen months."
Hedging Activities
The Company has implemented a hedging program for its crude oil and natural gas production through 2021, and NGLs production through 2019. Currently, we use fixed-price swaps and collars to hedge oil, natural gas and NGLs prices. The Company believes its hedging program will provide substantial near-term cash flow visibility regardless of the volatility in commodity prices as management and the board of directors explore options for maximizing stockholder value.
Commodity derivative contracts in place as of March 31, 2018 are as follows:
April -
December
2018
Year
2019
Year
2020
Year
2021
Gas Positions:
Fixed-Price Swaps:
Notional Volume (MMBtu)
52,093,000
52,539,000
47,227,500
—
Fixed Price ($/MMBtu)
$
2.89
$
2.79
$
2.75
$
—
Collars:
Notional Volume (MMBtu)
—
4,125,000
5,490,000
1,825,000
Floor Price ($/MMBtu)
$
—
$
2.60
$
2.60
$
2.60
Ceiling Price ($/MMBtu)
$
—
$
3.00
$
3.00
$
3.07
Oil Positions:
Fixed-Price Swaps (West Texas Intermediate):
Notional Volume (Bbls)
2,014,950
1,858,200
1,393,800
—
Fixed Price ($/Bbl)
$
46.60
$
48.50
$
49.53
$
—
Collars:
Notional Volume (Bbls)
—
575,730
659,340
3,409,972
Floor Price ($/Bbl)
$
—
$
43.81
$
44.17
$
47.50
Ceiling Price ($/Bbl)
$
—
$
54.04
$
55.00
$
56.05
NGL Positions:
Fixed-Price Swaps:
Mont Belvieu Ethane
Notional Volume (Gallons)
6,930,000
2,494,779
—
—
Fixed Price ($/Gallon)
$
0.28
$
0.29
$
—
$
—
Mont Belvieu Propane
Notional Volume (Gallons)
17,325,000
6,270,427
—
—
Fixed Price ($/Gallon)
$
0.53
$
0.71
$
—
$
—
Mont Belvieu N. Butane
Notional Volume (Gallons)
5,775,000
2,272,940
—
—
Fixed Price ($/Gallon)
$
0.65
$
0.82
$
—
$
—
Mont Belvieu Isobutane
Notional Volume (Gallons)
4,620,000
1,847,179
—
—
Fixed Price ($/Gallon)
$
0.65
$
0.83
$
—
$
—
Mont Belvieu N. Gasoline
Notional Volume (Gallons)
8,085,000
3,328,417
—
—
Fixed Price ($/Gallon)
$
0.99
$
1.23
$
—
$
—
For a summary of all commodity and interest rate derivative contracts in place at March 31, 2018, please refer to our Quarterly Report on Form 10-Q which is expected to be filed on or about May 9, 2018.
Conference Call Information
The Company will host a conference call Thursday, May 10, 2018, at 2 p.m. Central Time (3:00 p.m. Eastern Time) to discuss the Company's first quarter 2018 results. There will be prepared remarks by Scott Sloan, President & Chief Executive Officer, and Ryan Midgett, Chief Financial Officer, followed by a question and answer session.
Investors and analysts are invited to participate in the call by dialing 1-323-794-2093, or 866-548-4713 for toll free calls using Conference ID: 4104825. Interested parties may also listen over the internet at www.vnrenergy.com . A replay of the call will be available on the Company's website.
About Vanguard Natural Resources, Inc.
Vanguard Natural Resources, Inc. is an independent exploration and production company focused on the production and development of oil and natural gas properties in the United States. Vanguard's assets consist primarily of producing and non-producing oil and natural gas reserves located in the Green River Basin in Wyoming, the Piceance Basin in Colorado, the Permian Basin in West Texas and New Mexico, the Arkoma Basin in Arkansas and Oklahoma, the Gulf Coast Basin in Texas, Louisiana, Mississippi and Alabama, the Big Horn Basin in Wyoming and Montana, the Anadarko Basin in Oklahoma and North Texas, the Wind River Basin in Wyoming and the Powder River Basin in Wyoming. More information on Vanguard can be found at www.vnrenergy.com .
Forward-Looking Statements
Statements made by representatives of the Company within this press release that are not historical facts are forward looking statements. Terminology such as "will," "would," "should," "could," "expect," "anticipate," "plan," "project," "intend," "estimate," "believe," "target," "continue," "on track," "potential," the negative of such terms or other comparable terminology are intended to identify forward looking statements. These statements are based on certain assumptions and expectations made by the Company which reflect management's experience, estimates and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward looking statements. These include risks relating to financial performance and results, the ability to improve Vanguard's results and profitability following its emergence from bankruptcy; our indebtedness under our revolving credit facility, term loan and second lien notes; availability of sufficient cash flow to make payments on our debt obligations and to execute our business plan; our prices and demand for oil, natural gas and natural gas liquids; and our ability to replace reserves and efficiently develop our reserves. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward looking statements. Please read "Risk Factors" in our most recent annual report on Form 10-K and Item 1A. of Part II "Risk Factors" in our subsequent quarterly reports on Form 10-Q and any other public filings and press releases. Vanguard undertakes no obligation to publicly update any forward looking statements, whether as a result of new information or future events.
Adjusted EBITDA
We present Adjusted EBITDA in addition to our reported net income (loss) attributable to Vanguard stockholders/unitholders in accordance with GAAP. Adjusted EBITDA is a non-GAAP financial measure that is defined as net income (loss) attributable to Vanguard stockholders/unitholders plus:
Net income attributable to non-controlling interest.
The result is net income (loss) which includes the non-controlling interest. From this we add or subtract the following:
Net interest expense; Depreciation, depletion, amortization, and accretion; Impairment of oil and natural gas properties; Exploration expense; Change in fair value of commodity derivative contracts; Cash settlements paid on termination of derivative contracts; Net gains or losses on interest rate derivative contracts; Net gain on divestiture of oil and natural gas properties; Taxes; Compensation related items, which include share/unit-based compensation expense, unrealized fair value of phantom units granted to officers and cash settlement of phantom units granted to officers; Reorganization items; Severance costs; Material costs incurred on strategic transactions; and Non-controlling interest amounts attributable to each of the items above which revert the calculation back to an amount attributable to the Vanguard stockholders/unitholders.
Adjusted EBITDA is a significant performance metric used by management and by external users of our financial statements such as investors, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness; and our operating performance and return on capital as compared to those of other companies in our industry.
Adjusted EBITDA is not intended to represent cash flows for the period, nor is it presented as a substitute for net income (loss), operating income, cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Our Adjusted EBITDA excludes some, but not all, items that affect net income (loss) and operating income and these measures may vary among other companies. Therefore, our Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
VANGUARD NATURAL RESOURCES, INC.
Reconciliation of Net Loss to Adjusted EBITDA (a)
(Unaudited)
(in thousands)
Successor
Successor
Predecessor
Three Months
Three Months
Three Months
Ended
Ended
Ended
March 31, 2018
December 31, 2017
March 31, 2017
Net loss attributable to Vanguard stockholders/unitholders
$
(32,684)
$
(74,113)
$
(8,925)
Add: Net income attributable to non-controlling interests
93
71
17
Net loss
$
(32,591)
$
(74,042)
$
(8,908)
Plus:
Interest expense
14,753
14,589
16,440
Depreciation, depletion, amortization, and accretion
40,039
43,743
25,729
Impairment of oil and natural gas properties
14,601
47,640
—
Exploration expense
1,316
—
—
Change in fair value of commodity derivative contracts (a)
9,293
9,517
—
Cash settlements paid on termination of derivative contracts
—
4,140
—
Net gains on interest rate derivative contracts (b)
—
—
(30)
Net gain on divestiture of oil and natural gas properties
—
(4,450)
—
Taxes
—
—
(356)
Compensation related items
496
81
2,629
Reorganization items
1,707
5,585
26,746
Severance costs
2,256
—
—
Material costs incurred on strategic transactions
148
2,000
—
Adjusted EBITDA before non-controlling interest
52,018
48,803
62,250
Adjusted EBITDA attributable to non-controlling interest
(37)
(38)
(116)
Adjusted EBITDA attributable to Vanguard stockholders/unitholders
$
51,981
$
48,765
$
62,134
(a)
These items are included in the net losses on commodity derivative contracts line item in the consolidated statements of operations as follows:
Successor
Successor
Predecessor
Three Months
Three Months
Three Months
Ended
Ended
Ended
March 31, 2018
December 31, 2017
March 31, 2017
Net cash settlements received (paid) on matured commodity derivative contracts
$
(9,292)
$
(9,848)
$
7
Change in fair value of commodity derivative contracts
(9,293)
(9,517)
—
Cash settlements paid on termination of derivative contracts
—
(4,140)
—
Net gains (losses) on commodity derivative contracts
$
(18,585)
$
(23,505)
$
7
(b)
Net gains on interest rate derivative contracts as shown on the consolidated statements of operations is comprised of the following:
Predecessor
Three Months
Ended
March 31, 2017
Cash settlements paid on interest rate derivative contracts
$
(95)
Change in fair value of interest rate derivative contracts
125
Net gains on interest rate derivative contracts
$
30
Adjusted Net Income (Loss) Attributable to Common Stockholders/Unitholders
We present Adjusted Net Income (Loss) Available to Common Stockholders/Unitholders in addition to our reported net income (loss) attributable to Common Stockholders/Unitholders in accordance with GAAP. Adjusted Net Income (Loss) Available to Common Stockholders/Unitholders is a non-GAAP financial measure that is defined as net income available to Common Stockholders/Unitholders plus the following adjustments:
Change in fair value of commodity derivative contracts; Change in fair value of interest rate derivative contracts; Cash settlements paid on termination of derivative contracts; Net gain on divestiture of oil and natural gas properties; Impairment of oil and natural gas properties; Reorganization items; Severance costs; and Material costs incurred on strategic transactions.
We present Adjusted Net Income (Loss) Available to Common Stockholders/Unitholders because management believes exclusion of the impact of these items will help investors compare results between periods and identify operating trends that could otherwise be masked by these items and to highlight the significant fluctuations that commodity price volatility has on our results, particularly as it relates to changes in the fair value of our derivative contracts.
In particular, we make the adjustment for the change in fair value of commodity derivative contracts to allow investors to make a comparison of our quarterly results without the non-cash impact of commodity price fluctuations from period to period resulting from changes in the mark-to-market value of our portfolio of commodity derivative contracts. Rather than highlighting the significant fluctuations that commodity price volatility has on Net Income (Loss), we are aiming to give investors a meaningful picture of our performance (especially versus prior periods) that shows how the Company performed without the impact of the value of our portfolio of commodity derivative contracts. The fluctuations in the value of our portfolio of commodity derivatives contracts is related to futures pricing which is not a good indicator of historical performance of the business during the periods presented. Furthermore, any increases or decreases in the value of our portfolio of commodity derivatives contracts will result in non-cash charges or non-cash income. The inherent value (or cost) of such contracts is the amount of cash which our counterparties pay to us, or, with respect to costs, the amount which we paid to acquire the contracts and the amount that we are required to pay to our counterparties upon settlement. We believe this non-GAAP measure allows our investors to measure our actual performance without the impact of certain non-cash items that do not actually reflect the performance of the Company for the periods presented.
We also make the adjustment for the change in fair value of interest rate derivative contracts to give investors a period to period comparison without showing the impact of non-cash gains or losses related to the mark-to-market valuation of these derivatives contracts.
Adjusted Net Income (Loss) Attributable to Common Stockholders/Unitholders is not intended to represent cash flows for the period, nor is it presented as a substitute for net income, operating income, cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.
VANGUARD NATURAL RESOURCES, INC.
Reconciliation of Net Loss Attributable to Common Stockholders/Unitholders to
Adjusted Net Income (Loss) Attributable to Common Stockholders/Unitholders
(in thousands, except per share/unit data)
(Unaudited)
Successor
Successor
Predecessor
Three Months
Three Months
Three Months
Ended
Ended
Ended
March 31, 2018
December 31, 2017
March 31, 2017
Net Loss Attributable to Vanguard Common Stockholders/Unitholders
$
(32,684)
$
(74,113)
$
(11,155)
Plus (less):
Change in fair value of commodity derivative contracts (a)
9,293
9,517
—
Change in fair value of interest rate derivative contracts (b)
—
—
(125)
Cash settlements paid on termination of derivative contracts
—
4,140
—
Net gain on divestiture of oil and natural gas properties
—
(4,450)
—
Impairment of oil and natural gas properties
14,601
47,640
—
Reorganization items
1,707
5,585
26,746
Severance costs
2,256
—
—
Material costs incurred on strategic transactions
148
2,000
—
Adjusted Net Income (Loss) Attributable to Vanguard Common and Class B Stockholders/Unitholders
$
(4,679)
$
(9,681)
$
15,466
Net Loss Attributable to Vanguard Common Stockholders/Unitholders, per share/unit
$
(1.63)
$
(3.69)
$
(0.08)
Plus (less):
Change in fair value of commodity derivative contracts (a)
0.46
0.47
—
Change in fair value of interest rate derivative contracts (b)
—
—
—
Cash settlements paid on termination of derivative contracts
—
0.21
—
Net gain on divestiture of oil and natural gas properties
—
(0.22)
—
Impairment of oil and natural gas properties
0.73
2.37
—
Reorganization items
0.08
0.28
0.20
Severance costs
0.11
—
—
Material costs incurred on strategic transactions
0.01
0.10
—
Adjusted Net Income (Loss) Attributable to Vanguard Common and Class B Stockholders/Unitholders, per share/unit
$
(0.24)
$
(0.48)
$
0.12
Weighted average common shares/common and Class B units outstanding
20,100
20,061
131,377
(a)
Change in fair value of commodity derivative contracts reflects the increase or decrease in the mark-to-market value of the commodity derivative contracts. Any increase in value is reduced from Net Income (Loss) Attributable to Common Stockholders/Unitholders, while any decrease is added back into Net Income (Loss) Attributable to Common Stockholders/Unitholders.
(b)
Change in fair value of interest rate derivative contracts reflects the increase or decrease in the mark-to-market value of the interest rate derivative contracts. Any increase in the fair value of interest rate derivative contracts is reduced from Net Income (Loss) Attributable to Common Stockholders/Unitholders, while any decrease in the fair value of interest rate derivative contracts is added back into Net Income (Loss) Attributable to Common Stockholders/Unitholders.
CONTACT: Vanguard Natural Resources, Inc.
Investor Relations
Ryan Midgett, Chief Financial Officer
[email protected]
View original content: http://www.prnewswire.com/news-releases/vanguard-natural-resources-inc-reports-first-quarter-2018-results-asset-divestiture-updates-and-updated-2018-guidance-300645987.html
SOURCE Vanguard Natural Resources, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-vanguard-natural-resources-inc-reports-first-quarter-2018-results-asset-divestiture-updates-and-updated-2018-guidance.html |
Bridgewater Associates was close to bringing on Joseph Jimenez, the former chief executive of Novartis AG, but may back off in the wake of public revelations about his role in payments to President Donald Trump’s personal attorney, people familiar with the matter said.
Mr. Jimenez has been thrust into the international spotlight in recent weeks for directing $1.2 million to Mr. Trump’s attorney, Michael Cohen, who is under federal investigation. Mr. Jimenez was cosignatory to a deal to pay Mr. Cohen for advice on health-care... RELATED VIDEO Trump's Responses to the Stormy Daniels Allegations President Donald Trump said in early May that his lawyer Michael Cohen was reimbursed for a payment Mr. Cohen made to former adult film star Stormy Daniels to keep her quiet about an alleged sexual encounter with Mr. Trump. Here are some of the responses by Mr. Trump and the White House to the allegations over the past few months. Photo: Getty | ashraq/financial-news-articles | https://www.wsj.com/articles/michael-cohen-investigation-trips-up-bridgewater-worlds-biggest-hedge-fund-1526895669 |
May 11, 2018 / 6:31 AM / Updated 2 minutes ago Brexit group fined for breaking spending rules in EU vote Alistair Smout , Guy Faulconbridge 4 Min Read
LONDON (Reuters) - Britain’s Electoral Commission imposed a record-matching 70,000 pound fine on Friday on one of the main groups that campaigned for Brexit, and said police might have to investigate possible criminal offences because of unreported campaign spending. FILE PHOTO - A cake waits to be cut at a Leave.eu party after polling stations closed in the Referendum on the European Union in London, Britain, June 23, 2016. REUTERS/Toby Melville
The Leave.EU campaign said it would challenge the finding that it had breached a spending limit by failing to declare at least 77,380 pounds. It said the alleged breaches were minor and the report proved there was no “big conspiracy” around the Brexit vote.
The documented breaches of electoral law could still fuel demands from opponents of Brexit for a re-run of the 2016 referendum. The commission said it was enforcing the rules without suggesting the breach had altered the result.
“These are serious offences,” said Bob Posner, the Electoral Commission’s director of political finance and regulation. “Leave.EU exceeded its spending limit and failed to declare its funding and its spending correctly.”
Asked on BBC radio if the commission was saying the breach was serious enough to have impacted the result, its chief executive, Claire Bassett, said “No”, but she added that the rules still needed to be enforced.
The commission said it suspected criminal offences may have been committed, and the person responsible, Leave.EU CEO Liz Bilney, had been referred to the police. Related Coverage
In the June 23, 2016 referendum, 17.4 million voters, or 51.9 percent, backed leaving the EU while 16.1 million voters, or 48.1 percent, backed staying. “REMOANER SWAMP”
Arron Banks, the founder of Leave.EU who was pictured with Donald Trump and leading Brexiteer Nigel Farage outside a gilded elevator soon after the 2016 U.S. presidential election, cast doubt on the commission’s impartiality.
“The Electoral Commission is a ‘Blairite Swamp Creation’ packed full of establishment ‘Remoaners’,” Banks said, using an epithet that Brexit supporters have coined for those, such as former Prime Minister Tony Blair, who have continued to campaign to remain in the EU despite the referendum. 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
“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,” he said. “What a shambles. We will see them in court.”
The commission said it had found no evidence that Leave.EU received donations or paid-for services from the firm Cambridge Analytica, a political consultancy at the centre of a storm over how Facebook data was used in political campaigns.
Leave.EU and Cambridge Analytica had previously denied working together on the referendum. Members of parliament have called for investigations into any role the firm may have had in the Brexit campaign.
The commission said Leave.EU failed to include services it received from U.S. campaign strategy firm Goddard Gunster in a spending return, and inaccurately reported three loans. Leave.EU exceeded the spending limit for non-party registered campaigners by at least 10 percent, it said.
The fine is the joint biggest handed down by the Electoral Commission, matching a fine given to Prime Minister Theresa May’s Conservative party for inaccurately reporting spending in elections in 2014 and 2015.
Leave.EU said the total alleged overspending represented less than 0.1 percent of overall spending on the campaign, and the charges against it fell well short of what the commission thought it would find when it started its investigation.
“The Electoral Commission went big game fishing and found a few ‘aged’ dead sardines on the beach. So much for the big conspiracy,” Banks said. Editing by Richard Balmforth and Peter Graff | ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-spending/britains-electoral-commission-fines-leave-eu-over-brexit-vote-spending-idUSKBN1IC0HM |
May 3, 2018 / 8:30 PM / Updated 23 minutes ago Michigan State University's credit rating cut over sex abuse scandal Reuters Staff 2 Min Read
CHICAGO (Reuters) - Michigan State University’s heightened financial risk in the wake of a sex abuse scandal involving former USA Gymnastics doctor Larry Nassar led Moody’s Investors Service to cut the school’s credit rating to Aa2 from Aa1 on Thursday. FILE PHOTO: A sign for Michigan State University is seen near the campus in East Lansing, Michigan, U.S., February 1, 2018. REUTERS/Rebecca Cook
The credit rating agency said the downgrade, which affects about $975 million of debt, was prompted by a growing number of lawsuits, federal and state probes, and Michigan legislation that could all hurt the university’s finances.
Plaintiffs and investigators question why the U.S. Olympic Committee, USA Gymnastics and Michigan State University, where Nassar also worked, failed to probe complaints about him going back years.
“We expect operating performance to thin over the short-term, with ongoing legal costs and university investment into
enhanced risk management and governance issues increasing costs,” Moody’s said in a statement.
A negative outlook reflects “uncertainty around timing of resolution of litigation and the magnitude of the financial and reputational ramifications to the university,” it added.
The university did not immediately respond to a request for comment.
Nassar, a former faculty member and physician at an on-campus clinic at Michigan State University was sentenced in February to up to 125 years in prison after some 200 young women testified about decades of abuse at his hands.
He had already received a sentence of up to 175 years in a different jurisdiction, and was sentenced to a 60-year federal term for child pornography convictions.
In March, S&P Global Ratings revised the outlook on the university’s AA-plus rating to negative from stable due to the fallout from the scandal. Reporting by Karen Pierog; Editing by Richard Chang | ashraq/financial-news-articles | https://www.reuters.com/article/us-michigan-rating/michigan-state-universitys-credit-rating-cut-over-sex-abuse-scandal-idUSKBN1I42LJ |
CBS votes to end Redstone control 2:50am IST - 01:28
CBS Corp’s board voted to end Shari Redstone’s control of the media company, but the move will not take effect unless a Delaware judge sides with CBS in its litigation to stop a potential merger with Viacom. Aleksandra Michalska reports.
CBS Corp’s board voted to end Shari Redstone’s control of the media company, but the move will not take effect unless a Delaware judge sides with CBS in its litigation to stop a potential merger with Viacom. Aleksandra Michalska reports. //reut.rs/2wZZ9Jg | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/cbs-votes-to-end-redstone-control?videoId=428185621 |
May 17, 2018 / 10:15 AM / Updated 5 hours ago Italy's Buffon to leave Juventus after 17 years Reuters Staff 3 Min Read
MILAN (Reuters) - Italy’s talismanic goalkeeper Gianluigi Buffon, considered by many to be the greatest-ever in his position, will play his last match for Juventus after 17 years at the club when they host Verona in Serie A on Saturday. FILE PHOTO: Soccer Football - Serie A - Juventus vs Sampdoria - Allianz Stadium, Turin, Italy - April 15, 2018 Juventus' Gianluigi Buffon gestures to the fans at the end of the match REUTERS/Massimo Pinca/File Photo
Yet the 40-year-old, who has won nine Serie A titles with Juventus including the last seven in a row, stopped short of announcing his retirement from the sport in a news conference on Thursday.
The 2006 World Cup winner, close to tears at times, said that until two weeks ago he had been set to end his playing career, but changed his mind after receiving “very interesting” proposals. Related Coverage Factbox - Juventus goalkeeper Gianluigi Buffon's career in numbers
“Saturday will be my last game for Juventus. I think it’s the best way to end this wonderful adventure,” said Buffon, who has kept 300 clean sheets in his 655 appearances for the Turin side in all competitions. A group of fans embrace Juventus goalkeeper Gianluigi Buffon in front of Allianz stadium after a news conference in Turin, Italy, May 17, 2018. REUTERS/Massimo Pinca
“For now, I only know that Saturday I will play a game. Until a few days ago it was certain that I would stop playing. Now there are some very interesting proposals,” he said.
Buffon, who made his professional debut for Parma in 1995 before joining Juve in 2001, had planned to end his career at the 2018 World Cup, which would have been his sixth, but Italy astonishingly failed to qualify for the first time since 1958.
The keeper has remained remarkably loyal to the Turin side, refusing to leave them even after they were relegated to Serie B in 2006 over the Calciopoli match-fixing scandal, which also saw them stripped of a further two Serie A titles. Slideshow (3 Images)
Buffon, who set a fashion trend during his career by becoming one of the first goalkeepers to wear short-sleeved shirts, said he would not consider playing for a lower league team.
“I am certainly not someone who thinks it is right to end my career in the third or fourth level division. I am a competitive animal and I wouldn’t be able to live or feel at ease in that situation,” he said.
Juventus won a league and cup double this season, their fourth in a row, but also suffered a bitter Champions League quarter-final exit against Real Madrid, who won with a stoppage-time penalty.
Buffon was sent off for protesting the decision and then launched a furious tirade against referee Michael Oliver and said that UEFA were right to open a disciplinary case against him.
“I stepped over the line and I am extremely disappointed. If I had seen him (the referee) two days later, I would have embraced him and asked for forgiveness.”
That defeat ensured Buffon would not leave Juve with a Champions League winners’ medal, the only major title he has never won in his career.
“It has been a season with some shocking and unexpected lows but also incredible highs and, yet again, we gave an incredible response,” he said. Writing by Brian Homewood in Bern; Editing by Kevin Liffey and Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-italy-juv-buffon/italys-buffon-to-play-last-game-for-juventus-on-saturday-idUKKCN1II194 |
GREEN BAY, Wis., May 21, 2018 /PRNewswire/ -- Medalcraft Mint, an industry leader in the design and production of custom medallions, challenge coins and other awards, has expanded its customer base with the purchase of Medallic Art Company, LLC .
Medallic Art Company specialized in the collegiate and education markets with products such as graduation medals and ceremonial maces. Production will be consolidated in Medalcraft Mint's Green Bay, Wisconsin, facility.
"Our team is positioned to provide the same high-quality products and service as previous customers are used to receiving," said Jerry Moran, owner and chief executive officer of Medalcraft Mint. "Our expertise in the custom commemorative market is a perfect fit for this customer base."
Medalcraft Mint produces a wide range of challenge coins, badges, award recognitions and other commemoratives. The company features an in-house design team and specializes in creating die-struck custom medals, medallions, coins, key tags and more. The company has been recognized within the industry with more awards for superior metal striking than any of its competitors over the past three decades.
About Medalcraft Mint
Medalcraft Mint has been a Wisconsin-based company since its founding in 1948. The company produces a wide selection of challenge coins, badges, recognition awards, ceremonial maces and other commemoratives in its 32,000-square-foot facility in Green Bay, Wisconsin. For more information about Medalcraft Mint's products or to request a Quote: , please go to http://medalcraft.com/ or call 800-558-6348.
View original article on Medallic Art purchase here.
https://youtu.be/I9nCwZobonE
Contact:
Jerry Moran
800-558-6348
Photo(s):
https://www.prlog.org/12709535
Press release distributed by PRLog
View original content: http://www.prnewswire.com/news-releases/medalcraft-mint-completes-purchase-of-medallic-art-commemoratives-business-300652145.html
SOURCE Medalcraft Mint | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-medalcraft-mint-completes-purchase-of-medallic-art-commemoratives-business.html |
are hoping to allow insurers to sell plans that don't comply with former law. The move is uninsured, says. But the federal government hasn't signed off, with agency leaders noting they are bound by law to enforce the Obama-era health insurance rules.
Still, Cameron and other state leaders are negotiating with federal officials in hopes of coming up with a plan they can sell. Here, a look at what might be some of the sticking points:
RISK POOLS
Risk pools divide health insurance policyholders into groups mainly based on health status and how much money they are expected to cost the insurance company. Generally speaking, there must be enough healthy — and thus, inexpensive — customers in a risk pool to offset the sicker, more expensive customers.
Under the rules of the Affordable Care Act, the policies in Idaho's health insurance exchange all had the same risk pool, and all were given the same coverage.
Idaho's proposal would allow health policies that don't follow "Obamacare" rules. But the people who buy the cheaper, non-compliant policies would still be kept in the same risk pool as those who buy more the expensive "Obamacare" policies. Cameron says that's because the cheaper policies are intended to attract the healthier people needed to offset the sicker individuals with "Obamacare" policies.
RISK ADJUSTMENT PROGRAMS
These programs are designed to level the playing field for insurance companies, so companies with sicker customers can remain competitive with companies that have healthier customers.
Under the programs, the state or federal government calculates the overall financial risk a company's risk pool represents, and those companies with lower risk pay a fee to the companies with higher risks to offset the costs. Idaho's proposal doesn't currently include a risk adjustment program, but Cameron says it's something the state may have to consider.
ESSENTIAL HEALTH BENEFITS
A key component of the Affordable Care Act is the requirement that every policy cover 10 "essential health benefits," including things like maternity and newborn care, mental health and substance abuse treatment, emergency services, prescription drugs and outpatient services.
Idaho's initial plan would have allowed health insurers to skip some of those benefits for certain policies, including things like maternity care. Cameron now says the state will likely concede on that point, however, requiring that all plans cover all 10 essential health benefits.
ANNUAL CAPS
Obama's health care law prohibits insurance companies from placing annual caps on the costs a patient can insure. Idaho's plan initially would have allowed caps of $1 million a year per individual. Cameron says the annual cap option will now likely be lifted from Idaho's proposal. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/the-associated-press-idaho-feds-wading-through-details-of-insurance-proposal.html |
May 14 (Reuters) - Eco-Stim Energy Solutions Inc:
* ECOSTIM ENERGY SOLUTIONS REPORTS FIRST QUARTER 2018 RESULTS
* Q1 REVENUE VIEW $23.4 MILLION — THOMSON REUTERS I/B/E/S * QTRLY LOSS PER SHARE $0.17 Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ecostim-energy-solutions-qtrly-los/brief-ecostim-energy-solutions-qtrly-loss-per-share-0-17-idUSASC0A25Y |
April 30 (Reuters) - Fast Ejendom Danmark A/S:
* Q1 RENTAL INCOME DKK 18.4 MILLION VERSUS DKK 19.9 MILLION YEAR AGO
* Q1 OPERATING PROFIT DKK 8.4 MILLION VERSUS DKK 11.2 MILLION YEAR AGO
* FAST EJENDOM DANMARK - EXPECTS 2018 OPERATING PROFIT BEFORE VALUE ADJUSTMENTS AND FINANCIAL ITEMS AT DKK 30 MILLION (PREVIOUSLY: DKK 32 MILLION)
* FAST EJENDOM DANMARK - EXPECTS 2018 CASH FLOW FROM OPERATING ACTIVITIES AT DKK 16 MILLION (PREVIOUSLY: DKK 18 MILLION) Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fast-ejendom-danmark-q1-rental-inc/brief-fast-ejendom-danmark-q1-rental-income-down-at-dkk-18-4-mln-idUSFWN1S70ZX |
leak@ (Adds Zuckerberg's arrival)
BRUSSELS, May 22 (Reuters) - Facebook boss Mark Zuckerberg has arrived to meet leaders of the European Parliament to answer questions about how the data of millions of Facebook users ended up in the hands of a political consultancy.
Tuesday's meeting comes three days before tough new European Union rules on data protection take effect. Companies will be subject to fines of up to 4 percent of global turnover for breaching them.
Facebook has come under scrutiny from politicians on both sides of the Atlantic after it emerged that Cambridge Analytica, a British political consultancy that worked on U.S. President Donald Trump's campaign, improperly acquired the data of 87 million users, including up to 2.7 million in the EU.
Zuckerberg has apologised for the leak in testimony to the U.S. Congress, but questions remain over how the company's data policies let the leak happen.
Zuckerberg will stress Facebook's commitment to Europe, where it will employ 10,000 people by the end of the year, according to pre-released remarks.
"I believe deeply in what we're doing. And when we address these challenges, I know we'll look back and view helping people connect and giving more people a voice as a positive force here in Europe and around the world," Zuckerberg is expected to say.
He will also apologise for failing "to take a broad enough view" of the company's responsibilities, "whether its fake news, foreign interference in elections or developers misusing peoples information."
Zuckerberg will meet with the president of the European Parliament, Antonio Tajani, the leaders of the parliament's political groups and the chair of the civil liberties committee, Claude Moraes.
The meeting will be livestreamed after an outcry over plans to hold it in private.
Since the Cambridge Analytica scandal, Facebook has suspended 200 apps from its platforms as it investigates third-party apps that have access to large quantities of user data.
Cambridge Analytica and its British parent, SCL Elections Ltd, have declared bankruptcy and closed down.
(Reporting by Julia Fioretti, Editing by Larry King and Mark Potter) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-update-1-facebooks-zuckerberg-arrives-for-grilling-by-eu-lawmakers-over-data-leak.html |
Opinion: The Economic Growth Debate Mary Anastasia O’Grady says economic freedom is crucial for innovation and productivity gains. | ashraq/financial-news-articles | http://www.wsj.com/video/opinion-the-economic-growth-debate/46B316F6-0243-4710-A274-AE7416BFB1E2.html |
May 9, 2018 / 11:21 AM / Updated 11 minutes ago BRIEF-Anaconda Opposes Maritime's Unit Offering As Unwarranted Shareholder Dilution Reuters Staff
May 9 (Reuters) - Anaconda Mining Inc:
* ANACONDA OPPOSES MARITIME’S UNIT OFFERING AS UNWARRANTED SHAREHOLDER DILUTION
* ANACONDA MINING - NOTIFIED, TSXV, BCSC, BOARD OF MARITIME, OF ITS DISSATISFACTION WITH MARITIME’S PROPOSED PRIVATE PLACEMENT OF UPTO $1 MILLION | ashraq/financial-news-articles | https://www.reuters.com/article/brief-anaconda-opposes-maritimes-unit-of/brief-anaconda-opposes-maritimes-unit-offering-as-unwarranted-shareholder-dilution-idUSASC0A0WY |
May 2 (Reuters) - Malibu Boats Inc:
* MALIBU BOATS, INC. ANNOUNCES THIRD QUARTER FISCAL 2018 RESULTS
* Q3 EARNINGS PER SHARE $0.76 * Q3 SALES $140.4 MILLION VERSUS I/B/E/S VIEW $125.8 MILLION
* Q3 EARNINGS PER SHARE VIEW $0.70 — THOMSON REUTERS I/B/E/S
* QTRLY UNIT VOLUME INCREASED 69.4% TO 1,786 BOATS COMPARED TO Q3 OF FISCAL 2017
* QTRLY ADJUSTED FULLY DISTRIBUTED NET INCOME PER SHARE $0.89 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-malibu-boats-announces-q3-earnings/brief-malibu-boats-announces-q3-earnings-per-share-0-76-idUSASC09YXM |
May 9 (Reuters) - Westell Technologies Inc:
* ALFRED S. (STEPHEN) JOHN TO JOIN WESTELL TECHNOLOGIES AS PRESIDENT AND CEO
* WESTELL TECHNOLOGIES INC - STEPHEN SUCCEEDS INTERIM PRESIDENT AND CEO KIRK BRANNOCK
* WESTELL TECHNOLOGIES - KIRK BRANNOCK WILL RETAIN ROLE OF CHAIRMAN OF BOARD OF DIRECTORS. Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alfred-john-to-join-westell-techno/brief-alfred-john-to-join-westell-technologies-as-president-and-ceo-idUSASC0A10E |
Fatal Uber accident caused by software setting, report says 5 Hours Ago CNBC’s Deidre Bosa reports on the latest findings from the investigation into a fatal accident involving a self-driving Uber. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/fatal-uber-accident-caused-by-software-setting-report-says.html |
Venture Capital Activist investor ValueAct gives all-clear signal on banks with $1.2 billion Citi stake Big U.S. banks have lower risk and greater structural advantages than at any time in decades, ValueAct wrote in an investor letter explaining why it took a $1.2 billion stake in Citigroup. ValueAct, led by co-founder Jeffrey Ubben, said the financial industry is poised for a rebound like other formerly out-of-vogue sectors such as software companies after the dot-com crash. Citigroup has leading positions in low-risk businesses that serve global corporations like cash management, payments and receivables processing, and payroll, ValueAct said. 3 Hours Ago | 03:41
Big U.S. banks have lower risk and greater structural advantages than at any time in decades, ValueAct Capital Partners wrote in an investor letter explaining why it took a $1.2 billion stake in Citigroup this year.
ValueAct, led by co-founder Jeffrey Ubben, said Monday that the financial industry is poised for a rebound like other formerly out-of-vogue sectors such as software firms after the dot-com crash and pharmaceutical companies on the eve of patent expirations, according to a quarterly letter obtained by CNBC.
The activist firm also owns stakes in Morgan Stanley and KKR.
"The U.S. banking system now has a structurally lower risk profile than any time in our investing lifetimes'' thanks to lower leverage and higher-quality assets held by the industry after the financial crisis, ValueAct said. Ann Johansson | Corbis | Getty Images Jeffrey Ubben, CEO of ValueAct Capital Partners
"Banks are now primarily engaged in the simple functions that are the lifeblood of our economic system: safeguarding assets, providing access to deposited cash on demand, lending money, processing payments and accessing capital markets on behalf of clients.''
While bank stocks have rebounded sharply in the past five years as memories of the financial crisis fade, not all companies have kept up. Citigroup , the fourth-biggest U.S. bank by assets, has lagged the shares of J.P. Morgan Chase and Bank of America.
Citi CEO Michael Corbat has led turnaround efforts, including exiting overseas markets and shedding $800 billion in assets, but that work has been underappreciated, ValueAct said.
"We have been having constructive conversations with ValueAct and welcome them as investors,'' Mark Costiglio, a spokesman for New York-based Citigroup, said in a statement sent to CNBC.
The bank should take more actions, including replacing Chairman Michael O'Neill and selling its Mexican operations by year-end, Mike Mayo, a bank analyst at Wells Fargo, said Tuesday on CNBC's " Halftime Report ." Those types of changes will help the firm boost its market value, which trades below the estimated value of the businesses within the firm, Mayo said.
"People are frustrated, aggravated, this is a stock that's still well below its pre-crisis heights,'' Mayo said. "You now have an activist in Citigroup stock. They said it wasn't possible; it's been done.''
ValueAct said its thesis on financial stocks was developed when it was evaluating a $1.1 billion investment in Morgan Stanley , which it disclosed in August 2016.
That investment reaped returns for ValueAct as investors began to recognize the moves that CEO James Gorman had made to focus on wealth management and improve fixed income trading operations. Since August 2016, Morgan Stanley shares have more than doubled. ValueAct currently owns 1 percent, according to FactSet.
ValueAct's stakes in financials, including a holding in credit card services company Alliance Data , now total more than a third of its $13 billion in assets.
It took on a stake in KKR in July 2017, and the shares have risen 18 percent since then. ValueAct currently has a 10.2 percent stake, according to FactSet. It also has a 10.6 percent stake in Alliance Data, which it began acquiring in April 2016. Shares of that company are down 6 percent since then.
While previous eras were defined by acquiring competitors to become financial supermarkets or wagering capital in trading markets, the industry is now in a different period, ValueAct said.
Banks are now in an era where the winners will invest heavily in technology to deepen relationships with customers, focus on core activities in leading businesses and focus on the well-telegraphed return of capital to investors, the firm said. That favors the biggest institutions that have the scale needed to spend billions of dollars on technology.
That was part of its rationale for investing in Citigroup, which ValueAct says has leading positions in low-risk businesses that serve global corporations like cash management, payments and receivables processing, and payroll.
"While seemingly mundane, these are attractive markets demonstrating consistent and sustainable growth,'' ValueAct said. "They are scale businesses that rely on complex internal technology as a core part of operations, and deliver their product to customers primarily via digital platforms.''
Citigroup can return $50 billion in capital to investors in the form of dividends and share repurchases over the next two years and double its earnings per share by 2020, ValueAct said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/activist-investor-valueact-gives-all-clear-signal-on-banks-with-1-point-2-billion-citi-stake.html |
May 20, 2018 / 6:58 PM / Updated 41 minutes ago Napoli break 90-point barrier and send Crotone down Reuters Staff 2 Min Read
MILAN (Reuters) - Serie A runners-up Napoli broke the 90-point barrier and sent Crotone down with a 2-1 win in their final game of the season on Sunday.
Lorenzo Insigne created both goals for Napoli as Arkadiusz Milik headed them in front after 23 minutes and Jose Callejon volleyed home from close range nine minutes later.
Napoli finished with 91 points after winning 28 and drawing seven of their 38 games.
Crotone last season pulled off one of the greatest escapes in Serie A history but there was to be no repeat this time for Walter Zenga’s team and Marco Tumminello’s 90th-minute consolation goal was far too late.
The team from Calabria finished 18th in the 20-team table with 35 points as they followed Benevento and Verona into Serie B.
SPAL finished three points above Crotone after beating Sampdoria 3-1 while Cagliari, who had also been in danger, ended a difficult season with a 1-0 win over seventh-placed Atalanta who qualified for the Europa League.
Sixth-placed AC Milan rounded off the season in style by coming from behind to crush Fiorentina 5-1.
Patrick Cutrone scored twice for Gennaro Gattuso’s team while Hakan Calhanoglu, Nikola Kalinic and Giacomo Bonaventura shared the other goals.
Fourth-placed Lazio were at home to fifth-placed Inter Milan in the late game to decide the final Serie A slot in the Champions League group stage next season, with Lazio needing a draw to qualify. Writing by Brian Homewood in Berne; Editing by Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-italy/napoli-break-90-point-barrier-and-send-crotone-down-idUKKCN1IL0RT |
SAN DIMAS, Calif.--(BUSINESS WIRE)-- On April 30, 2018, the Board of Directors of American States Water Company (NYSE:AWR) approved a quarterly dividend of $0.255 per share on the Common Shares of the company. This action marks the 328 th consecutive dividend payment by the company. For 63 consecutive years, American States Water Company shareholders have received an increase in their calendar year dividend, which places it in an exclusive group of companies on the New York Stock Exchange that have achieved that result.
Dividends on the Common Shares will be payable on June 1, 2018 to shareholders of record at the close of business on May 15, 2018.
About American States Water Company
American States Water Company is the parent of Golden State Water Company and American States Utility Services, Inc. Through its utility subsidiary, Golden State Water Company, AWR provides water service to approximately 259,000 customers located throughout 10 counties in Northern, Coastal and Southern California. The company also distributes electricity to approximately 24,000 customers in the City of Big Bear Lake and surrounding areas in San Bernardino County, California. Through its contracted services subsidiary, American States Utility Services, Inc., the company provides operations, maintenance and construction management services for water and wastewater systems located on military bases throughout the country under 50-year privatization contracts with the U.S. government.
American States Water Company has paid dividends to shareholders every year since 1931, increasing the dividends received by shareholders each calendar year since 1954.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006579/en/
American States Water Company
Eva G. Tang
Senior Vice President - Finance, Chief Financial Officer,
Treasurer and Corporate Secretary
(909) 394-3600, extension 707
Source: American States Water Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-american-states-water-company-announces-regular-common-dividends.html |
Need some bubbly to accompany those crumpets and scones at your royal wedding watch party this Saturday? Stick with the theme and opt for a champagne brand that even Her Majesty would approve of.
A select number of products — ranging from umbrellas to cheese — preferred by the royal family have earned an official seal, dubbed a royal warrant. Royal warrants have been doled out by the British royal family since the 15 th century, according to the New York Times , which says they, "are a mark of distinction for companies who have provided goods and services for at least five years to Queen Elizabeth II, Prince Philip or Prince Charles."
A number of champagne houses have been awarded a royal warrant, and while some bottles cost in the thousands, here are a few affordable options from brands that have the royal family's seal of approval.
Champagne Bollinger
This brand of bubbly was first awarded a royal warrant by Queen Victoria in 1884. The Royal Warrant Holders Association describes Champagne Bollinger as having a "distinctive range of Pinot-Noir driven champagnes," and claims that the brand has had close ties with the U.K. since 1958.
Champagne Bollinger is known for its "instantly recognizable, dry, toasty style," according to Wine.com, and it's made via a lengthy aging process. While the Bollinger La Grande Annee Brut 2005 will cost you over $100 , you can snag a Bollinger Brut Special Cuvee (a half-bottle, non-vintage), hailing from Champagne, France, for barely over $40 .
Champagne Lanson
Champagne Lanson holds a royal warrant and is touted as "one of the oldest existing champagne houses" dating back to 1760. The brand has been associated with the Wimbledon tennis tournament since 1977 and was recently selected as the official supplier of champagne for the championships. Its wines are described as "extremely fresh, crisp and elegant."
While some bottles might set you back quite a bit, popping open a Lanson Black Label Brut (a non-vintage sparkling wine from Champagne, France) will only cost you around $40 on Wine.com.
Champagne Veuve Clicquot
That yellow-labeled champagne bottle you see all around the top social events in the U.S. — from polo classics to pool parties — also carries weight across the pond.
Founded in 1772, Veuve Clicquot is another brand of bubbly that holds a royal warrant. "From cricket at Lord's to the Goodwood Revival, Veuve Clicquot is the perfect complement to the most exclusive and must-attend events of the year's social calendar," the Royal Warrant Holders Association's website states .
Treat yourself to its classic Veuve Clicquot Brut Yellow Label half-bottle (non-vintage sparkling wine from Champagne, France), for just under $35 on Wine.com .
Champagne Louis Roederer
The family-owned Champagne Louis Roederer company, founded in 1776 in Reims, France, holds a royal warrant, and its slew of champagnes even includes the original, prestige cuvee made for Tsar Alexander II, according to the Royal Warrant Holders Association .
While some bottles are pricey, you can still snap up a bottle of Louis Roederer Brut Premier (non-vintage sparkling wine from Champagne, France), for a little less than $50 on Wine.com .
Chapel Down
While this wine might not hold a royal warrant, it was reportedly served at Prince William and Kate Middleton's 2011 wedding, so if you're aiming to drink like a royal on Saturday, it gets the job done.
Chapel Down is a British brand of bubbly that is known for its sparkling and still wines, and says its sparkling wines are created with fruit sourced from southeast England. Its website also states that Chapel Down supplies wines to the likes of Gordon Ramsay and Jamie Oliver, and is served at the Royal Opera House. While Chapel Down's Brut Rose was reportedly poured at Will and Kate's wedding, opt for a bottle of Chapel Down Brut Classic (non-vintage) sparkling wine for $45 on Wine.com .
Don't miss: Here's the food Prince Harry and Meghan Markle will be serving at their royal wedding
show chapters Here's how much the royal wedding is expected to cost 9:47 AM ET Thu, 17 May 2018 | 01:48 Like this story? Like CNBC Make It on Facebook ! | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/champagne-brands-with-royal-warrants-that-have-bottles-for-under-50.html |
May 6, 2018 / 6:00 PM / Updated 14 hours ago IPL Scoreboard Reuters Staff 3 Min Read May 6 (OPTA) - Scoreboard at close of play on the first day of match 38 between Kings XI Punjab and Rajasthan Royals on Sunday at Indore, India Kings XI Punjab win by 6 wickets Rajasthan Royals 1st innings Jos Buttler c Lokesh Rahul b Mujeeb Ur Rahman 51 D'Arcy Short c Andrew Tye b Ravichandran Ashwin 2 Ajinkya Rahane c Chris Gayle b Axar Patel 5 Sanju Samson c Karun Nair b Andrew Tye 28 Ben Stokes c Manoj Tiwary b Mujeeb Ur Rahman 12 Rahul Tripathi c Ravichandran Ashwin b Andrew Tye 11 Jofra Archer b Mujeeb Ur Rahman 0 Krishnappa Gowtham c Marcus Stoinis b Ankit Rajpoot 5 Shreyas Gopal Run Out Lokesh Rahul 24 Jaydev Unadkat Not Out 6 Extras 4b 3lb 0nb 0pen 1w 8 Total (20.0 overs) 152-9 Fall of Wickets : 1-3 Short, 2-35 Rahane, 3-84 Samson, 4-100 Stokes, 5-106 Buttler, 6-106 Archer, 7-114 Gowtham, 8-129 Tripathi, 9-152 Gopal Did Not Bat : Singh Bowling Ov Md Rn Wk Econ Ex Ravichandran Ashwin 4 0 30 1 7.50 Ankit Rajpoot 3 0 37 1 12.33 Mujeeb Ur Rahman 4 0 27 3 6.75 1w Axar Patel 4 0 21 1 5.25 Andrew Tye 4 0 24 2 6.00 Marcus Stoinis 1 0 6 0 6.00 Kings XI Punjab 1st innings Lokesh Rahul Not Out 84 Chris Gayle c Sanju Samson b Jofra Archer 8 Mayank Agarwal c Rahul Tripathi b Ben Stokes 2 Karun Nair b Anureet Singh 31 Axar Patel c D'Arcy Short b Krishnappa Gowtham 4 Marcus Stoinis Not Out 23 Extras 0b 0lb 0nb 0pen 3w 3 Total (18.4 overs) 155-4 Fall of Wickets : 1-23 Gayle, 2-29 Agarwal, 3-79 Nair, 4-87 Patel Did Not Bat : Tiwary, Ashwin, Ur Rahman, Rajpoot, Tye Bowling Ov Md Rn Wk Econ Ex Krishnappa Gowtham 3 0 18 1 6.00 1w Jofra Archer 3.4 0 43 1 11.73 1w Ben Stokes 3 0 22 1 7.33 Jaydev Unadkat 4 0 26 0 6.50 1w Shreyas Gopal 3 0 26 0 8.67 Anureet Singh 2 0 20 1 10.00 Umpire Chettithody Shamsuddin Umpire Sundaram Ravi Video Anil Dandekar Match Referee Manu Nayyar | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-india-scoreboard/ipl-scoreboard-idINMTZXEE56BJC762 |
AUSTIN, Texas, Zenoss Inc. , the leader in software-defined IT operations, today announced the appointment of George Kanuck as the company's vice president of worldwide sales. In this position, Kanuck will be responsible for global enterprise sales, building the strategy and team to drive direct business, and growing the company's market share.
"As hybrid IT monitoring continues to evolve and expand, the limits of human capacity continue to be tested," said Greg Stock, chairman and CEO of Zenoss. "Our vision of software-defined IT operations is becoming the blueprint for large enterprises trying to stay ahead. The addition of George Kanuck gives us a sales leader as aggressive and bold as our vision and ambitions. George is not only an experienced and successful leader, he is a strong cultural fit who shares our employee- and customer-oriented philosophy."
Kanuck has a 20-year proven track record of creating and scaling high-growth revenue streams. Most recently, he led global sales and marketing at Trustonic, a leader in hardware-backed security and a joint venture between ARM and Gemalto.
Prior to Trustonic, Kanuck grew revenues for Good Technology as vice president of NorAm F500 enterprise sales, assisting in the company's successful acquisition by BlackBerry. He joined Good Technology after the acquisition of Austin, Texas-based mobile startup Macheen, where he led global sales and business development. Earlier in his career, he led enterprise and government markets at Vovici and held leadership positions at KPCA Global, Hoovers and Dun & Bradstreet.
Kanuck earned his MBA from Lehigh University in Bethlehem, Pennsylvania, and has a bachelor's degree in economics from Pennsylvania State University in State College, Pennsylvania. He is active in the Austin startup community, mentoring early stage entrepreneurs, and enjoys mountain biking, playing bass, and taking a spin at the Circuit of the Americas and other great Texas racetracks.
Zenoss software-defined IT operations enables global enterprise organizations to securely monitor large, complex multisite IT infrastructures, ensuring the highest levels of uptime for applications and services. With real-time service status and decision support, Zenoss provides enterprise customers with a unified view into IT operations.
Additional Resources
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Contact Zenoss
About Zenoss
Zenoss works with the world's largest organizations to ensure their IT services and applications are always on. As the leader in software-defined IT operations, Zenoss develops software that builds comprehensive real-time models of hybrid IT environments, providing unparalleled holistic health and performance insights. This uniquely enables Zenoss customers to predict and eliminate outages, dramatically reducing downtime and IT spend.
https://www.zenoss.com
Media Contact:
Alison Guzzio
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: releases/zenoss-accelerates-growth-with-appointment-of-george-kanuck-to-vice-president-of-worldwide-sales-300644378.html
SOURCE Zenoss Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-zenoss-accelerates-growth-with-appointment-of-george-kanuck-to-vice-president-of-worldwide-sales.html |
a few seconds ago BRIEF-Qualcomm Announces New $10 Bln Stock Repurchase Authorization Reuters Staff
May 9 (Reuters) - Qualcomm Inc:
* QUALCOMM ANNOUNCES NEW $10 BILLION STOCK REPURCHASE AUTHORIZATION
* QUALCOMM ANNOUNCES NEW $10 BILLION STOCK REPURCHASE AUTHORIZATION
* NEW $10 BILLION STOCK REPURCHASE AUTHORIZATION REPLACES PREVIOUS $15 BILLION STOCK REPURCHASE PROGRAM ANNOUNCED IN MARCH 2015
* NEW STOCK REPURCHASE AUTHORIZATION HAS NO EXPIRATION DATE. Source text for Eikon: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-qualcomm-announces-new-10-bln-stoc/brief-qualcomm-announces-new-10-bln-stock-repurchase-authorization-idUSASC0A16V |
May 17 (Reuters) - T2 Biosystems Inc:
* T2 BIOSYSTEMS SAYS ON MAY 16, CO & SMC LTD ENTERED INTO A THIRD AMENDMENT AMENDING CERTAIN SUPPLY AGREEMENT DATED AS OF OCT. 10, 2014 - SEC FILING
* T2 BIOSYSTEMS - THIRD AMENDMENT TO SUPPLY AGREEMENT DATED OCT. 10, 2014 EXTENDS TERM OF SUPPLY AGREEMENT TO JUNE 15, 2018 Source text: ( bit.ly/2rQfmfb ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-t2-biosystems-amends-oct-10-2014-s/brief-t2-biosystems-amends-oct-10-2014-supply-agreement-with-smc-ltd-idUSFWN1SO0Y3 |
BUENOS AIRES, Argentina, May 11, 2018 /PRNewswire/ --
Note: The merger between Telecom and Cablevisión was considered an inverse acquisition under IFRS 3 (Business Combinations), with Cablevisión being the surviving entity for accounting purposes. Therefore, for purposes of preparing the consolidated financial statements of Telecom Argentina as of March 31, 2018: i) the comparative figures as of December 31, 2017 and March 31, 2017 correspond to those that arise from the consolidated financial statements of Cablevisión at their respective dates; and ii) the corresponding information for the three-month period ended March 31, 2018, incorporates figures corresponding to Cablevisión, the effect of the application of Telecom Argentina's method of acquisition at its fair value in accordance with IFRS 3 guidelines (see Financial Table No. 3) and the operations of Telecom Argentina as of January 1, 2018. On the other hand, in order to facilitate the understanding and analysis of the earnings evolution by its users, additional tables of the income statements are included, exposing on a pro forma basis, the comparative figures for 1Q17 as if the merger between Telecom and Cablevisión had been effective during that period. The variations of results vs. 1Q17 identified in this press release originate from the comparison with the aforementioned "pro forma" information (see Financial Tables No 6, No 7 and No 9).
Consolidated Revenues amounted to P$30,698 million (+27.3% vs. 1Q17); of which Service Revenues amounted to P$28,503 million (+26.6% vs. 1Q17). Considering the breakdown of Service Revenues, Mobile Services amounted to P$10,945 million (+17.0% vs. 1Q17); Internet Services totaled P$7,153 million (+41.8% vs. 1Q17); while Cable TV Services, Fixed Telephony and Data Services amounted to P$6,666 million (+34.3% vs. 1Q17) and P$3,625 million (+26.2% vs. 1Q17), respectively. Mobile subscribers in Argentina totaled 19.5 million in 1Q18, while Cable TV subscribers and Broadband accesses totaled 3.5 million and 4.1 million, respectively. Mobile Internet revenues of Personal in Argentina increased 51.4% vs. 1Q17; reaching 58.5% participation in Service Revenues. Mobile ARPU of Personal in Argentina increased to P$160.8 per month in 1Q18 (+20.5% vs. 1Q17). Broadband ARPU amounted to P$577.6 per month in 1Q18 (+51.6% vs. 1Q17). Monthly churn of each product was approximately 1.5% in 1Q18. Cable TV ARPU increased to P$636.5 per month in 1Q18 (+37.4% vs. 1Q17). Consolidated Operating costs -including Depreciation and Amortization ("D&A") and impairment of PP&E- totaled P$23,572 million (+20.1% vs. 1Q17). Operating Income before D&A amounted to P$11,793 million (+39.1% vs. 1Q17), 38.4% of consolidated revenues. Net Income amounted to P$3,481 million (+17.5% vs. 1Q17). Net Income attributable to the Controlling Company amounted to P$3,460 million (+17.4% vs. 1Q17), influenced by the growth in Operating Income before D&A and partially offset mostly by the impact of FX losses over financial results. Capex amounted to P$6,050 million in 1Q18, equivalent to 19.7% of Consolidated Revenues. Net Financial Debt Position amounted to P$32,181 million in 1Q18.
1Q18
1Q17
Δ $
Δ %
Consolidated Revenues (MMP$)
30,698
24,124
6,574
27.3%
Net Income attributable to Controlling Shareholder (MMP$)
3,460
2,946
514
17.4%
Earnings attributable to Controlling Shareholder per Share (P$)
1.6
1.4
0.2
Earnings attributable to Controlling Shareholder per ADR (P$)
8.0
-
1.2
Operating Income before D&A *
38.4%
35.2%
Operating Income *
23.2%
18.6%
Net Income*
11.3%
12.3%
*As a percentage of Consolidated Revenues
Note: The average of ordinary shares outstanding considered amounted to and 2,153,688,011 as of 1Q18 and 1Q17
*Unaudited non financial data
Telecom Argentina S.A. ('Telecom Argentina') - (NYSE: TEO; BASE: TECO2), one of Argentina's leading telecommunications companies, announced today a Net Income of P$3,481 million for the three month period ended March 31, 2018, or +17.5% when compared to 1Q17. Net income attributable to the Controlling Company amounted to P$3,460 million (+P$514 million or +17.4% vs. 1Q17). During 1Q18, Consolidated Revenues increased by 27.3% to P$30,698 million (+P$6,574 million vs. 1Q17), mainly driven by Internet Services, Mobile Services and Cable TV Services. Moreover, Operating Income amounted to P$7,126 million (+P$2,631 million or +58.5% vs. 1Q17).
Consolidated Operating Revenues
Mobile Services
As of March 31, 2018, mobile clients amounted to 21.9 million.
In 1Q18, service revenues represented P$10,945 million (+17.0% vs. 1Q17). The commercial strategy was focused on promoting the consumption of mobile internet services through an updated offer of plans suitable for all market segments.
Mobile Services in Argentina
As of March 31, 2018, Personal's subscribers in Argentina amounted to 18.9 million, where postpaid clients represented 36% of the subscriber base.
In 1Q18, service revenues of Personal in Argentina (excluding equipment sales) amounted to P$9,515 million (+17.3% vs. 1Q17), with 58.5% corresponding to mobile internet revenues (vs. 45.4% as in 1Q17), as mobile internet revenues amounted to P$5,567 million (+51.4% vs. 1Q17). In addition, equipment sales increased by 45.6% vs. 1Q17, reaching P$2,151 million, equivalent to 18.4% of total revenues of Personal in Argentina.
The average monthly revenue per user ("ARPU") amounted to $160.8 during 1Q18 (+20.5% vs. 1Q17).
As of March 31, 2018, Nextel's subscribers amounted to approximately 0.5 million, where postpaid clients represented 83% of the subscriber base and prepaid clients represented the remaining 17%.
Commercial Initiatives
During 1Q18, the Company continued with its differential offer for its mobile customers, which includes the use of the instant messaging application WhatsApp for free for 30 days even without credit, which enhances the value that this service has for customers' communication.
Likewise, the Company's offering of devices continues evolving with Personal Bipy Adults, and together with the Internet of Things ("IOT"). This release integrates a smart watch with GPS and the ability to make calls and send voice messages to predefined contacts, along with a smartphone application that allows to any responsible guardian to be permanently connected and assist the adult in case it is required. Personal Bipy Adults is part of a series of IOT launches, which began last year with the launch of Personal Bipy for children.
Mobile Services in Paraguay ('Núcleo')
As of March 31, 2018, Núcleo's subscriber base amounted to approximately 2.4 million clients. Prepaid and postpaid customers represented 83% and 17%, respectively.
Núcleo generated service revenues that amounted to P$937 million during 1Q18 (+49.0% vs. 1Q17). Internet revenues amounted to P$406 million (+42.5% vs. 1Q17) representing 43.3% of 1Q18 service revenues (vs. 45.3% in 1Q17).
Cable TV Services
Cable TV service revenues amounted to P$6,666 million in 1Q18 (+34.3% vs. 1Q17). This increase was mainly explained by an up selling of value added services combined with price modifications. Total Cable TV subscribers totaled almost 3.5 million, while the Cable TV ARPU amounted to P$636.5 during 1Q18, rising +37.4% vs. 1Q17. Moreover, average monthly churn during 1Q18 remained at 1.3%.
During the first months of the year, Cablevisión continued to add exclusive content to its on-demand content grid. Among the most outstanding are: series and documentaries by BBC Worldwide; the 'Parecido' web series, through an agreement with UN3TV; and 'The Handmaid's Tale' entire series at the premiere of the first episode. On the other hand, the Cosquín Rock festival was broadcasted exclusively during the two days.
In addition, Cablevisión Flow, the innovative product that evolved the way of watching television and updated our offer in pay TV business, made the first platform upgrade in March, for both versions of the product (Box and App). The upgrade was focused optimizing the user experience in navigation and simplification, clarity, and accessibility to content. Furthermore, a YouTube widget was added to access from the interface. The second update of the platform will be made in the preview of the Russia 2018 World Cup. Cablevisión Flow subscribers in its Box version amounted to almost 0.8 million as of 1Q18, while Flow App subscribers totaled almost 0.3 million.
Fixed Telephony and Data Services
During 1Q18, revenues generated by fixed telephony and data services amounted to P$3.625 million in 1Q18, +26.2% vs. 1Q17. The increase in fixed telephony services was mainly explained by monthly fee price increases that came into effect for both corporate and residential fixed line customers, and additionally due to the bundled offer of packs that include voice and internet services ('Arnet + Voz'), that aim to achieve higher levels of customer loyalty and churn reduction.
As a result, the average monthly revenue billed per user ("ARBU") amounted to P$198.4 in 1Q18, +47.9% vs. 1Q17.
Meanwhile, Data revenues increase (services mainly offered to Corporate customers, SMEs, Government and to other operators) was mainly driven by FX rate variations that affected those contracts that were adjusted by the $/U$S exchange rate and due to the increase in the number of clients, generated in a context that evidence the growing position of Telecom as an integrated ICT provider.
Additionally, as part of the actions of the corporate business, the Company was present at the 12th edition of Expoagro, presenting innovative solutions for the agricultural sector and offering fixed and mobile connectivity for exhibitors and visitors. Telecom designed a portfolio of products dedicated to provide the agribusiness with telemetry, management and monitoring and meteorology solutions.
Internet Services
Internet services revenues totaled P$7.153 million during 1Q18, +41.8% vs. 1Q17. As of March 31, 2018, total broadband accesses increased to almost 4.1 million (+4.0% vs. 1Q17). Additionally, broadband ARPU amounted to P$577.6 per month in 1Q18 (+51.6% vs. 1Q17). Moreover, the average monthly churn rate for the period was around 1.5% for each product. On the other hand, clients with service of 20Mb or higher currently represent 25% of the total customer base as of 1Q18.
For fixed connectivity and content services, a suitable commercial offer was presented in March 2018, accompanied by a comprehensive campaign that included a 35% discount for 12 months in Cablevisión Flow + Fibertel with 100 megabytes of speed.
Consolidated Operating Costs
Consolidated Operating Costs totaled P$23,572 million in 1Q18, an increase of P$3,943 million, or +20.1% vs. 1Q17 (including D&A and impairment of PP&E). Continuing with the trend observed during the lasts quarters, this overall increase is below inflation levels and moreover Revenue growth, which allowed a significant increase in the Company's Operating Income before D&A and to improve its margin. This was a result of a higher level of efficiency in the cost structure. Higher costs are mainly associated to the effect of higher revenues, a highly competitive environment in the mobile and Internet businesses, the impact of higher direct and indirect labor costs generated by the operations in Argentina, the increase in costs of services contracted with our suppliers, higher programming and content costs due to cost from the incorporation of broadcasting signals of football matches.
The cost breakdown is as follows:
- Employee benefit expenses and severance payments totaled P$5,217 million (+21.6% vs. 1Q17), mainly impacted by increases in salaries to unionized and non‐unionized employees together with the associated social security contributions. Finally, total employees at the end of 1Q18 amounted to 26,768 (vs. 27.155 in 1Q17).
- Interconnection and transmission costs (including TLRD, Roaming, Interconnection, international settlement charges and lease of circuits) amounted to P$931 million, -0.2% vs. 1Q17. This decrease is mostly due to lower transmission costs in the international bandwidth, offset by higher TLRD costs.
- Fees for services, maintenance, materials and supplies amounted to P$2,881 million (+18.2% vs. 1Q17), mainly due to greater fees for services, mostly related to call centers and to higher fees driven mostly by new Company projects and services linked to operational management in general. There were also higher technical maintenance costs and higher hardware and software maintenance costs due to the increase in prices and the higher level of activity.
- Taxes and fees with regulatory authorities amounted to P$2,469 million (+27.1% vs. 1Q17), impact that was predominantly associated to the increase in revenues.
- Commissions and advertising (Commissions paid to agents, prepaid card commissions and others) totaled P$1,709 million (+7.9% vs. 1Q17). The increase is mostly due to collections fees and higher advertising charges, offset by a decrease in CPP commissions and total commissions paid to commercial channels.
- Cost of handsets sold totaled P$1,525 million (+23.3% vs. 1Q17), this increase was for the most part a consequence of higher costs per unit due to the rise in participation of high-end devices.
- Programming and content costs totaled P$2,145 million (+44.0% vs. 1Q17), largely due to the incorporation of the cost of signals to broadcast live football matches of the first division of the Argentine Football Association.
- Depreciation, amortization and impairment of PP&E amounted P$4,667 million (+17.1% vs. 1Q17). Depreciations of PP&E totaled P$3,676 million, amortizations of intangible assets amounted to P$935 million, while the losses of PP&E amounted to P$19 million and the impairment of PP&E P$37 million. The higher charge is mostly due to a greater amortization and depreciation of PP&E and intangibles, corresponding to higher values allocated to the aforementioned assets resulting from the acquisition method under IFRS 3.
- Other Costs totaled P$2,028 million (+17.3% vs. 1Q17), of which bad debt expenses amounted to P$613 million (+28.8% vs. 1Q17), and whose increase is mainly due to the impact generated by the application as of the FY2018 of IFRS 9, partially offset by greater efficiency in the delinquency management, as well as other operating costs that totaled P$1,415 million, increasing by 12.9% vs. 1Q17.
Net Financial Results
The Net Financial Results (including Financial Costs on Debt and Other Financial Results, net) showed a loss of P$2,306 million, compared with a loss of P$18 million in 1Q17. The result was mainly due to FX losses net of NDF of P$1,800 million (compared with a gain of P$555 million in 1Q17), mostly due to the depreciation of the peso during the 1Q18, followed by net interest losses of P$345 million (representing a greater loss of P$90 million vs. 1Q17), which are partially offset by gains on investments of P$192 million (that generated greater earnings of P$189 million vs. 1Q17).
Consolidated Net Financial Debt
As of March 31, 2018, net financial debt position (cash, cash equivalents plus financial investments and financial NDF minus loans) totaled P$32,181 million, increasing when compared to the onsolidated net financial debt position as of December 31, 2017 (calculated as the sum of consolidated net financial debt positions of Telecom Argentina and Cablevisión, which was P$9,580 million).
Capital Expenditures
During 1Q18, the Company invested P$6,050 million, increasing approximately 18.5% from the sum of the parts of Telecom Argentina's and Cablevisión's CAPEX as of 1Q17, focusing on projects that maximize the network capacity and on the development of products and services that contribute to address the customers needs that today demand for connectivity and data availability. Likewise, significant investments have been made in the charging, billing and relationship systems with customers. In relative terms, Capex amounted to 19.7% of consolidated revenues.
Moreover, the quantity of Homes Passed through the network amounted to 9.7 million as of 1Q18.
In terms of infrastructure, the deployment of the 4G/LTE network continued throughout the country, reaching more than 1,225 cities, including all the capital cities of the provinces, reaching 10.5 million customers with 4G devices. In addition, through sustained investments, the Company continues to expand its service offerings in the interior of the country, in order to integrate several places into the national digitalization plan. In recent months, the company launched Cablevisión Digital, HD and Fibertel in various locations in the province of Buenos Aires, Córdoba and Santa Fe.
Relevant Matters
Distribution of dividends declared by Cablevisión
On January 8, 2018, Telecom Argentina, as a surviving company of Cablevisión S.A., paid cash dividends declared by Cablevisión on December 18, 2017 for P$4,077,790,056.
Distribution of dividends of Telecom Argentina
On January 31, 2018, the Board of Directors of Telecom Argentina approved:
the withdrawal of P$9,729,418,019 of the "Reserve for future cash dividends" of Telecom Argentina as of December 31, 2017, and its distribution as cash dividends in two installments: i) $ 2,863,000,000 on February 15, 2018 and ii) $ 6,866,418,019 on April 30, 2018, being the Board of Directors able to anticipate such payment if it deems appropriate in the future.
the distribution of P$5,640,728,444 as interim cash dividends in accordance with section 224, 2° paragraph of the General Corporations Law ("GCL"), corresponding to the net income (net and realized) for the period between January 1, 2017 and September 30, 2017, which arises from the Special Individual Financial Statements of Telecom Argentina as of September 30, 2017, which were paid on February 15, 2018; and
the distribution of P$4,502,777,155 as interim cash dividends in accordance with section 224, 2° paragraph of the GCL, corresponding to net income (net and realized) for the period between January 1, 2017 and September 30, 2017, which arises from Cablevisión's Special Individual Financial Statements as of September 30, 2017 -company absorbed by Telecom Argentina- that were paid on February 15, 2018.
Other Relevant Matters
General Ordinary Shareholders' Meeting of Telecom Argentina held on April 25, 2018
The General Ordinary Shareholders' Meeting of Telecom Argentina held on April 25, 2018 resolved, among others, to:
ratify the distribution of interim cash dividends in the amount of P$5,640,728,444, disposed by the Board of Directors on its meeting of January 31, 2018, based on the Special Individual Financial Statements of Telecom Argentina as of September 30, 2017, which were distributed on February 15, 2018;
allocate the Retained Earnings of Telecom Argentina as of December 31, 2017, net of the P$5,640,728,444 distributed as anticipated dividends, that is to say P$1,989,254,041 to the constitution of the "Facultative Reserve for future Dividend Distributions". In addition, it was resolved to delegate the powers into the Board of Directors of the Company so that it may determine the withdrawal, in one or more times, of an amount up to P$994,627,020 of the "Facultative Reserve for future Dividend Distributions" and distribute it to the shareholders as cash dividends, enabling such delegated powers to be exercised until December 31, 2018.
ratify the distribution of interim cash dividends in the amount of P$4,502,777,155 disposed by the Board of Directors on its meeting of January 31, 2018, based on the Special Individual Financial Statements of Cablevisión, which were distributed on February 15, 2018;
to allocate the Retained Earnings of Cablevisión as of December 31, 2017, net of the P$4,502,777,155 distributed as anticipated dividends, that is to say P$1,311,975,449, to the constitution of the 'Facultative Reserve to maintain the level of investments in capital goods and the current level of the Company's solvency'; and
ratify the advanced distribution of dividends for the amount of P$212,900,000, resolved by the Board of Directors of Sofora on its meeting of November 29, 2017, based on the Special Individual Financial Statements of the aforementioned company as of March 31, 2017, in accordance with section 224, subsection 2 of the GCL. These dividends were distributed by the Company for P$210 million on November 30, 2017; and P$3 million were paid on December 29, 2017 by Telecom Argentina as a surviving company.
General Ordinary Shareholders' Meeting of Núcleo held on April 24, 2018
The General Ordinary Shareholders' Meeting of Núcleo in its meeting held on April 24, 2018 approved the distribution of dividends totaling P$416 million, corresponding to Guaraníes 115,000 million converted at the exchange rate of the approval date (of which P$135 million correspond to minority shareholders), which will be paid in May 2018.
** | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-telecom-argentina-s-a-announces-consolidated-first-quarter-results-for-fiscal-year-2018-1q18.html |
May 2 (Reuters) - BESIKTAS:
* IN TALKS WITH DENIZBANK FOR FINALIZING LOAN AGREEMENT Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-besiktas-in-talks-with-denizbank-f/brief-besiktas-in-talks-with-denizbank-for-finalizing-loan-agreement-idUSFWN1S9122 |
(Repeats with no changes to text)
May 16 (Reuters) - Google’s YouTube said on Wednesday it will launch a new music streaming service, YouTube Music, next week and unveil soon a premium service that will charge more for its original shows.
YouTube Music, which will be launched on May 22, comes with extra features like personalized playlists based on individual’s YouTube history and other usage patterns, YouTube, owned by Alphabet Inc’s Google, said.
The video streaming company said it will also launch YouTube Premium, the revamped YouTube Red subscription service.
The new ad-supported version of YouTube Music will be available for free, while YouTube Music Premium, a paid membership without advertisements, will be available at $9.99 a month, YouTube said in a blog post. bit.ly/22KeLVl
YouTube plans to charge $2 more for its premium service, as it includes YouTube Music service along with its original shows. YouTube Premium will be charged at $11.99 for all new members, the company said.
“YouTube Premium includes ad-free, background and offline across all of YouTube, as well as access to all YouTube Originals including Cobra Kai, Step Up: High Water and Youth & Consequences,” YouTube said.
For existing YouTube Red members, the current price will continue for YouTube Premium, it said.
YouTube Music will be launched in the United States, Australia, New Zealand, Mexico and South Korea on Tuesday. It will be expanded to some other countries in the following weeks.
Recode earlier reported the launch plan. (Reporting by Shubham Kalia in Bengaluru; Editing by Gopakumar Warrier)
| ashraq/financial-news-articles | https://www.reuters.com/article/alphabet-inc-youtube/rpt-update-1-youtube-to-launch-new-music-streaming-service-on-may-22-idUSL3N1SO2IX |
MONTREAL, May 10, 2018 (GLOBE NEWSWIRE) -- Management of SIRIOS (TSX-V:SOI) is pleased to announce the acquisition by map designation of three new gold exploration projects in Eeyou Istchee James Bay, Quebec. The Goldorak property, consisting of 124 claims covering 60 km 2 , was acquired by the expertise developed by the Sirios exploration team from its Cheechoo gold discovery. Two other claim blocks, currently pending, will form the Amikap and Keoz properties consisting of 169 (87 km 2 ) and 66 claims (34 km 2 ) respectively. The acquisition of these two new properties resulted from a geoscientific research project led by CONSOREM, a research group composed of specialized researchers in the field of mineral exploration of which Sirios joined in 2017. This project was developed from exclusive lithogeochemical data provided by Sirios to the CONSOREM researchers in order to determine potential auriferous exploration targets corresponding to a new James Bay metallogenic model, the Cheechoo project.
Sirios acquires three new gold projects in James Bay
The projects are 100% owned by Sirios. The Goldorak property is located at approximately 40 km south to the town of Radisson and approximately 5 km east of the James Bay road connecting Matagami to Radisson. The Amikap and Keoz claim blocks are located approximately 70 km north of the Cheechoo project and less than 25 km south of the Trans-Taïga road. The Amikap claim block covers five targets defined from the CONSOREM study, while the Keoz block covers two additional targets. Other than regional governmental mapping, there has been essentially no other previous exploration work done in the areas acquired by Sirios.
About CONSOREM
The goal of CONSOREM (Mineral exploration research consortium) is to undertake applied research work related to mineral exploration in a university environment. CONSOREM is responsible for grouping industrial and government partners interested in conducting R&D program to meet regional and national mineral exploration needs. For more information on this consortium, please visit their website: www.consorem.ca .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
For more information, contact:
Dominique Doucet, Eng., President, CEO [email protected]
Nicole Gauthier, Exploration Manager, [email protected]
Tel.: (514) 510-7961
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/56e7d0f5-c647-485a-b9e8-9fdabc801809
Source: Ressources SIRIOS inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-sirios-acquires-three-new-gold-projects-in-james-bay.html |
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