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The United States formally complained to China after Chinese nationals pointed lasers at U.S. military aircraft near Djibouti in recent weeks, the Pentagon said on Thursday, an account strongly disputed by China.
Djibouti, on the Horn of Africa, hosts a U.S. military base that is home to about 4,000 personnel, including special operations forces, and is a launch pad for operations in Yemen and Somalia.
The U.S. military has been grappling with lasers being pointed at aircraft for decades. However, the Pentagon accusations highlight the concern the United States has about a Chinese military base just miles from a critical U.S. base in Djibouti.
"They are very serious incidents ... We have formally démarched the Chinese government and we've requested the Chinese investigate these incidents," Pentagon spokeswoman Dana White told reporters.
White said the Pentagon was confident the lasers had been pointed by Chinese nationals and in the past few weeks fewer than 10 incidents had taken place. The intent was unclear.
A U.S. official, speaking on condition of anonymity, said that in one incident last month, two pilots in a C-130 suffered minor eye injuries.
The official said in a few instances, military grade lasers from the Chinese base had been pointed at aircraft.
In a brief statement, China's Defense Ministry said the U.S. accusations were false.
"We have already refuted the untrue criticisms via official channels. The Chinese side consistently strictly abides by international law and laws of the local country, and is committed to protecting regional security and stability."
Chinese Foreign Ministry spokeswoman Hua Chunying said the government had conducted "serious checks" and told the U.S. side the accusations were groundless.
"You can remind the relevant U.S. person to keep in mind the truthfulness of what they say, and to not swiftly speculate or make accusations," she told a daily briefing in Beijing.
Djibouti is strategically located at the southern entrance to the Red Sea on the route to the Suez Canal.
This year, the U.S. military put countering China, along with Russia, at the
center of a new national defense strategy. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/china-denies-u-s-accusation-of-lasers-pointed-at-planes-in-djibouti.html |
Cryptocurrency investor Brian Kelly said Monday bitcoin cash is the must-own digital currency of the moment.
On Saturday, bitcoin cash miners met to discuss funding for a bitcoin cash development fund, he told CNBC.
In the fund, miners are "going to take some of the rewards they get from mining and put it in a fund to build stuff on top of bitcoin cash," Kelly said on " Fast Money ."
"That's how blockchains gain value," he added. "You're going to be getting more use cases to the extent that usefulness translates into value. That could be a positive for bitcoin cash."
"That's a place I want to buy," said Kelly, who is founder and CEO of BKCM, an investment firm focused on digital currencies.
Bitcoin cash was priced at $1,233.25 at 6 p.m. ET Monday. While it declined from its $1,300 price the week of May 14, bitcoin cash was still valued significantly higher than its April 17 level of $763 .
Chesnot | Getty Images The crypto market watchers were expecting the most notable digital coin of all, bitcoin , to rally during Blockchain Week New York . Instead, the coin declined about 10 percent, briefly falling below the $8,000 level. Bitcoin, priced around $8,400 Monday at 5:30 p.m. ET, is down about 5 percent in the last month.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/crypto-investor-brian-kelly-makes-the-case-for-bitcoin-cash.html |
Expanded Celgene collaboration to drive lead oncology program in solid tumors
Strengthened Board of Directors with addition of James C. Mullen and Jessica Hopfield, Ph.D.
Cash, cash equivalents, and marketable securities of $359 million as of March 31, 2018
CAMBRIDGE, Mass., May 03, 2018 (GLOBE NEWSWIRE) -- Editas Medicine, Inc. (NASDAQ:EDIT), a leading genome editing company, today reported financial results for the first quarter ended March 31, 2018, and provided an update on recent achievements and upcoming events.
“We made steady progress in advancing our pipeline of CRISPR medicines toward the clinic and in building the company overall,” said Katrine Bosley, President and Chief Executive Officer of Editas Medicine. “Our LCA10 program remains on track to file an IND by mid-2018, our leading experimental cell medicine in oncology is advancing towards an IND filing in our Celgene collaboration, and we have strong data in many of our earlier programs. In addition, we have significantly strengthened our Board of Directors with Jim Mullen joining as Chairman of the Board. All in all, 2018 is shaping up to be a transformative year for Editas and for the patients we aim to help.”
Recent Achievements and Outlook
EDIT-101 for Leber Congenital Amaurosis type 10 (LCA10) on track for mid-2018 Investigational New Drug (IND) application filing. Editas has prepared what it believes is a strong package of preclinical data to support the IND filing. In data presented at the Association for Research in Vision and Ophthalmology 2018 Annual Meeting (ARVO Meeting), the Company demonstrated in transgenic mice that EDIT-101 caused predicted therapeutic levels of editing at adeno-associated virus doses that were safe and well tolerated in ocular gene therapy trials from other sponsors. At the American Society of Gene & Cell Therapy 21 st Annual Meeting (ASGCT Meeting), the Company will demonstrate that EDIT-101 was well tolerated in a study of non-human primates.
Expanding oncology collaboration with Juno Therapeutics, Inc., a Celgene Company (Celgene). Editas is announcing today an expansion of its collaboration with Celgene to develop and commercialize chimeric antigen receptor and engineered T cell receptor medicines including Celgene’s lead program for human papillomavirus-associated solid tumors. As a result of the expansion and progress of the collaboration, Editas will receive an additional $10 million in cash and will be eligible to receive a fourth independent milestone and royalty stream.
Advancing research programs for recurrent ocular herpes simplex virus type 1 (HSV-1) and Usher syndrome type 2A (USH2A). The Company presented preclinical in vivo proof-of-concept data for its recurrent ocular HSV-1 program at the ARVO Meeting. Using the Company's CRISPR gene editing approach in rabbits, HSV-1 viral load was reduced by 75% and corneal lesions by 91% relative to control. In addition, Editas and collaborators at Massachusetts Eye and Ear will present in vitro data at the ASGCT Meeting validating the Company's approach to deletion of exon 13 to treat USH2A.
Designing a potentially superior medicine for sickle cell disease and beta-thalassemia. Editas scientists have identified multiple sites at the beta-globin locus that regulate fetal hemoglobin induction, designed potent lead molecules, and demonstrated that these molecules drive upregulation of fetal hemoglobin in human mobilized peripheral blood stem cells. Data from this program will be presented at the upcoming ASGCT Meeting.
Strong balance sheet to advance the Company through multiple value inflection points. The Company held cash, cash equivalents, and marketable securities of $359 million as of March 31, 2018, providing at least 24 months of funding for operating expenses and capital expenditures without any assumption of cash received from milestones or additional financings. Strengthened organization with appointment of James C. Mullen and Jessica Hopfield, Ph.D., to Board of Directors. Mr. Mullen has been named Chairman of the Board of Directors and brings more than 30 years of experience in the biotechnology industry. He previously served as the Chief Executive Officer and President of Biogen, Inc., and as the Chief Executive officer of Patheon N.V. Dr. Hopfield is a former Partner of McKinsey & Company with more than 20 years of experience in healthcare.
Upcoming Events
Editas will participate in the following upcoming investor conferences:
Bank of America Merrill Lynch 2018 Health Care Conference, May 15-17, Las Vegas.
Editas will also participate in the following upcoming scientific and medical conferences:
TIDES 2018: Oligonucleotide and Peptide Therapeutics, May 7-10, Boston; and American Society of Gene & Cell Therapy 21 st Annual Meeting, May 16-19, Chicago.
First Quarter 2018 Financial Results
Cash, cash equivalents, and marketable securities at March 31, 2018, were $358.8 million, compared to $329.1 million at December 31, 2017.
For the first quarter ended March 31, 2018, net loss attributable to common stockholders was $30.9 million, or $0.67 per share, compared to $31.1 million, or $0.85 per share, for the same period in 2017.
Collaboration and other research and development revenues were $3.9 million for the quarter ended March 31, 2018, compared to $0.7 million for the same period in 2017. The $3.2 million increase was attributable to a $2.9 million increase in revenue recognized pursuant to our strategic alliance with Allergan Pharmaceuticals International Limited and a $0.3 million increase in reimbursable research and development expenses primarily resulting from the adoption of Accounting Standards Codification, Topic 606, Revenue From Contracts With Customers. Research and development expenses were $21.3 million for the quarter ended March 31, 2018, compared to $19.0 million for the same period in 2017. The $2.3 million increase was primarily attributable to a $7.1 million increase in process and platform development costs and the acquisition of certain non-capitalized intangible assets, a $1.4 million increase in employee related expenses, a $0.3 million increase in stock-based compensation expenses, a $0.4 million increase in facility-related expenses and a $0.3 million increase in other expenses. This increase was partially offset by a $7.3 million decrease in sublicensing and success payment expenses. General and administrative expenses were $14.2 million for the quarter ended March 31, 2018, compared to $12.3 million for the same period in 2017. The $1.9 million increase was primarily attributable to a $1.5 million increase in intellectual property legal expense and patent-related fees, a $0.4 million increase in stock-based compensation expenses, a $0.4 million increase in other expenses, and a $0.2 million increase in employee related expenses. This increase was partially offset by a $0.7 million decrease in professional service expenses.
Conference Call
The Editas management team will host a conference call and webcast today, May 3, 2018, at 5:00pm ET. To access the call, please dial 844-348-3801 (domestic) or 213-358-0955 (international) and provide the passcode 6079429. A live webcast of the call will be available on the Investors & Media section of the Editas Medicine website at www.editasmedicine.com and a replay will be available approximately two hours after its completion.
About Editas Medicine
As a leading genome editing company, Editas Medicine is focused on translating the power and potential of the CRISPR/Cas9 and CRISPR/Cpf1 genome editing systems into a robust pipeline of treatments for people living with serious diseases around the world. Editas Medicine aims to discover, develop, manufacture, and commercialize transformative, durable, precision genomic medicines for a broad class of diseases. For the latest information and scientific presentations, please visit www.editasmedicine.com .
Forward-Looking Statements
This press release contains and information within the meaning of The Private Securities Litigation Reform Act of 1995. The words ‘‘anticipate,’’ ‘‘believe,’’ ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘may,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘target,’’ "track," ‘‘should,’’ ‘‘would,’’ and similar expressions are intended to identify , although not all contain these identifying words. Forward-looking statements in this press release include statements regarding the Company being on track to file an IND for EDIT-101 by mid-2018. The Company may not actually achieve the plans, intentions, or expectations disclosed in these , and you should not place undue reliance on these . Actual results or events could differ materially from the plans, intentions and expectations disclosed in these as a result of various factors, including: uncertainties inherent in the initiation and completion of preclinical studies and clinical trials and clinical development of the Company’s product candidates; availability and timing of results from preclinical studies and clinical trials; whether interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials; expectations for regulatory approvals to conduct trials or to market products and availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements. These and other risks are described in greater detail under the caption “Risk Factors” included in the Company’s most recent Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission, and in other filings that the Company may make with the Securities and Exchange Commission in the future. Any contained in this press release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any , whether as a result of new information, future events or otherwise.
Editas Medicine, Inc. Condensed Consolidated Statements of Operations (unaudited) (amounts in thousands, except per share and share data) Three Months Ended March 31, 2018
2017 Collaboration and other research and development revenues $ 3,927 $ 682 Operating expenses: Research and development 21,300 19,021 General and administrative 14,186 12,288 Total operating expenses 35,486 31,309 Operating loss (31,559 ) (30,627 ) Other income (expense), net: Other income, net 182 140 Interest income (expense), net 438 (610 ) Total other income (expense), net 620 (470 ) Net loss $ (30,939 ) $ (31,097 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.67 ) $ (0.85 ) Weighted-average common shares outstanding, basic and diluted 45,992,008 36,485,421
Editas Medicine, Inc. Selected Condensed Consolidated Balance Sheet Items (unaudited) (amounts in thousands) March 31, December 31, 2018 2017 Cash, cash equivalents, and marketable securities $ 358,821 $ 329,139 Working capital 331,818 295,492 Total assets 403,982 373,260 Deferred revenue, net of current portion 91,972 94,725 Construction financing lease obligation, net of current portion 33,190 33,431 Total stockholders’ equity 247,515 208,080
Media Contact
Cristi Barnett
Editas Medicine, Inc.
(617) 401-0113
[email protected]
Investor Contact
Mark Mullikin
Editas Medicine, Inc.
(617) 401-9083
[email protected]
Source:Editas Medicine, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-editas-medicine-announces-first-quarter-2018-results-and-update.html |
David Orrell | CNBC Andre Iguodala
Golden State Warriors star player Andre Iguodala is known not only as a 14-year NBA veteran , but also a businessman with investments in top tech companies like Facebook, Twitter and Tesla.
He credits a lot of his knowledge about business and finance to books. In a recent interview with GQ , he said that the one book he can't live without is Alice Schroeder's " The Snowball: Warren Buffett and the Business of Life ."
"This is the best business book that I've read," he says. "And probably the longest book I've ever read." David A. Grogan | CNBC Warren Buffett
The 34-year-old continued, saying, "[Buffett has] been studying money since the age of 8. So that's like me — I've been playing basketball since I was 6. His environment put him in that situation. He put the hard work in and made the most of his opportunities."
Iguodala, who is sometimes referred to as the NBA's ambassador to Silicon Valley , says he started reading investing books as a rookie in the league who was eager to know more about money.
"I read a few books, like 'The Dummy's Guide to Investing,' a Standard & Poor's book about investing," he tells the online investment site Wealthsimple .
He says that in order to get more insight on how to manage his money, he also spent time with players who seemed to be making the savviest business moves.
"I had a few veterans who were really smart with their money," he said. "I mean, they had nice contracts, but in the scheme of the NBA, they were on the lower end. I asked a lot of questions, and they got me into good habits early." "He put the hard work in and made the most of his opportunities." -Golden State Warrior Andre Iguodala, on Warren Buffett
Now, as a player for Golden State, Iguodala admits that he's taking advantage of the team's close proximity to Silicon Valley to align himself with the most successful people in tech.
"We have some great relationships with VCs out there, mainly Andreessen Horowitz," Iguodala tells CNBC . "They've kind of taken me under their wing and ... showed me some things in the portfolio and how I can integrate my brand into some of their brands."
To help share the business knowledge he's amassed, Iguodala has partnered with his teammate Stephen Curry to hold an annual Player's Technology Summit for athletes. In an interview with Bloomberg , Curry says the two hope the summit will teach players about the possibilities that exist for them beyond sports.
"We're trying to create a nice opportunity and environment where we can bridge the gap between sports and tech, and [utilize] all the resources we have playing right in Silicon Valley's backyard," says Curry. "There is more to us than just wearing the jersey." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/nba-star-andre-iguodala-this-warren-buffett-biography-is-the-best.html |
SEOUL, May 14 (Reuters) - Tottenham Hotspur striker Son Heung-min headlined South Korea’s preliminary 28-man squad for the World Cup on Monday, with coach Shin Tae-yong set to trim five players before the tournament starts next month.
Shin also handed a first senior call-up to exciting young winger Lee Seung-woo, who was regarded as one of Barcelona’s most promising talents at its La Masia youth academy before he made the switch to Italy’s Hellas Verona last year.
The maiden selections of 20-year-old Lee, Jeju defender Oh Ban-suk and Incheon midfielder Moon Seon-min came as something of a surprise but Shin said they were not there just to make up the numbers.
“Even though there’s not a lot of time left until the World Cup, they could make it if they impress,” Shin told reporters.
Shin said he had seen exactly what Lee could bring to the table after coaching the South Korea squad at the Under-20 World Cup last year.
Lee was one of the standouts of the tournament, scoring twice, including against Argentina in a 2-1 victory, as hosts South Korea reached the last 16.
“I am more aware of his strong points and weaknesses than anyone else after going through the Under-20 World Cup together,” Shin added.
Shin, 49, said he had planned to forgo a preliminary squad and name just 23 players but injuries had forced him to shuffle his pack. He said his main selection issues were in defence.
The squad is split evenly between domestic and foreign-based players, and Shin will have to submit his final squad by June 4.
The Koreans, who will face Mexico, Sweden and defending champions Germany in their group at the finals, are making their ninth straight appearance at the World Cup.
The are scheduled to play tune-up matches against Honduras, Bosnia, Bolivia and Senegal before meeting Sweden in their opening Group F encounter in Nizhny Novgorod on June 18. (Reporting by Joori Roh; Writing by Peter Rutherford; Editing by John O’Brien)
| ashraq/financial-news-articles | https://www.reuters.com/article/soccer-worldcup-kor-squad/soccer-spurs-striker-son-headlines-south-korean-world-cup-squad-idUSL3N1SL1MZ |
A dramatic upswing in oil prices over recent months could soon create a "particularly hostile environment" for global investors, Citi economists warned Monday.
The price of crude has risen over the past two years, from $26 in 2016 to $77 on Monday, as the balance between supply and demand has been steadily tightening. This has helped boost company's profits too — with several oil and gas producers and refiners among the biggest gainers on Wall Street over the past month.
However, President Donald Trump 's decision to pull the U.S. out of the Iran nuclear deal "constitutes a major geopolitical shift" which could trigger a move in the direction of "stagflation," a global strategy team at Citi, led by Mark Schofield, said in a research note published Monday.
show chapters Economists rethink oil prices and the economy 6 Hours Ago | 03:55 The combination of subdued economic growth and rampant inflation — also known as stagflation —would likely create a "particularly hostile environment for risk assets," the U.S. bank added.
Alongside a broader escalation in regional conflict, Citi economists argued that a sustained increase in oil prices and weaker-than-anticipated global economic growth data could combine to heighten the risk for financial market participants.
'All that is certain is volatility' Last week, Trump vowed to quit the landmark 2015 accord and promised to re-impose sanctions on Iran . The contentious decision, which was largely at odds with the international community, has stoked anxiety in the Middle East.
Iran pumps approximately 4 percent of the world's oil, with the looming prospect of American sanctions set to cut off some of that supply.
When sanctions were imposed by the Barack Obama administration on Tehran in 2012, Iran's oil exports dropped to approximately 1.5 million barrels per day (bpd). Since the export restrictions were lifted in 2015, as part of the multilateral deal that offered economic relief in exchange for curbs to Iran's nuclear program — formally known as the Joint Comprehensive Plan of Action (JCPOA) — that figure increased by more than 1 million.
Carlos Barria | Reuters President Donald Trump gives a thumbs up while holding an umbrella in the rain as he arrives at Dallas Love Field aboard Air Force One to address the National Rifle Association Convention in Dallas, Texas U.S., May 4, 2018. Most analysts predict the impact on Iranian crude supply later this year will be more limited , especially in comparison to Obama's 2012 sanctions — they say Trump could reduce Iran's oil shipments by 300,000 to 500,000 bpd, far short of the 1 million to 1.5 million bpd that were cut from the market six years ago.
OPEC , Russia and several other allied producers have spearheaded an ongoing effort to try to clear a global supply overhang and prop up prices. The agreement, which came into effect in January 2017, has already been extended through until the end of this year — with producers scheduled to meet in June to review policy.
"Is OPEC, possibly together with its non-OPEC peers, going to fill the void potentially left in global supply by Iran? Time will tell and until then, all that is certain is volatility," Tamas Varga, analyst at PVM Oil Associates, said in a research note published Monday.
— CNBC's Natasha Turak contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/citi-warns-surging-oil-prices-could-create-hostile-environment-for-stocks.html |
May 4 (Reuters) - Prochnik SA:
* MANAGEMENT SAYS IT HAS RESOLVED TO PREPARE A MOTION TO FILE FOR CO’S BANKRUPTCY
* DESPITE THAT DECISION IT STILL SEES MOTION FOR REHABILITATION PROCEEDINGS FROM MARCH 27 AS JUST AND WELL-GROUNDED
* IF COURT DECIDES ON OPENING OF REHABILIATION PROCEEDINGS FOR CO, MANAGEMENT TO REVISE ITS DECISION REGARDING BANKRUPTCY MOTION Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-prochnik-to-prepare-motion-to-file/brief-prochnik-to-prepare-motion-to-file-for-bankruptcy-idUSFWN1SB18X |
NEW YORK, May 07, 2018 (GLOBE NEWSWIRE) -- National General Holdings Corp. (Nasdaq:NGHC) today reported first quarter 2018 net income of $60.3 million or $0.55 per diluted share, compared to net income of $29.0 million or $0.27 per diluted share in the first quarter of 2017. First quarter 2018 operating earnings (1) was $67.6 million or $0.62 per diluted share, compared to $35.7 million or $0.33 per diluted share in the first quarter of 2017.
First Quarter 2018 Highlights Versus First Quarter 2017*
Gross written premium grew $165.1 million or 14.1% to $1,337.0 million, driven by continued organic growth in our P&C segment of 12.6% and in our A&H segment of 21.8%. In the first quarter, our homeowners’ product experienced organic growth of 23.2% driven by strong results from strategic partnerships and the continued expansion in the high net worth market. Our personal auto product experienced organic growth of 12.1%. The overall combined ratio (9,13) was 90.7% compared to 94.8% in the prior year’s quarter, excluding non-cash amortization of intangible assets. The P&C segment reported a decrease in combined ratio to 90.9% from 96.2% in the prior year’s quarter. The combined ratio includes $14.2 million of losses, or 2.0 P&C loss ratio points, from weather-related events from winter weather that impacted the Northeast in the first quarter 2018, compared to $8.9 million of losses, or 1.2 P&C loss ratio points, from events in the first quarter 2017. The A&H segment reported a combined ratio of 90.0% compared to 86.8% in the prior year’s quarter. Service and fee income grew 13.9% to $154.8 million, driven by organic growth in both our Accident & Health and Property & Casualty segments. Shareholders’ equity was $1.96 billion and fully diluted book value per share was $14.09 at March 31, 2018, growth of 1.5% and 1.7%, respectively, from December 31, 2017. Our trailing twelve month operating return on average equity (ROE) (14) was 9.9% as of March 31, 2018. First quarter 2018 operating earnings exclude the following material items, net of tax: $5.5 million or $0.05 per share of non-cash amortization of intangible assets and $1.2 million or $0.01 per share from equity in (earnings) losses of equity method investments. During today’s Board of Directors meeting, the Board appointed Robert Karfunkel and Barry Karfunkel to serve as Co-Chairmen of the Board. In addition, Robert Karfunkel will serve as President of the Company while Barry Karfunkel will continue his position as Chief Executive Officer of the Company, but no longer serve as President.
Barry Karfunkel, National General’s CEO, stated: “This quarter we reported the strongest operating results in the history of the company and highlighted the earnings capabilities of the platform that we have built.
I look forward to the dual leadership roles that Robert and I will have at National General as Co-Chairmen. We have worked alongside each other since the platform was acquired in 2010, though in different areas of the business. I think our diverse areas of expertise will complement each other and provide a well-rounded perspective for the Company moving forward.
I would like to thank Barry Zyskind for his leadership as National General’s Chairman of the Board of Directors. He stepped into the position in a time of transition for the Company and his guidance was and continues to be of great importance for both myself and the entire organization.”
*NOTE: Unless specified otherwise, discussion of our first quarter 2018 and 2017 results do not include financial results from the Reciprocal Exchanges, which are presented within our consolidated financial results within this release but are not included in net income available to NGHC common stockholders.
Overview of First Quarter 2018 as Compared to First Quarter 2017 by Segment
Property & Casualty - Gross written premium grew by 12.6% to $1,103.3 million, net written premium decreased by 7.7% to $832.7 million and net earned premium decreased by 6.0% to $705.6 million. P&C gross written premium growth was primarily driven by organic growth of 23.2% from our homeowners’ product and 12.1% from our personal auto product. Service and fee income grew 5.8% to $109.6 million. Excluding non-cash amortization of intangible assets, the combined ratio (9,13) was 90.9% with a loss ratio of 70.6% and an expense ratio (9,12) of 20.3%, versus a prior year combined ratio of 96.2% with a loss ratio of 69.5% and an expense ratio of 26.7%.The loss ratio was impacted by pre-tax catastrophe losses of approximately $14.2 million related to winter weather events in the Northeastern part of the U.S. in the first quarter 2018.
Accident & Health - Gross written premium grew by 21.8% to $233.8 million, net written premium grew by 23.3% to $223.4 million, and net earned premium grew by 19.4% to $153.9 million. The A&H gross written premium increase was driven by the continued growth across the entire book. Service and fee income was $45.2 million compared to $32.3 million in the prior year’s quarter. Excluding non-cash amortization of intangible assets, the combined ratio (9,13) was 90.0% with a loss ratio of 59.3% and an expense ratio (9,12) of 30.7%, versus a prior year combined ratio of 86.8% with a loss ratio of 53.8% and an expense ratio of 33.0%.
Reciprocal Exchanges - Results for the Reciprocal Exchanges are not included in net income available to NGHC common stockholders. Gross written premium was $97.7 million, net written premium was $50.6 million, and net earned premium was $46.1 million. Reciprocal Exchanges combined ratio (9,13) excluding non-cash amortization of intangible assets was 131.4% with a loss ratio of 96.7% and an expense ratio (9,12) of 34.7%. The increase in the combined ratio related to winter weather events in the Northeastern part of the U.S.
First quarter 2018 investment income decreased to $25.0 million, compared to $28.4 million in the first quarter of 2017, reflecting results from equity in (earnings) losses from equity method investments. Total investments and cash and cash equivalents were $3.7 billion as of March 31, 2018. Accumulated other comprehensive income decreased to a $45.7 million loss at March 31, 2018 from a $8.1 million loss at December 31, 2017, primarily due to the impact of higher interest rates which negatively impacted bond valuations.
Interest expense was $11.2 million, from $11.5 million in the prior year’s quarter. Debt was $713.9 million at March 31, 2018, and $713.7 million at December 31, 2017.
The first quarter of 2018 provision for income taxes was $18.6 million and the effective tax rate for the quarter was 21.4%.
Shareholders’ equity was $1,957.1 million at March 31, 2018, growth of 1.5% from $1,928.6 million at December 31, 2017. Fully diluted book value per share was $14.09 at March 31, 2018, growth of 1.7% from $13.86 at December 31, 2017. Our trailing twelve month operating return on average equity (ROE) (14) was 9.9% as of March 31, 2018.
Year-to-Date P&C Segment Notable Large Losses 2018 Quarter P&C Notable
Large Losses and
LAE
($ millions) P&C Loss Ratio
Points*
EPS Impact After
Tax
Q1 Northeastern Winter Weather $14.2 2.0% $0.10 * Loss ratio points related to P&C net earned premium in quarter the loss event was recorded.
Conference Call
On Tuesday, May 8, 2018 at 9:30 AM ET, Chief Executive Officer Barry Karfunkel and Chief Financial Officer Mike Weiner will review results and discuss business conditions via a conference call that may be accessed as follows:
Toll-Free U.S. Dial-in: 888-267-2845 International Dial-in: 973-413-6102 Conference Entry Code: 565529 Webcast Registration: http://ir.nationalgeneral.com/events-and-presentations A replay of the conference call will be accessible from 2:00 PM ET on Tuesday, May 8, 2018 to 11:59 PM ET on Tuesday, May 22, 2018 by dialing either 800-332-6854 (toll-free) within the U.S. or 973-528-0005 outside the U.S. and entering passcode 565529. In addition, a replay of the webcast can also be retrieved at
http://ir.nationalgeneral.com/events-and-presentations .
About National General Holdings Corp.
National General Holdings Corp., headquartered in New York City, is a specialty personal lines insurance holding company. National General traces its roots to 1939, has a financial strength rating of A- (excellent) from A.M. Best, and provides personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, lender-placed, supplemental health and other niche insurance products.
Forward Looking Statements
This news release contains “ ” that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “plan,” “expect,” “project,” “intend,” “estimate,” “anticipate” and “believe” or their variations or similar terminology. There can be no assurance that actual developments will be those anticipated by the Company. Actual results may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties, including, but not limited to, non-receipt of expected payments from insureds or reinsurers, changes in interest rates, a downgrade in the financial strength ratings of our insurance subsidiaries, the effect of the performance of financial markets on our investment portfolio, our ability to accurately underwrite and price our products and to maintain and establish accurate loss reserves, estimates of the fair value of investments, development of claims and the effect on loss reserves, large loss activity including hurricanes and wildfires, the cost and availability of reinsurance coverage, the effects of emerging claim and coverage issues, changes in the demand for our products, our degree of success in integrating acquired businesses, the effect of general economic conditions, state and federal legislation, the effects of tax reform, regulations and regulatory investigations into industry practices, risks associated with conducting business outside the United States, developments relating to existing agreements, disruptions to our business relationships with third party or vendor agencies, breaches in data security or other disruptions involving our technology, heightened competition, changes in pricing environments, and changes in asset valuations. The contained in this news release are made only as of the date of this release. The Company undertakes no obligation to publicly update any forward-looking statement except as may be required by law. Additional information about these risks and uncertainties, as well as others that may those projected is contained in the Company’s filings with the Securities and Exchange Commission.
Income Statement - First Quarter
$ in thousands
(Unaudited) Three Months Ended March 31, 2018 2017 NGHC Reciprocal
Exchanges Consolidated NGHC Reciprocal
Exchanges Consolidated Revenues: Gross written premium $ 1,337,042 $ 97,689 $ 1,433,130 (A) $ 1,171,968 $ 82,216 $ 1,253,383 (H) Net written premium 1,056,065 50,578 1,106,643 1,083,352 41,701 1,125,053 Net earned premium 859,483 46,055 905,538 879,453 39,032 918,485 Ceding commission income 32,958 11,510 44,468 2,747 17,247 19,994 Service and fee income 154,760 2,446 142,122 (B) 135,863 2,080 125,942 (I) Net investment income 25,019 2,144 25,011 (C) 28,423 2,884 29,044 (J) Net gain (loss) on investments 249 (131 ) 118 (1,412 ) — (1,412 ) Other income — — — 9,801 — 9,801 Total revenues $ 1,072,469 $ 62,024 $ 1,117,257 (D) $ 1,054,875 $ 61,243 $ 1,101,854 (K) Expenses: Loss and loss adjustment expense $ 589,635 $ 44,531 $ 634,166 $ 590,717 $ 28,100 $ 618,817 Acquisition costs and other underwriting expenses 157,608 11,102 168,710 160,540 14,180 174,720 General and administrative expenses 227,293 18,796 231,005 (E) 242,083 25,103 255,185 (L) Interest expense 11,154 2,152 11,154 (F) 11,545 2,263 11,545 (M) Total expenses $ 985,690 $ 76,581 $ 1,045,035 (G) $ 1,004,885 $ 69,646 $ 1,060,267 (N) Income (loss) before provision (benefit) for income taxes $ 86,779 $ (14,557 ) $ 72,222 $ 49,990 $ (8,403 ) $ 41,587 Provision (benefit) for income taxes 18,571 (2,369 ) 16,202 13,037 (2,248 ) 10,789 Net income (loss) before non-controlling interest and dividends on preferred shares 68,208 (12,188 ) 56,020 36,953 (6,155 ) 30,798 Less: net income (loss) attributable to non-controlling interest — (12,188 ) (12,188 ) 30 (6,155 ) (6,125 ) Net income before dividends on preferred shares 68,208 — 68,208 36,923 — 36,923 Less: dividends on preferred shares 7,875 — 7,875 7,875 — 7,875 Net income available to common stockholders $ 60,333 $ — $ 60,333 $ 29,048 $ — $ 29,048 NOTES : Consolidated column includes eliminations as follows: (A) $(1,601), (B) $(15,084), (C) $(2,152), (D) $(17,236), (E) $(15,084), (F) $(2,152), (G) $(17,236), (H) $(801) , (I) $(12,001), (J) $(2,263), (K) $(14,264), (L) $(12,001), (M) $(2,263) and (N) $(14,264).
Earnings and Per Share Data
$ in thousands, except shares and per share data
(Unaudited) Three Months Ended March 31, 2018 2017 Net income available to common stockholders $ 60,333 $ 29,048 Basic net income per common share $ 0.57 $ 0.27 Diluted net income per common share $ 0.55 $ 0.27 Operating earnings attributable to NGHC (1) $ 67,623 $ 35,739 Basic operating earnings per common share (1) $ 0.63 $ 0.34 Diluted operating earnings per common share (1) $ 0.62 $ 0.33 Dividends declared per common share $ 0.04 $ 0.04 Weighted average number of basic shares outstanding 106,758,641 106,467,599 Weighted average number of diluted shares outstanding 108,950,984 109,166,681 Shares outstanding, end of period 106,887,566 106,502,250 Fully diluted shares outstanding, end of period 109,079,909 109,378,890 Book value per share $ 14.38 $ 14.09 Fully diluted book value per share $ 14.09 $ 13.72
Reconciliation of Net Income to Operating Earnings (Non-GAAP)
$ in thousands, except per share data
(Unaudited) Three Months Ended March 31, 2018 2017 Net income available to common stockholders $ 60,333 $ 29,048 Add (subtract): Net (gain) on investments (249 ) 1,412 Other income — (9,801 ) Equity in (earnings) losses of equity method investments 1,469 (2,654 ) Non-cash amortization of intangible assets 6,920 21,337 Income tax expense (benefit) (850 ) (3,603 ) Operating earnings attributable to NGHC (1) $ 67,623 $ 35,739 Operating earnings per common share: Basic operating earnings per common share $ 0.63 $ 0.34 Diluted operating earnings per common share $ 0.62 $ 0.33
Balance Sheet
$ in thousands March 31, 2018 (unaudited) December 31, 2017 (audited) ASSETS NGHC Reciprocal
Exchanges Consolidated NGHC Reciprocal
Exchanges Consolidated Total investments (2) $ 3,406,943 $ 332,565 $ 3,650,316 (A) $ 3,411,730 $ 327,213 $ 3,649,788 (K) Cash and cash equivalents 316,057 5,880 321,937 286,840 5,442 292,282 Premiums and other receivables, net 1,449,891 49,581 1,497,871 (B) 1,268,330 56,792 1,324,321 (L) Reinsurance recoverable (3) 1,227,476 107,250 1,334,726 1,199,961 94,204 1,294,165 Intangible assets, net 393,766 3,640 397,406 400,385 3,685 404,070 Goodwill 174,153 — 174,153 174,153 — 174,153 Other (4) 1,182,896 128,612 1,292,737 (C) 1,186,056 130,763 1,300,964 (M) Total assets $ 8,151,182 $ 627,528 $ 8,669,146 (D) $ 7,927,455 $ 618,099 $ 8,439,743 (N) LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities: Unpaid loss and loss adjustment expense reserves $ 2,520,121 $ 158,796 $ 2,678,917 $ 2,520,204 $ 143,353 $ 2,663,557 Unearned premiums and other revenue 2,003,147 228,198 2,230,544 (E) 1,807,210 225,395 2,032,605 Reinsurance payable 378,517 60,155 437,071 (F) 329,772 69,076 398,047 (O) Accounts payable and accrued expenses (5) 401,407 28,110 411,547 (G) 423,054 24,682 431,881 (P) Debt 713,893 89,192 713,893 (H) 713,710 89,155 713,710 (Q) Other 177,008 55,513 232,521 204,936 41,582 246,518 Total liabilities $ 6,194,093 $ 619,964 $ 6,704,493 (I) $ 5,998,886 $ 593,243 $ 6,486,318 (R) Stockholders’ equity: Common stock (6) $ 1,069 $ — $ 1,069 $ 1,067 $ — $ 1,067 Preferred stock (7) 420,000 — 420,000 420,000 — 420,000 Additional paid-in capital 919,029 — 919,029 917,751 — 917,751 Accumulated other comprehensive income (loss) (45,722 ) — (45,722 ) (8,112 ) — (8,112 ) Retained earnings 662,713 — 662,713 597,863 — 597,863 Total National General Holdings Corp. stockholders’ equity 1,957,089 — 1,957,089 1,928,569 — 1,928,569 Non-controlling interest — 7,564 7,564 — 24,856 24,856 Total stockholders’ equity $ 1,957,089 $ 7,564 $ 1,964,653 $ 1,928,569 $ 24,856 $ 1,953,425 Total liabilities and stockholders’ equity $ 8,151,182 $ 627,528 $ 8,669,146 (J) $ 7,927,455 $ 618,099 $ 8,439,743 (S) NOTES : Consolidated column includes eliminations as follows: (A) $(89,192), (B) $(1,601), (C) $(18,771), (D) $(109,564), (E) $(801), (F) $(1,601), (G) $(17,970), (H) $(89,192), (I) $(109,564), (J) $(109,564), (K) $(89,155), (L) $(801), (M) $(15,855), (N) $(105,811), (O) $(801), (P) $(15,855), (Q) $(89,155), (R) $(105,811) and (S) $(105,811).
Segment Information - First Quarter
$ in thousands
(Unaudited) Three Months Ended March 31, 2018 2017 P&C A&H NGHC Reciprocal
Exchanges P&C A&H NGHC Reciprocal
Exchanges Gross written premium $ 1,103,266 $ 233,776 $ 1,337,042 $ 97,689 $ 980,013 $ 191,955 $ 1,171,968 $ 82,216 Net written premium 832,712 223,353 1,056,065 50,578 902,238 181,114 1,083,352 41,701 Net earned premium 705,607 153,876 859,483 46,055 750,527 128,926 879,453 39,032 Ceding commission income 32,700 258 32,958 11,510 2,460 287 2,747 17,247 Service and fee income 109,573 45,187 154,760 2,446 103,590 32,273 135,863 2,080 Total underwriting revenues $ 847,880 $ 199,321 $ 1,047,201 $ 60,011 $ 856,577 $ 161,486 $ 1,018,063 $ 58,359 Loss and loss adjustment expense 498,357 91,278 589,635 44,531 521,334 69,383 590,717 28,100 Acquisition costs and other 114,000 43,608 157,608 11,102 129,050 31,490 160,540 14,180 General and administrative 176,685 50,608 227,293 18,796 196,870 45,213 242,083 25,103 Total underwriting expenses $ 789,042 $ 185,494 $ 974,536 $ 74,429 $ 847,254 $ 146,086 $ 993,340 $ 67,383 Underwriting income (loss) 58,838 13,827 72,665 (14,418 ) 9,323 15,400 24,723 (9,024 ) Non-cash amortization of intangible assets 5,400 1,520 6,920 (27 ) 19,734 1,603 21,337 7,069 Underwriting income (loss) before amortization and impairment $ 64,238 $ 15,347 $ 79,585 $ (14,445 ) $ 29,057 $ 17,003 $ 46,060 $ (1,955 ) Underwriting ratios Loss and loss adjustment expense ratio (8) 70.6 % 59.3 % 68.6 % 96.7 % 69.5 % 53.8 % 67.2 % 72.0 % Operating expense ratio (Non-GAAP) (9,10) 21.0 % 31.7 % 22.9 % 34.6 % 29.3 % 34.2 % 30.0 % 51.1 % Combined ratio (Non-GAAP) (9,11) 91.6 % 91.0 % 91.5 % 131.3 % 98.8 % 88.0 % 97.2 % 123.1 % Underwriting ratios (before amortization and impairment) Loss and loss adjustment expense ratio (8) 70.6 % 59.3 % 68.6 % 96.7 % 69.5 % 53.8 % 67.2 % 72.0 % Operating expense ratio (Non-GAAP) (9,12) 20.3 % 30.7 % 22.1 % 34.7 % 26.7 % 33.0 % 27.6 % 33.0 % Combined ratio before amortization and impairment (Non-GAAP) (9,13) 90.9 % 90.0 % 90.7 % 131.4 % 96.2 % 86.8 % 94.8 % 105.0 % NOTE: Loss and loss adjustment expenses ended March 31, 2018 included $15,169 of favorable development on prior accident year loss and loss adjustment expense reserves in the P&C segment, and $3,383 of favorable development in the A&H segment, versus $4,354 of favorable development in the P&C segment, and $8,320 of favorable development in the A&H segment ended March 31, 2017.
Reconciliation of Operating Expense Ratio (Non-GAAP)
$ in thousands
(Unaudited) Three Months Ended March 31, 2018 2017 P&C A&H NGHC Reciprocal
Exchanges P&C A&H NGHC Reciprocal
Exchanges Total underwriting expenses $ 789,042 $ 185,494 $ 974,536 $ 74,429 $ 847,254 $ 146,086 $ 993,340 $ 67,383 Less: Loss and loss adjustment expense 498,357 91,278 589,635 44,531 521,334 69,383 590,717 28,100 Less: Ceding commission income 32,700 258 32,958 11,510 2,460 287 2,747 17,247 Less: Service and fee income 109,573 45,187 154,760 2,446 103,590 32,273 135,863 2,080 Operating expense 148,412 48,771 197,183 15,942 219,870 44,143 264,013 19,956 Net earned premium $ 705,607 $ 153,876 $ 859,483 $ 46,055 $ 750,527 $ 128,926 $ 879,453 $ 39,032 Operating expense ratio (Non-GAAP) 21.0 % 31.7 % 22.9 % 34.6 % 29.3 % 34.2 % 30.0 % 51.1 % Total underwriting expenses $ 789,042 $ 185,494 $ 974,536 $ 74,429 $ 847,254 $ 146,086 $ 993,340 $ 67,383 Less: Loss and loss adjustment expense 498,357 91,278 589,635 44,531 521,334 69,383 590,717 28,100 Less: Ceding commission income 32,700 258 32,958 11,510 2,460 287 2,747 17,247 Less: Service and fee income 109,573 45,187 154,760 2,446 103,590 32,273 135,863 2,080 Less: Non-cash amortization of intangible assets 5,400 1,520 6,920 (27 ) 19,734 1,603 21,337 7,069 Operating expense before amortization and impairment 143,012 47,251 190,263 15,969 200,136 42,540 242,676 12,887 Net earned premium $ 705,607 $ 153,876 $ 859,483 $ 46,055 $ 750,527 $ 128,926 $ 879,453 $ 39,032 Operating expense ratio before amortization and impairment (Non-GAAP) 20.3 % 30.7 % 22.1 % 34.7 % 26.7 % 33.0 % 27.6 % 33.0 %
Premiums by Business Line
$ in thousands
(Unaudited) Three Months Ended March 31, Gross Written Premium Net Written Premium Net Earned Premium 2018 2017 Change 2018 2017 Change 2018 2017 Change Property & Casualty Personal Auto $ 725,212 $ 647,181 12.1 % $ 553,997 $ 596,879 (7.2 )% $ 454,216 $ 450,552 0.8 % Homeowners 141,287 114,725 23.2 % 92,596 104,545 (11.4 )% 82,195 66,968 22.7 % RV/Packaged 49,464 44,754 10.5 % 49,189 44,519 10.5 % 45,689 46,182 (1.1 )% Small Business Auto 86,244 86,376 (0.2 )% 64,727 79,208 (18.3 )% 58,562 57,998 1.0 % Lender-placed insurance 84,934 76,270 11.4 % 63,214 72,832 (13.2 )% 60,469 80,005 (24.4 )% Other 16,125 10,707 50.6 % 8,989 4,255 111.3 % 4,476 7,551 (40.7 )% Property & Casualty 1,103,266 980,013 12.6 % 832,712 902,238 (7.7 )% 705,607 709,256 (0.5 )% Accident & Health 233,776 191,955 21.8 % 223,353 181,114 23.3 % 153,876 133,778 15.0 % Total National General $ 1,337,042 $ 1,171,968 14.1 % $ 1,056,065 $ 1,083,352 (2.5 )% $ 859,483 $ 843,034 2.0 % Reciprocal Exchanges Personal Auto $ 34,297 $ 28,159 21.8 % $ 13,495 $ 17,106 (21.1 )% $ 12,997 $ 18,042 (28.0 )% Homeowners 62,521 53,327 17.2 % 36,808 24,216 52.0 % 32,771 28,115 16.6 % Other 871 730 19.3 % 275 379 (27.4 )% 287 448 (35.9 )% Reciprocal Exchanges $ 97,689 $ 82,216 18.8 % $ 50,578 $ 41,701 21.3 % $ 46,055 $ 46,605 (1.2 )% Consolidated Total (A) $ 1,433,130 $ 1,253,383 14.3 % $ 1,106,643 $ 1,125,053 (1.6 )% $ 905,538 $ 889,639 1.8 % NOTES : (A) Consolidated Total includes eliminations between National General and the Reciprocal Exchanges of $(567) in Personal Auto and $(1,034) in
Homeowners Gross Written Premium in 2018, respectively, and $(277) in Personal Auto and $(524) in Homeowners Gross Written Premium in 2017, respectively.
Additional Disclosures
(1) References to operating earnings and basic and diluted operating earnings per share (“EPS”) are non-GAAP financial measures defined by the Company as net income/loss and basic and diluted earnings per share excluding after-tax net gain or loss on investments (including foreign exchange gain or loss), other-than-temporary impairment losses, bargain purchase gains, earnings or losses of equity method investments (related parties), deferred tax asset impairment, non-cash impairment of goodwill and non-cash amortization of intangible assets. The Company believes operating earnings and basic and diluted operating EPS are relevant measures of the Company’s profitability because operating earnings and basic and diluted operating EPS contain the components of net income upon which the Company’s management has the most influence and excludes factors outside management’s direct control and non-recurring items. Other companies may calculate these measures differently, and therefore, their measures may not be comparable to those used by National General. Please see the Non-GAAP Financial Measures table within this release for the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.
(2) Total investments includes $241,801 and $347,548 in related parties at March 31, 2018 and December 31, 2017, respectively.
(3) Reinsurance recoverable includes $11,399 and $15,688 from related parties at March 31, 2018 and December 31, 2017, respectively.
(4) Other includes $1,174 and $2,334 from related parties at March 31, 2018 and December 31, 2017, respectively.
(5) Accounts payable and accrued expenses includes $72,641 and $140,057 to related parties at March 31, 2018 and December 31, 2017, respectively.
(6) Common stock: $0.01 par value - authorized 150,000,000 shares, issued and outstanding 106,887,566 shares - March 31, 2018; authorized 150,000,000 shares, issued and outstanding 106,697,648 shares - December 31, 2017.
(7) Preferred stock: $0.01 par value - authorized 10,000,000 shares, issued and outstanding 2,565,000 shares - March 31, 2018; authorized 10,000,000 shares, issued and outstanding 2,565,000 shares - December 31, 2017.
(8) Loss and loss adjustment expense ratio is calculated by dividing loss and loss adjustment expense by net earned premium.
(9) Operating expense ratio and combined ratio are considered non-GAAP financial measures under applicable SEC rules because a component of those ratios, operating expense, is calculated by offsetting acquisition and other underwriting costs and general and administrative expenses by ceding commission income and service and fee income. Management uses operating expense ratio (non-GAAP) and combined ratio (non-GAAP) to evaluate against historical results and establish targets on a consolidated basis. The Company believes this presentation enhances the understanding of our results by eliminating what we believe are volatile and unusual events and presenting the ratios with what we believe are the underlying run rates of the business. Other companies may calculate these measures differently, and, therefore, their measures may not be comparable to those used by National General. Please see the Non-GAAP Financial Measures table within this release for the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.
(10) Operating expense ratio is a non-GAAP measure defined by the Company, that is commonly used in the insurance industry. The Company calculates the ratio by dividing operating expense by net earned premium. Operating expense consists of the sum of acquisition and other underwriting costs and general and administrative expenses less ceding commission income and service and fee income. The ratio is used as an indicator of the Company’s efficiency in acquiring and servicing its business. Other companies may calculate these measures differently, and therefore, their measures may not be comparable to those used by National General. Please see the Non-GAAP Financial Measures table within this release for the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.
(11) Combined ratio is a non-GAAP measure defined by the Company, that is commonly used in the insurance industry. The Company calculates the ratio by adding the loss and loss adjustment expense ratio and the operating expense ratio (non-GAAP) together. The ratio is used as an indicator of the Company’s underwriting discipline, efficiency in acquiring and servicing its business, and overall underwriting profit. A combined ratio under 100% generally indicates an underwriting profit, while over 100% an underwriting loss. Other companies may calculate these measures differently, and therefore, their measures may not be comparable to those used by National General.
(12) Operating expense ratio before amortization and impairment is a non-GAAP measure defined by the Company, that is commonly used in the insurance industry. The Company calculates the ratio by dividing the operating expense before amortization and impairment by net earned premium. Operating expense before amortization and impairment consists of the sum of acquisition and other underwriting costs and general and administrative expenses less ceding commission income and service and fee income less non-cash amortization of intangible assets and non-cash impairment of goodwill. The ratio is used as an indicator of the Company’s efficiency in acquiring and servicing its business. Other companies may calculate these measures differently, and therefore, their measures may not be comparable to those used by National General. Please see the Non-GAAP Financial Measures table within this release for the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.
(13) Combined ratio before amortization and impairment is a non-GAAP measure defined by the Company, that is commonly used in the insurance industry. The Company calculates the ratio by adding the loss and loss adjustment expense ratio and the operating expense ratio before amortization and impairment (non-GAAP) together. The ratio is used as an indicator of the Company’s underwriting discipline, efficiency in acquiring and servicing its business, and overall underwriting profit. A combined ratio under 100% generally indicates an underwriting profit, while over 100% an underwriting loss. Other companies may calculate these measures differently, and therefore, their measures may not be comparable to those used by National General. Please see the Non-GAAP Financial Measures table within this release for the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.
(14) Trailing twelve month operating return on average equity is the ratio of the previous twelve months operating earnings to average shareholders’ equity for the periods presented. Average shareholders’ equity is the sum of the shareholders’ equity excluding preferred stock at the beginning and end of the period presented divided by two. In the opinion of the Company’s management this ratio is an important indicator of how well management creates value for its shareholders through its operating activities and capital management. Other companies may calculate these measures differently, and therefore, their measures may not be comparable to those used by National General. Please see the Non-GAAP Financial Measures table within this release for the reconciliation of net income to operating earnings, which is the Non-GAAP component of the operating return on average equity.
(15) Combined ratio excluding losses from various Q1’18 weather-related events, and is calculated by taking the combined ratio as defined in Note 13, and adjusting it to exclude the total net losses of $14.2 million from these events. The company believes this measure enhances investors’ understanding of our results by eliminating what we believe are volatile and unusual events.
Q1’18 Combined
Ratio
Impact of Q1’18
Weather-related
Events
Q1’18 Combined
Ratio Excluding
Weather-related
Events P&C Segment 90.9% 2.0% 88.9% Overall NGHC 90.7% 1.7% 89.0% Investor Contact
Christine Worley
Director of Investor Relations
Phone: 212-380-9462
Email: [email protected]
Source:National General Holdings Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-national-general-holdings-corp-reports-first-quarter-2018-results.html |
May 5, 2018 / 5:36 PM / Updated 2 hours ago Israeli PM Netanyahu to meet Russia's Putin on Wednesday - statement Reuters Staff 3 Min Read
JERUSALEM (Reuters) - Benjamin Netanyahu will meet Russian President Vladimir Putin on Wednesday in Moscow to discuss regional issues, the Israeli prime minister said in a statement on Saturday. Israeli Prime minister Benjamin Netanyahu speaks during a news conference at the Ministry of Defence in Tel Aviv, Israel, April 30, 2018. REUTERS/ Amir Cohen
Israel has been lobbying world powers to “fix or nix” a 2015 nuclear deal with Iran as a May 12 deadline set by President Donald Trump approaches.
Israel is also concerned that Iran is establishing a military presence in Syria, and it has attacked Iranian targets there.
Since intervening in the Syrian civil war on behalf of President Bashar al-Assad in 2015, Russia has generally turned a blind eye to Israeli attacks on suspected arms transfers and deployments by his Iranian and Hezbollah allies.
But when Moscow condemned an April 9 strike that killed seven Iranian personnel, and blamed Israel, it set off speculation in Israel that Russian patience might be wearing thin.
On Thursday, Israel’s defence minister reminded Russia of his government’s decision not to join Western sanctions against it, and asked that Moscow reciprocate with a more pro-Israel approach to Syria and Iran.
Netanyahu and Putin spoke by phone on Monday after the Israeli prime minister presented what he said were Iran’s secret nuclear files which document it having worked toward developing atomic weapons in the past.
U.S. and Israeli officials said the information showed Iran had lied about its past work to develop nuclear arms but intelligence experts said there was no smoking gun showing that Tehran had violated the nuclear deal under which it curbed its atomic programme in return for relief from economic sanctions.
Trump has given Britain, France and Germany a May 12 deadline to fix what he views as the deal’s flaws - its failure to address Iran’s ballistic missile programme, the terms by which inspectors visit suspect Iranian sites, and “sunset” clauses under which some of its terms expire - or he will reimpose U.S. sanctions.
Moscow has repeatedly said it wants the Iran nuclear deal left intact. Foreign Ministry spokeswoman Maria Zakharova said on Friday Russia would deem any changes to the deal to be unacceptable. Reporting by Maayan Lubell; editing by John Stonestreet and Stephen Powell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-russia/israeli-pm-netanyahu-to-meet-russias-putin-on-wednesday-statement-idUKKBN1I60OY |
May 8, 2018 / 2:35 PM / in 4 minutes U.S. refiners reap big rewards from EPA biofuel waivers Jarrett Renshaw 4 Min Read
NEW YORK (Reuters) - The U.S. Environmental Protection Agency’s expanded use of waivers to free small refineries from the nation’s biofuels law has saved the industry as a whole hundreds of millions of dollars, according to a Reuters review of public filings.
Dozens of refineries have received the financial hardship waivers from EPA in recent months, meaning they no longer have to earn or purchase blending credits known as RINs. They can also sell any RINs they have on hand into the market, which helps other refiners by cutting market prices.
Savings for the refining industry represent a win for President Donald Trump, whose administration has been under pressure from Valero Energy Corp, PBF Energy, and others to overhaul the U.S. Renewable Fuel Standard (RFS) to cut compliance costs.
But the increase in waivers has incensed the U.S. corn lobby, which claims Trump’s EPA is undermining demand for biofuels such as corn-based ethanol. The RFS was intended to help U.S. farmers by requiring refiners to add more biofuels into gasoline and diesel supplies.
The EPA has said it has handed out more than two dozen waivers in recent months to refineries that have demonstrated complying with the RFS would cause them “disproportionate economic hardship.”
That is a big increase, according to former officials who said the EPA has tended to grant fewer than 10 discretionary waivers a year since the program began in 2013.
Expansion of the waiver program is due in part to a federal court decision last year that said the EPA had been too stingy with exemptions. But ethanol groups and their legislative backers have complained EPA has gone too far expanding a program that was never meant to benefit deep-pocketed oil companies. One group recently asked a federal judge to determine whether the program expansion was legal.
Andeavor, which sources told Reuters has secured waivers for some of its refineries, said on Monday it saved $100 million in biofuels compliance costs for 2016 and 2017. A company spokesman declined to comment when asked if the savings were related to waivers.
CVR Refining, controlled by billionaire Trump ally Carl Icahn, reported a rare $23 million profit in the biofuels credit market in the first quarter. Sources told Reuters its Oklahoma facility was recently granted an exemption.
The company also said in a recent earnings call that it expects its cost of complying with RFS requirements in 2018 to fall to $80 million from a previous estimate of $200 million, and from roughly $249 million in 2017.
Delek U.S. Holdings reported compliance savings of $79 million, while HollyFrontier said it saved $71 million. Those companies confirmed they received waivers from EPA.
EPA does not disclose the recipients of waivers, saying the information is business sensitive.
Refiners that did not get waivers are also posting savings as RIN prices have dropped more than 70 percent since late last year to five-year lows around 30 cents apiece, according to traders.
PBF Energy and Valero do not have refineries small enough to qualify for waivers, but they still are forecasting huge savings in compliance costs.
Valero, the largest U.S. refiner, said it now expects $550 million on compliance credits this year. That is down sharply from its April forecast of up to $850 million and far lower than the $942 million spent on compliance credits last year, according to filings.
PBF Energy expects to spend $100 million this year, half of what it spent in 2017, CEO Tom Nimbley told investors last week.
“Small refinery waivers granted by the EPA have had the effect of lowering RINs prices, and thereby reducing a significant headwind for our business,” Nimbley said. Additional reporting by Ayenat Mersie; Editing by Richard Valdmanis and David Gregorio | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-biofuels-savings/andeavor-says-it-saves-100-million-in-u-s-biofuel-costs-in-2016-17-idUSKBN1I91ZG |
WINNIPEG, Manitoba, May 17 (Reuters) - The Canadian government’s optimism that outside investors would be interested in taking over a Kinder Morgan Canada oil pipeline project if the company pulls out might be misplaced, said energy industry sources and analysts.
Finance Minister Bill Morneau said on Wednesday that Canada was prepared to cover some losses the firm might suffer if the proposed C$7.4 billion ($5.8 billion) expansion of its Trans Mountain line was delayed and predicted “plenty of investors would be interested” in stepping in if need be.
Kinder Morgan Canada has said it will ditch the Trans Mountain expansion by May 31 unless Ottawa dispels the uncertainties over the project, which the provincial government in British Columbia strongly opposes on environmental grounds.
A Canadian energy industry source who was not authorized to speak publicly about the matter said Morneau’s comments about potential new investors were puzzling.
U.S. companies are likely more focused on easing pipeline bottlenecks south of the border and are not interested in taking on the Trans Mountain project, which still faces fierce opposition, the source said. Hundreds of people have been arrested in Burnaby, the British Columbia port where the pipeline ends.
“It doesn’t matter who the owner is, even if it’s the federal government, you’re not getting the grandma off the picket line in Burnaby,” said the source.
A Calgary, Alberta-based oil trader said Morneau’s assurances struck the wrong chord.
“I don’t want the government involved in owning or funding a pipeline. Two governments from now, who knows what they would do with it? Just the wrong message to the industry, really.”
Kinder Morgan Canada already operates the Trans Mountain pipeline and it is unclear whether it would welcome a rival taking over the expansion, or if it would make practical sense.
Although one option might be to let an overseas company to step in, foreign investment in Canada’s energy sector could be a sensitive issue.
Andrew Botterill, national oil and gas leader at Deloitte, which advises energy companies, said investors think Canadian pipelines and other resource projects generally face high political risk.
“That’s the type of risk that makes it very difficult for companies to come in and invest in Canada, when they’re looking globally for stability,” he said.
If outside investors shy away, the obvious option would be for the federal government to look at taking a stake in the expansion or buying it outright.
A source with deep ties to the natural resources sector who was not authorized to speak publicly about the matter suggested Canada’s recently created Infrastructure Bank might be the best way to invest. The agency is open for business but has yet to facilitate financing for any project.
Infrastructure Bank could not be reached for an immediate comment. ($1 = 1.2794 Canadian dollars) (Additional reporting by Devika Krishna Kumar in New York and David Ljunggren in Ottawa; Editing by Richard Chang)
| ashraq/financial-news-articles | https://www.reuters.com/article/kinder-morgan-cn-pipeline/canada-optimism-over-pipeline-interest-may-be-misplaced-sources-idUSL2N1SO11Q |
SAN FRANCISCO (AP) — A self-driving car service that Google spinoff Waymo plans to launch later this year in Arizona will include up to 62,000 Chrysler Pacifica Hybrid minivans under a deal announced Thursday.
The agreement is the latest sign of Waymo's confidence in its self-driving car technology, which sprung from a secret Google project started nine years ago. The technology will be deployed in a ride-hailing service in the Phoenix area before the end of this year and then expand into other U.S. markets.
Waymo plans to pick up people in cars that won't have a human in the driver's seat, making it the first ride-hailing service with a fleet of fully autonomous vehicles.
The company already had bought 600 Pacifica Hybrid minivans from Fiat Chrysler with a commitment to add "thousands" more. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/the-associated-press-waymos-self-driving-car-service-to-include-62000-minivans.html |
May 10 (Reuters) - Solid Biosciences Inc:
* SOLID BIOSCIENCES REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE
* SOLID BIOSCIENCES INC QUARTERLY LOSS PER SHARE $0.54 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-solid-biosciences-reports-quarterl/brief-solid-biosciences-reports-quarterly-loss-per-share-of-0-54-idUSASC0A1E3 |
May 29 (Reuters) - SFINKS POLSKA SA:
* SAID ON MONDAY THAT ITS Q1 NET LOSS WAS 1.5 MILLION ZLOTYS VERSUS LOSS OF 1.7 MILLION ZLOTYS YEAR AGO
* Q1 REVENUE WAS 41.7 MILLION ZLOTYS VERSUS 43.8 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1T00NS |
May 22, 2018 / 5:11 AM / Updated 12 hours ago Buttler to maintain attacking approach in Pakistan test Reuters Staff 2 Min Read
(Reuters) - England batsman Jos Buttler has vowed not to curb his attacking instincts after earning a “surprise” recall to the test team for the opening test against Pakistan starting at Lord’s on Thursday. Cricket - England Nets - Lord's Cricket Ground, London, Britain - May 21, 2018 England's Jos Buttler during nets Action Images via Reuters/Paul Childs
Buttler returns to the test fold for the first time since December 2016 after a series of impressive innings in the Indian Premier League (IPL) and he believes a similar bold approach in red-ball cricket can help cement his place in the side.
“They’ve told me to play in the way people watch me play in white-ball games,” Buttler, a wicketkeeper selected as a specialist batsman for the Pakistan test, told a news conference on Monday.
“I’m not just going to go out there trying to slog, but I’m going to try to be positive and score runs.”
Buttler’s time away from the test arena has seen him forge a reputation as an effective limited-overs player and he recently struck an IPL record-equalling five consecutive half-centuries for the Rajasthan Royals. Cricket - England Nets - Lord's Cricket Ground, London, Britain - May 21, 2018 England's Jos Buttler during nets Action Images via Reuters/Paul Childs
Buttler’s move to opener for the Royals prompted his run of good scores but the 27-year-old is likely to slot into England’s middle order at number seven.
“That’s what the game is about, whatever fashion you do that in,” Buttler, who has played 18 tests so far with an average of 31.36, added.
“There have been some great cricketers from all generations who’ve done it their own way. That’s what’s been asked of me really, to play in a way that suits me.”
England will play two tests against Pakistan, with the second match at Headingley starting on June 1. Reporting by Shrivathsa Sridhar in Bengaluru; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-test-england-buttler/buttler-to-maintain-attacking-approach-in-pakistan-test-idUKKCN1IN0FR |
CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bancorp (Nasdaq: FITB) is scheduled to report second quarter 2018 financial results on July 19, 2018. The announcement will be available at www.53.com at approximately 6:30 AM ET. The Company will host a conference call at 9:00 AM ET to discuss results, which may be accessed through the Fifth Third Investor Relations website at www.53.com .
Those unable to listen to the live call may access a webcast replay through the Fifth Third Investor Relations website. Additionally, a telephone replay of the conference call will be available until approximately August 2, 2018 by dialing (800) 585-8367 for domestic access or (404) 537-3406 for international access (passcode 3569128#).
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of March 31, 2018, the Company had $142 billion in assets and operates 1,153 full-service Banking Centers, and 2,459 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to more than 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2018, had $363 billion in assets under care, of which it managed $37 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com . Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517006105/en/
Fifth Third Bancorp
Investors
Sameer Gokhale, 513-534-2219
or
Media
Larry Magnesen, 513-534-8055
Source: Fifth Third Bancorp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-fifth-third-bancorp-to-announce-second-quarter-2018-results-host-conference-call-on-july-19-2018-at-900-am.html |
May 25 (Reuters) - POLMED SA:
* REPORTS Q1 NET PROFIT OF 2.7 MILLION ZLOTYS VERSUS 1.3 MILLION ZLOTYS YEAR AGO
* Q1 REVENUE 31.1 MILLION ZLOTYS VERSUS 27.0 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SW0VV |
GDP outlook Market now pricing in four interest rate hikes this year Traders are now assigning a 51 percent chance of a fourth interest rate hike in December, according to the CME. Fed officials currently are indicating three hikes total, but that could change in June as the unemployment rate continues to fall. Ting Shen | Xinhua | Getty Images Jerome Powell, Chairman of the Federal Reserve
Markets are becoming more convinced that the Federal Reserve is about to get more aggressive on interest rates.
The probability that the central bank will raise its benchmark rate a fourth time this year went above 50 percent for the first time, according to the CME's FedWatch tracking tool for the fed funds futures market.
Futures contracts are currently implying a funds rate of 2.21 percent from the current range of 1.5 percent to 1.75 percent. According to the CME, that translates into a 51 percent chance of a December rate hike, which would be the fourth of the year. show chapters 8:11 AM ET Fri, 11 May 2018 | 03:38
The Fed already approved one quarter-point hike, in March . Futures trading indicates a 95 percent chance of a June increase — the probably had been 100 percent as recently as last week — and an 81.4 percent likelihood of another move in September.
As things stand, Fed officials currently are indicating a total of three hikes this year . However, the Federal Open Market Committee meets in June, during which members will get a chance to update their forecasts.
Hawkish expectations are rising even though inflation pressures have been held at bay. The personal consumption expenditures index excluding food and energy is at 1.9 percent, and the Dallas Fed's inflation gauge is at 1.8 percent, both narrowly below the Fed's 2 percent inflation target.
In addition, wage pressures have been low, with average annual earnings rising a less-than-expected 2.6 percent annualized for April.
However, Fed officials, led by Chairman Jerome Powell , have been expressing concern about the effects that loose monetary policy can have on asset valuations. Also, the unemployment rate's drop to 3.9 percent could weigh on Fed officials who follow the Phillips Curve, an economic model that indicates wage pressures will rise as the jobless level falls.
Recently enacted fiscal stimulus in the form of lower taxes and higher spending levels also could prove inflationary.
"Now, with fiscal policy turning from restrictive to stimulative, the economy growing above trend, and investment rising, the short-term equilibrium interest rate is rising, too," Cleveland Fed President Loretta Mester said in a speech Monday in Paris. "As the expansion continues, it could be that in order to maintain our policy goals, we may need to move the fed funds rate, for a time, a bit above the level of the funds rate that is expected to prevail over the longer run."
Mester is considered one of the Fed's more hawkish members. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/market-now-pricing-in-four-interest-rate-hikes-this-year.html |
* MSCI Asia-Pacific index down 0.16 pct, Nikkei flat
* Brent crude hovers just below 3-1/2-yr highs
* Dollar mildly supported after bouncing on Fed Mester’s comments
By Shinichi Saoshiro
TOKYO, May 15 (Reuters) - Asia stocks pulled back on Tuesday, after an uninspiring performance on Wall Street eclipsed support from U.S.-China trade optimism, while supply concerns kept crude oil prices near 3-1/2-year highs.
MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.16 percent after rising 0.6 percent the previous day to its highest since late March.
Australian stocks inched up 0.05 percent, South Korea’s KOSPI shed 0.05 percent and Japan’s Nikkei was flat.
Wall Street scraped out gains on Monday after weakness in defensive stocks offset optimism following U.S. President Donald Trump’s conciliatory remarks toward China’s ZTE Corp that helped calm U.S.-China trade tensions.
Investors in Chinese equities will likely rejig their exposure after MSCI, the U.S. index publisher, published its latest index weighting.
MSCI said on Tuesday that 234 Chinese large caps will be partially included in its global and regional indexes on June 1, following an index review ahead of China’s inclusion in MSCI’s widely tracked equity benchmarks.
Brent crude added 0.2 percent to $78.38 a barrel and in close reach of $78.53, the 3-1/2-year high marked on Monday. U.S. crude oil futures advanced 0.15 percent to $71.07 a barrel and in reach of $71.89, the highest since November 2014 scaled on Thursday.
Oil prices received their latest lift as OPEC reported that the global oil glut has been virtually eliminated. Tensions in the Middle East and uncertainty about output from Iran amid renewed U.S. sanctions have contributed to the recent rise in oil prices.
“The recent rise in prices of crude oil won’t have a broadly negative impact on equity markets if it continues at the current pace,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.
“The rise in oil prices is boding well for certain stock sectors like energy shares.”
In currencies, the dollar index against a basket of six major currencies nudged up 0.1 percent to 92.661.
The greenback took a knock against the euro earlier on Monday after European Central Bank policymaker Francois Villeroy de Galhau said the ECB could give fresh timing guidance of its first rate hike as the end of its exceptional bond purchases approaches.
The U.S. currency managed to bounce back, however, after Cleveland Federal Reserve President Loretta Mester reiterated support for gradual interest rate increases.
The euro stood little changed at $1.1930 after pulling back sharply from the previous day’s high of $1.1996.
The dollar was a shade higher at 109.755 yen, adding to the previous day’s gains.
The currency drew support as U.S. Treasury yields rose amid the easing of U.S.-China trade tensions.
The 10-year Treasury note yield was at 2.998 percent after rising about 2.5 basis points overnight. (Reporting by Shinichi Saoshiro Editing by Shri Navaratnam)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asia-stocks-step-back-on-tepid-wall-street-oil-elevated-idUSL3N1SM02Z |
Fighter jets intercept Russian bombers near Alaska 12:56pm EDT - 00:54
Two U.S. fighter jets were called to escort two Russian bombers away from international airspace 200 miles off the Alaskan west coast.
Two U.S. fighter jets were called to escort two Russian bombers away from international airspace 200 miles off the Alaskan west coast. //reut.rs/2GaUcg1 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/12/fighter-jets-intercept-russian-bombers-n?videoId=426272516 |
May 30, 2018 / 11:06 PM / Updated 5 hours ago Signs of confidence return to UK households, firms - surveys William Schomberg 3 Min Read
LONDON (Reuters) - British consumers and businesses turned more confident in May, a sign that the economy is recovering from a weak start to 2018, according to surveys published on Thursday.
Households felt more upbeat about their personal finances, market research firm GfK said, while two surveys of companies suggested they were coping with uncertainty about Brexit.
The Bank of England is watching for signs that a near stagnation of the economy between January and March was only a temporary slowdown, caused by unusually cold weather, before it resumes its plan to raise interest rates gradually.
The GfK gauge of consumer confidence matched its highest level in a year, rising to -7 from -9 in April, just above the median forecast of -8 in a Reuters poll of economists.
Continued pessimism among consumers about the outlook for the economy, while less deep than in April, weighed on the overall index.
“We have been at zero or negative for 29 months now,” GfK’s client strategy director, Joe Staton, said. “When will the strong jobs market and rising real incomes, coupled with ongoing low interest rates and low levels of headline inflation, have an impact?”
There are signs that the hit to consumers’ spending power has eased after the double whammy last year of a post-Brexit vote jump in inflation and weak wage growth.
But households remained cautious about making big outlays. GfK’s major purchase index slipped by two points in May to 1.
“Shoppers are still not showing signs of a willingness to splash-the-cash,” Staton said.
Lloyds Bank’s index of business confidence was up by three points at 35 percent in May, its highest level of 2018.
The survey also showed the proportion of firms expecting Brexit to help their business rose to its highest level this year at 35 percent while 28 percent expected a negative impact.
“Business confidence is rising and firms appear to be brushing off the economic slowdown in the first quarter,” Hann-Ju Ho, Senior Economist, Lloyds Bank Commercial Banking, said.
Another survey of small and medium-sized manufacturers showed 53 percent of respondents intended to hire more staff over the next six months, up five percentage points from three months ago and the highest level in over two years.
But companies were a bit more reluctant to invest with 48 percent planning to spend on new machinery and premises, according to the survey of almost 300 firms conducted by South West Manufacturing Advisory Service, a consultancy. Shoppers browse aisles in a supermarket in London, Britain April 11, 2017. REUTERS/Neil Hall Additional reporting by Coran Elliott; Editing by Alistair Smout | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-economy-consumersentiment/signs-of-confidence-return-to-uk-households-firms-surveys-idUKKCN1IV2YJ |
KANPUR, India (Reuters) - In the world’s most polluted city, Kanpur in northern India, the biggest hospital is so overcrowded with patients with respiratory ailments that they are often bedded in the ophthalmology ward.
Chimneys of leather tanneries are seen in Kanpur, India, May 3, 2018. Picture taken May 3, 2018. REUTERS/Adnan Abidi Kanpur, home to 3 million people, is followed by 13 other Indian cities in a list of the places with the worst air in the world, according to rankings released this month by the World Health Organisation (WHO).
Prem Singh, head of the department of medicine in Kanpur’s Ganesh Shankar Vidyarthi Memorial Medical College, said the number of patients the hospital receives with respiratory illnesses has more than tripled over the past five years to 600 a month, most of them children and people over 50 years old.
“Every week a lung cancer patient walks in; earlier we would get one in three months,” said Singh.
“Problems from air pollution are on the rise and leading to multiple diseases such as bronchial asthma, chronic obstructive pulmonary disease and pneumonia.”
In the adjoining room, a 45-year old man lay gasping as his family members circled around him amid the stench and dust. A doctor attending to him said the man was suffering from chronic respiratory disease, partly due to air pollution, that had destroyed one of his lungs.
The corridors of the hospital, one of the biggest in the country’s most populous state of Uttar Pradesh, are packed with patients and their families, laid on mats or squatting in groups.
The WHO ranking is based on 2016 data from the Central Pollution Control Board on the amount of particulate matter (PM) under 2.5 micrograms - the smallest, most dangerous particles that can lodge deep in the lungs - found in every cubic metre of air.
The WHO says globally about 7 million people die every year from breathing polluted air that can lead to heart disease, stroke and lung cancer. Most of the deaths happen in poor Asian and African countries.
Kanpur’s chief pollution officer, Kuldeep Misra, rejected the tag of the world’s most polluted city.
“If the situation was as bad as the WHO describes, we would have been dead by now,” he said in an interview in his office.
“THIS WAS COMING” In an article for the British medical journal The Lancet, experts from more than 100 institutions including the Indian Council of Medical Research and the Institute for Health Metrics and Evaluation at the University of Washington, said that Uttar Pradesh had the second highest disease burden linked directly to air pollution among all Indian states as of 2016. Neighbouring Rajasthan topped the list.
But, like most other Indian cities, Kanpur does not have the infrastructure to fight air pollution, central environment ministry officials say.
Only a handful of the country’s 100 most polluted cities have action plans to combat air pollution, despite being asked by the government to do so in 2015.
In Kanpur, the industrial hub of Uttar Pradesh, particulate matter such as dust and soot accounted for around 76 percent of air pollution during the winter months, according to a 2015 report by the government-run Indian Institute of Technology (IIT) in the city. Biomass burning accounted for around 15 percent and emissions from vehicles about 8 percent in Kanpur, around 475 km (295 miles) southeast of Delhi on India’s northern plains.
In summer, particulate matter and vehicles emissions were equal contributors to air pollution, at around 35 percent each.
Sitaram Diwakar, 75, a chronic obstructive pulmonary disease (COPD) patient, lies on bed as his family members stand next to him at a hospital in Kanpur, India, May 3, 2018. Picture taken May 3, 2018. REUTERS/Adnan Abidi “The state government does not have the mechanism to understand the sources of air pollution, how will they tackle it?” asked Sachchida Nand Tripathi, a professor in IIT Kanpur, who is working with the federal environment ministry to track particulate matter in real time.
“The state needs to act. This was very much coming.”
Big cities such as Kanpur need at least five stations to monitor PM 2.5 polluting the air and take remedial measures, a federal environment ministry official said, declining to be identified.
Chief Pollution officer Misra said Kanpur was taking action.
Misra said the city has just one station to monitor PM 2.5, and only started tracking the metric actively in 2015. His office has asked the state’s pollution control headquarters to buy four more such monitors, he said.
He said the local government planned to build new roads and set up an urban train service to cut car pollution. It would also plant more trees and promote battery-operated transport, he said, declining to give any deadlines for the cited actions.
He acknowledged that Kanpur’s air exceeded government-set safe limits, based on the concentration of larger pollutants such as PM 10 over the past few years, but added that the city’s own data showed pollution in general had not spiked despite higher industrial activity.
NO FREE CLEAN AIR? In Kanpur, coal burned by industry, emissions from vehicles plying mostly unpaved roads and proliferating tanneries combine to produce a toxic cocktail of airborne pollution.
In one suburban neighbourhood on the banks of the Ganges, a river considered holy by Hindus, sewage and leather scraps flowed into the water, turning it black and slimy. A $3 billion national plan to clean the river is running behind schedule.
Kanpur’s lone station tracking PM 2.5 is located in a bustling marketplace in the city’s centre.
“We have been asked to track only PM 2.5. I just have one machine to either track PM 2.5 or PM 10,” said operator Rajesh Gupta, standing by a jumble of machines and wires, idols of Hindu gods placed nearby. On a terrace above the two-room station, a large display showed live pollution data.
The environment ministry in New Delhi, meanwhile, is considering spending about 7 billion rupees ($104 million) this fiscal year to help cities like Kanpur add more air-quality monitoring systems and buy equipment like water-sprinklers to settle dust.
“It’s the shared responsibility of the centre and state governments,” said Nandikesh Sivalingam, a campaigner with Greenpeace India. “If a state like Uttar Pradesh demands funds, it’s fair because it’s facing some big infrastructure challenges.”
A senior environment ministry official, who declined to be named citing government policy, said states and municipalities should now budget for air like they do for water.
Slideshow (8 Images) “The time for free clean air may be over,” he said. ($1 = 67.5500 Indian rupees)
Additional reporting by Aditya Kalra; Editing by Krishna N. Das, Sanjeev Miglani and Alex Richardson
| ashraq/financial-news-articles | https://in.reuters.com/article/health-pollution-india-kanpur/with-worlds-worst-air-kanpur-struggles-to-track-pollution-idINKCN1IG1AN |
SAO PAULO, May 10 (Reuters) - Cyrela Brazil Realty SA , one of Latin America’s largest homebuilders, on Thursday posted a deeper loss than expected in the first quarter, despite a fall in costs.
In a securities filing, the company said its net loss in the quarter totaled 51 million reais ($14.36 million), below a 4 million real profit reached in the same period last year, and a Reuters consensus estimate of a 20 million real loss.
Revenue for the company totaled 451 million reais in the January to March period, 29.4 percent below the figure a year ago, even as total costs fell 26 percent to 326 million reais. ($1 = 3.5506 reais) (Reporting by Flavia Bohone and Gram Slattery; Editing by Sandra Maler)
| ashraq/financial-news-articles | https://www.reuters.com/article/cyrela-braz-rl-results/cyrela-brazil-realty-posts-deeper-loss-than-forecast-in-q1-idUSL1N1SH0WY |
May 9, 2018 / 8:39 PM / in 16 minutes Argentina offshore auction attracts international oil producers Marianna Parraga 3 Min Read
HOUSTON (Reuters) - Oil firms, including Norway’s Statoil, U.S.’ Anadarko Petroleum Corp , China’s CNOOC and Malaysia’s Petronas, have shown interest in Argentina’s auction this year of offshore blocks for exploration and production, the country’s energy minister said on Wednesday. FILE PHOTO: A worker measures the pressure and temperature of an oil and gas production tree in the Loma Campana Vaca Muerta shale oil and gas drilling site, in the Patagonian province of Neuquen, Argentina October 14, 2011. REUTERS/Enrique Marcarian/File photo
Argentina is still defining the blocks to be included in its auction, expected to receive bids in late November. The South American nation is also giving incentives for oil companies exploring at its large Vaca Muerta shale play to move from pilot to full development phase.
Argentina faces growing regional competition as countries with large oil reserves, including Brazil and Mexico, are offering this year a record number of areas while starting a new wave of energy reforms to attract foreign investment.
“It’s an unexplored area... We are expecting (to have) some companies already working in Argentina and new companies as well,” Minister Juan Jose Aranguren said on the sidelines of an energy conference.
The country last year started creating a new framework for firms to move their projects to the production stage, which is boosting the unconventional gas output. The terms include lower labor costs, reduced taxes on imported drilling equipment and a fixed purchase price for the gas produced.
In recent months, six projects in Vaca Muerta operated by France’s Total and Argentina’s Tecpetrol, CGC Combustibles and YPF have been granted access to the incentives for starting the production stage.
The government expects 13 more concessions operated by Pan American Energy, YPF, Pluspetrol, Tecpetrol and Capex to adopt the incentive program in the coming months.
A $500 million railway project to move raw material and equipment to Vaca Muerta - infrastructure needed by 2021 - is expected to be tendered by the end of May, Aranguren said.
As the country’s unconventional gas production increases, Argentina is also in talks with its neighbors Chile and Bolivia to solve its seasonal gas deficit by increasing winter imports from Bolivia while selling its surplus to Chile in the summer.
“This is quite a constraint. I’m prepared to pay more (to Bolivia) during the summer if we can adjust the volumes,” the minister said.
Argentina under President Mauricio Macri has been pushing to reverse the nation’s oil and gas production decline while re-regulating the retail fuel market. But as global oil prices continue rising, refiners in the country are struggling to avoid transferring the hike to consumers.
The minister said he will call oil producers to participate in a program recently agreed with refiners Royal Dutch Shell, Pan American and YPF to defer fuel price increases planned for May and June to the second half the year.
“I think they could try to make sale terms easier for refining companies,” Aranguren said. Reporting by Marianna Parraga; Editing by Chizu Nomiyama and Marguerita Choy | ashraq/financial-news-articles | https://www.reuters.com/article/us-argentina-oil/argentina-offshore-auction-attracts-international-oil-producers-idUSKBN1IA38X |
“The companies that put their customers at the center of their product experiences are going to be the winners.” — A. MacMillan
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- UserTesting , the leading on-demand human insights platform, today announced that Andy MacMillan has joined the company as chief executive officer and will serve as a member of the board of directors. Darrell Benatar, co-founder and former CEO of UserTesting, will continue to be a part of the executive team and support Andy as Executive Chairman.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180516005252/en/
Andy MacMillan joins UserTesting as CEO. A former senior product executive at Oracle and Salesforce, MacMillan brings 20 years of enterprise SaaS experience to UserTesting. (Photo: Business Wire)
“I am thrilled to have Andy join UserTesting,” said Darrell Benatar, co-founder and executive chairman of UserTesting . “Demand for human insights is accelerating, so I knew we needed to bring in someone with the experience to lead us through our next phase of growth. Andy is both passionate about delivering great products and customer experiences, and has successfully grown enterprise businesses to hundreds of millions of dollars. He and I are aligned on vision and culture and I’m confident that he is the right CEO to enable UserTesting to meet the needs of our customers in a fast-growing market.”
UserTesting delivers human insights to over 35,000 customers, including 37 of the top 100 brands in the world, empowering every organization to deliver the best customer experience (CX). In the past two years, UserTesting doubled its revenue; customer platform usage also doubled; and 60% of UserTesting’s customer base increased the scope of their engagement.
In 2017 alone, UserTesting expanded its portfolio of enterprise customers to include hundreds of companies across the retail, financial services, travel and hospitality, media and entertainment, and healthcare sectors—including Wayfair, Prudential, and USA Network . These recent customers join an all-star roster of enterprise brands already leveraging UserTesting, such as Intercontinental Hotels Group (IHG), Microsoft, and Walmart Canada .
MacMillan brings 20 years of enterprise SaaS experience to UserTesting. As a senior product executive at Oracle and Product Group COO at Salesforce, he saw the critical role that customer centricity plays in companies of all sizes—smaller market entrants, as well as established brands—in creating compelling and engaging experiences. By helping companies become more customer-centric throughout his career, MacMillan has grown multiple enterprise SaaS businesses to hundreds of millions of dollars. Most recently, MacMillan was the CEO of Act-On Software, where he helped transform their product portfolio and put their customers at the center of their business strategy.
“According to Forrester’s US Customer Experience Index (2017), the revenue growth of customer experience leaders is 5.1 times that of laggards . As our world continues to digitize and transform, I firmly believe the companies that can put their customers at the center of their product experiences are going to be the winners,” said Andy MacMillan, chief executive officer of UserTesting . “UserTesting is uniquely positioned to help our customers get the human insights they need to build these compelling experiences. I want to thank our customers, partners, and employees for the work they have put into this incredible company, and I look forward to being a part of the team.”
About UserTesting
UserTesting enables every organization to deliver the best customer experience powered by human insights. With UserTesting’s on-demand human insights platform , companies across industries make accurate customer-first decisions at every level, at the speed business demands. With UserTesting, product teams, marketers, digital and customer experience executives confidently and quickly create the right experiences for all target audiences, increasing brand loyalty and revenue. UserTesting delivers human insights to over 35,000 customers, including 37 of the top 100 brands in the world, and is backed by Accel and OpenView. UserTesting is headquartered in Mountain View, CA. To learn more, visit www.usertesting.com .
//www.businesswire.com/news/home/20180516005252/en/
UserTesting, Inc.
Jennifer Moebius, +1-617-922-8004
[email protected]
Source: UserTesting | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-usertesting-doubles-revenue-and-hires-andy-macmillan-as-ceo-to-meet-customer-demand-for-human-insights.html |
May 1 (Reuters) - Interior Logic Group Inc:
* INTERIOR LOGIC GROUP, INC. AND INTERIOR SPECIALISTS, INC. ANNOUNCE MERGER
* INTERIOR LOGIC GROUP - NEW $1.5 BILLION COMPANY WILL BE OWNED JOINTLY BY LITTLEJOHN & CO AND PLATINUM EQUITY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-interior-logic-group-and-interior/brief-interior-logic-group-and-interior-specialists-announce-merger-idUSASC09YOA |
In China, a race to supply surveillance tech 4:49am EDT - 02:06
A recent police equipment fair in Beijing offers a peek into the race to supply Chinese security forces with technology to monitor and punish behavior that runs against the ruling Communist Party. As Reuters' Pei Li explains, companies are racing to outdo each others' abilities to track people.
A recent police equipment fair in Beijing offers a peek into the race to supply Chinese security forces with technology to monitor and punish behavior that runs against the ruling Communist Party. As Reuters' Pei Li explains, companies are racing to outdo each others' abilities to track people. //reut.rs/2H3JY1r | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/30/in-china-a-race-to-supply-surveillance-t?videoId=431629637 |
A Russian company indicted in Special Counsel Robert Mueller’s investigation into Moscow’s meddling in the 2016 U.S. election has come out swinging.
A lawyer for the firm, Concord Management and Consulting LLC, has accused Mr. Mueller of filing charges against the firm only to “justify his own existence” and of engaging in “pettifoggery,” and demanded that Mr. Mueller’s office turn over information about decades’ worth of U.S. intelligence operations overseas.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/lawyer-for-russian-firm-hits-back-at-muellers-probe-1526509821 |
May 24, 2018 / 1:05 PM / in 40 minutes Colombia's presidential frontrunner Duque fights to ward off left Helen Murphy , Luis Jaime Acosta 5 Min Read
BOGOTA (Reuters) - When Ivan Duque was a boy, his grandmother made him memorize the speeches of assassinated Colombian presidential candidate Eliecer Gaitan. By the age of seven he could recite them all. Right wing presidential candidate Ivan Duque reacts during a campaign rally in Bogota, Colombia May 23, 2018. REUTERS/Jaime Saldarriaga
The fiery speeches from the leftist politician inspired him, and soon Duque was telling friends and teachers that he would one day be president of Colombia.
The 41-year-old lawyer may yet get his wish, though now his speeches are more right-wing. Duque is the frontrunner in Sunday’s election to replace President Juan Manuel Santos.
His main rival is Gustavo Petro, leftist former member of the now-defunct M19 rebel movement. Duque has around 42 percent support in opinion polls, with Petro on 30 percent.
Duque is the candidate for the Democratic Center Party, a movement started in 2013 by former president Alvaro Uribe, who is seen as the power behind the throne if Duque wins.
The two men have pledged to prevent the nation falling into the hands of the left. They have promised to adjust a peace accord with the Revolutionary Armed Forces of Colombia (FARC), cut corporate taxes and redouble security efforts in certain areas.
“We have the obligation to transform Colombia, to restore security and confidence to citizens, to promote entrepreneurship and to work towards a country with social justice,” said Duque on his website.
He faces a tough time if he wins. The economy remains weak, a new wave of drug trafficking crime gangs have moved into areas once controlled by the FARC, and more than half a million Venezuelan migrants have crossed into Colombia, looking for food and work.
And although Duque is considered the most market-friendly of the contenders, his limited experience worries some.
A one-term senator, Duque worked at the Inter-American Development Bank in Washington until 2014, when Uribe asked him to return to Colombia and take a seat in Congress.
His closeness to the former president is an advantage but also his Achilles heel.
Uribe is loved by millions of Colombians who say his tough military action against the FARC made Colombia safer and helped attract record foreign investment. His supporters will happily vote for Duque as his hand-picked successor.
But Uribe is hated in equal numbers by those who allege he is corrupt and has ties to far-right paramilitary death squads. Numerous close associates have been jailed. Uribe denies the allegations and has not been charged with any crime.
Critics fear Duque will bow to Uribe’s political expertise and allow the former president extensive power.
But Duque shrugs off criticism. He joked in March that he had: “Zero experience, but of corruption, zero experience of clientelism, zero experience of politicking.”
A former rock band member who loves soccer and Cuban music, Duque made a name for himself harshly criticizing the FARC accord on the Senate floor.
The 2016 peace deal saw thousands of FARC rebels hand in their weapons in return for amnesty. Their leadership will be tried for war crimes - but they are unlikely to serve jail time - while their new political party has 10 congressional seats guaranteed through 2026.
Duque has not specified what changes he would make to the agreement, but believes it is too lenient and rebel leaders belong in jail.
Prematurely gray haired, bilingual Duque studied economic law at American University in Washington and public policy management at Georgetown.
When Santos was finance minister during a previous administration, Duque was his advisor.
Economically, Duque has “an orthodox vision, supporting business and private enterprise to generate new wealth,” said Andres Molano, director of the Hernan Echavarria Olozaga institute of political science.
The father-of-three, who hopes he will hold youthful appeal for centrist voters, plans to cut taxes while raising revenue from a crackdown on evasion. He says he will relax the so-called fiscal rule, which obliges the government to reduce the budget deficit.
But Duque will have a hard time satisfying credit rating agencies unless he is able to bring in cash to replace revenue lost from weaker international oil prices.
His family is steeped in politics - his father Ivan Duque Escobar was a government minister, central banker and governor of Antioquia province. The older Duque is said to have owned 17,000 books and instilled a love of reading in his son, he has said.
“He was a supremely cheerful young man, always willing to help others,” said Sonia Munoz, his high school teacher in an interview. “He decided he wanted to be president and worked toward it. His friends called him Mr President.” Reporting by Helen Murphy and Luis Jaime Acosta, additional reporting by Steven Grattan; Editing by Daniel Flynn, Julia Symmes Cobb and Rosalba O'Brien | ashraq/financial-news-articles | https://www.reuters.com/article/us-colombia-election-duque/colombias-presidential-frontrunner-duque-fights-to-ward-off-left-idUSKCN1IP235 |
May 25, 2018 / 8:48 AM / Updated 4 hours ago Netherlands, Australia hold Russia responsible in MH17 downing Bart H. Meijer , Toby Sterling 4 Min Read
THE HAGUE (Reuters) - The Netherlands told Moscow on Friday it will hold the Russian state legally responsible for the downing of Malaysia Airlines Flight 17 in July 2014, after investigators concluded that a Russian army missile system was used in the attack. FILE PHOTO: Dutch police officer Wilbert Paulissen, head of the National Crime Squad, is pictured next to a damaged missile as he presents interim results in the ongoing investigation of the 2014 MH17 crash that killed 298 people over eastern Ukraine, during a news conference by members of the Joint Investigation Team, comprising the authorities from Australia, Belgium, Malaysia, the Netherlands and Ukraine, in Bunnik, Netherlands, May 24, 2018. REUTERS/Francois Lenoir/File Photo
MH17 was shot down over territory held by pro-Russian separatist forces in eastern Ukraine as it flew from Amsterdam en route to Kuala Lumpur, killing all 298 people onboard, roughly two-thirds of them Dutch.
A team of international investigators said on Thursday that the “Buk” missile system used to bring down the passenger plane came from the 53rd Anti-Aircraft Brigade, based in the western Russian city of Kursk.
“It is the first time the finger points to one specific country,” Prime Minister Mark Rutte told reporters after an emergency cabinet meeting. “We are holding Russia responsible for their role in the deployment of the Buk rocket system.”
The diplomatic escalation comes at a time when relations between Western powers and Russia have reached their lowest point in decades. Related Coverage Putin says Russian missile did not bring down flight MH17
“Russia didn’t cooperate with the international legal requests in relation to the investigation,” Rutte said, referring to the probe carried out by prosecutors from Australia, Malaysia, Belgium, Ukraine and the Netherlands.
The Netherlands and Australia informed Moscow that it expects Russia to now provide full assistance to the investigation, which is in the final stage of identifying perpetrators to be tried under Dutch law.
U.S. State Department spokeswoman Heather Nauert said Washington supported the decisions by the Netherlands and Australia “to hold Russia to account.” FILE PHOTO: A damaged missile is displayed during a news conference by members of the Joint Investigation Team, comprising the authorities from Australia, Belgium, Malaysia, the Netherlands and Ukraine who present interim results in the ongoing investigation of the 2014 MH17 crash that killed 298 people over eastern Ukraine, in Bunnik, Netherlands, May 24, 2018. REUTERS/Francois Lenoir/File Photo
“It is time for Russia to acknowledge its role in the shooting down of MH-17 and to cease its callous disinformation campaign,” she said.
Russia has always denied any involvement, and said on Thursday none of its missile launchers had ever entered Ukraine, despite photographic evidence presented by prosecutors.
Russian Foreign Minister Sergei Lavrov said on Friday his Dutch counterpart had been unable to provide evidence of Russia’s involvement in the crash, the Russian TASS news agency reported.
Rutte declined to specify what steps would follow if Moscow continued to fail to cooperate. The speaker of Russia’s lower house of parliament, Vyacheslav Volodin, was quoted by the TASS Russian news agency as saying on Friday that Russia was prepared for everything, including new sanctions.
Dutch Foreign Minister Stef Blok said the Netherlands and Australia would seek unspecified financial damages.
Blok said that attempts to hold Russia responsible for the plane’s downing under international law would be a different, parallel process from the ongoing investigation by prosecutors seeking to establish individual criminal responsibility.
Russia is already under U.S. and European sanctions over its 2014 annexation of Ukraine’s Crimea peninsula and support for separatists in eastern Ukraine. More recently, dozens of countries have expelled Russian diplomats in solidarity with Britain which accused Moscow of using a nerve agent to poison an ex-spy and his daughter in an English city in March.
The United States has tightened sanctions this year after accusing Russia of meddling in the 2016 U.S. presidential election. Russia denies all of the Western accusations against it and says it is the target of a propaganda campaign. Additional reporting by Maria Tsvetkova in Moscow; Writing by Anthony Deutsch; Editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ukraine-crisis-h17-cabinet/netherlands-australia-hold-russia-responsible-for-downing-mh17-dutch-cabinet-idUKKCN1IQ0YP |
May 10, 2018 / 7:55 AM / Updated 40 minutes ago Japanese PM's ex-aide says met school operator at centre of scandal Reuters Staff 3 Min Read
TOKYO (Reuters) - A former aide to Japanese Prime Minister Shinzo Abe gave highly anticipated testimony on Thursday to a parliamentary investigation into a cronyism scandal that is undermining Abe’s support, but he did not make any startling revelations. FILE PHOTO: Japan's Prime Minister Shinzo Abe at an upper house parliamentary session in Tokyo, Japan March 28, 2018. REUTERS/Issei Kato/File Photo
The scandal, one of several that have raised questions about how long Abe can hold onto office, centres on allegations the prime minister helped a friend get permission to open a veterinary school in a special economic zone.
On Thursday, former Abe aide Tadao Yanase told parliament that he had indeed had dealings with the school operator, the director of which is Abe’s friend, but said neither he nor Abe had intervened to help win approval for the school.
Nihon University professor Tomoaki Iwai said Yanase’s testimony was neither a body-blow for Abe, nor would if dispel voters’ suspicions about his behaviour.
“This is a testimony well within the realm of expectations ... I don’t think voters’ distrust has been wiped out. It is unlikely his support will bounce right up,” Iwai said.
“It’s going to trend sideways, or dip slightly.”
Yanase acknowledged for the first time that he had met officials from the educational institution called Kake Gakuen three times in the first half of 2015.
The institution’s director, Kotaro Kake, is an old friend of Abe’s.
Abe has denied any wrongdoing in connection with the affair.
Yanase, now a senior official at the Ministry of Economy, Trade and Industry, repeated an earlier assertion that he had not given Kake Gakuen any preferential treatment, and that Abe had never told him to do so.
Abe is hoping to win a third term as ruling Liberal Democratic Party leader in a September vote. He needs the party top job to stay on as prime minister.
Victory in the party poll would set Abe, who took office in 2012 pledging to reboot the economy and bolster defence, on track to become Japan’s longest-serving premier.
But opposition lawmakers have called for him to resign.
The Asahi newspaper reported last month that Yanase had told authorities in 2015 that the plan for the veterinary school in a government-designated deregulation zone was a “prime ministerial matter” and they should work hard to realise it.
Yanase denied using that term. Reporting by Chang-Ran Kim and Kiyoshi Takenaka | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-japan-politics/japanese-pms-ex-aide-says-met-school-operator-at-centre-of-scandal-idUKKBN1IB0UQ |
May 18 (Reuters) - Endurance International Group Holdings Inc:
* ENDURANCE INTERNATIONAL GROUP - REACHED AGREEMENTS IN PRINCIPLE TO SETTLE CERTAIN PURPORTED CLASS ACTION SECURITIES LAWSUITS PENDING AGAINST CO
* ENDURANCE INTERNATIONAL - AGREEMENTS IN PRINCIPLE TO SETTLE LAWSUITS CAPTIONED MACHADO V. CO, ET AL. & WILLIAM MCGEE V. CONSTANT CONTACT, ET AL.
* ENDURANCE INTERNATIONAL - DEALS IN PRINCIPLE CONTEMPLATE SETTLEMENT PAYMENTS BY CO EQUAL TO AMOUNTS CO RESERVED FOR CASES IN QUARTER ENDED MARCH 31, 2018 Source text: ( bit.ly/2ItmrN9 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-endurance-international-reached-ag/brief-endurance-international-reached-agreements-in-principle-to-settle-certain-purported-class-action-securities-lawsuits-pending-idUSFWN1SP0VA |
(Reuters) - U.S. data analytics firm Verint Systems Inc ( VRNT.O ) is in talks to buy Israeli mobile surveillance software maker NSO Group for about $1 billion, the Wall Street Journal reported on Monday, citing a person familiar with the situation.
Verint has offered to pay private equity firm Francisco Partners, which is NSO's controlling shareholder, with its own stock and assumed debt, WSJ reported on.wsj.com/2GX7ptm.
Francisco Partners will become the largest shareholder in Verint if the potential deal is completed, the newspaper added.
Verint shares have risen more than 5 percent this year and closed at $44.05 on Friday, valuing the company at $2.82 billion.
Verint, NSO and Francisco Partners could not be reached for comment outside regular business hours.
Francisco Partners paid $120 million to buy a majority stake in NSO in 2014.
NSO, founded in 2009 by Omri Lavie and Shalev Hulio, came under international scrutiny last year amid allegations the Mexican government has used its Pegasus mobile spyware to target private citizens.
Israeli media reported last July that Blackstone Group ( BX.N ) was in talks to buy part of NSO but sources told Reuters that the U.S. private equity firm pulled out of those discussions a month later.
Reporting by Ismail Shakil in Bengaluru; Editing by Gopakumar Warrier
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nso-group-m-a-verint/verint-in-talks-to-buy-israeli-software-firm-nso-for-1-billion-wsj-idUSKCN1IT0R5 |
Salesforce.com Inc. is scheduled to report fiscal first-quarter earnings after the market closes Tuesday. Here’s what you need to know.
EARNINGS FORECAST: Analysts surveyed by S&P Global Market Intelligence expect Salesforce to report adjusted earnings of 46 cents a share for the quarter ended April 30. Adjusted results exclude items such as amortization and stock-based compensation. A year ago, the company posted a $9.2 million loss.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/salesforce-results-should-see-a-boost-from-robust-tech-spending-1527586200 |
Facebook has ‘at all times shared’ values of Europe’s GDPR Facebook has ‘at all times shared’ values of Europe’s GDPR Fatma Schwarz | May 24, 2018 |
Facebook has at all times shared the rules of a strict information safety regulation being launched by the European Union this week, CEO Mark Zuckerberg mentioned Thursday.
Zuckerberg mentioned that Facebook offered management, accountability and transparency about how information is used, referring to values enshrined within the EU’s General Data Protection Regulation (GDPR).
“These are values that we have at all times shared for Facebook’s complete existence,” Zuckerberg mentioned on the Viva Technology convention in Paris. gtag('config', 'UA-114047264-2');
“An enormous a part of what we do is guarantee that folks have the instruments to share info, whether or not that is a photograph that you simply care about or a message with precisely the individuals who you wish to share it with. So that manner we will get to what we actually care about, which helps folks join.”
GDPR, which comes into drive on Friday, threatens to effective companies as much as four % of annual world turnover or 20 million euros ($23.5 million), whichever is the bigger quantity. It forces firms to be extra clear on consent to make use of and share buyer information and permits customers to request that companies delete all info firms have on them — generally known as the “proper to be forgotten.” | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/zuckerberg-facebook-has-always-shared-values-of-europes-gdpr.html/ |
Closing Bell Ringer, April 30, 2018 1 Hour Ago Ringing today's closing bells are Advisors Asset Management CEO Scott Coyler at the NYSE and Eloxx Pharmaceuticals at the Nasdaq. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/closing-bell-ringer-april-30-2018.html |
The National Football League will require all players to "stand and show respect for the flag" during the national anthem before games — or else stay off the field until the song ends.
The new policy was adopted Wednesday, the league's commissioner, Roger Goodell, said in a statement. Players who refuse to stand for the anthem " may stay in the locker room or in a similar location off the field until after the Anthem has been performed," Goodell said.
Goodell maintained that the wave of players kneeling in protest during the anthem, sparked in 2016 by San Francisco 49ers quarterback Colin Kaepernick, created "awareness and action around issues of social justice that must be addressed."
However, Goodell added that "It was unfortunate that on-field protests created a false perception among many that thousands of NFL players were unpatriotic. This is not and was never the case."
The protests became a political lightning rod as politicians across the country weighed in on the players' actions. repeatedly criticized the players who knelt, at times calling for the NFL to be punished.
Trump tweet
If players break the new rules, their teams will be fined, Goodell's statement said. No specific dollar amount was provided in the statement, although the commissioner added that he "will impose appropriate discipline" on those who do not stand for the anthem.
Kaepernick became a free agent in 2017 and went unsigned all last season. He is suing NFL teams, accusing them of colluding against him to keep him off the field .
The league's union, the NFL Players Association , accused the new policy of contradicting past statements from NFL leadership.
"The NFL chose to not consult the union in the development of this new 'policy,'" the union said in a statement. "NFL players have shown their patriotism through their social activism, their community service, in support of our military and law enforcement and yes, through their protests to raise awareness about the issues they care about."
The union also vowed to challenge any aspect of the new rules that are "inconsistent with the collective bargaining agreement."
The American Civil Liberties Union offered its own criticism for the NFL's policy change in a Twitter statement.
ACLU tweet | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/nfl-bans-on-field-kneeling-during-the-national-anthem.html |
HOUSTON, May 8, 2018 /PRNewswire/ -- Crossmark Global Investments, Inc. (Crossmark), a leading provider of responsible investment solutions, is pleased to announce that Victoria Fernandez has been named Chief Market Strategist.
In her new role as Chief Market Strategist, Mrs. Fernandez will work alongside the firm's executive and research teams to analyze current market trends and support asset allocation decisions across both equity and fixed income portfolios based on Crossmark's investment outlook. Mrs. Fernandez joined the firm in 2012 as Managing Director and Head of Fixed Income. In her new role, she will maintain responsibility for managing the fixed income investment team.
"Victoria's expertise in market analysis and her quantitative-research capabilities have proven to be an invaluable addition to our investment process," said Crossmark's President and Chief Executive Officer Michael L. Kern, III, CFA. "At Crossmark, we are dedicated to delivering the best investment strategies to our clients throughout changing market environments. I am confident that with Victoria's leadership as Chief Market Strategist we will continue to grow as a firm."
"I am grateful for this opportunity to work even more closely with our outstanding executive, research, and portfolio management teams to offer insights and research to guide construction of portfolios that strive to protect our clients' values while generating growth," added Mrs. Fernandez.
Mrs. Fernandez has extensive experience in fixed income and portfolio management. She previously worked for 18 years at Fayez Sarofim & Company, a Houston-based financial advisory firm. She held a variety of roles within the fixed income division including head trader, municipal portfolio manager and associate on the management team.
Mrs. Fernandez serves on the boards of local non-profit organizations and volunteers with the National Charity League. She is an active member of her hometown community of Houston. Mrs. Fernandez earned a bachelor's of arts degree from Rice University and an MBA from the Mays Business School at Texas A&M University.
To learn more about Crossmark, visit the firm's website, crossmarkglobal.com , or LinkedIn page .
About Crossmark Global Investments:
Crossmark Global Investments is an innovative investment management firm. The firm provides a full suite of investment management solutions to institutional investors, financial advisors and the clients they serve. Crossmark has a multi-decade legacy of specializing in responsible investment strategies for clients. Founded in 1987, the firm is headquartered in Houston, Texas. Additionally, Crossmark is the exclusive manager of the Crossmark Steward Funds, which is a fund family that applies an overarching values-based screening methodology to its suite of equity and fixed income funds.
The Crossmark Steward Funds are offered by Crossmark Distributors, Inc., member of FINRA/SIPC. Crossmark Distributors is an affiliate of Crossmark Global Investments, the Steward Funds' investment adviser. Crossmark Global Investments is an investment adviser registered with the Securities and Exchange Commission that provides discretionary investment management services to mutual funds, institutions, and individual clients.
Media Contacts:
Stephanie Dressler/Elizabeth Germack
Dukas Linden Public Relations
(212) 704-7385
[email protected] / [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/victoria-fernandez-named-chief-market-strategist-of-crossmark-global-investments-300644541.html
SOURCE Crossmark Global Investments, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-victoria-fernandez-named-chief-market-strategist-of-crossmark-global-investments.html |
Andy Serkis and Benedict Cumberbatch talk 'Mowgli' 7:36pm EDT - 01:54
Benedict Cumberbatch and actor-director Andy Serkis discuss the long-awaited adaptation of The Jungle Book, 'Mowgli. Rough Cut. (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Benedict Cumberbatch and actor-director Andy Serkis discuss the long-awaited adaptation of The Jungle Book, 'Mowgli. Rough Cut. (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IG0PNx | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/23/andy-serkis-and-benedict-cumberbatch-tal?videoId=429712406 |
May 2 (Reuters) - Englewood Lab Inc :
* Says Cosmecca Korea Co., Ltd acquired 6,896,831 shares of the company, increasing stake in the company to 34.71 percent from 0
Source text in Korean : goo.gl/UgQThh
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cosmecca-korea-buys-3471-pct-stake/brief-cosmecca-korea-buys-34-71-pct-stake-in-englewood-lab-idUSL3N1S90SU |
May 22, 2018 / 7:49 PM / in 5 minutes Trump administration to publish proposed rule changes for gun exports: official Mike Stone 3 Min Read
WASHINGTON (Reuters) - The Trump administration is preparing to publish on Thursday long-delayed proposed rule changes for the export of U.S. firearms, a State Department official said on Tuesday. U.S. President Donald Trump looks at a photographer after a meeting with South Korea's President Moon Jae-In at the White House in Washington, U.S., May 22, 2018. REUTERS/Carlos Barria
The rule changes would move the oversight of commercial firearm exports from the U.S. Department of State to the Department of Commerce.
The action is part of a broader Trump administration overhaul of weapons export policy that was announced in April.
Timing for the formal publication of the rule change and the opening of the public comment period was unveiled by Mike Miller the acting secretary for the Directorate of Defense Trade Controls, the State Department’s body that currently oversees the bulk of commercial firearms transfers and other foreign military sales. He was speaking at the Forum on the Arms Trade’s annual conference at the Stimson Center, a Washington think tank.
Reuters first reported on the proposed rule changes in September as the Trump administration was preparing to make it easier for American gun makers to sell small arms, including assault rifles and ammunition, to foreign buyers.
Domestic gun sales have fallen significantly after soaring under President Barack Obama, when gun enthusiasts stockpiled weapons and ammunition out of fear that the government would tighten gun laws.
A move by the Trump administration to make it simpler to sell small arms abroad may generate business for gun makers American Outdoor Brands ( AOBC.O ) and Sturm Ruger & Company ( RGR.N ) in an industry experiencing a deep sales slump since the election of President Donald Trump.
Remington, America’s oldest gun maker, filed for bankruptcy protection in March, weeks after a shooting at a high school in Parkland, Florida, killed 17 people and triggered intensified campaigns for gun control by activists. Remington emerged from bankruptcy last week.
The expected relaxing of rules could increase foreign gun sales by as much as 20 percent, the National Sports Shooting Foundation has estimated. As well as the industry’s big players, it may also help small gunsmiths and specialists who are currently required to pay an annual federal fee to export relatively minor amounts of products. Reporting by Mike Stone; editing by Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-guns/trump-administration-to-publish-proposed-rule-changes-for-gun-exports-official-idUSKCN1IN2S7 |
CBS on Monday asked a court to block controlling shareholder Shari Redstone from interfering at a special meeting of its board called to consider a merger with Viacom .
The news of the lawsuit, filed to a Delaware court and also seeking to dilute the 79 percent voting rights in CBS held by Redstone's National Amusements, pushed the network's shares up nearly 1 percent and those in Viacom down 6 percent.
National Amusements, a privately held movie theater company owned by Sumner Redstone and his daughter Shari, own a majority of the voting shares in both companies.
CBS said in the lawsuit Shari Redstone had taken actions over the past two years that have led the special committee of the board considering the merger to conclude that she presents a significant threat of irreparable and irreversible harm to the company and its stockholders.
The suit seeks to push through the issue of a stock dividend that would dilute National Amusements' voting interest from about 79 percent to 17 percent, CBS said in a statement.
The dividend would not dilute the economic interests of any CBS stockholder, but would help the company to operate as an independent, non-controlled company and fully evaluate strategic alternatives, the company said.
National Amusements could not immediately be reached for comment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/cbs-sues-controlling-shareholder-national-amusements-over-proposed-viacom-deal.html |
May 1 (Reuters) - Vista Outdoor Inc:
* Q4 LOSS PER SHARE $0.28 * Q4 REVENUE $571 MILLION VERSUS I/B/E/S VIEW $519.5 MILLION
* Q4 EARNINGS PER SHARE VIEW $-0.15 — THOMSON REUTERS I/B/E/S
* VISTA OUTDOOR ESTABLISHES FY19 FINANCIAL GUIDANCE * SEES 2019 SALES IN A RANGE OF $2.205 BILLION TO $2.265 BILLION
* PLANS TO EXPLORE STRATEGIC OPTIONS FOR ASSETS THAT FALL OUTSIDE OF THESE PRODUCT CATEGORIES
* SEES 2019 EARNINGS PER SHARE IN A RANGE OF $0.10 TO $0.30
* SEES 2019 CAPITAL EXPENDITURES OF APPROXIMATELY $60 MILLION
* VISTA OUTDOOR - TO EXPLORE OPTIONS FOR ASSETS INCLUDING REMAINING SPORTS PROTECTION BRANDS, JIMMY STYKS PADDLE BOARDS, SAVAGE AND STEVENS FIREARMS
* SEES 2019 FREE CASH FLOW IN A RANGE OF $55 MILLION TO $85 MILLION
* VISTA OUTDOOR - WILL FOCUS ON ACHIEVING GROWTH THROUGH BRANDS IN AMMUNITION, HUNTING AND SHOOTING ACCESSORIES
* VISTA OUTDOOR - WILL ALSO FOCUS ON ACHIEVING GROWTH THROUGH BRANDS IN HYDRATION BOTTLES AND PACKS, AND OUTDOOR COOKING PRODUCTS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vista-outdoor-q4-adjusted-loss-per/brief-vista-outdoor-q4-adjusted-loss-per-share-0-22-idUSASC09YIJ |
May 14, 2018 / 7:39 PM / Updated an hour ago U.S. small caps near record highs, outperform larger rivals Noel Randewich 3 Min Read
SAN FRANCISCO (Reuters) - Wall Street’s modestly-sized publicly listed companies are beating out the heavyweights. The Russell 2000 , which tracks U.S. small capitalization companies, on Monday slipped 0.2 percent, but earlier in the session rose to within less than two points of its previous record high of 1,615.5 points. A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., May 14, 2018. REUTERS/Lucas Jackson
Another small cap index, the S&P 600 .SPCY, closed at a record high on Friday, underscoring the ascent of a section of the stock market often overlooked by investors.
Many small cap companies have benefited from an expanding U.S. economy and deep corporate tax cut enacted this year.
“When the economy is stronger than normal, small caps do better,” said Ryan Detrick, senior market strategist for LPL Financial. “With a good economy like we’ve seen happening this year, we fully expect this to keep playing out in the second half of the year.”
Widely used by small-cap oriented investment funds to benchmark their performance, the Russell 2000 has gained over 4 percent in 2018, compared to the S&P 500’s 2 percent rise. That is a reversal from last year, when the Russell 2000 rose 13 percent, underperforming compared to the S&P 500’s 19 percent rally.
The Russell has gained 9 percent from its lowest 2018 close on Feb. 8, while the S&P 500 has recovered 6 percent from the same date.
Following a strong quarterly earnings season on Wall Street, the energy and technology sectors have led among small cap stocks, in line with the broader market.
Energy stocks in the Russell 2000 are up about 14 percent on average since the end of March, with technology small caps up about 5.9 percent, according to Thomson Reuters data.
The index tracks the performance of the smaller two thirds of the largest 3000 companies on the U.S. stock market.
Small cap companies in the past have often paid higher tax rates than their larger rivals, which means that in many cases they have more to gain from Republican-led tax cuts introduced this year.
The domestic focus of many small U.S. companies also makes them less vulnerable ahead of trade talks between the United States and China aimed at resolving a trade dispute between the countries. Reporting by Noel Randewich; Editing by Alden Bentley and Tom Brown | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-smallcaps-stocks/u-s-small-caps-near-record-highs-outperform-larger-rivals-idUSKCN1IF2QZ |
May 2 (Reuters) - Zemaitijos Pienas AB:
* SAYS DECIDED TO DISTRIBUTE COMPANY’S PROFIT EARNED IN 2017 AND TO ALLOCATE EUR 0.15 DIVIDEND PER SHARE
* SAYS DIVIDENDS WILL BE PAID FROM 25 MAY 2018 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zemaitijos-pienas-to-distribute-eu/brief-zemaitijos-pienas-to-distribute-eur-0-15-dividend-per-share-idUSFWN1S90GK |
LONDON, May 21 (Reuters) - Automated financial advisers must provide more clarity on their fees and gather more information on a customer’s financial circumstances to ensure they receive the appropriate service, Britain’s markets regulator said on Monday.
Advice doled out online or via smartphone apps, referred to in the industry as “robo advice”, aims to cut costs for customers looking to save or invest. It also seeks to foster innovation and increase competition in financial services.
But the Financial Conduct Authority (FCA) said two reviews of the industry uncovered problems among early entrants.
The first review examined seven firms offering automated online discretionary investment management, or ODIM. Customers for these companies provide details such as their parameters for investments, before handing over responsibility for their funds.
“Many firms offering ODIM services did not properly evaluate a client’s knowledge and experience, investment objectives and capacity for loss in their suitability assessments,” the FCA said in a statement.
“Some firms did not ask clients about their knowledge and experience at all, as they felt their service was suitable for all individuals regardless of their investment knowledge and experience,” the regulator said.
The watchdog’s second review scrutinised three firms that provide fully automated advice, where clients provided fewer details on their circumstances and do not set investment parameters.
“In general, we were not satisfied with the strength of information gathering about clients’ financial circumstances,” the FCA said.
“For example, some services failed to request or gather adequate information about customers’ debt and other outgoings.”
Jon Greer, head of retirement policy at Old Mutual Wealth, said the industry would develop to offer more hybrid models that combined the strengths of face-to-face advice with those of an automated process.
“The journey to 24/7 financial advice provided by robots has not been as swift as anticipated and this review offers an opportunity for reflection on how technology best fits within the financial advice industry,” Greer said.
The watchdog said it expected automated investment services to meet the same regulatory standards as traditional services.
It said some firms were comparing their fees with rival services in a potentially misleading way, such as comparing a non-advised service with one from a rival that offered advice.
Many firms have made significant changes after the FCA intervened. The findings of the two reviews will help the watchdog decide whether to authorise new entrants into the automated market.
Reporting by Huw Jones Editing by Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-markets-regulator/uk-watchdog-says-automated-financial-advice-falls-short-idUSL5N1SS3O5 |
Twitter is improving the social experience for sports fan, CEO Jack Dorsey said, and it's apparently got more changes in store.
Twitter will start suggesting accounts or tags related a user's expressed interests, Dorsey told Dallas Mavericks player Harrison Barnes in an interview for sports news site The Players' Tribune.
Twitter could also suggest relevant, less-obvious accounts based on the popular players or coaches you're already following.
"My favorite example of this was [Barnes'] old team, the [Golden State] Warriors. Draymond Green's mother is on Twitter. She makes the game a lot more entertaining because she's tweeting during the game," Dorsey said. "If we actually bias towards interest, and we make it easier to follow interests and events, then we can introduce you to those magical accounts right away."
Searching for or tweeting about an NBA team, for example, would launch a Twitter Moment at the top of your feed.
"[Twitter] can provide you insights that you didn't see if you're at the game or you're watching on television that other commentators might see. It can make things more entertaining. And in the past, we haven't had really cohesive experiences around watching a game with Twitter," Dorsey said.
Twitter has been investing in deals to live stream certain professional games on the site. Former Twitter executive Anthony Noto was previously in the top brass of the National Football League.
Read the full interview at The Players' Tribune.
show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/jack-dorsey-says-hes-improving-twitter-for-sports-fans.html |
May 7, 2018 / 7:37 AM / Updated an hour ago Saudi forces kill man wanted for deadly checkpoint attack Reuters Staff 1 Min Read
DUBAI (Reuters) - Saudi security forces shot dead a man wanted for an attack which killed four officers at a checkpoint in southwestern Asir province late last month, the Interior Ministry reported on Monday.
According to the announcement carried by state news agency SPA, the man shot, Khaled Mohammed Ali al-Shahri, was surrounded in his family home in the town of al-Wahda on Saturday night but refused to surrender and attacked security forces with a knife.
The motive for the April 20 attack he was accused of having committed was not clear. Saudi-owned Al Arabiya TV reported at the time that one gunman was killed and two were detained.
Asir province borders Yemen, where a Saudi-led coalition is battling the armed Houthi group, but it was not immediately clear if the incident was related to that three-year war. Reporting by Noah Browning; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-saudi-security/saudi-forces-kill-man-wanted-for-deadly-checkpoint-attack-idUKKBN1I80L6 |
May 7, 2018 / 4:08 AM / Updated 11 minutes ago Vinhomes prices Vietnam's biggest equity offer at top, raises $1.35 bln -sources Reuters Staff 1 Min Read
SINGAPORE, May 7 (Reuters) - Vinhomes JSC, the residential property developer of conglomerate Vingroup JSC, priced an equity offering at the top of its indicative range and raised about $1.35 billion in the country’s biggest-ever share issue, sources familiar with the matter told Reuters on Monday.
Vinhomes priced about 268 million secondary shares at 114,700 Vietnamese dong ($5.03) each, compared with a marketing range of 110,500-114,700 dong each, said the sources who did not wish to named as terms of the pricing were confidential.
Vingroup declined to comment on the pricing.
The company is betting on rising home sales in one of Southeast Asia’s fastest growing economies, and the offering comes as Vietnam draws in interest from global and local funds. ($1 = 22,788.0000 dong) (Reporting by Anshuman Daga; Additional reporting by Mai Nguyen in HANOI; Editing by Edwina Gibbs) | ashraq/financial-news-articles | https://www.reuters.com/article/vinhomes-ipo/vinhomes-prices-vietnams-biggest-equity-offer-at-top-raises-1-35-bln-sources-idUSL3N1SE1HW |
May 30, 2018 / 7:36 AM / Updated 7 hours ago At Beijing security fair, an arms race for surveillance tech Pei Li , Cate Cadell 8 Min Read
BEIJING (Reuters) - It can crack your smartphone password in seconds, rip personal data from call and messaging apps, and peruse your contact book.
The Chinese-made XDH-CF-5600 scanner - or “mobile phone sleuth”, as sales staff described it when touting its claimed features - was one of hundreds of surveillance gadgets on display at a recent police equipment fair in Beijing.
The China International Exhibition on Police Equipment is something of a one-stop shop for China’s police forces looking to arm up with the latest in “black tech” - a term widely used to refer to cutting-edge surveillance gadgets.
The fair underscores the extent to which China’s security forces are using technology to monitor and punish behavior that runs counter to the ruling Communist Party.
That sort of monitoring - both offline and online - is stoking concerns from human rights groups about the development of a nationwide surveillance system to quell dissent.
The Ministry of Public Security, which hosted the Beijing fair, did not respond to a request for comment.
At the fair, Reuters also saw stalls offering cute-looking robots, equipped with artificial intelligence systems to detect criminals, as well as an array of drones, smart glasses, DNA database software and facial-recognition cameras.
At the fair, which is held annually, most buyers appeared to be local Chinese police, though some global firms attended, selling mainly vehicles and aircraft. Ford Motor Co, Daimler AG’s Mercedes-Benz and Airbus SE had cars and model helicopters on display.
The companies did not immediately respond to requests for comment. It is not unusual for western companies to sell vehicles to overseas police forces.
It was not possible to verify all the claims made about the products at the fair, including the XDH-CF-5600 scanner, which is made by Xiamen Meiya Pico Information Co Ltd, a Chinese provider of security products and services.
Scanners like the XDH-CF-5600 exist in other markets around the world, including the United States, but their use is contentious, especially regarding the forcible extraction of data from mobile phone devices.
Chinese firms are rushing to meet the growing demand from the country’s security services, fuelling a surveillance tech arms race as companies look to outdo each others’ tracking and monitoring capabilities. Western firms have played little overt role so far in China’s surveillance boom.
Beijing-based Hisign Technology said its desktop and portable phone scanners can retrieve even deleted data from over 90 mobile applications on smart phones, including overseas platforms like Facebook and Twitter.
A big selling point of the technology, according to one policeman from the restive far western region of Xinjiang who was eyeing a Hisign scanner, was its claimed ability to get data from Apple Inc’s iOS operating system, used in products like the widely popular iPhone.
“We are actually using these kinds of scanners in Xinjiang already, but I am interested in this one as it claims to be more successful with iOS phones than other brands,” said the policeman, surnamed Gu, who traveled 3,000 kilometers to attend the fair. He declined to provide his given name.
The iPhone’s iOS system is seen by many analysts as the most secure operating system. A handful of firms in Israel and the United States have been able to crack into the iOS system, according to media reports. That ability is often shrouded in secrecy, however.
“The ability to crack iOS has been around,” said Matthew Warren, the deputy director of the Deakin University Center for Cyber Security Research in Melbourne. “What’s different in this situation is that Chinese authorities are admitting that they have the capabilities to do that.”
At the Beijing fair, several firms told Reuters they could crack 4-digit passwords on platforms ranging from iOS 6 to iOS 8.1, and were working to break through security of the latest iOS 10 platform.
The vendors did not demonstrate their stated capability of getting into security systems of older iPhones. Apple’s latest operating system uses a stronger 6-digit password.
Apple declined to comment on the vendors’ claims. FILE PHOTO: A police robot patrols before the third plenary session of the Chinese People's Political Consultative Conference (CPPCC) in Beijing, China March 10, 2018. REUTERS/Aly Song/File Photo SURVEILLANCE WEB
Chinese authorities are targeting a nationwide surveillance network, leveraging off tools made by companies like Hisign to compile data gleaned from smartphones and cameras into an online database of its near 1.4 billion people.
“Our forensic products are sold in 26 provinces across China and have helped police process 11 million cases,” Han Xuesong, a sales director at Hisign, told Reuters at the fair.
Hisign is not alone. Meiya Pico has a rival offering, the DC-8811 Magic Cube, which its marketing materials call “the Swiss Army Knife of forensics”. The larger FL-2000 is a “forensic aircraft carrier”.
Pwnzen Infotech, a firm backed by Qihoo 360, a cybersecurity specialist, was another scanner maker at the fair who talked up its system’s ability to get data from overseas platforms.
A sales representative described a case last year in which Pwnzen cracked the phone of a suspect who was “subverting the government” to get data from his Facebook and Twitter accounts. The representative spoke on condition of anonymity.
Facebook did not respond to requests for comment.
A spokeswoman for Twitter said the firm was unable to comment on technology it had not seen, but added that “privacy is built into Twitter’s DNA and it’s something we take an active role in promoting and advocating for across the world.”
BLUE-EYED ROBOT
Other sellers tout police glasses that scan people and match them with a database of fugitives. There was also the AI-2000-Xiao An robot, a blue-eyed police automaton for use at train stations and airports.
The robot, shaped like R2-D2 from “Star Wars”, but with red flashing “ears” and over a dozen sensors and cameras, can identify people in a crowd, engage in conversations and broadcast police announcements.
The robots were used for security at an international summit last year held in the port city of Xiamen, state media reported.
Zhao Jianqiang, an R&D manager at Meiya Pico, said the firm’s tools used artificial intelligence to detect “terrorism-related or violent content” online and on smart phones. Zhao cited images of guns, and the crescent and star symbols often found on the flags of Muslim nations.
The firm also has software which can analyze audio files, convert voice messages into text, and translate minority dialects like that of the Turkic-language speaking Uighurs in Xinjiang into Mandarin Chinese.
Chinese authorities over the past two years have escalated security and surveillance operations across Xinjiang, widely using technology to track the local Uighur population as well as other Muslim minorities, residents and human rights activists say. China denies carrying out repression in the region.
The rise of sophisticated monitoring technology in China has raised fears among rights activists that Chinese citizens will have little space left that remains private.
Public debate on the subject is more restrained though, with many resigned to the fact that individual rights are subordinated to state interests.
Liu Haifeng, vice general manager at Xindehui, a Meiya Pico subsidiary, said he sees surveillance tech as a positive. Slideshow (5 Images)
“It is impossible for people, especially the younger generations, to live without electronics,” he told a roomful of police listening on at the Beijing event. Therefore, suspects trying to escape, “can never get away”. Reporting by Pei Li and Cate Cadell; Writing by Adam Jourdan; Editing by Philip McClellan | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-monitoring-tech-insight/at-beijing-security-fair-an-arms-race-for-surveillance-tech-idUSKCN1IV0OY |
May 17, 2018 / 2:45 PM / Updated 21 minutes ago Brazil charges 11 people with trying to set up Islamic State cell Reuters Staff 1 Min Read
BRASILIA (Reuters) - Brazilian prosecutors have charged 11 people with planning to establish an Islamic State cell in Brazil and trying to recruit jihadists to send to Syria, the federal prosecutors office in the state of Goias said on Thursday.
Two Brazilians are being held in a maximum security prison and five others, arrested since October, were freed pending trial.
Federal police tracked the alleged Islamic State militants through their social media messages after Spanish police provided telephone numbers found on a Brazilian arrested in Spain for belonging to a jihadist group, newspaper Estado de S.Paulo reported. Reporting by Ricardo Brito; Editing by Bernadette Baum | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-brazil-security-islamic-state/brazil-charges-11-people-with-trying-to-set-up-islamic-state-cell-idUKKCN1II256 |
INSIGHT: Behind the scenes at the royal wedding 5:00pm IST - 00:53
The Royal Mews is preparing the horses to be used in Prince Harry and Meghan Markle's Windsor wedding May 19.
The Royal Mews is preparing the horses to be used in Prince Harry and Meghan Markle's Windsor wedding May 19. //reut.rs/2KuTxtf | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/insight-behind-the-scenes-at-the-royal-w?videoId=423186138 |
Record Adjusted EBITDA in Q1 of $ 4.3 Billion, Up 36 % YoY and 4 % QoQ
Record Normalized Adjusted EBITDA in Q1 of $ 4.4 Billion, Up 41 % YoY and 8 % QoQ
9 th Consecutive Quarter of YoY EBITDA Growth
Completed Passive Minority Investment in Wynn Resorts
Actively Pursuing Japan with an Expanding Senior Team
Strategically Expanding Brand with US$300 to $500 M illion Eco-Friendly Resort in Boracay
Paid a Special Dividend of $0.41 Per Share on 27 April 2018
HONG KONG, May 3, 2018 /PRNewswire/ -- Galaxy Entertainment Group ("GEG" or the "Group") (HKEx stock code: 27) today reported selected unaudited financial data for the three month period ended 31 March 2018. (All amounts are expressed in Hong Kong dollars unless otherwise stated)
Q1 2018 RESULTS HIGHLIGHTS
GEG: Delivered Another Record Performance, Driven By Record Mass, Strong VIP And Operational Execution
Q1 Group Revenue of $18.5 billion, up 32% year-on-year and up 3% quarter-on-quarter Q1 Group Adjusted EBITDA of $4.3 billion, up 36% year-on-year and up 4% quarter-on-quarter Played unlucky in Q1 which decreased Adjusted EBITDA by approximately $98 million, normalized Q1 Adjusted EBITDA of $4.4 billion, up 41% year-on-year and up 8% quarter-on-quarter Latest twelve months Adjusted EBITDA of $15.3 billion, up 38% year-on-year
Galaxy Macau™: 9 th Consecutive Quarter of YoY EBITDA Growth, Despite Playing Unlucky
Q1 Revenue of $13.0 billion, up 27% year-on-year and down 2% quarter-on-quarter Q1 Adjusted EBITDA of $3.3 billion, up 26% year-on-year and down 3% quarter-on-quarter Played unlucky in Q1 which decreased Adjusted EBITDA by approximately $177 million, normalized Q1 Adjusted EBITDA of $3.4 billion, up 37% year-on-year and up 7% quarter-on-quarter Hotel occupancy for Q1 across the five hotels was virtually 100%
StarWorld Macau: 7 th Consecutive Quarter of YoY EBITDA Growth Driven By Record Mass
Q1 Revenue of $4.5 billion, up 45% year-on-year and up 22% quarter-on-quarter Q1 Adjusted EBITDA of $1.0 billion, up 55% year-on-year and up 34% quarter-on-quarter Played lucky in Q1 which increased Adjusted EBITDA by approximately $76 million, normalized Q1 Adjusted EBITDA of $927 million, up 38% year-on-year and up 8% quarter-on-quarter Hotel occupancy for Q1 was virtually 100%
Broadway Macau™ : A Unique Family Friendly Resort , Strongly Supported By Macau SMEs
Q1 Revenue of $142 million, versus $135 million in prior year and $147 million in Q4 2017 Q1 Adjusted EBITDA of $13 million, versus $6 million in prior year and $7 million in Q4 2017 Played lucky in Q1 which increased Adjusted EBITDA by approximately $3 million, normalized Q1 Adjusted EBITDA of $10 million, versus $7 million in prior year and $3 million in Q4 2017 Hotel occupancy for Q1 was virtually 100%
Balance Sheet: Remains Well Capitalized, Liquid and Virtually Unlevered
Cash and liquid investments was $41.8 billion and net cash of $34.5 billion as at 31 March 2018 Debt of $7.3 billion as at 31 March 2018 Paid the previously announced special dividend of $0.41 per share on 27 April 2018
Development Update: Robust Development Pipeline including Macau, Philippines, Japan and Hengqin
Cotai Phases 3 & 4 - Continue to move forward with Phases 3 & 4, with a strong focus on non-gaming, primarily targeting MICE (Meetings, Incentives, Conferences and Events), entertainment, family facilities, premium high end hotels and also including gaming Wynn Resorts - Completed passive minority investment Philippines - Continue to support the Philippines restoration of Boracay and the initial planning of a US$300 to $500 million premium quality eco-friendly beach resort on Boracay Island Japan - Continue to actively pursue Japan; enhanced and will continue to expand our development team including the appointment of Mr. Ted Chan as Chief Operating Officer - Japan Development Hengqin - Plans moving forward to develop a low-density integrated resort to complement our high-energy entertainment resorts in Macau, anticipate to disclose further details later in the year
Dr. Lui Che Woo, Chairman of GEG said:
"I am very pleased to report that we have experienced a positive start to 2018, with all-time record quarterly Adjusted EBITDA of $4.3 billion. This represents our 9 th consecutive quarter of EBITDA growth despite competitive new capacity being added to the market.
We continue to drive each and every segment of our business with a particular focus on yielding our resorts. GEG's renowned 'World Class, Asian Heart' service combined with our differentiated resorts offerings have delivered memorable customer experiences and resulted in our portfolio of hotels reporting virtually 100% occupancy.
Our balance sheet remains one of the strongest in global gaming with cash and liquid investments of $41.8 billion and net cash of $34.5 billion. Our strong balance sheet combined with substantial cash flow from operations allows us to return capital to shareholders through dividends and to fund our development pipeline and international expansion plans. These include Cotai Phases 3 & 4, Hengqin, Japan and the Philippines. On 28 February 2018 we announced another special dividend, which was paid on 27 April 2018. The dividend was $0.41 per share which was a 58% increase compared to the previous April dividend.
The first quarter was a very productive one for GEG in terms of our development initiatives. In March 2018, we announced our plans to develop a premium quality, eco-friendly beach resort in Boracay, Philippines. We support President Duterte's and the Philippine Government's initiative to clean-up and restore the pristine isle of Boracay.
In March 2018, we also announced a passive minority equity investment in Wynn Resorts, Limited ("Wynn Resorts") which we closed in early April 2018.
We continue to actively pursue Japan and subsequently announced that we enhanced and will continue to expand our team in Japan with the appointment of Mr. Ted Chan as Chief Operating Officer ("COO") - Japan Development.
GEG is embarking on its next growth program with the construction of its Cotai Phases 3 & 4, which will include 4,500 hotel rooms, including family and premium high end rooms, significant MICE space, a 16,000-seat arena, F&B, retail and casinos, among others. GEG has the largest and the most well-defined development growth pipeline of any Macau concessionaire.
We are committed to continue to support the Macau Government's vision to develop Macau into a World Centre of Tourism and Leisure as demonstrated by GEG's Cotai Phases 3 & 4 and our planned development in Hengqin. Additionally, the Group supports the Central Government's Greater Bay Area integration program, as well as leveraging on the Belt & Road initiative by our proposed beach front resort development in the Philippine island of Boracay.
The continued growth in the rapidly emerging and underpenetrated middle-class in the Mainland and their demand for leisure and travel gives us great confidence in the longer term outlook for Macau. Additionally, the recent opening of new capacity in Macau and the soon to be launched Hong Kong-Zhuhai-Macau Bridge should further stimulate growth in visitations.
Last but not least, I would like to extend my sincere appreciation to all of our committed team members who deliver 'World Class, Asian Heart' service every day and contribute to the success of the Group."
Macau Market Overview
The positive momentum of 2017 has continued into 2018, supported by a solid economic performance in China and strong outbound tourism. Macau's gross gaming revenue for Q1 2018 was $74.3 billion, up 6% quarter-on-quarter and up 21% year-on-year. This is the 7 th reported consecutive quarter of YoY growth.
During the period, visitor arrivals to Macau were 8.5 million, up 9% year-on-year, in which visitors from Mainland China grew at a faster rate of 13%. In particular, overnight visitors grew 10% year-on-year, with the average length of stay rising by 0.1 day to 2.2 days, demonstrating new hotel capacity has successfully grown both the day trip and overnight visitation. This trend is very positive as overnight visitors have a higher spend per customer than day trippers.
Group Financial Results
Q1 2018
In Q1 2018, GEG posted Group revenue of $18.5 billion, up 32% year-on-year and up 3% quarter-on-quarter. Adjusted EBITDA was $4.3 billion, up 36% year-on-year and up 4% quarter-on-quarter. Galaxy Macau™'s Adjusted EBITDA was $3.3 billion, up 26% year-on-year and down 3% quarter-on-quarter. StarWorld Macau's Adjusted EBITDA was $1.0 billion, up 55% year-on-year and up 34% quarter-on-quarter. Broadway Macau™'s Adjusted EBITDA was $13 million, versus $6 million in prior year and $7 million in Q4 2017. Latest twelve months Group Adjusted EBITDA was $15.3 billion, up 38% year-on-year.
GEG played unlucky in its gaming operation which decreased its Adjusted EBITDA by approximately $98 million in Q1 2018. Normalized Q1 Adjusted EBITDA was $4.4 billion, up 41% year-on-year and up 8% quarter-on-quarter.
https://photos.prnasia.com/prnh/20180503/2123242-1-b
The Group's total gaming revenue on a management basis [1] in Q1 2018 was $17.2 billion, up 31% year-on-year and up 3% quarter-on-quarter. Total VIP gaming revenue was $9.9 billion, up 44% year-on-year and up 4% quarter-on-quarter. Total mass gaming revenue was $6.7 billion, up 17% year-on-year and up 1% quarter-on-quarter. Total electronic gaming revenue was $601 million, up 14% year-on-year and up 9% quarter-on-quarter.
Group Gaming in Q1 2018
HK$' m
Turnover /
Table Drop /
Slots Handle
Net Win
Win % / Hold %
VIP Gaming
288,792
9,868
3.4%
Mass Gaming
15,977
6,715
42.0%
Electronic Gaming
17,829
601
3.4%
Group Gaming in Q1 2017
HK$' m
Turnover /
Table Drop /
Slots Handle
Net Win
Win % / Hold %
VIP Gaming
197,764
6,841
3.5%
Mass Gaming
14,086
5,755
40.9%
Electronic Gaming
15,030
525
3.5%
Balance Sheet, Treasury Management and Special Dividend
The Group's balance sheet remains healthy, liquid and virtually unlevered. As of 31 March 2018, cash and liquid investments were $41.8 billion and net cash was $34.5 billion. Total debt decreased from $9.7 billion at 31 December 2017 to $7.3 billion at 31 March 2018. Our strong balance sheet combined with substantial cash flow from operations allows us to return capital to shareholders via dividends and to fund our development pipeline and international expansion plans.
The Group paid the previously announced special dividend of $0.41 per share on 27 April 2018, a 58% increase compared to April 2017.
Galaxy Macau™
Galaxy Macau™ is the primary profit contributor to the Group. In Q1 2018, Galaxy Macau™'s revenue was $13.0 billion, up 27% year-on-year and down 2% quarter-on-quarter. Adjusted EBITDA was $3.3 billion, up 26% year-on-year and down 3% quarter-on-quarter. Adjusted EBITDA margin under HKFRS was 25% (Q1 2017: 25%).
Galaxy Macau™ played unlucky in its gaming operations which decreased its Adjusted EBITDA by approximately $177 million in Q1 2018. Normalized Q1 Adjusted EBITDA was $3.4 billion, up 37% year-on-year and up 7% quarter-on-quarter.
VIP Gaming Performance
VIP rolling chip volume for Q1 2018 was $204.9 billion, up 56% year-on-year and up 7% quarter-on-quarter. This translated into revenue of $7.2 billion, up 40% year-on-year and down 2% quarter-on-quarter.
VIP Gaming
HK$'m
Q1 2017
Q4 2017
Q1 2018
YoY%
QoQ%
Turnover
131,755
191,995
204,938
56%
7%
Net Win
5,113
7,263
7,153
40%
(2)%
Win %
3.9%
3.8%
3.5%
--
--
Mass Gaming Performance
Mass gaming revenue for Q1 2018 was $4.5 billion, up 14% year-on-year and down 3% quarter-on-quarter.
Mass Gaming
HK$'m
Q1 2017
Q4 2017
Q1 2018
YoY%
QoQ%
T able Drop
8,839
10,121
10,423
18%
3%
Net Win
3,968
4,682
4,524
14%
(3)%
Hold %
44.9%
46.3%
43.4%
--
--
Electronic Gaming Performance
Electronic gaming revenue for Q1 2018 was $509 million, up 12% year-on-year and up 9% quarter-on-quarter.
Electronic Gaming
HK$'m
Q1 2017
Q4 2017
Q1 2018
YoY%
QoQ%
Slots Handle
11,385
11,782
13,590
19%
15%
Net Win
454
467
509
12%
9%
Hold %
4.0%
4.0%
3.7%
--
--
Non-Gaming Performance
Non-gaming revenue for Q1 2018 was $806 million, up 14% year-on-year and down 1% quarter-on-quarter. The combined five hotels registered occupancy was virtually 100% in Q1 2018.
Net rental revenue for The Promenade in Q1 2018 was $293 million, up 32% year-on-year and up 17% quarter-on-quarter.
Non-Gaming Revenue
HK$'m
Q1 2017
Q4 2017
Q1 2018
YoY%
QoQ%
Net Rental Revenue
222
250
293
32%
17%
Hotel / F&B / Others
485
561
513
6%
(9)%
Total
707
811
806
14%
(1)%
StarWorld Macau
StarWorld Macau's revenue was $4.5 billion, up 45% year-on-year and up 22% quarter-on-quarter in Q1 2018. Adjusted EBITDA was $1.0 billion, up 55% year-on-year and up 34% quarter-on-quarter. Adjusted EBITDA margin under HKFRS increased to 22% (Q1 2017: 21%).
StarWorld Macau played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $76 million in Q1 2018. Normalized Q1 Adjusted EBITDA was $927 million, up 38% year-on-year and up 8% quarter-on-quarter.
VIP Gaming Performance
VIP rolling chip volume for Q1 2018 was $82.3 billion, up 30% year-on-year and down 4% quarter-on-quarter. This translated into revenue of $2.7 billion, up 57% year-on-year and up 26% quarter-on-quarter.
VIP Gaming
HK$'m
Q1 2017
Q4 2017
Q1 2018
YoY%
QoQ%
Turnover
63,066
85,920
82,293
30%
(4)%
Net Win
1,703
2,116
2,670
57%
26%
Win %
2.7%
2.5%
3.2%
--
--
Mass Gaming Performance
Mass gaming revenue for Q1 2018 was $1.7 billion, up 32% year-on-year and up 17% quarter-on-quarter.
Mass Gaming
HK$'m
Q1 2017
Q4 2017
Q1 2018
YoY%
QoQ%
T able Drop
3,442
3,694
3,691
7%
0%
Net Win
1,291
1,467
1,709
32%
17%
Hold %
37.5%
39.7%
46.3%
--
--
Electronic Gaming Performance
Electronic gaming revenue for Q1 2018 was $43 million, up 26% year-on-year and up 23% quarter-on-quarter.
Electronic Gaming
HK$'m
Q1 2017
Q4 2017
Q1 2018
YoY%
QoQ%
Slots Handle
1,594
1,640
1,710
7%
4%
Net Win
34
35
43
26%
23%
Hold %
2.1%
2.1%
2.5%
--
--
Non-Gaming Performance
Non-gaming revenue for Q1 2018 was $53 million, up 4% year-on-year and down 12% quarter-on-quarter. Hotel occupancy was virtually 100% in Q1 2018.
Non-Gaming Revenue
HK$'m
Q1 2017
Q4 2017
Q1 2018
YoY%
QoQ%
Net Rental Revenue
12
13
13
8%
0%
Hotel / F&B / Others
39
47
40
3%
(15)%
Total
51
60
53
4%
(12)%
Broadway Macau™
Broadway Macau™ is a unique family friendly, street entertainment and food resort supported by Macau SMEs, it does not have a VIP gaming component. Broadway Macau™'s revenue for Q1 2018 was $142 million, up 5% year-on-year and down 3% quarter-on-quarter. Adjusted EBITDA was $13 million, versus $6 million in prior year and $7 million in Q4 2017.
Broadway Macau™ played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $3 million in Q1 2018. Normalized Q1 Adjusted EBITDA was $10 million, versus $7 million in prior year and $3 million in Q4 2017.
Mass Gaming Performance
Mass gaming revenue for Q1 2018 was $73 million, down 3% year-on-year and down 3% quarter-on-quarter.
Mass Gaming
HK$'m
Q1 2017
Q4 2017
Q1 2018
YoY%
QoQ%
T able Drop
325
262
257
(21)%
(2)%
Net Win
75
75
73
(3)%
(3)%
Hold %
23.1%
28.5%
28.4%
--
--
Electronic Gaming Performance
Electronic gaming revenue for Q1 2018 was $10 million, up 25% year-on-year and up 11% quarter-on-quarter.
Electronic Gaming
HK$'m
Q1 2017
Q4 2017
Q1 2018
YoY%
QoQ%
Slots Handle
201
327
409
103%
25%
Net Win
8
9
10
25%
11%
Hold %
4.0%
2.7%
2.4%
--
--
Non-Gaming Performance
Non-gaming revenue for Q1 2018 was $59 million, up 13% year-on-year and down 6% quarter-on-quarter. Hotel occupancy was virtually 100% for Q1 2018.
Non-Gaming Revenue
HK$'m
Q1 2017
Q4 2017
Q1 2018
YoY%
QoQ%
Net Rental Revenue
10
11
11
10%
0%
Hotel / F&B / Others
42
52
48
14%
(8)%
Total
52
63
59
13%
(6)%
City Clubs and Construction Materials Division
In Q1 2018, City Clubs delivered Adjusted EBITDA of $26 million, up 8% year-on-year and down 10% quarter-on-quarter. The Construction Materials Division posted Adjusted EBITDA of $223 million, up 94% year-on-year and down 5% quarter-on-quarter.
Development Update
Cotai – The Next Chapter
GEG is uniquely positioned for long term growth. We continue to move forward with Phases 3 & 4, which will include 4,500 hotel rooms, including family and premium high end rooms, 400,000 square feet of MICE space, a 16,000-seat arena, F&B, retail and casinos, among others. We look forward to formally announcing our development plans in the future.
Hengqin
We continue to make progress with our concept plan for our Hengqin project. Hengqin will allow GEG to develop a leisure destination resort that will complement our high energy resorts in Macau.
International
Philippines - In March 2018, we announced our initial plans to develop a US$300 to $500 million, premium quality, eco-friendly, low density, low rise resort that would include a small casino with up to only 60 tables. We support the Philippine Government's decision to temporarily close Boracay and their restoration initiative for the Island. We continue to work with our local partner to seek further clarification.
Japan - We continue to actively pursue the development of an Integrated Resort ("IR") in Japan with our partner Monte-Carlo SBM. We are encouraged by the recent tabling of the IR Implementation Bill with the Diet and we look forward to the outcome of the Diet debate. Recently we enhanced and will continue to expand our team in Japan with the appointment of Mr. Ted Chan as COO – Japan Development who is located full time in our Tokyo office, which was opened over three years ago.
Subsequent Event
On 23 March 2018, GEG announced a passive minority equity investment in Wynn Resorts where GEG agreed to purchase 5.3 million shares of common stock in Wynn Resorts at US$175 per share. The shares purchased represent approximately 4.9% of Wynn Resorts. Subsequently in early April, the Group paid a total of US$927.5 million (approximately HK$7.28 billion) to Wynn Resorts. The transaction closed in early April 2018.
Selected Major Awards in Q1 2018
Award
Presenter
GEG
Top 100 Hong Kong Listed Companies Award
- Comprehensive Strength (6 th time)
QQ.com x Finet
Galaxy Macau TM
Integrated Resort of the Year (3 rd time)
International Gaming Awards
Best of the Best Macau Shopping Mall Star Performer 2018
Hurun Report
The Supreme Award of Asia's Most Favored Tourism Integrated
Resort by Parent-Child (3 rd time)
The 18 th Golden Horse Awards of China
Hotel
100 Top Tables 2018
- 8½ Otto e Mezzo BOMBANA (3 rd time)
- Yamazato (5 th time)
- Lai Heen (3 rd time)
South China Morning Post
2018 Forbes Travel Guide
Five-Star Hotel
- The Ritz-Carlton, Macau (2 nd time)
- Banyan Tree Macau (5 th time)
Five-Star Spa
- ESPA (2 nd time)
- Banyan Tree Spa Macau (5 th time)
Forbes Travel Guide
StarWorld Macau
The Supreme Award of Asia's Best F&B Service Hotel (2 nd time)
The 18 th Golden Horse Awards of China Hotel
100 Top Tables 2018 - Feng Wei Ju (3 rd time)
South China Morning Post
Construction Materials Division
Caring Company Scheme – 15 Years Plus Caring Company Logo
The Hong Kong Council of Social Service
Hong Kong Green Organisation Certification - Wastewi$e Certificate -
Excellence Level
Environmental Campaign Committee
2017/18 Airport Safety Recognition Scheme - Corporate Safety
Performance Awards
Airport Authority Hong Kong
Outlook
We remain confident in the longer term outlook for Macau in general, and GEG specifically. Our confidence is supported by unchanged fundamentals including: the Chinese economy continues to perform solidly; the tourist markets in Mainland China and Asia remain underpenetrated and offer substantial potential for growth in tourism, leisure and travel and new Macau property openings in 2018 will further stimulate tourism demand.
We also look forward to the continued progress in infrastructure. The opening of the Hong Kong-Zhuhai-Macau Bridge will eventually improve accessibility for international travelers who arrive by air via Hong Kong. Other infrastructure including the Guangzhou-Zhuhai Intercity MRT's extended train line to Hengqin and the expansion of the Macau International Airport which will further enhance the appeal and accessibility to Macau for both Chinese and international visitors.
GEG is uniquely positioned to capitalize on future growth potential having the largest development pipeline in Macau with Phases 3 & 4. In addition, we believe the Greater Bay Area integration plan will further facilitate the flow of people, logistics and capital within Macau, Hong Kong and the nine Southern Guangdong cities of Mainland China. GEG supports and will leverage on the plan by enhancing the competitiveness of our resort portfolio, including our development plans on Hengqin.
We also look forward to international expansion opportunities, such as Boracay Island in the Philippines and an IR in Japan. We will continue to prudently seek opportunities to strategically expand our brand and serve guests with our "World Class, Asian Heart" philosophy.
As we enter Macau's seasonally high summer months, Galaxy Macau™ with its unique and highly differentiated Grand Resort Deck, complete with the world's largest Skytop Wave Pool and the world's longest Skytop Adventure Rapids is ideally positioned to capture above market share of customers seeking a more holistic holiday experience in Macau. We will continue to focus on driving profitable volumes, yielding our resorts and attracting higher spending customers.
However, we do acknowledge that we face increased competition both in Macau and regionally and a tightening regulatory environment. There are a number of geo-political events occurring globally that may also impact consumer sentiment in the short term.
GEG is committed to invest in Macau's economic diversification and support the Macau Government's vision of becoming a World Centre of Tourism and Leisure. We also support the Central Government's Belt & Road initiative and the Greater Bay Area initiative that will support further economic development between nine cities of southern Guangdong Province, Hong Kong and Macau.
[1] The primary difference between statutory revenue and management basis revenue is the treatment of City Clubs revenue where fee income is reported on a statutory basis and gaming revenue is reported on a management basis. At the Group level the gaming statistics include Company owned resorts plus City Clubs.
About Galaxy Entertainment Group (HKEx stock code: 27)
Galaxy Entertainment Group ("GEG" or the "Group") is one of the world's leading resorts, hospitality and gaming companies. It primarily develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau. The Group is listed on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index.
GEG is one of the three original concessionaires in Macau with a successful track record of delivering innovative, spectacular and award-winning properties, products and services, underpinned by a "World Class, Asian Heart" service philosophy, that has enabled it to consistently outperform and lead the market in Macau.
GEG operates three flagship destinations in Macau: on Cotai, Galaxy Macau™, one of the world's largest integrated destination resorts, and the adjoining Broadway Macau™, a unique landmark entertainment and food street destination; and on the Peninsula, StarWorld Macau, an award winning premium property.
The Group has the largest undeveloped landbank of any concessionaire in Macau. When The Next Chapter of its Cotai development is completed, GEG's resorts footprint on Cotai will double to more than 2 million square meters, making the resorts, entertainment and MICE precinct one of the largest and most diverse integrated destinations in the world. GEG is also planning to develop a world class leisure and recreation destination resort on a 2.7 square kilometer land parcel on Hengqin adjacent to Macau. This resort will complement GEG's offerings in Macau, and at the same time differentiate it from its peers while supporting Macau in its vision of becoming a World Centre of Tourism and Leisure.
In July 2015, GEG made a strategic investment in Société Anonyme des Bains de Mer et du Cercle des Etrangers à Monaco ("Monte-Carlo SBM"), a world renowned owner and operator of iconic luxury hotels and resorts in the Principality of Monaco. GEG continues to explore a range of international development opportunities with Monte-Carlo SBM including Japan.
GEG is committed to delivering world class unique experiences to its guests and building a sustainable future for the communities in which it operates.
For more information about the Group, please visit www.galaxyentertainment.com
View original content: http://www.prnewswire.com/news-releases/galaxy-entertainment-group-announces-selected-unaudited-q1-2018-financial-data-300641989.html
SOURCE Galaxy Entertainment Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-galaxy-entertainment-group-announces-selected-unaudited-q1-2018-financial-data.html |
May 9 (Reuters) - American Hotel Income Properties REIT LP :
* AMERICAN HOTEL INCOME PROPERTIES REIT LP REPORTS FIRST QUARTER 2018 RESULTS
* AMERICAN HOTEL INCOME PROPERTIES REIT LP - QTRLY DILUTED FFO PER UNIT $0.15
* AMERICAN HOTEL INCOME PROPERTIES REIT LP - QTRLY DILUTED AFFO PER UNIT $0.13 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-american-hotel-income-properties-r/brief-american-hotel-income-properties-reit-reports-qtrly-diluted-ffo-per-unit-0-15-idUSASC0A18W |
WASHINGTON—The Trump administration is expected to make about 15,000 additional H-2B visas available for low-skilled foreign workers this summer, a modest supplement to the popular program, lawmakers and aides familiar with the planning said.
The number of visas available each year is capped by statute at 66,000, evenly divided between the summer and winter seasons. Congress declined to lift that cap during negotiations this spring. It did, however, give the secretary of Homeland Security authority to issue up to 69,000 more... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-is-likely-to-add-about-15-000-work-visas-this-summer-1525977843 |
SAN CLEMENTE, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- CareTrust REIT, Inc. (Nasdaq:CTRE) today reported operating results for the quarter ended March 31, 2018, as well as other recent events.
For the quarter, CareTrust REIT reported:
Net income of $14.6 million, an increase of 42%, and net income per diluted weighted-average common share of $0.19, an increase of 27% over Q1 2017; Normalized FFO of $24.1 million, an increase of 25%, and normalized FFO per diluted weighted-average common share of $0.32, an increase of 10% over Q1 2017; Normalized FAD of $24.9 million, an increase of 22%, and normalized FAD per diluted weighted-average common share of $0.33, an increase of 10% over Q1 2017; Investments of approximately $47.4 million (inclusive of transaction costs) at a blended initial cash yield of 9%, acquiring six skilled nursing facilities in two separate transactions; and A net debt-to-normalized EBITDA ratio of 4.6x and a debt-to-enterprise value of 37%, each as of quarter-end.
Planned Re-Tenantings Completed
Post quarter-end, CareTrust REIT completed the previously-announced planned re-tenanting of the remaining Pristine Ohio assets, as well as one other re-tenanting. “We are pleased to report that the last of the Ohio assets formerly leased to subsidiaries of Pristine Senior Living were successfully transferred to two outstanding operators, on schedule and with minimal disruption to operations,” said Greg Stapley, CareTrust’s Chairman and Chief Executive Officer. He also reported that two other CareTrust properties, which were formerly leased to affiliates of OnPointe Health, were also transferred to other current CareTrust operators post quarter-end.
Mr. Stapley noted that all of the asset transfers were accomplished at approximately the same rents as the outgoing operators were paying, and that all of the assets are now covered by multi-facility master leases. “Best of all, we are thrilled to have added two new operator relationships with Trio Healthcare and Hillstone Healthcare, and look forward to growing with these outstanding operators in the years to come,” he added.
Financial Results for Quarter Ended March 31, 2018
Chief Financial Officer Bill Wagner reported that for the first quarter, CareTrust REIT generated net income of $14.6 million, or $0.19 per diluted weighted-average common share, normalized FFO of $24.1 million, or $0.32 per diluted weighted-average common share, and normalized FAD of $24.9 million, or $0.33 per diluted weighted-average common share. “We are pleased to be delivering a quarter-over-quarter increase in normalized FFO per share of 10%,” said Mr. Wagner.
Liquidity
Discussing CareTrust REIT’s investments and current liquidity, Mr. Wagner reported that the $47 million in new investments in the quarter were funded with a combination of cash on hand and approximately $35 million in draws on the Company’s $400 million unsecured revolver. He noted that the revolving credit facility includes a $250 million “accordion” feature that can be exercised by the Company at its option to increase liquidity. As of today, approximately $200 million is drawn on the line.
He also reported that there had been no activity in the quarter on the Company’s at-the-market equity program but, he added, “Our ATM program remains a significant instrument in the Company’s capital-raising repertoire, with up to $236 million remaining in authorization at present.” Mr. Wagner further reported that CareTrust REIT’s net debt-to-normalized EBITDA ratio was 4.6x and its debt-to-enterprise value was 37%, each at quarter-end, which is well within management’s target leverage range. He also noted that CareTrust REIT continues to have no property-level debt and, taking into account existing extension rights, no debt maturing before 2020.
2018 Guidance Revised Upward
Mr. Wagner provided CareTrust REIT's 2018 revised earnings guidance, projecting on a per-diluted weighted-average common share basis, net income of approximately $0.70 to $0.72, normalized FFO of approximately $1.26 to $1.28, and normalized FAD of approximately $1.32 to $1.34. He noted that the updated 2018 guidance is based on a diluted weighted-average common share count of 75.9 million shares and assumes no new acquisitions beyond those made to date, no new debt incurrences or new equity issuances, and 2.0% CPI-based rent escalators under CareTrust REIT's long-term net leases.
Dividend Increased
During the quarter, CareTrust REIT increased its quarterly dividend by over 10% from $0.185 to $0.205 per common share. “On an annualized basis, our quarterly dividend represents a payout ratio of approximately 64% based on the first quarter 2018 normalized FFO, and 62% on normalized FAD,” said Mr. Wagner. “At this level, our dividend remains among the best-protected of all our industry peers, while simultaneously providing additional growth capital for reinvestment and a solid overall return to our shareholders,” he added.
Significant Events During the Quarter and Since
On February 1, 2018, CareTrust REIT acquired Copper Ridge, a skilled nursing facility with 100 operating beds in Butte, Montana, for approximately $5.8 million, inclusive of transaction costs. The facility was added to the existing master lease of Eduro Healthcare LLC.
On February 27, 2018, CareTrust REIT announced that it had entered into a lease termination agreement with Pristine Senior Living for the nine remaining CareTrust properties it then occupied, with a target completion date of April 30, 2018. The planned operational transfers were timely completed, and on May 1, 2018, Trio Healthcare, Inc. took over operations at the seven facilities based primarily in the Dayton, Ohio area under a new 15-year master lease, while Hillstone Healthcare, Inc. assumed the operation of the two facilities in Willard and Toledo, Ohio under a new 12-year master lease. Pristine had previously relinquished operations at seven other CareTrust facilities in the Cincinnati area to another CareTrust tenant, Trillium Healthcare, Inc., which has been operating those facilities since December 1, 2017.
On March 1, 2018, CareTrust REIT acquired a set of five skilled nursing facilities located in the Grand Rapids, Michigan area, in a sale-leaseback transaction with affiliates of Metron Integrated Health Systems, Inc., the portfolio’s longtime owner-operator. CareTrust paid approximately $41.6 million, inclusive of transaction costs, for the 422 operating-bed portfolio, which was leased back to Metron under a 15-year master lease. CareTrust REIT has indicated that it expects to grow with Metron in the future.
On March 13, 2018, CareTrust REIT terminated two separate standalone leases with affiliates of OnPointe Health. Following discussions between OnPointe and CareTrust, the parties mutually agreed to transfer the two facilities to other operators. On May 1, 2018, affiliates of Eduro Healthcare LLC and Providence Group, Inc., two existing CareTrust tenants, took over operations at the facilities in Albuquerque, New Mexico and Brownsville, Texas, respectively, and the facilities were added to their respective master leases. The contract rent payable by the incoming operators is approximately the same as the rent OnPointe was paying.
On March 26, 2018, CareTrust REIT disposed of its Cross portfolio, a group of small assisted living assets located in Idaho and leased to affiliates of Cross Healthcare, LLC. “We purchased these assets in 2014 with the expectation that the Cross-CareTrust relationship would grow,” said Mark Lamb, CareTrust’s Director of Investments. He explained that when that expectation changed, CareTrust determined to recycle the capital into higher-yielding investments with growth-oriented tenants. He further noted that the assets had been acquired for approximately $12.1 million in a 2014 sale-leaseback, and the sales price was approximately $13.0 million.
Conference Call
A conference call will be held on Wednesday, May 9, 2018, at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time), during which CareTrust REIT’s management will discuss first quarter 2018 results, recent developments and other matters. The dial-in number for this call is (844) 220-4972 (U.S.) or (317) 973-4053 (International). The conference ID number is 8786663. To listen to the call online, or to view any financial or other statistical information required by SEC Regulation G, please visit the Investors section of the CareTrust REIT website at http://investor.caretrustreit.com . The call will be recorded, and will be available for replay via the website for 30 days following the call.
About CareTrust REIT TM
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition and leasing of seniors housing and healthcare-related properties. With 188 net-leased healthcare properties and three operated seniors housing properties in 24 states, CareTrust REIT is pursuing opportunities across the nation to acquire properties that will be leased to a diverse group of local, regional and national seniors housing operators, healthcare services providers, and other healthcare-related businesses. More information about CareTrust REIT is available at www.caretrustreit.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains, and the related conference call will include, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding future financial and financing positions, business and acquisition strategies, growth prospects, operating and financial performance, expectations regarding the making of distributions, payment of dividends, compliance with and changes in governmental regulations, and the performance of the Company’s tenants and operators and their respective facilities.
Words such as “anticipate,” “believe,” “could,” expect,” “estimate,” “intend,” “may,” “plan,” “seek,” “should,” “will,” “would,” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements, though not all forward-looking statements contain these identifying words. The Company’s forward-looking statements are based on management’s current expectations and beliefs, and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they are not guarantees and the Company can give no assurance that its expectations will be attained. Factors which could have a material adverse effect on the Company’s operations and future prospects or which could cause actual results to differ materially from expectations include, but are not limited to: (i) the ability to achieve some or all of the expected benefits from the completed spin-off from The Ensign Group, Inc. (“Ensign”); (ii) the ability and willingness of Company tenants to meet and/or perform their obligations under the triple-net leases the Company has entered into with them and the ability and willingness of Ensign to meet and/or perform its obligations under the contractual arrangements that it entered into with the Company in connection with such spin-off, including its triple-net long-term leases with the Company, and any of its obligations to indemnify, defend and hold the Company harmless from and against various claims, litigation and liabilities; (iii) the ability and willingness of the Company’s tenants to comply with laws, rules and regulations in the operation of the properties the Company leases to them; (iv) the ability and willingness of the Company’s tenants, including Ensign, to renew their leases with the Company upon expiration and the ability to reposition Company properties on the same or better terms in the event of nonrenewal or in the event the Company replaces an existing tenant, and obligations, including indemnification obligations, that the Company may incur in connection with the replacement of an existing tenant; (v) the availability of and the ability to identify suitable acquisition opportunities and the ability to acquire and lease the respective properties on favorable terms; (vi) the ability to generate sufficient cash flows to service the Company’s outstanding indebtedness; (vii) access to debt and equity capital markets; (viii) fluctuating interest rates; (ix) the ability to retain key management personnel; (x) the ability to maintain the Company’s status as a real estate investment trust (“REIT”); (xi) changes in the U.S. tax laws and other state, federal or local laws, whether or not specific to REITs; (xii) other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and (xiii) any additional factors identified in the Company’s filings with the Securities and Exchange Commission (“SEC”), including those in the Company‘s Annual Report on Form 10-K for the year ended December 31, 2017 under the heading entitled “Risk Factors,” as such risk factors may be amended, supplemented or superseded from time to time by other reports the Company files with the SEC.
Information in this press release or the related conference call is provided as of March 31, 2018, unless specifically stated otherwise. The Company expressly disclaims any obligation to update or revise any information in this press release or the related conference call (and replays thereof), including forward-looking statements, whether to reflect any change in the Company’s expectations, any change in events, conditions or circumstances, or otherwise.
As used in this press release or the related conference call, unless the context requires otherwise, references to “CTRE,” "CareTrust," “CareTrust REIT” or the “Company” refer to CareTrust REIT, Inc. and its consolidated subsidiaries. GAAP refers to generally accepted accounting principles in the United States of America.
Contact:
CareTrust REIT, Inc.
(949) 542-3130
[email protected]
CARETRUST REIT, INC. CONSOLIDATED INCOME STATEMENTS (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2018 2017 Revenues: Rental income $ 33,816 $ 27,339 Tenant reimbursements 2,968 2,321 Independent living facilities 799 793 Interest and other income 518 155 Total revenues 38,101 30,608 Expenses: Depreciation and amortization 11,577 9,076 Interest expense 7,092 5,879 Property taxes 2,968 2,321 Independent living facilities 716 661 General and administrative 3,192 2,390 Total expenses 25,545 20,327 Other income: Gain on sale of real estate 2,051 — Net income $ 14,607 $ 10,281 Earnings per common share: Basic $ 0.19 $ 0.15 Diluted $ 0.19 $ 0.15 Weighted average shares outstanding: Basic 75,504 66,951 Diluted 75,504 66,951 Dividends declared per common share $ 0.205 $ 0.185
CARETRUST REIT, INC. RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2018 2017 Net income $ 14,607 $ 10,281 Depreciation and amortization 11,577 9,076 Interest expense 7,092 5,879 Amortization of stock-based compensation 904 536 EBITDA 34,180 25,772 Gain on sale of real estate (2,051 ) — Normalized EBITDA $ 32,129 $ 25,772 Net income $ 14,607 $ 10,281 Real estate related depreciation and amortization 11,549 9,050 Gain on sale of real estate (2,051 ) — Funds from Operations (FFO) 24,105 19,331 Normalized FFO $ 24,105 $ 19,331
CARETRUST REIT, INC. RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES (continued) (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2018 2017 Net income $ 14,607 $ 10,281 Real estate related depreciation and amortization 11,549 9,050 Amortization of deferred financing fees 484 561 Amortization of stock-based compensation 904 536 Straight-line rental income (591 ) (72 ) Gain on sale of real estate (2,051 ) — Funds Available for Distribution (FAD) 24,902 20,356 Normalized FAD $ 24,902 $ 20,356 FFO per share $ 0.32 $ 0.29 Normalized FFO per share $ 0.32 $ 0.29 FAD per share $ 0.33 $ 0.30 Normalized FAD per share $ 0.33 $ 0.30 Diluted weighted-average shares outstanding [1] 75,657 67,133 [1] For the periods presented, the diluted weighted-average shares have been calculated using the treasury stock method.
CARETRUST REIT, INC. CONSOLIDATED INCOME STATEMENTS - 5 QUARTER TREND (in thousands, except per share data) (unaudited) Quarter Quarter Quarter Quarter Quarter Ended Ended Ended Ended Ended March 31,
2017 June 30,
2017 September 30,
2017 December 31,
2017 March 31,
2018 Revenues: Rental income $ 27,339 $ 28,511 $ 29,404 $ 32,379 $ 33,816 Tenant reimbursements 2,321 2,389 2,543 3,001 2,968 Independent living facilities 793 789 825 821 799 Interest and other income 155 1,140 176 396 518 Total revenues 30,608 32,829 32,948 36,597 38,101 Expenses: Depreciation and amortization 9,076 9,335 9,745 11,003 11,577 Interest expense 5,879 6,219 5,592 6,506 7,092 Loss on the extinguishment of debt — 11,883 — — — Property taxes 2,321 2,389 2,543 3,001 2,968 Independent living facilities 661 644 698 730 716 Impairment of real estate investment — 890 — — — Reserve for advances and deferred rent — — — 10,414 — General and administrative 2,390 2,977 3,059 2,691 3,192 Total expenses 20,327 34,337 21,637 34,345 25,545 Other income: Gain on disposition of other real estate investment — 3,538 — — — Gain on sale of real estate — — — — 2,051 Net income $ 10,281 $ 2,030 $ 11,311 $ 2,252 $ 14,607 Diluted earnings per share $ 0.15 $ 0.03 $ 0.15 $ 0.03 $ 0.19 Diluted weighted average shares outstanding 66,951 72,564 75,471 75,476 75,504
CARETRUST REIT, INC. RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES - 5 QUARTER TREND (in thousands, except per share data) (unaudited) Quarter Quarter Quarter Quarter Quarter Ended Ended Ended Ended Ended March 31,
2017 June 30,
2017 September 30,
2017 December 31,
2017 March 31,
2018 Net income $ 10,281 $ 2,030 $ 11,311 $ 2,252 $ 14,607 Depreciation and amortization 9,076 9,335 9,745 11,003 11,577 Interest expense 5,879 6,219 5,592 6,506 7,092 Amortization of stock-based compensation 536 600 656 624 904 EBITDA 25,772 18,184 27,304 20,385 34,180 Impairment of real estate investment — 890 — — — Gain on sale of real estate — — — — (2,051 ) Loss on the extinguishment of debt — 11,883 — — — Deferred preferred return — (544 ) — — — Reserve for advances and deferred rent — — — 10,414 — Gain on disposition of other real estate investment — (3,538 ) — — — Normalized EBITDA $ 25,772 $ 26,875 $ 27,304 $ 30,799 $ 32,129 Net income $ 10,281 $ 2,030 $ 11,311 $ 2,252 $ 14,607 Real estate related depreciation and amortization 9,050 9,309 9,717 10,973 11,549 Impairment of real estate investment — 890 — — — Gain on disposition of other real estate investment — (3,538 ) — — — Gain on sale of real estate — — — — (2,051 ) Funds from Operations (FFO) 19,331 8,691 21,028 13,225 24,105 Reserve for advances and deferred rent — — — 10,414 — Deferred preferred return — (544 ) — — — Effect of the senior unsecured notes payable redemption — 12,475 — — — Normalized FFO $ 19,331 $ 20,622 $ 21,028 $ 23,639 $ 24,105
CARETRUST REIT, INC. RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES - 5 QUARTER TREND (continued) (in thousands, except per share data) (unaudited) Quarter Quarter Quarter Quarter Quarter Ended Ended Ended Ended Ended March 31,
2017 June 30,
2017 September 30,
2017 December 31,
2017 March 31,
2018 Net income $ 10,281 $ 2,030 $ 11,311 $ 2,252 $ 14,607 Real estate related depreciation and amortization 9,050 9,309 9,717 10,973 11,549 Amortization of deferred financing fees 561 529 484 485 484 Amortization of stock-based compensation 536 600 656 624 904 Straight-line rental income (72 ) (43 ) (2 ) (227 ) (591 ) Impairment of real estate investment — 890 — — — Gain on disposition of other real estate investment — (3,538 ) — — — Gain on sale of real estate — — — — (2,051 ) Funds Available for Distribution (FAD) 20,356 9,777 22,166 14,107 24,902 Reserve for advances and deferred rent — — — 10,414 — Deferred preferred return — (544 ) — — — Effect of the senior unsecured notes payable redemption — 12,475 — — — Normalized FAD $ 20,356 $ 21,708 $ 22,166 $ 24,521 $ 24,902 FFO per share $ 0.29 $ 0.12 $ 0.28 $ 0.17 $ 0.32 Normalized FFO per share $ 0.29 $ 0.28 $ 0.28 $ 0.31 $ 0.32 FAD per share $ 0.30 $ 0.13 $ 0.29 $ 0.19 $ 0.33 Normalized FAD per share $ 0.30 $ 0.30 $ 0.29 $ 0.32 $ 0.33 Diluted weighted-average shares outstanding [1] 67,133 72,803 75,659 75,692 75,657 [1] For the periods presented, the diluted weighted-average shares have been calculated using the treasury stock method.
CARETRUST REIT, INC. CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) March 31, 2018 December 31, 2017 Assets: Real estate investments, net $ 1,177,140 $ 1,152,261 Other real estate investments, net 18,031 17,949 Cash and cash equivalents 14,195 6,909 Accounts and other receivables, net 5,999 5,254 Prepaid expenses and other assets 1,919 895 Deferred financing costs, net 1,447 1,718 Total assets $ 1,218,731 $ 1,184,986 Liabilities and Equity: Senior unsecured notes payable, net $ 294,584 $ 294,395 Senior unsecured term loan, net 99,540 99,517 Unsecured revolving credit facility 200,000 165,000 Accounts payable and accrued liabilities 15,111 17,413 Dividends payable 15,608 14,044 Total liabilities 624,843 590,369 Equity: Common stock 755 755 Additional paid-in capital 783,509 783,237 Cumulative distributions in excess of earnings (190,376 ) (189,375 ) Total equity 593,888 594,617 Total liabilities and equity $ 1,218,731 $ 1,184,986
CARETRUST REIT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) For the Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net income $ 14,607 $ 10,281 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization (including a below-market ground lease) 11,582 9,080 Amortization of deferred financing costs 484 561 Amortization of stock-based compensation 904 536 Straight-line rental income (591 ) (72 ) Noncash interest income (106 ) (155 ) Gain on sale of real estate (2,051 ) — Change in operating assets and liabilities: Accounts and other receivables, net (155 ) (1,964 ) Prepaid expenses and other assets (36 ) 13 Accounts payable and accrued liabilities (2,579 ) 1,886 Net cash provided by operating activities 22,059 20,166 Cash flows from investing activities: Acquisitions of real estate (47,103 ) (54,568 ) Improvements to real estate (11 ) (89 ) Purchases of equipment, furniture and fixtures (27 ) (117 ) Principal payments received on mortgage loan receivable 23 — Escrow deposits for acquisition of real estate (1,000 ) (700 ) Net proceeds from the sale of real estate 13,004 — Net cash used in investing activities (35,114 ) (55,474 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net (10 ) 108,166 Borrowings under unsecured revolving credit facility 60,000 45,000 Payments on unsecured revolving credit facility (25,000 ) (113,000 ) Net-settle adjustment on restricted stock (605 ) — Dividends paid on common stock (14,044 ) (11,075 ) Net cash provided by financing activities 20,341 29,091 Net increase (decrease) in cash and cash equivalents 7,286 (6,217 ) Cash and cash equivalents, beginning of period 6,909 7,500 Cash and cash equivalents, end of period $ 14,195 $ 1,283
CARETRUST REIT, INC. DEBT SUMMARY (dollars in thousands) (unaudited) March 31, 2018 Interest Maturity % of Deferred Net Carrying Debt Rate Date Principal Principal Loan Costs Value Fixed Rate Debt Senior unsecured notes payable 5.250 % 2025 $ 300,000 50.0 % $ (5,416 ) $ 294,584 Floating Rate Debt Senior unsecured term loan 3.837 % [1] 2023 100,000 16.7 % (460 ) 99,540 Unsecured revolving credit facility 3.624 % [2] 2020 [3] 200,000 33.3 % — [4] 200,000 3.695 % 300,000 50.0 % (460 ) 299,540 Total Debt 4.473 % $ 600,000 100.0 % $ (5,876 ) $ 594,124 [1] Funds can be borrowed at applicable LIBOR plus 1.95% to 2.60% or at the Base Rate (as defined) plus 0.95% to 1.6%. [2] Funds can be borrowed at applicable LIBOR plus 1.75% to 2.40% or the Base Rate (as defined) plus 0.75% to 1.4%. [3] Maturity date assumes exercise of two 6-month extension options. [4] Deferred financing fees are not shown net for the unsecured revolving credit facility and are included in assets on the balance sheet.
CARETRUST REIT, INC. RECONCILIATIONS OF NET INCOME TO NON-GAAP FINANCIAL MEASURES (shares in thousands) (unaudited) 2018 Guidance Low High Net income $ 0.70 $ 0.72 Real estate related depreciation and amortization 0.59 0.59 Gain on sale of real estate (0.03 ) (0.03 ) Funds from Operations (FFO) 1.26 1.28 Normalized FFO $ 1.26 $ 1.28 Net income $ 0.70 $ 0.72 Real estate related depreciation and amortization 0.59 0.59 Amortization of deferred financing fees 0.03 0.03 Amortization of stock-based compensation 0.05 0.05 Straight-line rental income (0.02 ) (0.02 ) Gain on sale of real estate (0.03 ) (0.03 ) Funds Available for Distribution (FAD) 1.32 1.34 Normalized FAD $ 1.32 $ 1.34 Weighted average shares outstanding: Diluted 75,916 75,916 Non-GAAP Financial Measures
EBITDA represents net income before interest expense (including amortization of deferred financing costs), amortization of stock-based compensation, and depreciation and amortization. Normalized EBITDA represents EBITDA as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of core operating performance, such as real estate impairment charges, expensed acquisition costs, certain deferred preferred return, losses on the extinguishment of debt, reserve for advances and deferred rent and gains or losses from dispositions of real estate or other real estate. EBITDA and Normalized EBITDA do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. EBITDA and Normalized EBITDA do not purport to be indicative of cash available to fund future cash requirements, including the Company’s ability to fund capital expenditures or make payments on its indebtedness. Further, the Company’s computation of EBITDA and Normalized EBITDA may not be comparable to EBITDA and Normalized EBITDA reported by other REITs.
Funds from Operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), and Funds Available for Distribution (“FAD”) are important non-GAAP supplemental measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation except on land, such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP.
FFO is defined by NAREIT as net income computed in accordance with GAAP, excluding gains or losses from dispositions of real estate or other real estate investments, real estate depreciation and amortization and real estate impairment charges, and adjustments for unconsolidated partnerships and joint ventures. The Company computes FFO in accordance with NAREIT’s definition.
FAD is defined as FFO excluding non-cash income and expenses, such as amortization of stock-based compensation, amortization of deferred financing costs and the effects of straight-line rent. The Company considers FAD to be a useful supplemental measure to evaluate the Company’s operating results excluding these income and expense items to help investors, analysts and other interested parties compare the operating performance of the Company between periods or as compared to other companies on a more consistent basis.
In addition, the Company reports normalized FFO and normalized FAD, which adjust FFO and FAD for certain revenue and expense items that the Company does not believe are indicative of its ongoing operating results, such as written-off deferred financing fees, expensed acquisition costs, certain preferred returns, the effect of the senior unsecured notes payable redemption and other unanticipated charges. By excluding these items, investors, analysts and our management can compare normalized FFO and normalized FAD between periods more consistently.
While FFO, normalized FFO, FAD and normalized FAD are relevant and widely-used measures of operating performance among REITs, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating the Company’s liquidity or operating performance. FFO, normalized FFO, FAD and normalized FAD do not purport to be indicative of cash available to fund future cash requirements.
Further, the Company’s computation of FFO, normalized FFO, FAD and normalized FAD may not be comparable to FFO, normalized FFO, FAD and normalized FAD reported by other REITs that do not define FFO in accordance with the current NAREIT definition or that interpret the current NAREIT definition or define FAD differently than the Company does.
The Company believes that net income, as defined by GAAP, is the most appropriate earnings measure. The Company also believes that the use of EBITDA, Normalized EBITDA, FFO, normalized FFO, FAD and normalized FAD, combined with the required GAAP presentations, improves the understanding of operating results of REITs among investors and makes comparisons of operating results among such companies more meaningful. The Company considers EBITDA and Normalized EBITDA useful in understanding the Company’s operating results independent of its capital structure, indebtedness and non-recurring charges, thereby allowing for a more meaningful comparison of operating performance between periods and against other REITs. The Company considers FFO, normalized FFO, FAD and normalized FAD to be useful measures for reviewing comparative operating and financial performance because, by excluding gains or losses from real estate dispositions, impairment charges and real estate depreciation and amortization, and, for FAD and normalized FAD, by excluding non-cash income and expenses such as amortization of stock-based compensation, amortization of deferred financing costs, and the effects of straight-line rent, FFO, normalized FFO, FAD and normalized FAD can help investors compare the Company’s operating performance between periods and to other REITs.
Source:CareTrust REIT, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-caretrust-reit-announces-first-quarter-2018-operating-results-revises-guidance-upward.html |
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E! News' royal correspondent, Melanie Bromley, recounts what life was like for Meghan Markle growing up in California. Rough Cut - no reporter narration. //reut.rs/2GhCh7w | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/a-look-at-meghan-markles-californian-upb?videoId=426971972 |
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HOUSTON, May 10, 2018 (GLOBE NEWSWIRE) -- Ultra Petroleum Corp. (NASDAQ:UPL) announces financial and operating results for the quarter ended March 31, 2018.
Financial and Operating Highlights :
First quarter production of 72.3 Bcfe increased 13% compared to first quarter 2017, beating mid-point of guidance,
Reduced operated rig fleet from 7 rigs to 4; all of which are equipped for horizontal development,
Accelerated horizontal well activity while decreasing well costs; now targeting 25-30 horizontal wells for 2018:
-- WB 9-23 A-2H online in Feb: IP= 54.5 MMcfe/d (873 Bopd, 10% oil)
-- WB 9-23 A-3H online in Apr: IP= 11.7 MMcfe/d (146 Bopd, 7% oil)
-- WB 8-25 A-1H online in Apr: IP= 28.5 MMcfe/d (441 Bopd, 9% oil)
-- 3-well Average IP= 31.6 MMcfe/d (47% greater than budget case)
-- 3-well Average cost: $8.6 million (4% below budget case)
-- 5 additional horizontal wells currently completing or in flowback Vertical IP rates increasing: first quarter 2018 average IP = 7.7 MMcfe/d,
Continued to increase hedges for 2018 and 2019:
-- 2Q – 4Q 2018: 197.3 Bcf (HH); 117.9 Bcf (Basis); 1.8 MMBbls (Oil)
-- Calendar 2019: 125.5 Bcf (HH); 51.9 Bcf (Basis); 1.5 MMBbls (Oil)
Completed semi-annual borrowing base redetermination under the revolving credit facility with the borrowing base reaffirmed at $1.4 billion,
Obtained covenant amendment from lenders that increases the maximum net leverage ratio from 4.0x to 4.5x, and
Additional financial and operating highlights can be found in the new investor presentation posted at www.ultrapetroleum.com .
First Quarter 2018 Financial Results
During the first quarter of 2018, total revenues increased 2% to $225.4 million as compared to $221.0 million during the first quarter of 2017. The Company’s production of natural gas and oil was 72.3 billion cubic feet equivalent (Bcfe), an increase of 13% over the first quarter of 2017, with 68.2 billion cubic feet (Bcf) of natural gas and 677.8 thousand barrels (MBbls) of oil and condensate.
During the first quarter of 2018, Ultra Petroleum’s average realized natural gas price was $2.68 per thousand cubic feet (Mcf), which includes realized gains on commodity hedges. Excluding the realized gains from commodity derivatives, the Company’s average price for natural gas was $2.66 per Mcf, compared to $3.15 per Mcf for the first quarter of 2017. The Company’s average realized oil and condensate price was $60.36 per barrel (Bbl), which includes realized gains on commodity hedges, for the quarter ended March 31, 2018. Excluding the realized gains from oil commodity derivatives, the Company’s average price for oil was $60.90 per Bbl as compared to $47.29 per Bbl for the same period in 2017.
Ultra Petroleum’s reported net income was $47.5 million, or $0.24 per diluted share. Ultra reported adjusted net income(2) of $55.3 million, or $0.28 per diluted share for the quarter ended March 31, 2018.
Pinedale Horizontal Program
WB 9-23
A-1H WB 9-23
A-2H WB 8-25
A-1H WB 9-23
A-3H Lateral Length 10,400’ 11,000’ 9,900’ 10,900’ Lateral Net to Gross 78% 82% 54% 47% Lateral Net Sand 8,112’ 9,020’ 5,346’ 5,123’ Completion Stages 49 49 35 33 DC&E costs ($millions) $10.0 $9.0 $8.3 $8.4 1 st Production Month Nov 17 Feb 18 Apr 18 Apr 18 IP (24-hr) MMcfe/d 51 54.5 28.5 11.7 Initial Oil Rate (Bopd) 705 873 441 146 % oil 8% 10% 9% 7% “Based on encouraging early results, we have significantly ramped up horizontal well development and now plan to drill 25-30 horizontal wells this year while maintaining our $400 million capital expenditure guidance. We believe, on average, the horizontal program can provide strong economic returns at, or even materially below, current strip pricing,” said Brad Johnson, Interim Chief Executive Officer.
Pinedale Vertical Program
During the first quarter, the Company and its partners brought online 48 gross (35.9 net) vertical wells in Pinedale. The average initial production (IP) rate for new operated vertical wells brought online in the first quarter of 2018 was 7.7 million cubic feet equivalent (MMcfe) per day.
Unless pricing improves, the Company plans to devote a significant amount of its remaining capital spending for 2018 to drilling horizontal wells, which provide superior economic returns to vertical wells.
“As we transition our Pinedale field development from the legacy vertical well program to our new best-in-class horizontal well opportunity, the reaffirmation of our borrowing base and leverage covenant amendment provides the flexibility to manage the business in a disciplined fashion while maintaining compliance with all debt covenants. With liquidity in excess of $400 million, cash flow positive assets and an inside maturity nearly four years away, Ultra is well positioned to continue executing its long-term business plan to maximize shareholder value," added Brad Johnson.
Hedging Activity
Ultra Petroleum has continued to increase its hedging position since its last update provided on February 28, 2018. The purpose of these hedges is to provide a more certain and visible cash flow stream to ensure compliance with debt covenants if gas pricing were to materially weaken from current strip pricing over the next two years. The table below provides a summary of the hedges in place as of May 8, 2018:
NYMEX Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Natural Gas Swaps: Volume (MMBtu/d) 770,000 770,000 763,370 820,000 220,000 220,000 220,000 $/MMBtu $ 2.88 $ 2.88 $ 2.90 $ 2.94 $ 2.79 $ 2.79 $ 2.79 Oil Swaps: Volume (Bbl/d) 6,467 6,500 6,500 6,000 6,000 4,000 3,000 $/Bbl $ 60.59 $ 60.61 $ 60.45 $ 58.46 $ 59.16 $ 58.59 $ 59.23 Basis Swap Contracts: NW Rockies basis swap volume (MMBtu/d) (a) - financial 353,846 400,000 304,348 270,000 120,000 120,000 120,000 NW Rockies basis swap volume (MMBtu/d) (a)- physical 170,000 170,000 57,283 — — — — Price differential ($/MMBtu) $ (0.67 ) $ (0.68 ) $ (0.70 ) $ (0.73 ) $ (0.77 ) $ (0.77 ) $ (0.77 ) (a) Represents swap contracts that fix the basis differentials for gas sold at or near Opal, Wyoming and the value of natural gas established on the last trading day of the month by the NYMEX for natural gas swaps for the respective period.
2018 Guidance
In 2018, the Company is focused on capital efficiency, cash flow visibility and accelerating the horizontal program, while producing free cash flow.
Production : Ultra is increasing its 2018 annual production guidance to 285-295 Bcfe. In the second quarter, the average daily production rate is expected to range between 780-800 MMcfe/d, and includes production of 1.1 Bcfe from the Utah assets. With less capital allocated to vertical drilling than originally planned, second quarter volumes are forecasted to decline slightly, with production from horizontal wells providing growth later in the year.
Expenses : The following table presents the Company's expected per unit of production expenses for the second quarter of 2018. Production tax guidance assumes a $2.75 per MMBtu Henry Hub natural gas price and a $68.00 per Bbl NYMEX crude oil price:
Costs Per Mcfe 2Q 2018 Lease operating expenses $ 0.30 – 0.34 Facility lease expense $ 0.08 – 0.09 Production taxes $ 0.27 – 0.29 Gathering fees, net $ 0.27 – 0.32 Transportation charges $ 0.00 – 0.00 Depletion and depreciation $ 0.67 – 0.70 General and administrative-cash $ 0.01 – 0.03 Interest expense $ 0.51 – 0.53 Total costs per Mcfe $ 2.11 – 2.30 Income Tax : The Company does not expect any tax expense during 2018.
Headquarters to be Relocated to Englewood, Colorado
Later this year, the Company plans to relocate its headquarters from Houston, Texas to Englewood, Colorado with an expected effective date of and closure of the Houston office as of September 30, 2018. “Our office in the Denver area has long served as the hub for our operations, with over 65 employees. Consolidating our Houston and Denver activities into one office provides enhanced focus and cost savings as we pursue increased shareholder value,” said Brad Johnson.
“On behalf of the Board of Directors, we want to thank all of our Houston-based employees for their many contributions to Ultra. Garland Shaw, our Chief Financial Officer, and Garrett Smith, our General Counsel, will not be relocating to Colorado, but we expect them to remain with the Company in the coming months to help manage this transition as we embark on a search for a new CFO and a new General Counsel,” said Evan Lederman, Chairman of the Board.
Conference Call Webcast Scheduled for May 10, 2018
Ultra Petroleum’s first quarter 2018 results conference call will be available via webcast at 11:00 a.m. Eastern Daylight Time (10:00 a.m. Central Daylight Time) Thursday, May 10, 2018. To listen to this webcast, log on to www.ultrapetroleum.com and follow the link to the webcast. The webcast replay will be archived on Ultra Petroleum’s website.
Upcoming Conference Schedule
Barclays High Yield Bond and Syndicated Loan Conference
May 21 – May 23, 2018, Colorado Springs, CO
BAML 2018 Credit Conference
June 6 – June 7, 2018, New York, NY
2018 Stifel Cross Sector Insight Conference
June 11 – June 13, 2018, Boston, MA
JP Morgan Energy Equity Investor Conference
June 18 – June 20, 2018, New York, NY
Financial tables to follow.
Ultra Petroleum Corp.
Consolidated Statements of Operations (unaudited)
All amounts expressed in US$000's, except per unit data
For the Three Months Ended March 31, 2018 2017 Volumes: Natural gas (Mcf) 68,233,865 59,989,420 Oil and condensate (Bbls) 677,843 662,897 Mcfe - Total 72,300,923 63,966,802 Revenues: Natural gas sales $ 181,462 $ 188,851 Oil sales 41,284 31,348 Other revenue 2,628 759 Total operating revenues 225,374 220,958 Expenses: Lease operating expenses 21,764 23,136 Facility lease expense 6,156 5,226 Production taxes 23,270 22,132 Gathering fees 23,055 20,929 Total lease operating costs 74,245 71,423 Depletion and depreciation 50,540 31,753 General and administrative 12,688 1,051 Total operating expenses 137,473 104,227 Other (expense) income, net (245 ) (147 ) Contract settlement expense — (52,707 ) Interest expense (35,837 ) (85,447 ) Deferred gain on sale of liquids gathering system 2,638 2,638 Realized gain on commodity derivatives 1,076 — Unrealized loss on commodity derivatives (7,606 ) (13,218 ) Total other (expense) income, net (39,974 ) (148,881 ) Reorganization items, net — (57,546 ) Income (loss) before income taxes 47,927 (89,696 ) Income tax provision 434 2 Net income (loss) $ 47,493 $ (89,698 ) Adjusted Net Income Reconciliation: Net income (loss) $ 47,493 $ (89,698 ) Reorganization items, net — 57,546 Postpetition interest expense — 85,338 Contract settlement expense — 52,707 Unrealized loss on commodity derivatives 7,606 13,218 Other 213 203 Adjusted net income (2) $ 55,312 $ 119,314 Operating cash flow (1) (7)(8) $ 112,024 $ 149,280 (see non-GAAP reconciliation) Adjusted EBITDA (5) $ 148,295 $ 149,390 (see non-GAAP reconciliation) Weighted average shares (000's) (9) Basic 196,550 80,018 Diluted 196,550 80,018 Earnings (loss) per share Net income (loss) - basic $ 0.24 $ (1.12 ) Net income (loss)- diluted $ 0.24 $ (1.12 ) Adjusted earnings per share (2) (9) Adjusted net income - basic $ 0.28 $ 1.49 Adjusted net income - diluted $ 0.28 $ 1.49 Realized Prices Natural gas ($/Mcf), excluding realized gain on commodity $ 2.66 $ 3.15 derivatives Natural gas ($/Mcf), including realized gain on commodity $ 2.68 $ 3.15 derivatives Oil liquids ($/Bbl), excluding realized gain on commodity $ 60.90 $ 47.29 derivatives Oil liquids ($/Bbl), including realized gain on commodity $ 60.36 $ 47.29 derivatives Costs Per Mcfe Lease operating expenses $ 0.30 $ 0.36 Facility lease expense $ 0.09 $ 0.08 Production taxes $ 0.32 $ 0.35 Gathering fees (net) $ 0.28 $ 0.32 Depletion and depreciation $ 0.70 $ 0.50 General and administrative - total $ 0.18 $ 0.02 Interest expense (7) $ 0.50 $ — $ 2.37 $ 1.64 Adjusted Margins Adjusted Net Income Margin (3) 25 % 54 % Adjusted Operating Cash Flow Margin (4)(7)(8) 50 % 68 % Adjusted EBITDA Margin (6) 66 % 68 %
Ultra Petroleum Corp.
Supplemental Balance Sheet Data
All amounts expressed in US$000’s
As of March 31, December 31, 2018 2017 (Unaudited) Cash and cash equivalents $ 17,782 $ 16,631 Outstanding debt Term Loan, secured due 2024 975,000 975,000 6.875% Senior Notes, unsecured due 2022 700,000 700,000 7.125% Senior Notes, unsecured due 2025 500,000 500,000 Credit Agreement — — Long-term debt $ 2,175,000 $ 2,175,000 Less: Deferred financing costs (56,485 ) (58,789 ) Total long-term debt $ 2,118,515 $ 2,116,211 Reconciliation of Operating Cash Flow and Net Cash Provided by Operating Activities (unaudited)
All amounts expressed in US$000's
The following table reconciles net cash provided by operating activities with operating cash flow as derived from the Company’s financial information.
For the Three Months Ended March 31, 2018 2017 Net cash provided by operating activities $ 151,996 $ 171,434 Net changes in operating and other
non-cash or non-recurring items (7)(8) (39,972 ) (22,154 ) Operating Cash Flow (1) $ 112,024 $ 149,280 Reconciliation of Earnings before Interest, Taxes, Depletion and Amortization (unaudited)
All amounts expressed in US$000's
The following table reconciles net income (loss) as derived from the Company's financial information with earnings before interest, taxes, depletion, and amortization and certain other non-recurring or non-cash charges (Adjusted EBITDA) (5) :
For the Three Months Ended March 31, 2018 2017 Net income (loss) $ 47,493 $ (89,698 ) Interest expense 35,837 85,447 Depletion and depreciation 50,540 31,753 Reorganization items, net — 57,546 Contract settlement expense — 52,707 Unrealized loss on commodity derivatives 7,606 13,218 Deferred gain on sale of liquids gathering system (2,638 ) (2,638 ) Stock compensation expense 8,810 851 Taxes 434 2 Other 213 202 Adjusted EBITDA (5) $ 148,295 $ 149,390 The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America ("GAAP"). However, management believes certain non-GAAP performance measures may provide users of this financial information with additional meaningful comparisons between current results and the results of the Company’s peers and of prior periods.
Management presents the following measures because (i) they are consistent with the manner in which the Company's performance is measured relative to the performance of its peers, (ii) these measures are more comparable to earnings estimates provided by securities analysts, and (iii) charges or amounts excluded cannot be reasonably estimated and guidance provided by the Company excludes information regarding these types of items. These adjusted amounts are not a measure of financial performance under GAAP.
(1) Operating Cash Flow is defined as Net cash provided by operating activities before changes in operating and other non-cash items. Management believes that the non-GAAP measure of operating cash flow is useful as an indicator of an oil and gas exploration and production Company's ability to internally fund exploration and development activities and to service or incur additional debt. The Company has also included this information because changes in operating relate to the timing of cash receipts and disbursements which the Company may not control and may not relate to the period in which the operating activities occurred. Operating cash flow should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance with GAAP.
(2) Adjusted Net Income is defined as Net income adjusted to exclude certain charges or amounts in order to exclude the volatility associated with the effects of non-recurring charges, non-cash mark-to-market gains or losses on commodity derivatives, non-cash ceiling test impairments and other similar items such as post- petition interest which represents interest expense related to the prepetition debt agreements incurred as part of our emergence from chapter 11 proceedings.
(3) Adjusted Net Income Margin is defined as Adjusted Net Income divided by Total operating revenues plus Realized gain (loss) on commodity derivatives, if any.
(4) Adjusted Operating Cash Flow Margin is defined as Operating Cash Flow divided by Total operating revenues plus Realized gain (loss) on commodity derivatives, if any.
(5) Earnings before interest, taxes, depletion and amortization (Adjusted EBITDA) is defined as Net income (loss) adjusted to exclude interest, taxes, depletion and amortization and certain other non-recurring or non-cash charges. Management believes that the non-GAAP measure of Adjusted EBITDA is useful as an indicator of an oil and gas exploration and production Company's ability to internally fund exploration and development activities and to service or incur additional debt. Adjusted EBITDA should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance with GAAP.
(6) Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Total operating revenues plus Realized gain (loss) on commodity derivatives, if any.
(7) For the three months ended March 31, 2017, excludes postpetition interest expense that represents interest for the period beginning April 29, 2016 through March 31, 2017.
(8) For the three months ended March 31, 2017, reorganization items, net and contract settlement expense are considered non-recurring items and are excluded from operating cash flow.
(9) In conjunction with emergence from chapter 11 on April 12, 2017, the Company issued shares of New Equity to holders of Existing Common Shares at a conversion ratio of 0.521562. As a result, the basic and fully diluted share counts have been presented to reflect this conversion as if it had occurred as of January 1, 2017.
About Ultra Petroleum
Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and oil exploration, development and production. The Company is listed on NASDAQ and trades under the ticker symbol “UPL”.
Additional information on the Company is available at www.ultrapetroleum.com . In addition, our filings with the Securities and Exchange Commission (“SEC”) are available by written request to Ultra Petroleum Corp. at 400 N. Sam Houston Parkway E., Suite 1200, Houston, Texas 77060 (Attention: Investor Relations) or on our website ( www.ultrapetroleum.com ) or from the SEC on their website at www.sec.gov or by telephone request at 1-800-SEC-0330.
This news release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement, including any opinions, forecasts, projections or other statements, other than statements of historical fact, are or may be forward-looking statements. Although the Company believes the expectations reflected in any forward-looking statements herein are reasonable, we can give no assurance that such expectations will prove to have been correct and actual results may differ materially from those projected or reflected in such statements. Certain risks and uncertainties inherent in our business as well as risks and uncertainties related to our operational and financial results are set forth in our filings with the SEC, particularly in the section entitled “Risk Factors” included in our most recent Annual Report on Form 10-K for the most recent fiscal year, our most recent Quarterly Reports on Form 10-Q, and from time to time in other filings made by the Company with the SEC. Some of these risks and uncertainties include, but are not limited to, increased competition, the timing and extent of changes in prices for oil and gas, particularly in the areas where we own properties, conduct operations, and market our production, as well as the timing and extent of our success in discovering, developing, producing and estimating oil and gas reserves, weather and government regulation, and the availability of oil field services, personnel and equipment.
For further information contact:
Sandi Kraemer
Director, Investor Relations
Phone: 281-582-6613
Email: [email protected]
Source:Ultra Petroleum Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-ultra-petroleum-announces-first-quarter-2018-results-provides-update-on-horizontal-program-development-plan.html |
2 COMMENTS NJ Transit’s new chief executive will visit New York Penn Station on Tuesday to listen to customer concerns, ahead of the agency reducing rail services in early June as part of its effort to install safety equipment faster.
Executive Director Kevin Corbett will appear with other senior NJ Transit officials from 4:30 to 6:30 p.m.
The visit is the second and final stop on a listening tour for Mr. Corbett, who took over as head of one of the nation’s largest bus and rail operators earlier this year.
Last week, Mr. Corbett spent two hours at Hoboken Terminal in New Jersey, where he took comments and questions from passengers, several of whom were frustrated or confused by service delays and cancellations.
At the time, Mr. Corbett said his priorities include improving on-time performance and ramping up hiring to end a shortage of train engineers. But he cautioned that improvements would take time. “There is no magic wand,” he said.
NJ Transit, which carries more than 900,000 passengers on trains and buses each weekday, faces myriad challenges following years of financial cuts and deteriorating service.
Most immediately, the agency must meet a federally mandated deadline to install safety equipment called positive train control by the end of the year. The system uses sensors placed alongside tracks and aboard locomotives to automatically slow or stop trains, preventing derailments and train-to-train crashes.
Railroads have had a decade to install the equipment. NJ Transit lags behind most of its peers nationwide.
By the end of March, the agency had installed the equipment on just 35 of 440 locomotives, according to federal data. It is also behind on installing radio-tower equipment and on training staff to use the system.
Beginning June 4, the agency will temporarily suspend some rail services on several lines and alter other services so it can speed up locomotive installation. In June alone, according to an NJ Transit spokeswoman, the agency expects to take between 50 and 60 locomotives out of service.
The agency says the service changes will affect about 2,000 of its approximately 300,000 weekday passenger rail trips. It expects to restore full service in early 2019.
Janna Chernetz, director of New Jersey policy at the nonprofit Tri-State Transportation Campaign, said she was concerned that diverted passengers could cause crowding on existing services.
The NJ Transit spokeswoman, Nancy Snyder, said the agency would alter rail schedules to increase passenger capacity and would “add cars to train sets where we can.”
Write to Paul Berger at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/have-thoughts-about-nj-transit-new-chief-wants-to-hear-1526942884 |
NEW YORK, May 10, 2018 /PRNewswire/ -- PowerInbox , the trusted audience engagement partner for publishers and marketers, today announced it will launch new content monetization technologies aimed at helping publishers drive new revenue through multichannel digital monetization. The strategic shift comes on the heels of three straight years of over 100 percent year-over-year company growth, driven by PowerInbox's industry-leading dynamic email personalization and monetization solutions.
"Our core technology has set the standard in email monetization, and now we're applying those same principles to help publishers diversify and grow revenue across every digital channel," said Jeff Kupietzky, PowerInbox CEO. "Our proven expertise, technology and expansive network give us a strategic advantage in leveraging the email address as a unique identifier for subscribers, allowing publishers to achieve one-to-one personalization across every digital touchpoint. And, we are solidly profitable—a rarity in an industry where companies raise significant sums of other people's money."
PowerInbox's fast-growing network of 85 million unique monthly subscribers across 600+ publishers powers its unique email-based personalization engine, which is more effective than using cookies or device targeting which are often inaccurate due to device sharing.
The company's solid annual growth, profitability and $30 million revenue run rate have been bolstered by its lean business strategy, focused on investing heavily in product innovation rather than opulent office spaces or a high-overhead sales bench. As part of its new multichannel strategy, PowerInbox has sold DynamicMail to Optimove , and true to its customer-solution focus, will invest the proceeds directly into product development, leveraging its core technology into cross-channel digital monetization.
In addition to focusing on its RevenueStripe, AdServer for Email and other email monetization solutions, PowerInbox is developing innovative new monetization capacity across other subscriber engagement channels, including browser notifications, chat bots, mobile news aggregators and more.
"Social monetization has become much tougher amid privacy concerns, lack of control and ever-changing platform policies that drive publishers' content off the newsfeed," Kupietzky said. "Our new tools will give publishers the ability to drive engagement and revenue across emerging and alternative channels with the one-to-one, dynamic personalization subscribers have come to expect across every touchpoint."
The PowerInbox digital monetization ecosystem is powered by its personalized recommendation engine that serves up dynamic, multimedia content in over 175 categories. With one-to-one hypertargeting, accurate tracking and CPM billing, PowerInbox enables publishers to drive revenue, subscriber engagement, trust and loyalty for instant ROI across multiple platforms. To learn more, visit www.powerinbox.com .
About PowerInbox
PowerInbox provides comprehensive, multichannel digital monetization solutions that help publishers and marketers drive new revenue with personalized subscriber engagement. Venture backed, PowerInbox supports 85 million unique users a month from more than 600 leading publishers including The Atlantic, Bonnier, Hearst, and Salem Web Network. For more information about PowerInbox, please visit, www.powerinbox.com .
Contact:
Kate Weckerly
330-858-5149
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/powerinbox-leverages-email-expertise-to-help-publishers-capitalize-on-multichannel-digital-monetization-opportunity-300646429.html
SOURCE PowerInbox | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-powerinbox-leverages-email-expertise-to-help-publishers-capitalize-on-multichannel-digital-monetization-opportunity.html |
May 24, 2018 / 6:28 PM / Updated 14 minutes ago Euro zone to decide on terms of Greek bailout exit in June - Centeno Reuters Staff 1 Min Read
BRUSSELS (Reuters) - The euro zone will decide in June on all measures needed, including further debt relief, to successfully conclude Greece’s bailout, the chairman of euro zone finance ministers Mario Centeno said on Thursday. Euro coins are seen in front of a displayed Greece flag in this picture illustration, June 29, 2015. REUTERS/Dado Ruvic/File Photo
Centeno said it was crucial for Athens to continue carrying out reforms to put its economy on a firmer growth path.
“We encourage the Greek government to keep the pace and implement reforms before our June meeting,” Centeno told a news conference at the end of a regular monthly meeting of euro zone finance ministers — the Eurogroup. Reporting by Jan Strupczewski and Francesco Guarascio | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eurozone-greece/euro-zone-to-decide-on-terms-of-greek-bailout-exit-in-june-centeno-idUKKCN1IP39E |
Asia finished mostly higher on Thursday as global markets recovered after recent fears about Italy faded.
Japan's Nikkei 225 added 183.30 points, or 0.83 percent, to 22,201.82 while the Topix index gained 11.32 points, or 0.65 percent, to 1,747.45.
Australia's S&P/ASX 200 rose 27.2 points, or 0.45 percent, to 6,011.9 as most sectors finished higher. The energy sub-index gained 2.33 percent following higher oil prices overnight while the materials sector rose 1.5 percent.
In South Korea, the Kospi added 13.98 points, or 0.58 percent, to 2,423.01.
News of a meeting between U.S. Secretary of State Mike Pompeo and North Korean official Kim Yong Chol saw some North Korea-exposed stocks rise, with Hyundai Cement up 5.11 percent.
Symbol Name Price Change %Change NIKKEI --- HSI --- ASX 200 --- SHANGHAI --- KOSPI --- CNBC 100 --- Elsewhere, Hong Kong's Hang Seng Index closed up 411.77 points, or 1.37 percent, at 30,468.56.
On the mainland, the Shanghai composite gained 56.49 points, or 1.86 percent, to 3,097.93, following the release of better-than expected official manufacturing PMI data .
MSCI's index of shares in Asia Pacific excluding Japan edged up by 0.59 percent in Asia afternoon trade.
Italy concerns take back seat Relief in global markets came amid news that Italy's interim prime minister, who had been appointed by President Sergio Mattarella, said possibilities had surfaced "for the birth of political government," Reuters reported. Still, some uncertainty remained after right-wing Lega party leader Matteo Salvini said an earlier vote was better to end confusion.
"While this leaves open the possibility that a new political government will be formed, a fresh election is a possibility and nerves about Italy staying in the euro remain," ANZ analysts said in a morning note.
U.S. stocks closed higher as jitters over political turmoil in Italy receded on Wednesday: The Dow Jones industrial average rose 1.26 percent, or 306.33 points, to close at 24,667.78. Other major U.S. stock indexes also gained.
Global markets had been spooked earlier in the week by the possibility of fresh elections in Italy being fought over its role in the European Union and the euro zone.
The euro held onto overnight gains, trading at $1.1663 at 12:38 p.m. HK/SIN. That was above the $1.15 handle seen during Asian trade on Wednesday.
Meanwhile, the yield on Italy's two-year bonds fell to 1.7 percent in the last session from 2.1 percent. Yields on safe-haven U.S. Treasury bonds, meanwhile, rose overnight amid the improvement in investor sentiment. The yield on the benchmark 10-year U.S. Treasury note stood at 2.848 percent.
In Europe, the pan-European Stoxx 600 added 0.3 percent and Italy's FTSE MIB bounced 2.09 percent after falling for the prior five sessions.
Trade issues also weighed on investors' minds after the White House announced earlier in the week that it would move forward on plans to subject some $50 billion in Chinese imports to tariffs. According to a Wall Street Journal report on Wednesday, China is "looking to line up other countries" against the U.S.
In currencies, the dollar was little changed against yen at 108.91 compared to its previous close of 108.90. That was above Tuesday's low of 108.12.
"Lingering concern on Sino-U.S. trade relationship before another round of negotiation given apparent disagreement in trade stance among U.S. officials could potentially cap upside movement" in the U.S. currency, Zhu Huani, an economist at Mizuho Bank, said in a note.
— CNBC's Sam Meredith contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/asia-markets-italy-politics-stocks-oil-and-currencies-in-focus.html |
NICOLA STURGEON SAYS MAJORITY IN PARLIAMENT FAVOURS CUSTOMS UNION MEMBERSHIP 8:55pm BST - 00:31
At the Reuters Newsmaker event on 14th May 2018 Nicola Sturgeon says that she believes there is a majority in the UK Parliament that is in favour of remaining part of the European Union customs union.
At the Reuters Newsmaker event on 14th May 2018 Nicola Sturgeon says that she believes there is a majority in the UK Parliament that is in favour of remaining part of the European Union customs union. //reut.rs/2L1YkCU | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/nicola-sturgeon-says-majority-in-parliam?videoId=426905570 |
Abbvie, Royal Dutch Shell, Mastercard & the pair trade on these 2 sectors 3 Hours Ago The "Halftime Report" traders and UBS's Erin Browne give their top stocks to watch for the second half. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/final-trades-abbvie-royal-dutch-shell-mastercard-energy-utilities.html |
VERO BEACH, Fla., May 16, 2018 /PRNewswire/ -- Watercrest Senior Living Group proudly announces that Mariola Rodriguez, Memory Care Director of Market Street Memory Care Residence Palm Coast, has been appointed Chair of the 2018 Flagler and St. Johns County Walk to End Alzheimer's®.
Held annually in more than 600 communities nationwide, the Alzheimer's Association Walk to End Alzheimer's® is the world's largest event to raise awareness and funds for Alzheimer's care, support and research. Rodriguez will chair the Flagler and St. Johns County Walk taking place September 29, 2018 in Palm Coast, FL.
A Nationally Certified Alzheimer's Disease and Dementia Care Trainer, Rodriguez has successfully led Watercrest's memory care program startup and development since 2015. Rodriguez opened the premier Watercrest Lake Nona Assisted Living and Memory Care in Orlando, Market Street Memory Care Residence in Viera and in Tampa, before transitioning to Market Street Memory Care Residence Palm Coast, which opens to residents this summer.
While serving Watercrest as Memory Care Director and Community Relations Director in multiple markets, Rodriguez gained extensive experience volunteering on the planning committees of numerous Walk to End Alzheimer's® events throughout Florida. Her dedication to serving seniors and families living with Alzheimer's and dementia is evidenced by her commitment and passion for the cause.
"It's an honor to be awarded the responsibility to chair this momentous event that impacts the lives of so many individuals living with Alzheimer's and dementia," says Mariola Rodriguez, Memory Care Director of Market Street Memory Care Residence Palm Coast. "I'm so grateful for our partners at The Alzheimer's Association and for Watercrest Senior Living Group in supporting my passion to give back in meaningful ways."
Market Street Memory Care Residences are artfully designed memory care communities envisioned by Market Street co-owner Marc Vorkapich , CEO and principal of parent company, Watercrest Senior Living Group. Market Street Communities connect the hearts and minds of residents by stimulating their senses with the goal of re-experiencing memories. All Market Street associates are Nationally Certified Dementia Care Practitioners and their unique programming offers multi-sensory experiences and attention to individualized resident needs.
Market Street Memory Care Residence Palm Coast is a 64-unit, state of the art senior living community offering exceptional amenities, multi-sensory programming, innovative training, and world-class care for seniors living with Alzheimer's and dementia.
Market Street Memory Care Residence features an inviting and purposeful LifeBUILT design, including spacious accommodations, abundant natural lighting, internal courtyards with lush gardens, circular walkways, and visual cueing. This specialized care community boasts extraordinary central gathering spaces in Market Plaza, an active, "outdoor" streetscape complete with Newsstand, Art Gallery, Bakery, Salon and Spa, and Post Office caringly designed to welcome family and friends.
Watercrest Senior Living Group specializes in the development and operations management of assisted living and memory care communities and the growth of servant leaders. For community information, visit www.marketstreetresidence.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/the-alzheimers-association-appoints-watercrest-associate-mariola-rodriguez-as-chair-of-the-2018-flagler-and-st-johns-county-walk-to-end-alzheimers-300649588.html
SOURCE Watercrest Senior Living Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-the-alzheimers-association-appoints-watercrest-associate-mariola-rodriguez-as-chair-of-the-2018-flagler-and-st-johns-county.html |
Political novice Conte named Italy's new PM 3:47am EDT - 02:00
Giuseppe Conte, the law professor named as Italian prime minister on Wednesday after surviving accusations he inflated his academic credentials, must now prove he can lead the euro zone's third largest economy with no political experience. ▲ Hide Transcript ▶ View Transcript
Giuseppe Conte, the law professor named as Italian prime minister on Wednesday after surviving accusations he inflated his academic credentials, must now prove he can lead the euro zone's third largest economy with no political experience. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://www.reuters.com/video/2018/05/24/political-novice-conte-named-italys-new?videoId=429807514&videoChannel=13421 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/political-novice-conte-named-italys-new?videoId=429807514 |
EasyJet sees profits soaring after rivals falter 8:39pm IST - 01:16
British low-cost airline easyJet expects profits to rise more than 30 percent this year as it benefits from strong travel demand and the collapse of some smaller rivals. As Lea Jakobiak reports, looking to build on that momentum, new CEO Johan Lundgren also said on Tuesday he would expand the company's holiday business, loyalty scheme and business offering.
British low-cost airline easyJet expects profits to rise more than 30 percent this year as it benefits from strong travel demand and the collapse of some smaller rivals. As Lea Jakobiak reports, looking to build on that momentum, new CEO Johan Lundgren also said on Tuesday he would expand the company's holiday business, loyalty scheme and business offering. //reut.rs/2Gjsxtt | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/easyjet-sees-profits-soaring-after-rival?videoId=427122557 |
WASHINGTON (Reuters) - The United States on Friday joined calls for Russia to account for its role in the July 2014 downing of Malaysia Flight MH-17 over eastern Ukraine.
“It is time for Russia to acknowledge its role in the shooting down of MH-17 and to cease its callous disinformation campaign,” U.S. State Department spokeswoman Heather Nauert said in a statement that blamed Russian aggression in Ukraine for more than 10,300 deaths.
Reporting by Doina Chiacu
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ukraine-crisis-mh17-usa/u-s-calls-for-russia-to-acknowledge-role-in-mh-17-shootdown-idUSKCN1IQ1NP |
SOFIA, May 17 (Reuters) - Hundreds of truck drivers blocked roads across Bulgaria on Thursday as European Union leaders met in Sofia, protesting against proposed EU rules they say would cost their jobs and put their firms out of business.
Transport company owners described the initiative, known as the Mobility Package, as a protectionist measure designed to help rival firms in western Europe. The Bulgarian transport association said around 120,000 drivers from the country would lose their jobs under the proposed rule changes.
Trucks from Bulgaria and other low-wage eastern European countries are a common sight on the roads of western Europe, competing with local firms whose drivers are much higher paid.
Under the package, backed by France, Germany and other higher-wage states, truck drivers from eastern Europe would receive the same payment for work abroad as those employed by western European transport companies.
The package has long been the subject of negotiations between EU member states and has yet to be laid before the European Parliament.
The Bulgarian government backed the local truck companies. “We declare our strong support for Bulgarian carriers,” Transport Minister Ivaylo Moskovski said.
Prime Minister Boyko Borissov, who is hosting the EU summit, said the proposed changes would “kill the Bulgarian sector”.
Drivers from Bulgaria, where average monthly wages of little more than 500 euros ($600) are among the lowest in the EU, often spend weeks moving loads between countries including Germany, France and Britain before returning to their home base.
Under the package, drivers would have to rest for at least 45 hours in a hotel rather than their cab and return home every three weeks.
Bulgarian transport firms said this would nullify eastern European companies’ competitive advantage.
“These restrictions are absolutely unnecessary,” Vladislav Kalchev, owner of a transport company, said. “They are trying to help, in some way, the market in the big countries.”
European Transport Commissioner Violeta Bulc invited the Bulgarian government on Monday to propose changes to the initiative, saying the current rules were not working.
“They are causing chaos ... and keeping the existing rules is not a good solution for the sector,” Bulc said, adding that the European Commission believes that the drivers should choose where to spend the obligatory rest period - at home or where they are located. ($1 = 0.8477 euros) (Reporting by Angel Krasimirov; editing by David Stamp)
| ashraq/financial-news-articles | https://www.reuters.com/article/eu-bulgaria-transport/bulgarian-truckers-protest-against-proposed-eu-rules-during-summit-idUSL5N1SO3PY |
Thousands of Iranians attend anti-U.S. protests - state TV 11:04am EDT - 00:45
Thousands of Iranians attended anti-American protests in northern cities on Friday (May 11), according to state TV. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Thousands of Iranians attended anti-American protests in northern cities on Friday (May 11), according to state TV. Rough Cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KVngvW | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/thousands-of-iranians-attend-anti-us-pro?videoId=425923836 |
May 22 (Reuters) - Harry Potter publisher Bloomsbury Publishing Plc posted a 10 percent rise in profits and 13.3 percent rise in full-year revenue on Tuesday, driven by higher demand for special editions of the boy wizard’s adventures.
The London-based publisher said revenue rose to 161.5 million pounds in the year ended Feb. 28, compared with 142.6 million pounds a year earlier. Pretax profit rose to 13.2 million pounds. (Reporting By Justin George Varghese in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/bloomsbury-pubg-results/profits-up-10-pct-at-harry-potter-publisher-bloomsbury-idUSL3N1ST2DY |
May 24, 2018 / 3:49 PM / Updated an hour ago British army soldier tried to murder wife by sabotaging her parachute Reuters Staff 2 Min Read
LONDON (Reuters) - A British army sergeant who sabotaged his wife’s parachute, causing her to plunge 4,000 feet to the ground after jumping from a plane, was found guilty on Thursday of trying to murder her.
Victoria Cilliers, 41, suffered severe injuries to her spine, broke her leg, collarbone and ribs and only survived because she landed in a newly ploughed field, a court heard.
Her husband Emile Cilliers, 38, who had denied attempted murder, will be sentenced at a later date.
Winchester Crown Court heard that, knowing his wife was planning a skydive, Cilliers had sabotaged her parachute in an airfield toilet cubicle in Netheravon, southwest England.
Lines to the main canopy were twisted and parts were missing from the reserve, stopping the chute from opening when she jumped from the plane in April 2015.
The court also heard Cilliers had tampered with a gas cooker at the family home hoping that when his wife turned it on, it would explode.
“The evidence all pointed to Emile Cilliers as the man with the motive and the opportunity to commit these calculated attempts to murder his wife,” said senior prosecutor Amanda Sawetz in a statement.
Police said after the trial that Cilliers’ motive had been to obtain an insurance payout on his wife’s death, which would have allowed him to start a new life with his lover. Reporting by Coran Elliott; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-parachute/british-army-soldier-tried-to-murder-wife-by-sabotaging-her-parachute-idUKKCN1IP2T0 |
HOUSTON, Bristow Group Inc. (NYSE: BRS), the leading provider of global industrial aviation services, announced today it will release financial results for its fiscal 2018 fourth quarter and year ended March 31, 2018, after the market closes on Wednesday, May 23, 2018. In conjunction with the release, Bristow has scheduled a conference call, which will be broadcast live over the internet on Thursday, May 24, 2018, starting at 10:00 a.m. ET (9:00 a.m. CT). Investors may participate in the call either by phone or audio webcast.
By Phone :
Dial 1-877-404-9648 for domestic callers or 412-902-0030 for international callers at least 10 minutes before the call.
By Webcast :
Visit the Investor Relations page of Bristow's website at www.bristowgroup.com . Please log on at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call and will be accessible for approximately 90 days.
ABOUT BRISTOW GROUP INC.
Bristow Group Inc. is the leading global industrial aviation services provider offering helicopter transportation, search and rescue (SAR) and aircraft support services to government and civil organizations worldwide. Bristow has major operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Russia and Trinidad. Bristow provides SAR services to the private sector worldwide and to the public sector for all of the U.K. on behalf of the Maritime and Coastguard Agency.
Contact:
Linda McNeill
Investor Relations
(713) 267-7622
releases/bristow-group-announces-fiscal-year-2018-fourth-quarter-earnings-release-and-conference-call-schedule-300646805.html
SOURCE Bristow Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-bristow-group-announces-fiscal-year-2018-fourth-quarter-earnings-release-and-conference-call-schedule.html |
May 15 (Reuters) - Frankly Inc:
* FRANKLY REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * FRANKLY INC - QTRLY REVENUE DECREASED 8% TO $5.8 MILLION FROM $6.3 MILLION IN PRIOR QUARTER
* FRANKLY INC - QTRLY NET LOSS TOTALED $3.8 MILLION COMPARED TO LOSS OF $10.2 MILLION IN PRIOR QUARTER Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-frankly-inc-q1-net-loss-totaled-38/brief-frankly-inc-q1-net-loss-totaled-3-8-million-idUSASC0A2EO |
HARTFORD, Conn.--(BUSINESS WIRE)-- Aetna (NYSE: AET) announced first-quarter 2018 net income (1) of $1.2 billion, or $3.67 per share. Adjusted earnings (2) for first-quarter 2018 were $1.1 billion, or $3.19 per share.
“Our core businesses performed well in the quarter, generating strong earnings per share growth and delivering significant value to our members, clients and shareholders,” said Mark T. Bertolini, Aetna chairman and CEO. “Our Medicare growth strategy remains on track as we grew to serve nearly 250,000 additional Medicare Advantage members in the first quarter. We are pleased with our strong start to the year and remain focused on our business priorities as we plan for our projected combination with CVS Health in the second half of 2018.”
"Our first quarter operating results were largely in line with our expectations as favorable prior years’ reserve development more than offset higher than projected flu related medical costs,” said Shawn M. Guertin, Aetna executive vice president and CFO. “Our operating results continue to be supported by a solid balance sheet and strong cash flow and adjusted margins."
(In millions, except per share data)
First-Quarter 2018 Revenue Earnings EPS GAAP $ 15,335 $ 1,209 $ 3.67 Non-GAAP (Adjusted) $ 15,216 $ 1,051 $ 3.19 Medical Membership totaled 22.1 million at March 31, 2018
Aetna presents both GAAP and non-GAAP financial measures in this press release to provide investors with additional information. Refer to footnotes (1) through (6) for definitions of non-GAAP financial measures and pages 9 and 10 for reconciliations of the most directly comparable GAAP financial measures to non-GAAP financial measures.
First-Quarter Financial Results at a Glance First-Quarter (Millions, except per common share data) 2018 2017 Change Total revenue $ 15,335 $ 15,165 1 % Adjusted revenue (3) 15,216 15,487 (2 )% Net income (loss) (1) 1,209 (381 ) N/M* Adjusted earnings (2) 1,051 939 12 % Per share results: Net income (loss) (1) $ 3.67 $ (1.11 ) N/M* Adjusted earnings (2) 3.19 2.71 18 % Weighted average common shares - diluted (GAAP) (5) 329.6 343.8 Adjusted weighted average common shares - diluted (non-GAAP) (5) 329.6 346.2 * Not meaningful due to the net loss reported for first-quarter 2017.
Effective for the first quarter of 2018, Aetna realigned its business segments to correspond with changes to its management structure and internal management reporting, which reflect the company's evolving business strategy of helping its members live healthier lives. As a result of this realignment, Aetna’s operations are now conducted in the Health Care reportable segment. Health Care offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services to large and small employers, public sector employers, and Medicaid and Medicare beneficiaries. Aetna’s Health Care products are offered on both an insured basis and an employer-funded basis. Health Care also includes emerging business products and services that complement and enhance Aetna's medical products.
Aetna presents the remainder of its financial results in the Corporate/Other category, which consists of:
Products for which Aetna no longer solicits or accepts new customers, such as its large case pensions and long-term care products; Contracts Aetna has divested through reinsurance or other contracts, such as its domestic group life insurance, group disability insurance and absence management businesses; and Corporate expenses not supporting Aetna’s business operations, including transaction and integration-related costs, income taxes, interest expense on its outstanding debt and the financing components of its pension and other postretirement employee benefit plans expense.
Prior period segment financial information has been restated to conform to the current year presentation.
Total Company Results
Net income (1) was $1.2 billion for first-quarter 2018 compared with a net loss of $381 million for first-quarter 2017. The increase in net income during first-quarter 2018 compared with a net loss during first-quarter 2017 was primarily due to first-quarter 2017 reflecting costs associated with the termination of the Humana Merger Agreement and the increase in adjusted earnings described below. Adjusted earnings (2) were $1.1 billion for first-quarter 2018 compared with $939 million for first-quarter 2017. The increase in adjusted earnings during first-quarter 2018 was primarily due to the favorable impact of the Tax Cuts and Jobs Act of 2017 (the "TCJA"). Adjusted earnings exclude the impact of a non-recurring tax benefit in first-quarter 2018 and other items as described in footnote (2) . Total revenue was $15.3 billion for first-quarter 2018 compared with $15.2 billion for first-quarter 2017. The increase in total revenue was primarily due to first-quarter 2017 reflecting a realized capital loss of $336 million pre-tax due to unamortized cash flow hedge losses being recognized into earnings upon the redemption of certain of Aetna's senior notes, largely offset by the decrease in adjusted revenue discussed below. Adjusted revenue (3) was $15.2 billion for first-quarter 2018 compared with $15.5 billion for first-quarter 2017. The decrease in adjusted revenue was primarily due to the sale of Aetna's domestic group life insurance, group disability insurance and absence management businesses (the "Group Insurance sale") during fourth-quarter 2017, partially offset by higher adjusted revenue in Aetna's Health Care segment described below. Total company expense ratio was 18.2 percent and 25.4 percent for the first quarters of 2018 and 2017, respectively. The improvement for first-quarter 2018 was primarily due to the first-quarter 2017 ratio reflecting the costs associated with the termination of the Humana Merger Agreement, partially offset by the reinstatement of the health insurer fee ("HIF") for 2018. Adjusted expense ratio (4) was 17.9 percent and 16.0 percent for the first quarters of 2018 and 2017, respectively. The increase for first-quarter 2018 was primarily due to the reinstatement of the HIF for 2018. After-tax net income margin was 7.9 percent for first-quarter 2018 compared with after-tax net loss margin of 2.5 percent for first-quarter 2017. The increase in the after-tax net income margin for first-quarter 2018 compared with after-tax net loss margin for first-quarter 2017 was primarily due to the first-quarter 2017 ratio reflecting the costs associated with the termination of the Humana Merger Agreement. Adjusted pre-tax margin (6) remained relatively consistent at 10.1 percent and 10.0 percent for the first quarters of 2018 and 2017, respectively. The 2018 ratio reflects continued strong performance in Aetna's Health Care segment. Total debt to consolidated capitalization ratio (7) decreased to 35.8 percent at March 31, 2018 compared with 37.0 percent at December 31, 2017. Effective tax rate was 16.8 percent for first-quarter 2018 compared with 39.6 percent for first-quarter 2017. The decrease in Aetna's effective tax rate for first-quarter 2018 was primarily due to the reduced corporate income tax rate specified in the TCJA and a non-recurring tax benefit recorded in first-quarter 2018, partially offset by the reinstatement of the non-deductible HIF in 2018. Operating cash flow excluding large case pensions products as a percentage of net income was 282.5% during first-quarter 2018. The ratio reflects an advance payment of Medicare premium received in March 2018 related to April 2018. Cash and investments at the parent were approximately $2.3 billion at March 31, 2018. Aetna started the quarter with approximately $2.2 billion; Net subsidiary dividends to the parent were $427 million in the quarter; Aetna paid a shareholder dividend of $164 million in the quarter; and After other sources and uses, Aetna ended the quarter with approximately $2.3 billion of cash and investments at the parent.
Health Care Segment Results
Health Care, which provides a full range of insured and self-insured medical, pharmacy, dental and behavioral health products and services, reported:
Income before income taxes (1) of $1.4 billion for first-quarter 2018 compared with $1.2 billion for first-quarter 2017. The increase in income before income taxes was primarily due to first-quarter 2017 reflecting a $231 million pre-tax expense related to estimated future guaranty fund assessments as a result of Penn Treaty being placed in liquidation. Pre-tax adjusted earnings (2) remained relatively consistent at approximately $1.5 billion for the first-quarters of 2018 and 2017. Aetna's first-quarter 2018 results were favorably impacted by Aetna's previously announced exit from individual Commercial products and by membership growth in its Medicare products, substantially offset by lower membership in Aetna's Commercial and Medicaid insured products. Total revenue and adjusted revenue (3) were both $15.1 billion for first-quarter 2018 and both $14.8 billion for first-quarter 2017. The increase in total revenue and adjusted revenue was primarily due to membership growth in Aetna's Medicare products, the adoption of new accounting guidance related to revenue recognition effective during first-quarter 2018 and the favorable impact of the reinstatement of the HIF for 2018. The increase was partially offset by lower membership in Aetna's ACA compliant individual and small group products and its Medicaid products. Medical membership at March 31, 2018 decreased slightly compared with December 31, 2017 reflecting declines in Aetna's Commercial products primarily related to Aetna's ACA compliant individual and small group products and declines in Aetna's Medicaid products, partially offset by growth in Aetna's Medicare products. Medical benefit ratios ("MBRs") for first-quarter 2018 and 2017 were as follows:
First-Quarter 2018 2017 Change Commercial 77.5 % 79.3 % (1.8 ) pts. Government 82.6 % 85.3 % (2.7 ) pts. Total Health Care 80.4 % 82.5 % (2.1 ) pts. Aetna's first-quarter 2018 Commercial MBR decreased compared with first-quarter 2017 primarily due to the reinstatement of the HIF for 2018 and Aetna's previously announced exit from individual Commercial products for 2018. Aetna's first-quarter 2018 Government MBR decreased compared with first-quarter 2017 primarily due to the reinstatement of the HIF for 2018. Aetna's first-quarter 2018 Total Health Care MBR was negatively impacted by approximately 50 basis points compared with first-quarter 2017 due to higher medical costs as a result of a more severe flu season during first-quarter 2018 compared to first-quarter 2017. In first-quarter 2018, Aetna experienced favorable development of prior years' health care cost estimates in its Commercial, Medicare and Medicaid products, primarily attributable to fourth-quarter 2017 performance. Prior years' health care costs payable estimates developed favorably by $503 million and $614 million during the first quarters of 2018 and 2017, respectively. This development is reported on a basis consistent with the prior years' development reported in the health care costs payable table in Aetna's annual audited financial statements, and does not directly correspond to an increase in 2018 operating results. Days claims payable (7) was 50 days at March 31, 2018, a sequential increase of 1 day compared to December 31, 2017 and a decrease of 3 days compared with March 31, 2017. The year over year decrease was driven primarily by changes in business mix.
Given the pending transaction with CVS Health, Aetna is not hosting a conference call in conjunction with its first-quarter 2018 earnings release and does not expect to do so for future quarters. Please direct any questions regarding this press release to Aetna Investor Relations or Aetna Communications.
About Aetna
Aetna is one of the nation's leading diversified health care benefits companies, serving an estimated 40.3 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, and medical management capabilities, Medicaid health care management services, workers' compensation administrative services and health information technology products and services. Aetna's customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups and expatriates. For more information, see www.aetna.com and learn about how Aetna is helping to build a healthier world. @AetnaNews
Condensed Consolidated Balance Sheets (Unaudited) (Millions) At March 31,
2018
At December 31,
2017
Assets: Cash and short-term investments $ 10,396 $ 6,356 Accounts receivable, net 5,650 5,071 Other current assets 4,655 4,096 Total current assets 20,701 15,523 Long-term investments 16,409 17,793 Other long-term assets 22,087 21,835 Total assets $ 59,197 $ 55,151 Liabilities and shareholders’ equity: Health care costs payable $ 5,783 $ 5,815 Current portion of long-term debt 1,374 999 Other current liabilities 12,536 10,023 Total current liabilities 19,693 16,837 Long-term debt, less current portion 7,785 8,160 Other long-term liabilities 15,054 14,317 Total Aetna shareholders' equity 16,398 15,580 Non-controlling interests 267 257 Total liabilities and equity $ 59,197 $ 55,151 Consolidated Statements of Income (Unaudited)
Three Months Ended March 31, (Millions) 2018 2017 Revenue: Premiums $ 13,070 $ 13,763 Fees and other revenue 2,062 1,475 Net investment income 197 260 Net realized capital gains (losses) 6 (333 ) Total revenue 15,335 15,165 Benefits and expenses: Benefit costs 10,574 11,461 Cost of products sold 373 — Operating expenses 2,787 3,853 Interest expense 89 173 Amortization of other acquired intangible assets 47 60 Loss on early extinguishment of long-term debt — 246 Total benefits and expenses 13,870 15,793 Income (loss) before income taxes 1,465 (628 ) Income tax expense (benefit) 246 (249 ) Net income (loss) including non-controlling interests 1,219 (379 ) Less: Net income attributable to non-controlling interests 10 2 Net income (loss) attributable to Aetna $ 1,209 $ (381 ) Consolidated Statements of Cash Flows (Unaudited) For the Three Months Ended March 31, (Millions) 2018 2017 Cash flows from operating activities: Net income (loss) including non-controlling interests $ 1,219 $ (379 ) Adjustments to reconcile net income to net cash provided by operating activities: Net realized capital (gains) losses (6 ) 333 Depreciation and amortization 132 160 Debt fair value amortization (3 ) (7 ) Equity in earnings of affiliates, net (10 ) (38 ) Stock-based compensation expense 39 54 Amortization of net investment premium 15 17 Loss on early extinguishment of long-term debt — 246 Gain on sale of businesses (113 ) — Changes in assets and liabilities: Premiums due and other receivables (384 ) (477 ) Income taxes 240 (271 ) Other assets and other liabilities 319 (95 ) Health care and insurance liabilities 1,893 1,356 Net cash provided by operating activities 3,341 899 Cash flows from investing activities: Proceeds from sales and maturities of investments 2,410 2,738 Cost of investments (1,621 ) (2,723 ) Additions to property, equipment and software (99 ) (71 ) Cash used for acquisitions, net of cash acquired (6 ) — Net cash provided by (used for) investing activities 684 (56 ) Cash flows from financing activities: Repayment of long-term debt — (11,484 ) Common shares issued under benefit plans, net (72 ) (103 ) Common shares repurchased — (3,300 ) Dividends paid to shareholders (164 ) (88 ) Contributions, non-controlling interests 10 13 Net cash used for financing activities (226 ) (14,962 ) Net increase (decrease) in cash and cash equivalents 3,799 (14,119 ) Cash and cash equivalents, beginning of period 4,076 17,996 Cash and cash equivalents, end of period $ 7,875 $ 3,877 Reconciliation of the Most Directly Comparable GAAP Measure to Certain Reported Amounts (Millions, except per common share data) Three Months Ended
March 31, 2018
Three Months Ended
March 31, 2017
Reconciliation of net income (loss) to adjusted earnings Total
Company
Per
Common
Share
Total
Company
Per
Common
Share
Net income (loss) (1) (GAAP measure) $ 1,209 $ 3.67 $ (381 ) $ (1.11 ) Gain related to sale of certain domestic group insurance businesses (113 ) (0.34 ) — — Transaction and integration-related costs 58 0.18 1,212 3.50 Loss on early extinguishment of long-term debt — — 246 0.71 Penn Treaty-related guaranty fund assessments — — 231 0.67 Amortization of other acquired intangible assets 47 0.14 60 0.17 Net realized capital (gains) losses (6 ) (0.02 ) 333 0.96 Income tax benefit (144 ) (0.44 ) (762 ) (2.20 ) Dilutive share impact to adjusted earnings (5) — — — 0.01 Adjusted earnings (2) $ 1,051 $ 3.19 $ 939 $ 2.71 Weighted average common shares - diluted (GAAP) (5) 329.6 343.8 Adjusted weighted average common shares - diluted (non-GAAP) (5) 329.6 346.2 Three Months
Ended March 31, 2018
Three Months
Ended March 31, 2017
(Millions) Health
Care
Corporate/
Other (8)
Total
Company
Health
Care
Corporate/
Other (8)
Total
Company
Reconciliation of total revenue to adjusted revenue Total revenue (GAAP measure) $ 15,127 $ 208 $ 15,335 $ 14,806 $ 359 $ 15,165 Gain related to sale of certain domestic group insurance businesses — (113 ) (113 ) — — — Interest income on proceeds of transaction-related debt — — — — (11 ) (11 ) Net realized capital (gains) losses (5 ) (1 ) (6 ) (1 ) 334 333 Adjusted revenue (3) (excludes net realized capital (gains) losses and other items) $ 15,122 $ 94 $ 15,216 $ 14,805 $ 682 $ 15,487 Reconciliation of income (loss) before income taxes to pre-tax adjusted earnings (loss) Income (loss) before income taxes (GAAP measure) $ 1,457 $ 8 $ 1,465 $ 1,193 $ (1,821 ) $ (628 ) Less: Income before income taxes attributable to non-controlling interests (GAAP measure) 13 — 13 2 1 3 Income (loss) before income taxes attributable to Aetna (GAAP measure) 1,444 8 1,452 1,191 (1,822 ) (631 ) Gain related to sale of certain domestic group insurance businesses — (113 ) (113 ) — — — Transaction and integration-related costs — 58 58 — 1,212 1,212 Loss on early extinguishment of long-term debt — — — — 246 246 Penn Treaty-related guaranty fund assessments — — — 231 — 231 Amortization of other acquired intangible assets 47 — 47 60 — 60 Net realized capital (gains) losses (5 ) (1 ) (6 ) (1 ) 334 333 Pre-tax adjusted earnings (loss) (2) $ 1,486 $ (48 ) $ 1,438 $ 1,481 $ (30 ) $ 1,451 Margins and Ratios Three Months Ended March 31, (Millions) 2018 2017 Reconciliation of income (loss) before income taxes to adjusted earnings before income taxes, excluding interest expense: Income (loss) before income taxes (GAAP measure) $ 1,465 $ (628 ) Interest expense (9) 89 88 Gain related to sale of certain domestic group insurance businesses (113 ) — Transaction and integration-related costs 58 1,212 Loss on early extinguishment of long-term debt — 246 Penn Treaty-related guaranty fund assessments — 231 Amortization of other acquired intangible assets 47 60 Net realized capital (gains) losses (6 ) 333 Adjusted earnings (2) before income taxes, excluding interest expense (A) $ 1,540 $ 1,542 Reconciliation of net income (loss) to adjusted earnings excluding interest expense, net of tax: Net income (loss) (1) (GAAP measure) (B) $ 1,209 $ (381 ) Interest expense (9) 89 88 Gain related to sale of certain domestic group insurance businesses (113 ) — Transaction and integration-related costs 58 1,212 Loss on early extinguishment of long-term debt — 246 Penn Treaty-related guaranty fund assessments — 231 Amortization of other acquired intangible assets 47 60 Net realized capital (gains) losses (6 ) 333 Income tax benefit (163 ) (793 ) Adjusted earnings (2) excluding interest expense, net of tax $ 1,121 $ 996 Reconciliation of total revenue to adjusted revenue: Total revenue (GAAP measure) (C) $ 15,335 $ 15,165 Gain related to sale of certain domestic group insurance businesses (113 ) — Interest income on proceeds of transaction-related debt — (11 ) Net realized capital (gains) losses (6 ) 333 Adjusted revenue (3) (excludes net realized capital (gains) losses and other items) (D) $ 15,216 $ 15,487 Reconciliation of total operating expenses to adjusted operating expenses: Total operating expenses (GAAP measure) (E) $ 2,787 $ 3,853 Transaction and integration-related costs (58 ) (1,138 ) Penn Treaty-related guaranty fund assessments — (231 ) Adjusted operating expenses (F) $ 2,729 $ 2,484 After-tax net income (loss) and adjusted pre-tax margins: After-tax net income (loss) margin (GAAP measure) (B)/(C) 7.9 % (2.5 )% Adjusted pre-tax margin (6) (A)/(D) 10.1 % 10.0 % Expense ratios: Total company expense ratio (GAAP measure) (E)/(C) 18.2 % 25.4 % Adjusted expense ratio (4) (F)/(D) 17.9 % 16.0 % Operating Cash Flow excluding Large Case Pensions Products as a Percentage of Net Income Three Months Ended March 31, (Millions) 2018 2017 Net cash provided by operating activities (GAAP measure) $ 3,341 $ 899 Less: Net cash used for operating activities: Large case pensions products (60 ) (84 ) Net cash provided by operating activities excluding large case pensions products (A) 3,401 983 Net income (loss) (1) (GAAP Measure) 1,209 (381 ) Less: Net income: Large case pensions products 5 5 Net income (loss) attributable to Aetna excluding large case pensions products (B) $ 1,204 $ (386 ) Operating cash flow excluding large case pensions products as a percentage of net income: Operating cash flow as a percentage of net income (1) (GAAP Measure) (A)/(B) 282.5 % N/M* * Not meaningful due to the net loss reported for the three months ended March 31, 2017.
Footnotes
(1) Net income (loss) refers to net income (loss) attributable to Aetna reported in Aetna's Consolidated Statements of Income in accordance with U.S. generally accepted accounting principles ("GAAP"). Income (loss) before income taxes refers to income (loss) before income taxes attributable to Aetna in accordance with GAAP. Unless otherwise indicated, all references in this press release to net income, net income per share and income before income taxes exclude amounts attributable to non-controlling interests.
(2) Non-GAAP financial measures such as adjusted earnings, adjusted earnings per share, pre-tax adjusted earnings, adjusted operating expenses, adjusted revenue, adjusted expense ratio and adjusted pre-tax margin exclude from the relevant GAAP metrics, as applicable:
Amortization of other acquired intangible assets; Net realized capital gains or losses; and Other items, if any, that neither relate to the ordinary course of Aetna's business nor reflect Aetna's underlying business performance.
Although the excluded items may recur, management believes the non-GAAP financial measures Aetna discloses, including those described above, provide a more useful comparison of Aetna's underlying business performance from period to period. The chief executive officer assesses consolidated Aetna results based on adjusted earnings and assesses business segment results based on pre-tax adjusted earnings because income taxes are recorded in Aetna’s Corporate/Other category and are not allocated to Aetna’s business operations. Non-GAAP financial measures Aetna discloses, including those described above, should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP.
For the periods covered in this press release, the following items are excluded from the non-GAAP financial measures described above, as applicable, because Aetna believes they neither relate to the ordinary course of Aetna's business nor reflect Aetna's underlying business performance:
During 2017, Aetna sold its domestic group life insurance, group disability insurance and absence management businesses. The transaction was accomplished through an indemnity reinsurance arrangement. A significant portion of the gain on sale was deferred and will be amortized into earnings: (a) over the remaining contract period (estimated to be approximately 3 years) in proportion to the amount of insurance protection provided for the prospective reinsurance portion of the gain; and (b) as Aetna recovers amounts due from the buyer over a period estimated to be approximately 30 years for the retrospective reinsurance portion of the gain. The gain recognized during the three months ended March 31, 2018 does not directly relate to the underwriting or servicing of products for customers and is not directly related to the core performance of Aetna's business operations. Aetna recorded transaction-related costs during the three months ended March 31, 2018 related to its proposed acquisition by CVS Health Corporation ("CVS Health"). Aetna also recorded transaction and integration-related costs during the three months ended March 31, 2017 primarily related to its proposed acquisition of Humana (the "Humana Transaction"). Transaction costs include costs associated with the transactions contemplated by the CVS Health merger agreement, real estate costs associated with the cancellation of Aetna's previously announced headquarters relocation which will no longer occur due to CVS Health's proposed acquisition of Aetna, the termination of the Humana Merger Agreement (as defined below), the termination of Aetna's agreement to sell certain assets to Molina Healthcare, Inc. and advisory, legal and other professional fees which are reflected in Aetna's GAAP Consolidated Statements of Income in operating expenses. Transaction costs also include the negative cost of carry associated with the debt financing that Aetna obtained in June 2016 for the Humana Transaction. Prior to the mandatory redemption of the SMR Notes (as defined below), the negative cost of carry associated with these senior notes was excluded from adjusted earnings and pre-tax adjusted earnings. The negative cost of carry associated with the $2.8 billion aggregate principal amount of Aetna's senior notes issued in June 2016 that are not subject to mandatory redemption (the "Other 2016 Senior Notes") was excluded from adjusted earnings and pre-tax adjusted earnings through the date of the termination of the Humana Merger Agreement. The components of the negative cost of carry are reflected in Aetna's GAAP Consolidated Statements of Income in interest expense and net investment income. Subsequent to the termination of the Humana Merger Agreement, the interest expense and net investment income associated with the Other 2016 Senior Notes were no longer excluded from adjusted earnings and pre-tax adjusted earnings. During the three months ended March 31, 2017, Aetna incurred losses on the early extinguishment of long-term debt due to (a) the mandatory redemption of $10.2 billion aggregate principal amount of certain of its senior notes issued in June 2016 (collectively, the "SMR Notes") following the termination of the definitive agreement (the "Humana Merger Agreement") to acquire Humana Inc. ("Humana") and (b) the early redemption of $750 million aggregate principal amount of its outstanding senior notes due 2020. During the three months ended March 31, 2017, Aetna recorded an expense for estimated future guaranty fund assessments related to Penn Treaty Network America Insurance Company and one of its subsidiaries (collectively, "Penn Treaty"), which was placed in rehabilitation in 2009 and placed in liquidation in March 2017. This expense does not directly relate to the underwriting or servicing of products for customers and is not directly related to the core performance of Aetna's business operations. Other acquired intangible assets relate to Aetna's acquisition activities and are amortized over their useful lives. However, this amortization does not directly relate to the underwriting or servicing of products for customers and is not directly related to the core performance of Aetna's business operations. Net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of liabilities. However, these transactions do not directly relate to the underwriting or servicing of products for customers and are not directly related to the core performance of Aetna's business operations. The corresponding tax benefit or expense related to the items excluded from adjusted earnings above was calculated utilizing the appropriate tax rate for each individual item. In addition, Aetna recorded a non-recurring tax benefit of $149 million in first-quarter 2018. Neither the income tax benefit or expense on the excluded items nor the tax benefit related to the non-recurring item directly relates to the underwriting or servicing of products for customers, and neither is directly related to the core performance of Aetna's business operations.
For a reconciliation of financial measures calculated under GAAP to these items, refer to the tables on pages 9 and 10 of this press release.
(3) Adjusted revenue excludes net realized capital gains and losses, gain related to the Group Insurance sale and interest income on the proceeds of Aetna's senior notes issued in June 2016 as noted in (2) above. Refer to the tables on pages 9 and 10 of this press release for a reconciliation of total revenue calculated under GAAP to adjusted revenue.
(4) The adjusted expense ratio excludes net realized capital gains and losses and other items, if any, that are excluded from adjusted revenue or adjusted operating expenses, as noted in (2) above. For a reconciliation of the comparable GAAP measure to this metric for the periods covered by this press release, refer to page 10 of this press release.
(5) In periods when Aetna reports a net loss attributable to Aetna, in-the-money stock-based compensation awards are excluded from Aetna's calculation of diluted earnings per share ("EPS") because their inclusion would have an anti-dilutive effect. Therefore Aetna excluded from its first-quarter 2017 GAAP net loss per share calculation in-the-money stock-based compensation awards which would have increased Aetna's weighted-average shares used to compute diluted EPS by 2.4 million shares. Aetna reported adjusted earnings for first-quarter 2017. Therefore such 2.4 million shares were included in Aetna's calculation of adjusted EPS for first-quarter 2017 because they had a dilutive effect on Aetna's adjusted EPS.
(6) In order to provide useful information regarding Aetna's profitability on a basis comparable to others in the industry, without regard to financing decisions, income taxes or amortization of other acquired intangible assets (each of which may vary for reasons not directly related to the performance of the underlying business), Aetna's adjusted pre-tax margin is based on adjusted earnings excluding interest expense and income taxes. Management also uses adjusted pre-tax margin to assess Aetna's performance, including performance versus competitors.
(7) Days claims payable is calculated by dividing the health care costs payable at each quarter end by the average health care costs per day in each respective quarter. The total debt to consolidated capitalization ratio is calculated by dividing total long-term debt and short-term debt ("Total Debt") by the sum of Total Debt and total Aetna shareholders' equity.
(8) Aetna's Corporate/Other category is not a business segment. It is added to Aetna's business segments to reconcile segment reporting to Aetna's consolidated results. The Corporate/Other category consists of:
Products for which Aetna no longer solicits or accepts new customers such as its large case pensions and long-term care products; Contracts Aetna has divested through reinsurance or other contracts, such as its domestic group life insurance, group disability insurance and absence management businesses; and Corporate expenses not supporting Aetna’s business operations, including transaction and integration-related costs, income taxes, interest expense on its outstanding debt and the financing components of its pension and other postretirement employee benefit plans expense.
As described in (2) above, the pre-tax adjusted earnings of the Corporate/Other category exclude other items, if any, that neither relate to the ordinary course of Aetna's business nor reflect Aetna's underlying business performance.
(9) Interest expense included in the reconciliation to adjusted earnings before income taxes, excluding interest expense and the reconciliation to adjusted earnings excluding interest expense, net of tax, for first-quarter 2017 excludes costs associated with the term loan credit agreement executed in connection with the Humana Transaction and the negative cost of carry on transaction-related debt incurred in connection with the Humana Transaction. These costs are included within transaction and integration-related costs. Refer to (2) above for further discussion.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can generally identify by the use of forward-looking terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “evaluate,” “expect,” “explore,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “view,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These are only predictions and involve known and unknown risks and uncertainties, many of which are beyond Aetna’s control.
Statements in this press release that are forward-looking, including Aetna’s projections as to the closing date for CVS Health’s proposed acquisition of Aetna (the “CVS Health Transaction”) and Aetna’s and/or the combined company’s future operating results, are based on management’s estimates, assumptions and projections, and are subject to significant uncertainties and other factors, many of which are beyond Aetna’s control. Important risk factors could cause actual future results and other future events to differ materially from those currently estimated by management, including, but not limited to: the timing to consummate the CVS Health Transaction; the risk that a regulatory approval that may be required for the CVS Health Transaction is delayed, is not obtained or is obtained subject to conditions that are not anticipated; the risk that a condition to the closing of the CVS Health Transaction may not be satisfied; the ability to achieve the synergies and value creation from the CVS Health Transaction contemplated by management; CVS Health’s ability to promptly and effectively integrate Aetna’s businesses; the diversion of and attention of management of both CVS Health and Aetna on transaction-related issues; unanticipated increases in medical costs (including increased intensity or medical utilization as a result of flu or otherwise; changes in membership mix to higher cost or lower-premium products or membership adverse selection; medical cost increases resulting from unfavorable changes in contracting or re-contracting with providers (including as a result of provider consolidation and/or integration); and/or increased pharmacy costs); the profitability of Aetna’s Medicaid products; changes in medical cost estimates due to the necessary extensive judgment that is used in the medical cost estimation process, the considerable variability inherent in such estimates, and the sensitivity of such estimates to changes in medical claims payment patterns and changes in medical cost trends; and changes in Aetna’s future cash requirements, capital requirements, results of operations, financial condition and/or cash flows. As currently enacted, health care reform will continue to significantly impact Aetna’s business operations and financial results, including Aetna’s pricing and medical benefit ratios, and certain components of the legislation will continue to be phased in until 2022. Aetna will be required to dedicate significant resources and incur significant expenses during 2018 to implement health care reform. Significant parts of the legislation continue to evolve through the promulgation of executive orders, regulations and guidance. In addition, pending efforts in the U.S. Congress to repeal, amend, replace or restrict funding for various aspects of health care reform and pending litigation challenging aspects of the law and its implementation continue to create additional uncertainty about the ultimate impact of health care reform. As a result, many of the impacts of health care reform are unknown. Other important risk factors include: adverse changes in federal or state government policies, legislation or regulations (including legislative, judicial or regulatory measures that would affect Aetna’s business model, repeal, restrict funding for or amend various aspects of health care reform, limit Aetna’s ability to price for the risk it assumes and/or reflect reasonable costs or profits in its pricing, such as mandated minimum medical benefit ratios, or eliminate or reduce ERISA pre-emption of state laws (increasing Aetna’s potential litigation exposure)); the implementation of health care reform legislation, collection of ACA fees, assessments and taxes through increased premiums; adverse legislative, regulatory and/or judicial changes to or interpretations of existing health care reform legislation and/or regulations (including those relating to minimum medical loss ratio (“MLR”) rebates); the timing and amount of and payment methods for satisfying assessments for Penn Treaty Network America Insurance Company and other insolvent payors under state guaranty fund laws; adverse and less predictable economic conditions in the U.S. and abroad (including unanticipated levels of, or increases in the rate of, unemployment); reputational or financial issues arising from Aetna’s social media activities, data security breaches, other cybersecurity risks or other causes; adverse program, pricing, funding or audit actions by federal or state government payors, including as a result of changes to or curtailment or elimination of the Centers for Medicare & Medicaid Services’ ("CMS") star rating bonus payments; Aetna's ability to maintain and/or enhance its CMS star ratings; Aetna’s ability to diversify Aetna’s sources of revenue and earnings (including by developing and expanding Aetna's consumer health and services businesses and expanding Aetna’s foreign operations), transform Aetna’s business model, develop new products and optimize Aetna’s business platforms; the success of Aetna’s consumer health and services initiatives; adverse changes in size, product or geographic mix or medical cost experience of membership; managing executive succession and key talent retention, recruitment and development; failure to achieve and/or delays in achieving desired rate increases and/or profitable membership growth due to regulatory review or other regulatory restrictions, an uncertain economy and/or significant competition, especially in key geographic areas where membership is concentrated, including successful protests of business awarded to Aetna; failure to adequately implement health care reform and/or repeal or replacement of or changes in health care reform; the outcome of various litigation and regulatory matters, including audits, challenges to Aetna’s minimum MLR rebate methodology and/or reports, intellectual property litigation and litigation concerning, and ongoing reviews by various regulatory authorities of, certain of Aetna’s payment practices with respect to out-of-network providers and/or other providers; Aetna’s ability to integrate, simplify, and enhance Aetna’s existing products, processes and information technology systems and platforms to keep pace with changing customer and regulatory needs; Aetna’s ability to successfully integrate Aetna’s businesses (including businesses Aetna may acquire in the future), separate divested businesses and implement multiple strategic and operational initiatives simultaneously; Aetna’s ability to manage health care and other benefit costs; Aetna’s ability to reduce administrative expenses while maintaining targeted levels of service and operating performance; failure by a service provider to meet its obligations to Aetna; Aetna’s ability to develop and maintain relationships (including joint ventures or other collaborative risk-sharing agreements) with providers while taking actions to reduce medical costs and/or expand the services Aetna offers; Aetna’s ability to demonstrate that Aetna’s products and processes lead to access to quality affordable care by Aetna’s members; Aetna’s ability to maintain its relationships with third-party brokers, consultants and agents who sell its products; increases in medical costs resulting from any epidemics, acts of terrorism or other extreme events; a downgrade in Aetna’s financial ratings; and adverse impacts from any failure to raise the U.S. Federal government’s debt ceiling or any sustained U.S. Federal government shut down. For more discussion of important risk factors that may materially affect Aetna, please see the risk factors contained in Aetna’s 2017 Annual Report on Form 10-K (“Aetna’s Annual Report”), on file with the Securities and Exchange Commission (the "SEC"). You also should read Aetna's Annual Report and Aetna's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, when filed with the SEC, for a discussion of Aetna's historical results of operations and financial condition.
No assurances can be given that any of the events anticipated by the will transpire or occur, or if any of them do occur, what impact they will have on the results of operations, financial condition or cash flows of Aetna. You are cautioned not to place undue reliance on Aetna’s . These are and will be based on management’s then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. Aetna does not assume any duty to update or revise , whether as a result of new information, future events or otherwise, as of any future date.
Supplementary Information
Statements of Income Before Income Taxes Attributable to Aetna by Segment (Unaudited) Health Corporate/ (Millions) Care Other Total Three months ended March 31, 2018 Revenue: Premiums $ 13,048 $ 22 $ 13,070 Fees and other revenue 1,947 115 2,062 Net investment income 127 70 197 Net realized capital gains 5 1 6 Total revenue 15,127 208 15,335 Benefits and expenses: Benefit costs 10,491 83 10,574 Cost of products sold 373 — 373 Operating expenses 2,759 28 2,787 Interest expense — 89 89 Amortization of other acquired intangible assets 47 — 47 Total benefits and expenses 13,670 200 13,870 Income before income taxes including non-controlling interests 1,457 8 1,465 Less: Income before income taxes attributable to non-controlling interests 13 — 13 Income before income taxes attributable to Aetna $ 1,444 $ 8 $ 1,452 Three months ended March 31, 2017 Revenue: Premiums $ 13,240 $ 523 $ 13,763 Fees and other revenue 1,448 27 1,475 Net investment income 117 143 260 Net realized capital gains (losses) 1 (334 ) (333 ) Total revenue 14,806 359 15,165 Benefits and expenses: Benefit costs 10,928 533 11,461 Operating expenses 2,625 1,228 3,853 Interest expense — 173 173 Amortization of other acquired intangible assets 60 — 60 Loss on early extinguishment of long-term debt — 246 246 Total benefits and expenses 13,613 2,180 15,793 Income (loss) before income taxes including non-controlling interests 1,193 (1,821 ) (628 ) Less: Income before income taxes attributable to non-controlling interests 2 1 3 Income (loss) before income taxes attributable to Aetna $ 1,191 $ (1,822 ) $ (631 ) Membership March 31, 2018 December 31, 2017 March 31, 2017 (Thousands) Insured ASC Total Insured ASC Total Insured ASC Total Medical Membership: Commercial 4,068 13,737 17,805 4,504 13,596 18,100 4,557 13,351 17,908 Medicare Advantage 1,722 — 1,722 1,473 — 1,473 1,443 — 1,443 Medicare Supplement 748 — 748 740 — 740 711 — 711 Medicaid 1,104 728 1,832 1,316 608 1,924 1,570 814 2,384 Total Medical Membership 7,642 14,465 22,107 8,033 14,204 22,237 8,281 14,165 22,446 Dental Membership: Total Dental Membership 5,058 7,665 12,723 5,421 8,006 13,427 5,898 8,116 14,014 Pharmacy Benefit Management Services Membership: Commercial 7,442 8,034 8,217 Medicare Prescription Drug Plan (stand-alone) 2,156 2,077 2,064 Medicare Advantage Prescription Drug Plan 1,243 1,129 1,106 Medicaid 2,256 2,525 2,817 Total Pharmacy Benefit Management Services Membership 13,097 13,765 14,204 Health Care Medical Benefit Ratios Three Months Ended March 31, March 31, (Millions) 2018 2017 Health Care Premiums (GAAP measure) Commercial $ 5,580 $ 6,129 Government 7,468 7,111 Health Care $ 13,048 $ 13,240 Health Care Benefit Costs (GAAP measure) Commercial $ 4,323 $ 4,860 Government 6,168 6,068 Health Care $ 10,491 $ 10,928 Medical Benefit Ratios "MBRs" Commercial 77.5 % 79.3 % Government 82.6 % 85.3 % Health Care 80.4 % 82.5 % Roll Forward of Health Care Costs Payable (Unaudited) Three Months Ended March 31, (Millions) 2018 2017 Health care costs payable, beginning of period $ 5,815 $ 6,558 Less: reinsurance recoverables 6 5 Health care costs payable, beginning of period, net 5,809 6,553 Add: Components of incurred health care costs Current year 10,974 11,420 Prior years (a) (503 ) (614 ) Total incurred health care costs (b) 10,471 10,806 Less: Claims paid Current year 6,176 6,298 Prior years 4,334 4,742 Total claims paid 10,510 11,040 Health care costs payable, end of period, net 5,770 6,319 Add: premium deficiency reserve 9 110 Add: reinsurance recoverables 4 3 Health care costs payable, end of period $ 5,783 $ 6,432 (a) Negative amounts reported for incurred health care costs related to prior years result from claims being settled for less than originally estimated.
(b) First-quarter 2018 total incurred health care costs exclude from the table above $9 million related to a premium deficiency reserve for the 2018 coverage year related to Aetna's Medicaid products. First-quarter 2017 total incurred health care costs exclude $110 million related to a premium deficiency reserve for the 2017 coverage year related to Aetna's individual Commercial products. Total incurred health care costs for first-quarter 2018 and 2017 also exclude from the table above $11 million and $12 million, respectively, of benefit costs recorded in Aetna's Health Care segment that are included in Aetna's unpaid claims liability.
Days Claims Payable (Unaudited) March 31, 2018 December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Days Claims Payable 50 49 54 54 53
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005825/en/
Aetna
Media Contact:
Ethan Slavin, 860-273-6095
[email protected]
or
Investor Contact:
Joe Krocheski, 860-273-0896
[email protected]
Source: Aetna | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-aetna-reports-first-quarter-2018-results.html |
homes@ (Adds details, background)
NEW YORK/LOS ANGELES, May 9 (Thomson Reuters Foundation) - B uilders in California will be required to fit solar panels on most new homes from 2020 under new building standards adopted on Wednesday, a move that is the first in the United States and could provide a big boost to the solar industry.
The decision, adopted unanimously by the five-member California Energy Commission, is part of the state's effort to fight global climate change. It came despite estimates it would raise the up-front cost of a new home by nearly $10,000 in one of the most expensive parts of the country.
The Commission estimated the standards will add about $40 to monthly mortgage payments but will compensate for that by saving residents $80 a month on energy bills.
"We cannot let Californians be in homes that are essentially the residential equivalent of gas guzzlers," Commissioner David Hochschild said ahead of the vote.
The new building codes include updates to building ventilation and lighting standards. They are collectively expected to reduce the state's greenhouse gas emissions by 700,000 metric tons over three years, a level equal to taking 115,000 cars off the road, according to state officials.
The vote was a major win for the solar installation industry, which already counts California as its biggest market. Demand for solar equipment in California could rise by 10 percent to 15 percent because of the new standards, the Energy Commission forecast in a study earlier this year.
Solar companies cheered the move, saying they hoped such requirements would one day be adopted in other states, too.
"We think it's another example of California policy preceding what will happen in other markets," Tom Werner, chief executive of San Jose-based solar company SunPower, said in an interview ahead of the decision.
California has one of the most ambitious renewable energy mandates in the country, with a goal of sourcing half of its electricity needs from renewable sources by 2030. At the end of 2017, it had reached about 30 percent, according to the CEC.
Because of such policies, the most populous U.S. state has frequently been at odds with President Donald Trump's aggressive rollback of policies to combat climate change. Governor Jerry Brown is planning a global climate summit this September.
Just 9 percent of single-family detached homes in the state of 39.5 million people currently have solar panels, according to a 2017 U.S. Department of Energy report the Energy Commission cited.
Buildings that are shaded or have a roof that is too small to accommodate panels will be among those exempt, California Energy Commission spokeswoman Amber Pasricha Beck said. (Reporting by Sebastien Malo in New York City, Nichola Groom in Los Angeles; Editing by Claire Cozens and Dan Grebler Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, which covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit http://news.trust.org ) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/reuters-america-update-1-california-becomes-first-u-s-state-to-require-solar-panels-on-new-homes.html |
May 15, 2018 / 12:09 PM / Updated 6 hours ago Coinbase plans revamp to lure institutional and high-speed traders Anna Irrera , John McCrank 3 Min Read
NEW YORK (Reuters) - Cryptocurrency exchange Coinbase is planning a revamp of its trading technology and creating a new suite of services to attract more institutional investors, including hedge funds and high-frequency trading firms, it said on Tuesday. High-end graphic cards are installed in a cryptocurrency mining computer at a computer mall in Hong Kong, China January 29, 2018. Picture taken January 29, 2018. REUTERS/Bobby Yip
The San Francisco-based startup said it is building a new matching engine that will allow firms to match buy and sell orders for cryptocurrencies like bitcoin in fractions of seconds and is building up a team that will cater exclusively to institutional clients.
New services, such as the ability for trading firms to colocate their servers as close to Coinbase’s operations as possible for faster trading, will be rolled out within the year to help attract more trading participants, Coinbase said. Critics of colocation, a feature of many electronic markets, say it is unfair because it allows firms that can afford it to pay for faster access.
But Coinbase said the move will lead to better results for all traders on its exchange, including retail investors, who currently trade the bulk of cryptocurrency volumes.
“By allowing institutions and individuals to trade on the same platform we get tighter spreads, deeper liquidity and better price discovery,” Adam White, general manager at Coinbase’s GDAX exchange, said in an interview.
Many of the new features, including lending and margin financing to qualified investors, as well as settlement and clearing services, are similar to those that exist in more mainstream markets.
“What’s happening with a lot of crypto exchanges is that they’re doing to some extent a copy-paste from what we’ve learned from other asset classes, specifically stock markets,” said Richard Johnson, a senior analyst at Greenwich Associates.
Cryptocurrency firms gained attention in their early days through promises to revolutionize financial services by rendering established intermediaries and firms obsolete.
Now as hedge funds and proprietary trading shops increasingly trade cryptocurrencies, and some big banks also are setting up trading desks for the nascent asset class, many cryptocurrency firms are investing in traditional financial markets infrastructure.
“Crypto is busy re-intermediating financial services,” said Maya Zehavi, a blockchain entrepreneur.
Coinbase, which counts New York Stock Exchange owner Intercontinental Exchange Inc ( ICE.N ) as an investor, is regulated under the New York Department of Financial Services BitLicense, and has long been courting institutional clients.
As part of its new offering, the firm said it will also introduce a new custodian offering with strict financial controls and secure storage for institutional traders. Reporting by John McCrank and Anna Irrera in New York; Editing by Matthew Lewis | ashraq/financial-news-articles | https://www.reuters.com/article/us-crypto-currencies-coinbase/coinbase-plans-revamp-to-lure-institutional-and-high-speed-traders-idUSKCN1IG1Q7 |
PLANO, Texas--(BUSINESS WIRE)-- Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, announced today that its Board of Directors has declared a cash dividend for the first quarter of 2018 of $0.32 per share of common stock. The dividend will be paid on June 22, 2018 to stockholders of record on June 8, 2018.
About Cinemark Holdings, Inc.:
Cinemark is a leading domestic and international motion picture exhibitor, operating 533 theatres with 5,964 screens in 41 U.S. states, Brazil, Argentina, and 13 other Latin American countries as of March 31, 2018. For more information, go to investors.cinemark.com .
Forward-looking Statements
Certain matters within this press release include “ ” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the For a description of these factors, please review the “Risk Factors” section or other sections in the Company’s Annual Report on Form 10-K filed February 23, 2017 and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission. All are expressly qualified in their entirety by such risk factors.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180525005062/en/
Cinemark Holdings, Inc.
Investor Contact:
Chanda Brashears, 972-665-1671
[email protected]
or
Media Contact:
James Meredith, 972-665-1680
[email protected]
Source: Cinemark Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/business-wire-cinemark-declares-quarterly-cash-dividend-of-0-point-32.html |
Trump asked Commerce chief to look into China's ZTE Tuesday, May 15, 2018 - 01:10
President Donald Trump asked Commerce Secretary Wilbur Ross to look into U.S. restrictions placed on Chinese telecommunication company ZTE Corp, a White House spokesman said on Monday, calling the limits ''an issue of high concern for China.'' Rough Cut (no reporter narration).
President Donald Trump asked Commerce Secretary Wilbur Ross to look into U.S. restrictions placed on Chinese telecommunication company ZTE Corp, a White House spokesman said on Monday, calling the limits "an issue of high concern for China." Rough Cut (no reporter narration). //reut.rs/2KW4Afv | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/trump-asked-commerce-chief-to-look-into?videoId=426927597 |
ZURICH (Reuters) - The Federal Reserve’s interest rate hikes may not pose as big a risk for global financial markets and emerging market economies as many have thought, the U.S. central bank’s chairman said on Tuesday.
Federal Reserve Chairman Jerome Powell attends IMFC plenary during the IMF/World Bank spring meeting in Washington, U.S., April 21, 2018. REUTERS/Yuri Gripas Still, Jerome Powell said global risk sentiment bears watching as the Fed carries out its well-telegraphed gradual policy-rate increases.
“I do not dismiss the prospective risks emanating from global policy normalization,” he said in remarks prepared for delivery to a policy conference sponsored by the International Monetary Fund and the Swiss National Bank.
Though Fed interest-rate decisions have had only limited impact on capital flows into and out of emerging markets in recent years, he said, there may be some investors and institutions that are unprepared for the policy tightening to come.
To foster global financial stability and growth as the Fed raises rates, he said, the Fed will continue to help build resilience in the financial system and “will communicate our policy strategy as clearly and transparently as possible to help align expectations and avoid market disruptions.”
Powell did not mention the 2013 taper tantrum, when then Fed Chair Ben Bernanke suggested the central bank would soon slow its bond-buying program, taking investors by surprise and triggering a global financial market swoon.
Reporting by Ann Saphir; editing by Diane Craft
| ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-fed-powell/fed-to-communicate-clearly-to-avoid-market-disruptions-powell-idINKBN1I90NT |
May 8 (Reuters) - Cumberland Pharmaceuticals Inc:
* CUMBERLAND PHARMACEUTICALS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.15 * Q1 REVENUE $8.6 MILLION VERSUS $9.6 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cumberland-pharmaceuticals-reports/brief-cumberland-pharmaceuticals-reports-q1-adjusted-loss-per-share-0-09-idUSASC0A0O6 |
Imagine a not-too-distant future in which trustbusters force Facebook to sell off Instagram and WhatsApp. Imagine a time when Amazon’s cloud and delivery services are so dominant the company is broken up like AT&T. Imagine Google’s search or YouTube becoming regulated monopolies, like electricity and water.
Facebook Inc., Google parent Alphabet Inc. and Amazon.com Inc. are enjoying profit margins, market dominance and clout that, according to economists and historians, suggest they’re developing into a new category of... | ashraq/financial-news-articles | https://www.wsj.com/articles/techs-titans-tiptoe-toward-monopoly-1527783845 |
MUZAFFARABAD, Pakistan (Thomson Reuters Foundation) - When major floods hit Pakistan-controlled Kashmir in 2016, Jawad Hussain, a worker at the local government disaster agency, had to wait hours to receive updates on what kind of help was needed and where.
The delays meant families were left without aid for days, he said, as flooding forced thousands from their homes and left others injured or dead.
But Pakistan - one of the world’s most vulnerable countries to climate change – is now trying to boost its ability to respond to disasters, including in the Kashmir region, which is prone to deadly floods, drought, landslides and earthquakes.
Last August, the government set up emergency response centers across the region, in part to speed the flow of information to the National Disaster Management Authority, a federal body that issues early warnings, organizes rescue services, and distributes aid.
There have been no major disasters since the centers were set up, but Hussain is confident they will make a difference.
“We will be able to respond to any disaster in the state more quickly and efficiently,” the 29-year-old said, sitting in the operations room of the State Disaster Management Authority.
The new emergency response centers have their own wireless radio frequencies to more easily receive direct updates on floods, earthquakes and other disasters, he said.
That will “improve the capability to handle disasters more efficiently,” said Abdul Hameed Kiani, deputy commissioner of Jhelum valley district.
MORE DATA, MORE PLANS Kashmir - like some other areas of the country - is also working on the ground to cut risks from natural disasters.
Last year, the World Bank lent Pakistan $125 million to restore flood protection infrastructure and strengthen government institutions to manage disasters and climate vulnerability across the country.
In Kashmir, the government has now carried out studies to determine the types of disasters each area faces, so that officials can better prepare, said Atiq-ur-Rehman Abbasi, project director of the Disaster and Climate Resilience Improvement Project in Azad Jammu and Kashmir.
“Now we have exact data about each district, what kind of risk there is and how to cope with it,” he told the Thomson Reuters Foundation.
A logistics plan on how to prepare for an emergency and deliver aid during floods, landslides or man-made disasters has been drawn up for every district and state, Abbasi said.
“Making hydro stations secure and stabilizing slopes will benefit tens of thousands of people,” he added.
The project, for instance, has assessed the vulnerability of people living by a river in Kotli district, where part of a suburb washed away in 2014 river flooding, Abbasi said.
Sajjad Hashmi, a resident there, said river embankments destroyed in the flood have not yet been replaced.
“The river swept away the settlement on both its banks, so a protection embankment could be helpful. But it has not been assessed yet what kind of protection would be suitable,” said Hashmi, 54.
Raja Mushtaq Khan, a political activist and Kotli resident, said the city has been vulnerable to river flooding for decades, but there had been no concrete protection efforts taken by the government or non-governmental organizations, in part because of a lack of credible data on the threats.
Now, with a study in hand, “work can be outlined to save thousands of residents,” said Khan, 59.
FOREST PROTECTION Asif Hussain Shah, head of Pakistani Kashmir’s planning and development department, said establishing dedicated centers to monitor the impacts of a changing climate and develop ways for the region to adapt is a step in the right direction.
But the real test is whether other departments - such as the forestry department, charged with protecting the region’s fast-disappearing trees - will be able to play their part, he said.
Protecting trees both helps limit climate change and can cut the risk of flooding, landslides and other problems as forested land absorbs more water and holds soil in place, he said.
For now, with the risk (of drought and floods) increasing every day ... we have to equip and prepare ourselves,” Shah said.
As weather patterns change, monsoon rains are shifting slowly toward the Neelum Valley, a tourist hotspot, Shah said. That knowledge will now aid preparations to cut risks in the area, he said.
Shafique Abbasi, deputy director of Kashmir’s Environmental Protection Agency, said such data is hugely needed in a country that ranks seventh in the list of the 10 most climate change vulnerable countries in the world since 1997, according to the World Climate Risk Index 2018.
“We don’t have data on many things and these studies will pave the ways to adopt measures to mitigate climate change impacts,” Abbasi said.
Reporting by Roshan Mughal, Editing by Alex Whiting and Laurie Goering. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/climate
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-pakistan-disaster-climatechange/as-climate-risks-grow-pakistani-kashmir-boosts-emergency-plans-idUSKCN1IH042 |
Nude painting sets record at $157 million 8:01pm IST - 01:25
A nude portrait by Amedeo Modigliani sold for $157.2 million at Sotheby’s on Monday, achieving the 4th-highest price for any work of art at auction.
A nude portrait by Amedeo Modigliani sold for $157.2 million at Sotheby’s on Monday, achieving the 4th-highest price for any work of art at auction. //reut.rs/2GjR01I | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/nude-painting-sets-record-at-157-million?videoId=427138606 |
Waymo, formerly known as the Google self-driving car project, is preparing to roll out more than 62,000 autonomous Chrysler Pacifica hybrid minivans.
The mobility services company is expanding its partnership with Fiat Chrysler in a deal that may include licensing Waymo's technology and services so they can be incorporated in FCA vehicles.
"FCA is committed to bringing self-driving technology to our customers in a manner that is safe, efficient and realistic," said Sergio Marchionne , chief executive officer of Fiat Chrysler Automobiles.
Waymo CEO John Krafcik added, "We're excited to deepen our relationship with FCA that will support the launch of our driverless service, and explore future products that support Waymo's mission."
For Waymo, the expanded partnership comes as it prepares to launch an autonomous ride-hailing service in the U.S. later this year. That service is expected to feature Chrysler Pacifica hybrid minivans that have been modified to incorporate Waymo's autonomous vehicle technology. It is still unclear where in the country Waymo will launch that program. Waymo is currently testing its autonomous drive technology in 600 Modified Chrysler Pacifica hybrid minivans, most in California and Arizona .
Fiat Chrysler and Marchionne have been criticized for not investing more money and effort into developing self-driving vehicles. Marchionne has defended his strategy by pointing out automakers are investing billions of dollars in technology that may eventually be commoditized and offered by a number of tech and mobility service companies.
Meanwhile, Waymo's willingness to discuss licensing its technology is the first indication the company is willing to expand how it works with automakers.
Some companies, like General Motors are developing their own autonomous vehicle software and technology, while other automakers like Jaguar may opt to partner with mobility technology firms such as Waymo. Earlier this year, Jaguar and Waymo announced a partnership to test autonomous drive vehicles. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/waymo-fiat-chrysler-expand-autonomous-vehicle-plans.html |
TORONTO--(BUSINESS WIRE)-- Agellan Commercial Real Estate Investment Trust (TSX: ACR.UN):
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES
Agellan Commercial Real Estate Investment Trust (the “REIT”) (TSX: ACR.UN) announced today that a third-party purchaser has agreed to purchase the REIT’s approximate 824,000 square foot office property and approximate 42,000 square foot retail space and parking garage located on Consumers Road in Toronto, Ontario (“Parkway Place”).
“This disposition is a significant advancement in the REIT’s previously announced strategy,” said Frank Camenzuli, Chief Executive Officer of the REIT. “The value created on this disposition is expected to benefit our unitholders through, among other things, the strategic redeployment of the net proceeds into U.S. industrial assets.”
The sale price for Parkway Place is approximately $256.3 million (excluding closing costs) and is subject to certain adjustments in respect of, among other things, certain committed leasing costs. In addition, in conjunction with the sale of Parkway Place, the REIT has agreed to enter into a two-year vendor head lease with the purchaser in respect of certain vacant retail space at Parkway Place. The REIT’s financial obligation under the vendor head lease is approximately $2.8 million.
The REIT expects to use the sale proceeds (i) to repay all outstanding amounts owing under the REIT’s credit facility secured by Parkway Place, (ii) to acquire industrial assets located in the REIT’s target markets in the United States, (iii) to repay certain other outstanding debt of the REIT, (iv) to fund the cash portion of an anticipated special distribution to unitholders of the REIT during 2018 (as described below), and (v) for general business and working capital purposes.
Following the sale of Parkway Place, the REIT expects to be retained by the purchaser to provide it with certain management services in respect of Parkway Place.
In recent months, the REIT has significantly improved the Parkway Place complex. In particular, the REIT has increased the occupancy of Parkway Place’s office property to its highest levels in recent history, leased and developed the new national head office and car dealership for Porsche Cars Canada Ltd., and developed approximately 42,000 square feet of retail space and a parking garage which added to the amenities of the complex. These achievements contributed to an enhanced valuation for Parkway Place since the REIT initially acquired the complex in conjunction with its initial public offering in January 2013.
The sale of Parkway Place is expected to close during the second quarter of 2018 and is subject to certain conditions typical for a transaction of this type (other than a due diligence condition which has been waived by the purchaser). There can be no assurance that all conditions to closing will be satisfied or waived.
The sale of Parkway Place is expected to result in recapture of previously claimed capital cost allowance of approximately $15.0 million and a capital gain of approximately $49.0 million for Canadian federal income tax purposes. Accordingly, as a result of the sale of Parkway Place, the REIT currently anticipates that it will declare a special distribution to unitholders during 2018. At this time, the REIT anticipates that a portion of this anticipated special distribution would be paid in cash with the remainder to be satisfied by the issuance of additional trust units (subject to receipt of all regulatory approvals). For applicable Canadian unitholders, they will generally be required to include their proportionate share of the REIT’s income and net taxable capital gain for the 2018 tax year in computing their income and the cost basis of their units will increase by their proportionate share of the anticipated special distribution paid in units.
Immediately following the anticipated special distribution of trust units, the REIT expects to consolidate the outstanding trust units so that each unitholder will hold exactly the same number of trust units after the consolidation as they did immediately prior to such special distribution, except in the case of a unitholder not resident in Canada for Canadian federal income tax purposes to the extent tax required to be withheld exceeds the cash portion of the special distribution.
The REIT currently anticipates that such special distribution will be declared payable on or before December 31, 2018 to the unitholders of record on or before December 31, 2018. Further particulars will be provided if and when the anticipated special distribution is declared.
“The anticipated special distribution would provide unitholders with an amount of cash with which such unitholders may use to pay their Canadian income tax obligations in connection with this anticipated special distribution,” said Daniel Millett, Chief Financial Officer of the REIT. “In addition, the anticipated special distribution of units and immediate unit consolidation would allow the REIT to retain the majority of the net proceeds from the sale of Parkway Place in order to reinvest these proceeds in U.S. industrial assets, while simultaneously resulting in an increase in the tax cost of the units belonging to the unitholders by their proportionate share of the anticipated special distribution paid in units.”
The REIT cautions that the foregoing comments are not intended to be, and should not be construed as, legal or tax advice to any particular unitholder and recommends that unitholders consult their own tax advisers regarding the income tax consequences to them of this anticipated special distribution and related unit consolidation.
About Agellan Commercial Real Estate Investment Trust
The REIT is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been created for the purpose of acquiring and owning industrial, office and retail properties in select target markets in the United States and Canada.
The REIT’s 46 properties contain 7.3 million square feet of gross leasable area, with the REIT’s ownership interest at 6.9 million square feet. The properties are located in major urban markets in the United States and Canada. Following the sale of Parkway Place, the REIT’s 44 properties will contain 6.4 million square feet of gross leasable area, with the REIT’s ownership interest at 6.0 million square feet.
Additional information about the REIT is available at www.agellancommercialreit.com or www.sedar.com .
Forward-Looking Statements:
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT’s current expectations regarding future events. Forward-looking statements include, but are not limited to, statements concerning: (i) certain terms and the timing of the anticipated disposition of Parkway Place; (ii) certain anticipated management services and related fees following the disposition of Parkway Place, (iii) certain tax implications to the REIT and its unitholders that may result from the disposition of Parkway Place; (iv) the intended use of proceeds from the anticipated disposition of Parkway Place, including the potential special distribution; and (v) the REIT’s current investment strategy. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The anticipated tax figures contained in this press release are subject to final accounting confirmation and assume, among other things, certain projected closing costs and purchase price adjustments. In addition, it is assumed that the REIT will qualify as a “real estate investment trust” for Canadian federal income tax purposes at all relevant times. These are made as of the date of this press release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise 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/20180504005843/en/
Agellan Commercial Real Estate Investment Trust
Frank Camenzuli, 416-593-6800 x226
CEO
Fax: 416-593-6700
Source: Agellan Commercial Real Estate Investment Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-agellan-commercial-real-estate-investment-trust-announces-agreement-to-sell-parkway-place.html |
PARIS (Reuters) - Alexander Zverev rocked up at the French Open on Sunday looking like one of the ballboys with his salmon pink shirt but once he started wielding his racket, it was clear he was not there to follow orders as he thrashed Ricardas Berankis 6-1 6-1 6-2.
Tennis - French Open - Roland Garros, Paris, France - May 27, 2018 Germany's Alexander Zverev celebrates after winning his first round match with Lithuania's Ricardas Berankis REUTERS/Christian Hartmann With the ballboys wearing strikingly similar shirts, the German would not have looked out of place if he had swapped places with one of them and stood to attention at the rear hoardings or crouched down on both knees near the net posts.
But the 21-year-old left Lithuania’s Berankis to do all the scrambling as he fired down 11 aces and 29 winners to wrap up victory in 69 blistering minutes to set up a second-round showdown with either Jiri Vesely or Dusan Lajovic.
Seeded second at a major for the first time in his career, Zverev is billed to meet 10-times champion Rafael Nadal in the June 10 final.
Tennis - French Open - Roland Garros, Paris, France - May 27, 2018 Germany's Alexander Zverev in action during his first round match with Lithuania's Ricardas Berankis REUTERS/Christian Hartmann But having failed to progress beyond the fourth round at any of the slams so far, the man tipped as a future Grand Slam champion was not about to read too much into his seeding.
“It’s nice. It means that you’ve been playing well throughout the whole year, and you deserve that spot a little bit. But the seedings don’t matter,” the world number three told reporters.
Tennis - French Open - Roland Garros, Paris, France - May 27, 2018 Lithuania's Ricardas Berankis in action during his first round match with Germany's Alexander Zverev REUTERS/Christian Hartmann “It doesn’t mean anything as there are a lot of great players wanting to stop me.
“It doesn’t matter if you’re ranked No. 2 in the world or if you’re ranked 50 or 80 in the world... you try to beat the guy who is on the other side.”
Although the German has been promoted one spot in the seedings due to Roger Federer’s decision to skip the entire claycourt season, his place at the bottom of the draw is no fluke.
He has enjoyed a sizzling build-up to Paris by contesting three claycourt finals and winning two of them.
The only blip, if it can be called that, was a semi-final defeat by Kei Nishikori in the Monte Carlo Masters.
“On clay especially I have been playing well. During all the tournaments I have played on clay so far, the worst I did was semi-finals in Monaco. That’s not a bad preparation,” the champion in Munich and Madrid said with a grin.
“I have won two tournaments, made the finals in Rome again, losing to Rafa in a close match. I feel good and today was a good start to the tournament. I’m happy the way it’s going so far.”
Reporting by Pritha Sarkar, editing by Clare Fallon
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-zverev/tennis-zverev-in-the-pink-as-he-leaves-berankis-floundering-idUSKCN1IS0ND |
ELMSFORD, N.Y.--(BUSINESS WIRE)-- Party City Holdco Inc. (NYSE:PRTY) today announced financial results for the first quarter ended March 31, 2018.
James M. Harrison, Chief Executive Officer, stated, “I am pleased with the start of 2018 as both top and bottom line objectives were met, along with accelerated EPS growth. Reported revenue grew 6.5%, driven by a balance of strong brand comparable sales at retail, along with double-digit growth in our international business. The strength of our vertical model fueled gross margin expansion, while good progress was achieved against many key growth strategies. Furthermore, the retail division continued to realize the benefits from the productivity initiatives identified in 2017. As a result of the aforementioned factors, we achieved adjusted net income growth of nearly 14% and adjusted EBITDA growth of over 12%. We anticipate building on this progress throughout the year and are reiterating our full year 2018 guidance.”
First Quarter Summary:
Total revenues increased 6.5% on a reported basis to $507.8 million and 5.1% on a constant currency basis. Retail sales increased 7.2% on a reported basis (6.7% on a constant currency basis), driven primarily by square footage growth from store acquisitions and a solid brand comparable sales increase. Brand comparable sales increased 2.4% during the first quarter, in part as a result of the beneficial timing shifts of both New Year’s Eve and Easter, partially offset by the negative effects of holiday compression. Net third-party wholesale revenues increased 4.3% on an adjusted basis when adjusting for the impacts of currency and franchise store acquisitions. Total gross profit margin increased 20 basis points to 37.2% of net sales, primarily due to higher share of shelf 1 , leverage from the increased sales and savings associated with in-store productivity initiatives, partially offset by increased distribution costs, higher wages and non-cash purchase accounting adjustments. Operating expenses totaled $168.6 million or 33.2% of revenues, representing a decrease of 110 basis points from Q1 2017, largely due to leverage and savings associated with retail productivity initiatives and the benefit from last year’s restructuring. Reported net loss of $1.2 million compared to net loss of $4.7 million in the first quarter of 2017. Adjusted net income increased 13.7% to $6.9 million despite increased costs associated with higher interest rates and investments in Kazzam. Adjusted EBITDA increased 12.3% to $55.1 million. Diluted loss per share totaled ($0.01), compared to ($0.04) in the prior year quarter. Adjusted diluted income per share increased 40% to $0.07 from $0.05 in the first quarter of 2017.
Balance Sheet Highlights as of March 31, 2018:
The Company ended the quarter with $1,837.9 million in debt (net of cash) resulting in net debt leverage 2 of 4.4 times and approximately $124 million in availability under its asset-based revolving credit facility.
Fiscal 2018 Outlook:
For 2018, the Company is reiterating the following guidance:
Total revenue of $2.44 to $2.49 billion Brand comparable sales growth of approximately 1% Adjusted EBITDA of $415 to $430 million Adjusted net income of $172 to $183 million Adjusted diluted EPS of $1.76 to $1.87 Net debt leverage 2 of approximately 3.8 times by the end of 2018 GAAP net income of $143 to $154 million GAAP diluted EPS of $1.46 to $1.57
The Company has reconciled Non-GAAP outlook measures to the most directly comparable GAAP measures later in this release. See "Non-GAAP Information" and “Reconciliation of 2018 Outlook” for a more detailed explanation, including definitions of the various Non-GAAP terms used in this release.
1 The percentage of our retail product cost of sales supplied by our wholesale operations
2 Defined as net debt to adjusted EBITDA
Conference Call Information
A conference call to discuss the first quarter 2018 financial results is scheduled for today, May 9, 2018, at 8:00 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial (833) 241-4256 (U.S. domestic) and (647) 689-4207 (international), and enter conference ID# 4698543, approximately 10 minutes prior to the start of the call. The conference call will also be webcast at http://investor.partycity.com/ . To listen to the live call, please go to the website at least 15 minutes early to register and download any necessary audio software. The webcast will be accessible for one year after the call.
Website Information
We routinely post important information for investors on the Investor Relations section of our website, http://investor.partycity.com/ . We intend to use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Non-GAAP Information
This press release includes non-GAAP measures including Adjusted EBITDA and Adjusted Net Income/Loss and Adjusted Earnings per Share. We present these non-GAAP financial measures because we believe they assist investors in comparing our performance across reporting periods on a consistent basis by eliminating items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA: (i) as a factor in determining incentive compensation, (ii) to evaluate the effectiveness of our business strategies and (iii) because our credit facilities use Adjusted EBITDA to measure compliance with certain covenants. The Company has reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures in tables accompanying this release. We also evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We calculate constant currency percentages by converting our prior-period local currency financial results using the current period exchange rates and comparing these adjusted amounts to our current period reported results. We also provide free cash flow, defined as Adjusted EBITDA less capital expenditures, and net debt leverage, which is calculated by adding Loans and Notes Payable, Current Portion of Long Term Obligations and Long Term Obligations, Excluding Current Portion, subtracting Cash and Cash Equivalents and dividing by Adjusted EBITDA for the trailing twelve month period. Adjusted Earnings per Share is calculated by dividing Adjusted Net Income by the Weighted Average Number of Common Shares-Diluted. We believe providing these non-GAAP measures provides valuable supplemental information regarding our results of operations and leverage, consistent with how we evaluate our performance. In evaluating these non-GAAP financial measures, investors should be aware that in the future the Company may incur expenses or be involved in transactions that are the same as or similar to some of the adjustments in this presentation. The Company's presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. The Company has provided this information as a means to evaluate the results of its core operations. Other companies in the Company's industry may calculate these items differently than it does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and include Party City’s expectations regarding revenues, brand comparable sales, Adjusted EBITDA, Adjusted net income/loss, adjusted diluted earnings per share, average common shares outstanding and the effective tax rate. The forward-looking statements contained in this press release are based on management's good-faith belief and reasonable judgment based on current information, and these statements are qualified by important risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those forecasted or indicated by such forward-looking statements. These risks and uncertainties include: our ability to compete effectively in a competitive industry; fluctuations in commodity prices; our ability to appropriately respond to changing merchandise trends and consumer preferences; successful implementation of our store growth strategy; decreases in our Halloween sales; disruption to the transportation system or increases in transportation costs; product recalls or product liability; economic slowdown affecting consumer spending and general economic conditions; loss or actions of third party vendors and loss of the right to use licensed material; disruptions at our manufacturing facilities; and the additional risks and uncertainties set forth in “Risk Factors” in Party City’s latest Form 10-K and in subsequent reports filed with or furnished to the Securities and Exchange Commission. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, outlook, guidance, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward looking statements. Except as may be required by any applicable laws, Party City assumes no obligation to publicly update or revise such forward-looking statements, which are made as of the date hereof or the earlier date specified herein, whether as a result of new information, future developments or otherwise.
About Party City
Party City Holdco Inc. is the leading party goods company by revenue in North America and, we believe, the largest vertically integrated supplier of decorated party goods globally by revenue. The Company is a popular one-stop shopping destination for party supplies, balloons, and costumes. In addition to being a great retail brand, the Company is a global, world-class organization that combines state-of-the-art manufacturing and sourcing operations, and sophisticated wholesale operations complemented by a multi-channel retailing strategy and e-commerce retail operations. The Company is the leading player in its category, vertically integrated and unique in its breadth and depth. Party City Holdco designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Company’s retail operations include over 900 specialty retail party supply stores (including approximately 150 franchise stores) throughout North America operating under the names Party City and Halloween City, and e-commerce websites, principally through the domain name PartyCity.com .
PARTY CITY HOLDCO INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
March 31, December 31, 2018 2017 ASSETS Unaudited Current assets: Cash and cash equivalents
$ 54,831 $ 54,291 Accounts receivable, net 130,946 140,980 Inventories, net 620,703 604,066 Prepaid expenses and other current assets 78,298 77,816 Total current assets 884,778 877,153 Property, plant and equipment, net 302,435 301,141 Goodwill 1,628,928 1,619,253 Trade names 569,196 568,681 Other intangible assets, net 75,680 75,704 Other assets, net 11,879 12,824 Total assets $ 3,472,896 $ 3,454,756 LIABILITIES, REDEEMABLE SECURITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Loans and notes payable $ 349,601 $ 286,291 Accounts payable 129,681 160,994 Accrued expenses 167,078 176,609 Income taxes payable 39,163 45,568 Current portion of long-term obligations 12,931 13,059 Total current liabilities 698,454 682,521 Long-term obligations, excluding current portion 1,530,219 1,532,090 Deferred income tax liabilities 176,752 175,836 Deferred rent and other long-term liabilities 90,089 91,929 Total liabilities 2,495,514 2,482,376 Redeemable securities 3,590 3,590 Stockholders’ equity: Common stock (96,435,002 and 96,380,102 shares outstanding and 119,814,569 and 119,759,669 shares issued at March 31, 2018 and December 31, 2017, respectively) 1,198 1,198 Additional paid-in capital 918,205 917,192 Retained earnings 371,385 372,596 Accumulated other comprehensive loss (30,600 ) (35,818 ) Total Party City Holdco Inc. stockholders' equity before common stock held in treasury 1,260,188 1,255,168 Less: Common stock held in treasury, at cost (23,379,567 shares at March 31, 2018 and December 31, 2017) (286,733 ) (286,733 ) Total Party City Holdco Inc. stockholders' equity 973,455 968,435 Noncontrolling interests 337 355 Total stockholders’ equity 973,792 968,790 Total liabilities, redeemable securities and stockholders’ equity $ 3,472,896 $ 3,454,756 PARTY CITY HOLDCO INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except share and per share data, unaudited)
Three Months Ended March 31, 2018 2017 Revenues: Net sales $ 505,108 $ 473,963 Royalties and franchise fees 2,716 3,036 Total revenues 507,824 476,999 Expenses: Cost of sales 316,966 298,719 Wholesale selling expenses 18,787 15,627 Retail operating expenses 89,092 90,730 Franchise expenses 3,782 3,317 General and administrative expenses 48,665 48,137 Art and development costs 5,973 5,798 Development stage expenses 2,303 - Total expenses 485,568 462,328 Income from operations 22,256 14,671 Interest expense, net 23,275 20,692 Other expense, net 848 1,162 Loss before income taxes (1,867 ) (7,183 ) Income tax benefit (704 ) (2,500 ) Net loss (1,163 ) (4,683 ) Less: Net loss attributable to noncontrolling interests (30 ) - Net loss attributable to Party City Holdco Inc. ($1,133 ) ($4,683 ) Comprehensive income (loss) $ 4,067 ($1,475 ) Less: Comprehensive loss attributable to noncontrolling interests (18 ) - Comprehensive income (loss) attributable to Party City Holdco Inc. $ 4,085 ($1,475 ) Net loss per common share-Basic ($0.01 ) ($0.04 ) Net loss per common share-Diluted ($0.01 ) ($0.04 ) Weighted-average number of common shares-Basic 96,398,585 119,523,867 Weighted-average number of common shares-Diluted 96,398,585 119,523,867 PARTY CITY HOLDCO INC.
RECONCILIATION OF ADJUSTED EBITDA
(In thousands, unaudited)
Three Months Ended March 31, 2018 2017 Net loss ($1,163 ) ($4,683 ) Interest expense, net 23,275 20,692 Income taxes (704 ) (2,500 ) Depreciation and amortization 20,557 20,701 EBITDA $ 41,965 $ 34,210 Non-cash purchase accounting adjustments (556 ) 1,850 Restructuring, retention and severance (a)
2,611 7,814 Deferred rent (b)
368 363 Closed store expense (c)
1,812 1,367 Foreign currency gains, net (63 ) (537 ) Employee equity based compensation (d)
460 2,398 Non-employee equity based compensation (e)
261 - Undistributed (income) loss in unconsolidated joint ventures (211 ) 716 Corporate development expenses (f) 2,574 723 Non-recurring consulting costs (g) 4,750 - Refinancing charges (h) 1,146 - Other 31 218 Adjusted EBITDA $ 55,148 $ 49,122 Adjusted EBITDA margin 10.9 % 10.3 % (a) On March 15, 2017, the Company and its then Chairman of the Board of Directors, Gerald Rittenberg, entered into a Transition and Consulting Agreement under which Mr. Rittenberg’s employment as Executive Chairman of the Company terminated effective March 31, 2017. As a result of the agreement, the Company recorded a $4.5 million severance charge in general and administrative expenses during the first quarter of 2017. Additionally, during the three months ended March 31, 2017, the Company recorded a $3.3 million severance charge related to the restructuring of its Retail segment. See the 2017 Form 10-K for further discussion. The adjustment in the first quarter of 2018 principally relates to costs incurred while moving one of the Company’s domestic manufacturing facilities to a new location. (b) The deferred rent adjustment reflects the difference between accounting for rent and landlord incentives in accordance with GAAP and the Company’s actual cash outlay for such items. (c) Principally charges incurred related to closing underperforming stores. (d) Represents non-cash charges related to stock options. (e) Principally represents shares of Kazzam awarded to Ampology as compensation for Ampology’s services. See the 2017 Form 10-K for further discussion. (f) Primarily represents start-up costs for Kazzam (see the 2017 Form 10-K for further discussion) and third-party costs related to acquisitions (principally legal expenses). (g) Non-recurring consulting charges related to the Company’s retail operations. (h) During February 2018, the Company amended the Term Loan Credit Agreement. In conjunction with the amendment, the Company wrote-off $0.3 million of capitalized deferred financing costs, original issue discounts and call premiums. The amounts are included in “Refinancing charges” in the adjusted EBITDA table above and in “Amortization of deferred financing costs and original issuance discounts” in the Company's adjusted net income table (consistent with the presentation in the Company’s condensed consolidated statement of cash flows). Further, in conjunction with the amendment, the Company expensed $0.8 million of investment banking and legal fees. These amounts are included in “Refinancing charges” in the table above. PARTY CITY HOLDCO INC.
RECONCILIATION OF ADJUSTED NET INCOME
(In thousands, except share and per share data, unaudited)
Three Months Ended March 31, 2018 2017 Loss before income taxes ($1,867 ) ($7,183 ) Intangible asset amortization 3,663 3,713 Non-cash purchase accounting adjustments (705 ) 2,004 Amortization of deferred financing costs and original issuance discounts (a)
1,556 1,233 Restructuring, retention and severance (b)
- 7,814 Non-employee equity based compensation (c)
261 - Refinancing charges (a)
800 - Non-recurring consulting costs (d)
4,750 - Employee equity based compensation (e)
460 2,398 Adjusted income before income taxes 8,918 9,979 Adjusted income tax expense (f)
2,036 3,928 Adjusted net income $ 6,882 $ 6,051 Adjusted net income per common share - diluted $ 0.07 $ 0.05 Weighted-average number of common shares-diluted 97,650,385 120,862,319 (a) During February 2018, the Company amended the Term Loan Credit Agreement. In conjunction with the amendment, the Company wrote-off $0.3 million of capitalized deferred financing costs, original issue discounts and call premiums. The amounts are included in “Amortization of deferred financing costs and original issuance discounts” in the adjusted net income table above (consistent with the presentation in the Company’s condensed consolidated statement of cash flows included elsewhere in this Quarterly Report on Form 10-Q). Further, in conjunction with the amendment, the Company expensed $0.8 million of investment banking and legal fees. These amounts are included in “Refinancing charges” in the table above. (b) On March 15, 2017, the Company and its then Chairman of the Board of Directors, Gerald Rittenberg, entered into a Transition and Consulting Agreement under which Mr. Rittenberg’s employment as Executive Chairman of the Company terminated effective March 31, 2017. As a result of the agreement, the Company recorded a $4.5 million severance charge in general and administrative expenses during the first quarter of 2017. Additionally, during the three months ended March 31, 2017, the Company recorded a $3.3 million severance charge related to the restructuring of its Retail segment. See the 2017 Form 10-K for further discussion. (c) Principally represents shares of Kazzam awarded to Ampology as compensation for Ampology’s services. See the 2017 Form 10-K for further discussion. (d) Non-recurring consulting charges related to the Company’s retail operations. (e) Represents non-cash charges related to stock options. (f) Represents income tax expense/benefit after excluding the specific tax impacts for each of the pre-tax adjustments. The tax impacts for each of the adjustments were determined by applying to the pre-tax adjustments the effective income tax rates for the specific legal entities in which the adjustments were recorded. PARTY CITY HOLDCO INC.
RECONCILIATION OF 2018 OUTLOOK
(In millions, unaudited)
Full year 2018 Outlook Net income: $143 - $154 Intangible asset amortization, net of tax:
11
Non-recurring consulting costs, net of tax: 8 Amortization of deferred financing costs and original issuance discounts, net of tax:
4 Non-cash purchase accounting adjustments, net of tax:
3
Charges for stock options and performance stock units, net of tax: 3 Adjusted net income: $172 - $183 Net income: $143 - $154 Income taxes: 50 - 54 Interest expense, net: 98 - 95 Depreciation and amortization: 84 - 82 EBITDA: $375 - $385 Corporate development expenses: 11 - 12 Non-recurring consulting costs: 11 Equity based compensation: 5 Deferred rent: 4 - 5 Restructuring, retention and severance: 3 - 4 Non-cash purchase accounting adjustments: 3 - 4 Closed store expense: 3 - 4 Adjusted EBITDA: $415 - $430 PARTY CITY HOLDCO INC.
SEGMENT INFORMATION
(In thousands, except percentages, unaudited)
Three Months Ended March 31, 2018 2017 Dollars in
Percentage of
Dollars in
Percentage of
Total Revenues thousands
Total Revenues
thousands
Total Revenues
Net Sales: Wholesale $ 277,827 54.7 % $ 270,692 56.7 % Eliminations (136,295 ) (26.8 %) (135,998 ) (28.5 %) Net wholesale 141,532 27.9 % 134,694 28.2 % Retail 363,576 71.6 % 339,269 71.1 % Total net sales 505,108 99.5 % 473,963 99.4 % Royalties and franchise fees 2,716 0.5 % 3,036 0.6 % Total revenues $ 507,824 100.0 % $ 476,999 100.0 % Three Months Ended March 31, 2018 2017 Dollars in
Percentage of
Dollars in
Percentage of
Total Gross Profit thousands
Net Sales
thousands
Net Sales
Retail $ 146,835 40.4 % $ 132,581 39.1 % Wholesale 41,307 29.2 % 42,663 31.7 % Total $ 188,142 37.2 % $ 175,244 37.0 % PARTY CITY HOLDCO INC.
OPERATING METRICS
Three Months Ended March 31, LTM 2018 2017 2018 Store Count Corporate Stores: Beginning of period 803 750 784 New stores opened 3 2 17 Acquired 12 36 20 Closed (10 ) (4 ) (13 ) End of period 808 784 808 Franchise Stores: Beginning of period 148 184 146 New stores opened - - 3 Sold to Party City (12 ) (36 ) (12 ) Closed (2 ) (2 ) (3 ) End of period 134 146 134 Grand Total 942 930 942 Three Months Ended March 31, 2018 2017 Share of Shelf (a)
78.1 % 77.4 % Three Months Ended March 31, 2018 2017 Brand comparable sales (b) 2.4 % 1.7 % (a) Share of shelf represents the percentage of our retail product cost of sales supplied by our wholesale operations.
(b) Party City brand comparable sales include North American e-commerce sales.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005117/en/
ICR
Farah Soi and Rachel Schacter
203-682-8200
[email protected]
Source: Party City Holdco Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-party-city-announces-first-quarter-2018-financial-results.html |
May 10 (Reuters) - MyoKardia Inc:
* MYOKARDIA DOSES FIRST PATIENT IN PIONEER OPEN-LABEL EXTENSION STUDY OF MAVACAMTEN FOR SYMPTOMATIC, OBSTRUCTIVE HYPERTROPHIC CARDIOMYOPATHY Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-myokardia-doses-first-patient-in-p/brief-myokardia-doses-first-patient-in-pioneer-open-label-extension-study-of-mavacamten-idUSFWN1SH177 |
No one has suggested yet that the Trump withdrawal from Barack Obama’s nuclear-weapons deal will cause the sea level to rise, but we’re almost there. The chain reaction of post-withdrawal disasters cataloged by the global media includes the possibilities that Iran will race now toward building a nuclear weapon, that a war between Iran and Israel could engulf the Middle East, and that America has become “divided” from its allies.
Then it got worse. One week later, the U.S. moved its embassy in Israel to Jerusalem, creating... | ashraq/financial-news-articles | https://www.wsj.com/articles/americas-so-called-allies-1526511633 |
Sensys Gatso Group AB:
* GETS ORDER FROM AUSTRALIA WORTH SEK 9 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sensys-gatso-group-ab-gets-order-f/brief-sensys-gatso-group-ab-gets-order-from-australia-worth-sek-9-million-idUSFWN1S9099 |
May 24, 2018 / 11:48 PM / Updated 3 hours ago Google tries to ease tensions on eve of new EU privacy law Paresh Dave 4 Min Read
SAN FRANCISCO (Reuters) - Alphabet Inc’s Google sought to ease online publisher concerns on Thursday about the effects European data privacy rules going into effect in just a few hours will have on their ad business. FILE PHOTO: Silhouettes of laptop and mobile device users are seen next to a screen projection of Google logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration/File Photo
Under the General Data Protection Regulation (GDPR), the biggest overhaul of data privacy laws in over 20 years, organizations must have transparent justification for processing personal data, starting Friday.
The rules threaten fines of as much as 4 percent of company revenues for violations, although attorneys and European Union officials have cautioned there will be a grace period.
But that has not prevented an anxious scrambling this week as companies seek and interpret last-minute counsel from consultants, business partners and regulators.
Google officials, speaking on Thursday to 70 media and advertising firms at its New York City office and on a private telecast, described compliance efforts as a work in progress and said the company would release additional tools to assist publishers in June and August, according to a person with direct knowledge of the discussion.
Internet companies that track users online, whether for shopping, banking or other reasons, are set to face significant scrutiny.
The new rules require that they have specific justification, such as consent, for using personal information.
The worst case for Google and advertisers would be users refusing to allow sharing of their personal data. Some ads they encounter would no longer be personalized to their interests, and if clicked on less, could cut industry spending.
British attorney Gabriel Voisin, whose firm Bird & Bird revised 500 online privacy policies over the last two years to check their GDPR compliance, said on Wednesday that his team was still working overtime with 50 websites in “a flurry of last minute adjustments.”
Sovrn Inc, which has developed a permission-gathering tool that websites can use as part of GDPR compliance, said it had a flurry of clients for the service in the last week.
Though GDPR has been a decade in the works, many businesses began detailing their compliance efforts only in the last month. In the online advertising industry, which Google dominates through various services, the company’s interpretation has trickle-down effects for partners such as publishers and small advertising companies.
Google now requires that online publishers obtain consent and take on legal risk on its behalf to track users online, a move it made in response to the GDPR that has proved unpopular with publishers.
Some publisher associations, including the European Publishers Council, reiterated a demand this week that Google publicize its rationale. They are keen for regulators to pay attention.
Mobile app developers also expressed concern that Google software they will rely on to comply with its GDPR-linked consent policies was not released until this week, leaving them little time to work out kinks. Jonathan Hillebrand, who makes ad-supported travel and education apps, said by email that he had to develop his own tool for now because Google “came to the party late.”
Google has said its GDPR strategy is in line with guidance it has received from European authorities.
On Thursday, Google said it would potentially change some of its new GDPR-inspired policies if European authorities revise their instructions about what constitutes compliance, according to meeting documents seen by Reuters.
Dave Grimaldi, executive vice president at the Interactive Advertising Bureau trade body, said in a tweet that, though productive, the meeting “highlighted challenges of complying with a law when so little guidance is available.” Reporting by Paresh Dave, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://in.reuters.com/article/us-europe-privacy-alphabet/google-tries-to-ease-tensions-on-eve-of-new-eu-privacy-law-idINKCN1IP3WI |
May 1 (Reuters) - WARBA BANK:
* Q1 NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 2.9 MILLION DINARS VERSUS 1.4 MILLION DINARS YEAR AGO
* Q1 TOTAL OPERATING REVENUE 10.9 MILLION DINARS VERSUS 7.7 MILLION DINARS YEAR AGO Source: ( bit.ly/2rdhigC ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kuwaits-warba-bank-q1-profit-rises/brief-kuwaits-warba-bank-q1-profit-rises-idUSFWN1S71FW |
May 19, 2018 / 7:11 PM / Updated 25 minutes ago Trump Jr. met Gulf princes' emissary in 2016 who offered campaign help Reuters Staff 4 Min Read
WASHINGTON (Reuters) - Donald Trump Jr., the U.S. president’s eldest son, met in August 2016 with an envoy representing the crown princes of United Arab Emirates and Saudi Arabia. U.S. President Donald Trump's son, Donald Trump Jr. speaks during a campaign event for Republican congressional candidate Rick Saccone at the Blaine Hill Volunteer Fire dept. in Elizabeth Township, Pennsylvania, U.S. March 12, 2018. REUTERS/Brendan McDermid
The meeting was first reported by the New York Times on Saturday and confirmed by an attorney representing Trump Jr.
The meeting was a chance for the envoy to offer help to the Trump presidential campaign, according to The New York Times.
The newspaper said the meeting, held on Aug. 3, 2016, was arranged by Erik Prince, the founder and former head of private military contractor Blackwater, who attended the meeting. Joel Zamel, a co-founder of an Israeli consulting firm, was also in attendance.
Alan Futerfas, Trump Jr.’s attorney, said on Saturday that nothing came of the meeting.
“Prior to the 2016 election, Donald Trump Jr. recalls a meeting with Erik Prince, George Nader and another individual who may be Joel Zamel,” Futerfas said in an emailed statement. “They pitched Mr. Trump Jr. on a social media platform or marketing strategy. He was not interested and that was the end of it.”
A company connected to Zamel also worked on a proposal for a “covert multimillion-dollar online manipulation campaign” to help Trump, utilizing thousands of fake social media accounts, the New York Times report said.
The envoy, Lebanese-American businessman George Nader, told Trump, Jr. that the crown princes of Saudi Arabia and the UAE were eager to help his father win the 2016 presidential election, the paper said.
Since 1974, the United States has barred foreign nationals from giving money to political campaigns and it later barred them from donating to political parties. The campaign financing laws also prohibit foreign nationals from coordinating with a campaign and from buying an ad that explicitly calls for the election or defeat of a candidate.
The Saudi and UAE embassies in Washington did not immediately respond to requests for comment.
The Wall Street Journal last month reported that investigators working for U.S. Special Counsel Robert Mueller had met with Zamel, and that Mueller’s team was looking into his firm’s work and his relationship with Nader.
Mueller is investigating whether Russia meddled in the presidential election and if Moscow colluded with the Trump campaign, as well as whether Trump committed obstruction of justice by trying to thwart the U.S. Department of Justice probe.
Trump has denied any collusion with Russia and has called the Mueller investigation a “witch hunt.”
The New York Times report said the meetings are an indication that other countries besides Russia may have offered help to Trump’s presidential campaign. Mueller’s investigators have questioned witnesses in Washington, New York, Atlanta, Tel Aviv and elsewhere regarding possible foreign help to the campaign, the report said.
Peter Carr, a spokesman for Mueller’s team, declined to comment on the report.
Zamel’s attorney, Marc Mukasey, said in a statement to Reuters that his client “offered nothing to the Trump campaign, received nothing from the Trump campaign, delivered nothing to the Trump campaign and was not solicited by, or asked to do anything for, the Trump campaign.”
“Media reports about Mr. Zamel’s engaging in ‘social media manipulation’ are uninformed,” Mukasey added. “Mr. Zamel’s companies harvest publicly available information for lawful use.”
Kathryn Ruemmler, Nader’s lawyer, told the paper that her client “has fully cooperated with the U.S. special counsel’s investigation and will continue to do so.”
Erik Prince, who is also the brother of U.S. Education Secretary Betsy DeVos, could not be immediately reached for comment. Reporting by Yeganeh Torbati | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-election/trump-jr-met-gulf-princes-emissary-in-2016-who-offered-campaign-help-ny-times-idUKKCN1IK0S5 |
11:25 AM EDT
Early this morning, Elon Musk alluded to another ambitious project.
The Boring Company’s CEO revealed more about his startup’s plans. Though he didn’t explicitly say it, Musk hinted that he plans to combine the startup’s hyperloop technology with SpaceX’s rockets to create an ultra-fast transportation system. The system could potentially get people anywhere on earth in less than an hour.
Musk tweeted about hyperloop along with a link to SpaceX president and COO Gwynn Shotwell’s recent TED Talk. In it, she explained, “Basically, what we’re going to do is we’re going to fly BFR like an aircraft and do point-to-point travel on earth, so you can take off from New York City or Vancouver and fly halfway across the globe.” The system goes through space at a speed of 27,000 km/h , which drastically reduces flight time. Boring Company Hyperloop will take you from city center under ground & ocean to spaceport in 10 to 15 mins https://t.co/VhpfhgdXSd
— Elon Musk (@elonmusk) May 16, 2018
In other words, here’s what the partnership could entail: If Musk connects The Boring Company’s hyperloop system to the spaceport in order to reduce transit time, he could technically get people from any city center to the other side of the world in less than an hour. He later tweeted that he will be presenting and taking questions about The Boring Company’s plans for Los Angeles. It’s important to note that The Boring Company is already working on a network of tunnels in L.A. Will be presenting & taking questions about The Boring Company plans for Los Angeles at 7pm on Thursday
— Elon Musk (@elonmusk) May 16, 2018
Musk has also proposed building tunnels in Los Angeles, New York, Chicago, Baltimore, and Washington, D.C. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/16/elon-musk-boring-company-spacex/ |
Vodafone confirms $22bn deal for Liberty Global assets Deal includes operations in Germany, Hungary, Russia and Czech Republic By Stu Woo May 9, 2018 Updated: 8:56 a.m. GMT
Britain’s Vodafone Group has agreed to a nearly $23bn deal to buy operations in four European countries from John Malone’s Liberty Global, a merger that would create one of the continent’s biggest telecommunications carriers.
Liberty Global, the world’s biggest international cable company, will sell its businesses in Germany, Hungary, Romania and the Czech Republic to Vodafone, the world’s second-largest wireless carrier by subscribers behind China Mobile. ... To Read the Full Story Subscribe Sign In Filter by Topic | ashraq/financial-news-articles | https://www.wsj.com/articles/vodafone-confirms-deal-to-buy-some-of-liberty-globals-european-assets-for-nearly-23-billion-1525845601?mod=breakingnews |
The Los Angeles Rams would love to wear their iconic blue and yellow throwback uniforms more often, but the NFL apparently won’t allow it.
Sep 18, 2016; Los Angeles, CA, USA; Joe Rincon of Santa Fe Springs, CA. gets a photo with NFL former player Eric Dickerson before the game between the Seattle Seahawks and the Los Angeles Rams at the Los Angeles Memorial Coliseum. Mandatory Credit: Jayne Kamin-Oncea-USA TODAY Sports They currently wear the uniforms made famous during the Eric Dickerson era in Los Angeles twice per season, but asked to wear them for two additional games last season and were denied.
Rams COO Kevin Demoff says fans have expressed disappointment with their Navy blue jerseys and that the team has tried to communicate it to the league. The Rams most often wore a white and blue jersey and white pants with a navy blue stripe for home games last season, and the same jersey with blue pants on the road.
“We have spent the year educating them on our fan base,” Demoff said, per the Los Angeles Times. “We forwarded them all of the fan complaints, the emails we get, so I think they’re well aware of our fans’ preferences.”
Slideshow (2 Images) “It was always with the idea that we’d be able to revisit it during the offseason when there’s more time to plan,” Demoff said. “Hopefully, they recognize the challenge we have and appreciate the connection the fan base has to the blue and yellow. If we can avoid wearing our Navy jerseys next year, we will.”
Demoff said the team has begun the process of redesigned uniforms with Nike, with an eye toward 2019 or 2020. The team also expects to open its new stadium in Inglewood in 2020.
“As we do every offseason, we are working with Nike and a number of our clubs, this year including the Rams, on various issues and ideas around their uniforms,” an NFL spokesperson told the Times via email.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-lar-uniforms/rams-denied-bid-to-wear-throwback-uniforms-idUSKBN1IC1ZN |
Interest Rates Here's what drives the price of oil If you're not an oil analyst , the oil market may seem like a lot to keep up with. Most investors follow either West Texas Intermediate or Brent crude prices. Oil prices are influenced by three major factors: supply, demand and geopolitics 23 Hours Ago | 04:40
President Donald Trump recently made headlines for pulling out of the Iran nuclear deal. Speculation about what would happen to the oil market ensued. And one of the big things people wanted to know is if it will impact what they pay at the pump.
Gasoline prices did jump after Trump's announcement. But it's not just world affairs moving the oil markets.
If you're in the world of oil, monitoring the ebbs and flows of crude prices is second nature. Most investors follow either Brent crude or WTI . Brent crude refers to oil from certain oil fields in the North Sea in Northern Europe, and it's used as an international benchmark for oil prices. West Texas Intermediate (WTI) is one type of light crude that comes from the U.S. and serves as a domestic benchmark for U.S. oil prices.
If you're not an oil analyst, it may seem like a lot to keep up with. But regardless of which of those contracts you follow — the gist is the same for both.
Oil prices are influenced by three major factors: supply, demand and geopolitics. 1. Supply
Supply and demand has to do with how much oil is available.
Supply has historically been determined by countries that are part of OPEC . But now, the United States is playing a bigger role in supply thanks to booming production from American shale fields. So if major oil-producing countries are pumping out a lot of crude, the supply will be high.
Just look at what happened in 2014.
"Saudi Arabia made the decision that they were not going to cut back production, they were going to continue to produce at record high levels," said Tamar Essner, senior energy director at Nasdaq IR Solutions.
"At the same time, you had very robust output from the United States, and from other producers around the world."
Oil prices fell sharply as producers pumped more than the world could consume. OPEC was largely blamed for the free fall in oil prices because it refused to cut down its production. But OPEC said U.S. shale drillers were to blame for pumping too much, and should cut their production first.
In 1973, Arab members of OPEC put an embargo against the United States as a retaliatory measure for U.S. support of Israel during the Yom Kippur War. After the embargo, the oil supply in the U.S. was so scarce and the demand was so high, it drove the price of crude to the point that gas stations began rationing gasoline. BARBARA GINDL | AFP | Getty Images 2. Demand
Demand on the other hand is determined by how much need there is for oil at a given time. That need is often for things like heat, electricity and transportation. The more economic growth a region sees, the more demand there will be for oil.
"Economies around the world have picked up since the financial crisis, and growth has gotten stronger so people have been using more energy," Essner said.
And then there's the question of how the market will react to renewable energy.
"A lot of this will be impacted by public policy, but at the end of the day renewable can only displace hydrocarbons if it's economically feasible," Essner said.
"Right now, renewables are still more expensive than hydrocarbons, so consumers aren't going to voluntarily make the switch." 3. Geopolitics
Since supply is determined by the big oil-producing countries, tension with one of those nations can cause major problems. So if there's war or conflict in an oil-producing region, crude inventories could seem threatened, and that could ultimately alter the price of oil.
"Geopolitics has traditionally been a factor in the oil price," Essner said.
"Particularly when situations in the Middle East or other oil-rich regions of the world would flare up and there would be conflict, you would generally speaking see a little bit of an uptick in the price of oil as a result, just by virtue of the risk of supply being disrupted, or of means of transportation being disrupted, such as a canal or pipeline or workers going on protest, things like that."
Just think back to the Gulf War of 1991. Oil production fell, which caused prices to rise.
And in 2003, oil prices soared after the U.S. invaded Iraq. That Middle Eastern nation produces a lot of oil, and with instability in the region, people weren't immediately sure what would happen to the supply. Essam Al-Sudani | Reuters Men work for Iraqi Drilling Company at Rumaila oilfield in Basra, Iraq,
More recently, when Trump pulled out of the Iran nuclear deal and restored sanctions on Iranian oil exports, crude prices hit 3 ½-year highs.
"That's what makes the oil markets so fascinating, is that it's really a very interesting interplay of financial markets, the economy, and those are two very different things, the currency market, geopolitics and the environment," Essner said.
The energy industry is sure to evolve, and experts are watching to see what role oil will play in the future. But for now, the oil markets remain a powerful force in the world of economics, geopolitics and your commuting budget. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/what-drives-oil-prices.html |
May 23, 2018 / 10:50 AM / Updated 17 minutes ago French PM cancels Israel trip, cites diary reasons Reuters Staff 1 Min Read
PARIS (Reuters) - French Prime Minister Edouard Philippe has cancelled a planned trip to Israel, an official at his office said on Wednesday, adding that the reason was domestic policy matters to be tended to in the coming days. French Prime Minister Edouard Philippe leaves a press conference with Justice Minister Nicole Belloubet (not pictured) to present a proposed constitutional bill that the government aims to modernize the French democracy, at the Elysee Palace in Paris, France, May 9, 2018. Francois Mori/Pool via Reuters
Philippe had been planning to visit at the end of May. Reporting By Brian Love; editing by Luke Baker | ashraq/financial-news-articles | https://in.reuters.com/article/france-israel-pm/french-pm-cancels-israel-trip-cites-diary-reasons-idINKCN1IO1FM |
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