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First Quarter Financial Highlights
(in thousands) Q1 18
YTD Q1 17
YTD YOY
Growth Total Revenues $ 19,716 $ 19,151 3.0% Operating Income 364 101 260.4% Income Before Provision for Taxes 319 21 * Net Income 225 9 * EBITDA** 580 267 117.2% Adjusted EBITDA** 709 442 60.4% Pre-Corporate EBITDA** 1,046 788 32.7% *Not meaningful. **Non-GAAP measures referenced are detailed in the disclosures at the end of this release. DALLAS, May 11, 2018 (GLOBE NEWSWIRE) -- Wilhelmina International, Inc. (Nasdaq:WHLM) ("Wilhelmina" or the "Company") today reported revenues for the first quarter of 2018 ended March 31, 2018 of $19.7 million compared to $19.2 million for the first quarter of 2017. Net income for the first quarter of 2018 was $0.2 million, compared to $0.0 million in the first quarter of 2017. Net cash used by operating activities was $0.4 million in the first quarter of 2018, compared to net cash used by operations of $1.5 million in the first quarter of 2017. Pre-Corporate EBITDA was $1.0 million in the first quarter of 2018, compared to $0.8 million in the first quarter of 2017.
Mark Schwarz, Executive Chairman of Wilhelmina, said, “The first quarter of 2018 marked a return to revenue growth and the best pre-corporate EBITDA performance since the second quarter of 2016. We experienced notable strength in our Los Angeles and London markets and see building momentum in Aperture, our full-service talent agency that was launched in the fourth quarter of 2016.”
William Wackermann, Chief Executive Officer of Wilhelmina, said, “Wilhelmina’s business performed well during the first quarter, as we grew revenue, margins, income, and all three EBITDA metrics compared to the same period last year. Our results showed improvement across our core modeling boards. Wilhelmina’s strategy is delivering results and we have established a good foundation for the remainder of the year.”
Financial Results
Net income was $225 thousand for the three months ended March 31, 2018 or $0.04 per fully diluted share, compared to net income of $0.0 million, or $0.00 per fully diluted share, for the three months ended March 31, 2017. Pre-Corporate EBITDA was $1.0 million and $0.8 million for the three months ended March 31, 2018 and 2017, respectively.
The following table reconciles reported net income under generally accepted accounting principles to EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA for the three months ended March 31, 2018 and 2017.
(in thousands) Three months ended
March 31, 2018 2017 Net income $ 225 $ 9 Interest expense 25 29 Income tax expense 94 12 Amortization and depreciation 236 217 EBITDA $ 580 $ 267 Foreign exchange (gain) loss 20 22 Loss from unconsolidated affiliate - 29 Share-based payment expense 109 124 Adjusted EBITDA $ 709 $ 442 Corporate overhead 337 346 Pre-Corporate EBITDA $ 1,046 $ 788 Non-GAAP measures referenced are detailed in the disclosures at the end of this release Changes in net income, EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA for the three months ended March 31, 2018, when compared to the three months ended March 31, 2017, were primarily the result of the following:
Revenues net of model costs increased by 7.7% primarily due to an increase in core model bookings during the first three months of 2018;
Salaries and service costs decreased by 2.1% for the three months ended in March 31, 2018 primarily due to changes in personnel to better align the number of employees at each Wilhelmina office with the needs of each geographic region, as well as a reduction in share based payment expense and more effective management of travel and entertainment expenses;
Office and general expenses increased by 19.6% for the first three months of 2018 primarily due to increased legal expenses;
Amortization and depreciation expense increased by 8.8% for the three months ended March 31, 2018, primarily due to new equipment being placed in service in recent months, which will be depreciated going forward;
Corporate overhead expenses decreased 2.6% for the three months ended March 31, 2018, primarily due to lower corporate travel costs;
The absence of loss from unconsolidated subsidiary for the three months ended March 31, 2018; and
A reduction of the effective tax rate to 29.5% for the first quarter of 2018 compared to 57.1% for the same period of the prior year due to the reduction in the U.S. statutory tax rate, resulting from the U.S. Tax Cuts and Jobs Act.
Wilhelmina’s stock repurchase program enables it to repurchase up to an aggregate of 1,500,000 shares of common stock. The shares may be repurchased from time to time in the open market or through privately negotiated transactions at prices deemed appropriate. During the three months of 2018, 5,628 shares were repurchased under the stock repurchase program. Since inception, 1,095,998 shares have been repurchased. As of March 31, 2018, an additional 404,012 shares may yet be purchased under the Company’s stock repurchase program
WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited) March 31,
2018 December 31 ,
2017 ASSETS Current assets: Cash and cash equivalents $ 3,564 $ 4,256 Accounts receivable, net of allowance for doubtful accounts of $2,209 and $2,171, respectively 15,141 13,627 Prepaid expenses and other current assets 243 180 Total current assets 18,948 18,063 Property and equipment, net of accumulated depreciation of $2,566 and $2,349, respectively 2,984 3,039 Trademarks and trade names with indefinite lives 8,467 8,467 Other intangibles with finite lives, net of accumulated amortization of $8,628 and $8,609, respectively 109 128 Goodwill 13,192 13,192 Other assets 132 137 TOTAL ASSETS $ 43,832 $ 43,026 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 4,146 $ 3,985 Due to models 10,612 10,190 Term loan - current 530 524 Total current liabilities 15,288 14,699 Long term liabilities: Deferred income tax liability 532 521 Term loan - non-current 1,488 1,623 Total long-term liabilities 2,020 2,144 Total liabilities 17,308 16,843 Shareholders’ equity: Common stock, $0.01 par value, 9,00,000 shares authorized; 6,472,038 shares issued at March 31, 2018 and December 31, 2017 65 65 Treasury stock, 1,095,998 and 1,090,370 at March 31, 2018 and December 31, 2017, at cost (4,929 ) (4,893 ) Additional paid-in capital 88,001 87,892 Accumulated deficit (56,660 ) (56,885 ) Accumulated other comprehensive loss 47 4 Total shareholders’ equity 26,524 26,183 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 43,832 $ 43,026
WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
For the Three Months Ended March 31, 2018 and 2017
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31, 2018 2017 Revenues: Service revenues $ 19,702 $ 19,123 License fees and other income 14 28 Total revenues 19,716 19,151 Model costs 13,842 13,699 Revenues net of model costs 5,874 5,452 Operating expenses: Salaries and service costs 3,559 3,636 Office and general expenses 1,378 1,152 Amortization and depreciation 236 217 Corporate overhead 337 346 Total operating expenses 5,510 5,351 Operating income 364 101 Other income (expense): Foreign exchange loss (20 ) (22 ) Interest expense (25 ) (29 ) Loss from unconsolidated affiliate - (29 ) Total other expense (45 ) (80 ) Income before provision for income taxes 319 21 Provision for income taxes: (expense) benefit: Current (84 ) (60 ) Deferred (10 ) 48 Income tax expense (94 ) (12 ) Net income $ 225 $ 9 Other comprehensive income: Foreign currency translation income 43 45 Total comprehensive income $ 268 $ 54 Basic income per common share $ 0.04 $ 0.00 Diluted income per common share $ 0.04 $ 0.00 Weighted average common shares outstanding-basic 5,381 5,382 Weighted average common shares outstanding-diluted 5,402 5,399
WILHELMINA INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
For the Three Months Ended March 31, 2018 and 2017
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2018 2017 Cash flows from operating activities: Net income: $ 225 $ 9 Adjustments to reconcile net income to net cash used in operating activities: Amortization and depreciation 236 217 Share based payment expense 109 124 Deferred income taxes 11 (46 ) Bad debt expense 45 38 Changes in operating assets and liabilities: Accounts receivable (1,559 ) (1,576 ) Prepaid expenses and other current assets (63 ) 500 Other assets 5 39 Due to models 422 413 Accounts payable and accrued liabilities 161 (1,079 ) Contingent liability to seller - (97 ) Net cash used by operating activities (408 ) (1,458 ) Cash flows from investing activities: Purchases of property and equipment (162 ) (254 ) Net cash used in investing activities (162 ) (254 ) Cash flows from financing activities: Purchases of treasury stock (36 ) - Repayment of term loan (129 ) (124 ) Net cash used in financing activities (165 ) (124 ) Foreign currency effect on cash flows: 43 45 Net change in cash and cash equivalents: (692 ) (1,791 ) Cash and cash equivalents, beginning of period 4,256 5,688 Cash and cash equivalents, end of period $ 3,564 $ 3,897 Supplemental disclosures of cash flow information: Cash paid for interest $ 24 $ 29 Cash refund of income taxes $ 10 $ 69 Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA represent measures of financial performance that are not calculated and presented in accordance with U.S. generally accepted accounting principles (“non-GAAP financial measures”). The Company considers EBITDA, Adjusted EBITDA and Pre-Corporate EBITDA to be important measures of performance because they:
are key operating metrics of the Company's business; are used by management in its planning and budgeting processes and to monitor and evaluate its financial and operating results; and provide stockholders and potential investors with a means to evaluate the Company's financial and operating results against other companies within the Company's industry.
The Company's calculation of non-GAAP financial measures may not be consistent with similar calculations by other companies in the Company's industry. The Company calculates EBITDA as net income plus interest expense, income tax expense, and depreciation and amortization expense. The Company calculates “Adjusted EBITDA” as EBITDA plus foreign exchange gain/loss plus gain/loss from unconsolidated affiliate plus share-based payment expense and certain significant non-recurring items that the Company may include from time to time. The Company calculates “Pre-Corporate EBITDA” as Adjusted EBITDA plus corporate overhead expense, which includes director compensation, SEC compliance costs, audit and professional fees, and other public company costs.
Non-GAAP financial measures should not be considered as alternatives to net and operating income as an indicator of the Company's operating performance or cash flows from operating activities as a measure of liquidity or any other measure of performance derived in accordance with generally accepted accounting principles.
Form 10-Q Filing
Additional information concerning the Company's results of operations and financial position is included in the Company's Form 10-Q for the quarter ended March 31, 2018 filed with the Securities and Exchange Commission on May 11, 2018.
Forward-Looking Statements
This press release contains certain “forward-looking” statements as such term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company are based on the beliefs of the Company’s management as well as information currently available to the Company’s management. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar import, as they relate to the Company or Company management, are intended to identify forward-looking statements. Such forward-looking statements include, in particular, projections about the Company’s future results, statements about its plans, strategies, business prospects, changes and trends in its business and the markets in which it operates. Additionally, statements concerning future matters such as gross billing levels, revenue levels, expense levels, and other statements regarding matters that are not historical are forward-looking statements. Management cautions that these forward-looking statements relate to future events or the Company’s future financial performance and are subject to business, economic, and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance, or achievements of its business or its industry to be materially different from those expressed or implied by any forward-looking statements. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company does not undertake any obligation to publicly update these forward-looking statements. As a result, no person should not place undue reliance on these forward-looking statements.
About Wilhelmina International, Inc. ( www.wilhelmina.com ):
Wilhelmina, and its other subsidiaries, is an international full-service fashion model and talent management service, specializing in the representation and management of leading models, celebrities, artists, photographers, athletes, and content creators. Established in 1967 by fashion model Wilhelmina Cooper, Wilhelmina is one of the oldest and largest fashion model management companies in the world. Wilhelmina is publicly traded on Nasdaq under the symbol WHLM. Wilhelmina is headquartered in New York and, since its founding, has grown to include operations in Los Angeles, Miami, London and Chicago. Wilhelmina also owns Aperture, a talent and commercial agency located in New York and Los Angeles. For more information, please visit www.wilhelmina.com and follow @WilhelminaModels.
CONTACT: Investor Relations
Wilhelmina International, Inc.
214-661-7488
[email protected]
Source:Wilhelmina International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-wilhelmina-international-inc-reports-earnings-for-first-quarter-2018.html |
HONG KONG, May 30, 2018 /PRNewswire/ -- HKBN Group ("HKBN" or the "Group") announced today that it has acquired I Consulting Group Limited ("ICG"), a Managed Service Provider ("MSP") in cloud-powered solutions, for a total consideration of up to HK$200 million.
Leveraging ICG's profound expertise in cloud technology, this acquisition strengthens HKBN's versatility and competitiveness to help enterprise customers build success with complete end-to-end services that range from network infrastructure and system integration to the future of cloud technology. Central to this transaction is that Andy Lau remains as ICG Chairman and Eric Leung takes on the role of ICG CEO, as to lead the integration into HKBN.
Together, HKBN and ICG foresee a tidal wave of datacenter openings in Hong Kong by global cloud providers including the announced opening of Amazon Web Services ("AWS") Hong Kong Region in 2018. With the full support and backing of HKBN, ICG is expected to become a stronger reseller and MSP of AWS and other cloud services such as VMWare, Microsoft Azure, Alibaba Cloud, Cisco, Druva and Pure Storage. As more and more enterprises accelerate their adoption of cloud and digital transformation, ICG is uniquely positioned to help customers maximise the opportunities for strong business growth. ICG's list of clients includes many of Hong Kong and Macau's large enterprises.
Founded in 2003, ICG has undergone accelerated growth over the past 5 years to become one of Hong Kong's leading multi-cloud system integrators, as well as the only Hong Kong headquartered MSP recognised in the latest Gartner's Asia/Pacific Context: 'Magic Quadrant for Public Cloud Infrastructure MSPs, Worldwide'. At the heart of its flourishing business, the ICG team comprises some of the region's top professional experts on cloud architecture and strategy. ICG is a key go-to-market partner of AWS and Certified AWS Advanced Consulting Partner, and was nominated the World's Top 50 Amazon MSPs by CHANNELe2e.
HKBN Enterprise Solutions Limited COO Billy Yeung and HKBN Group COO NiQ Lai said, "This transaction is a win-win-win for HKBN, ICG and our combined customer base. As a result, we can now offer complete end-to-end solutions which include system integration and network infrastructure to help empower our customers with the services and expertise they need for success. Due to our combination synergies, we expect this acquisition to be Adjusted Available Cash per Share for Distribution accretive to our Co-Ownership III target over FY18-20. "
ICG Chairman Andy Lau said, "We believe that the biggest winners to arise from the launch of AWS, VMWare, Azure and Alibaba Cloud data centers in Hong Kong is the Financial Services Industry ("FSI") as they can now address compliance requirements concerning data storage within Hong Kong which had limited their move to the cloud up to now. On top of helping customers from all sectors navigate and optimise their cloud-powered transition, ICG will focus on providing its cloud adoption advisory services and various solutions especially security to the FSI as well as to HKBN's over 55,000 existing corporate customers."
ICG CEO Eric Leung added, "We are honored to become Co-Owners of HKBN. We are attracted by the elite sports team culture of HKBN and excited to lead ICG to be a best-in-class multi-cloud trusted adviser in Hong Kong and Macau."
To learn more about HKBN Enterprise Solutions, please visit www.hkbnes.net/en .
To learn more about ICG, please visit www.i-cg.com .
About HKBN Group
HKBN Group is Hong Kong's largest provider of residential high speed fibre broadband (symmetrical 100Mbps to 1,000Mbps) services by number of subscriptions, and a fast growing enterprise solutions provider. The Group offers a full range of telecommunications solutions for both the residential and enterprise markets, encompassing broadband and Wi-Fi network services, cloud solutions, data connectivity, data facilities, system integration, mobile services, entertainment and voice communications. HKBN owns an extensive fibre network in Hong Kong, which covers over 2.2 million residential homes passed, representing approximately 81% of Hong Kong's total residential units, and more than 2,300 commercial buildings. HKBN embraces "Make our Hong Kong a Better Place to Live" as its core purpose, and takes great pride in developing its Talents into a competitive advantage. The Group is managed by over 300 Co-Owners who have invested their own savings to buy shares of HKBN Ltd., representing the majority of supervisory and management level Talents in the Group. HKBN Group is part of HKBN Ltd. (SEHK Stock Code: 1310).
About ICG
ICG aims at linking IT to your business success. As a leading Multi-Cloud Trusted Advisor and the qualified Next-Generation Cloud MSP, ICG accelerates cloud and digital transformation for enterprises across APAC. With numerous successful cloud use cases, enterprises entrusted ICG to deliver the best IT solution through its expertise in cloud assessment, architecture, deployment, management and cost optimization. ICG is an HKBN Group company.
ICG is nominated the World's Top 50 Amazon MSPs by CHANNELe2e and the only Hong Kong headquartered MSP recognized in the latest Gartner's Asia/Pacific Context: 'Magic Quadrant for Public Cloud Infrastructure MSPs, Worldwide'.
For additional information, please refer to www.i-cg.com .
For service enquiries, please contact Koey Wong, tel +852-3916-8911, email [email protected] or the ICG web inquiry form www.i-cg.com/contact-us/ .
https://reg.hkbn.net/WwwCMS/upload/web/en/images/HKBN_20180530_Photo_1.jpg
As one elite team, (from left to right) NiQ Lai (Co-Owner and Group COO, HKBN), Eric Leung (CEO, ICG), Andy Lau (Chairman, ICG), William Yeung (Co-Owner and CEO, HKBN) and Billy Yeung (Co-Owner & COO of HKBN Enterprise Solutions Limited) are ready to take on all competitors.
https://reg.hkbn.net/WwwCMS/upload/web/en/images/HKBN_20180530_Photo_2.jpg
The full ICG team and HKBN management flash a thumbs up to bring more innovation and value for enterprise customers.
https://reg.hkbn.net/WwwCMS/upload/web/en/images/HKBN_20180530_Photo_3.jpg
(From left to right) Andrew Wong (Co-Owner and CFO, HKBN), Eric Leung, Andy Lau, NiQ Lai, Billy Yeung celebrate the signing of the sales & purchase agreement between HKBN and ICG.
Logo - https://photos.prnasia.com/prnh/20180516/2135073-1LOGO
Logo - https://photos.prnasia.com/prnh/20180530/2146388-1LOGO
View original content: http://www.prnewswire.com/news-releases/hkbn-acquires-icg-to-form-cloud-system-integration-powerhouse-300656324.html
SOURCE HKBN Group; ICG | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-hkbn-acquires-icg-to-form-cloud-system-integration-powerhouse.html |
CLEVELAND--(BUSINESS WIRE)-- SIFCO Industries, Inc. (NYSE American: SIF) today announced financial results for its second quarter of fiscal 2018, which ended March 31, 2018.
Second Quarter 2018 Highlights
Total debt was reduced by $3.0 million. Backlog as of March 31, 2018 was $99.8 million. Our delivery requirements for the balance of the fiscal year total $64.3 million. Overall backlog is the highest of the previous three years. Significant sequential quarter-over-quarter improvement in pre-tax results after one-time non-GAAP measures are considered. See "Use of Non-GAAP Financial Measures" section and "Supplemental Data" section within release for important information regarding these measures.
CEO Peter W. Knapper stated, "Our focus continues to be on delivering quality products, on time to our customers and growing our company. The Aerospace market was strong for the quarter while we were unfavorably impacted by the softness in our served Energy market. Accounting for one-time items, we see our rationalization efforts discussed previously demonstrate significant improvement quarter over quarter. Our cash management performed well, reducing debt by $3.0 million in the quarter."
Results for the Second Quarter
Net sales in the second quarter of fiscal 2018 decreased 11.2% to $27.8 million, compared with $31.3 million in the second quarter of fiscal 2017. Net loss for the second quarter of fiscal 2018 was $2.0 million, or ($0.37) per diluted share, compared with a loss of $1.7 million or ($0.30) per diluted share, in the second quarter of fiscal 2017. EBITDA was $0.5 million in the second quarter of fiscal 2018 compared with $1.2 million in the second quarter of fiscal 2017. Adjusted EBITDA in the second quarter of fiscal 2018 was $0.5 million compared with Adjusted EBITDA of $2.4 million in the second quarter of fiscal 2017.
Results for the Year to Date
Net sales in the first six months of fiscal 2018 decreased 17.1% to $52.0 million, compared with $62.8 million in fiscal 2017. Net loss for the first six months of fiscal 2018 was $2.9 million, or $(0.53) per diluted share, compared with net loss of $4.3 million, or $(0.78) per diluted share, in the first six months of fiscal 2017. EBITDA was $2.0 million in the first six months of fiscal 2018 compared with $2.1 million in the first six months of fiscal 2017. Adjusted EBITDA in the first six months of fiscal 2018 was $0.4 million with Adjusted EBITDA of $4.4 million in the first six months of fiscal 2017.
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP measures in this release. EBITDA, Adjusted EBITDA and the presentation of measures adjusted for certain items that we do not consider part of on-going operations are non-GAAP financial measures and are intended to serve as supplements to results provided in accordance with accounting principles generally accepted in the United States. Items excluded in the presentation of the non-GAAP financials are discussed in the "Supplemental Data" of this filing. SIFCO Industries, Inc. believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available under "Non-GAAP Financial Measures" in this news release.
Forward-Looking Language
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities (including backlog), and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings.
The Company's Form 10-K for the year ended September 30, 2017 can be accessed through its website: www.sifco.com , or on the Securities and Exchange Commission's website: www.sec.gov .
SIFCO Industries, Inc. is engaged in the production of forgings and machined components primarily for the aerospace and energy markets. The processes and services include forging, heat-treating, coating, and machining.
SIFCO Industries, Inc.
Second Quarter Ended March 31,
(Amounts in thousands, except per share data)
Three Months Ended Six Months Ended March 31, March 31, 2018 2017 2018 2017 Net sales $ 27,794 $ 31,302 $ 52,044 $ 62,776 Cost of goods sold 25,265 27,643 47,487 54,948 Gross profit 2,529 3,659 4,557 7,828 Selling, general and administrative expenses 3,861 4,396 7,933 9,699 Amortization of intangible assets 433 573 858 1,165 Gain on disposal of operating assets (29 ) — (1,429 ) (6 ) Operating loss (1,736 ) (1,310 ) (2,805 ) (3,030 ) Interest income (14 ) (16 ) (29 ) (30 ) Interest expense 436 541 886 1,219 Foreign currency exchange (gain) loss, net (43 ) 12 (80 ) 17 Other income, net (80 ) (107 ) (396 ) (214 ) Loss from operations before income tax expense (benefit) (2,035 ) (1,740 ) (3,186 ) (4,022 ) Income tax expense (benefit) 3 (83 ) (237 ) 244 Net loss $ (2,038 ) $ (1,657 ) $ (2,949 ) $ (4,266 ) Net loss per share Basic $ (0.37 ) $ (0.30 ) $ (0.53 ) $ (0.78 ) Diluted $ (0.37 ) $ (0.30 ) $ (0.53 ) $ (0.78 ) Weighted-average number of common shares (basic) 5,535 5,479 5,519 5,473 Weighted-average number of common shares (diluted) 5,535 5,479 5,519 5,473 SIFCO Industries, Inc.
Second Quarter Ended Fiscal 2018, (Amounts in thousands, except per share data)
March 31,
September 30, 2018
2017 (unaudited) ASSETS
Current assets: Cash and cash equivalents $ 885 $ 1,399 Receivables, net of allowance for doubtful accounts of $488 and $330, respectively 26,211 25,894 Inventories, net 18,874 20,381 Refundable income taxes 99 292 Prepaid expenses and other current assets 2,016 1,644 Assets held for sale 1,027 2,524 Total current assets 49,112 52,134 Property, plant and equipment, net 37,894 39,508 Intangible assets, net 6,075 6,814 Goodwill 12,544 12,170 Other assets 175 261 Total assets $ 105,800 $ 110,887 LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Current maturities of long-term debt $ 7,463 $ 7,560 Revolving credit agreement 16,807 18,557 Accounts payable 13,225 12,817 Accrued liabilities 7,095 6,791 Total current liabilities 44,590 45,725 Long-term debt, net of current maturities 4,048 5,151 Deferred income taxes 2,478 3,266 Pension liability 5,972 6,184 Other long-term liabilities 117 430 Shareholders’ equity: Serial preferred shares, no par value, authorized 1,000 shares — — Common shares, par value $1 per share, authorized 10,000 shares; issued and outstanding shares –5,691 at March 31, 2018 and 5,596 at September 30, 2017 5,691 5,596 Additional paid-in capital 9,664 9,519 Retained earnings 41,318 44,267 Accumulated other comprehensive loss (8,078 ) (9,251 ) Total shareholders’ equity 48,595 50,131 Total liabilities and shareholders’ equity $ 105,800 $ 110,887 Non-GAAP Financial Measures
Presented below is certain financial information based on the Company's EBITDA and Adjusted EBITDA. References to “EBITDA” mean earnings (losses) from continuing operations before interest, taxes, depreciation and amortization, and references to “Adjusted EBITDA” mean EBITDA plus, as applicable for each relevant period, certain adjustments as set forth in the reconciliations of net income to EBITDA and Adjusted EBITDA.
Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under generally accepted accounting principles in the United States of America (“GAAP”). The Company presents EBITDA and Adjusted EBITDA because it believes that they are useful indicators for evaluating operating performance and liquidity, including the Company’s ability to incur and service debt and it uses EBITDA to evaluate prospective acquisitions. Although the Company uses EBITDA and Adjusted EBITDA for the reasons noted above, the use of these non-GAAP financial measures as analytical tools has limitations. Therefore, reviewers of the Company’s financial information should not consider them in isolation, or as a substitute for analysis of the Company's results of operations as reported in accordance with GAAP. Some of these limitations include:
Neither EBITDA nor Adjusted EBITDA reflects the interest expense, or the cash requirements necessary to service interest payments on indebtedness; Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and neither EBITDA nor Adjusted EBITDA reflects any cash requirements for such replacements; The omission of the substantial amortization expense associated with the Company’s intangible assets further limits the usefulness of EBITDA and Adjusted EBITDA; and Neither EBITDA nor Adjusted EBITDA includes the payment of taxes, which is a necessary element of operations.
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to the Company to invest in the growth of its businesses. Management compensates for these limitations by not viewing EBITDA or Adjusted EBITDA in isolation and specifically by using other GAAP measures, such as net income (loss), net sales, and operating income (loss), to measure operating performance. Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under GAAP, and neither should be considered as an alternative to net loss or cash flow from operations determined in accordance with GAAP. The Company’s calculation of EBITDA and Adjusted EBITDA may not be comparable to the calculation of similarly titled measures reported by other companies.
The following table sets forth a reconciliation of net income to EBITDA and Adjusted EBITDA:
Dollars in thousands Three Months Ended Six Months Ended March 31, March 31, 2018 2017 2018 2017 Net loss $ (2,038 ) $ (1,657 ) $ (2,949 ) $ (4,266 ) Adjustments: Depreciation and amortization expense 2,128 2,424 4,319 4,939 Interest expense, net 422 525 857 1,189 Income tax expense (benefit) 3 (83 ) (237 ) 244 EBITDA 515 1,209 1,990 2,106 Adjustments: Foreign currency exchange (gain) loss, net (1) (43 ) 12 (80 ) 17 Other income, net (2) (80 ) (107 ) (396 ) (214 ) Gain on disposal of operating assets (3) (29 ) — (1,429 ) (6 ) Equity compensation (4) 47 187 242 345 LIFO impact (5) 63 118 115 225 Orange expansion (6) — 931 — 1,883 Adjusted EBITDA $ 473 $ 2,350 $ 442 $ 4,356 (1) Represents the gain or loss from changes in the exchange rates between the functional currency and the foreign currency in which the transaction is denominated. (2) Represents miscellaneous non-operating income or expense, primarily rental income from the Company's Irish subsidiary and in the three and six months ended March 31, 2018, grant income was realized as it relates to the Company's Irish subsidiary. (3) Represents the difference between the proceeds from the sale of operating equipment and sale of the Ireland building and the carrying value shown on the Company’s books. (4) Represents the equity-based compensation benefit and expense recognized by the Company under its 2016 Long-Term Incentive Plan due to granting of awards, awards not vesting and/or forfeitures. (5) Represents the increase in the reserve for inventories for which cost is determined using the last-in, first-out (“LIFO”) method. (6) Represents costs related to expansion of one of the plant locations that are required to be expensed as incurred. Supplemental Data
Significant items impacting quarter-over-quarter comparability for fiscal 2018 are presented below.
(Amounts in thousands)
Three Months Ended Three Months Ended December 31, March 31, One- 2017 % of One- 2018 % of 2017 time (1) Adjusted Sales 2018 time (2) Adjusted Sales Net sales $ 24,251 $ — $ 24,251 100.0 % $ 27,794 $ — $ 27,794 100.0 % Cost of goods sold 22,222 — 22,222 91.6 % 25,265 (607 ) 24,658 88.7 % Gross profit 2,029 — 2,029 8.4 % 2,529 607 3,136 11.3 % Selling, general and administrative expenses 4,072 — 4,072 3,861 (170 ) 3,691 Amortization of intangible assets 425 — 425 433 — 433 Gain on disposal of operating assets (1,400 ) 1,520 120 (29 ) 25 (4 ) Operating loss (1,068 ) (1,520 ) (2,588 ) (10.7 )% (1,736 ) 752 (984 ) (3.5 )% Interest income (9 ) — (9 ) (14 ) — (14 ) Interest expense 444 — 444 436 — 436 Foreign currency exchange (gain) loss, net (36 ) — (36 ) (43 ) — (43 ) Other income, net (316 ) — (316 ) (80 ) — (80 ) Loss from operations before income tax expense (benefit) $ (1,151 ) $ (1,520 ) $ (2,671 ) (11.0 )% $ (2,035 ) $ 752 $ (1,283 ) (4.6 )% 1. In December 2017, the Company sold its Ireland building which approximated $1.5 million in gains included in the first quarter 2018, which impacted comparability of our reported results. 2. At March 31, 2018, non-cash adjustments for the write-down of $0.6 million inventory remaining at the now-closed Alliance, Ohio facility and full reserve of $0.2 million of a note receivable from a former customer.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005877/en/
SIFCO Industries, Inc.
Thomas R. Kubera, 216-881-8600
www.sifco.com
Source: SIFCO Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-sifco-industries-inc-asifcoa-announces-second-quarter-fiscal-2018-financial-results.html |
May 21, 2018 / 10:51 AM / Updated 10 hours ago Pubs in Delhi ordered to stop playing recorded music Aditya Kalra 3 Min Read
NEW DELHI (Reuters) - On any night at pubs and restaurant-bars in Delhi, a mostly cool and hip crowd sip their favourite cocktails and shake a leg to blaring music. People dance at a bar in New Delhi, June 23, 2017. REUTERS/Adnan Abidi/Files
That’s likely to stop.
The Delhi government has ordered all such establishments in the city to follow an old rule that only permits live music performances and not the playing of recorded music or use of professional disc jockeys who spin popular Bollywood tracks.
The government said it was enforcing the rule after receiving complaints from local residents about the nuisance caused by such bars, according to an order issued last week that only gained public attention on Monday.
The move is likely to lead to a tussle between the local government and more than 1,000 bars, worried about their survival.
A senior member of the National Restaurant Association of India (NRAI) called on the city authorities to withdraw an order he said was “bizarre” and “regressive”.
“We’ll become a laughing stock for the world,” said the frustrated NRAI official, who declined to be named. “The government is citing this obtuse fine print in law, it will affect tourism and quality of life.”
The customers are not happy either.
“Music is a huge part of how you unwind, you are taking away that space,” said R. Kumar, a New Delhi-based communications professional and a frequent partygoer. IRRITANT FOR RESIDENTS
The pub scene in India’s capital has evolved over the years.
Hundreds of small and large pubs have mushroomed across the city to tap youngsters for whom music, alcohol and global cuisines have become an integral part of entertainment.
But late-night loud music at pubs - many of them located close to residential areas in the metropolis of more than 20 million people - has become an irritant for those living near.
Praveen Mishra, a senior official who signed off on the Delhi state’s order, said the government was only enforcing an old rule governing pubs.
The pubs are “permitted only to have live singing/playing of instruments by professionals” within their premises, Mishra said in his order last week. “Violations of these rules shall lead to strict action as per law.”
It is unclear how the government will regulate the sound from live performances, which are now likely to increase in number. The Times of India newspaper quoted a Delhi official saying the rules were “silent” on whether professionals should sing with or without a mike, and what the volume should be. Reporting by Aditya Kalra; Editing by Martin Howell | ashraq/financial-news-articles | https://in.reuters.com/article/india-pubs-delhi/pubs-in-delhi-ordered-to-stop-playing-recorded-music-idINKCN1IM0YY |
By Valentina Zarya 7:45 AM EDT Good morning, Broadsheet readers! Women are winning more state primaries and delivering more graduation speeches than ever. Plus: A brief rundown of Mother’s Day. Have a motivating Monday.
EVERYONE'S TALKING
• Celebrating moms. Hopefully, you all remembered to wish the maternal figure in your life a happy Mother’s Day. But aside from Hallmark cards and flowers, what is the holiday actually about? Fortune ‘s Grace Donnelly brings us the history of the second Sunday in May:
“The idea dates back to the 1850s when women in West Virginia organized into Mother’s Day work clubs that worked to reduce infant mortality and improve sanitary conditions for mothers and families. During the Civil War, these groups also cared for wounded soldiers from both sides. After the war ended in 1865, women planned Mother’s Friendship Day picnics in an effort to bring Union and Confederate loyalists together, urging them to promote peace. “Battle Hymn of the Republic” writer Julia Ward Howe started a “Mother’s Peace Day” around this time, which encouraged mothers to support antiwar efforts on behalf of their sons’ wellbeing.”
Today, many mothers have roles outside of childcare. Working Mother celebrates the holiday with its annual list of the 50 Most Powerful Moms . No. 1 on the list this year is comedian and TV producer Samantha Bee, who is a mother of three.
We at Fortune also took this as an opportunity to hear how some powerful women we admire think about having both families and illustrious careers: Some highlights :
First Lady Michelle Obama: “For me, being a mother made me a better professional, because coming home every night to my girls reminded me what I was working for. And being a professional made me a better mother, because by pursuing my dreams, I was modeling for my girls how to pursue their dreams.” Huffington Post founder Arianna Huffington: “I think while all mothers deal with guilt, working mothers are plagued by guilt on steroids.” PepsiCo CEO Indra Nooyi: “You will look back and it will hurt like hell.” Advertisement ALSO IN THE HEADLINES
• Mommy issues. On the subject of motherhood, Politico dives into the complex relationship between President Trump and his own mom, arguing that “the best explanation for the president’s behavior dates back to his earliest interactions with his mother.” In fact, Trump’s lack of closeness to his mother, Mary Trump, “may have contributed to his tumultuous personal life, but it also endowed him with some traits that made him well-suited to his late-career entry in politics.”
Politico
• Oprah orates. It’s graduation season, and for the first time in at least two decades, women make up the majority of commencement speakers . One of these women, Oprah Winfrey, delivered a much-talked-about speech at the University of Southern California’s Annenberg School for Communication and Journalism on Friday. She implored the graduates to “be the truth” in a world where “you can’t go anywhere—you can’t stand in line at Starbucks, you can’t go to a party, you can’t go anywhere without everyone talking about how bad things are, how terrible it is.”
Fortune
• Women winning . More than three in five female House candidates won their primary races over the weekend in North Carolina, Indiana, West Virginia and Ohio. Equally notable: Of the 27 female House candidates who were successful, nearly 30% are women of color.
Politico
• Bridget talks blockchain . Bridget van Kralingen, IBM’s SVP of global Industries, platforms and blockchain, spoke to Fortune on our latest episode of Balancing the Ledger . Among other uses, she believes that the blockchain—which can make it easier to track the provenance of ad dollars—can be used to help Facebook with its problem of fake news and Russian-funded political ads.
Fortune
MOVERS AND SHAKERS: Progressive’s board of directors has elected Lawton W. Fitt as chairperson.
IN CASE YOU MISSED IT
• Becky knows ball. This open letter by Pau Gason has been all over my social media feeds. In it, the NBA all-star knocks down “a few of the silly arguments and talking points against Coach [Becky] Hammon’s candidacy—and the larger idea of a female NBA head coach—that I’ve seen floating around.” He’s darn convincing.
The Players' Tribune
• Intersectional invisibility. Researchers conducted in-depth interviews with 59 senior black female executives, seeking “to understand the barriers they faced, their strategies for ascending through the organization, and the tools they used to manage significant organizational change efforts and navigate career risks.” The full outcome of the study is worth reading in full, but one important takeaway was what the researchers termed “intersection invisibility”—that many black women executives feel they physically stand out yet are constantly overlooked.
Harvard Business Review
• Investigating Eric . Who is Madeline Singas, the prosecutor appointed by New York Gov. Andrew Cuomo to investigate Eric Schneiderman (the state’s former attorney general who was accused of physically assaulting four women)? She’s the district attorney for Nassau County and, in the words of one of her professional acquaintances, is “very well-known for doggedly pursuing crimes against women and violence against women.”
New York Times
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It is a well-known fact, if you are a woman of color, people believe what you say less. - Salma Hayek, actor and producer | ashraq/financial-news-articles | http://fortune.com/2018/05/14/mothers-day-oprah-winfrey-becky-hammon-broadsheet-may-14/ |
May 29, 2018 / 12:33 PM / Updated 32 minutes ago New round of rocket fire from Gaza towards Israel - Israeli military Reuters Staff 1 Min Read
JERUSALEM (Reuters) - Palestinian militants launched another barrage of rockets into southern Israel on Tuesday, hours after firing more than 25 mortar bombs across the border.
There were no casualties reported in Israel after the morning and afternoon salvoes.
Several of the projectiles, the military said, were intercepted by the Iron Dome anti-missile system. Israeli aircraft were carrying out raids against militant groups’ facilities in the Gaza Strip in response to the attacks. Reporting by Jeffrey Heller; Editing by Raissa Kasolowsky | ashraq/financial-news-articles | https://in.reuters.com/article/israel-palestinians-sirens-rockets/new-round-of-rocket-fire-from-gaza-towards-israel-israeli-military-idINKCN1IU1H4 |
ST. AUGUSTINE, Fla., Creative Learning Corporation (OTCPK: CLCN)
Creative Learning Corporation recorded a net profit of $39,000 in the second quarter of the 2018. This is an improvement of $198,000 from the same quarter in 2017. The results were due to higher revenue and lower professional fees, primarily lower legal expense. The Company reported revenues of $608,000 during the quarter compared to $582,000 in the same quarter of 2017 due to an increase in initial franchise sales.
Christian Miller, COO and CFO of the Company stated, "We believe we are beginning to see the results of the changes we have made in various segments of the business. We further believe there is room for continued reduction of expenses including professional fees. We hope to begin selling Sew Fun Studio franchises in June 2018 and we are on schedule with the release of our new Franchise Management Tool and Academic Enrichment Project. We are pleased with the progress we have made in these business segments."
The Company will hold a conference call at 2:00 p.m. EDT on May 22, 2018 to discuss these results.
Conference Call
Shareholders and interested participants may listen to a live broadcast of the conference call by dialing 1 (669) 224-3412 and referencing participant code 686-018-861 or join the call at https://global.gotomeeting.com/join/686018861 approximately 10 minutes prior to the call. An audio file of the call will also be archived for one week, and may be accessed on www.creativelearningcorp.com . If you would like to have a question answered on the call, please email it to [email protected] 48 hours prior to the call.
About Creative Learning Corporation
Creative Learning Corporation is the owner and developer of two unique and successful franchised children's enrichment programs: Bricks 4 Kidz® and Sew Fun Studios®. Both concepts are STEM-based educational programs offered as after-school enrichment classes, summer camps, day camps, in-school workshops and birthday parties. For additional information visit the Company's website at: www.creativelearningcorp.com .
Forward Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect Creative's current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made including those factors detailed from time to time in filings made by Creative with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Creative does not intend and does not assume any obligation to update these forward-looking statements.
View original content with multimedia: releases/creative-learning-corporation-records-profit-for-2nd-quarter-of-2018-and-announces-quarterly-earnings-call-300648112.html
SOURCE Creative Learning Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-creative-learning-corporation-records-profit-for-2nd-quarter-of-2018-and-announces-quarterly-earnings-call.html |
May 7 (Reuters) - Moody’s
* MOODY’S SAYS CHANGED OUTLOOK TO POSITIVE FROM STABLE ON THE AA1 RATINGS OF THE EUROPEAN FINANCIAL STABILITY FACILITY Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-moodys-says-changed-outlook-to-pos/brief-moodys-says-changed-outlook-to-positive-from-stable-on-the-aa1-ratings-of-the-european-financial-stability-facility-idUSFWN1SE0ZV |
May 16 (Reuters) - NANOBIOTIX SA:
* ANNOUNCED ON TUESDAY IT DID NOT GENERATE ANY REVENUE FOR Q1 2018, AS IT HAD EXPECTED
Source text: bit.ly/2rLI0NQ Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SN1J7 |
BERLIN, May 8 (Reuters) - Beiersdorf, the maker of Nivea and other skin care products, beat its consumer product rivals on Tuesday by posting a 6.5 percent rise in first-quarter organic group sales, but stuck to its conservative outlook for 2018.
Sales, excluding exchange rate effects as well as the impact of acquisitions and divestments, rose to 1.807 billion euros ($2.16 billion), just ahead of average analyst forecasts, although exchange rate effects meant nominal growth was just 0.4 percent.
Beiersdorf has performed strongly against rivals Unilever , the maker of Dove products, and Britain’s Reckitt Benckiser, with the quarter powered by 8.5 percent sales growth at its Tesa adhesives unit.
However, it reiterated a cautious forecast for 2018 sales growth of around 4 percent, predicting Tesa will record sales growth of 3 to 4 percent and its consumer products division to grow 4 to 5 percent. ($1 = 0.8384 euros) (Reporting by Emma Thomasson Editing by Maria Sheahan)
| ashraq/financial-news-articles | https://www.reuters.com/article/beiersdorf-results/beiersdorf-sticks-to-cautious-outlook-despite-strong-quarter-idUSFWN1SF01O |
Police raid home of ousted Malaysian leader 11:39am BST - 01:27
At least a dozen police officers enter the family home of ousted Malaysian Prime Minister Najib Razak, who has been dogged since 2015 by a multi-billion-dollar scandal. ▲ Hide Transcript ▶ View Transcript
At least a dozen police officers enter the family home of ousted Malaysian Prime Minister Najib Razak, who has been dogged since 2015 by a multi-billion-dollar scandal. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Ip9cNl | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/police-raid-home-of-ousted-malaysian-lea?videoId=427672559 |
May 1, 2018 / 12:23 PM / Updated 26 minutes ago BRIEF-Freddie Mac Quarterly Net Income $2.93 Bln Versus $2.21 Bln Reuters Staff
May 1 (Reuters) - Federal Home Loan Mortgage Corp:
* FREDDIE MAC QUARTERLY NET INCOME $2,926 MILLION VERSUS $2,211 MILLION
* FREDDIE MAC QUARTERLY NET INTEREST INCOME $3,018 MILLION VERSUS $3,795 MILLION
* FREDDIE MAC QTRLY PROVISION FOR CREDIT LOSSES $63 MILLION VERSUS BENEFIT OF $116 MILLION LAST YEAR
* FREDDIE MAC QTRLY COMPREHENSIVE INCOME $2,150 MILLION VERSUS $2,234 MILLION
* FREDDIE MAC QUARTERLY TOTAL INTEREST INCOME $16,975 MILLION VERSUS $16,980 MILLION
* FREDDIE MAC SAYS U.S. SINGLE-FAMILY LOAN ORIGINATION VOLUMES DECREASED TO $375 BILLION IN 1Q 2018 FROM $385 BILLION IN 1Q 2017 Source text: ( bit.ly/2HJA9qP ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-freddie-mac-quarterly-net-income-2/brief-freddie-mac-quarterly-net-income-2-93-bln-versus-2-21-bln-idUSFWN1S808R |
* Saudi, UAE, Kuwait ministers to meet this weekend-source
* OPEC-led output curbs have pushed down inventories
* U.S. crude stocks expected to show fall in weekly reports
* OPEC meets on June 22 (Updates prices)
LONDON, May 30 (Reuters) - Oil climbed to $76 a barrel on Wednesday, supported by tight supplies despite expectations OPEC and its allies will pump more in the second half of 2018 and helped by forecasts U.S. inventories fell.
Global benchmark Brent crude has dropped more than $4 from a 3 1/2-year high of $80.50 a barrel on May 17, after reports that OPEC and Russia may increase supply at a June meeting, reversing policy after 17 months of supply curbs.
Brent rose 83 cents to $76.22 a barrel by 1315 GMT, after trading as low as $74.81 earlier. U.S. crude was up 40 cents at $67.13.
"Fundamentally, not much has changed. Oil remains well supported, although the sweetspot has entered a mature phase," said Konstantinos Venetis, senior economist at TS Lombard.
"Some air is fizzling out of the market and position-squaring raises the likelihood of an overshooting to the downside in the run-up to OPEC's June meeting."
Political turmoil in Italy has sent the euro to a 10-month low against the dollar on concern a snap election would lead to a eurosceptic government in Rome. A stronger dollar makes dollar-denominated oil more expensive for holders of other currencies.
"A dearth of bullish catalysts will make hard work of any recovery," said Stephen Brennock of oil broker PVM.
The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia have had a pact to curb output by about 1.8 million barrels per day since January 2017, driving down inventories and pushing up oil prices.
Amid concerns the price rally has gone too far, Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil output by around 1 million bpd, sources told Reuters on May 25. OPEC meets in Vienna on June 22.
Still, some analysts remain cautious as the details have yet to be worked out. Ministers from Saudi Arabia, Kuwait and the United Arab Emirates meet this weekend, a source said.
"Clarity will likely take some time to emerge," said JBC Energy.
Lending some support to prices were expectations that U.S. crude inventories probably fell by 1.8 million barrels last week according to a Reuters poll.
Industry group American Petroleum Institute (API) releases its weekly supply report at 2030 GMT on Wednesday, followed by the official government data on Thursday. (Additional reporting by Roslan Khasawneh and Rania El Gamal Editing by Edmund Blair and Alexandra Hudson) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-update-5-oil-rises-to-76-as-tight-current-supply-in-focus.html |
There may be one thing missing for the stock market to rally — Apple .
The world's most valuable company is a key name in all the major benchmark indexes. Apple's shares constitute a 4.7 percent weighting in the Dow Jones industrial average and 11.1 percent in the Nasdaq 100 , according to FactSet. The company also represents 3.8 percent of the SPDR S&P 500 ETF , the largest weighting in the security that tracks the S&P 500 index.
Using Kensho, a quantitative tool used by hedge funds, CNBC ran a study to find out how correlated Apple is with the stock market indexes over the past three months.
Apple's correlation with the S&P 500 is 0.78 and 0.76 with the Dow Jones industrial average. A correlation of 1 would mean the two move in perfect lockstep.
The markets' exposure to Apple shares isn't helping lately. The tech giant's stock declined 9 percent since its March 12 close versus the S&P 500's 5 percent drop through Monday as investors grew worried over future iPhone demand.
With the company's fiscal second-quarter results after the market close Tuesday, the next big move for the stock market may be determined by how well Apple does.
WATCH: Steve Jobs defends his commitment to Apple on CNBC in 1997 show chapters Steve Jobs defends his commitment to Apple on CNBC in 1997 8:02 AM ET Fri, 27 April 2018 | 02:40 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/heres-how-important-apple-is-to-the-whole-stock-market-as-its-earnings-report-nears.html |
When asked what the average Facebook employee is like, Janelle Gale , Facebook's vice president of human resources laughs. "We don't have an average Facebook employee," she says.
"Our recruiting practices are really broad," says Gale. "We use a lot of different channels to find people because we're trying to find talent no matter where they come from or what they've been doing." And yet, there is one characteristic that all Facebook employees share.
"The type of people we attract are really focused on solving big problems," says Gale. "The thing that we look for the most is hiring people who are oriented to moving beyond the status quo and figuring out how to make things better."
Toby Melville | Reuters An employee waits for an elevator at a Facebook office. CEO and co-founder Mark Zuckerberg says his goal in 2018 is to fix Facebook's issues , including foreign interference and harassment on its platforms. He's also been addressing fallout from the Cambridge Analytica data harvesting scandal , revealed in March.
Part of the solution is hiring new impact-driven employees, says Liz Wamai , Facebook's director of recruiting.
"Mark's personal challenge for 2018 is to fix Facebook, so when you talk about separating recruiting and retention, I actually think it's quite part and parcel of recruiting people who want to work on the most important problems about connecting the world," she said during Glassdoor's Best Places to Work Tour in February.
Courtesy of Facebook Janelle Gale, Vice President of Human Resources at Facebook Internally, Facebook calls these problem solvers "builders." Being a "builder" means constantly improving the company and improving yourself.
"We pay a lot of attention to hiring learners and really being oriented to hiring people who know they have something to learn and are really open to and seeking feedback and want to grow," says Gale.
The typical Facebook hire "thrives in an environment where they are problem-solving, where they are working on things, where they are building things, where they are challenging the way we have done things either in our process or our product," explains Gale. "They are looking to make Facebook better, and that's the trait that we are looking for."
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3 COMMENTS A Southwest Airlines plane sits on the runway at Philadelphia International Airport after an emergency landing on April 17, 2018. (David Maialetti/The Philadelphia Inquirer via AP) Photo: Associated Press
This is a weekly commentary by external experts.
A woman died aboard Southwest Airlines Co. Flight 1380 on April 17 after an engine broke apart while the aircraft was more than 30,000 feet in the air, forcing the jet to make an emergency landing. It was the first U.S. airline accident fatality since 2009.
Investigators are trying to figure out what made the CFM56-7B engine break apart . U.S. and European aviation regulators concurrently imposed emergency inspection requirements for the type of engine that broke apart. The engine’s manufacturer released its own updated inspection guidance .
Southwest issued four statements on the day of the incident. The first announced the plane was being diverted; the second acknowledged an accident occurred and a passenger died. “The entire Southwest Airlines family is devastated and extends its deepest, heartfelt sympathy to the customers, employees, family members and loved ones affected by this tragic incident,” said the airline.
The third statement said the company was speeding up inspections of CFM56 engines; the fourth was a statement from the aircraft’s captain and first officer. Southwest followed with statements on engine inspections and how inspections impacted flights , including a video from Chief Executive Gary Kelly. Mr. Kelly wrote to passengers on the flight, offering a $5,000 check and a $1,000 travel voucher as “a tangible gesture of our heartfelt sincerity,” WSJ reported.
Three crisis-management professionals review Southwest’s public statements and communications.
Judy Phair, president, PhairAdvantage Communications: “Southwest Airlines has one important advantage as it deals with the greatest crisis in its history: Its good reputation with its flying public has built a bank of trust, buying [the public's] initial willingness to listen to its story. Continuing to deliver on that trust is critical.
“Southwest had a well-developed crisis plan that it implemented swiftly as an in-air engine rupture was occurring. With the confirmation of its first passenger fatality ever, Mr. Kelly’s video apology conveyed emotion and compassion. Proper procedures were followed, regular updates were released, passengers received practical and financial support and communications continued. Within a few days Southwest announced that it would check engines in all its Boeing 737 jets in the coming week, even though it would cause some daily flight cancellations.
“That announcement could have come earlier but overall Southwest’s response has exemplified good, effective crisis communication. It’s accepting responsibility and acting aggressively. It’s avoiding a blame game. Now the most difficult part begins: the after-crisis period. How it handles itself and its communications in the long run will be the real test of its ability to recover.
Tadd Schwartz, president and chief executive, Schwartz Media Strategies: “Southwest Airlines did many things right in the minutes, hours and days following the tragedy that struck Flight 1380. The company’s public response was prompt, its executives were visible and their outreach to passengers was compassionate and substantive. In the end, consumer confidence reigns supreme and Southwest could have done more to calm concerns about the safety of its planes, evidenced by reports of lost bookings in the weeks following the incident.
“Announcing an accelerated engine inspection schedule was a reasonable first step in the days following the mid-air explosion, but it didn’t go far enough. Southwest should have declared that every one of its aircraft would be temporarily taken out of service for a top-to-bottom safety check extending far beyond engines, even if it meant incurring more operational headaches over a longer period. Undertaking a comprehensive inch-by-inch inspection of its fleet would have alleviated lingering safety concerns and might have helped to mitigate the airline’s onslaught of cancelled bookings.”
Mike Paul, Reputation Doctor: “I give Southwest Airlines a ‘B+’ for its handling of Flight 1380’s CFM56-7B engine explosion. Southwest did not manufacture [the engine] itself but it took full responsibility as a global corporate brand.
“What impressed me in all of Southwest’s crisis communications were three things: speed in executing its crisis plan, immediately taking responsibility for all and immediately seeking to best help customers, employees and regulators. Just as important, they did so as though all are family, with deep understanding of the powerful tool of emotional intelligence in proper customer and employee relations in a crisis, [and did not] lead by legal first.
“The current solution includes clear best practices, understanding of crisis communications with heavy emotional intelligence. This winning strategy is led by the board, CEO and entire C-suite, which is crucial, and ripples down to all employees. This ‘do-the-right-thing’ strategy results in clear brand differentiation versus other airlines.”
Write to Ben DiPietro at [email protected] , and follow him on Twitter @BenDiPietro1.
Share this: crisis of the week engine Flight 1380 Southwest Airlines Previous The Morning Risk Report: U.S. Considers More Limits on Chinese Tech Firms Next Corruption Currents: Trump Asserts 'Absolute Immunity' in Emoluments Lawsuit | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/03/crisis-of-the-week-fatal-flight-creates-turbulence-at-southwest-airlines/ |
CALGARY, Alberta--(BUSINESS WIRE)-- Walton Westphalia Development Corporation (the “Corporation” ) announced today its results for the first quarter of 2018. Launched in March 2012, the Corporation was formed to provide investors with the opportunity to participate in the acquisition and development of the 310-acre Westphalia Property (the “ Property or the “Project ”) located in Prince George’s County, Maryland, United States of America.
First Quarter Highlights
During the period ended March 31, 2018, the Corporation continued to take steps toward its construction and financing activities. The key activities undertaken by the Corporation were as follows:
Construction Activities
Completed construction activities on the northern lots by installing water, sanitary sewer, and storm sewer; Completed the paving of Woodyard Road as well as the streets and alleys associated with townhome lots in Blocks F and G; Issued notice to proceed to the landscape contractor to construct the initial phase of the Westphalia Green in 2nd Quarter 2018; Continued installation of the dry utility conduit; and Continued with the design of the Pennsylvania Avenue / Woodyard Road interchange
Financing Activities
Walton Global Investment Ltd (“ WGI ”) intends to fund the US $1,000,000 to the senior lender required to extend the maturity of the Senior Loan to July 15, 2018 through increasing the existing loan facility provided by WUSA. Efforts are currently ongoing to fully document the terms of the loan extensions. The Corporation continues to work with the County to complete the due diligence requirements in order to market and sell the TIF bonds; bonds are expected sold by July 2018; and Management is currently in negotiations with alternative lenders to refinance the senior debt and management of WGI have launched a mezzanine loan program with an overseas affiliate of WGI with the intention of replacing existing subordinate debt. Concurrently, management has been actively discussing significant developed and bulk land sales opportunities with the intention of bringing forward cash flow to repay debt. The Corporation has executed a letter of intent in regards to the bulk sale of Phase 1A.
The single-family market in the Washington, D.C. metropolitan statistical area (“ MSA ”), and specifically in the Prince George’s County submarket, continues to be strong. The Project is selling lots to three homebuilders, NVR, Inc., Mid-Atlantic Builders and Haverford Homes. As of April 30, 2018 NVR, Inc. had closed on 96 lots, Haverford Homes had closed on 67 lots, and Mid-Atlantic Builders had closed on 42 lots. NVR reported 108 home sales (contracts with future home owners), Haverford reported 72 home sales and Mid-Atlantic reported 51 home sales. There have been 140 occupancies; 76 for NVR, 50 for Haverford, and 14 for Mid-Atlantic.
First Quarter Financial Results
During the three months ended March 31, 2018 and March 31, 2017, the Corporation recognized revenue on contracts of $2,145,287 and $2,250,955, respectively, from single family lot sales in Phase 1. The cost of sales relating to the lot sales was $2,176,737 and $1,936,381, with $31,450 and 28,653, respectively, relating to selling costs and commissions. The revenue and cost of sales recognized for the three months ended March 31, 2018 and 2017 was in respect to the sale of 23 and 22 Phase 1 single family lots to home builders, respectively.
Total expenses decreased by $181 from $263,278 for the three months ended March 31, 2017 to $263,097 for the three months ended March 31, 2018. The decrease in expenses was primarily due to a decrease in marketing expenses of $7,300 and was offset by an increase of $2,738 in professional fees and an increase of $4,209 in office and other expenses.
Total Other Items consists of foreign exchange gains and losses and has decreased by $874,008 from total other item loss of $186,976 for the three months ended March 31, 2017 to total other item gain of $687,032 for the three months ended March 31, 2018. The Canadian dollar has strengthened in 2018 compared to 2017, resulting in the underlying Canadian Dollar intercompany debentures and the intercompany debt contracts in the U.S. Subsidiary reflecting a foreign exchange loss that is not eliminated upon consolidation
Comprehensive loss decreased by $267,997 from $323,917 for the three months ended March 31, 2017 to $55,920 for the three months ended March 31, 2018. The decrease is due to the items discussed above as well as a $312,794 increase in other comprehensive income due to changes in the cumulative translation losses recorded on the translation of the U.S. Subsidiary accounts from a functional currency of U.S. dollars to Canadian dollars for reporting purposes.
Additional Information
The Corporation is managed by Walton Global Investment Ltd. and the development of the Project is managed by Walton Development & Management (USA), Inc., both of which are members of the Walton Group of Companies.
The Walton Group of Companies (“ Walton ”) is a multinational real estate investment, planning, and development group concentrating on the research, acquisition, administration, planning and development of strategically located land in major North American growth corridors.
Its communities are comprehensively designed in collaboration with local residents for the benefit of community stakeholders. Its goal is to build communities that will stand the test of time: hometowns for present and future generations.
For more information about Walton Westphalia Development Corporation, please visit www.sedar.com . For more information about Walton, visit www.walton.com .
This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. Forward-looking information is based on the current expectations, estimates and projections of the Corporation at the time the statements are made. They involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. The risks, uncertainties and other factors that could cause the Corporation's actual results and performance in future periods to differ materially from the forward looking information contained in this news release include, among other things, renegotiation of loans, refinancing or extension of the existing loans, the amount and timing of the financing received, the amount of, timing and terms of any tax increment financing that may be received by the Corporation, the length of time it takes to develop and sell the Property, the ability of the Corporation to enter into joint ventures relating to, or to otherwise, vertically develop portions of the Property, the availability and terms of other construction financing required by the Corporation, the costs involved in the horizontal and/or vertical development of the Property, the prices at which the serviced lots and parcels from, or vertically developed structures on, the Property can be sold, the rate at which serviced lots and parcels from, or vertically developed structures on, the Property are purchased in the marketplace, general economic and market factors, including interest rates, a decline in the real estate market, changes in government policies and regulations or in tax laws, changes in municipal planning strategies and whether certain development approvals are obtained and changes in the Canadian/U.S. dollar exchange rate, in addition to those factors discussed or referenced in the prospectus and other documents filed with Canadian securities regulatory authorities and available online at www.sedar.com .
Except as otherwise noted, all amounts are in Canadian dollars, and are based on unaudited financial statements for the three months ended March 31, 2018 and related notes, prepared in accordance with International Financial Reporting Standards.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006100/en/
Walton Westphalia Development Corporation
For media inquiries, please contact:
Bill Doherty
Office: 1-866-925-8668
Email: [email protected]
Source: Walton Westphalia Development Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-walton-westphalia-development-corporation-reports-first-quarter-2018-fiscal-results.html |
May 22 (Reuters) - Stock Markets Net Chng Stock Markets Net Chng S&P/ASX 200** 6,084.5 -2.90 NZX 50** 8,615.72 -41.61 DJIA** 25,013.29 298.20 NIKKEI** 23,002.37 72.01 Nasdaq** 7,394.036 39.697 FTSE** 7,859.17 80.38 S&P 500** 2,733.01 20.04 Hang Seng** 31,234.35 186.44 SPI 200 Fut 6,080 -13.00 STI** 3,548.23 18.96 SSEC** 3,214.361 21.06 KOSPI** 2,465.57 4.92 -- Bonds Net Chng Bonds Net Chng JP 10 YR Bond 0.055 -0.003 KR 10 YR Bond 2.769 -0.003 AU 10 YR Bond 2.89 0 US 10 YR Bond 3.0578 -0.009 NZ 10 YR Bond 2.85 0 US 30 YR Bond 3.2007 -0.008 -- Currencies Net Chng Net Chng SGD US$ 1.3396 0 KRW US$ 1,076.27 -0.28 AUD US$ 0.7581 0 NZD US$ 0.6945 0.0001 EUR US$ 1.1789 -0.0001 Yen US$ 111.03 -0.01 THB US$ 32.13 -0.01 PHP US$ 52.297 0.018 IDR US$ 14,180 30 INR US$ 68.11 0.125 MYR US$ 3.978 0.008 TWD US$ 29.992 0.08 CNY US$ 6.3809 0.0047 HKD US$ 7.8482 -0.0004 -- Commodities Net Chng Net Chng Spot Gold 1,292.29 0.79 Silver (Lon) 16.48 0.06 U.S. Gold Fut 1,292 0.7 Brent Crude 79.51 1 Iron Ore CNY466 -1.5 TRJCRB Index - - TOCOM Rubber JPY200.3 0.3 LME Copper 6,898 43 -- ** indicates closing price All prices as of 21:17 GMT EQUITIES GLOBAL - Global stock markets rallied broadly on Monday after the United States and China agreed to halt a trade war, while oil hit multi-year highs on political uncertainty and potential sanctions on Venezuela. The U.S. trade battle with China was put "on hold" after the world's two largest economies agreed to drop their tariff threats in favor of hashing out a broader deal, U.S. Treasury Secretary Steven Mnuchin said on Sunday. For a full report, click on - - - - NEW YORK - U.S. stocks rose on Monday and gains in industrials helped propel the Dow to a more than two-month closing high, after a truce between the United States and China calmed fears that a trade war might be imminent. U.S. Treasury Secretary Steven Mnuchin's comments over the weekend that the two countries had put the prospect of a trade war "on hold" and agreed to hold more talks to boost U.S. exports to China boosted stocks at the opening, with the Dow Jones Industrial Average leading the charge higher. For a full report, click on - - - - LONDON - European shares rose on Monday as easing trade war worries lifted the dollar, supporting exporters, while Italian stocks came under renewed pressure as markets awaited developments in the creation of a new government. The pan-European STOXX 600 index closed up 0.3 percent, holding at its highest level since the beginning of February, while the FTSE 100 hit a new record high, up 1 percent as strength in the dollar supported the internationally-exposed index. For a full report, click on - - - - TOKYO - Japan's Nikkei share average rose on Monday as the dollars' rise against the yen supported some exporters after news of easing U.S.-China trade tensions, but weakness in financial stocks kept wider gains limited. The Nikkei ended 0.3 percent higher at 23,002.37, after the dollar rose 0.5 percent to 111.245 yen, hitting a fresh four-month high in Asian trade. For a full report, click on - - - - SHANGHAI - China stocks extended gains to end higher on Monday, as trade tensions eased after U.S. Treasury Secretary Steven Mnuchin said their trade war with China was put "on hold". The blue-chip CSI300 index ended up 0.5 percent at 3,921.24 points, while the Shanghai Composite Index closed 0.6 percent higher at 3,213.84 points. For a full report, click on - - - - AUSTRALIA - Australian shares are seen inching up on Tuesday, following Wall Street which climbed as a truce between the United States and China calmed fears of a potential trade war, while Aussie miners are expected to be pressured by weak iron ore prices. China's Dalian iron ore futures fell more than 3 percent on Monday due to technical selling and growing concerns that steel mills in the world's top producer may delay orders. The local share price index futures fell 0.21 percent or 13 points to 6,080 , a 4.5-point discount to the underlying S&P/ASX 200 index close. The benchmark declined 0.1 percent on Friday. For a full report, click on - - - - SEOUL - South Korea's KOSPI stock index ended higher on Monday. The Korean won tumbled to its weakest closing low since early February, while bond yields rose. At 0632 GMT, the KOSPI was up 4.92 points or 0.20 percent at 2,465.57. For a full report, click on - - - - FOREIGN EXCHANGE NEW YORK - The dollar advanced to a five-month high against a basket of currencies on Monday, as news of a truce between the United States and China on trade tariffs prompted investors to pare back short positions on the greenback. Investors have been short the dollar since July of last year, but the dollar index has rallied nearly 7 percent since mid-February. The dollar has been mainly bolstered by generally solid U.S. economic data that has backed the Federal Reserve's monetary policy tightening stance this year. For a full report, click on - - - - SHANGHAI - China's yuan fell to a nearly four-month low against the U.S. dollar at the official close of domestic trading on Monday afternoon, dragged lower by an extended rally in the greenback. Losses in the yuan was reacting to rally in the dollar, which hit a fresh five-month high after U.S. Treasury Secretary Steven Mnuchin said trade war with China is "on hold". For a full report, click on - - - - AUSTRALIA - The New Zealand dollar slipped on Monday after data showing slower-than-expected retail sales cast a shadow over the pace of broader economic growth, while the Australian currency hovered close to key chart resistance. In Australia, the Aussie held at $0.7516, remaining largely in a holding pattern it has found itself in lately. The currency was nudging towards chart resistance of $0.7540, a breach above could take it beyond $0.7600. For a full report, click on - - - - SEOUL - The won was Quote: d at 1,085.4 per dollar on the onshore settlement platform , 0.72 percent weaker than its previous close at 1,077.6. The currency extended losses later in the session as greenback continued to hold strong in the global markets. In offshore trading, the won was Quote: d at 1,084.19 per U.S. dollar, down 0.34 percent from the previous day, while in one-year non-deliverable forwards it was being asked at 1,068.25 per dollar. For a full report, click on - - - - TREASURIES NEW YORK - U.S. Treasuries were steady on Monday as investors evaluated whether last week’s selloff that sent benchmark yields to almost 7-year highs was overdone, and before demand for U.S. debt will be tested by new supply. The Treasury will sell $99 billion in short and intermediate-dated notes this week, including $33 billion in two-year notes on Tuesday, $36 billion in five-year notes on Wednesday and $30 billion in seven-year notes on Thursday.. For a full report, click on - - - - LONDON - Italy's borrowing costs surged further on Monday and its stock market touched six-week lows as two anti-establishment parties that plan to ramp up spending appeared set to form a coalition government. Italian two-year bond yields jumped more than 10 basis points to 0.23 percent , their highest since December 2016, before pulling back in afternoon trade to 0.17 percent. A week ago, that yield was at minus 0.11 percent. For a full report, click on - - - - TOKYO - The price of 20-year Japanese government bonds firmed on Monday as some traders bought the maturities in expectations of healthy demand at an auction the following day. The 20-year JGB yield fell 0.5 basis point to 0.535 percent, while the 30-year JGB yield fell 0.5 basis point to 0.755 percent. For a full report, click on COMMODITIES GOLD Gold on Monday marked a new low for the year to date after U.S. Treasury Secretary Steven Mnuchin's declaration that a trade war between China and the United States was "on hold" helped boost appetite for higher-risk assets, such as stocks. Buoyancy in U.S. Treasury yields also weighed on appetite for non-interest-bearing assets, like bullion, analysts said. For a full report, click on - - - - IRON ORE China's Dalian iron ore futures fell more than 3 percent on Monday to their weakest level in two weeks due to technical selling and growing concerns that steel mills in the world's top producer may delay orders amid uncertainty about metal demand. Declining for a fourth straight session, the most-active iron ore futures on the Dalian Commodity Exchange fell as much as 3.8 percent to 462 yuan ($72.29) a tonne in early deals, their lowest since May 7. For a full report, click on - - - - BASE METALS Copper rose to a one-week high on Monday as fears over a U.S.-China trade war eased, countering the impact of a rising dollar, while nickel came under pressure from falling ferrous metals prices in China. Three-month copper on the London Metal Exchange ended up 0.4 percent at $6,879 a tonne, having hit a one-week high of $6,923. For a full report, click on - - - - OIL U.S. crude hit its highest level since 2014 on Monday amid rising concerns that Venezuela's oil output could fall further following the country's presidential election and potential sanctions on the OPEC-member nation. Prices firmed further as U.S. President Donald Trump had discussions with Russia and China about issuing new debt to Venezuela. Trump signed an executive order on Monday restricting Venezuela's ability to liquidate state assets, a senior administration official told reporters. For a full report, click on - - - - PALM OIL Malaysian palm oil futures declined on Monday evening, snapping two sessions of gains, weighed down by weaker export data from a cargo surveyor and an inspection company. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 0.2 percent to 2,446 ringgit ($614.88) a tonne at the close. For a full report, click on - - - - RUBBER Benchmark Tokyo rubber futures ended 3.1 percent higher on Monday, getting support from a jump in Shanghai counterparts after China agreed to significantly increase its purchases of U.S. goods and services, easing trade tensions. The Tokyo Commodity Exchange rubber contract for October delivery, finished 6.1 yen higher at 200 yen ($1.80) per kg after hitting 200.6 yen earlier, the highest since Jan. 29. For a full report, click on - - - - (Bengaluru Bureau; +91 80 6749 1130)
| ashraq/financial-news-articles | https://www.reuters.com/article/morningcall/update-1-asia-morning-call-global-markets-idUSL3N1SS584 |
Exclusive Video Content from 24 Years of Berkshire Hathaway Annual Shareholder Meetings Made Publicly Available for the First Time Ever
ENGLEWOOD CLIFFS, N.J., May 5, 2018 – CNBC, First in Business Worldwide, today announced the launch of the Warren Buffett Archive , the digital home to the world's largest video collection of Warren Buffett speaking about business, investing, money and life. The exclusive content from the site, which is built around 24 years of Berkshire Hathaway Annual Shareholder Meeting footage as well as CNBC interviews, curated short-form videos and more, is being made available to the public for the first time ever.
"Until now, the only way to see or hear Warren Buffett and Charlie Munger answer shareholders' wide-ranging questions over the past 24 years was to be in the room," said Mark Hoffman, CNBC Chairman. "Whether you are a Buffett fan, a Berkshire Hathaway shareholder, an aspirational student or a savvy investor, the Warren Buffett Archive features the unparalleled insights and teachings of one of the greatest minds in business and we are excited to offer this invaluable resource to users globally for the first time."
The Berkshire Hathaway Annual Shareholder Meeting tapes, provided to CNBC by Warren Buffett, serve as the foundation of the Warren Buffett Archive, which showcases not only the incredible growth of Berkshire Hathaway, but the strength of its leadership.
"Charlie and I have had enormous fun working together over the past 50+ years; if I had one wish for users of this archive, it is that they see the value of friendships – both in business and in life," said Warren Buffett, Berkshire Hathaway Chairman and CEO.
Content from the Warren Buffett Archive includes:
Berkshire Hathaway Annual Shareholder Meetings: Complete video footage and interactive transcripts from Berkshire Hathaway Annual Shareholder Meetings dating back to 1994, accounting for more than 120 hours of footage. Each year includes a description, short highlight reel from the meeting and a link to the corresponding annual Warren Buffett letter to shareholders. CNBC Interviews: More than 50 video clips of Warren Buffett appearances from CNBC television since 2005. Buffett A-Z: Short-form curated video clip collections of Warren Buffett in his own words on particular industries and topics taken from Berkshire Hathaway Annual Shareholder Meetings and CNBC interviews. Topics include: Airlines, Books, Corporate Governance and Executive Compensation, Housing, Friendship, How to View Stocks, Newspapers, Technology and Warren and Charlie's Wit and Wisdom. Timeline: Interactive timeline of Warren Buffett's life and the evolution of Berkshire Hathaway with images and video. The site also includes articles about Warren Buffett as well as a portfolio tracker, which charts the publicly-traded U.S. stocks owned by Warren Buffett's holding company, Berkshire Hathaway.
The site includes user-friendly features such as:
Interactive Transcripts: Allows users to follow along in the transcript while they watch Berkshire Hathaway Annual Shareholder Meeting footage and sync to specific chapters/paragraphs in the video. Search: Powerful search of all content in the archive with the ability to deep-link into specific chapters/paragraphs of video footage through the application of machine learning and artificial intelligence. Application of machine learning to identify and analyze images, text and speech to add enriched metadata that will enable highly relevant and powerful search throughout Berkshire Hathaway Annual Shareholder Meeting and CNBC interview content. Next Generation Video Player: Offers significantly enhanced video load speed as well as a fully-customizable modern and responsive interface. The player also gives users the ability to speed up playback by 1.25, 1.5 and 2x. Mobile: The site is completely optimized for mobile viewing with modern responsive web design. About CNBC:
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, and CNBC World, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to more than 409 million homes worldwide, including more than 91 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC Digital delivers more than 52 million multi-platform unique visitors each month. CNBC.com provides real-time financial market news and information to CNBC's investor audience. CNBC Make It is a digital destination focused on making you smarter about how you earn, save and spend your money by zeroing in on careers, leadership,entrepreneurship and personal finance.
CNBC has a vast portfolio of digital products across a variety of platforms including: CNBC.com; CNBC PRO, the premium, integrated desktop/mobile service that provides live access to CNBC programming, exclusive video content and global market data and analysis;a suite of CNBC mobile products including the CNBC Apps for iOS, Android and Windows devices; and additional products such as the CNBC App for the Apple Watch and Apple TV.
Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc .
For more information about NBCUniversal, please visit http://www.NBCUniversal.com . | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/05/cnbc-launches-the-warren-buffett-archive.html |
JEREZ, Spain (Reuters) - Marc Marquez won his home Spanish Grand Prix and took the overall MotoGP lead on Sunday after the reigning champion’s main rivals collided spectacularly.
Motorcycle Racing - MotoGP - Spanish Grand Prix - Circuito de Jerez - Angel Nieto, Jerez de la Frontera, Spain - May 6, 2018 Repsol Honda Team's Marc Marquez celebrates winning the race REUTERS/Jon Nazca The Honda rider was in a race of his own for the last eight laps after the Ducati pairing of Andrea Dovizioso, the previous championship leader, and Jorge Lorenzo collided with Honda’s Dani Pedrosa while fighting for second place.
Pedrosa, who underwent wrist surgery less than a month ago, was thrown high over his bike and onto the asphalt after trying to go past the two Ducatis on the inside of the sunny Jerez circuit in southern Spain.
Lorenzo came across into the corner as Dovizioso went wide, colliding with Pedrosa and sending the two Ducatis into the gravel. All three riders walked away from the crash, although Pedrosa complained of severe pain in his right hip.
French Tech3 Yamaha rider Johann Zarco was gifted the runner-up slot, 5.241 seconds behind, and is now Marquez’s closest rival in the championship.
Motorcycle Racing - MotoGP - Spanish Grand Prix - Circuito de Jerez - Angel Nieto, Jerez de la Frontera, Spain - May 6, 2018 Repsol Honda Team's Marc Marquez celebrates winning the race REUTERS/Jon Nazca Italian Andrea Iannone finished third for Suzuki.
Four-times world champion Marquez, who started the race from fifth place and took the lead with 16 laps to go, now has 70 points after four races to Zarco’s 58. Dovizioso dropped to fifth overall with 46.
“I was convinced before the race that I was able to win,” said Marquez, who had a big wobble when he ran over gravel left on the track by an earlier off.
Slideshow (2 Images) “Ok, we started on the second row but anyway today I was clever. I pushed...here the race is very long and you must manage many things.”
Italian great Valentino Rossi was fifth in a race that saw him reach a career milestone by completing the circumference of the planet in race kilometers.
Rossi has now covered 40,075km in competition over 23 seasons, starting at the 1996 Malaysian Grand Prix.
Britain’s Cal Crutchlow started on pole position for the LCR Honda team but failed to finish, crashing out at turn one after nine laps and while in fourth place.
Dovizioso felt he was the innocent party in the three-way crash, blaming Pedrosa for the ‘biggest mistake’ although the Spaniard disagreed.
“Were the other guys on the outside coming back from a mistake, re-joining the right line? Yes. So who has the preference in this case, the guy who is inside or those who are outside? The one on the inside. So, who was at fault?” he asked.
Reporting by Alan Baldwin in London, editing by Toby Davis and Pritha Sarkar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-motogp-spain/motorcycling-marquez-wins-in-spain-and-takes-motogp-lead-idUSKBN1I70GM |
Company to Host Conference Call on May 10, 2018 at 8:30 a.m. ET
KINGSTON, N.Y.--(BUSINESS WIRE)--
Headline of release should read: "Kingstone Announces 2018 First Quarter Financial Results and 2018 Guidance" (The release incorrectly referred to "2019 Guidance").
The corrected release reads:
KINGSTONE ANNOUNCES 2018 FIRST QUARTER FINANCIAL RESULTS AND 2018 GUIDANCE
Company to Host Conference Call on May 10, 2018 at 8:30 a.m. ET
Kingstone Companies, Inc. (Nasdaq:KINS) (the “Company” or “Kingstone”), a multi-line property and casualty insurance holding company, today announced its financial results for the quarter
Financial and Operational Highlights
2018 First Quarter
(All results are compared to prior year period unless otherwise noted)
Direct written premiums 1 increased 20.7%; Personal lines grew by 27.6%. Net premiums earned increased 39.5% to $22.8 million. Net investment income increased 61.3% to $1.4 million. First quarter net catastrophe losses, including associated loss adjustment expenses and decrease in contingent ceding commissions, are now estimated at $4.6 million after taxes. Net loss ratio of 75.6% compared to 50.7%. Net loss ratio, excluding Q1 2018 catastrophe losses 1 , of 51.3% compared to 50.7%. Net operating income 1 decreased to a loss of ($2.3 million) or ($0.22) per diluted share from a gain of $1.5 million or $0.15 per diluted share. Net income decreased to a loss of ($2.7 million) or ($0.25) per diluted share from a gain of $1.5 million or $0.15 per diluted share. Net combined ratio of 114.3% compared to 85.2%. Net combined ratio, excluding Q1 2018 catastrophe losses 1 , of 88.7% compared to 85.2%. Book value per share of $8.27, down $.02 from March 31, 2017 and down $.63 from December 31, 2017.
Quarterly Dividend of $0.10 per share
The Company announced that its Board of Directors declared a quarterly dividend of $.10 per share payable on June 15, 2018 to stockholders of record at the close of business on May 31, 2018. This is our 28th consecutive quarterly dividend.
Annual Meeting of Stockholders
The Company also announced that the 2018 Annual Meeting of Stockholders will be held on Wednesday, August 8, 2018 at 9:00 A.M. at 15 Joys Lane, Kingston, New York. Stockholders of record as of the close of business on June 13, 2018 will be entitled to vote at the Annual Meeting.
Management Commentary
Barry Goldstein, Kingstone’s Chairman and CEO, commented “Running the risk of being the master of the obvious, that was one long cold winter, far worse than any of the other twelve I’ve experienced as Kingstone’s Chairman. But, while the losses were elevated, mostly due to the early January deep freeze, our core business remains highly profitable and growing.
(1) This measure is not based on GAAP and is defined and reconciled to the most directly comparable GAAP measure in “Information Regarding Non-GAAP Measures” below.
Excluding the catastrophe losses which added 25.6 points, our first quarter underlying combined ratio was a very solid 88.7%. Catastrophe losses reduced Net Operating Income by $0.39 per diluted share. Net Operating Income per diluted share, excluding the catastrophe losses, was $0.17. Looking back to Q1 2017, when there was a mild winter and no catastrophe losses incurred, the Net Operating Income per diluted share was $0.15.
Premiums continued to grow in the first quarter, with Direct Written Premium growth of 20.7%, driven by growth in Personal Lines of 27.6%. Recall that we signed a two year quota share treaty effective July 1, 2017, with the ceding percentage reduced from 40% to 20%. Couple this with our organic growth and the result is an increase in net earned premiums of almost 40%. As we deliberately deploy the proceeds of our December 2017 debt offering, investment income increased in Q1 by more than 61% over the prior year.”
Dale Thatcher, Kingstone’s Chief Operating Officer, continued, “This series of winter storms, though more severe than average, were in line with what you have to expect in this business. It’s a reminder why people need our product. As Barry indicated, this was probably the worst winter weather losses we’ve suffered in the last ten years, but in spite of that we still expect to achieve a combined ratio, excluding cat losses, of between a 79% and 85% for the full year and cat losses of between 5 points and 7.5 points on the combined ratio for the full year.”
Ben Walden, Kingstone’s EVP and Chief Actuary, commented, “Beginning this year, Kingstone has changed its definition of a catastrophe event to more closely align with the definition used by other major carriers. Going forward, Kingstone will define catastrophe losses as those associated with an event that is assigned a catastrophe number by the Property Claim Services (PCS) unit of ISO (Insurance Services Office). Kingstone experienced three such events in the first quarter that were first disclosed in mid-March.
Kingstone’s initial estimate of the net after-tax impact from the three winter catastrophe events was conservatively stated at between $5 million and $7 million. Since the initial disclosure, the impact from the two March storms has emerged to be less than originally anticipated. At present, the expected total pre-tax net impact from the three events is $5.9 million, or $4.6 million after tax.
Apart from the winter catastrophe events, underlying results remained solid. Kingstone continued to observe favorable prior year claim emergence with 0.4 points of favorable loss development recorded during the quarter.”
Financial Highlights Table
Financial Highlights Three Months Ended March 31, ($ in thousands except per share data) 2018
2017
% Change
Direct written premiums* $ 31,526 $ 26,125 20.7 % Net written premiums* $ 23,700 $ 16,734 41.6 % Net premiums earned $ 22,838 $ 16,370 39.5 % Total ceding commission revenue $ 1,695 $ 3,184 -46.8 % Net investment income $ 1,384 $ 858 61.3 % U.S. GAAP Net income (loss) $ (2,718 ) $ 1,471 -284.8 % U.S. GAAP Diluted Earnings Per Share
$ (0.25 ) $ 0.15 -266.7 % Comprehensive income (loss) $ (4,795 ) $ 1,853 -358.8 % Net operating income (loss)* $ (2,305 ) $ 1,507 -253.0 % Net operating income (loss) per diluted share*
$ (0.22 ) $ 0.15 -246.7 % Return on average equity (annualized) -11.9 % 8.1 % -20 pts Net loss ratio 75.6 % 50.7 % 24.9 pts Net underwriting expense ratio 38.7 % 34.5 % 4.2 pts Net combined ratio 114.3 % 85.2 % 29.1 pts Effect of catastrophes on net combined ratio 25.6 pts 0 pts 25.6 pts Net combined ratio excluding the effect of catastrophes* 88.7 % 85.2 % 3.5 pts * These measures are not based on GAAP and are defined and reconciled to the most directly comparable GAAP measures in "Information Regarding Non-GAAP Measures." 2018 First Quarter Financial Review
Net Income:
Net income decreased 284.8% to a net loss of $(2.72) million during the three month period , compared to net income $1.47 million in the prior-year period. The net loss, as compared to the prior year net income, can be attributed primarily to a 24.9 point increase in the net loss ratio. There was a 39.5% increase in net premiums earned, which partially offset the increase in net loss ratio, reducing the net loss.
Earnings per share:
Kingstone reported a loss of $(0.25) per diluted share for the three months , compared to $0.15 earnings per diluted share for the three months ended March 31, 2017. Earnings per diluted share for the three month periods and March 31, 2017 was based on 10.67 million and 9.85 million weighted average diluted shares outstanding, respectively.
Direct Written Premiums 1 , Net Written Premiums 1 and Net Premiums Earned:
Direct written premiums 1 of 2018 were $31.5 million, an increase of 20.7% from $26.1 million in the prior year period. The increase is attributable to a 19.3% increase in the total number of policies in-force as of March 31, 2018 as compared to March 31, 2017, driven by growth in personal lines resulting from the A.M. Best rating upgrade. In 2017, we started writing Homeowners’ policies in New Jersey and Rhode Island which also contributed to growth in personal lines.
(1) These measures are not based on GAAP and are defined and reconciled to the most directly comparable GAAP measures in “Information Regarding Non-GAAP Measures” below.
Net written premiums 1 increased 41.6% to $23.7 million during the three month period from $16.7 million in the prior year period. The increase was due to growth and the reduction of our personal lines quota share reinsurance rate to 20% on July 1, 2017, from the prior rate of 40%.
Net premiums earned for the quarter increased 39.5% to $22.8 million, compared to $16.4 million in the quarter ended March 31, 2017. The increase is due to growth and the reduction of our personal lines quota share reinsurance rate to 20% on July 1, 2017, from the prior rate of 40%.
Net Loss Ratio:
For the quarter , the Company’s net loss ratio was 75.6% compared to 50.7% in the prior period. The first quarter 2018 net loss ratio increased due to an increase in the impact of catastrophe losses from severe winter weather. The core loss ratio excluding the impact of catastrophes and prior year loss development remained approximately constant compared to the prior period.
Net Underwriting Expense Ratio:
For the quarter , the net underwriting expense ratio was 38.7% as compared to 34.5% in the prior year period. The increase of 4.2 percentage points was largely due to a decrease in ceding commission revenue resulting from both the reduction of our personal lines quota share reinsurance rate to 20% on July 1, 2017, from the prior rate of 40%, and from a $0.3 million decrease in contingent ceding commissions due to catastrophes.
The change in quota share rates results in a significant decrease in ceding commission revenue and an increase in net premiums earned. We refer to our New York business as “Core” 1 and the business in newly licensed states as “Expansion”. The inception of our Expansion business in 2017 creates a lag in net premiums earned related to that business. This lag and the changes to quota share rates distort net underwriting expense ratio comparisons between periods. Therefore, we believe that utilizing the ratio of Core other underwriting expenses 1 to Core direct written premiums 1 offers a more consistent comparison between periods. The Core other underwriting expense ratio excludes start-up expenses related to Expansion business. The ratio of Core other underwriting expenses to Core direct written premiums remained consistent between the three months and the prior year period (see table below).
The table below details the ratio of Core other underwriting expenses to Core direct written premiums:
Three months ended $ or March 31, Point 2018 2017 Change Core direct written premiums(1) $ 30,629 $ 26,125 $ 4,504 Core other underwriting expenses(1) as a percentage of Core direct written premiums Employment costs 6.47 % 6.61 % -0.14 % IT expenses 1.22 % 1.22 % 0.00 % Underwriting expenses 1.66 % 1.59 % 0.07 % State premium taxes 2.36 % 2.38 % -0.02 % Professional fees 0.89 % 0.80 % 0.09 % Other expenses 1.76 % 2.09 % -0.33 % State regulatory fees 0.80 % 0.55 % 0.25 % Total 15.16 % 15.24 % -0.08 % (1) This measure is not based on GAAP and is defined and reconciled to the most directly comparable GAAP measure in “Information Regarding Non-GAAP Measures” below.
Net Combined Ratio:
Kingstone’s net combined ratio was 114.3% for the three month period , compared to 85.2% for the prior year period.
Balance Sheet / Investment Portfolio
Kingstone’s cash and investment holdings were $184.2 million at March 31, 2018 compared to $138.9 million at March 31, 2017. The Company’s investment holdings are comprised primarily of investment grade corporate, mortgage-backed and municipal securities, with fixed income investments representing approximately 89.0% of total investments at March 31, 2018 and 91.3% at March 31, 2017. The Company’s effective duration on its fixed-income portfolio is 5.1 years.
Net investment income increased 61.3% to $1.4 million of 2018 from $858,000 in the prior year period, largely due to an increase in invested assets. The purchase of higher rated securities has led to a reduction in the pre-tax equivalent investment yield on estimated annual income, excluding cash, to 3.38% at March 31, 2018 as compared to 4.03% as of March 31, 2017.
Accumulated Other Comprehensive Income/Loss (AOCI), net of tax
As of March 31, 2018, AOCI was $(1.39) million compared to $0.46 million at March 31, 2017.
Book Value
The Company’s book value per share at March 31, 2018 was $8.27 a decrease of 0.2% compared to $8.29 at March 31, 2017.
31-Mar-18 31-Dec-17 30-Sep-17 30-Jun-17 31-Mar-17 Book Value Per Share $ 8.27 $ 8.90 $ 8.83 $ 8.50 $ 8.29 % Decrease from specified period to 3/31/2018 -7.1 % -6.3 % -2.7 % -0.2 %
Conference Call Details
Management will discuss the Company’s operations and financial results in a conference call on Thursday, May 10, 2018, at 8:30 a.m. ET.
The dial-in numbers are:
(877) 407-3105 (U.S.)
(201) 493-6794 (International)
Accompanying Webcast
The call will be simultaneously webcast over the Internet via the Kingstone website or by clicking on the conference call link: https://78449.themediaframe.com/dataconf/productusers/kins/mediaframe/23936/indexl.html
The webcast will be archived and accessible for approximately 30 days.
Information Regarding Non-GAAP Measures
Direct written premiums - represents the total premiums charged on policies issued by the Company during the respective fiscal period.
Core direct written premiums - represents the total premiums charged on policies issued by the Company during the respective fiscal period from its business located in New York.
Expansion direct written premiums - represents the total premiums charged on policies issued by the Company during the respective fiscal period from its business located in newly licensed states (i.e., outside New York).
Net written premiums - represents direct written premiums less premiums ceded to reinsurers.
Net premiums earned - is the GAAP measure most closely comparable to direct written premiums and net written premiums. Management uses direct written premiums and net written premiums, along with other measures, to gauge the Company’s performance and evaluate results. Direct written premiums and net written premiums are provided as supplemental information, are not a substitute for net premiums earned and do not reflect the Company’s net premiums earned.
Core other underwriting expenses - represents the total other underwriting expenses incurred by the Company during the respective fiscal period from its business located in New York.
Expansion other underwriting expenses - represents the total other underwriting expenses incurred by the Company during the respective fiscal period from its business located in newly licensed states (i.e., outside New York).
The table below details the direct written premiums, net written premiums, and net premiums earned for the periods indicated:
For the Three Months Ended March 31, 2018 2017 $ Change
% Change (000’s except percentages) Direct and Net Written Premiums Reconciliation: Direct written premiums $ 31,526 $ 26,125 $ 5,401 20.7 % Assumed written premiums - 4 (4 ) (100.0 ) % Ceded written premiums (7,826 ) (9,395 ) 1,569 (16.7 ) % Net written premiums 23,700 16,734 6,966 41.6 % Change in unearned premiums (862 ) (364 ) (498 ) 136.8 % Net premiums earned $ 22,838 $ 16,370 $ 6,468 39.5 % The table below details the Core direct written premiums, Expansion direct written premiums, and direct written premiums for the periods indicated:
For the Three Months Ended March 31, 2018 2017 $ Change
% Change (000’s except percentages) Core and Expansion Direct Written Premiums Reconciliation: Core direct written premiums $ 30,629 $ 26,125 $ 4,504 17.2 % Expansion direct written premiums 897 - 897 na % Direct written premiums $ 31,526 $ 26,125 $ 5,401 20.7 % The tables below detail the Core other underwriting expenses, Expansion other underwriting expenses, and other underwriting expenses, and the ratio of Core other underwriting expenses to Core direct written premiums, for the periods indicated:
For the Three Months Ended March 31, 2018 2017 $ Change
% Change (000’s except percentages) Core and Expansion Other Underwriting Expenses Reconciliation: Core other underwriting expenses $ 4,642 $ 3,982 $ 660 16.6 % Expansion other underwriting expenses 390 230 160 69.6 % Other underwriting expenses $ 5,032 $ 4,212 $ 820 19.5 % Ratio of Core other underwriting expenses to Core direct written premiums reconciliation: Other underwriting expenses $ 5,032 $ 4,212 $ 820 19.5 % Direct written premiums $ 31,526 $ 26,125 $ 5,401 20.7 % Ratio of other underwriting expenses to direct written premiums 15.96 % 16.12 % -0.16 % (1.0 )% Other underwriting expenses $ 5,032 $ 4,212 $ 820 19.5 % Expansion other underwriting expenses 390 230 160 69.6 % Core other underwriting expenses $ 4,642 $ 3,982 $ 660 16.6 % Direct written premiums $ 31,526 $ 26,125 $ 5,401 20.7 % Expansion direct written premiums 897 - 897 na
%
Core direct written premiums $ 30,629 $ 26,125 $ 4,504 17.2 % Ratio of Core other underwriting expenses to Core direct written premiums 15.16 % 15.24 % -0.08 % (0.5 )%
Net operating income - is net income exclusive of realized investment gains, net of tax. Net income is the GAAP measure most closely comparable to net operating income.
Operating return on average common equity - is net operating income divided by average common equity. Return on average common equity is the GAAP measure most closely comparable to operating return on average common equity.
Management uses net operating income and operating return on average common equity, along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including realized investment gains, which may vary significantly between periods. Net operating income and operating return on average common equity are provided as supplemental information, are not a substitute for net income or return on average common equity and do not reflect the Company’s overall profitability or return on average common equity.
The following table reconciles the net operating income to net income and the operating return on average common equity to return on average common equity for the periods indicated:
Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Amount Diluted
earnings
per
common
share
Amount Diluted
earnings
per
common
share
(000’s except per common share amounts and percentages) Net Operating Income and Diluted Earnings per Common Share Reconciliation:
Net income (loss) $ (2,718 ) $ (0.25 ) $ 1,471 $ 0.15 Net realized loss on investments 523 55 Less tax benefit on net realized loss 110 19 Net realized loss on investments, net of taxes 413 $ 0.04 36 $ - Net operating income (loss) $ (2,305 ) $ (0.22 ) $ 1,507 $ 0.15 Weighted average diluted shares outstanding 10,669,992 9,848,494 Operating Return on Average Common Equity (Annualized for Quarterly Periods) Reconciliation: Net income (loss) $ (2,718 ) $ 1,471 Average common equity $ 91,369 $ 72,389 Return on average common equity (annualized for quarterly periods) -11.9 % 8.1 % Net realized loss on investments, net of taxes $ 413 $ 36 Average common equity $ 91,369 $ 72,389 Effect of net realized loss on investments, net of taxes, on return on average common equity (annualized for quarterly periods) 1.8 % 0.2 % Net operating income (loss) $ (2,305 ) $ 1,507 Average common equity $ 91,369 $ 72,389 Operating return on average common equity (annualized for quarterly periods) -10.1 % 8.3 % Net combined ratio excluding the effect of catastrophes - is a non-GAAP ratio, which is computed as the difference between GAAP net combined ratio and the effect of catastrophes on the net combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends in our business that may be obscured by catastrophe losses. Catastrophe losses can cause our results to vary significantly between periods depending on their frequency and magnitude, and can have a significant impact on the net combined ratio. We believe it is useful for investors to evaluate this component separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the net combined ratio. The net combined ratio excluding the effect of catastrophes should not be considered a substitute for the net combined ratio and does not reflect the Company’s net combined ratio.
The following table reconciles the net combined ratio excluding the effects of catastrophes to the net combined ratio for the periods indicated:
For the Three Months Ended March 31, 2018 2017 Percentage
Point Change
Net Combined Ratio Excluding the Effect of Catastrophes Reconciliation: Net combined ratio excluding the effect of catastrophes 88.7 % 85.2 % 3.5 pts Effect of catastrophe losses Net loss and loss adjustment expenses 24.3 % 0.0 % 24.3 pts Net underwriting expense ratio 1.3 % 0.0 % 1.3 pts Total effect of catastrophe losses 25.6 % 0.0 % 25.6 pts Net combined ratio 114.3 % 85.2 % 29.1 pts
The following table reconciles net operating income and diluted operating earnings per share exclusive of catastrophe financial impact to net operating income (loss) and diluted operating earnings per share for the periods indicated:
For the Three Months Ended March 31, 2018 2017 Amount Diluted
earnings
per
common
share
Amount Diluted
earnings
per
common
share
(000’s except per common share amounts) Net Operating Income and Diluted Operating Earnings per Share Exclusive of Catastrophe Financial Impact: Net operating income (loss) $ (2,305 ) $ (0.22 ) $ 1,507 $ 0.15 Catastrophe financial impact Ceding commission revenue 334 - Total expenses 4,872 - Income from operations before taxes 5,206 - Income tax expense 1,093 - Total catastrophe financial impact 4,113 $ 0.39 - $ - Net operating income exclusive of catastrophe financial impact $ 1,808 $ 0.17 $ 1,507 $ 0.15 Weighted average diluted shares outstanding 10,669,992 9,848,494 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-kingstone-announces-2018-first-quarter-financial-results-and-2019-guidance.html |
May 9 (Reuters) - Spark Energy Inc:
* SPARK ENERGY, INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* SPARK ENERGY INC QTRLY TOTAL REVENUES $286.7 MILLION VERSUS $196.3 MILLION
* SPARK ENERGY INC QTRLY NET LOSS WAS $41.8 MILLION COMPARED TO NET INCOME OF $11.1 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-spark-energy-qtrly-total-revenues/brief-spark-energy-qtrly-total-revenues-286-7-mln-vs-196-3-mln-idUSASC0A126 |
CANNES, France (Reuters) - The actors in a film tipped for prizes at Cannes were not only amateurs plucked from the streets, they were also living lives as precarious as those of their characters, with one thrown in jail during the shoot and another deported afterwards.
“Capharnaum”, a realist drama set in the slums of Beirut, follows the life of Zain, a 12-year-old boy trying in vain to prevent his younger sister being married off as she comes into puberty.
The film starts and ends with a courtroom scene in which he is suing his parents, who have countless children and another on the way, for giving birth to him - the only plot contrivance in a film that otherwise sticks to facts witnessed by the director and lived by many of the cast.
Daily Telegraph critic Robbie Collin called it “a social-realist blockbuster – fired by furious compassion and teeming with sorrow, yet strewn with diamond-shards of beauty, wit and hope” that he predicted would win the Palme d’Or, to be awarded at the end of the Cannes Film Festival on Saturday.
Nadine Labaki, one of three women directors among the 21 in competition for the prize, said she filmed 520 hours of footage over six months as her novice actors, many of them young children, improvised - to achieve the intense realism.
ACTING’S “EASY” The protagonist is played by Zain Al Rafea, whose family fled the Syrian war and who, like his character, has been working from a young age rather than going to school.
71st Cannes Film Festival - photocall for the film "Capernaum" (Capharnaum) in competition - Cannes, France May 18, 2018. Director Nadine Labaki, cast member Zain Al Rafeea and guests. REUTERS/Stephane Mahe “It’s easy,” the 13-year-old told a news conference when asked about acting. “She asks me sometimes to be sad, sometimes to be happy - that’s it.”
Things were far harder for his co-star, Yordanos Shiferaw, a refugee from Eritrea who plays Rahil, an illegal immigrant who takes Zain under her wing but then disappears, leaving him with her year-old baby. We later learn she has been arrested and locked in an overcrowded jail cell.
“After the arrest scene, I was arrested for real,” she told reporters, tears streaming down her face. “I lived exactly the same thing.” After two weeks the movie producers managed to get her released and she returned to complete filming.
The baby boy, whom Zain pulls around town on a pram he has improvised from a large cooking pot atop a stolen skateboard, is also a real-life refugee.
Born in Beirut to parents from Africa, Boluwatife Treasure Bankole, the infant actor, actually a girl, was deported in March to Kenya with her mother. Her father was sent back to his home in Nigeria, the other side of Africa.
71st Cannes Film Festival - conference for the film "Capernaum" (Capharnaum) in competition - Cannes, France May 18, 2018. Director Nadine Labaki and cast member Zain Al Rafeea. REUTERS/Jean-Paul Pelissier “Capharnaum”, a word that Webster’s Dictionary defines as “a confused jumble”, is a film about these people, and, as Labaki said, “the absurd importance of this paper (identity documents) that we need to prove we exist.”
Writing by Robin Pomeroy; editing by Andrew Roche
| ashraq/financial-news-articles | https://in.reuters.com/article/us-filmfestival-cannes-capharnaum/tipped-for-cannes-glory-beirut-slum-actors-play-their-real-lives-idINKCN1IJ28O |
May 16, 2018 / 10:04 AM / Updated 7 hours ago Infosys sets up blockchain-based trade finance network with seven banks Sankalp Phartiyal , Devidutta Tripathy 3 Min Read
MUMBAI (Reuters) - India’s Infosys Ltd has formed a blockchain-based trade finance network with seven private-sector banks, to increase security and efficiency in the banking sector while also broadening its product offering. The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/Files
India’s second-biggest software services exporter, whose Finacle software powers the core functions of the majority of Indian lenders, is in talks to sign up more domestic and foreign banks to the network, senior company executives told Reuters on Wednesday.
Blockchain technology allows all stages of transactions to be securely shared between network members, as opposed to each bank working independently which is more expensive and increases the chance of error.
Just days earlier, HSBC Holdings PLC said it had performed the world’s first trade finance transaction using a shared blockchain platform, in a push to boost efficiency in the multi-trillion-dollar trade finance segment.
Infosys is setting up its trade finance network in a banking sector rattled by an over $2 billion fraud at India’s second-biggest state-run lender, Punjab National Bank (PNB), allegedly by two jeweller groups with help from rogue bank staff.
The jewellers have been accused of raising credit from Indian banks’ overseas branches using fake trade finance guarantees provided by PNB staff in Mumbai who did not enter those guarantees in the bank’s computer system.
Infosys’ network will make transactions transparent for “the buyers, the sellers, the buyer’s bank, the seller’s bank and any regulator who is on this network,” Rajashekara Maiya, Finacle global head of product strategy, said in a telephone interview.
“With that kind of a capability, the technology can avoid all the fraud that could have taken place in a situation like Punjab National Bank,” he said.
In March, India’s central bank barred all lenders from issuing letters of undertaking – a form of credit guarantee at the heart of the PNB fraud.
Banks can continue issuing letters of credit and bank guarantees. The instruments are among the various forms of trade finance that importers use to fund overseas purchases.
Sanat Rao, chief business officer at Finacle, said lenders currently testing its trade finance network are ICICI Bank Ltd, Axis Bank Ltd, Kotak Mahindra Bank Ltd, Yes Bank Ltd, IndusInd Bank Ltd, RBL Bank Ltd and South Indian Bank Ltd.
Rao said Infosys is also in talks with other Indian and overseas lenders.
“We’re in very advanced discussions in Australia with a consortium of banks and I think you’ll see more announcements,” he said. Reporting by Sankalp Phartiyal and Devidutta Tripathy; Editing by Euan Rocha | ashraq/financial-news-articles | https://in.reuters.com/article/infosys-banks-blockchain/infosys-sets-up-blockchain-based-trade-finance-network-with-seven-banks-idINKCN1IH14Q |
Artisan Partners Asset Management Inc:
* . REPORTS 1Q18 RESULTS * AUM DECREASED TO $114.8 BILLION AT MARCH 31, 2018, DOWN 0.6%, COMPARED TO $115.5 BILLION AT DEC 31, 2017
* QTRLY ADJUSTED EARNINGS PER SHARE $0.78 * QTRLY REVENUES OF $212.0 MILLION INCREASED $27.9 MILLION, OR 15%
* Q1 EARNINGS PER SHARE VIEW $0.73, REVENUE VIEW $211.7 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-artisan-partners-asset-management/brief-artisan-partners-asset-management-inc-qtrly-earnings-per-share-0-75-idUSASC09YT0 |
BUCHAREST, Romania, May 31, 2018 /PRNewswire/ --
Bitdefender, a leading global cybersecurity-technology company protecting 500 million users worldwide, has appointed Michael Gable as Vice President of its Data Center Group, a new division focused solely on cloud and data center security.
(Logo: http://mma.prnewswire.com/media/619860/Bitdefender_Logo.jpg )
The move is part of Bitdefender's wider strategy to leverage its unique technologies to secure server and virtual desktop workloads running on software-defined, hyper-converged and cloud infrastructure. This heightened focus on the data center security market will drive explosive growth in a segment with tremendous potential.
Michael Gable is a security-industry veteran with more than 20 years of experience in sales leadership, strategic alliances, professional services and sales engineering. In this new role, he will focus on helping enterprises solve cloud-workload security challenges, developing strategic alliances with key ecosystem partners and growing Bitdefender's channel network in the data center segment.
"Bitdefender's solutions leverage virtualization and cloud infrastructure to provide security which was not possible in the legacy data center world," said Gable. "These security solutions are highly effective against today's most sophisticated attacks and they're invisible to the attackers. They are built from the ground up for the modern data center and cloud infrastructure, delivering award-winning next-generation security plus a host of unique benefits that let enterprises extract maximum value from their datacenter-transformation initiatives. I look forward to helping organizations solve their data center-security challenges."
"We are delighted to welcome Mike as a key member of our global enterprise team," said Bogdan Irina, Chief Operating Officer, Bitdefender. "He will play a key role in expanding our efforts in the data center and cloud space, bringing more than two decades of technology and cybersecurity sales-leadership experience."
Bitdefender's award-winning datacenter- and cloud-security solutions, GravityZone Security for Virtualized Environments (SVE) and Bitdefender Hypervisor Introspection (HVI), help organizations reduce the attack surface and prevent, detect, investigate and respond to advanced threats, known and unknown.
Certified as Nutanix-, Citrix-, and VMware-Ready, GravityZone SVE is a cloud-workload security platform that delivers layered next-generation defenses, while maximizing the efficiency of security operations, promoting infrastructure utilization and optimizing end-user experience.
Named by industry analysis firm IDC "a qualitative improvement in the security of virtual environments*," Bitdefender HVI uniquely protects data center infrastructure against advanced persistent threats through live memory introspection at the hypervisor level.
* Hypervisor Introspection: A Transformative Approach to Advanced Attack Detection. IDC, May 2017
About Bitdefender
Bitdefender is a global security technology company that provides cutting edge end-to-end cyber security solutions and advanced threat protection to more than 500 million users in more than 150 countries. Since 2001, Bitdefender has consistently produced award-winning business and consumer security technology, and is a provider of choice in both hybrid infrastructure security and endpoint protection. Through R&D, alliances and partnerships, Bitdefender is trusted to be ahead and deliver robust security you can rely on. More information is available at http://www.bitdefender.com .
SOURCE Bitdefender SRL | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-bitdefender-expands-further-into-data-center-and-cloud-security-with-dedicated-team-led-by-new-vice-president-michael-gable.html |
May 15, 2018 / 8:30 PM / Updated 5 minutes ago Soccer: Wondolowski chasing scoring record as San Jose visits Vancouver Reuters Staff 3 Min Read
Chris Wondolowski can continue closing in on the all-time MLS scoring record when the San Jose Earthquakes visit the Vancouver Whitecaps on Wednesday night in search of a second consecutive away victory. Oct 16, 2016; San Jose, CA, USA; San Jose Earthquakes forward Chris Wondolowski (8) battles for the ball against the Vancouver Whitecaps in the second half at Avaya Stadium. The game ended in a 0-0 tie. Mandatory Credit: John Hefti-USA TODAY Sports
Normally a starter, Wondolowski came off the bench for just the second time this season in the Quakes’ 3-1 victory at Minnesota United last Saturday. He converted the team’s second penalty in the second half.
That was the former United States international’s second goal of the season and 136th of his MLS career, which puts him nine back of all-time leader Landon Donovan’s 145.
“It was nice to come in full of energy,” Wondolowski told the San Jose Mercury-News. “I wanted to prove myself and just help the team.”
With only four days between matches, San Jose coach Mikael Stahre might have already planned to rotate the 35-year-old striker back into his starting lineup Wednesday regardless of Saturday’s performance.
Even so, the Earthquakes (2-5-2) have faced a relatively light workload early in the season and will play only their 10th game on Wednesday night.
Meanwhile, the Whitecaps (4-5-2) will be partaking in their Western Conference-most 12th match and already their sixth at BC Place.
In their fifth, coach Carl Robinson believed his side was deserving of all three points on Friday night against the Houston Dynamo, when it outshot the visitors 15-9 and led 6-4 in efforts on target.
Instead, the Whitecaps had to settle for a 2-2 draw after twice coming from a goal down, the second time tying it through Kendall Waston’s goal in the fourth minute of second-half stoppage time.
“Anyone watching that game knows we should have won today,” Robinson told The Province. “Football’s cruel, sometimes, but what I take away from that is twice, they showed tremendous heart. We never give in. Last kick of the game, it’s the best time to score.”
Whitecaps forward Kei Kamara picked up an assist in the match, his first start since sustaining an adductor strain. He’s scored three goals this season with his new club but hasn’t hit the net for Vancouver since March.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-usa-van-sje/soccer-wondolowski-chasing-scoring-record-as-san-jose-visits-vancouver-idUSKCN1IG371 |
NEWTON, Mass., May 14, 2018 /PRNewswire/ -- Dynasil Corporation of America (NASDAQ: DYSL), a developer and manufacturer of optics and photonics products, optical detection and analysis technology and components for the homeland security, medical and industrial markets, today announced net income of $1.3 million or $0.08 per share for the second quarter of fiscal year 2018.
"I am happy to report revenue in our Optics segment showed an 11% increase for the quarter as compared to the same period last year – the second consecutive quarter of double-digit revenue growth in Optics' revenue," said CEO Peter Sulick. "Additionally, this quarter's results contain a $1.3 million benefit for income taxes as the result our ongoing review for the PATH 2015 federal R&E Tax Credit for the years 2012 thru 2016. We anticipate completing this review by the fiscal year end and we are expecting additional state credits will be determined as well.
"And although our Research segment's revenue decreased 10% this quarter, as compared to last year, largely due to a delay in commercial revenue, RMD's commercial revenue shows signs of picking up this quarter, as evidenced by the recently announced new purchase orders from Thermo Fisher Scientific. Overall, our revenue for the quarter was up 2% over the same period last year."
Certain key metrics by segment for the current quarter and the same quarter last year are presented below:
Results of Operations for the Three Months Ended March 31, 2018
Optics
Contract
Research
Biomedical
Total
Revenue
$ 5,910,000
$ 4,345,000
$ -
$ 10,255,000
Gross profit
2,050,000
1,895,000
-
3,945,000
GM %
35%
44%
-
38%
Operating expenses
1,858,000
1,813,000
194,000
3,865,000
Operating income (loss)
$ 192,000
$ 82,000
$ (194,000)
$ 80,000
Results of Operations for the Three Months Ended March 31, 2017
Optics
Contract
Research
Biomedical
Total
Revenue
$ 5,281,000
$ 4,804,000
$ -
$ 10,085,000
Gross profit
1,913,000
1,875,000
-
3,788,000
GM %
36%
39%
-
38%
Operating expenses
1,597,000
1,802,000
392,000
3,791,000
Operating income (loss)
$ 316,000
$ 73,000
$ (392,000)
$ (3,000)
Net income (loss) attributable to common stockholders was approximately $1.3 million or $0.08 per share for the quarter ended March 31, 2018 and ($0.1) million or ($0.00) per share for the quarter ended March 31, 2017. Dynasil's provision for income taxes for the second quarter of 2018 was a benefit of $1.3 million as compared to a tax provision of $0.1 million for the same period in fiscal year 2017. The 2018 provision in the second quarter of fiscal year 2018 was the result of a PATH 2015 federal R&E Tax Credit for the years 2012 thru 2016 that we are estimating based on the review we are in the process of conducting.
Conference Call Information
Dynasil will host a conference call for investors and analysts at 5:00 p.m. ET today, Monday, May 14, 2018. The call will be hosted by Chairman, CEO and President Peter Sulick and Chief Financial Officer Robert Bowdring. Those who wish to listen to the conference call can go to the event page or visit the Investor Information section of the Company's website at www.dynasil.com . The call also may be accessed by dialing (888) 346-2613 or (412) 902-4252. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company's website for one year.
About Dynasil
Dynasil Corporation of America (NASDAQ: DYSL) develops and manufactures optics and photonics products, optical detection and analysis technology and components for the homeland security, medical and industrial markets. Combining world-class expertise in research and materials science with extensive experience in manufacturing and product development, Dynasil is commercializing products including dual-mode radiation detection solutions for Homeland Security and commercial applications and sensors for non-destructive testing. Dynasil has an impressive and growing portfolio of issued and pending U.S. patents. The Company is based in Newton, MA, with additional operations in MA, MN, NY, NJ and the United Kingdom. More information about the Company is available at www.dynasil.com .
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements regarding future events and our future results are based on current expectations, estimates, forecasts, and projections and the beliefs and assumptions of our management, including, without limitation, our expectations regarding results of operations, our compliance with the financial covenants under our loan agreements with Middlesex Savings Bank and Massachusetts Capital Resource Company, the commercialization of our technology, including the Xcede patch and our dual mode detectors, the expecting timing of the First-in-Human clinical trial of the Xcede patch, the success of efforts to fund Xcede, results of our pre-clinical and planned clinical trials, regulatory approvals, our development of new technologies including at Dynasil Biomedical, the adequacy of our current financing sources to fund our current operations, our growth initiatives, governmental budgetary and funding matters, our capital expenditures and the strength of our intellectual property portfolio. These forward-looking statements may be identified by the use of words such as "plans", "intends," "may," "could," "expect," "estimate," "anticipate," "continue" or similar terms, though not all forward-looking statements contain such words. The actual results of the future events described in such forward looking statements could differ materially from those stated in such forward looking statements due to a number of important factors. These factors that could cause actual results to differ from those anticipated or predicted include, without limitation, our ability to develop and commercialize our products, including obtaining regulatory approvals, the size and growth of the potential markets for our products and our ability to serve those markets, the rate and degree of market acceptance of any of our products, general economic conditions, costs and availability of raw materials and management information systems, our ability to obtain and maintain intellectual property protection for our products, clinical results of Xcede's programs which may not support further development, competition, the loss of key management and technical personnel, our ability to obtain timely payment of our invoices to governmental customers, changing priorities or reductions in government spending, litigation, the effect of governmental regulatory developments, the availability of financing sources, our ability to comply with our debt obligations, our ability to deleverage our balance sheet, our ability to identify and execute on acquisition opportunities and integrate such acquisitions into our business, and seasonality, as well as the uncertainties set forth in the Company's Annual Report on Form 10-K, filed on December 20, 2017, including the risk factors contained in Item 1A, and from time to time in the Company's other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Dynasil Corporation of America and
Subsidiaries
Consolidated Balance Sheets (Unaudited)
ASSETS
March 31, 2018
September 30, 2017
Current Assets
Cash and cash equivalents
$ 1,130,000
$ 2,415,000
Accounts receivable, net
4,276,000
3,407,000
Costs in excess of billings and unbilled receivables
846,000
1,317,000
Inventories, net of reserves
4,638,000
4,326,000
Prepaid expenses and other current assets
686,000
973,000
Total current assets
11,576,000
12,438,000
Property, Plant and Equipment, net
7,551,000
7,032,000
Other Assets
Intangibles, net
997,000
987,000
Deferred tax asset
3,351,000
2,642,000
Goodwill
6,009,000
5,940,000
Security deposits
33,000
58,000
Total other assets
10,390,000
9,627,000
Total Assets
$ 29,517,000
$ 29,097,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt
$ 1,896,000
$ 2,007,000
Capital lease obligations, current
62,000
91,000
Accounts payable
1,744,000
2,380,000
Deferred revenue
126,000
129,000
Accrued expenses and other liabilities
2,745,000
2,667,000
Total current liabilities
6,573,000
7,274,000
Long-term Liabilities
Long-term debt, net of current portion
1,172,000
1,045,000
Capital lease obligations, net of current portion
61,000
81,000
Deferred tax liability, net
244,000
234,000
Other long-term liabilities
164,000
38,000
Total long-term liabilities
1,641,000
1,398,000
Stockholders' Equity
Dynasil stockholders' equity
19,948,000
18,971,000
Noncontrolling interest
1,355,000
1,454,000
Total stockholders' equity
21,303,000
20,425,000
Total Liabilities and Stockholders' Equity
$ 29,517,000
$ 29,097,000
Dynasil Corporation of America
Consolidated Statement of Operations and Comprehensive Income (Loss)
(Unaudited)
Three Months Ended
Six Months Ended
March 31,
March 31,
2018
2017
2018
2017
Net revenue
$10,255,000
$10,085,000
$19,443,000
$19,228,000
Cost of revenue
6,310,000
6,297,000
11,958,000
11,915,000
Gross profit
3,945,000
3,788,000
7,485,000
7,313,000
Operating expenses:
Sales and marketing
388,000
328,000
667,000
593,000
Research and development
215,000
335,000
524,000
531,000
General and administrative
3,262,000
3,128,000
6,418,000
6,115,000
Total operating expenses
3,865,000
3,791,000
7,609,000
7,239,000
Income (loss) from operations
80,000
(3,000)
(124,000)
74,000
Interest expense, net
45,000
45,000
88,000
112,000
Income (loss) before taxes
35,000
(48,000)
(212,000)
(38,000)
Income tax (benefit)
(1,255,000)
71,000
(595,000)
(2,658,000)
Net income (loss)
1,290,000
(119,000)
383,000
2,620,000
Less: Net loss attributable to noncontrolling
interest
(33,000)
(64,000)
(108,000)
(133,000)
Net income (loss) attributable to common
stockholders
$ 1,323,000
$ (55,000)
$ 491,000
$ 2,753,000
Net income (loss)
$ 1,290,000
$ (119,000)
$ 383,000
$ 2,620,000
Other comprehensive income (loss):
Foreign currency translation
222,000
65,000
257,000
(230,000)
Total comprehensive income (loss)
1,512,000
(54,000)
640,000
2,390,000
Less: comprehensive income (loss)
attributable to noncontrolling interest
(33,000)
(64,000)
(108,000)
(133,000)
Total comprehensive income (loss)
attributable to common stockholders
$ 1,545,000
$ 10,000
$ 748,000
$ 2,523,000
Basic net income (loss) per common share
$ 0.08
$ (0.00)
$ 0.03
$ 0.16
Diluted net income (loss) per common share
$ 0.08
$ (0.00)
$ 0.03
$ 0.16
Weighted average shares outstanding
Basic
17,133,468
16,886,628
17,090,530
16,847,679
Diluted
17,133,468
16,886,628
17,090,530
16,847,679
Contact:
Patty Kehe
Corporate Secretary
Dynasil Corporation of America
Phone: 617.668.6855
[email protected]
View original content: http://www.prnewswire.com/news-releases/dynasil-corporation-of-america-reports-second-quarter-fiscal-2018-net-income-of-1-3-million-300647641.html
SOURCE Dynasil Corporation of America | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-dynasil-corporation-of-america-reports-second-quarter-fiscal-2018-net-income-of-1-point-3-million.html |
Reduces Outstanding Share Count by Approximately 5 Percent
HERNDON, Va.--(BUSINESS WIRE)-- K12 Inc. (NYSE: LRN), a technology-based education company and leading provider of online curriculum and online school programs for students in pre-K through high school, today announced that it has purchased 1.83 million shares of K12’s common stock in a private block transaction at a price of $15.00 per share. This one-time authorization by K12’s Board of Directors was made at a purchase price of $27.5 million which will be funded with cash on hand.
“Our business fundamentals and long-term growth prospects make purchasing these shares an effective use of capital which benefits shareholders,” said Nate Davis, Chief Executive Officer and Chairman of the Board. “With strong cash flow and balance sheet our company has ample resources to invest in opportunities to further expand and diversify our business to best serve shareholders into the future.”
About K12 Inc.
K12 Inc. (NYSE: LRN) is driving innovation and advancing the quality of education by delivering state-of-the-art, digital learning platforms and technology to students and school districts across the globe. K12’s award winning curriculum serves over 2,000 schools and school districts and has delivered millions of courses over the past decade. K12 is a company of educators providing online and blended education solutions to charter schools, public school districts, private schools, and directly to families. The K12 program is offered through more than 70 partner public schools, and through school districts and public and private schools serving students in all 50 states and more than 100 countries. More information can be found at K12.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as “anticipates,” “believes,” “estimates,” “continues,” “likely,” “may,” “opportunity,” “potential,” “projects,” “will,” “expects,” “plans,” “intends” and similar expressions to identify forward looking statements, whether in the negative or the affirmative. These statements reflect our current beliefs and are based upon information currently available to us. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from those expressed in, or implied by, such statements. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of May 16, 2018, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006508/en/
K12 Inc.
Investor and Press Contact:
Mike Kraft, 571-353-7778
VP Finance and Communications
[email protected]
Source: K12 Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-k12-inc-announces-buyback-of-1-point-83-million-shares-in-private-block-transaction.html |
May 5, 2018 / 1:42 PM / Updated 44 minutes ago Stoke relegated after 2-1 loss to Crystal Palace Reuters Staff 3 Min Read
May 5 (Reuters) - STOKE CITY 1 CRYSTAL PALACE 2 Soccer Football - Premier League - Stoke City vs Crystal Palace - bet365 Stadium, Stoke-on-Trent, Britain - May 5, 2018 Stoke City's Erik Pieters looks dejected after the match as they are relegated from the Premier League REUTERS/Peter Powell
Stoke City were relegated from the Premier League on Saturday after their dismal season culminated in them giving up a first-half lead against Crystal Palace before succumbing to a deserved 2-1 defeat.
The Potters had to win to give themselves the faintest hope of maintaining their 10-year stay in the top tier of the English game but Paul Lambert’s ailing side, who have not won in 13 league matches, went down to a late Patrick van Aanholt goal. Related Coverage Lambert vows Stoke will bounce back after relegation
Xherdan Shaqiri had given Stoke hope with a deflected 43rd- minute free kick, only for James McArthur to equalise midway through the second half after a slick counter-attack. Soccer Football - Premier League - Stoke City vs Crystal Palace - bet365 Stadium, Stoke-on-Trent, Britain - May 5, 2018 Stoke City fans look dejected REUTERS/Peter Powell
Then, as Palace piled on the pressure, Van Aanholt struck four minutes from time as Stoke’s worst run in the top flight for 34 years sealed their fate while Roy Hodgson’s resurgent Palace could celebrate another year of Premier League football.
A crestfallen Ryan Shawcross, Stoke’s captain whose late mistake led to Van Aanholt’s goal, admitted his team had not been good enough all season.
“We’ve had a right go every single game (under Lambert) but for whatever reason, we haven’t got the goals we needed and ultimately it’s cost us,” he told Sky Sports. Slideshow (5 Images)
“It’s difficult to take but it’s a great club this and we’ll be back.”
With Palace not at their sharpest in a nervy opening half, it took the quality of Shaqiri to break the deadlock as he began a promising move with a fine cross-field ball, then tempted Ruben Loftus-Cheek into a clumsy challenge 23 metres out.
The Swiss international’s curled free kick took a slight diversion off Loftus-Cheek in the Palace wall to give Stoke a lifeline.
Yet the home side increasingly retreated as Palace began to swarm over them after the interval, with McArthur, overlapping on the left, slotting home an excellent left-footed finish after the visitors broke from deep in their own half.
A draw would not realistically have been enough to save Stoke but their fate was sealed when Shawcross, trying to clear his lines, diverted the ball straight into the path of the charging full back Van Aanholt.
“The goal was my fault. Sometimes you make mistakes and they cost you,” said Shawcross.
The win sealed Palace’s safety, a remarkable achievement for former England manager Hodgson, who had to pull off a considerable feat of escapology after the Eagles’ desperate start to the season under Frank de Boer. Reporting by Ian Chadband, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-stk-cry/stoke-relegated-after-2-1-loss-to-crystal-palace-idUKKBN1I60HX |
May 3 (Reuters) - Goldlok Toys Holdings Guangdong Co Ltd :
* Says its wholly owned education tech unit jointly signs internet smart education contract worth 53.9 million yuan
Source text in Chinese: goo.gl/Y2LYBs
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-goldlok-toys-holdings-guangdong-un/brief-goldlok-toys-holdings-guangdong-unit-jointly-signs-internet-smart-education-contract-worth-53-9-mln-yuan-idUSL3N1SA3XU |
European markets open slightly higher as investors monitor earnings 39 Mins Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/european-markets-open-slightly-higher-as-investors-monitor-earnings.html |
Anu Duggal founded Female Founders Fund (F3) back in 2014 when the venture landscape looked much different. She was an entrepreneur-turned-investor who had just sold her company and was thinking about her next move.
“When I looked around, I saw a lot of women who were starting businesses,” she told Term Sheet . “I recognized that in the next 10 to 15 years, you’d start to see more and more interesting companies being built by women.”
So she began fundraising for F3, a seed stage venture fund that invests exclusively in female-founded technology companies. Seven hundred investor meetings later, Duggal managed to raise $5 million for her first fund. “Starting a fund is really difficult,” she said. “We have over 70 investors in our first fund — all individuals. The majority of those investors were people who had invested in my last company.”
But things are a little different in 2018. Just two weeks ago, Duggal and F3 partner Sutian Dong announced they closed $27 million for their second early-stage fund. Though it’s a star-studded list of individual investors — Melinda Gates, Hayley Barna , Katrina Lake — the partners were able to bring on some new limited partners. Unlike the first fund, this one includes some capital from institutions, funds of funds, foundations, and family offices, Duggal said.
F3’s portfolio includes companies like Thrive Global, Zola, Maven, and WayUp.
In a conversation with Term Sheet, Duggal and Dong discuss the role LPs play in the venture ecosystem, investment trends to watch, and whether a fund like F3 is really in a position to challenge the status quo.
TERM SHEET: You raised the first fund in 2014. How have your conversations with potential LPs changed since then?
DUGGAL: When you think about the last 15 to 20 years of exits in the venture capital industry, there have not been that many that were led by female founders. What’s happened between Fund I and Fund II is that you’ve seen companies like StitchFix go public, you’ve seen Rent the Runway scale. There are now solid examples of companies that are being led by women that are fairly diverse and not in just one industry. LPs can understand that’s actually happening now. In the first fund, we were asking LPs to bet on the future — now we have some concrete examples to point to.
A recent Fortune article explored the relationship between LPs and diversity within venture firms. In it, the Aspect Ventures founders said they believe that diversity, both internally and throughout their portfolio companies, leads to better outcomes. How do you define diversity at Female Founders Fund?
DONG: As a fund, we’re in a pretty special position to have a firm managed by two GPs and have people who work with us who are all women. You could say that it’s all women so it’s not diverse, but when I think about our overall position in the ecosystem, I think we represent a really important point in diversity and an important point of view that not a lot of other firms share.
With regards of our portfolio companies, I 100% agree with the Aspect partners that diversity within organizations lends itself to greater returns in the private and public markets. What we see from our portfolio companies is that because they’re companies founded by women, their teams internally tend to be a little more diverse than your average company.
So you think about diversity just in terms of gender representation?
DONG: Obviously, we’re very good at the gender diversity component because we’ve done a good job of investing in female founders. That being said, I do think we’re taking a more intersectional lens to the diversity point. Ethnic representation is also incredibly important. You just need to have different points of view, right? And it varies from company to company in terms of how they want to quantify that. These points are being considered very early on by our portfolio founders because they recognize that diversity will be a big part of supporting their growth.
One of the LPs in your new fund is Melinda Gates. What types of conversations did you have with her before she decided to invest?
DUGGAL: She and her team connected with us and asked various questions as they tried to identify the key players and map out the landscape. We ended up spending about a year getting to know each other.
She’s been incredibly vocal around her desire of changing diversity in the venture capital world and using her means to do it. Being able to support funds like ours, and in turn having our companies go on to scale and have exits, will have a meaningful impact.
You’ve said previously that there’s a lot of opportunity in the beauty space at the moment. What are the particular areas of growth you see in the sector?
DONG: The beauty and health space is evolving rapidly. The definition of beauty is evolving and a lot of it is merging with health and wellness. What’s exciting to us about the space is that we invest in technology-based and tech-enabled businesses, but we really invest in high-growth, high-scale, high-margin companies. A a lot of beauty companies touch many of those categories. One of our investments is [a cosmetics company] called WinkyLux. It turned the industry on its head from what used to be a 9- to 12-month lead time to a 45-day lead time to get products in the users’ hands, which is really unheard of in this industry.
DUGGAL: The other learning from the WinkyLux investment is that we’re seeing customers respond to brands that are being built on social media. That’s a very new type of approach. When you think about selling to your typical beauty customer, it used to be about selling through Sephora, Ulta, etc. For the first time, these brands are speaking directly to their consumers and using social to create authentic relationships. I think this is just the beginning of that cycle. When we meet a new beauty or skincare brand, the first thing we do is check their Instagram to understand how they’re speaking to their customer.
You’re investors in wedding registry startup Zola, which just raised $100 million from Goldman Sachs , Comcast Ventures, and NBC Universal. What did you see in the company early on that made you think it was a big opportunity?
DUGGAL: I actually met [Zola CEO] Shan-Lyn Ma pre-Zola. I was really impressed with her. When you think about weddings as an industry, it’s definitely not at the top of the list from a venture capital investment standpoint. I think though there’s a ton of spend that happens in the category but no one has really innovated. A lot of that spend happens in the wedding process — in registries. Even in the early days, it was pretty clear that if you could get that model to work, the viral model of having 100 or 200 people to buy wedding gifts, would ultimately translate into a pretty interesting network effect. We had been tracking Zola early on, and the numbers year after year were incredibly impressive.
DONG: It underlies our conviction as a fund we have a very different point of view from other folks in the industry. What I heard around the industry from investors talking about Zola, it would be around, “Is this ever going to be a big business?” A lot of people looked at Zola and took the view of, “Most people get married once, so what’s the lifetime customer value?”
Really, people get married every year, and the current experience across the wedding industry is still pretty old school. The only thing that has really come online is that registry piece. We looked at Zola and we saw they were creating a platform in a space where many, many people go through in their lifetime maybe not just once but twice. And it was using modern technology designed for millennial consumers who are used to really natural, intuitive experiences online.
What are other investment trends you think Term Sheet readers should be paying attention to right now?
DUGGAL: There’s interesting opportunities in women’s health — whether it’s fertility or benefits that relate to women in the workplace. We’re seeing a lot in this area. We were early investors in Maven [a digital clinic for women]. Through that experience, we’ve gotten to understand that women really control the spend in healthcare, and they haven’t really been marketed to or addressed as consumers.
The second area we’re interested in is around experiential commerce. You obviously had some really exciting brands built online, but at the end of the day what we’re seeing that a lot of traditional retailers are trying to re-invent. That’s an area where we’re seeing a lot of interesting businesses and startups think about how to best use that physical space and translate it into something that’s more than just your typical retail experience.
DONG: Another trend is the rise of “alternate communities.” We have this view that the decline of organized religion, amongst other things, is leading to a gap in the market where the functions that the church once served, like community and connection, have created an opportunity for more secular brands to pop up. SoulCycle is a great example of that — people have characterized it as almost cult-ish. We’re seeing more and more companies pop up to re-create some of the needs for the individual, whether it’s community or a search for meaning. We’re investors in a group called Peanut, which is a social network for moms. We’re investors in a company called HipSobriety, which is an alternative to Alcoholics Anonymous. We’re investors in a company called Co-Star, which is an astrology app.
There’s been this massive shift in terms of consumer intent to gather in places with other like-minded individuals. We’re looking at a lot of these communities that are being built online in really interesting ways.
Only 2% of venture funding went to female founders in 2017, and just 8% of partners at the top venture capital firms are women. How big of a role do limited partners play in shaping what the tech ecosystem looks like?
DUGGAL: I think LPs play a pivotal role in terms of helping establish the next generation of fund managers. There’s two ways to think about venture capital. You obviously have the established, big names in the industry, but I think what you’ve seen in the last four years is the emergence of micro-funds and even more traditional VCs leave to start their own shops. So I think that as limited partners, there’s a really great opportunity to back these fund managers who don’t necessarily look like the traditional venture fund investors and show that you can still get great returns.
Right, but the funds you’re referring to are relatively small when compared to the more traditional firms on Sand Hill Road. Do you think they are truly in a position to challenge the established players?
DUGGAL: Ultimately, what we’ve seen that’s been incredibly interesting and exciting as a seed fund is that from a diversity standpoint, you won’t see more companies being built by women unless they get seed funding. The reason that funds like ours are important is that you need people who can open up the door to get that Series A or Series B. You need to ultimately have these larger funds feel like they’re missing out and that there’s a serious economic repercussion by not taking a look at the companies we’re helping get off the ground.
The impact will come later. We feel like with the portfolio we have now, we are able to make introductions to Series A and B funds. As those companies get funded, other VCs will recognize that these are some really interesting opportunities and founders are building businesses that have real potential to scale. Ultimately, that’s what will move the needle on more women getting funded and more exits happening.
DONG: It will take time. Part of the reason I think there are so many seed funds getting started is that it can be easier to raise $20 million than it is to raise $200 million. For many people, it is the starting point to build into a larger franchise of funds and scale into being a Series A or B over time. I think you’ll see the maturation of some of these franchises that will be more established players in 10 years. I will point to First Round Capital as a fantastic example of a firm that has been around for a little over 10 years, but Josh [Kopelman] and his team have done an incredible job at creating and re-defining what seed looks like.
Secondly, you’re seeing in the last several days that many of these more traditional firms are adding senior level female partners . It’s a real indication to us that the firms are aware that the lack of diversity within their organizations is leading them to miss out on some opportunities that they really should be in front of. | ashraq/financial-news-articles | http://fortune.com/2018/05/23/female-founders-fund-gap/ |
Dividend payable in June 2018
SAN ANTONIO--(BUSINESS WIRE)-- GlobalSCAPE, Inc. (NYSE American: GSB ), a worldwide leader in the secure movement and integration of data, announced today that its Board of Directors has declared a quarterly cash dividend of $0.015 per share of common stock.
The dividend is payable on June 22, 2018, to shareholders of record at the close of business at 5:00 p.m. Eastern Time on June 8, 2018.
“The declaration of this cash dividend demonstrates the confidence of the Board of Directors in our capital position, our strategy and our continued ability to generate strong cash flow for our shareholders,” said Matt Goulet, GlobalSCAPE President and CEO. “Today’s announcement further underscores our ongoing commitment to delivering shareholder value while continuing to invest in the company’s future growth.”
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE American: GSB ) is a pioneer in securing and automating the movement and integration of data seamlessly in, around and outside your business, between applications, people and places, in and out of the cloud. GlobalSCAPE provides cloud services that automate your work, secure your data and integrate your applications – while giving visibility to those who need it. GlobalSCAPE makes business flow brilliantly. For more information, visit http://www.globalscape.com or follow the blog and Twitter updates.
Safe Harbor Statement
This press release contains within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “would,” “exceed,” “should,” “anticipates,” “believe,” “expect,” and variations of such words and similar expressions identify , but their absence does not mean that a statement is not a forward-looking statement. These are based upon the Company’s current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any , whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such are risks that are detailed in the Company’s Annual Report on Form 10-K for the 2016 fiscal year, filed with the SEC on March 27, 2017; the discovery of additional information relevant to the internal investigation; the conclusions of the Company’s Audit Committee (and the timing of the conclusions) concerning matters relating to the internal investigation; the timing of the review by, and the conclusions of, GlobalSCAPE’s independent registered public accounting firm regarding the internal investigation and GlobalSCAPE’s financial statements; the possibility that additional errors may be identified; the risk that the completion and filing of the Company’s reports to be filed with the SEC will take longer than expected; pending litigation and the possibility of further legal proceedings adverse to GlobalSCAPE resulting from the restatement or related matters; and the costs associated with the restatement.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180525005070/en/
GlobalSCAPE Press Contact
SHIFT Communications
Samantha Harris, 512-792-2550
[email protected]
or
GlobalSCAPE Investor Relations Contact
Liolios Group, Inc.
Matt Glover or Najim Mostamand, CFA, 210-801-8489
[email protected]
Source: GlobalSCAPE, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/business-wire-globalscape-inc-announces-quarterly-cash-dividend-of-0-point-015-per-share-of-common-stock-for-second-quarter-2018.html |
KUALA LUMPUR—Ri Jong Chol, a slight man in his mid-40s, led what appeared the routine life of a businessman. He lived in an apartment complex with a pool and gym, a family man who took his wife and two children bowling.
Mr. Ri’s computers and phones, seized last year by Malaysia authorities, reveal much more. He was a North Korean operative, one of hundreds living abroad who U.S. and United Nations investigators say help the regime skirt sanctions by generating cash and sourcing goods.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/north-koreas-secret-army-how-operatives-abroad-aid-the-regime-1526652387 |
May 24, 2018 / 6:48 AM / Updated 13 minutes ago Australia shares edge up, aided by Aristocrat Leisure; NZ gains 0.4 pct Reuters Staff
* Aussie shares snap five-day losing streak
* Financials extend losses to sixth session
* NZ index climbs on a2 Milk advance (Updates to close)
May 24 (Reuters) - Australian shares snapped a five-day losing streak on Thursday, aided by gains for gambling equipment marker Aristocrat Leisure that helped outweigh a continued fall for financial stocks.
The S&P/ASX 200 index was up 0.1 percent, or 4.60 points, to 6,037.1 at the close of trade. The benchmark declined 0.2 percent on Wednesday.
Shares of Aristocrat Leisure Ltd climbed 8 percent to a record after it reported half-year net profit rose 2.8 percent, with digital revenue more than tripling for the period.
Real estate stocks also gained, with Scentre Group Ltd climbing 1.4 percent, while Lend Lease Group rose 2.5 percent.
Battered by the latest round of an embarrassing inquiry into misconduct in the industry, banks extended losses into a sixth straight session on Thursday. The financial index fell 0.5 percent to a four week low.
National Australia Bank Ltd declined 1.3 percent, while Commonwealth Bank of Australia dropped 0.2 percent to its lowest since Sept. 2016.
Materials also fell, underpinned by lower iron ore and copper prices.
Rio Tinto Ltd was down 1 percent, while Fortescue Metals Group Ltd slid 0.7 percent.
In New Zealand, the benchmark S&P/NZX 50 index rose 0.4 percent or 37.54 points to finish the session at 8,590.77.
Dairy firm a2 Milk Company Ltd rose 4.1 percent, accounting for most of the benchmark’s gains. (Reporting by Aditya Soni in Bengaluru; Editing by Richard Borsuk) | ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-close/australia-shares-edge-up-aided-by-aristocrat-leisure-nz-gains-0-4-pct-idUSL3N1SV2VM |
May 3, 2018 / 8:36 AM / Updated 24 minutes ago French business investment rebound on track despite Q1 slowdown - c.banker Reuters Staff
* Q1 business investment slowed to 0.5 pct Q/Q
* Bank of France still sees annual investment of 4.1 pct
* Villeroy urges caution on heavy borrowing
PARIS, May 3 (Reuters) - A rebound in French business investment is to stay on track this year despite a slowdown at the start of 2018, the head of the French central bank said on Thursday.
French economic growth slowed in the first quarter to 0.3 percent from 0.7 percent in the previous three months in part due to slower business investment, the INSEE statistics agency said on Friday.
Bank of France governor Francois Villeroy de Galhau said that the drop in business investment growth to 0.5 percent was hardly surprising after particularly strong growth of 1.6 percent at the end of 2017.
“Beyond this quarterly slowdown, which is at the end of the day a rebalancing, what is more important is our full-year forecast for business investment (which) shows a strong dynamic,” Villeroy told a conference at the central bank.
The Bank of France forecast in March that business investment would grow 4.1 percent this year after expanding 4.4 percent last year.
The government of President Emmanuel Macron is counting on tax cuts and labour reform to help maintain business investment momentum after last year’s rebound.
The recovery in investment has coincided with a surge in corporate borrowing with growth in bank loans to businesses running around six percent in recent months.
Villeroy said that credit growth at such rates called for caution and said that regulators would look next month at whether new measures were needed to rein them in. (Reporting by Leigh Thomas Editing by Ingrid Melander) | ashraq/financial-news-articles | https://www.reuters.com/article/france-economy-investment/french-business-investment-rebound-on-track-despite-q1-slowdown-c-banker-idUSL8N1SA2UQ |
PONTE VEDRA BEACH, Fla. (Reuters) - American Webb Simpson had his lead cut to five strokes, but remained in control halfway through the final round at the Players Championship on Sunday.
May 13, 2018; Ponte Vedra Beach, FL, USA; Webb Simpson lines up a putt on the fifth green during the final round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: Jasen Vinlove-USA TODAY Sports Simpson started the day with a record seven-stroke advantage, and remained at 19-under after one birdie and one bogey on the front nine on another perfect day for low scoring at TPC Sawgrass.
New Zealander Danny Lee picked up two early birdies to creep to 14-under, but squandered a golden chance to put some pressure on the leader when he missed a six-foot birdie at the par-five ninth hole.
Tiger Woods, after a 65 on Saturday, continued his strong form to vault into a tie for third with Jason Day and Jason Dufner at 13-under.
Woods picked up five strokes in 11 holes as his comeback from last year’s successful spinal fusion gathered a full head of steam.
Day, the 2016 champion, holed a 55-foot bunker shot at the ninth hole.
Reporting by Andrew Both; Editing by Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-players-halfway/golf-simpson-leads-by-five-halfway-through-final-round-at-players-idUSKCN1IE11Q |
threats@
* U.S. says still holds threat of imposing tariffs on $50 bln of Chinese goods
* Beijing urges U.S. to stick to earlier agreement on trade
* U.S. officials arrive in Beijing for talks
* U.S. plans to shorten length of visas issued to some Chinese citizens (Adds details from China's Commerce Ministry and cabinet in paragraphs 11 and 12)
BEIJING, May 30 (Reuters) - China lashed out on Wednesday at renewed threats from the White House on trade, warning that it was ready to fight back if Washington was looking for a trade war, days ahead of a planned visit by U.S. Commerce Secretary Wilbur Ross.
In an unexpected change in tone, the United States said on Tuesday that it still held the threat of imposing tariffs on $50 billion of imports from China unless it addressed the issue of theft of American intellectual property.
Washington also said it will press ahead with restrictions on investment by Chinese companies in the United States as well as export controls for goods exported to China.
Its tougher stance comes as President Donald Trump prepares for a June 12 summit with North Korean leader Kim Jong Un, whose key diplomatic backer is China, and as Washington steps up efforts to counter what it sees as Beijing's efforts to limit freedom of navigation in the South China Sea.
The trade escalation came after the two sides had agreed during talks in Washington this month to find steps to narrow China's $375 billion trade surplus. Ross is expected to try to get China to agree to firm numbers to buy more U.S. goods during a June 2-4 visit to the Chinese capital.
"We urge the United States to keep its promise, and meet China halfway in the spirit of the joint statement," Chinese Foreign Ministry spokeswoman Hua Chunying told a daily news briefing, adding that China would take "resolute and forceful" measures to protect its interests if Washington insists upon acting in an "arbitrary and reckless manner".
"When it comes to international relations, every time a country does an about face and contradicts itself, it's another blow to, and a squandering of, its reputation," Hua said.
China has said it will respond in kind to threats by Trump to impose tariffs on up to $150 billion of Chinese goods.
It was not clear if the developments would have any impact on the planned visit to China by Ross. China's Foreign Ministry referred questions to the Commerce Ministry, which did not reply to a fax seeking comment.
U.S. OFFICIALS ARRIVE
Several U.S. officials arrived in Beijing on Wednesday for talks.
They included Under Secretary of Agriculture Ted McKinney, the U.S. Trade Representative's chief agricultural negotiator, Gregg Doud and Commerce Department Deputy Assistant Secretary Alan Turley, according to a U.S. embassy spokeswoman.
"Over the next few days, the U.S. delegation of more than 50 people will discuss with China's team on implementing a consensus," China's Commerce Ministry said in a statement.
Earlier, China's state council, or cabinet, said it will cut import tariffs on a range of consumer items including apparel, cosmetics and home appliances from July 1, and would finalise a so-called negative list for foreign investment by the same date, following through on earlier pledges.
Trade war fears had receded after the Trump administration said it had reached a deal to put ZTE Corp back in business after banning China's second-biggest telecoms equipment maker from buying U.S. technology parts for seven years.
The easing in tension had fuelled optimism that agreement was imminent for Chinese antitrust clearance for San Diego-based Qualcomm Inc's $44 billion purchase of Netherlands-based NXP Semiconductors NV, which has been hanging in the balance amid the trade dispute.
A team of Qualcomm lawyers that is expecting to meet with Chinese regulators ahead of Ross's arrival remained in San Diego as of late Tuesday, a source familiar with the matter said.
"On hold now," another person familiar with Qualcomm's talks with the Chinese government said on Wednesday, declining to be identified as the negotiations are confidential.
"Trump is crazy. Crazy tactics might work, though," the person added.
TARIFFS AND TACTICS
William Zarit, chairman of the American Chamber of Commerce in China, said the U.S. threat of tariffs appeared to have been "somewhat effective".
"I don't think it is only a tactic, personally," he told reporters on Wednesday, adding that the group does not view tariffs as the best way to address the trade frictions.
"The thinking became that if the U.S. doesn't have any leverage and there is no pressure on our Chinese friends, then we will not have serious negotiations."
The Global Times, an influential tabloid run by the ruling Communist Party's official People's Daily, said the United States was suffering from a "delusion" and warned that the "trade renege could leave Washington dancing with itself".
Also on Tuesday, a White House official said the U.S. government plans to shorten the length of visas issued to some Chinese citizens as part of a strategy to prevent intellectual property theft by U.S. rivals.
Citing a document issued by the Trump administration in December, the official said the U.S. government would consider restrictions on visas for science and technology students from some countries. (Additional reporting by Brenda Goh in SHANGHAI and Matthew Miller, Ben Blanchard, Dominique Patton and Yawen Chen in BEIJING Writing by Ryan Woo and Tony Munroe Editing by Kim Coghill and John Stonestreet) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-update-5-china-vows-to-protect-its-interests-from-reckless-u-s-trade-threats.html |
The popular messaging app Telegram has brought in so much money from a small group of private investors that it is calling off a planned sale of cryptocurrency to the wider investing public, according to a person familiar with the matter.
Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 private investors.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/telegram-messaging-app-scraps-plans-for-public-coin-offering-1525281933 |
UPDATE 3-Brazil truckers suspend strike, govt to subsidize diesel prices Lisandra Paraguassu and Mateus Maia Published 1 Hour Ago Reuters
(Recasts throughout with strike suspended, government footing bill to stabilizing diesel prices, minister quotes, context.)
BRASILIA, May 24 (Reuters) - Brazil's government struck a deal with truck drivers on Thursday to suspend a four-day protest that crippled swathes of the Latin America's largest economy, promising changes to diesel pricing that could leave it footing a 5 billion reais ($1.37 billion) bill this year.
Truckers agreed to immediately suspend the strike for 15 days, government ministers told reporters, appearing alongside representatives of truckers' groups.
"We need all of you truckers to get back to work. Brazil needs you," said Eliseu Padilha, President Michel Temer's chief of staff, while announcing the deal at the presidential palace in Brasilia.
Urgency to broker a solution mounted as lack of deliveries led to perishable items disappearing from store shelves, fuel shortages threatening airports and public transport, and the country's automakers association Anfavea announcing that all vehicle production had been halted for Friday.
The accord could leave the government with a bill of up to 5 billion reais a year to compensate state-led oil company Petroleo Brasileiro SA for any losses under a scheme to stabilize prices, according to government ministers.
Under the deal, a 10-percent price cut for diesel announced by Petrobras on Wednesday will be extended to 30 days, with the government compensating the company for costs beyond the originally announced 15-day period.
The price will then be re-evaluated every 30 days, replacing the policy of daily price changes, Finance Minister Eduardo Guardia said at the news conference.
Petrobras will be compensated by Brazil's treasury when the set price for diesel falls below the refinery price, he said, estimating a cost of 700 million reais a month until the end of the year.
Petrobras shares plunged 14 percent earlier in the day after the firm initially slashed diesel prices, raising investor concerns of a return to government interference in the company that saw it run up huge losses and debts under ex-President Dilma Rousseff.
Petrobras said in a statement that the accord was "highly positive and an unquestionable gain for the company."
The company said the reimbursement provided by the government would "fully preserve" the company's pricing policy.
RETURN TO NORMAL
As the strike lifts, the country will not return to normal immediately. Truckers group Abcam said prior to the accord that it would take up to 12 days to normalize cargo deliveries in Brazil once demonstrations end.
Abcam, a major force behind the strike, did not sign onto the government accord, differing from many other truckers' groups.
Changes proposed in the accord, which also includes tax cuts on diesel, will still require congressional approval. Lawmakers are expected to take up the measures next week.
Participation in the demonstrations had swollen to around a million truck drivers as trucking companies joined the movement kicked off by independent truck owners, according to Abcam. The group said there were about 330 blockades in 23 of 26 Brazilian states.
The toll also mounted in industries from automaking and meat processing to aviation and agribusiness as the protests froze deliveries of fuel, feed and other essential inputs, threatening economic activity and exports of soft commodities.
Poultry and pork processors association ABPA said 120 plants had halted production for lack of feed and storage space, up from 78 previously.
At Paranaguá port, Brazil's second-largest grain export hub, the protests impeded 1,000 trucks from delivering goods over two days, Brazil's largest cooperative Coamo Agroindustrial said on Thursday.
Brazil's top coffee exporter Cooxupé on Thursday warned foreign clients about possible shipping delays due to the truckers' protests.
Brazil's weak recovery from the deepest recession in decades could have been damaged if protests had lasted weeks, according to a senior member of the government's economic team on condition of anonymity.
Prior to the accord, automakers association Anfavea announced plans for all car production to halt starting Friday, with the sector accounting for roughly 25 percent of Brazil's industrial output alone potentially dealing a major blow to the economy.
($1 = 3.6491 reais)
(Reporting by Lisandra Paraguassu and Mateus Maia in Brasilia Additional reporting by Leonardo Goy and Marcela Ayres in Brasilia; Ana Mano, Brad Brooks, Marcelo Teixeira, Alberto Alerigi and Flavia Bohone in Sao Paulo; Sybille de La Hamaide in Paris; Writing by Jake Spring Editing by Brad Haynes, David Gregorio and Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/reuters-america-update-3-brazil-truckers-suspend-strike-govt-to-subsidize-diesel-prices.html |
At least 11 people have died in the southern Indian state of Kerala after they contracted a rare virus carried by bats, sparking concerns the deadly outbreak could spread.
There are no drugs or vaccine to treat the Nipah virus, which has a high mortality rate, according the World Health Organization. Symptoms can vary from acute respiratory infection to fatal encephalitis.
State... | ashraq/financial-news-articles | https://www.wsj.com/articles/deadly-virus-carried-by-bats-hits-india-raising-fears-it-will-spread-1527077415 |
May 27, 2018 / 5:20 PM / Updated 21 minutes ago English Domestic One-Day Competition Scoreboard Reuters Staff 4 Min Read May 27 (OPTA) - Scoreboard at close of play of between Somerset and Middlesex on Sunday at Taunton, England Somerset win by 53 runs Somerset 1st innings Johann Myburgh c John Simpson b Steven Finn 24 Steve Davies c John Simpson b Steven Finn 0 Peter Trego c&b Ravi Patel 65 James Hildreth Run Out Nathan Sowter 30 Matthew Renshaw st John Simpson b Ravi Patel 24 Tom Banton st John Simpson b Ravi Patel 2 Lewis Gregory c Paul Stirling b Tom Helm 56 Roelof van der Merwe c Paul Stirling b Steven Finn 52 Craig Overton c Stevie Eskinazi b Steven Finn 7 Jamie Overton b Tom Helm 0 Paul van Meekeren Not Out 10 Extras 0b 2lb 2nb 0pen 9w 13 Total (48.3 overs) 283 all out Fall of Wickets : 1-14 Davies, 2-25 Myburgh, 3-86 Hildreth, 4-136 Renshaw, 5-142 Banton, 6-159 Trego, 7-250 Gregory, 8-265 van der Merwe, 9-266 Overton, 10-283 Overton Bowling Ov Md Rn Wk Econ Ex Steven Finn 9.3 0 65 4 6.84 3w Tom Helm 9 0 68 2 7.56 4w 1nb James Franklin 6 0 28 0 4.67 1w Hilton Cartwright 5 0 25 0 5.00 1w Ravi Patel 10 0 48 3 4.80 Nathan Sowter 9 0 47 0 5.22 Middlesex 1st innings Paul Stirling c Steve Davies b Paul van Meekeren 39 Nick Gubbins c James Hildreth b Lewis Gregory 14 Stevie Eskinazi c Steve Davies b Craig Overton 0 Eoin Morgan c James Hildreth b Lewis Gregory 11 Hilton Cartwright c Tom Banton b Peter Trego 4 John Simpson c Steve Davies b Paul van Meekeren 77 James Franklin b Jamie Overton 1 Nathan Sowter c Steve Davies b Paul van Meekeren 16 Tom Helm b Roelof van der Merwe 4 Steven Finn Run Out James Hildreth 17 Ravi Patel Not Out 24 Extras 12b 1lb 4nb 0pen 6w 23 Total (40.1 overs) 230 all out Fall of Wickets : 1-19 Gubbins, 2-20 Eskinazi, 3-39 Morgan, 4-66 Cartwright, 5-80 Stirling, 6-84 Franklin, 7-128 Sowter, 8-145 Helm, 9-191 Finn, 10-230 Simpson Bowling Ov Md Rn Wk Econ Ex Lewis Gregory 8 1 41 2 5.12 1w Craig Overton 9 0 52 1 5.78 1w Paul van Meekeren 7.1 1 32 3 4.47 2w 1nb Peter Trego 7 0 31 1 4.43 1w Jamie Overton 6 0 42 1 7.00 1w 1nb Roelof van der Merwe 3 0 19 1 6.33 Umpire Michael Burns Umpire Paul Pollard Home Scorer Polly Rhodes Away Scorer Donald Shelley | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idINMTZXEE5REDHJFS |
May 5, 2018 / 8:12 PM / in 17 hours Motor racing - Alonso is a winner on world endurance debut
(Reuters) - Double Formula One world champion Fernando Alonso returned to the top of the podium when he won his debut World Endurance Championship (WEC) race with Toyota at Belgium’s Spa circuit on Saturday.
The McLaren F1 driver, sharing his TS050 hybrid number eight car with Japan’s Kazuki Nakajima and Switzerland’s Sebastien Buemi, led a Toyota one-two in the season-opening Six Hours of Spa.
The victory, from pole, was Alonso’s first in any motorsport championship since he won his home Spanish Grand Prix for Ferrari in 2013.
Alonso is competing in both the WEC and Formula One this season in a bid to become only the second driver, after Britain’s Graham Hill, to take the so-called ‘Triple Crown of Motorsport’.
That involves the Formula One title, or Monaco Grand Prix which he has also won, the Le Mans 24 Hours sportscar race and Indianapolis 500. Alonso will race Le Mans in both 2018 and 2019 with Toyota.
The Spaniard entered the Indy 500 last year, leading the race for a while before retiring. Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-endurance-belgium/motor-racing-alonso-is-a-winner-on-world-endurance-debut-idUKKBN1I60V5 |
MOSCOW, May 14 (Reuters) - Russian billionaire Viktor Vekselberg’s Renova Group received a credit line from Promsvyazbank last week to support the business after it was hit by U.S. sanctions, Russia’s finance ministry said on Monday.
Government funds were not used to extend the credit line, the finance ministry said.
Russia’s central bank took over Promsvyazbank last year, and it was earmarked by the government to provide credit to sanctioned entities so that other lenders could offload the risk. (Reporting by Darya Korsnuskaya; Writing by Polina Ivanova; Editing by Mark Potter)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/russia-renova/russias-renova-gets-credit-line-from-promsvyazbank-idUSR4N1SG00H |
Venture Capital Target shares jump as Bank of America calls it a top pick and a good bet on ‘aging millennials’ Bank of America Merrill Lynch reiterates its buy rating for Target shares, citing how demographic trends will benefit its sales. The firm believes discount stores will thrive over the next five to ten years. CNBC.com Brendan McDermid | Reuters A man pushes a cart load of goods after shopping at a Target store during Black Friday shopping in Brooklyn, New York, November 24, 2017.
Target shares will rise as the discount retailer benefits from aging demographics, according to Bank of America Merrill Lynch.
The firm reiterated its buy rating for the retailer and added the stock to its US1 top ideas list.
"We believe the company should benefit from the discount store cycle … given our view that TGT's efforts to turn around its US business should accelerate in 2018 and result in market share gains longer-term," analyst Robert Ohmes said in a note to clients Wednesday. "The Discount Store cycle that we expect to play out over the next 5-10 years [is] supported by … demographics as aging Millennials and Baby Boomers support growth of budget conscious consumers."
Target shares rose 2 percent Wednesday after the report. Its shares are up 9.9 percent through Tuesday versus the S&P 500's 0.6 percent gain.
Ohmes reiterated his $86 price target for Target shares, representing 20 percent upside to Tuesday's close.
The analyst noted the stock trades at only 13 times his fiscal 2020 earnings per share estimate and has a 3.2 percent dividend yield. He also cites Target's strong free cash flow yield of 6 percent.
"We view valuation as compelling," he said. "We believe investors underappreciate the ability for Target to drive sustainable comps and return to EBIT [Earnings Before Interest & Taxes] growth in the back half of this year."
— CNBC's Michael Bloom contributed to this story. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/target-shares-jump-as-bank-of-america-calls-it-a-top-pick-and-a-good-bet-on-aging-millennials.html |
(The opinions expressed here are those of the author, a columnist for Reuters.)
By Jamie McGeever
LONDON, May 23 (Reuters) - The leader of the free world is trash-talking globalisation and advocating trade tariffs, another president says inflation is caused by high interest rates, and the incoming government of a G7 country wants 250 billion euros of national debt written off.
From Donald Trump to Turkey’s president Tayyip Erdogan to an incoming populist coalition in Italy, challenges to the global economic and financial market orthodoxy of the past 40 years are coming thick and fast.
The global economy, financial and banking system have recovered a decade on from the financial crisis, but millions of people around the world still feel enfeebled, left behind, and poorer than they were before.
The populist backlash that has delivered ballot box shocks around the world in recent years attests to that deep and widespread sense of dissatisfaction and frustration, and should come as little surprise.
Still, the fact that many of the ‘idees fixes’ in economic policymaking that have underpinned markets for decades are being challenged so boldly is fascinating.
There’s always been intellectual opposition from the left to the forces underpinning the so-called ‘Washington Consensus’ promoting globalization, independent central banks, flexible exchange and interest rates, mobile capital, private property rights, small government and fiscal discipline.
But for years a raft of left-leaning leaders, from Bill Clinton to Tony Blair and several others across Europe dared not question this orthodoxy far less try and tackle it, fearing it would be political suicide. Only now is the left starting to tentatively push back at the model, such as Britain’s opposition Labour Party under socialist leader Jeremy Corbyn.
In fact, in elctoral terms, the war on the consensus is being most sucessfully waged by the populist right. Surprisingly, barring the odd hotspot like Turkey, market tremors have been remarkably light: world stocks are up 30 percent since the Brexit referendum two years ago, volatility is near record lows; and raising debt for most governments, firms and households is still historically cheap.
The term ‘Washington Consensus’ was coined by economist John Williamson in 1989, and refered to a package of policies that were supposed to rescue Latin American countries from economic and financial crises in the 1980s.
This canon was rooted in the laissez-faire economic policies of 1980’s U.S. President Ronald Reagan and British Prime Minister Margaret Thatcher, which also included mass privatization of state-owned assets, deregulation of financial services, and income and corporate tax cuts.
‘TRUMPISM HAS ARRIVED IN EUROPE’ The most obvious manifestation of the populist backlash is U.S. President Donald Trump, who has promised to slash the country’s trade deficit and revive manufacturing which he says has been decimated by “unfair” trade deals.
His solution is to rip up multilateral trade pacts such as TPP and NAFTA, slap tariffs on a wide range of imports, and seek a series of bilateral agreements that he says will be “fairer” for the United States.
Trump’s economic nationalism and hostile stance towards free global trade has inspired others to challenge existing orthodoxy in their own ways.
Brexit may not be avowedly against free trade per se, but it’s junked more than 40 years of Britain’s central economic orientation and its supporters dismiss multilateral and central banking economists as fearmongers. “I think that the people of this country have had enough of experts,” said Conservative politician and leading Brexiteer Michael Gove.
Italy’s next government, the 66th since World War Two, looks set to be formed by the anti-establishment 5-Star Movement and the far-right League.
Earlier this month it was revealed they had plans to demand 250 billion euros of debt forgiveness and create procedures to allow countries to exit the euro. Italian stocks and bonds tumbled, and the two parties have since rowed back.
But their spending plans still look set to put Italy on a collision course with the European Union over the breach of budget rules. Fiscal rectitude? Not so much.
“With an avowed ‘Italy first’ agenda, this means Trumpism has arrived in Europe.” Oxford Economics wrote on Monday.
In Turkey, meanwhile, questions are mounting over the independence of the country’s central bank and separation of monetary and fiscal policy, thanks to president Erdogan’s increasingly vocal interventions.
Earlier this month he said interest rates are “the mother and father of all evil,” and repeated his claim that inflation is a result of high, not low, interest rates: “The lower the interest rate is, the lower inflation will be.”
While Erdogan has crushed his domestic enemies, he is finding that taking on international financial markets with policies that defy economic orthodoxy is much tougher. Turkey’s lira has plunged to record lows - it’s down 20 percent against the dollar so far this year - and bond yields are soaring.
You won’t find these policies and remedies in the economic textbooks that have been the basis for free market ideology over the past 40 years. They’re anathema to the Washington Consensus. But markets should get used to them.
Further reading:
*”Disbelief” - Investors in Turkey stunned by Erdogan’s fight with markets
*UPDATE 6-Trade war fears ebb as U.S., China agree to continue talks
*UPDATE 4-Italian markets extend selloff on prospect of high-spending new government (Reporting by Jamie McGeever; Editing by Toby Chopra)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-economics-orthodoxy/column-populism-surge-intensifies-spotlight-on-economic-market-orthodoxy-mcgeever-idUSL5N1SS433 |
Asian markets closed slightly lower on Friday following overnight news that U.S. President Donald Trump canceled a scheduled summit with Kim Jong Un.
South Korea's Kospi slipped 0.21 percent to 2,460.80, with gains in tech heavyweights failing to give the overall index a boost as steelmakers and financials took a hit. Over in Australia, the S&P/ASX 200 shed 0.07 percent to end at 6,032.80, with the energy and materials subindexes contributing to losses.
Greater China markets eased in the morning, with Hong Kong's Hang Seng Index slipping 0.48 percent by 3:00 p.m. HK/SIN as energy and tech sector stocks moved lower. On the mainland, the Shanghai composite edged down by 0.4 percent to finish at 3,142.17 and the Shenzhen composite declined 0.93 percent to 1,810.03.
Symbol Name Price Change %Change NIKKEI --- HSI --- ASX 200 --- SHANGHAI --- KOSPI --- CNBC 100 --- Japan's Nikkei 225 erased early losses to close higher by 0.06 percent, 13.78 points, at 22,450.79. Airline stocks were buoyed after the fall in oil prices overnight while the Topix oil and mining sectors slid 0.87 percent and 2.82 percent, respectively.
Despite those slight gains, the Nikkei still finished the week down by more than 2 percent, according to Reuters data.
Other markets were also lower for the week, with the Shanghai composite declining around 1.2 percent. MSCI's index of shares in Asia Pacific excluding Japan was more sanguine, edging higher by 0.09 percent in Asia afternoon trade.
Trump complains about 'open hostility' The moves lower came after Trump canceled a planned meeting with North Korean Leader Kim Jong Un that had been set to take place in Singapore on June 12. Trump said participating in the summit would be "inappropriate" given the "tremendous anger and open hostility" displayed by North Korea, which had reportedly suspended direct communication with the U.S. this week.
But following Trump's announcement on the cancellation, North Korea said it was willing to resolve issues with the U.S., the country's state-run KCNA reported on Friday.
"Risk aversion may persist in the interim, especially on uncertainty over China's role in the U.S.-DPRK negotiation (as suggested by Trump) amid the recent uptick in geopolitical tensions again," OCBC Bank analysts wrote in a morning note.
U.S. stocks finished the session lower, with the Dow Jones industrial average slipping 0.3 percent. Still, that was less severe than the 280-point fall seen after news of the cancellation was announced.
Gold , seen as a safe-haven during periods of uncertainty, pared some of its overnight gains but stayed above the $1,300 per ounce levels.
The dollar firmed against the Japanese yen after sliding overnight, last trading at 109.42 at 2:45 p.m. HK/SIN. The dollar index , which tracks the greenback against a basket of currencies, rose to 93.919 after dipping on Thursday.
Automakers take a hit South Korean and Japanese automaker traded mostly lower, extending Thursday's declines after the U.S. Department of Commerce said it had started an investigation into automobile imports on a "national security" basis. U.S. Commerce Secretary Wilbur Ross told CNBC on Thursday that "economic security is military security."
On Friday, Toyota Motor declined 1.29 percent, Honda Motor was lower by 0.93 percent and in Seoul, Hyundai Motor and Kia Motors slipped 0.71 percent and 1.38 percent, respectively.
Markets in the region had closed mostly lower in the last session following that announcement.
In individual movers, shares of Samsonite fell 13.19 percent by 3:00 p.m. HK/SIN in Hong Kong after the luggage maker said allegations in a recent short seller report were "one-sided and misleading." Blue Orca Capital, which issued the report, had accused Samsonite of having questionable accounting practices .
Lenovo Group , meanwhile, was up 6.65 percent by 3:01 p.m. HK/SIN after the PC maker announced fourth-quarter revenues rose 11 percent on year, full-year revenue coming in at a three-year high, according to Reuters. The company also recorded at $189 million loss for the fourth quarter, which was larger than the $161.3 million average in a Thomson Reuters poll. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/asia-markets-geopolitics-trade-stocks-currencies-and-oil-in-focus.html |
TOKYO (Reuters) - JXTG Holdings, Japan’s biggest oil refiner, will likely turn to other Middle Eastern suppliers to meet shortfalls if it has to curb Iranian crude purchases after the resumption of U.S. sanctions on Tehran, a senior official said on Friday.
Trump’s withdrawal from a 2015 agreement to limit Iran’s nuclear program and re-impose sanctions after a grace period is raising the prospect that refiners in Japan, the fourth-biggest buyer of Iranian crude in Asia, will have to seek alternative supplies.
JXTG buys roughly 4 to 5 percent of its crude supplies from Iran, JXTG Holdings President Yukio Uchida told reporters during a briefing on its full-year results.
That would imply purchases of between 70,000-88,000 barrels per day (bpd) of Iranian crude, based on JXTG’s average refinery run rate of 91 percent in the year through March. JXTG has refining capacity of 1.93 million bpd.
“The producers that have excess supply capacity are mainly in the Middle East,” Katsuyuki Ota, JXTG Holdings senior vice president, told Reuters, when asked about possible substitutes for Iranian crude.
Saudi Arabia is monitoring the impact of the U.S. withdrawal from the Iran nuclear deal on oil supplies and is ready to offset any potential shortage, but the kingdom will not act alone to fill in the gap, an OPEC source familiar with the kingdom’s oil thinking said on Wednesday.
President Trump on Tuesday said he was pulling out of the multi-party nuclear agreement and will re-institute U.S. sanctions against Tehran that were suspended under the 2015 accord. He set a grace period of 180-days for buyers of Iranian crude to cut their purchases.
Oil prices steadied near 3-1/2-year highs on Friday as the prospect of new sanctions tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand.
JXTG is not taking any immediate steps and is assessing the situation, Ota said.
“Iran does not supply big volumes for us, so it will not affect our procurement. There’s a half-year grace period and we are not making any moves in particular,” Ota said, adding that the refiner is not planning to stockpile Iranian crude.
Reporting by Osamu Tsukimori; Writing by Aaron Sheldrick; Editing by Tom Hogue
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-jxhd/japans-jxtg-may-buy-other-mideast-crude-oils-to-cover-any-iran-shortfall-idUSKBN1IC0YP |
PARIS, May 29 (Reuters) - Vivendi’s Canal Plus said on Tuesday it would consider the possibility of sub-licensing to broadcast French “Ligue 1” soccer games after the summer of 2020, after the French media group ended up empty-handed in a broadcasting rights auction.
The pay-TV channel, which has historically shown major French soccer games, will also consider taking legal action to challenge the auction’s result, Canal Plus general manager Maxime Saada said in a call with reporters. (Reporting by Michel Rose and Jean-Michel Belot; Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/france-soccer-auction-canalplus/canal-to-consider-sub-licencing-for-french-soccer-championship-rights-idUSL5N1T06AC |
A disabled Yemeni girl, whose exclusion from the U.S. was questioned by Supreme Court justices reviewing the Trump administration’s travel ban, arrived Saturday in New York for resettlement.
After denying her application in January, the U.S. Embassy in Djibouti reversed course and issued visas Wednesday allowing 10-year-old Shaema Alomari and her family to immigrate to the U.S., her father, Nageeb Alomari, said in a telephone interview.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/disabled-yemeni-child-cited-in-supreme-court-review-of-travel-ban-gains-entry-to-u-s-1527349776 |
Hormel Recalls 220,000 Pounds Of Spam After Metal Found In Products The SPAM museum in Austin, MN, on May 13, 2016. Photo by Ackerman + Gruber @ackermangruber Ackerman + Gruber for Fortune By Erin Corbett 12:10 PM EDT
Hormel Food Corp. is recalling 228,614 pounds of canned meat products, including Spam, sold in the United States and Guam. According to the U.S. Department of Agriculture’s Food Safety and Inspection Service, the recall is due to contamination , including complaints of metal objects found in products.
The products were produced from Feb. 8 to Feb. 10 of this year. The recall was announced after consumers reported minor oral injuries from eating the canned meats.
The recall affects the 12-ounce metal cans of “SPAM Classic” with a February 2021 expiration date, sold throughout the United States, and “Hormel Foods Black-Label Luncheon Loaf,” which were shipped in Guam, with the same expiration. More information about the affected cans and their production codes can be found via the USDA’s website .
Consumers are urged to either throw the products away, or return them to the place of purchase.
Customers can contact Hormel’s consumer response team at 800-523-4635, according to the USDA. | ashraq/financial-news-articles | http://fortune.com/2018/05/27/spam-recall-hormel/ |
JUNO BEACH, Fla., NextEra Energy, Inc. (NYSE: NEE) today announced it has entered into definitive agreements with Southern Company (NYSE: SO) to acquire Gulf Power, Florida City Gas and its ownership interests in the Oleander and Stanton natural-gas generating plants located in Florida in transactions valued at approximately $6.475 billion, including the assumption of approximately $1.4 billion of Gulf Power debt. The companies are expected to benefit from NextEra Energy's industry-leading operating capabilities, with an intense focus on continuous improvement and a culture of innovation.
"We are pleased to have reached definitive agreements with Southern Company to acquire Gulf Power and Florida City Gas, along with Southern Company's Oleander and Stanton facilities," said Jim Robo, chairman and chief executive officer of NextEra Energy. "These transactions will provide meaningful benefits for the state of Florida, and Gulf Power and Florida City Gas customers, as well as NextEra Energy shareholders. Importantly, these transactions are consistent with our long-standing, disciplined approach of maintaining the strength of our balance sheet and credit ratings, both of which are among the strongest in the industry. Following the financing of the transactions and as a result of expanding our regulated operations, we expect to continue to maintain $5 billion to $7 billion of excess balance sheet capacity with which to further support our long-term growth. We are raising our 2020 and 2021 adjusted earnings per share expectations by $0.15 and $0.20, respectively, upon closing and will be disappointed if we are not able to deliver financial results at or near the top end of these revised ranges. We look forward to updating the Florida Public Service Commission and other key stakeholders in the state and believe our deep operating expertise in Florida, strong financial profile and track record of and commitment to making smart, long-term capital investments offer uniquely compelling advantages for Gulf Power and Florida City Gas customers."
Delivering benefits to Gulf Power and Florida City Gas customers
As one of the nation's largest and cleanest electric companies, Florida Power & Light Company (FPL) serves nearly five million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical residential customer bill is approximately 20 percent below the other Florida investor-owned utilities and nearly 30 percent below the national average. In 2017, FPL delivered its best-ever full-year period of service reliability and was recognized as being the most reliable electric utility in the Southeast. FPL also has a proven track record of making smart investments in modernizing its power generation fleet and strengthening its energy grid. NextEra Energy's culture of continuous improvement and focus on smart investments that reduce operations and maintenance (O&M) expenses has helped drive significant productivity enhancements, which has resulted in FPL's industry-leading cost position. For the past four years, FPL has had the lowest non-fuel O&M cost per kilowatt-hour in the country.
NextEra Energy expects to employ its long-term strategy of advancing affordable, reliable and clean energy and making smart infrastructure investments at Gulf Power and Florida City Gas. By deploying its industry-leading skills, knowledge and capabilities, NextEra Energy expects to extend over time its best-in-class value proposition of low bills, clean energy, high reliability and outstanding customer service to the approximately 600,000 total customers of Gulf Power and Florida City Gas.
Delivering benefits to NextEra Energy shareholders
NextEra Energy expects the transactions to be immediately accretive to earnings upon closing and $0.15 and $0.20 accretive to its 2020 and 2021 adjusted earnings per share (EPS) expectations, respectively. As a result, upon closing of the transactions, NextEra Energy expects its 2020 adjusted EPS expectations to be in a range of $8.70 to $9.20 and its 2021 adjusted EPS expectations to be in a range of $9.40 to $9.95.
NextEra Energy intends to finance the approximately $5.1 billion purchase price through the issuance of new debt. NextEra Energy has reviewed the transactions with the credit rating agencies and, based upon these discussions, following the financing of the transactions and as a result of the expansion of the company's regulated operations, NextEra Energy is expected to continue to maintain $5 billion to $7 billion of excess balance sheet capacity, while maintaining its current strong credit ratings.
With the addition of Gulf Power, Florida City Gas and the two Florida-based, natural-gas plants, NextEra Energy will be even better positioned to generate long-term shareholder value through a more robust financial profile, greater scale and an expanded platform for growth.
Transaction details, approvals and timeline
Through the transactions, NextEra Energy will acquire:
Gulf Power, which serves approximately 450,000 customers in eight counties throughout northwest Florida and has roughly 9,500 miles of power lines and 2,300 megawatts (MW) of electric generating capacity; Florida City Gas, which serves approximately 110,000 residential and commercial natural-gas customers in Florida's Miami-Dade, Brevard, St. Lucie and Indian River counties with 3,700 miles of natural gas pipelines; 100 percent ownership interest in Plant Oleander, a natural-gas fueled, simple-cycle combustion turbine electric generation plant located near Cocoa, Florida, with a generating capacity of 791 MW and power purchase agreements with the Florida Municipal Power Agency and Seminole Electric Cooperative; and 65 percent ownership interest in Stanton Energy Center, a combined-cycle electric generating unit, with a generating capacity of approximately 660 MW, located near Orlando, Florida. The 65 percent interest is contracted with the Orlando Utilities Commission and Florida Municipal Power Agency.
The acquisitions of Gulf Power and the ownership interests in the Oleander and Stanton generating plants are subject to receipt of approval from the Federal Energy Regulatory Commission and the expiration or termination of the waiting period under the Hart-Scott-Rodino Act. The Florida City Gas acquisition is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Act and is conditioned on the consummation of Southern Company's previously announced dispositions of the Elizabethtown Gas and Elkton Gas divisions of Southern Company Gas. Pending receipt of required approvals and other customary conditions and approvals, NextEra Energy expects to complete the acquisition of Florida City Gas in the third quarter of this year, with the Gulf Power and natural-gas generating plant acquisitions anticipated to close in the first half of 2019.
NextEra Energy's management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the board of directors and as an input in determining performance-based compensation under the company's employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy's management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. Adjusted earnings expectations exclude the effect of certain items, such as nonqualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds, none of which can be determined at this time.
Advisors
BofA Merrill Lynch, acting as the lead, and Goldman Sachs & Co. LLC are serving as financial advisors to NextEra Energy. In addition, Wachtell, Lipton, Rosen & Katz is acting as counsel, and Skadden, Arps, Slate, Meagher and Flom, LLC is acting as regulatory counsel to NextEra Energy.
Analyst and investor webcast and conference call
NextEra Energy will host a conference call and webcast to discuss this announcement at 8:30 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors . The presentation for the webcast may be downloaded at www.NextEraEnergy.com/investors , beginning at 7:30 a.m. ET today. A replay will be available by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com , www.FPL.com , www.NextEraEnergyResources.com
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "predict," and "target" and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed acquisitions from Southern Company of Gulf Power Company, Florida City Gas and two gas-fired plants (Southern Company assets), including future financial or operating results of NEE or the Southern Company assets, NEE's or the Southern Company assets' plans, objectives, expectations or intentions, the expected timing of completion of the transactions, the value of the transactions, as of the completion of the transactions or as of any other date in the future, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that NEE or Southern Company may be unable to obtain governmental and regulatory approvals required for the transactions, or required governmental and regulatory approvals may not be obtained on expected terms or in the time period anticipated and delay the transactions or result in the imposition of conditions that are not anticipated and could cause the parties to abandon the transactions; the risk that a condition to closing of the transactions may not be satisfied; the expected timing to consummate the proposed transactions; the risk that the businesses will not be integrated successfully; disruption from the transactions making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on transaction-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities of NEE and in the financial results of NEE or the Southern Company assets; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity or gas; and other factors discussed or referred to in the "Risk Factors" section of NEE's or Southern Company's most recent Annual Reports on Form 10-K filed with the Securities and Exchange Commission. Additional risks and uncertainties are identified and discussed in NEE's and Southern Company's reports filed with the SEC and available at the SEC's website at www.sec.gov . Each forward-looking statement speaks only as of the date of the particular statement and NEE does not undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE NextEra Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-nextera-energy-reaches-definitive-agreements-to-acquire-gulf-power-florida-city-gas-and-additional-assets-from-southern.html |
A vote this week on whether to repeal Ireland’s constitutional abortion ban has sparked an emotional debate across the country, on street signs, social media and television and radio shows. An anti-abortion group even erected a giant “NO” on a landmark hill on Ireland’s west coast.
But one voice, long dominant in Irish society, has spoken softly this time: the hierarchy of the Catholic Church.
In... | ashraq/financial-news-articles | https://www.wsj.com/articles/catholic-church-takes-a-background-role-ahead-of-irelands-abortion-vote-1527077777 |
Caesars CEO: We're in the best position to take advantage of legal sports betting 1 Hour Ago Caesars Entertainment CEO Mark Fissora speaks to CNBC's Contessa Brewer about how the casino giant will be impacted by the Supreme Court's ruling on legalizing sports betting. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/caesars-ceo-were-in-the-best-position-to-take-advantage-of-legal-sports-betting.html |
May 4, 2018 / 5:24 PM / in an hour One 2 first day of between Lancashire and Somerset on Friday at Manchester, England Somerset are 321 for 5 Somerset 1st innings Marcus Trescothick c Dane Vilas b Liam Livingstone 100 Matthew Renshaw c Jordan Clark b Tom Bailey 21 George Bartlett c Liam Livingstone b Joe Mennie 110 James Hildreth c Jordan Clark b Joe Mennie 5 Tom Abell Not Out 48 Steve Davies c Dane Vilas b Jordan Clark 15 Extras 7b 5lb 10nb 0pen 0w 22 Total (96.0 overs) 321-5 65 Renshaw, 2-199 Trescothick, 3-215 Hildreth, 4-294 Bartlett, 5-321 Davies To Bat : Gregory, Overton, Leach, Groenewald, van Meekeren James Anderson 19 5 70 0 3.68 Tom Bailey 21 3 83 1 3.95 3nb Joe Mennie 20 4 59 2 2.95 1nb Jordan Clark 11 0 34 1 3.09 Matthew Parkinson 21 5 51 0 2.43 1nb Liam Livingstone 4 1 12 1 3.00 Umpire Nicholas Cook Umpire Benjamin Debenham Home Scorer Chris Rimmer Away Scorer Gerry Stickley | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-county-championship-division-one-scoreboard-idUKMTZXEE547S5ND0 |
EU's Tusk lashes out at Trump amid trade dispute, Iran split 8:57pm IST - 00:51
European Council President Donald Tusk says Trump has ''rid Europe of all illusions'' amid a trade dispute and the Iran nuclear program split. Rough cut (no reporter narration).
European Council President Donald Tusk says Trump has "rid Europe of all illusions" amid a trade dispute and the Iran nuclear program split. Rough cut (no reporter narration). //in.reuters.com/video/2018/05/16/eus-tusk-lashes-out-at-trump-amid-trade?videoId=427447984&videoChannel=13423 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/eus-tusk-lashes-out-at-trump-amid-trade?videoId=427447984 |
May 6, 2018 / 12:24 PM / Updated 4 minutes ago Apple and Buffett saw value, and acted Noel Randewich 4 Min Read
SAN FRANCISCO (Reuters) - Apple Inc ( AAPL.O ) was not the only one to leap on a chance to buy its stock at a fat discount last quarter as Warren Buffett stepped in to scoop up an additional 75 million shares for Berkshire Hathaway ( BRKa.N ) at the same time. FILE PHOTO: An iPhone X is seen on a large video screen in the Apple visitor centre in Cupertino, California, U.S., November 17, 2017. REUTERS/Elijah Nouvelage/File Photo
Between them - the two biggest players in the iPhone maker’s shares - they bought nearly one of every 10 Apple shares traded during the quarter, according to Thomson Reuters calculations.
But the discount window did not stay open long, with Apple’s stock back at a record high above $183 on Friday after trading in the mid-$150s for part of the first quarter.
The recovery in the share prices makes it less opportune for Apple’s corporate treasury to execute purchases as it proceeds with an additional $100 billion of buybacks in an effort to further winnow down its mountain of cash.
Apple bought more than $23 billion of its own shares in the first three months of the year at an average price of $171.48, the company said this week. A Buffett representative on Friday confirmed Berkshire Hathaway increased its stake in Apple by 75 million shares, for which the company looks to have paid between $12 billion and $13 billion, based on the stock’s trading range during the period. Warren Buffett, CEO of Berkshire Hathaway Inc, talks to a reporter in the exhibit hall at the company's annual meeting in Omaha, Nebraska, U.S., May 5, 2018. REUTERS/Rick Wilking
Funds from the repatriation of Apple’s $252 billion overseas cash hoard arrived at an convenient time for traders working on behalf of Apple. The Cupertino, California, company’s massive share purchase in the March quarter coincided with a 10 percent slump in the S&P 500 between Jan 26 and Feb 8.
That drop raised fears across Wall Street that a nine-year bull market was ending and made it easier for big players amassing shares in a company to find willing sellers.
Apple shares fell even more than the broader market, tumbling over 13 percent from their record high close. But while the S&P 500 has remained in correction territory, Apple shares quickly recovered, and it seems the company and Berkshire were there to help.
Buffett, a billionaire bargain hunter, increased his company’s stake to 240.3 million shares worth $42.5 billion during first quarter.
At its low in February, the stock was available for as little as $150, an 18 percent discount to its current price.
On more than a third of the trading days during the March quarter, Apple’s stock traded below its volume weighted average price, or VWAP, for the prior 60 days.
On Feb 8, when it closed at $155.15, the low for the quarter, it was at a nearly 10 percent discount from its 60-day average VWAP. The stock had not been available at such a large discount to its prevailing average since May 2016, which happens to be when Buffett bought his first-ever shares of Apple.
At its close of $183.83 on Friday, however, Apple now stands at a premium of nearly 7 percent to its 60-day VWAP of $172.11.
Prior to last quarter, Apple’s largest-ever quarterly repurchase occurred in early 2014, a year after it initiated its first $210 billion buyback program. The stock traded at a discount to its 60-day VWAP through much of the quarter, and Apple spent $18 billion to buy up its own shares, according to filings. Reporting by Noel Randewich; Editing by Dan Burns and Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-apple-stock/apple-and-buffett-saw-value-and-acted-idUKKBN1I70DW |
May 3 (Reuters) - AMAG Pharmaceuticals Inc:
* AMAG PHARMACEUTICALS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS AND RAISES FULL YEAR FINANCIAL GUIDANCE
* Q1 LOSS PER SHARE $1.59 * Q1 REVENUE $146.4 MILLION VERSUS I/B/E/S VIEW $151.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.54 — THOMSON REUTERS I/B/E/S
* AMAG PHARMACEUTICALS - SEES 2018 TOTAL REVENUE $540 MILLION - $580 MILLION
* AMAG PHARMACEUTICALS - SEES 2018 GAAP OPERATING LOSS IN RANGE OF $128 MILLION - $108 MILLION
* AMAG PHARMACEUTICALS - SEES 2018 NON-GAAP ADJUSTED EBITDA $120 MILLION - $140 MILLION Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-amag-pharmaceuticals-announces-q1/brief-amag-pharmaceuticals-announces-q1-loss-per-share-1-59-idUSASC09ZGR |
May 14, 2018 / 11:24 AM / Updated an hour ago Ten die in Bangladesh stampede for alms ahead of Ramadan, 50 hurt Reuters Staff 1 Min Read
CHITTAGONG, Bangladesh (Reuters) - A stampede on Monday by thousands of poor villagers outside the home of a businessman distributing alms ahead of Ramadan killed at least 10 women and injured about 50 people, police in southeast Bangladesh said.
It is a custom for devout Muslims to donate money or goods to the poor before or during the holy fasting month of Ramadan, which is expected to begin on Wednesday or Thursday this week.
The stampede began after people jostled to collect clothes and other items at the residence of the owner of a steel mill, said police official Rafiqul Alam in the district of Chittagong, about 260 km (165 miles) from Dhaka, the capital.
“There were 10,000 to 12,000 people, mostly women and trying to push to each other to collect alms ahead of other and that led stamped,” he told Reuters.
The injured were treated at a nearby hospital and allowed to go, police said. Reporting by Nazimuddin Shyamol; Editing by Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-bangladesh-stampede/ten-die-in-bangladesh-stampede-for-alms-ahead-of-ramadan-50-hurt-idUKKCN1IF1EG |
May 8 (Reuters) - Convergys Corp:
* Q1 GAAP EARNINGS PER SHARE $0.30 * Q1 REVENUE $674 MILLION VERSUS I/B/E/S VIEW $669.4 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.40 — THOMSON REUTERS I/B/E/S
* CONFIRMING 2018 GUIDANCE * FY2018 EARNINGS PER SHARE VIEW $1.68, REVENUE VIEW $2.64 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-convergys-reports-q1-adjusted-earn/brief-convergys-reports-q1-adjusted-earnings-per-share-0-41-excluding-items-idUSASC0A0P8 |
LONDON (Reuters) - Britain’s consumer economy failed to rebound in April after snowy weather kept shoppers at home the month before, adding to downbeat data that make a Bank of England rate rise this week unlikely.
Shoppers walk past House of Fraser on Oxford Street in central London, Britain, April 2, 2018. REUTERS/Hannah McKay In a latest sign of slow growth in 2018, retail spending contracted by 3.1 percent year-on-year in April after a 2.3 percent rise in March, the British Retail Consortium (BRC) said on Wednesday.
That marked the sharpest drop since records began in 1995.
While the plunge partly reflects the timing of the sales-boosting Easter holidays — which started in March this year rather than April — the BRC warned of a weak underlying trend.
Marc Ostwald, market strategist at ADM Investor Services, said the figures were “dismal”.
British data have soured over the past month, suggesting the economy has not yet recovered from a weak start to 2018 in the manner most economists and BoE officials had expected.
A lack of clarity around Britain’s terms of departure from the European Union in less than a year, as well as a slowing euro zone economy, are among reasons cited for Britain’s disappointing performance of late.
The BoE now looks unlikely to raise rates on Thursday, according to a new Reuters poll of economists who have mostly pushed back forecasts for a rate hike to August. [BOE/INT]
Adding to mixed signals, a survey of recruitment firms on Wednesday showed demand for permanent staff grew at the weakest pace so far this year during April, though growth in starting salaries remained robust.
RETAIL “IN DISTRESS” Looking at retail sales over the three months to April, which smoothes out March’s jump and last month’s plunge, the BRC said overall spending was up just 0.4 percent year-on-year.
That marked the third-worst reading since the global financial crisis.
The BRC said the retail market was likely to remain “extremely challenging”. Earlier on Wednesday, baker Greggs ( GRG.L ) warned profit for 2018 was likely to disappoint, blaming a dip in consumer demand.
Already this year Toys R Us UK, electricals group Maplin and drinks wholesaler Conviviality have filed for protection from creditors.
“The retail industry is clearly in distress,” said Richard Lim, chief executive of consultancy Retail Economics.
Separately, payment card firm Barclaycard said consumer spending — which includes a broader range of purchases such as holidays and eating out — rose at an annual pace of 3.4 percent in April after growing just 2.0 percent in the previous month.
Excluding the snow-hit March, April marked the weakest increase in five months.
“The UK seems to be caught in a holding pattern, with people still budgeting carefully,” Barclaycard managing director Paul Lockstone said.
Reporting by Andy Bruce; Editing by Toby Chopra
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-economy-retail/dismal-uk-retail-figures-add-to-blues-as-bank-of-england-meets-idUSKBN1IA1AX |
May 15 (Reuters) - Noble Group Ltd:
* QTRLY NET LOSS $72 MILLION VERSUS LOSS OF $129 MILLION A YEAR AGO
* QTRLY REVENUE $ 1,215 MILLION VERSUS $1,928 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-noble-group-qtrly-net-loss-72-mln/brief-noble-group-qtrly-net-loss-72-mln-vs-loss-of-129-mln-a-year-ago-idUSFWN1SM0L2 |
Fox Is Buying 7 Sinclair-Owned Television Stations for $910 Million Sinclair Broadcast Group, the owner of the largest chain of television stations in the nation. William Thomas Cain—Getty Images By Emily Price 3:21 PM EDT
Twenty-First Century Fox has agreed to buy seven television stations from Sinclair Broadcast Group at a cost of $910 million, Reuters reports .
The deal allows Sinclair to acquire the regulatory approval it needs to complete its purchase of Tribune Media . For Fox, the buy grows its coverage to nearly half of all households in the United States and puts it in 19 of the top 20 television markets in the U.S.
Earlier this year, Sinclair gained attention for its decision to require the anchors at its stations to read a script during the news broadcast condemning “fake news” from larger national news stations. Many, including the anchors reading the scripts, felt like the move was pushing a pro-Trump agenda.
In April, President Trump tweeted his support for Sinclair Broadcasting and said it was “far superior to CNN and even more Fake NBC, which is a total joke.” Most of Sinclair’s stations are CNN affiliates.
With 173 stations, Sinclair is the largest owner of local TV stations in the United States. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/09/fox-buying-sinclair-stations/ |
May 10, 2018 / 12:23 PM / in 10 minutes BRIEF-Brazil's Renova Energia Calls Off Asset-Sale Talks With Brookfield Reuters Staff 1 Min Read
May 10 (Reuters) - Renova Energia SA:
* BRAZIL’S RENOVA ENERGIA SAYS IT HAS CALLED OFF ASSET-SALE TALKS WITH BROOKFIELD ENERGIA RENOVÁVEL; EXCLUSIVITY PERIOD ENDED WITH NO AGREEMENT Further company coverage: (Reporting By Bruno Federowski) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-brazils-renova-energia-calls-off-a/brief-brazils-renova-energia-calls-off-asset-sale-talks-with-brookfield-idUSE6N1QQ04H |
Canadian investment firm Brookfield Asset Management made a $3.3 billion approach for Australian hospital group Healthscope , trumping a local buyout proposal and sending shares of the target up to a two-year high on Monday.
The approach, disclosed by Healthscope in a statement, sets the scene for a takeover battle for the No. 2 Australian private hospital operator which has seen its shares slide due to high debt and a shift back to public health services after a scandal in the private sector.
New Australian private-equity player BGH Capital, led by former executives of TPG Capital Management and Macquarie, made an approach worth $3.1 billion on April 26. Pension fund AustralianSuper is partnering BGH in that proposal.
Healthscope shares rose 4.9 percent in a flat overall market by midsession. The stock was trading at A$2.59, its highest since April 2016, and higher than Brookfield's A$2.50 indicative bid, a sign investors expect a bidding war.
"The entry of Brookfield adds to bidding tension and (I) expect the BGH-AustralianSuper consortium will most likely increase its offer bid," said Chris Kallos, a healthcare analyst at Morningstar.
The deal would continue Brookfield's rapid growth in the world's 12-largest economy. If Brookfield buys Healthscope, it would be the biggest takeover of an Australian company by a Canadian party since a consortium including Brookfield paid A$9 billion for rail and ports giant Asciano in 2016.
Brookfield, BGH, and AustralianSuper declined to comment.
Last week, Canadian landlord NorthWest Healthcare Properties REIT said it paid $312 million for a 10 percent stake in Healthscope. Northwest also declined to comment on Monday.
Healthscope, which listed in 2014, said in the statement its board would assess both proposals and update the market on any developments.
It added that Brookfield's proposal came with a condition that effectively meant AustralianSuper was prevented from voting against its offer if the target accepted it. AustralianSuper already has a 14 percent stake in Healthscope.
"Ultimately, the support of AustralianSuper is likely to determine the winning bidder," said Danial Moradi, senior equities strategist at Lonsec Research.
"The structure of (Brookfield's bid) implies that BGH will have to increase their original bid," he added in an email.
Brookfield is being represented by Bank of America Merrill Lynch for the potential transaction, according to Healthscope, while Healthscope has hired UBS.
Healthscope was a high-profile listing in 2014, with its shares rising steadily amid hopes that it would benefit from the country's ageing population and a heavily state-subsidised health system.
But investors started selling the stock in 2016 after media reports accused private health insurers, which fund patients for companies like Healthscope, of withholding payouts to policyholders, prompting more patients to opt for the public system.
Healthscope, which had embarked on building a new hospital in Sydney's north, issued two profit warnings, and when BGH lobbed its takeover proposal last month Healthscope shares were trading below their IPO price. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/canadas-brookfield-makes-3-point-3-billion-offer-for-australias-healthscope-sparking-hopes-for-a-bidding-war.html |
NEW YORK, April 29 (Reuters) - Walmart Inc’s urgency to stem market share losses to rivals around the world is driving it to partner with local players in the UK and India, even as it scales back in some other markets like Brazil.
The world’s largest retailer is in talks to merge its UK arm ASDA with J Sainsbury Plc in which it will hold a minority stake. Walmart is also looking to acquire a majority stake in India’s leading online retailer Flipkart for $10 billion to $12 billion after years of underperformance there.
The moves underscore Walmart’s renewed focus on catching up with competitors, ranging from grocer Aldi Inc to Amazon.com Inc , in key international markets. The retailer’s underperforming international business contributed less than a quarter to its total revenue of $500.3 billion in fiscal 2018.
“Walmart has simply been too slow to react when it comes to their overseas business,” said Burt Flickinger, managing director, Strategic Resource Group. “They have finally started taking corrective action and are now dedicating their resources to where they think they can grow,” he said.
It also marks a shift in Walmart’s traditional approach of building a business on its own.
“Walmart is clearly moving away from trying to crack tough foreign markets by itself to striking partnerships because it realizes that is the fastest way to bridge the gap with competitors,” said Laura Kennedy, vice president, retail sales and shopper practice at Kantar Consulting.
A Walmart spokesman declined to comment on the negotiations in the UK and India.
Overall, sales from Walmart International, which runs about 6,300 stores globally, stood at $118.07 billion in the fiscal year ended 2018, down nearly 14 percent from $136.5 billion in 2014. This was in large part due to adverse currency movements, which hurt the money repatriated from its foreign arms, but also because of a series of missteps in major markets around the world. In an effort to fix its international performance, Walmart in January appointed Chief Operating Officer Judith McKenna to run its international unit and has indicated it will focus on its core North American markets and growth markets like China and India.
Walmart's international woes have been exacerbated by slow decision-making over the years and even initial talks with India’s Flipkart began as far back as 2016. [ reut.rs/2HYwFE3 ]
Walmart initially entered the Indian market in 2007 through a joint venture with India’s Bharti Enterprises, years before Amazon debuted there. That joint venture was called off in 2013 and its presence in India has remained largely static since then, at least in part due to restrictions around foreign investment in physical retail in India. [ reut.rs/2HBgJbs ] [ reut.rs/2vRkrIC ]
Meanwhile, Amazon jumped in with a less regulated online marketplace offering, retail consultants and investors said. Amazon now holds about 27 percent of India’s burgeoning e-commerce market, according to Euromonitor, where Walmart remains a footnote and only operates 21 cash-and-carry wholesale stores in the country that sell to businesses.
Walmart’s slow-footedness means if a deal is announced, Flipkart could be Walmart’s largest acquisition to date, potentially at a steep premium to what SoftBank Group paid for a stake in the company less than a year ago.
INTERNATIONAL BLUNDERS Walmart’s international moves over the years have involved a series of blunders.
For example, Walmart bet on an unprofitable, second-tier online retailer in China in 2011 and has since been behind Alibaba Group Holding Ltd. In 2016, Walmart sold its online business in China to pick up a stake in China’s no 2 retailer JD.com.
In Brazil, Walmart has struggled to gain traction after a decade, while in the United Kingdom it has been unable to stem market share declines to hard discounters like Aldi Inc and Lidl.
Now, Walmart is trying to offload a majority stake in its Brazilian operations to private equity firm Advent International. And on Saturday, Sainsbury said it and Walmart’s British unit Asda are in talks to create the country’s biggest supermarket group.
Their combination, which some said shows Walmart’s retrenching in the market, would surpass Tesco’s grocery market share and be worth up to 15 billion pounds ($20.7 billion).
Whether Walmart’s latest moves will turn Walmart International into the growth engine it once was remains to be seen, consultants said. For now at least, investors have largely supported the decisions to jumpstart global growth made by Chief Executive Doug McMillon as exemplified by the market reaction to the talks in India. “In the short term, the Flipkart deal may look pricey, but the markets haven’t punished Walmart because investors realize this is probably their best chance to have a fair fight with Amazon in India,” Ken Murphy, portfolio manager at Aberdeen Standard Investments, said. Walmart’s shares fell 20 percent from an all-time high in January largely due to concerns around its online performance in the United States. They have, however, risen 27 percent in the past year, outperforming the wider S&P 500 index, which rose 12 percent during the same period. (Reporting by Nandita Bose in New York, Editing by Vanessa O’Connell and Cynthia Osterman)
| ashraq/financial-news-articles | https://www.reuters.com/article/walmart-international-ma/walmart-attempts-international-turnaround-with-uk-india-tie-ups-idUSL1N1S60B5 |
May 8, 2018 / 7:47 AM / Updated 9 hours ago UK housing market cools unexpectedly in April - Halifax Reuters Staff 1 Min Read
LONDON (Reuters) - British house price growth unexpectedly cooled in April, mortgage lender Halifax said on Tuesday, adding to signs of weakness in the housing market and the consumer economy more broadly. FILE PHOTO: A couple view properties for sale in an estate agents window in London, Britain August 22, 2016. REUTERS/Peter Nicholls/File Photo
British house prices were up 2.2 percent last month compared with the same period a year ago, compared with 2.7 percent in March and undercutting all forecasts in a Reuters poll of economists that had pointed to a reading of 3.3 percent.
On the month, prices fell 3.1 percent after a 1.6 percent rise in March, again weaker than all forecasts.
“Housing demand has softened in the early months of 2018, with both mortgage approvals and completed home sales edging down,” Halifax managing director Russell Galley said. Reporting by Andy Bruce; editing by Michael Holden | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-economy-housepriceshouseprice/uk-housing-market-cools-unexpectedly-in-april-halifax-idUKKBN1I90OY |
May 4, 2018 / 3:09 AM Apple hits record high after Buffett's Berkshire increases stake Reuters Staff 3 Min Read
(Reuters) - Apple Inc’s ( AAPL.O ) stock hit an all-time high on Friday after Warren Buffett’s Berkshire Hathaway Inc ( BRKa.N ) disclosed it had bought 75 million more shares of the iPhone maker in the first three months of the year. FILE PHOTO: Berkshire Hathaway CEO Warren Buffett visits the BNSF booth before the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S., May 6, 2017. REUTERS/Rick Wilking/File Photo
Buffett’s increased stake, confirmed by a representative of the billionaire investor, pushed Apple’s shares up as much as 3.8 percent to $183.65 (136 pounds).
It was the stock’s second significant gain this week after the Cupertino, California-based firm surprised Wall Street on Tuesday with resilient iPhone sales and quarterly results that topped expectations.
“If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States,” Buffett told CNBC, which first reported the news on Thursday.
Buffett’s Apple commitment over the past two years has surprised many, given his historical aversion to companies associated with the technology sector.
Berkshire’s initial investment in Apple was small, suggesting it was made by one of Buffett’s investment deputies, but with the latest stake purchase, it has grown to a massive 240.3 million shares worth $42.5 billion (£31.4 billion).
In February, Berkshire had said its Apple stake grew by about 23 percent since the end of September to roughly 165.3 million shares.
The billionaire investor recently sold out of an unsuccessful investment in IBM Corp ( IBM.N ), at the same time he was buying Apple.
Buffett has praised Apple Chief Executive Officer Tim Cook and suggested he views Apple more as a consumer company, despite its Silicon Valley pedigree.
However, there may also be another reason for the investment: Berkshire’s cash position.
Berkshire has gone more than two years since a major acquisition, and Buffett said in his annual letter that he wants one or more “huge” non-insurance acquisitions to help him reduce Berkshire’s $116 billion in cash and equivalents.
Buying Apple accomplishes that, even though Buffett would rather buy whole companies than their stocks.
Berkshire typically discloses its largest common stock holdings and percentage stakes in its quarterly and annual reports. The report for the first quarter is scheduled for release on Saturday morning, just before Berkshire’s annual shareholder meeting in its Omaha, Nebraska hometown.
Apple reported $61.1 billion in revenue for the March quarter, up from $52.9 billion last year, and promised $100 billion in additional stock buybacks.
Apple did not immediately respond to a request for comment on Friday.
Up to Thursday’s close, Apple stock had risen more than 5 percent since Berkshire disclosed on Feb. 14 that it had raised its stake in the company. Reporting by Philip George and Sonam Rai in Bengaluru, Jonathan Stempel and Trevor Hunnicutt in New York; Editing by Amrutha Gayathri and Sai Sachin Ravikumar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-berkshire-buffet-apple/buffetts-berkshire-hathaway-bought-75-million-more-apple-shares-in-first-quarter-cnbc-idUKKBN1I506P |
May 2 (Reuters) - AALBORG BOLDSPILKLUB A/S:
* Q1 NET LOSS DKK 6.5 MILLION * KEEPS 2018 OUTLOOK NET LOSS IN RANGE OF DKK 18-28 MILLION Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aalborg-boldspilklub-q1-net-loss-a/brief-aalborg-boldspilklub-q1-net-loss-at-dkk-6-5-million-idUSFWN1S90XL |
May 9, 2018 / 7:46 AM / Updated 17 minutes ago Rush to replay leaders' handshake revives appeal of Korean movie set Daeun Yi 2 Min Read
NAMYANGJU, South Korea (Reuters) - When a smiling North Korean leader Kim Jong Un shook hands with South Korean President Moon Jae-in on the border of their countries during a summit last month, images of the historic moment grabbed the world’s attention. A woman takes a picture of boys mimicking a handshake between North Korean leader Kim Jong Un and South Korean President Moon Jae-in at the summit in late April, at the replica of the truce village of Panmunjom at a movie studio in Namyangju, South Korea May 8, 2018. This picture was taken through a window. REUTERS/Kwak Sung-Kyung
It was the first time a North Korean leader had set foot in the South since the 1950-1953 Korean War. Moon and Kim said they would work to denuclearise the Korean peninsula and seek a peace agreement to replace the 1953 armistice.
Since that April 27 encounter, a movie set version of the compound where the leaders met has become popular with South Koreans, who line up to recreate the famous handshake and snap a photograph.
“It is much more realistic to actually see it here,” said Kim Sang-jin, 8, who watched the meeting live on television. A girl takes a picture of her parents mimicking a handshake between North Korean leader Kim Jong Un and South Korean President Moon Jae-in at the summit in late April, at the replica of the truce village of Panmunjom at a movie studio in Namyangju, South Korea May 8, 2018. This picture was taken through a window. REUTERS/Kwak Sung-Kyung
“I wondered how they felt when holding hands, and now my curiosity has been satisfied,” he told Reuters Television.
The faded film set on the outskirts of Seoul, the South Korean capital, has become a destination for selfie-seeking tourists who cannot step across the real, heavily-guarded border at the exact spot the Korean leaders met. Slideshow (4 Images)
The set was built at a studio for the South Korean murder mystery film “Joint Security Area”, named for the United Nations-administered area along the border between the two countries technically still at war.
The replica compound at the KOFIC Namyangju Studio is an hour’s drive from the real Joint Security Area, near the truce village of Panmunjom, where the leaders met.
On a recent sunny day, families, couples and even a pet dog roamed the set, smiling and laughing as they mimicked the handshake between Moon and the reclusive Kim.
For many visitors, including older ones who lived through the war, the summit raised hopes for peace on the divided peninsula.
“I feel unification of the North and South would be great,” said 91-year-old Lee Young-hee. “I think it would be wonderful to live united.” Additional reporting by; Writing by Haejin Choi; Editing by Josh Smith and Darren Schuettler | ashraq/financial-news-articles | https://uk.reuters.com/article/us-northkorea-southkorea-summit-handshak/rush-to-replay-leaders-handshake-revives-appeal-of-korean-movie-set-idUKKBN1IA0UI |
SUNBURY, Pa., May 7, 2018 /PRNewswire/ -- Weis Markets (NYSE: WMK) today reported its first quarter sales increased 2.8 percent to $876.1 million compared to the same period in 2017 while comparable store sales, adjusted for the holiday shift, increased 1.5 percent.
During the 13-week period ending March 31, 2018, the Company's net income increased 36.8 percent to $16.2million compared to $11.8 million for the same period in 2017 while first quarter earnings per share increased 36.4 percent to $0.60 compared to $0.44 in 2017. The Company's first quarter operating income increased 12.8 percent to $22.8 million.
The Company's first quarter sales benefited from the holiday shift since the Easter sales week occurred in the last week of the first quarter while the slow post-Easter sales week occurred in the second quarter. In 2017, both the Easter and post-Easter weeks fell in the second quarter.
"Our operating income was positively impacted by store improvements in overall efficiency levels, particularly with inventory management, which resulted in an improved store gross profit rate and our 15th consecutive quarter of comparable store sales increases," said Jonathan Weis, Weis Markets' Chairman and Chief Executive Officer. "Our operating income also benefited from store labor efficiencies, in which multiple winter weather events were a contributing factor, and improvements to some of our key marketing and advertising programs. We look to build on our momentum in the coming months."
At the annual shareholder's meeting on April 26, 2018, the Company also announced a $101 million growth plan for the construction of two new stores, 20 remodels, four pharmacies and one fuel center. The first new store opened in Nottingham, MD on April 12. The Company has also expanded and upgraded its Weis 2 Go online ordering service with curbside pick-up. It recently introduced this service in 25 additional stores and currently offers it in 79 locations.
About Weis Markets
Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 206 stores in Pennsylvania, Maryland, New Jersey, New York, Delaware, Virginia and West Virginia. For more information, please visit: WeisMarkets.com or Facebook.com/WeisMarkets .
In addition to historical information, this news release may contain forward-looking statements, which are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to those projected. For example, risks and uncertainties can arise with changes in: general economic conditions, including their impact on capital expenditures; business conditions in the retail industry; the regulatory environment; rapidly changing technology and competitive factors, including increased competition with regional and national retailers; and price pressures. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risk factors described in other documents the Company files periodically with the Securities and Exchange Commission.
WEIS MARKETS, INC.
COMPARATIVE SUMMARY OF SALES & EARNINGS
First Quarter — 2018
(Unaudited)
(in thousands, except shares and per share amounts)
13 Weeks Ended
Increase
March 31, 2018
April 1, 2017
(Decrease)
Net sales
$
876,106,000
$
852,229,000
2.8
%
Income before income taxes
$
22,307,000
$
21,074,000
5.9
%
Provision for income taxes
6,116,000
9,238,000
(33.8)
%
Net income
$
16,191,000
$
11,836,000
36.8
%
Weighted-average shares outstanding
26,898,443
26,898,443
—
Basic and diluted earnings per share
$
0.60
$
0.44
$
0.16
View original content with multimedia: http://www.prnewswire.com/news-releases/weis-markets-reports-1st-quarter-sales-comparable-store-sales-and-net-income-increases-300643931.html
SOURCE Weis Markets | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-weis-markets-reports-1st-quarter-sales-comparable-store-sales-and-net-income-increases.html |
As editor-in-chief of Marie Claire magazine, Anne Fulenwider is aware of the media's responsibility in today's #MeToo era .
Last fall, she and her staff teamed up with Esquire magazine for a collaborative conversation around sexual harassment and assault. In a package called " Sex, Lies and Human Resources ," the two publications discussed ways in which both men and women can address these common workplace issues.
When putting together the feature, released in February, Fulenwider says she had a series of meetings with Esquire's male staff and was surprised to see how afraid a lot of the men were to even talk about the topic.
Photo courtesy of Matt Winkelmeyer Marie Claire Editor-in-Chief Anne Fulenwider "That was really a wake up call for us," she tells CNBC Make It . "You know, we talk about these things all the time at Marie Claire. Most women, I think, have kind of known about this for a long time, but to see the way the men were reacting to the news stories was really illuminating to me."
She says the conversations made her understand that there needs to be a more inclusive dialogue around not just the #MeToo movement, but other issues that are linked to gender inequality and discrimination.
"I think it's really important that in all of these conversations, not just around the #MeToo movement, but around the equal pay movement and the search to find more female CEOs, that we include men," she said. "This is not something that women can fix on their own."
Fulenwider says that following the downfall of many powerful men , she's seen how some male colleagues are now afraid to work with women. In a Facebook post earlier this year, Sheryl Sandberg addressed this fear that some men now have and emphasized how isolating women in the workplace is far from a solution to the problem.
"If men think that the way to address workplace sexual harassment is to avoid one-on-one time with female colleagues – including meetings, coffee breaks and all the interactions that help us work together effectively – it will be a huge setback for women," she writes.
Fulenwider agrees, and explains says that in order for us to move forward, we have to be inclusive of everyone.
"What I learned from working with Esquire in the fall of 2017, when a lot of these issues were really heated, is to listen and to ask questions," she said. "And to not be afraid of the uncomfortable conversations."
Video by Beatriz Bajuelos Castillo
Like this story? Like CNBC Make It on Facebook .
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show chapters Why Jerry Seinfeld's former personal chef left cooking to create a fashion company for the hospitality industry 8:29 AM ET Thu, 7 Sept 2017 | 01:00 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/anne-fulenwider-says-metoo-conversations-need-to-be-inclusive.html |
NEW YORK (Reuters) - The U.S. House of Representatives on Tuesday passed legislation that reclassifies investment-grade municipal bonds as high-quality liquid assets, a long-awaited move that public officials say will help lower financing costs on infrastructure projects nationwide.
The measure was included in bipartisan legislation, which already passed the Senate in March, that would ease bank rules introduced in the wake of the 2007-09 financial crisis.
The bill also raises the threshold at which banks are subject to stricter oversight and eases trading, lending and capital rules for smaller banks.
Cities and states sell muni bonds to finance construction of bridges, roads, schools and an array of other projects.
If the bonds are designated as so-called HQLA assets, banks can hold them as part of their liquidity requirements, therefore making the bonds more attractive overall and supporting the muni market.
“Lawmakers have taken concrete action to lower borrowing costs and better position states to invest in infrastructure projects at the state and local level,” said Beth Pearce, Vermont state treasurer and president of the National Association of State Treasurers in a statement after Tuesday’s vote in the House.
The bill now goes to President Donald Trump, who is expected to sign the legislation as part his campaign promise to try to spur more economic growth by cutting regulation.
Reporting by Hilary Russ; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-house-banks-municipals/congress-reclassifies-u-s-muni-bonds-likely-to-lower-borrowing-costs-idUSKCN1IN35T |
April 30 (Reuters) - METHAQ REAL ESTATE INVESTMENT CO :
* Q1 LOSS 37,701 DINARS VERSUS LOSS OF 82,114 DINARS YEAR AGO Source: ( bit.ly/2ra795b ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-methaq-real-estate-investment-q1-l/brief-methaq-real-estate-investment-q1-loss-narrows-idUSFWN1S70CZ |
WESTLAKE VILLAGE, Calif., May 14, 2018 (GLOBE NEWSWIRE) -- Sienna Biopharmaceuticals, Inc. (NASDAQ:SNNA) today reported the Company’s financial results for the first quarter of 2018.
“We are pleased to report the results of our first quarter,” said Frederick C. Beddingfield III, M.D., Ph.D., President and Chief Executive Officer of Sienna. “We continue to advance our innovative multi-asset pipeline and are looking forward to data from all five of our clinical programs in the second half of this year and into the first quarter of 2019.”
Pipeline Overview
Sienna’s pipeline currently includes five clinical-stage programs:
(from the Company’s Topical by Design™ platform)
SNA-120 for the treatment of pruritus associated with psoriasis and the underlying psoriasis; Phase 2b top-line results expected in the first quarter of 2019 SNA-125 for the treatment of atopic dermatitis; Phase 1/2 proof-of-concept results expected in the fourth quarter of 2018 SNA-125 for the treatment of psoriasis; Phase 1/2 proof-of-concept results expected in the third quarter of 2018
(from the Company’s Topical Photoparticle Therapy™ platform)
SNA-001 for the treatment of acne; pivotal results expected in the second half of 2018 SNA-001 for the reduction of light-pigmented hair; pivotal results expected in the second half of 2018
Selected Financial Results
Total operating expenses for the three months ended Mar. 31, 2018, were approximately $18.5 million, which includes research and development, or R&D, expenses totaling approximately $13.0 million and general and administrative, or G&A, expenses totaling approximately $5.5 million. Total operating expenses for the three months ended Mar. 31, 2017, were approximately $9.0 million, which included R&D expenses totaling approximately $4.9 million and G&A expenses totaling approximately $4.1 million. The year-over-year increase in R&D expenses was due primarily to increased development costs related to the ongoing pivotal trials for SNA-001, the ongoing clinical trials for SNA-120 and initiation of the clinical trials for SNA-125. The year-over-year increase in G&A expenses was due primarily to an increase in personnel costs.
Cash burn during the three months ended Mar. 31, 2018, was approximately $14.5 million. Sienna’s cash and cash equivalents as of Mar. 31, 2018, totaled approximately $60.0 million.
About Sienna Biopharmaceuticals
Sienna Biopharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on bringing innovations in biotechnology to the discovery, development and commercialization of first-in-class, targeted, topical products in medical dermatology and aesthetics. The Company’s objective is to develop an innovative, diversified, multi-asset pipeline of topical therapies that enhance the health, appearance and quality of life of dermatology and aesthetics patients. Sienna is led by a management team with extensive experience in product development and commercialization at several leading dermatology, aesthetics and biotechnology companies.
For more information, visit the Company’s website at www.SiennaBio.com .
Forward-Looking Statements
This press release contains , including but not limited to the timing of data readouts from Sienna’s clinical programs. Such involve substantial risks and uncertainties that could cause Sienna’s clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the . Such risks and uncertainties include, among others, the uncertainties inherent in the pharmaceutical drug and medical device development processes, including regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing pharmaceutical drug and medical device products, Sienna’s ability to successfully protect and defend its intellectual property, and other matters that could affect the sufficiency of existing cash to fund operations and the availability or commercial potential of Sienna’s drug candidates. Sienna undertakes no obligation to update or revise any . For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these , as well as risks relating to the business of the Company in general, see Sienna’s most recent Annual Report on Form 10-K and any subsequent current and periodic reports filed with the Securities and Exchange Commission.
Sienna Biopharmaceuticals, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data)
(unaudited) Three Months Ended
March 31, 2018
2017 Operating expenses: Research and development $ 12,980 $ 4,917 General and administrative 5,497 4,076 Total operating expenses 18,477 8,993 Loss from operations (18,477 ) (8,993 ) Other income (expense), net 1,374 (1,160 ) Net loss before taxes (17,103 ) (10,153 ) Income tax benefit — 46 Net loss $ (17,103 ) $ (10,107 ) Per share information: Net loss, basic and diluted 1 $ (0.85 ) $ (5.30 ) Basic and diluted weighted average shares outstanding 2 20,228 1,907 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-sienna-biopharmaceuticals-reports-first-quarter-2018-financial-results.html |
Earnings Release scheduled for Monday, May 14, 2018 after the market closes Conference Call scheduled for Tuesday, May 15, 2018 at 8:30 am (ET)
SÃO PAULO--(BUSINESS WIRE)-- Netshoes (Cayman) Limited (NYSE:NETS) (“Netshoes”), Latin America’s leading online retailer of sports and lifestyle goods, will release its results for the three-month period ending March 31, 2018 on Monday, May 14, 2018 after the market closes. Netshoes will host a conference call on Tuesday, May 15, 2018 at 8:30 am (Eastern Time) to discuss the results.
To participate in the teleconference contact one of the following numbers 10 minutes prior to the scheduled start time:
1-877-883-0383 (US) | 1-412-902-6506 (International)
Elite entry number: 1616436
Alternatively, use Call Me Link : click here to have Chorus Call to call you. The phone number you provide will be automatically called and connected to the conference.
Live webcast will also be available through Netshoes’ Investor Relations webpage, at http://investor.netshoes.com .
Replay:
A telephone replay of the conference call will be available by dialing 1-877-344-7529 (US) or 1-412-317-0088 (International) until May 22, 2018. The replay I.D. number is 10119852.
About Netshoes (Cayman) Limited
Founded in 2000, Netshoes is the leading sports and lifestyle online retailer in Latin America and one of the largest online retailers in the region, with operations in Brazil, Argentina, and Mexico. Through the websites Netshoes, Zattini and Shoestock, as well as through partner-branded store sites the Company manages, it offers customers a wide selection of products and services for sports, fashion and beauty.
Core to the Company’s success has been a relentless focus on delivering a superior customer experience. As one of the first companies in Latin America to provide online retail offerings, Netshoes benefits from its early mover advantage, which has allowed the Company to capture significant market share and achieve a leadership position in a large and expanding addressable market. For more information, visit: http://investor.netshoes.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006644/en/
Netshoes (Cayman) Limited
Otavio Lyra, +55 11 3028-3528
Investor Relations Officer
[email protected]
http://investor.netshoes.com
Source: Netshoes (Cayman) Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-netshoes-cayman-ltd-announces-date-for-first-quarter-2018-earnings-release-and-conference-call.html |
PHOENIX, May 21, 2018 (GLOBE NEWSWIRE) -- Paul Sorkin, COO and General Counsel of Alliance Creative Group, Inc (OTC Pink:ACGX) (the “Company”) was recently interviewed on Uptick Newswire’s “Stock Day” podcast.
Mr. Sorkin described Alliance Creative Group as a team of experts who have come together to create a full-service product development agency. “If it’s on a shelf or a hook, give us a look,” was Sorkin’s catchy slogan, further explaining that the company primarily designs, creates, and sells boxes, bags, clamshells, blister packs, and other packaging materials for a vast array of products and clients. Over the years, the company has developed a shared resources foundation to help create higher quality product in more efficient ways.
The company is currently working on completing 2 years of full financial PCAOB audits. Their growth and revenue increase has made this process more difficult, as they have seven third-party warehouses and almost 20 million dollars per year in revenue and limited resources, but the ultimate result will be more transparency for shareholders and the public. In addition, auditing will allow for larger potential acquisitions or mergers. Alliance Creative Group has hired Brio Financial to help them prepare for 2 years of PCAOB audits, and will hire an audit firm soon. The company’s long term goal is to uplist to a larger exchange, and leave the OTC Markets completely. “Our goal is to be as transparent as possible with these audits, continue to grow, and improve the company so we can take away the shorter’s scare tactics.”
According to Everett Jolly, CEO of Uptick Newswire and host of the “Stock Day” podcast, Alliance Creative Group is the most undervalued company on the OTC Markets. Sorkin was quick to agree, commenting that he hears similar claims regularly. “People don’t take us seriously as a penny stock.” Sorkin believes that joining a higher exchange or merging with a larger company could help give the company some more clout.
When asked about the company’s future, Mr. Sorkin replied, “ We believe that we’ve built a great foundation with a great team. Our philosophy has always been to bring together a team of experts and leverage the shared resources ecosystem, so everyone can focus on their strengths... We greatly appreciate all the support we get from our long-term shareholders.”
To hear more Alliance Creative Group, Inc’s auditing process, their major PeopleVine investment, and plans for the future, listen to the full interview at the link address below.
https://upticknewswire.com/interview-ceo-paul-sorkin-of-alliance-creative-group-inc-otcpink-acgx/
About Alliance Creative Group, Inc.
Alliance Creative Group, Inc. (Stock Symbol: ACGX) is a full-service product-development agency that since 1997 has been helping clients connect their products and services to their customers. ACG focuses on creative and design services, printing and packaging, brand and product development, fulfillment, logistics and transportation, strategic consulting, digital marketing and engagement, and software development. For more information, visit www.AllianceCreativeGroup.com or www.ACGX.us .
About PeopleVine
PeopleVine is a consolidated platform that allows businesses to build more personal relationships with their customers at scale. PeopleVine solves the problem businesses have creating and managing holistic relationships with their customers without using multiple products that only support a portion of the relationship building activities. PeopleVine seamlessly brings together the tools needed to market, sell, and operate a business with streamline efficiencies in a customer engagement suite and enables businesses to make data informed decisions to help generate revenue growth.
PeopleVine is becoming an industry leader in the growth market of incubators and coworking spaces. Our platform is used by the best in the industry, from 1871 and mHub, to Daymond John’s Blueprint + Co. These clients need a robust platform to manage and engage with their members and PeopleVine supports them in this effort. In addition to these incubators and coworking spaces, PeopleVine also works with United Airlines, Chick-fil- a, and Bosch.
We are committed to being the most essential and adaptive SaaS engagement platform for companies that take a customer centric approach to business.
For more information www.PeopleVine.com
Safe Harbor Act
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-l ooking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Contact:
Alliance Creative Group (OTC Pink:ACGX)
Paul Sorkin, COO
847-885-1800
[email protected]
About Uptick Newswire and the “Stock Day Podcast”
Uptick Newswire is a private company reaching out to the masses keeping investors and shareholders up to date on company news and bringing transparency to the undervalued, undersold, micro-cap stocks of the market and is the sole producer of the Uptick Network “Stock Day” Podcast. The Uptick Network “Stock Day” Podcast is an extension of Uptick Newswire and has recently launched the Video Interview Studio located in Phoenix, Arizona.
Investors Hangout is a proud sponsor of “Stock Day,” and Uptick Newswire encourages listeners to visit the company’s message board at https://investorshangout.com/
Source:Alliance Creative Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-paul-sorkin-coo-and-general-counsel-of-alliance-creative-group-inc-joins-everett-jolly-on-stock-day-podcast.html |
May 9, 2018 / 4:22 PM / in 10 minutes BRIEF-Google To Buy Israeli Enterprise Cloud Migration Technology Provider Velostrata Reuters Staff * GOOGLE CLOUD ANNOUNCES INTENT TO ACQUIRE VELOSTRATA
* SAYS ENTERED INTO AGREEMENT TO ACQUIRE ISRAEL-BASED VELOSTRATA
* SAYS ENTERPRISE CLOUD MIGRATION TECHNOLOGY PROVIDER VELOSTRATA'S TEAM WILL BE JOINING CO'S TEL AVIV OFFICE - BLOG Source text - ( bit.ly/2wrJ3YD ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-google-to-buy-israeli-enterprise-c/brief-google-to-buy-israeli-enterprise-cloud-migration-technology-provider-velostrata-idUSFWN1SG1HU |
May 8, 2018 / 8:42 Exclusive: World's biggest gold ETF launching new low-fee fund - source Peter Hobson 3 The World Gold Council, owner of the world’s largest gold-backed exchange traded fund (ETF), is launching a new fund with a cut-price management fee to fend off rivals with lower charges, a source familiar with the matter told Reuters. FILE PHOTO: A vendor removes a gold accessory from a glass case at a jewellery shop in Suining, Sichuan province March 29, 2010. REUTERS/Stringer
The move is a sign that cost competition among gold ETFs is heating up after a price war in the much larger equities ETF sector slashed management fees. Gold ETFs allow buyers to invest in physical gold without having to buy and store the metal.
The council’s SPDR Gold Trust, which launched in 2004 and trades using the ticker GLD, dominates the industry but its share of total bullion held by gold-backed funds has slipped below 50 percent from 75 percent at the start of the decade, Reuters data show.
GLD’s gold holdings have risen 5 percent since the start of last year while rival iShares Gold Trust, which is run by investment manager BlackRock with a lower management fee, has grown 47 percent, by far the fastest growth among the five biggest gold ETFs tracked by Reuters.
Other low-fee funds such as Deutsche Asset Management’s Xtrackers Physical Gold ETC are growing rapidly and others such as GraniteShares, launched last year, are popping up.
GLD charges a fee of 40 basis points, or 0.4 percent, of the value of an investment, around the higher end of the market, while iShares Gold and Xtrackers take 25 basis points and GraniteShares 20 basis points, near the bottom.
The council’s new fund will charge a fee of around 25 basis points, said the source, describing it as a “countermove” by the council to rivals’ gains.
The source said the council’s two funds were designed to appeal to different audiences, with the new product targeted at investors looking to buy and hold gold who want a low management fee, and GLD aimed at financial investors who use its scale and liquidity to trade in and out of positions cheaply.
“The idea is that the new product grows without damaging the existing product,” the source said.
The World Gold Council declined to comment.
To keep the offerings separate, shares in the new fund will represent a smaller allocation of gold than shares in GLD. This smaller share size will make it more expensive to move in and out of positions, encouraging financial investors to stick with SPDR, the source said.
The World Gold Council filed for the new ETF in November last year with the U.S. Securities and Exchange Commission, but did not reveal its management fee or share size. It is expected to launch the fund in the second quarter. Reporting by Peter Hobson; Editing by Alexander Smith and Veronica Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/us-gold-etf-wgc/exclusive-worlds-biggest-gold-etf-launching-new-low-fee-fund-source-idUKKBN1I90TL |
May 2, 2018 / 11:03 AM / Updated 9 minutes ago BRIEF-Estee Lauder Cos Reports Q3 Adj Earnings Per Share $1.17 Reuters Staff
May 2 (Reuters) - Estee Lauder Companies Inc:
* SEES FY 2018 EARNINGS PER SHARE $4.38 TO $4.42 EXCLUDING ITEMS * Q3 SALES $3.37 BILLION VERSUS I/B/E/S VIEW $3.25 BILLION
* Q3 EARNINGS PER SHARE VIEW $1.07 — THOMSON REUTERS I/B/E/S
* COMPANY RAISES FULL-YEAR SALES AND ADJUSTED EARNINGS GUIDANCE * Q3 EARNINGS PER SHARE $0.99
* SEES 2018 REPORTED NET SALES ARE FORECASTED TO INCREASE BETWEEN 15% AND 16% VERSUS PRIOR-YEAR PERIOD
* SEES 2018 FOREIGN CURRENCY TRANSLATION IS EXPECTED TO POSITIVELY IMPACT SALES BY APPROXIMATELY 4% VERSUS PRIOR-YEAR PERIOD
* FOR FY 2018, FOREIGN CURRENCY TRANSLATION IS EXPECTED TO POSITIVELY IMPACT SALES BY ABOUT 4%
* SEES 2018 NET SALES ARE FORECASTED TO GROW BETWEEN 11% AND 12% IN CONSTANT CURRENCY
* ESTEE LAUDER COMPANIES - ACQUISITIONS OF TOO FACED AND BECCA FORECASTED TO CONTRIBUTE ABOUT 2 PERCENT POINTS OF INCREMENTAL SALES GROWTH IN 2018
* ESTEE LAUDER-SEES TO TAKE CHARGES ASSOCIATED WITH PREVIOUSLY APPROVED RESTRUCTURING AND OTHER ACTIVITIES, IN FISCAL 2018 OF ABOUT $260 MILLION TO $280 MILLION
* POSITIVE CURRENCY IMPACT ON SALES GROWTH EQUATES TO ABOUT $.22 OF EARNINGS PER SHARE IN 2018
* IN FISCAL 2017 THIRD QUARTER, RECORDED RESTRUCTURING,OTHER CHARGES OF $62 MILLION ($42 MILLION AFTER TAX)
* ESTEE LAUDER - EXPECTS TO TAKE CHARGES RELATED TO RESTRUCTURING, OTHERS RELATING TO LEADING BEAUTY FORWARD IN FISCAL 2018 OF ABOUT $260 MILLION-$280 MILLION
* ESTEE LAUDER - RECENTLY LEARNED SOME TESTING RELATED TO CERTAIN PRODUCT ADVERTISING CLAIMS DID NOT MEET CO’S STANDARDS & NEEDS TO BE FURTHER VALIDATED
* THE REVIEW OF CERTAIN PRODUCT ADVERTISING CLAIMS IS ONGOING, AND CERTAIN ADVERTISING CLAIMS WILL BE MODIFIED
* THE REVIEW IS NOT A PRODUCT SAFETY ISSUE, COMPANY’S PRODUCTS ARE “COMPLETELY SAFE”
* FY2018 EARNINGS PER SHARE VIEW $4.37 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-estee-lauder-cos-reports-q3-adj-ea/brief-estee-lauder-cos-reports-q3-adj-earnings-per-share-1-17-idUSASC09YWU |
Here's what you need to qualify for public service loan forgiveness Here's how to make sure your timeline doesn't get disrupted. Each year, more than 30 percent of people who file a certification form are denied. Source: Nick Rizzutti Researcher Nick Rizzutti at his computer.
At the Johns Hopkins Bloomberg School of Public Health in Baltimore, Nick Rizzutti spends his days researching how different environments affect the health of children.
To get there, he racked up more than $80,000 in student debt.
So Rizzutti, 28, was relieved to find out that he qualifies for Public Service Loan Forgiveness . That program, signed into law by President George W. Bush in 2007, allows certain members of the military , classroom teachers and social workers, as well as not-for-profit and government employees, to have certainloans eliminated after 10 years of on-time payments. "Just the thought that I might not get forgiveness is scary. I'd be making payments for 30 years. It would delay my life." -Nick Rizzutti, Student loan borrower
Unfortunately, after a year of chipping away at his student debt, Rizzutti learned during a phone call with a financial aid officer that not all loans are eligible for forgiveness — and some of his loans did not qualify.
Just like that, he was back at square one.
"It was disappointing," said Rizzutti, who immediately moved his various loans into a direct consolidation loan, which does qualify for forgiveness.
But the experience left him on edge.
"Just the thought that I might not get forgiveness is scary," Rizzutti said. "I'd be making payments for 30 years. It would delay my life."
As it turns out, plenty of people in public service jobs — some two-thirds of whom make less than $50,000 a year — believe they're paying their way to loan forgiveness yet actually don't qualify for one technical reason or another. show chapters 8:29 PM ET Fri, 17 Nov 2017 | 04:33
Each year, more than 30 percent of people who file a so-called Employee Certification Form, which is supposed to confirm one's public service loan forgiveness status, are denied, according to the Department of Education. And this form is not mandatory for public service loan forgiveness, and so the total number of people denied is probably greater.
These problems are so common that the Consumer Financial Protection Bureau issued a report in June on the failures of the student loan industry to properly inform people about forgiveness requirements and rights.
"Borrowers have identified a range of student loan industry practices that delay, defer, or deny access to expected debt relief," according to the report.
Jay Fleischman, a student loan lawyer, said he's heard from people who were almost done with that decade of repayment when they first learned that none of those payments counted toward forgiveness.
"They call me up because they want me to help guide them through getting finalized," he said. "And I'm the one who has to be the bearer of bad news: They're going to have to start from scratch.
"I have people cry on the phone," Fleischman added.
It's imperative that people who believe they might qualify for forgiveness act fast to make sure they're doing everything right, said Miranda Marquit, a financial expert at Student Loan Hero, a website for managing debt.
"A lot of time you don't realize there's a problem until you actually apply for loan forgiveness," she said.
Here's how to make sure you're on — and staying on — the right path. 1) Make sure you have the right loans
Like many former students, Rizzutti had a few different kinds of loans. His Federal Family Education Loan ( FFEL ) and his Perkins Loan did not qualify for loan forgiveness.
That's because only "direct loans" — which include direct subsidized and unsubsidized loans, direct PLUS loans and direct consolidation loans — are eligible under the program. (Other loan forgiveness programs have their own rules.) "I'm the one who has to be the bearer of bad news: They're going to have to start from scratch." -Jay Fleischman, student loan lawyer
Check to see if you can bundle your non-qualifying loans into a Direct Consolidation Loan. (Most federal loans are eligible ; private student loans are not.) Only when your loans are under this title will your student debt payments move you along the Public Student Loan Forgiveness 10-year timeline.
If you already have some direct loans you've made forgiveness-qualifying payments on, you might not want to consolidate those with the non-qualifying loans into one new debt. That restarts the clock on forgiveness.
Not sure what kind of loans you have? Check your account at the Department of Education's Federal Student Aid site to find out. 2) Repaying correctly?
You also need to make sure that you're enrolled in the right type of repayment plan; for Public Student Loan Forgiveness, specifically, one of the income-based programs.
Make sure you don't have a repayment plan that doesn't count toward forgiveness, such as an extended repayment plan.
But there might be some wiggle room on this requirement.
The Department of Education has issued directions for some student loan borrowers who work in public service jobs to reapply for a second chance at debt relief if they were denied because of their repayment plan.
To apply for the $350 million fix-it fund , you still need to have made the 120 qualifying and on-time payments under the program and have already been rejected for public service loan forgiveness. 2) Check that your employer qualifies
Qualifying employersunder the Public Student Loan Forgiveness program include government organizations (federal, state, local or tribal), not-for-profit organizations that are tax-exempt under Section 501(c)(3) and some other not-for-profits that provide public service.
AmeriCorps and Peace Corps volunteers also count as qualifying employment.
Although you must work full time to be eligible, you can work part time for say, two qualifying employers, as long as you're working more than 30 hours a week in total.
Your time with a qualifying employer doesn't need to be consecutive. You can work for two years at a qualifying not-for-profit, for example, and then pause your 10-year timeline to work for two years in the private sector. If you resume employment at a qualifying employer, the clock toward forgiveness will start ticking again. 3) Confirm that you're on track
Every year you should fill out the Employment Certification Form .
Once this form is submitted, all of your loans will be transferred to Fed Loan Servicing , the designated loan company for the Public Service Loan Forgiveness Program. Each year, you will receive confirmation on the number of successful payments you've completed.
But even with filling out that form, Fleischman said he has still seen things go wrong. He advises people to keep a paper trail of their work history and any communication they have with their student loan provider.
"If there's a problem down the road, and you've thrown out your pay stubs, you have nothing to rely on," he said. 4) Watch for new developments
Students just starting to think about loan forgiveness have one more thing to worry about.
In December, Rep. Virginia Foxx, R-North Carolina, chairwoman of the House Committee on Education and the Workforce, proposed a bill that would greatly reduce the Public Service Loan Forgiveness Program, by further narrowing eligibility.
And the program would disappear entirely in Donald Trump's spending proposal.
"It removes the incentive to take a job that doesn't pay as much, but is in the public good," Marquit said. "It might encourage more people to go into the private sector."
More from Personal Finance: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/heres-what-you-need-to-qualify-for-public-service-loan-forgiveness.html |
May 3 (Reuters) - Jiangsu Changjiang Electronics Technology Co Ltd:
* SAYS SHAREHOLDER PLANS TO UNLOAD UP TO 2.98 PERCENT STAKE IN THE COMPANY WITHIN 90 DAYS Source text in Chinese: bit.ly/2rhcy9X (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-jiangsu-changjiang-electronics-tec/brief-jiangsu-changjiang-electronics-technologys-shareholder-to-cut-stake-in-the-company-idUSH9N1S403I |
May 31, 2018 / 7:53 PM / in 16 minutes US STOCKS-Wall St slips as U.S. tariffs spark trade war worries Reuters Staff
* Industrials, foods lag as Mexico hits back on U.S. tariffs
* Dollar Tree, Dollar General slump after results
* GM surges after SoftBank invests in self-driving unit
* Dow off 0.9 pct, S&P down 0.6 pct, Nasdaq down 0.2 pct (Updates to late afternoon, changes byline, adds NEW YORK to dateline)
By April Joyner
NEW YORK, May 31 (Reuters) - U.S. stocks fell on Thursday after the United States moved to impose tariffs on metal imports from Canada, Mexico and the European Union, prompting retaliatory measures from some of its trading partners.
U.S. Commerce Secretary Wilbur Ross said a 25 percent tariff on steel imports and a 10 percent levy on aluminum imports from its allies would go into effect on Friday.
Mexico responded by imposing measures on U.S. farm and industrial products, targeting pork legs, apples, grapes and cheeses, as well as steel.
Canada said it would impose retaliatory tariffs on $12.8 billion worth of U.S. exports and challenge the steel and aluminum tariffs under the North American Free Trade Agreement and the World Trade Organization.
The S&P 500 Packaged Foods and Meats index dipped 1.8 percent, with all its 11 components in the red. Kraft Heinz Co and Mondelez International Inc were the biggest drags on the index.
Friction between the United States and its trading partners has roiled financial markets since March, when U.S. President Donald Trump decided to impose the metal tariffs. Trade issues overshadowed economic data showing accelerated growth in U.S. consumer spending.
“The tariffs threw cold water over what might have been an OK day,” said Aaron Clark, portfolio manager at GW&K Investment Management in Boston. “As negotiation is done publicly, the news will whip around the market a bit, but in the end, it will probably work out.”
The Dow Jones Industrial Average fell 232.88 points, or 0.94 percent, to 24,434.9, the S&P 500 lost 16.19 points, or 0.59 percent, to 2,707.82 and the Nasdaq Composite dropped 14.55 points, or 0.19 percent, to 7,447.91.
The S&P Composite 1500 Steel index gave up earlier gains after Mexico’s retaliation, though several of its constituents, including Nucor Corp and United States Steel Corp, were still in positive territory. The steel index was last down 0.1 percent.
Shares of industrial giants Boeing Co and Caterpillar Inc slipped 1.5 percent and 2.1 percent, respectively.
Adding to the trade worries was a report that the United States aimed to target German carmakers, having launched a probe last week into car and truck imports.
The day’s biggest percentage gainer among the S&P 500’s major sectors was the technology index, which rose 0.1 percent, helped by a 2.7 percent gain in shares of Alphabet Inc and a 1.9 percent rise in Facebook.
General Motors Co shares led the S&P 500 in percentage gains, rising 12.6 percent after Japan’s SoftBank Group Corp said it would invest $2.25 billion in GM’s autonomous vehicle unit.
Dollar General Corp shares declined 9.5 percent and Dollar Tree Inc shares dropped 14.8 percent after both discount retailers missed Wall Street estimates for their quarterly same-store sales.
Declining issues outnumbered advancing ones on the NYSE by a 1.88-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored decliners.
The S&P 500 posted 19 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 138 new highs and 45 new lows. (Additional reporting by Medha Singh in Bangalore; Editing by Arun Koyyur and Rosalba O’Brien) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-slips-as-u-s-tariffs-spark-trade-war-worries-idUSL2N1T21SY |
May 31, 2018 / 1:13 PM / Updated an hour ago Deutsche Bank's U.S. business deemed 'troubled' by Fed - WSJ Reuters Staff 1 Min Read
May 31 (Reuters) - The Federal Reserve has designated Deutsche Bank AG's U.S. business in "troubled condition," the Wall Street Journal reported here on Thursday, citing people familiar with the matter.
The Fed’s downgrade took place about a year ago, and has influenced Deutsche Bank’s moves to reduce risk-taking and required the lender to seek approval for U.S. hiring decisions, the Journal reported. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar) | ashraq/financial-news-articles | https://www.reuters.com/article/deutsche-bank-fed/deutsche-banks-u-s-business-deemed-troubled-by-fed-wsj-idUSL3N1T24Z4 |
SAN JOSE, Calif.--(BUSINESS WIRE)-- Xperi Corporation (Nasdaq:XPER) (the “Company” or “we”) today announced financial results for the first quarter ended March 31, 2018.
“We are very pleased to report strong first quarter results,” said Jon Kirchner, chief executive officer of Xperi. “Billings exceeded the high end of our guidance range, mainly driven by increasing penetration of our solutions in the home and automotive markets. We remain confident about our long-term business prospects and bought back 645,000 shares during the quarter.”
Financial Highlights
($ in millions, except per share data)
Q1 2018
Q1 2017
Billings $104.3 $99.7 GAAP Operating Expenses $98.0 $107.2 Non-GAAP Operating Expenses $62.0 $65.5 Interest Expense $6.3 $6.5 Cash Tax Payments $4.0 $3.0 GAAP Diluted Shares Outstanding 49.7 50.4 Non-GAAP Diluted Shares Outstanding 52.1 51.6 Other Relevant Metrics Q1 2018
Q1 2017
Operating Cash Flow 1 $4.7 $19.0 Cash, Cash Equivalents & S-T Investments $80.8 $122.2 1 Q1 2018 operating cash flow was negatively impacted by the payment of approximately $9 million to certain DTS employees for transaction-related retention bonuses. Q1 2017 operating cash flow was positively impacted by the early payment of $6 million in DTS performance bonuses in conjunction with the closing of the DTS acquisition in Q4 2016.
Stock Repurchase Program
During the first quarter of 2018, the Company repurchased approximately 645,000 shares of common stock for an aggregate amount of $15.0 million. These purchases were executed under the Company's stock repurchase program. As of March 31, 2018, the Company had approximately $127.9 million remaining under its current repurchase program.
Dividends
On March 22, 2018, the Company paid $9.9 million to stockholders of record on March 1, 2018, for the quarterly cash dividend of $0.20 per share of common stock.
Additionally, on April 26, 2018, the Board of Directors approved a regular quarterly dividend of $0.20 per share of common stock, payable on June 14, 2018, to stockholders of record on May 24, 2018.
Financial Guidance
Consequent with the introduction of the new revenue accounting standard, ASC 606, the Company announced it would begin using billings as a key measure of business progress. As a result, the Company’s outlook is now based on billings rather than GAAP revenue. For additional information regarding the Company’s approach to guidance, please review the “ASC 606 Business Metrics and Guidance Approach” presentation given by the Company on January 25, 2018 at http://investor.xperi.com/events.cfm .
Q2 2018
GAAP Outlook
Non-GAAP Outlook
Billings $99 to 103M N/A
Operating Expense $99 to 102M $62 to 65M The Company reiterates its 2018 financial guidance as follows:
FY 2018
GAAP Outlook
Non-GAAP Outlook
Billings $415M to 445M N/A Operating Expense $394M to 412M $245M to 263M Cash Tax Payments $16M to 20M $16M to 20M Fully Diluted Shares 50.5 million 52.5 million Operating Cash Flow $120 to 145M N/A Conference Call Information
The Company will hold its first quarter 2018 earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on Thursday, May 3, 2018. To access the call in the U.S., please dial +1 877-260-1479, and for international callers dial +1 334-323-0522, approximately 15 minutes prior to the start of the conference call. The conference ID is 3321885. The conference call will also be broadcast live over the Internet at http://investor.xperi.com .
Safe Harbor Statement
This press release contains , which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ significantly from those projected, particularly with respect to the Company’s financial results and guidance and our long-term business prospects. Material factors that may cause results to differ from the statements made include the plans or operations relating to the businesses of the Company; market or industry conditions; changes in patent laws, regulation or enforcement, or other factors that might affect the Company's ability to protect or realize the value of its intellectual property; the expiration of license agreements and the cessation of related royalty income; the failure, inability or refusal of licensees to pay royalties; initiation, delays, setbacks or losses relating to the Company's intellectual property or intellectual property litigations, or invalidation or limitation of key patents; fluctuations in operating results due to the timing of new license agreements and royalties, or due to legal costs; the risk of a decline in demand for semiconductors and products utilizing our audio and imaging technologies; failure by the industry to use technologies covered by the Company's patents; the expiration of the Company's patents; the Company's ability to successfully complete and integrate acquisitions of businesses; the risk of loss of, or decreases in production orders from, customers of acquired businesses; financial and regulatory risks associated with the international nature of the Company's businesses; failure of the Company's products to achieve technological feasibility or profitability; failure to successfully commercialize the Company's products; changes in demand for the products of the Company's customers; limited opportunities to license technologies due to high concentration in applicable markets for such technologies; the impact of competing technologies on the demand for the Company's technologies; pricing trends, including the Company's ability to achieve economies of scale; and other developments in the markets in which the Company operates, as well as management's response to any of the aforementioned factors. You are cautioned not to place undue reliance on the , which speak only as of the date of this release.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in the Company's recent reports on Form 10-K and Form 10-Q and other documents of the Company on file with the Commission (the "SEC"). The Company's SEC filings are available publicly on the SEC's website at www.sec.gov . Any made or incorporated by reference herein are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company or its business or operations. Except to the extent required by applicable law, the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
About Xperi Corporation
Xperi Corporation (Nasdaq:XPER) and its brands, DTS, FotoNation, HD Radio, Invensas and Tessera, are dedicated to creating innovative technology solutions that enable extraordinary experiences for people around the world. Xperi’s solutions are licensed by hundreds of leading global partners and have shipped in billions of products in areas including premium audio, broadcast, automotive, computational imaging, computer vision, mobile computing and communications, memory, data storage, and 3D semiconductor interconnect and packaging. For more information, please call 408-321-6000 or visit www.xperi.com .
Xperi, DTS, Invensas, FotoNation, HD Radio, Tessera and their respective logos are trademarks or registered trademarks of affiliated companies of Xperi Corporation in the United States and other countries. All other company, brand and product names may be trademarks or registered trademarks of their respective companies.
Billings
Billings reflect amounts in an accounting period invoiced to customers, less any credits issued to or paid to customers, plus amounts due under certain licensing-related contractual arrangements that may not be subject to an invoice. Management evaluates the Company’s financial performance in part based on billings due to the close alignment between billings and cash receipts from licensing activity, and believes billings is an important metric to provide to readers of our financial results. Billings may vary materially from revenue recorded under U.S. GAAP.
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP), the Company’s earnings release contains non-GAAP financial measures adjusted for discontinued operations, either one-time or ongoing non-cash acquired intangibles amortization charges, acquired in-process research and development, all forms of stock-based compensation, restructuring and other related exit costs. Management believes that the non-GAAP measures used in this release provide investors with important perspectives into the Company’s ongoing business performance. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. All financial data is presented on a GAAP basis except where the Company indicates its presentation is on a non-GAAP basis.
Set forth below are reconciliations of the Company’s reported GAAP to non-GAAP financial metrics.
XPER-E
XPERI CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net loss $ (33,017 ) $ (11,029 ) Adjustments to reconcile net loss to net cash from operating activities: Depreciation of property and equipment 1,775 1,834 Amortization of intangible assets 27,166 28,554 Stock-based compensation expense 7,408 7,081 Deferred income tax (6,743 ) (37,950 ) Amortization of premium or discount on investments and other 1,012 87 Changes in operating assets and liabilities: Accounts receivable (7,059 ) (7,132 ) Unbilled contracts receivable, net 31,123 30,620 Other assets (770 ) 6,575 Accounts payable (609 ) (3,292 ) Accrued legal fees (787 ) 1,499 Accrued and other liabilities (17,543 ) 183 Deferred revenue 2,694 1,932 Net cash from operating activities 4,650 18,962 Cash flows from investing activities: Purchases of property and equipment (768 ) (565 ) Purchases of short-term investments - (11,493 ) Proceeds from sales of short-term investments 8,540 1,035 Proceeds from maturities of short-term investments 7,800 4,650 Net cash from investing activities 15,572 (6,373 ) Cash flows from financing activities: Dividend paid (9,886 ) (9,843 ) Repayment of debt (100,000 ) (1,500 ) Proceeds from exercise of stock options 829 4,241 Proceeds from employee stock purchase program 3,402 1,155 Repurchase of common stock (17,861 ) (3,251 ) Net cash from financing activities (123,516 ) (9,198 ) Net increase (decrease) in cash, cash equivalents and restricted cash (103,294 ) 3,391 Cash and cash equivalents at beginning of period 138,260 65,626 Cash, cash equivalents and restricted cash at end of period $ 34,966 $ 69,017 XPERI CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, December 31, 2018 2017* (unaudited) ASSETS Current assets: Cash and cash equivalents $ 34,966 $ 138,260 Short-term investments 45,824 62,432 Accounts receivable, net 23,107 17,010 Unbilled contracts receivable 204,765 10,866 Other current assets 17,364 16,949 Total current assets 326,026 245,517 Long-term unbilled contracts receivable 71,331 2,930 Property and equipment, net 33,423 34,442 Intangible assets, net 404,623 431,789 Goodwill 385,574 385,574 Other assets 5,383 9,772 Total assets $ 1,226,360 $ 1,110,024 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,624 $ 4,233 Accrued legal fees 6,696 7,483 Accrued liabilities 30,785 47,969 Current portion of long-term debt - 34,451 Deferred revenue 4,597 2,686 Total current liabilities 45,702 96,822 Long-term deferred tax liabilities 72,564 15,085 Long-term debt, net 480,330 545,211 Other long-term liabilities 17,403 17,330 Stockholders' equity: Common stock 61 60 Additional paid-in capital 698,297 686,660 Treasury stock (337,258 ) (319,397 ) Accumulated other comprehensive loss (520 ) (303 ) Retained earnings 249,781 68,556 Total stockholders' equity 610,361 435,576 Total liabilities and stockholders' equity $ 1,226,360 $ 1,110,024 * Derived from audited financial statements XPERI CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2018 2017 Revenue: Royalty and license fees $ 65,532 $ 67,255 Total revenue 65,532 67,255 Operating expenses: Cost of revenue 2,324 1,400 Research, development and other related costs 26,515 26,012 Selling, general and administrative 34,702 41,205 Amortization expense 27,166 28,555 Litigation expense 7,316 9,978 Total operating expenses 98,023 107,150 Operating loss (32,491 ) (39,895 ) Interest expense (6,318 ) (6,459 ) Other income and expense, net 3,154 46 Loss before taxes (35,655 ) (46,308 ) Benefit from income taxes (2,638 ) (35,279 ) Net loss $ (33,017 ) $ (11,029 ) Basic and diluted net loss per share: Net loss per share - basic $ (0.67 ) $ (0.22 ) Net loss per share - diluted $ (0.67 ) $ (0.22 ) Cash dividends declared per share $ 0.20 $ 0.20 Weighted average number of shares used in per share calculations - basic
49,302 49,139 Weighted average number of shares used in per share calculations - diluted
49,302 49,139 XPERI CORPORATION SUPPLEMENTAL FINANCIAL INFORMATION SCHEDULE OTHER INCOME AND EXPENSE, NET (in thousands) (unaudited) Three Months Ended March 31, 2018
2017 Other income and expense, net: Interest income from significant financing components under Topic 606 $ 2,151 $ - Interest income from investments 250 213 Other income (losses) 753 (167 ) Total $ 3,154 $ 46 XPERI CORPORATION RECONCILIATION FROM GAAP TO NON-GAAP OPERATING EXPENSES (in thousands) (unaudited) Three Months Ended March 31, 2018 2017 GAAP operating expenses $ 98,023 $ 107,150 Adjustments to non-GAAP operating expenses: Stock-based compensation expense--R&D (3,094 ) (2,697 ) Stock-based compensation expense--SG&A (4,314 ) (4,364 ) Amortization expense (27,166 ) (28,555 ) Acquisition & related expense (1,480 ) (6,024 ) Non-GAAP operating expenses $ 61,969 $ 65,510 XPERI CORPORATION RECONCILIATION FOR GUIDANCE ON GAAP TO NON-GAAP OPERATING EXPENSE (in millions) (unaudited) Three months ended Twelve months ended June 30, 2018 December 31, 2018 Low High Low High GAAP expense $
99
$
102
$
394
$
412
Stock-based compensation--R&D (4 ) (4 ) (15 ) (15 ) Stock-based compensation--SG&A (5 ) (5 ) (22 ) (22 ) Acquisition & related expense (1 ) (1 ) (3 ) (3 ) Amortization (27 ) (27 ) (109 ) (109 ) Total of non-GAAP adjustments
(37
)
(37
)
(149
)
(149
)
Non-GAAP expense $
62
$
65
$
245
$
263
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006476/en/
Xperi PR:
Jordan Miller, 818-436-1082
[email protected]
or
Xperi Investor Relations:
Geri Weinfeld, 818-436-1231
[email protected]
Source: Xperi Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-xperi-corporation-announces-first-quarter-2018-results.html |
May 9 (Reuters) - Cannae Holdings Inc:
* CANNAE REPORTS FIRST QUARTER 2018 RESULTS WITH $1.06 BILLION BOOK VALUE OF PORTFOLIO COMPANY INVESTMENTS, OR $14.95 PER SHARE
* Q1 SAME STORE SALES ROSE 0.1 PERCENT * BOOK VALUE PER SHARE WAS $14.95 AS OF MARCH 31, 2018 UNCHANGED FROM QUARTER ENDED DECEMBER 31, 2017
* QTRLY LOSS PER SHARE ATTRIBUTABLE TO CANNAE COMMON SHAREHOLDERS OF $0.02 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cannae-q1-same-store-sales-rose-01/brief-cannae-q1-same-store-sales-rose-0-1-percent-idUSASC0A161 |
May 24 (Reuters) - Surkus Inc:
* SURKUS RAISES $10 MILLION IN SERIES B FUNDING AS EOS GLOBAL VENTURE FUND’S FIRST INVESTMENT
* SURKUS - RAISED $10 MILLION IN SERIES B FUNDING LED BY EOS GLOBAL Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-surkus-raises-10-mln-in-series-b-f/brief-surkus-raises-10-mln-in-series-b-funding-as-eos-global-venture-funds-first-investment-idUSASC0A3L6 |
May 8, 2018 / 5:41 AM / Updated 33 minutes ago Adding customers, E.ON posts forecast-beating first quarter profit Reuters Staff 2 Min Read
FRANKFURT (Reuters) - E.ON ( EONGn.DE ) on Tuesday posted a better-than-expected quarterly operating profit, boosted by its retail unit that will form one of the energy group’s main pillars after a recently unveiled overhaul that involves breaking up rival Innogy ( IGY.DE ). FILE PHOTO: The empty stage for the board of German utility giant E.ON is seen before the annual shareholders meeting in Essen, Germany June 8, 2016. REUTERS/Wolfgang Rattay/File Photo
First-quarter adjusted earnings before interest and tax (EBIT) grew by 24 percent to 1.3 billion euros ($1.6 billion), beating the 1.2 billion euro average analyst forecast in a Reuters poll of banks and brokerages.
“The first quarter seamlessly continued our positive performance of last year. Our operating business is strong. We achieved significant growth by adding more than 50,000 customers in Germany,” Chief Financial Officer Marc Spieker said.
E.ON said its German retail business was instrumental in lifting the segment’s first-quarter profit by 23 percent to 392 million euros, beating the 377 million euros average analyst forecast. Related Coverage E.ON can integrate Innogy with RWE stake
Its shares were indicated to open 0.9 percent higher.
Under the complex plans to split up Innogy, which is majority-owned by RWE ( RWEG.DE ), E.ON will receive the unit’s retail energy activities and networks business, spelling the end for the group as a generator of electricity.
In turn, E.ON will transfer Innogy’s and its own renewable energy activities to RWE, along with a 16.67 percent stake that will make RWE the group’s largest shareholders. Reporting by Christoph Steitz; Editing by Maria Sheahan and Subhranshu Sahu | ashraq/financial-news-articles | https://in.reuters.com/article/uk-e-on-results/e-ons-first-quarter-profits-beat-estimates-on-energy-retail-boost-idUKKBN1I90FA |
May 3 (Reuters) - Target Corp:
* SHIPT AND TARGET EXPAND SAME-DAY DELIVERY IN THE MIDWEST AND SOUTH
* SHIPT SAYS CO, TARGET ANNOUNCED THEY WILL BEGIN SAME-DAY DELIVERY OF PRODUCTS IN MISSOURI, KANSAS AND ARKANSAS, AND EXPAND SERVICE IN MISSISSIPPI Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-shipt-and-target-expand-same-day-d/brief-shipt-and-target-expand-same-day-delivery-in-the-midwest-and-south-idUSFWN1SA0S2 |
I regularly attend an annual security conference in Halifax, Nova Scotia. The only thing unusual about the November 2016 meeting was that it occurred just after the U.S. presidential election, and most of the formal and informal conversations among the conferees were about what to expect from the president-elect, Donald Trump.
That Saturday evening, Sir Andrew Wood, a retired British diplomat who had served as the United Kingdom’s ambassador to Russia during Vladimir Putin’s rapid ascent to the Russian presidency, asked to... | ashraq/financial-news-articles | https://www.wsj.com/articles/john-mccain-vladimir-putin-is-an-evil-man-1525964549 |
Ferrellgas Partners LP:
* FERRELLGAS PARTNERS ANNOUNCES NEW $575 MILLION SENIOR SECURED CREDIT FACILITY
* FERRELLGAS - FIVE-YEAR FACILITY REPLACES CURRENT $575 MILLION SENIOR SECURED REVOLVING CREDIT FACILITY
* FERRELLGAS LP - ANNOUNCED AGREEMENT WITH LENDING GROUP LED BY TPG SPECIALTY LENDING TO PROVIDE CO WITH A NEW SENIOR SECURED CREDIT FACILITY
* FERRELLGAS - WORKING TO CLOSE ON A MULTI-YEAR EXTENSION OF ITS ACCOUNTS RECEIVABLE SECURITIZATION FACILITY
* FERRELLGAS - COMPANY IS EVALUATING VARIOUS OPTIONS RELATED TO ITS NEAR-DATED OUTSTANDING UNSECURED BONDS
* FERRELLGAS - NEW FACILITY INCLUDES A $300 MILLION CASH FLOW REVOLVER, AS WELL AS A $275 MILLION TERM LOAN Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ferrellgas-partners-announces-new/brief-ferrellgas-partners-announces-new-575-million-senior-secured-credit-facility-idUSASC0A03Q |
It is very rare for a son to start a company in exactly the same field as his father. But when he does, he’s a lot more successful than entrepreneurs who break new ground.
That is the finding of a research paper by Hans K. Hvide of the University of Bergen in Norway and Paul Oyer of Stanford University in California. In a survey of data from Norway, they found that just 4% of entrepreneurial sons started a business in precisely the same field in which their father worked. But these children outperformed all other entrepreneurial... | ashraq/financial-news-articles | https://www.wsj.com/articles/for-entrepreneurs-following-dads-example-can-be-lucrative-1525140361 |
SOUTH SAN FRANCISCO, Calif., May 02, 2018 (GLOBE NEWSWIRE) -- Achaogen, Inc. (NASDAQ:AKAO), a late-stage biopharmaceutical company developing innovative antibacterials addressing multi-drug resistant (MDR) gram-negative infections, today announced that NASDAQ has halted trading of the Company’s common stock.
The U.S. Food and Drug Administration’s (FDA) Antimicrobial Drugs Advisory Committee (AMDAC) is meeting today to review plazomicin, which was developed for the treatment of adults with complicated urinary tract infections and bloodstream infections.
The Advisory Committee meeting is scheduled for 8:30 a.m. ET. The briefing materials can be found on the FDA website at:
https://www.fda.gov/AdvisoryCommittees/CommitteesMeetingMaterials/Drugs/Anti-InfectiveDrugsAdvisoryCommittee/ucm587657.htm .
The Prescription Drug User Fee Act date for completion of the FDA’s review of the Company’s New Drug Application for plazomicin is June 25, 2018.
The Antimicrobial Drugs Advisory Committee reviews and evaluates available data concerning the safety and effectiveness of marketed and investigational human drug products for use in the treatment of infectious diseases and disorders and makes appropriate recommendations to the Commissioner of Food and Drugs.
About Plazomicin and Multi-Drug Resistant (MDR) Gram-Negative Infections
Plazomicin is an aminoglycoside that was developed to treat serious bacterial infections due to Multidrug resistant gram-negative bacteria including carbapenem-resistant Enterobacteriaceae (CRE), and has been evaluated in two Phase 3 clinical trials, EPIC and CARE . MDR gram-negative bacteria are a type of bacteria with resistance to multiple antibiotics. They can cause bacterial infections that pose a serious threat for hospitalized patients. The problem is extensive and growing; the Centers for Disease Control and Prevention (CDC) characterized CRE as “nightmare bacteria” and an immediate public health threat that requires “urgent and aggressive action”. Patients with MDR infections often have limited or inadequate therapeutic options leading to high rates of mortality.
About Achaogen
Achaogen is a late-stage biopharmaceutical company passionately committed to the discovery, development, and commercialization of innovative antibacterial treatments for MDR gram-negative infections. Achaogen is developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae. The Food and Drug Administration has granted plazomicin Breakthrough Therapy designation for the treatment of bloodstream infections caused by certain Enterobacteriaceae in patients who have limited or no alternative treatment options. Achaogen's plazomicin program has been funded in part with federal funds from the Biomedical Advanced Research and Development Authority (BARDA), Office of the Assistant Secretary for Preparedness and Response, Office of the Secretary, Department of Health and Human Services, under Contract No. HHSO100201000046C. The Company's second product candidate C-Scape, an orally-administered beta-lactam/beta-lactamase inhibitor combination, is funded in part with Federal funds from BARDA. Achaogen has other programs in early and late preclinical stages of development focused on MDR gram-negative infections and additional disease areas. All product candidates, including plazomicin, are investigational and have not been approved for commercialization. For more information, please visit www.achaogen.com .
Source: Achaogen, Inc.
Investor Contact:
Ashley R. Robinson
LifeSci Advisors, LLC
[email protected]
Media Contact:
Denise T. Powell
Red House Consulting, LLC
[email protected]
Source:Achaogen, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-achaogen-stock-trading-halted-today.html |
May 17, 2018 / 5:11 AM / Updated 16 minutes ago Insight: Benghazi's displaced: a litmus test for Libya Ulf Laessing 8 Min Read
TRIPOLI (Reuters) - With two brothers in jail, the family house gone and her papers lost in the battle for Benghazi, Fatma is finding it hard to restart her life at the other end of Libya but impossible to imagine going back. FILE PHOTO: A historic building, that was destroyed during a three-year conflict, is seen in Benghazi, Libya February 28, 2018. REUTERS/Esam Omran Al-Fetori/File Photo
The 26-year-old is one of around 185,000 Libyans the United Nations has recorded as displaced by the turmoil in the North African country, living in the capital Tripoli and barred from her eastern home city, where a rival administration holds sway.
Former Benghazi residents are not the only ones driven from their homes: fighting turned the six million strong country into a patchwork of rival fiefdoms after Muammar Gaddafi was ousted by a pro-democracy uprising in 2011.
But they make up a large proportion of the displaced and their fate is central to the future stability of Libya and the wider region, where al Qaeda and Islamic State have exploited political alienation.
The Benghazi displaced consist of radical and more moderate Islamists and other opponents of Khalifa Haftar, a commander who controls much of eastern Libya and has an eye on the rest.
They have all been labelled terrorists by Haftar and his supporters, complicating the reconciliation the United Nations hopes to advance by helping Libya hold elections this year.
“My family was in opposition to Haftar so it got too dangerous for us,” Fatma said in phone interview, asking, like others interviewed, to be cited with her first name only, fearing reprisals.
Haftar turned against Gaddafi along with Islamist and allied fighters and then, once Gaddafi had gone, expelled his former allies, some of whom viewed him as a throwback to one-man rule.
More than 100,000 people were displaced, according to U.N. estimates, in fighting between the former allies that broke out in 2014 and destroyed entire neighbourhoods before it ended last July, when Haftar declared victory.
He now leads a government in competition with a U.N.-backed administration in Tripoli and is weighing whether to run for president if and when elections are held.
He is backed by Egyptian President Abdel Fattah al-Sisi, who also has military roots. Sisi has cracked down on Islamists, who he brands terrorists, and faces growing attacks, claimed by Islamic State, on soldiers and civilians in Sinai. NIGHT FLIGHT
Fatma fled in 2014 with her parents and siblings, driving through the night to Misrata, a city in western Libya some 800 km (500 miles) away which supported the Islamists opposing Haftar and where some Benghazi business people have roots.
One of her brothers was arrested as he had been a member of Ansar al-Shariya, an Islamist militant group which fought Haftar and which Washington says was behind the 2012 Benghazi attack that killed the U.S. ambassador.
Many Ansar Shariya members ended up with Islamic State but the battle for Benghazi also drew in non-Islamists or more moderate forces opposed to Haftar. Western diplomats say this group might get radicalised if denied the right to return.
“If the Benghazi displaced don’t find a ‘political home’, then they will become a source of new dissent,” one diplomat said.
Haftar has presented himself to foreign powers as a bulwark against terrorism and is popular among many in eastern Libya who credit him with ending a rise in Islamist militancy.
His opponents accuse him of resurrecting an authoritarian state in the east, where he controls the OPEC member’s key oil export ports.
Fatma’s family rushed to sell her house to a neighbour; the Tripoli-based council of displaced from Benghazi says other homes were taken by the families of forces linked to Haftar’s Libyan National Army (LNA).
Mustafa Sagizly, a former IT entrepreneur and Haftar critic who left Benghazi in June 2014, said his was among them. “My villa is now inhabited by four families,” he said by telephone from Geneva, sharing pictures of his sprawling former home and saying he had not been back for fear of arrest. FILE PHOTO: A historic building, that was damaged during a three-year conflict, is seen in Benghazi, Libya February 28, 2018. REUTERS/Esam Omran Al-Fetori/File Photo
Hanan Salah, senior Libya researcher at Human Rights Watch (HRW), said the scale of property seizures “appeared to be substantial”.
“Families or individuals perceived to oppose the Libyan National Army (LNA) paid dearly and were hunted; scores remain detained, were disappeared, tortured or even killed and their properties were confiscated,” she said.
Ahmed Mismari, spokesman for Haftar’s Libyan National Army (LNA), denied houses had been seized. Residents loyal to Haftar said some houses abandoned by people they described as terrorists were now inhabited by families whose own homes had been destroyed.
“Those families who run away from Benghazi, their sons were from terrorist groups,” said Mismari. “Their sons carried out acts of kidnapping, killing, assassination, explosions, and destroyed families.”
He said the displaced families could come back as part of national reconciliation provided their cases were settled from a legal point of view involving community elders. RECONCILIATION?
Haftar has threatened severe consequences for refusing to return houses to their owners, but critics say he is unable to control all LNA forces, a mixture of soldiers, tribesmen and youth who joined up.
“I don’t have a problem with Haftar but I fear going back because in Benghazi everyone who left in 2014 is seen as ‘Daesh’ (Islamic State),” said an oil engineer called Mahmoud who hails from the same tribe as Haftar.
He had not joined Islamists but left the city for Tripoli in 2014 when fighting hit his district. “My house got destroyed by an air strike and I also have an apartment which some people have occupied.”
The United Nations has begun meetings to bring together rival communities in various parts of Libya and pave the way for presidential and parliamentary votes it hopes will be held soon.
Tarek Orafi, head of the Benghazi municipal council replaced by Haftar by a military governor, said only a few families who fled the city in 2014 had gone back. A U.N.-led group of aid agencies involved in protection of civilians in Libya put the number of people still displaced from Benghazi inside Libya at 27,000 but Orafi said others had gone abroad like Sagizly, many to Turkey.
The council has registered some 13,000 displaced families but its members said the number was higher, since many people did not want to add their names, fearing reprisals.
Reuters did meet some Benghazi residents living in Tripoli who travel home without getting questioned, however.
Orafi said those arriving in western Libya find themselves in legal limbo. The east refuses to send documents such as birth certificates, often citing ongoing security investigations, and officials in western Libya will not issue new ones without them.
“I couldn’t enrol at the (state) Tripoli university,” said Fatma. “I lost my university documents.”
Her father has been unable to get his public salary routed from his old Benghazi account, now unaccessible, to a new one in Tripoli, a problem reported by other displaced too. Another brother could not marry as his civil registry is in Benghazi, another problem described by others.
Parts of western Libya became less welcoming after Islamist suicide bombings began in 2015 — another of Fatma’s brothers was detained in Misrata after a video surfaced where he voiced support for Ansar al-Shariya, she said.
Alongside the legal struggles is the trauma of feeling cut off from a home city just a one-hour flight from the capital. Slideshow (2 Images)
“I had to restart my life in Tripoli from zero,” said a 26-year female friend of Fatma who only gave her family name, Saghili. She fled with her mother and sisters in 2014 after her home was destroyed in an air strike.
“We manage financially but I miss my friends in Benghazi, my house and my bed,” she said. “But I fear going back.” Editing by Philippa Fletcher | ashraq/financial-news-articles | https://in.reuters.com/article/libya-security-displaced/insight-benghazis-displaced-a-litmus-test-for-libya-idINKCN1II0FR |
Is the market returning to normal? 6 Hours Ago CNBC's Mike Santoli reports on the latest levels in the market which could put the Dow on track for the sixth straight day of gains. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/is-the-market-returning-to-normal.html |
By Emily Price 1:14 PM EDT
Liquor maker Diageo is reportedly looking to sell a portion of its portfolio, specifically its Canadian whisky brand Seagrams VO, Goldschlager, Myers’s rum, Popov vodka, and Samba brand Romana, reports MarketWatch .
Diageo is reportedly trying to sell the brands as part of a single transaction, which means they will likely go to a private equity firm. It has hired Centerview Partners to sell the brands and expects the sale to net proceeds of up to $1 billion. The sale might also include additional brands.
According to people familiar with the matter, the move is to allow the liquor maker to focus its attention on its pricier brands that are seeing a higher amount of growth. Diageo’s portfolio also includes Johnnie Walker, Smirnoff, and Tanqueray, amongst others.
In recent years, Diego has also sold off its wine portfolio, and Gleneagles, a golf resort it owned in Scotland.
Last year, Diageo paid $1 billion to acquire George Clooney’s tequila brand Casamigos. | ashraq/financial-news-articles | http://fortune.com/2018/05/24/diageo-goldschlager-meyers-rum/ |
DENVER, May 3, 2018 /PRNewswire/ - Energy Fuels Inc. (NYSE MKT:UUUU; TSX:EFR) ("Energy Fuels" or the "Company") , today reported its financial results for the quarter ended March 31, 2018. The Company's quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC"), and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.gov/edgar.shtml , on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com , and on the Company's website at www.energyfuels.com . Unless noted otherwise, all dollar amounts are in U.S. dollars.
Financial Highlights:
At March 31, 2018, the Company had $23.6 million of working capital, including cash and cash equivalents of $6.6 million and approximately 600,000 pounds of uranium concentrate inventory. 50,000 pounds of U 3 O 8 sales were completed by the Company at a realized price of $24.75 per pound, pursuant to a contract. Q1 had lower sales volume due to the timing of contract sales. On April 1, 2018, the Company delivered 400,000 lbs. into long-term sales contracts at the price of $61.30 per pound, and over $24.5 million was collected on May 1, 2018. In addition, the Company collected $5.39 million from the sale of a non-core property on May 1, 2018. $1.2 million of total revenue was realized by the Company during the quarter. Uranium production totaled 43,000 pounds of U 3 O 8 during the quarter. The Company began fulfilling toll processing alternate feed contracts which are expected to result in approximately $7.1 million of revenue for 2018, including $3.8 million of cash and $3.3 million of uranium for the Company's account, none of which have been earned or recovered to date.
Mark S. Chalmers, Energy Fuels' President and CEO stated: "Energy Fuels continues to maintain a strong working capital position and overall balance sheet during these challenging uranium market conditions. We are the largest uranium producer in the U.S., and we own an operating in situ recovery ("ISR") facility in Wyoming, a second ISR facility on standby in Texas, and the largest uranium resource base in the U.S. among producers. Further, we own the only operating uranium mill in the U.S. – which is also the only operating facility in the U.S. with the near-term ability to resume recovery of vanadium. Energy Fuels' unmatched depth of assets and breadth of opportunities position us to maintain this strength during these difficult times.
"We are unique among our peers in our ability to capitalize on opportunities that are insulated from the low global uranium market prices, including new sources of alternate feed materials and fee processing arrangements, the potential for fee-based land cleanup work, the potential for copper recovery from our Canyon Mine, and vanadium recovery at our White Mesa Mill (the "Mill"). Perhaps most importantly, we are a co-petitioner on a Section 232 Petition with the federal government that has the potential to provide important support for the U.S. uranium mining industry.
"All of these opportunities are exciting because they allow us to preserve our substantial uranium production capabilities, minimize shareholder dilution, and provide us with unsurpassed optionality to increase uranium production as prices rise.
"I am particularly excited right now about our current vanadium opportunities, including the short-term potential to recover vanadium that is dissolved in pond water at the Mill, which we are currently evaluating. Vanadium prices have risen by more than 400% over the past 24 months to about $15 per pound V 2 O 5 . The Mill has a long history of conventional vanadium recovery, most recently producing 1.5 million pounds of vanadium in 2013. During its 38-year operating history, the Mill has actually produced over 45 million pounds of vanadium – or over $500 million of vanadium at today's prices. The Company is also reviewing the economics of processing certain previously mined uranium/vanadium stockpiles in the vicinity of the Mill. Finally, in light of the potential for supportive trade remedies, we are evaluating the re-initiation of conventional uranium/vanadium production from certain mines. We have a number of mines in Utah and Colorado that contain large quantities of uranium and vanadium resources, including the Whirlwind Mine and the La Sal Complex where we recently received government approvals for an expansion."
Key Developments:
On January 16, 2018, the Company and Ur-Energy (the "Petitioners") announced that they had jointly filed a Petition (the "Petition") for Relief with the U.S. Department of Commerce ("DOC") under Section 232 of the Trade Expansion Act of 1962 (as amended) from Imports of Uranium Products that Threaten National Security. The petition describes how uranium and nuclear fuel from state-owned and state-subsidized enterprises in Russia, Kazakhstan, Uzbekistan, and China potentially represent a threat to U.S. national security. The Petition seeks remedies which will set a quota to limit imports of uranium into the U.S., effectively reserving 25% of the U.S. nuclear market for U.S. uranium production. Additionally, the Petition suggests implementation of a requirement for U.S. federal utilities and agencies to buy U.S. uranium in accordance with the President's Buy American Policy. The remedies proposed by the Petitioners are expected to strengthen the U.S. uranium mining industry, bolster national defense, and improve supply diversification for U.S. utilities and their customers.
During the first three months of 2018, the Utah Department of Environmental Quality renewed the Company's White Mesa Mill license for another ten years, and the Company received amendments from the U.S. Bureau of Land Management and U.S. Forest Service to its Plans of Operations to expand operations at its La Sal Uranium/Vanadium Project and Daneros Uranium Project, both of which are currently on standby.
The Company completed the shaft at its Canyon Project to a depth of 1,470 ft. during the first three months of 2018, and also completed the construction of a sump at the bottom of the shaft, as well as miscellaneous other development activities at the mine. Currently planned field activities at the mine are now complete.
Recent studies of the Company's vanadium capabilities have resulted in the identification of substantial quantities of potentially recoverable, solubilized vanadium in the Mill's tailings and evaporation ponds, and consequently the Company is considering initiating a "pilot" project in 2018 to determine the scope, cost and economics to recover this dissolved vanadium, along with additional quantities of uranium, from those solutions.
In March 2018, the Company received a notice from the Texas Commission on Environmental Quality confirming that the Company completed final groundwater restoration at Production Area 1 at the Company's Alta Mesa Uranium Project ("Alta Mesa") in Texas. Groundwater restoration following uranium recovery is one of the most important environmental compliance milestones that every U.S. ISR facility must complete following production. Alta Mesa is a fully permitted and constructed ISR uranium project located in South Texas that is currently on standby status.
Effective March 12, 2018, Barbara A. Filas was appointed to serve as a Director of Energy Fuels, to fill a vacancy on the Board. Ms. Filas brings an impressive array of executive and technical experience to Energy Fuels in both the public and private mining sectors, having served as the President and Chief Executive of Knight Piésold and Co., a leading global mining and environmental consulting firm, the President of Geovic Mining Corp., a publicly-traded mining company with an advanced cobalt, nickel and manganese exploration project in Cameroon, and a Director of Moroccan Minerals Ltd., a private company that explored for copper, gold, and silver prospects in Morocco and Serbia. In addition, Ms. Filas was the first female President of the Society for Mining, Metallurgy and Exploration ("SME"), the world's largest technical mining organization, and is currently a part-time Professor of Practice at the Colorado School of Mines in Golden, Colorado. She is internationally recognized as a thought-leader on a variety of topics including mining, waste management, environmental and social responsibility, leadership, and sustainability, and has experience in both developed and developing countries on six continents.
On May 1, 2018, the Company closed the sale of its non-core Reno Creek property in Wyoming for $5.39 million, including $2.94 million in cash and $2.45 million in common shares of Uranium Energy Corp.
Selected Summary Financial Information:
$000, except per share data
Three months ended
March 31, 2018
Three months ended
March 31, 2017
Results of Operations:
Total revenues
$
1,254
$
3,756
Net loss attributable to the company
(10,822)
(10,508)
Basic and diluted earnings (loss) per share
(0.14)
(0.15)
$000's
As at March 31, 2018
As at December 31, 2017
Financial Position:
Working capital
$
23,635
$
33,296
Property, plant and equipment
32,251
33,076
Mineral properties
83,539
83,539
Total assets
172,797
185,338
Total long-term liabilities
44,497
45,701
Operations and Sales Outlook:
The Company plans to extract and/or recover uranium from the following sources in 2018 (each of which is more fully described below):
Nichols Ranch Project; Alternate Feed Materials; and The recovery of dissolved uranium from the Mill's tailings management system that was not fully recovered during the Mill's prior thirty-plus years of operations ("Pond Return").
Our planned operations are expected to produce finished uranium in excess of our existing requirements under our sales contracts.
Extraction and Recovery Activities - Overview
The Company expects to produce a total of 460,000 to 520,000 pounds of U 3 O 8 in the year ending December 31, 2018, of which 43,000 pounds of U 3 O 8 were produced in the first three months of 2018.
Extraction and Recovery - ISR Uranium Segment
We expect production at Nichols Ranch to total 140,000 to 160,000 pounds in the year ending December 31, 2018, of which we recovered 43,000 pounds during the first three months of 2018.
At March 31, 2018, the Nichols Ranch wellfields had nine header houses extracting uranium. Until such time when improvement in uranium market conditions is observed or suitable sales contracts can be entered into, the Company intends to defer further development of wellfields at its Nichols Ranch Project and to keep Alta Mesa on standby.
Extraction and Recovery – Milling Operations
We expect to recover 320,000 to 360,000 pounds of uranium at the Mill during the year ending December 31, 2018 for our own account, none of which have been recovered to date in 2018. Of this material, approximately 145,000 pounds are expected to be from alternate feed materials and the remainder from Pond Return. In addition to the 145,000 pounds expected to be recovered from alternate feed materials, valued at $3.3 million, the Company expects to receive an additional $3.8 million in cash from processing fees, for a total expected value from alternate feed materials of $7.1 million during 2018, none of which has been earned or recovered to date in 2018. The Company is continuing to pursue other alternate feed material opportunities, some of which may result in additional value to the Company in 2018.
The Company currently expects that planned processing activities will keep the Mill in operation through the end of 2018, and will generate positive cash flow as a result. The Company is also actively pursuing opportunities to process new and additional alternate feed sources, low-grade ore from third parties in connection with various uranium clean-up requirements, and further recovery of uranium from Pond Return.
Vanadium Recovery
Vanadium is a metallic element that, when converted into ferrovanadium (an alloy of vanadium and iron), is used primarily as an additive to strengthen and harden steel. In addition, vanadium continues to see interest in energy storage technologies, including vanadium redox flow batteries, which are used commercially for grid energy storage.
In addition to evaluating the potential to recover solubilized vanadium from the Mill's tailings and evaporation ponds, the Company is also reviewing the economics of processing certain previously mined uranium/vanadium ore stockpiles in the vicinity of the Mill and re-initiation of conventional mining at certain of its uranium/vanadium mines, as well as the recovery of vanadium alone, or in combination with uranium, from other potential vanadium-bearing streams, as market conditions may warrant.
The goal of the Company's vanadium review is to better quantify near- and mid-term vanadium revenue streams, in light of recent increases in vanadium prices, while minimizing the risks of market fluctuations.
Canyon Project
With the completion of the shaft to a depth of 1,470 ft., all currently planned field activities have been completed at the Company's Canyon Mine. The Company plans to continue to carry out engineering, procurement and construction management activities in 2018, including additional bench and pilot plant scale metallurgical test work of the uranium/copper mineralization, as well as to pursue any additional permitting actions that may be required to recover copper at the Mill. The timing of our plans to extract and process mineralized materials from this project will be based on the results of this additional evaluation work, along with market conditions, available financing, and sales requirements.
Other Operational Activities
During the first three months of 2018, the Company received amendments to its Plans of Operations to expand operations at its La Sal Uranium/Vanadium Project and its Daneros Uranium Project, both of which are currently on standby. The Company continues to selectively advance certain permits at its other major conventional uranium projects.
The Company plans to continue the licensing and permitting of the Roca Honda Project, a large, high-grade conventional project in New Mexico, with the Record of Decision currently now expected to be completed in 2019. The Company will also continue to evaluate the Bullfrog Property at its Henry Mountains Project. Expenditures for certain of these projects have been adjusted to coincide with expected dates of price recoveries based on our forecasts. All of these projects serve as important pipeline assets for the Company's future conventional production capabilities, as market conditions warrant.
The Company will also continue to pursue additional cost cutting initiatives, including further reductions in the scope of certain development initiatives, the potential sale or abandonment of certain non-core properties and the sale of excess mining equipment and other assets.
Trade Petition
The Company intends to continue its support of the Section 232 Petition during 2018. It should be noted, however, that there can be no certainty of the outcome of the petition, and therefore the outcome of this process is uncertain.
Sales of U 3 O 8 and other revenue update and outlook
In the three months ended March 31, 2018, the Company completed deliveries of 50,000 pounds of U 3 O 8 on a spot sale at a price of $24.75 per pound. In addition, on April 1, 2018, the Company completed the delivery of 400,000 pounds of U 3 O 8 under two long-term contracts with a fixed price of $61.30 per pound. In the final nine months of the year, the Company expects to complete two deliveries totaling 200,000 pounds of U 3 O 8 each under a contract, where the price is based on the average spot price per pound of uranium for the five weeks prior to the dates of delivery.
About Energy Fuels: Energy Fuels is a leading integrated US-based uranium mining company, supplying U 3 O 8 to major nuclear utilities. Its corporate offices are in Denver, Colorado, and all of its assets and employees are in the western United States. Energy Fuels holds three of America's key uranium production centers, the White Mesa Mill in Utah, the Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today and has a licensed capacity of over 8 million pounds of U 3 O 8 per year. The Nichols Ranch Processing Facility is an ISR production center with a licensed capacity of 2 million pounds of U 3 O 8 per year. Alta Mesa is an ISR production center currently on care and maintenance. Energy Fuels also has the largest National Instrument 43-101 compliant uranium resource portfolio in the U.S. among producers, and uranium mining projects located in a number of Western U.S. states, including one producing ISR project, mines on standby, and mineral properties in various stages of permitting and development. The Company also produces vanadium as a by-product of its uranium production from certain of its mines on the Colorado Plateau, as market conditions warrant. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU", and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR". Energy Fuels' website is www.energyfuels.com .
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" applicable securities legislation, which may include, but is not limited to, statements with respect to: production, revenue and sales forecasts; the ability of the Company to enjoy some insulation from spot market weakness and to maintain its strength during these difficult times; the ability of the Company to secure any new sources of alternate feed materials, land clean-up materials, or other processing opportunities at the Mill; whether all or a portion of any copper resource at the Canyon project can be recovered at the Mill or elsewhere; scalability, and the Company's ability and readiness to re-start or expand any of its existing projects to respond to any improvements in uranium market conditions; the ability of the Company to preserve its substantial uranium production capabilities, while minimizing shareholder dilution; any expectations regarding vanadium opportunities; any expectations regarding keeping the Mill in operation through 2018 and the generation of positive cash flow from the Mill as a result; expected timelines for the permitting and development of projects; the Company's expectations as to longer term fundamentals in the market and price projections; the Company's expectations as to expenditures and cost reductions; expectations of the Company to become or maintain its position as a leading uranium company in the United States; and the outcome of the Petition to the Department of Commerce to commence a Section 232 investigation. Generally, these can be identified by the use of forward-looking terminology such as "plans", "expects" "does not expect", "is expected", "is likely", "budget" "scheduled", "estimates", "forecasts", "intends", "anticipates", "does not anticipate", or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "have the potential to". All statements, other than statements of historical fact, herein are considered to be . Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the . Factors that could those anticipated in these include risks associated with: production, revenue and sales forecasts; the ability of the Company to enjoy some insulation from spot market weakness and to maintain its strength during these difficult times; the ability of the Company to secure any new sources of alternate feed materials, land clean-up materials, or other processing opportunities at the Mill; whether all or a portion of any copper resource at the Canyon project can be recovered at the Mill or elsewhere; scalability, and the Company's ability and readiness to re-start or expand any of its existing projects to respond to any improvements in uranium market conditions; the ability of the Company to preserve its substantial uranium production capabilities, while minimizing shareholder dilution; any expectations regarding vanadium opportunities; any expectations regarding keeping the Mill in operation through 2018 and the generation of positive cash flow from the Mill as a result; expected timelines for the permitting and development of projects; the Company's expectations as to longer term fundamentals in the market and price projections; the Company's expectations as to expenditures and cost reductions; expectations of the Company to become or maintain its position as a leading uranium company in the United States; the outcome of the Petition to the Department of Commerce to commence a Section 232 investigation; and the other factors described under the caption "Risk Factors" in the Company's Annual Report on Form 10-K dated March 9, 2018, which is available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on . The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
View original content: http://www.prnewswire.com/news-releases/energy-fuels-announces-q1-2018-results-300642635.html
SOURCE Energy Fuels Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-energy-fuels-announces-q1-2018-results.html |
FRANKFURT/PARIS (Reuters) - A U.S. warning that it may introduce tariffs on foreign auto imports hit shares in German carmakers BMW, Daimler and Volkswagen, which together control more than 90 percent of the North American premium auto market.
FILE PHOTO: A Volkswagen logo is pictured during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt/File Photo The shares fell on Thursday after President Donald Trump’s administraton opened a trade probe into whether vehicle imports had damaged the U.S. auto industry.
That could lead to 25 percent tariffs on the same “national security” grounds used to impose U.S. steel and aluminum duties in March. The DINK, Germany’s main chambers of commerce group, described the latest move as a “provocation”.
BMW ( BMWG.DE ) and Daimler ( DAIGn.DE ) shares dropped as much as 3.5 percent, while Volkswagen’s ( VOWG_p.DE ) stock fell 3.2 percent. Renault ( RENA.PA ), exposed to the U.S. market via its 43.4 percent stake in Nissan ( 7201.T ), fell as much as 2.1 percent.
The share declines do not reflect the full gravity of the threat, analysts pointed out, because the outcome of the trade review is uncertain and still months away.
Related Coverage U.S. Commerce chief: hard to get back to fair deal over autos “Donald Trump is obviously not thinking about how to prevent a trade war,” said Thomas Altmann at Frankfurt asset manager QC Partners. “Import duties on cars would be a nightmare for the German auto industry and would lead to a massive sales impact.”
BMW said it was “committed to free trade worldwide”, adding that barrier-free access to markets was a key driver of “growth, welfare and employment throughout the global economy”.
Spartanburg, South Carolina is home to BMW’s biggest global plant, shipping 70 percent of its output overseas to make the German carmaker the leading U.S. vehicle exporter by value.
FILE PHOTO: A logo of the German luxury carmaker BMW is seen during the company's annual news conference in Munich, Germany, March 21, 2018. REUTERS/Michael Dalder/File Photo Mercedes maker Daimler said it was “monitoring the situation carefully”, while Audi and Porsche parent Volkswagen did not immediately respond to messages seeking comment.
If the review ultimately led to new tariffs the disruption to the car industry and its supply chains would be global, and keenly felt by the Germans.
Announcing the probe, U.S. Commerce Secretary Wilbur Ross cited “evidence that, for decades, imports from abroad have eroded our domestic auto industry”.
EU passenger car imports from the United States were worth 6.2 billion euros ($7.3 billion)last year, while the bloc’s U.S. exports topped 37 billion euros, according to Brussels-based industry association ACEA.
BMW and Mercedes have expanded production capacity in the United States. But along with VW and Audi they have also invested billions in Mexico factories to supply the U.S. market.
German automakers assembled 804,000 cars in U.S. plants last year but exported another 657,000 to North America from Germany, according to the VDA industry association.
The U.S. production figure represents a 29 percent increase over three years, the association emphasized, while German exports were down 25 percent. However, German brands increased Mexico production by 46 percent in 2017, mostly for the U.S.
“The German auto industry is watching current developments closely and with concern,” the VDA said, adding that its carmakers and suppliers employed 116,500 U.S. workers.
China, which has just reduced its own car import tariffs, was at pains on Thursday to welcome German firms and investments, with Premier Li Keqiang talking up relations after a meeting with German Chancellor Angela Merkel.
Volvo Cars, the Geely-owned ( 0175.HK ) automaker currently preparing its stock-exchange debut, could also be hit hard. While the Swedish brand is currently opening a U.S. factory to build S60 sedans, it will remain reliant on imports of its Chinese-built XC90 flagship SUV for years under current plans.
“Volvo believes strongly in the benefits of investing and contributing to the main markets in which it seeks to sell cars, and we are investing and creating thousands of jobs in South Carolina,” it said, declining to share import projections.
“We’ll always adapt to the realities of the market,” Volvo Chief Executive Hakan Samuelsson said in Detroit earlier this year, when asked about the threat of U.S. tariffs.
Reporting by Edward Taylor and Laurence Frost; Additional reporting by Esha Vaish in Stockholm and Phil Blenkinsop in Brussels; Editing by Mark Potter and Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-autos-shares/european-carmaker-shares-drop-on-u-s-tariff-fears-idUSKCN1IP1BX |
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