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May 22 (Reuters) - U.S. department store chain Kohl’s Corp reported a 13.6 percent increase in quarterly profit on Tuesday, as efforts to cut back on discounts and maintain a leaner inventory paid off.
Kohl’s said net income rose to $75 million or 45 cents per share in the first quarter ended May 5, from $66 million or 39 cents per share a year earlier.
Sales at Kohl’s stores open for at least 12 months climbed 3.6 percent, compared with the 2.7 percent increase expected by analysts on average, according to Thomson Reuters I/B/E/S.
Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar
| ashraq/financial-news-articles | https://www.reuters.com/article/kohls-results/kohls-reports-higher-quarterly-profit-idUSL3N1ST3TF |
Earnings before income taxes increased 20.7 percent, finishing at $37.0 million in the third quarter of fiscal 2018 compared to $30.6 million in the third quarter of fiscal 2017. This marks our 11 th consecutive quarter of profit growth. Earnings per diluted Class A Nonvoting Common Share were $0.49 in the third quarter of fiscal 2018 compared to $0.43 in the same quarter of the prior year. Total revenues increased 8.2 percent, which consisted of organic revenue growth of 3.2 percent and an increase of 5.0 percent from foreign currency translation. This is our fourth consecutive quarter of organic revenue growth. Earnings per diluted Class A Common Share guidance for the full year ending July 31, 2018 was tightened to a range of $1.95 to $2.00 from a previous range of $1.90 to $2.00, exclusive of tax charges primarily related to the enactment of the U.S. tax legislation.
MILWAUKEE, May 24, 2018 (GLOBE NEWSWIRE) -- Brady Corporation (NYSE:BRC) (“Brady” or “Company”), a world leader in identification solutions, today reported its financial results for its fiscal 2018 third quarter ended April 30, 2018.
Quarter Ended April 30, 2018 Financial Results:
Earnings before income taxes increased 20.7 percent, finishing at $37.0 million for the third quarter of fiscal 2018 compared to $30.6 million for the third quarter of fiscal 2017.
Net earnings for the quarter ended April 30, 2018, were $26.0 million compared to $22.6 million in the same quarter last year.
Earnings per diluted Class A Nonvoting Common Share were $0.49 for the third quarter of fiscal 2018, compared to $0.43 in the same quarter last year.
Sales for the quarter ended April 30, 2018 increased 8.2 percent to $298.4 million compared to $275.9 million in the same quarter last year. By segment, sales increased 7.8 percent in Identification Solutions and 9.1 percent in Workplace Safety, which consisted of organic sales growth of 3.7 percent in Identification Solutions and 1.7 percent in Workplace Safety.
Nine-Month Period Ended April 30, 2018 Financial Results:
Earnings before income taxes increased 17.7 percent, finishing at $106.8 million for the nine-month period ended April 30, 2018, compared to $90.7 million in the same period last year.
Net earnings for the nine-month period ended April 30, 2018 were $56.1 million compared to $70.4 million in the same period last year. During the nine-month period ended April 30, 2018, net earnings were reduced by $21.1 million due to tax charges primarily related to the passage of the U.S. Tax Cuts and Jobs Act of 2017. The prior nine-month period ended April 30, 2017 was impacted by a cash repatriation which resulted in a lower than normal income tax rate.
Earnings per diluted Class A Nonvoting Common Share were $1.07 for the nine-month period ended April 30, 2018, compared to $1.36 in the same period last year. Income tax expense in the prior nine-month period ended April 30, 2017 was impacted by a cash repatriation which increased earnings per diluted Class A Nonvoting Common Share by approximately $0.09, whereas the impact on income tax expense for the nine-month period ended April 30, 2018 from tax charges primarily related to the enactment of U.S. tax legislation was a reduction of approximately $0.40 of earnings per diluted Class A Nonvoting Common Share.
Sales for the nine-month period ended April 30, 2018 increased 6.3 percent to $876.4 million compared to $824.1 million in the same period last year. By segment, sales increased 6.7 percent in Identification Solutions and 5.6 percent in Workplace Safety, which consisted of organic sales growth of 3.7 percent in Identification Solutions and an organic sales decline of 0.1 percent in Workplace Safety.
Commentary:
“Our continued focus on innovation and the development of high-quality products resulted in organic sales growth of 3.2 percent in the quarter, which was driven by both the Identification Solutions and Workplace Safety businesses. This marks our fourth consecutive quarter of organic sales growth and our eleventh consecutive quarter of year-over-year pre-tax earnings growth. We take a consistent and balanced approach to driving organic sales growth while executing sustainable efficiency gains throughout our global operations and SG&A structure,” said Brady’s President and Chief Executive Officer, J. Michael Nauman. “We expect this positive organic sales trend to continue as we launch innovative new products in our Identification Solutions business, and as our Workplace Safety business returns to consistent quarterly organic sales growth and realizes benefits over the long-term due to its product innovation efforts.”
“Our cash generation remains strong,” said Brady’s Chief Financial Officer, Aaron Pearce. “Even after significantly increasing our investments in research and development, we still increased our net cash provided by operating activities by 23.6% this quarter and significantly increased our investments in capital expenditures. We also repaid $11.7 million in debt and finished in a net cash position of $72.7 million as of April 30, 2018. Our strong balance sheet provides us with significant flexibility for investing in opportunities to drive long-term value for our shareholders.”
Fiscal 2018 Guidance:
The Company is tightening its full year fiscal 2018 earnings per diluted Class A Nonvoting Common Share guidance from its previous range of $1.90 to $2.00 to a range of $1.95 to $2.00, exclusive of tax charges primarily related to the enactment of the U.S. Tax Cuts and Jobs Act of 2017. Included in this guidance is low-single digit organic sales growth, depreciation and amortization expense of approximately $26 million, and capital expenditures of approximately $20 to $25 million during the year ending July 31, 2018. The Company expects its full-year income tax rate, exclusive of charges primarily related to the enactment of the U.S. Tax Cuts and Jobs Act of 2017, to range from approximately 27 percent to 29 percent. The full benefit of the enactment of U.S. tax legislation will not be realized until next fiscal year. This guidance is based upon foreign exchange rates as of April 30, 2018.
A webcast regarding Brady’s fiscal 2018 third quarter financial results will be available at www.bradycorp.com/investors beginning at 9:30 a.m. Central Time today.
Brady Corporation is an international manufacturer and marketer of complete solutions that identify and protect people, products and places. Brady’s products help customers increase safety, security, productivity and performance and include high-performance labels, signs, safety devices, printing systems and software. Founded in 1914, the Company has a diverse customer base in electronics, telecommunications, manufacturing, electrical, construction, medical, aerospace and a variety of other industries. Brady is headquartered in Milwaukee, Wisconsin and as of July 31, 2017, employed approximately 6,300 people in its worldwide businesses. Brady’s fiscal 2017 sales were approximately $1.11 billion. Brady stock trades on the New York Stock Exchange under the symbol BRC. More information is available on the Internet at www.bradycorp.com .
In this news release, statements that are not reported financial results or other historic information are “forward-looking statements.” These forward-looking statements relate to, among other things, the Company's future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations.
The use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements by their nature address matters that are, to different degrees, uncertain and are subject to risks, assumptions, and other factors, some of which are beyond Brady’s control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For Brady, uncertainties arise from: our ability to compete effectively or to successfully execute our strategy; Brady’s ability to develop technologically advanced products that meet customer demands; difficulties in protecting our websites, networks, and systems against security breaches; decreased demand for our products; Brady’s ability to retain large customers; extensive regulations by U.S. and non-U.S. governmental and self-regulatory entities; Brady’s ability to execute facility consolidations and maintain acceptable operational service metrics; litigation, including product liability claims; risks associated with the loss of key employees; divestitures and contingent liabilities from divestitures; Brady’s ability to properly identify, integrate, and grow acquired companies; foreign currency fluctuations; the impact of the Tax Reform Act and any other changes in tax legislation and tax rates; potential write-offs of Brady’s substantial intangible assets; differing interests of voting and non-voting shareholders; Brady’s ability to meet certain financial covenants required by our debt agreements; numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive, and regulatory nature contained from time to time in Brady’s U.S. Securities and Exchange Commission filings, including, but not limited to, those factors listed in the “Risk Factors” section within Item 1A of Part I of Brady’s Form 10-K for the year ended July 31, 2017.
These uncertainties may cause Brady's actual future results to be materially different than those expressed in its forward-looking statements. Brady does not undertake to update its forward-looking statements except as required by law.
BRADY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited; Dollars in thousands, except per share data) Three months ended April 30, Nine months ended April 30, 2018 2017 2018 2017 Net sales $ 298,421 $ 275,927 $ 876,352 $ 824,104 Cost of products sold 147,339 136,018 435,513 409,679 Gross margin 151,082 139,909 440,839 414,425 Operating expenses: Research and development 11,678 9,950 33,512 28,577 Selling, general and administrative 101,695 98,409 299,411 291,128 Total operating expenses 113,373 108,359 332,923 319,705 Operating income 37,709 31,550 107,916 94,720 Other income (expense): Investment and other income 31 453 1,303 560 Interest expense (761 ) (1,375 ) (2,453 ) (4,565 ) Earnings before income taxes 36,979 30,628 106,766 90,715 Income tax expense 10,979 8,075 50,657 20,312 Net earnings $ 26,000 $ 22,553 $ 56,109 $ 70,403 Net earnings per Class A Nonvoting Common Share: Basic $ 0.50 $ 0.44 $ 1.09 $ 1.38 Diluted $ 0.49 $ 0.43 $ 1.07 $ 1.36 Dividends $ 0.21 $ 0.21 $ 0.62 $ 0.62 Net earnings per Class B Voting Common Share: Basic $ 0.50 $ 0.44 $ 1.07 $ 1.37 Diluted $ 0.49 $ 0.43 $ 1.05 $ 1.34 Dividends $ 0.21 $ 0.21 $ 0.61 $ 0.60 Weighted average common shares outstanding (in thousands): Basic 51,747 51,227 51,628 50,972 Diluted 52,729 52,201 52,610 51,882
BRADY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited; Dollars in thousands) April 30, 2018 July 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 130,903 $ 133,944 Accounts receivable—net 161,319 149,638 Inventories: Finished products 72,809 69,760 Work-in-process 20,126 18,117 Raw materials and supplies 22,598 19,147 Total inventories 115,533 107,024 Prepaid expenses and other current assets 17,295 17,208 Total current assets 425,050 407,814 Other assets: Goodwill 435,426 437,697 Other intangible assets 48,036 53,076 Deferred income taxes 8,688 35,456 Other 17,758 18,077 Property, plant and equipment: Cost: Land 7,332 7,470 Buildings and improvements 98,005 98,228 Machinery and equipment 268,736 261,192 Construction in progress 6,557 4,109 380,630 370,999 Less accumulated depreciation 282,181 272,896 Property, plant and equipment—net 98,449 98,103 Total $ 1,033,407 $ 1,050,223 LIABILITIES AND STOCKHOLDERS’ INVESTMENT Current liabilities: Notes payable $ — $ 3,228 Accounts payable 68,627 66,817 Wages and amounts withheld from employees 56,995 58,192 Taxes, other than income taxes 7,772 7,970 Accrued income taxes 5,564 7,373 Other current liabilities 42,436 43,618 Total current liabilities 181,394 187,198 Long-term obligations 58,157 104,536 Other liabilities 59,209 58,349 Total liabilities 298,760 350,083 Stockholders’ investment: Common stock: Class A nonvoting common stock—Issued 51,261,487 and 51,261,487 shares, respectively, and outstanding 48,205,763 and 47,814,818 shares, respectively 513 513 Class B voting common stock—Issued and outstanding, 3,538,628 shares 35 35 Additional paid-in capital 327,401 322,608 Earnings retained in the business 531,135 507,136 Treasury stock—3,055,724 and 3,446,669 shares, respectively, of Class A nonvoting common stock, at cost (76,291 ) (85,470 ) Accumulated other comprehensive loss (48,146 ) (44,682 ) Total stockholders’ investment 734,647 700,140 Total $ 1,033,407 $ 1,050,223
BRADY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; Dollars in thousands) Nine months ended April 30, 2018 2017 Operating activities: Net earnings $ 56,109 $ 70,403 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 19,047 20,789 Non-cash portion of stock-based compensation expense 7,581 7,445 Deferred income taxes 26,501 (2,707 ) Changes in operating assets and liabilities: Accounts receivable (10,710 ) (931 ) Inventories (7,790 ) 666 Prepaid expenses and other assets 480 (1,987 ) Accounts payable and other liabilities (133 ) 754 Income taxes (1,863 ) (3,270 ) Net cash provided by operating activities 89,222 91,162 Investing activities: Purchases of property, plant and equipment (14,755 ) (10,856 ) Other (197 ) 38 Net cash used in investing activities (14,952 ) (10,818 ) Financing activities: Payment of dividends (32,110 ) (31,362 ) Proceeds from exercise of stock options 10,011 18,674 Proceeds from borrowing on credit facilities 17,439 154,653 Repayment of borrowing on credit facilities (69,012 ) (215,068 ) Principal payments on debt — (16,371 ) Income tax on equity-based compensation, and other (3,622 ) (512 ) Net cash used in financing activities (77,294 ) (89,986 ) Effect of exchange rate changes on cash (17 ) (2,509 ) Net decrease in cash and cash equivalents (3,041 ) (12,151 ) Cash and cash equivalents, beginning of period 133,944 141,228 Cash and cash equivalents, end of period $ 130,903 $ 129,077
BRADY CORPORATION AND SUBSIDIARIES SEGMENT INFORMATION (Unaudited; Dollars in thousands) Three Months Ended April 30, Nine Months Ended April 30, 2018 2017 2018 2017 NET SALES ID Solutions $ 212,154 $ 196,880 $ 628,291 $ 589,106 Workplace Safety 86,267 79,047 248,061 234,998 Total $ 298,421 $ 275,927 $ 876,352 $ 824,104 SALES INFORMATION ID Solutions Organic 3.7 % (0.8 )% 3.7 % 0.6 % Currency 4.1 % (1.5 )% 3.0 % (1.1 )% Total 7.8 % (2.3 )% 6.7 % (0.5 )% Workplace Safety Organic 1.7 % (4.6 )% (0.1 )% (2.5 )% Currency 7.4 % (2.9 )% 5.7 % (2.1 )% Total 9.1 % (7.5 )% 5.6 % (4.6 )% Total Company Organic 3.2 % (1.9 )% 2.7 % (0.3 )% Currency 5.0 % (1.9 )% 3.6 % (1.4 )% Total 8.2 % (3.8 )% 6.3 % (1.7 )% SEGMENT PROFIT ID Solutions $ 36,970 $ 32,633 $ 106,896 $ 94,676 Workplace Safety 7,537 5,120 21,037 17,615 Total $ 44,507 $ 37,753 $ 127,933 $ 112,291 SEGMENT PROFIT AS A PERCENT OF SALES ID Solutions 17.4 % 16.6 % 17.0 % 16.1 % Workplace Safety 8.7 % 6.5 % 8.5 % 7.5 % Total 14.9 % 13.7 % 14.6 % 13.6 % Three Months Ended April 30, Nine Months Ended April 30, 2018 2017 2018 2017 Total segment profit $ 44,507 $ 37,753 $ 127,933 $ 112,291 Unallocated amounts: Administrative costs (6,798 ) (6,203 ) (20,017 ) (17,571 ) Investment and other income 31 453 1,303 560 Interest expense (761 ) (1,375 ) (2,453 ) (4,565 ) Earnings before income taxes $ 36,979 $ 30,628 $ 106,766 $ 90,715
For More Information:
Investor contact: Ann Thornton 414-438-6887
Media contact: Kate Venne 414-358-5176
Source:Brady Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-brady-corporation-reports-fiscal-2018-third-quarter-results-and-increases-the-bottom-of-its-fiscal-2018-eps-guidance.html |
Published: May 24, 2018 6:52 p.m. ET Share
46% spike in home runs in last four years Reuters/USA Today Sports Players like the Washington Nationals’ Bryce Harper aren’t complaining about the surge in home runs.
By Jared Diamond
Major League Baseball finally acknowledged on Thursday what had long been suspected. The baseball themselves are, at least in part, responsible for the increase in home runs across the sport dating back to the 2015 season. But the committee of 10 scientists MLB assembled to conduct a study into this power surge couldn’t answer one crucial question: What changed?
MLB’s study concluded that the balls have become more aerodynamic, flying farther through the air with less resistance. That isn’t due to any meaningful difference in the size, weight or seam height of the balls. The balls aren’t any bouncier off the bat. A visit to the plant in Costa Rica where baseballs are made was fruitless. In fact, the researchers could find nothing in the manufacturing process or materials used that would account for the nearly 46% spike in homers from 2014 to 2017.
Nonetheless, fly balls are traveling greater distances than they once did, a phenomenon affecting all batters, regardless of their home run-hitting ability. Alan Nathan, a professor emeritus of physics at the University of Illinois and the study’s chairman, admitted that he still doesn’t know why.
The researchers ruled out factors like the weather, pitching strategies or a widespread change in hitting approach. It is true that MLB’s official specifications for baseball manufacturing are broad — a ball made on one end of the allowable spectrum can theoretically travel nearly 36 feet farther than a ball on the other. The study, however, found that Rawlings, the company that manufactures the balls, has achieved far greater precision in practice. Nathan called for further research into the surface roughness of the current baseballs, as well as studying the location of the “pills”—the core of the ball. The researchers theorized that a more properly centered pill could result in improved aerodynamic properties, though they were unable to reach a conclusion on the issue with the tools available to them for this study. | ashraq/financial-news-articles | https://www.wsj.com/articles/mlb-study-finds-baseballs-have-become-more-aerodynamic-1527198825 |
JACKSONVILLE, Fla., May 3, 2018 /PRNewswire/ -- Trailer Bridge, Inc. today announced that John Wroby has been named Chief Operating Officer (COO) effective immediately. As COO, Wroby will have overall responsibility for all of the Company's logistics, customer service, and brokerage operations.
Wroby, who joined Trailer Bridge in 2012, came onboard as Director of Brokerage Operations, and then promoted in 2015 to the role of Vice President of Logistics. "Not only is John a trusted leader, he consistently delivers results. He has been instrumental in Trailer Bridge's success and growth in recent years and is uniquely qualified to drive the company forward, while keeping our focus on operational excellence," said Mitch Luciano, Chief Executive Officer. "I have tremendous confidence in John's ability to align our operations practices with our expansion targets throughout North America and see it through."
In his time at Trailer Bridge, Wroby has overseen the tremendous growth of company's domestic logistics division, both in terms of business and headcount. Prior to joining Trailer Bridge, Wroby's background included the roles of Regional Manager and Director of Brokerage and Sales for Eleets Transportation, a logistics and supply firm formerly located in Jacksonville, Florida.
"Trailer Bridge's strategy in recent years has proven to be a winning combination of innovation and customer service," said Wroby. "I am incredibly proud of what we've achieved and excited to help lead the company into its next phase of growth throughout North America and the Caribbean. We have no plans to slow down our progress and have the right team, talent, and forward thinking to make it happen."
ABOUT TRAILER BRIDGE
Founded in 1991 and headquartered in Jacksonville, Trailer Bridge, Inc. is an asset-owned, leading shipping and logistics firm providing services in ocean, truckload, intermodal, expedited, specialized cargo, vehicles, over-dimensional, warehousing, and transloading services. Trailer Bridge has offices in Jacksonville, FL, Charleston, SC; Chicago, IL; San Juan, Puerto Rico; the Dominican Republic; and the US Virgin Islands.
Trailer Bridge is a recipient of the 2018 Silver Bell Humanitarian Award. The company was voted "Best Places to Work" in 2016 and voted number one in 2017 in Jacksonville.
RELATED LINKS
http://www.trailerbridge.com
http://www.bizjournals.com/jacksonville/news/2017/05/23/these-are-jacksonvilles-best-places-to-work-2017.html
TRAILER BRIDGE CONTACT:
Indie B. Bollman
Director of corporate Development
T: 904 751 7142
E: [email protected]
www.trailerbridge.com
View original content with multimedia: http://www.prnewswire.com/news-releases/trailer-bridge-appoints-john-wroby-as-chief-operating-officer-300642075.html
SOURCE Trailer Bridge, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-trailer-bridge-appoints-john-wroby-as-chief-operating-officer.html |
The White House on Monday granted Europe, Mexico and Canada a reprieve until June 1 on U.S. steel and aluminum tariffs, which is better than imposing these border taxes on consumers and businesses. But if President Trump wants to understand the economic risks of his trade protectionism, he should look at Tuesday’s decline in the Institute for Supply Management’s monthly manufacturing gauge.
The measure fell to 57.3, still healthy but down two points from a nearly 14-year high in February. Tim Fiore, who supervises the ISM... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-tariff-uncertainty-1525216338 |
LONDON (Reuters) - Using data collected from underwater drones, merchant ships, fishing boats and even explorers, a new scientific project aims to map the ocean floor by 2030 and solve one of the world’s enduring mysteries.
With 190 million square km (73 million square miles) of water - or about 93 percent of the world’s oceans with a depth of over 200 meters (650 feet) - yet to be charted, the initiative is ambitious.
Satinder Bindra, director of the Seabed 2030 project, said the work can be completed within the period and will shed light on everything from tsunami wave patterns to pollution, fishing movements, shipping navigation and unknown mineral deposits.
“We know more about the surface of the Moon and Mars than our own backyard. This in the 21st century is something that we are working to correct,” Bindra told Reuters.
“For too long now we have treated our own oceans as a forgotten frontier.”
The project is a collaboration between Japan’s philanthropic Nippon Foundation and GEBCO, a non-profit association of experts that is already involved in charting the ocean floor. GEBCO operates under the International Hydrographic Organization and UNESCO, the United Nations cultural agency.
“We are not driven by profit, we are driven by science,” Bindra said.
“There’s unanimity within the scientific and the mapping community that a map is essential.”
Still, the ocean economy is expected directly to contribute $3 trillion to the world economy by 2030 from $1.5 trillion in 2010, according to the Organization for Economic Cooperation and Development.
The initiative has received support from Dutch deep-sea energy prospector Fugro, which was involved in the search for Malaysia Airlines flight MH370, which disappeared in 2014. Fugro has contributed 65,000 square km of data.
Ocean Infinity, which has taken up the search for MH370, is another company contributing to the 2030 initiative.
Bindra said they are also looking to tap research missions as well as explorers searching for sunken wrecks together with data pulled from ships, fishing boats and commercial companies.
The project, which has an estimated cost of $3 billion, will leave waters closer to shore to national research bodies. The U.S. National Oceanic and Atmospheric Administration is separately supporting the initiative.
One potential problem such exploratory research could face would be from rising geopolitical tensions in sensitive waters around the world including the South China Sea, the Gulf of Aden and the Red Sea.
“By being open in our data sharing, we are also hoping that national hydrographic organizations will start sharing their data and closer to shore,” Bindra said.
Bindra said the data obtained from the multiple sources would be pulled together by experts at four centers around the world and then collated at Britain’s National Oceanography Center, adding that they planned to produce their first bathymetric map by the end of 2018 and update it annually.
Peter Thomson, the U.N. secretary general’s special envoy for the ocean, said he was “very aware ... of the mineral aspects” of exploring the seabed, adding that the main charting activity would be from the scientific community.
“The United Nations has adopted a resolution to have a decade of ocean science for sustainable development running from 2021 to 2030. And during that decade I’m very confident we will have totally mapped the floor of the ocean.”
Additional reporting by Stuart McDill; Editing by Dale Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-oceans-exploration/mappers-look-to-chart-worlds-ocean-floor-by-2030-idUSKCN1IN1VV |
TOKYO (Reuters) - The Bank of Japan’s decision to drop a timeframe for hitting its inflation target shows it is losing confidence in its price outlook and could mean it puts off exiting easy policy for years to come, a former central bank executive said.
FILE PHOTO - People walk on a street in front of the Bank of Japan headquarters in Tokyo, Japan, March 31, 2016. REUTERS/Yuya Shino/File Photo The BOJ last month removed any reference to a timeframe for hitting its 2 percent inflation target, in a surprise move analysts said was aimed at keeping market expectations for more stimulus in check.
At the April 27 rate review, the BOJ also issued new forecasts projecting inflation will hit 1.8 percent in fiscal 2019 and 2020 - meaning inflation would fall short of the target for another three years. Eight of the nine board members said there were downside risks to the 2020 price forecast.
“The decision to drop the timeframe reflects a growing view within the BOJ that it’s not easy to change public perceptions that inflation will stay very low, even with bold monetary easing,” Kazuo Momma, who oversaw monetary policy and international affairs during his stint at the BOJ, told Reuters on Monday.
“The BOJ has made clear it no longer has any timeframe in mind in guiding policy. That means it could maintain current policy for years if the price target remains elusive,” said Momma, who retains close contact with incumbent policymakers.
The central bank’s projected timeframe has slipped several times since it was first introduced in 2013. In deploying a huge asset-buying program back then, the BOJ pledged to hit the price goal in two years. Since then, weak inflation forced the bank to push back the timeframe six times.
While removing the timeframe may give the BOJ more flexibility in guiding policy, it may be hard for the bank to either expand or withdraw stimulus any time soon, he added.
“Consumer inflation is finally near 1 percent but the economy lacks momentum to push up prices further from here,” said Momma, currently an economist at Mizuho Research Institute.
Having already deployed massive stimulus, the BOJ also has no effective tools left to ramp up stimulus, he said.
And yet, BOJ officials probably aren’t convinced that the costs of maintaining a radical monetary experiment for years would be manageable, Momma said.
“They want as much free-hand on future policy as possible,” he said, adding that removing the timeframe was the first step in that direction.
The challenge for BOJ Governor Haruhiko Kuroda’s second term, which began in April, is to strike the right balance between the diminishing return and rising costs of his policy, he said.
“You can’t predict risks. But what’s clear is that the longer the BOJ continues its current policy, the bigger the risks become.”
The BOJ has repeatedly said it is in no rush to follow in the footsteps of other central banks in dialing back stimulus. But some bank policymakers have openly complained of the rising costs such as the hit to bank profits from near-zero rates.
Additional reporting by Takashi Umekawa; Editing by Sam Holmes
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-economy-boj/japan-central-bank-may-hold-off-on-stimulus-exit-for-years-ex-boj-official-idUSKBN1I80QL |
May 3 (Reuters) - Arco Vara AS:
* SAYS TO PAY DIVIDENDS TO THE SHAREHOLDERS 0.01 EUROS PER SHARE, IN THE TOTAL AMOUNT OF 89 984 EUR
* SAYS THE DIVIDENDS SHALL BE PAID ON 31 MAY 2018 * SAYS TO ALLOCATE 694,961 EUR TO RETAINED EARNINGS Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-arco-vara-to-pay-dividends-of-001/brief-arco-vara-to-pay-dividends-of-0-01-euros-per-share-idUSFWN1SA0HW |
A U.S. judge on Tuesday ruled that federal law protects a transgender student who fought all the way to the Supreme Court for the right to use a bathroom at a high school in Virginia that corresponded with his gender identity.
Activist Gavin Grimm arrives for the Time 100 Gala in the Manhattan borough of New York, New York, U.S. April 25, 2017. REUTERS/Carlo Allegri U.S. District Judge Arenda Wright Allen in Norfolk rejected a bid by the Gloucester County School Board to dismiss the civil rights lawsuit filed by student Gavin Grimm.
The judge said Grimm has valid claims under a federal law, called Title IX of the Education Amendments of 1972, that bars discrimination on the basis of sex in education as well as the U.S. Constitution’s guarantee of equal protection under the law.
Grimm filed the suit in 2015 and graduated from high school last year.
Wright Allen rejected the school board’s argument that its policy was justified by the need to protect the privacy rights of students, saying that “preventing Mr. Grimm from using the boys’ restrooms did nothing to protect the privacy rights of other students, but certainly singled out and stigmatized Mr. Grimm.”
Grimm, 19, was born a girl and identifies as male. Grimm had sued the school board to win the right to use the public school’s boys’ bathroom.
Bathroom access has become a major issue in the battle over transgender rights, and Grimm’s suit has been the most prominent legal case on the subject.
“I feel an incredible sense of relief. After fighting this policy since I was 15 years old, I finally have a court decision saying that what the Gloucester County School Board did to me was wrong and it was against the law,” Grimm, who is represented by the American Civil Liberties Union, said in a statement.
Wright Allen, whose ruling was similar to several others across the United States in favor of transgender students, said the parties should schedule a settlement conference within 30 days.
Grimm’s case had previously reached the Supreme Court and was set to be argued in March 2017 when President Donald Trump’s administration rescinded guidance previously issued by the administration of President Barack Obama regarding bathroom access for transgender students.
The Obama administration had told public schools nationwide to let transgender students use the bathroom of their choosing. The Supreme Court subsequently sent the case back to lower courts without issuing a ruling on the merits.
A spokesman for the school board could not immediately be reached for comment.
The school board’s former lawyer, Kyle Duncan, was recently appointed by Trump as a judge on the New Orleans-based 5th U.S. Circuit Court of Appeals.
Editing | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-court-transgender/u-s-court-backs-transgender-student-at-center-of-bathroom-dispute-idUSKCN1IN305 |
May 3 (Reuters) - MSCI Inc:
* MSCI REPORTS FINANCIAL RESULTS FOR FIRST QUARTER 2018 * Q1 REVENUE $351.3 MILLION VERSUS I/B/E/S VIEW $349 MILLION
* QTRLY EARNINGS PER SHARE $1.24 * QUARTER-END AUM OF $764.9 BILLION IN ETFS LINKED TO MSCI INDEXES
* QTRLY ADJUSTED EPS $1.31 * Q1 EARNINGS PER SHARE VIEW $1.26 — THOMSON REUTERS I/B/E/S
* ON MAY 1, BOARD AUTHORIZED AN ADDITIONAL $1.0 BILLION REPURCHASE OF SHARES
* 2018 TOTAL OPERATING EXPENSES ARE EXPECTED TO BE IN RANGE OF $725 MILLION TO $750 MILLION
* 2018 ADJUSTED EBITDA EXPENSES ARE EXPECTED TO BE IN RANGE OF $645 MILLION TO $665 MILLION
* 2018 CAPEX IS EXPECTED TO BE IN RANGE OF $40 MILLION TO $50 MILLION
* 2018 FREE CASH FLOW IS EXPECTED TO BE IN RANGE OF $440 MILLION TO $500 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-msci-reports-qtrly-earnings-per-sh/brief-msci-reports-qtrly-earnings-per-share-1-24-idUSASC09ZHF |
S&P 500 nears turning point, could break out to 3,000 says Randy Watts 12:43am IST - 03:50
William O'Neil's chief investment strategist tells Reuters' Fred Katayama the S&P 500's pennant formation suggests the index will soon make a decisive move. He also comments on oil prices in light of the U.S. move to exit the Iran nuclear deal.
William O'Neil's chief investment strategist tells Reuters' Fred Katayama the S&P 500's pennant formation suggests the index will soon make a decisive move. He also comments on oil prices in light of the U.S. move to exit the Iran nuclear deal. //reut.rs/2KKVUZ6 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/08/sp-500-nears-turning-point-could-break-o?videoId=425037059 |
SpaceX launches new rocket Friday, May 11, 2018 - 00:53
An updated version of the SpaceX Falcon 9 rocket, tailored for eventual crewed missions into orbit, made its debut launch on Friday from Florida's Cape Canaveral, carrying a communications satellite for Bangladesh. Rough Cut
An updated version of the SpaceX Falcon 9 rocket, tailored for eventual crewed missions into orbit, made its debut launch on Friday from Florida's Cape Canaveral, carrying a communications satellite for Bangladesh. Rough Cut //reut.rs/2KW1acA | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/spacex-launches-new-rocket?videoId=426013353 |
ALISO VIEJO, Calif., May 7, 2018 /PRNewswire/ -- Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced results for the first quarter ended March 31, 2018.
First Quarter 2018 Operational Results (as compared to First Quarter 2017):
Net income decreased 39.8% to $38.5 million. Excluding the effect of gains on hotels sold during both the first quarters of 2018 and 2017, net income would have increased 16.7%. Income attributable to common stockholders per diluted common share decreased 44.4% to $0.15. Excluding the effect of gains on hotels sold during both the first quarters of 2018 and 2017, income attributable to common stockholders per diluted common share would have increased 14.3%. 25 Hotel Comparable Portfolio RevPAR decreased 0.7% to $160.54. 25 Hotel Comparable Portfolio Adjusted EBITDAre Margin, excluding prior year property tax adjustments, net decreased
170 basis points to 26.0%. Excluding the Hyatt Regency San Francisco, the Marriott Boston Long Wharf and the Renaissance Los Angeles Airport, all of which were under rooms renovation during the 22 Hotel Comparable Portfolio Adjusted EBITDAre Margin, excluding prior year property tax adjustments, net would have decreased 40 basis points. Adjusted EBITDAre, excluding noncontrolling interest decreased 10.3% to $62.4 million. Adjusted FFO attributable to common stockholders per diluted share decreased 16.7% to $0.20.
John Arabia, President and Chief Executive Officer, stated, "Our portfolio performed well during the first quarter, resulting in better-than-anticipated revenue growth and profitability above our previously provided guidance range. Profitability benefited from robust group spend on banquets and audio visual and strength in corporate transient demand. Our recently acquired or repositioned hotels, Boston Park Plaza, Oceans Edge and Wailea Beach Resort, all continued to outperform the respective markets, driving impressive year-over-year revenue and earnings growth."
Mr. Arabia continued, "Year-to-date, we continue to find opportunities to invest in our portfolio to drive future growth. Several of our 2018 capital investment projects have been or will be completed during the second quarter, including the meeting space addition at Boston Park Plaza, and the guestroom renovations at the Marriott Boston Long Wharf, Renaissance Los Angeles Airport and Hyatt Regency San Francisco. While we experienced some short-term disruption year-to-date, we expect these investments to result in future growth. Additionally, the ongoing guestroom renovation at the JW Marriott New Orleans and the 47,000 additional square feet of state-of-the-art meeting space under construction at the Renaissance Orlando are expected to drive additional growth into 2019."
UNAUDITED SELECTED STATISTICAL AND FINANCIAL DATA
($ in millions, except RevPAR, ADR and per share amounts)
2018
2017
Change
Net Income
$
38.5
$
63.8
(39.8)
%
Income Attributable to Common Stockholders per Diluted Share
$
0.15
$
0.27
(44.4)
%
25 Hotel Comparable Portfolio RevPAR Growth (1)
$
160.54
$
161.67
(0.7)
%
25 Hotel Comparable Portfolio Occupancy (1)
78.6
%
78.7
%
(10)
bps
25 Hotel Comparable Portfolio ADR (1)
$
204.25
$
205.42
(0.6)
%
25 Hotel Comparable Portfolio Adjusted EBITDAre Margin (1) (2) (3)
26.0
%
27.7
%
(170)
bps
Adjusted EBITDAre, excluding noncontrolling interest (3)
$
62.4
$
69.6
(10.3)
%
Adjusted FFO Attributable to Common Stockholders
$
45.9
$
53.2
(13.7)
%
Adjusted FFO Attributable to Common Stockholders per Diluted Share
$
0.20
$
0.24
(16.7)
%
(1)
The 25 Hotel Comparable Portfolio is comprised of all 25 hotels owned by the Company as of March 31, 2018, and includes prior ownership results for the Oceans Edge Resort & Marina acquired in July 2017.
(2)
The 25 Hotel Comparable Portfolio Adjusted EBITDAre Margins exclude any prior year property tax adjustments, net.
(3)
Effective January 1, 2018, the Company presents EBITDAre, reported in accordance with NAREIT guidelines, and Adjusted EBITDAre, excluding noncontrolling interest, as supplemental measures of performance. See the disclosures regarding non-GAAP financial measures for more information on this change.
Disclosures regarding the non-GAAP financial measures in this release are included on pages 6 through 8. Reconciliations of non-GAAP financial measures to the most comparable GAAP measure for each of the periods presented are included on pages 11 through 16 of this release.
The Company's actual results for the quarter ended March 31, 2018 compare to its guidance originally provided as follows:
Metric
Quarter Ended
March 31, 2018
Guidance (1)
Adjustments (2)
Adjusted Prior
First Quarter 2018
Guidance
Quarter Ended
March 31, 2018
Actual Results
(unaudited)
Performance
Relative to Prior
Guidance Midpoint
Net Income ($ millions)
$11 to $14
+ $16
$26 to $30
$38
+ $11
25 Hotel Comparable Portfolio RevPAR Growth
- 2.5% to - 0.5%
―
- 2.5% to - 0.5%
-0.7%
+ 0.8%
Adjusted EBITDAre, excluding noncontrolling interest ($ millions)
$57 to $60
$0
$57 to $60
$62
+ $4
Adjusted FFO Attributable to Common Stockholders ($ millions)
$41 to $44
$0
$41 to $44
$46
+ $4
Adjusted FFO Attributable to Common Stockholders per Diluted Share
$0.18 to $0.20
- 0.01
$0.18 to $0.19
$0.20
+ $0.013
Diluted Weighted Average Shares Outstanding
224,700,000
―
224,700,000
224,600,000
- 100,000
(1)
Represents guidance presented on February 12, 2018.
(2)
Adjustments reflect the cumulative impact of operating results for the Marriott Philadelphia and the Marriott Quincy before their sale in January 2018, including severance payments associated with the sale, the net gain on the sale of the hotels, and the effect on net income of business interruption proceeds at the Oceans Edge Resort & Marina recognized during the first quarter of 2018.
Balance Sheet/Liquidity Update
As of March 31, 2018, the Company had $546.4 million of cash and cash equivalents, including restricted cash of $79.3 million, total assets of $3.8 billion, including $3.1 billion of net investments in hotel properties, total consolidated debt of $988.5 million and stockholders' equity of $2.6 billion.
Capital Improvements
The Company invested $39.3 million into capital improvements of its portfolio during the three months ended March 31, 2018. In 2018, the Company expects to invest approximately $150 million to $175 million into its portfolio. Several of the 2018 projects began in the fourth quarter 2017 and are expected to be completed during the first half of 2018. Based on the expected timing and scope of its 2018 projects, the Company expects $9 million to $11 million of total revenue displacement related to all capital projects in 2018, of which approximately $4.9 million of total revenue displacement was incurred during the first quarter. The anticipated revenue displacement is expected to reduce the Company's 2018 total Comparable Portfolio RevPAR growth by approximately 100 basis points. A selection of the Company's planned 2018 capital investment projects include:
Renaissance Orlando at SeaWorld®: The Company is currently constructing 46,500 square feet of new meeting space, including a 16,400 square foot ballroom, on vacant land adjacent to the hotel's existing 150,000 square feet of total event and meeting space. Total cost for the new meeting space is expected to be $22 million to $24 million, with a portion spent in 2017. The new, state-of-the-art meeting space is expected to allow the hotel to increase the number of group rooms sold by approximately 20,000 room nights annually. Construction of the new meeting space began during the fourth quarter 2017, and is expected to be completed during the first quarter 2019. The Company expects zero to $1 million of total revenue displacement during the second half of 2018 related to the construction. Marriott Boston Long Wharf: The Company expects to invest $31 million to $34 million, with a portion spent in 2017, to renovate all 412 guestrooms and suites. The renovation, which will better position the hotel with high-end group and business travelers, includes the complete redesign of all guestrooms and bathrooms, including enlarging many of the existing bathrooms and converting 346 bathtubs to showers, as well as expanding and upgrading the concierge lounge. The renovation began during the fourth quarter 2017, and is expected to be completed during the second quarter 2018. The Company expects $5 million to $6 million of total revenue displacement during the first half of 2018. JW Marriott New Orleans: The Company expects to invest $26 million to $28 million, with a portion spent in 2017, to renovate all 501 guestrooms and suites. The renovation includes the complete redesign of all guestrooms and bathrooms, including enlarging many of the existing bathrooms and converting 381 bathtubs to showers. The renovation began during the second quarter 2018, and is expected to be completed during the fourth quarter 2018. The Company expects $2 million to $3 million of total revenue displacement during 2018. Renaissance Los Angeles Airport: The Company is investing approximately $9 million, with a portion spent in 2017, to renovate all 501 guestrooms and suites. In addition, the Company previously completed a renovation of its restaurant, lounge and meeting spaces in 2017. The renovation includes the complete redesign of all guestrooms. The renovation began during the fourth quarter 2017, and will be completed during the second quarter 2018. The Company expects to incur approximately $1 million of total revenue displacement during the first half of 2018. Hyatt Regency San Francisco: The Company is investing approximately $10 million, with a portion spent in 2017, to renovate the hotel's 138 suites and Regency Club rooms. The renovation began during the fourth quarter 2017, and will be completed during the second quarter 2018. The Company expects to incur approximately $0.3 million of revenue displacement during the first half of 2018. Boston Park Plaza: The Company has converted vacant retail space to 8,000 square feet of new meeting space. The new meeting space is expected to allow the hotel to increase the number of group rooms sold by approximately 10,000 room nights annually. Construction of the new meeting space began during the fourth quarter 2017, and was completed during the second quarter 2018. Total cost for the new meeting space was approximately $3 million. The Company did not incur any displacement related to the construction.
2018 Outlook
The Company's achievement of the anticipated results is subject to risks and uncertainties, including those disclosed in the Company's filings with the Securities and Exchange Commission. The Company's guidance does not take into account the impact of any unanticipated developments in its business, changes in its operating environment, or any unannounced hotel acquisitions, dispositions, re-brandings, management changes, transition costs, noncash impairment expense, changes in deferred tax assets or valuation allowances, severance costs associated with restructuring hotel services, uninsured property losses, early lease termination costs, prior year property tax assessments or credits, debt repurchases/repayments, or unannounced financings during 2018. The Company's 2018 guidance does include anticipated displacement from the scheduled 2018 capital investment projects. The Company expects the negative impact of its 2018 capital investment projects to result in approximately 100 basis points less annual RevPAR growth and approximately $6 million to $8 million less Adjusted EBITDAre, excluding noncontrolling interest. The Company's 2018 guidance does not anticipate any acceleration in business travel resulting from the recent federal tax cuts or other stimulus programs.
For the second quarter of 2018, the Company expects:
Metric
Quarter Ended
June 30, 2018
Guidance (3)
Net Income ($ millions)
$48 to $51
25 Hotel Comparable Portfolio RevPAR Growth
+ 0.5% to + 2.5%
Adjusted EBITDAre, excluding noncontrolling interest ($ millions)
$96 to $99
Adjusted FFO Attributable to Common Stockholders ($ millions)
$77 to $81
Adjusted FFO Attributable to Common Stockholders per Diluted Share
$0.34 to $0.36
Diluted Weighted Average Shares Outstanding
224,800,000
For the full year of 2018, the Company expects:
Metric
Full Year 2018
Guidance (1)
Adjustments (2)
Adjusted Prior
Full Year 2018
Guidance
Current
Full Year 2018
Guidance (3)
Change in
Full Year 2018
Guidance Midpoint
Net Income ($ millions)
$115 to $140
+ $16
$130 to $156
$145 to $164
+ $11
25 Hotel Comparable Portfolio RevPAR Growth
- 0.5% to + 2.5%
―
- 0.5% to + 2.5%
0% to + 2.5%
+0.3%
Adjusted EBITDAre, excluding noncontrolling interest ($ millions)
$303 to $327
$0
$303 to $327
$310 to $328
+ $4
Adjusted FFO Attributable to Common Stockholders ($ millions)
$235 to $259
$0
$235 to $259
$242 to $261
+ $4
Adjusted FFO Attributable to Common Stockholders per Diluted Share
$1.05 to $1.15
- $0.01
$1.04 to $1.15
$1.07 to $1.16
+ $0.02
Diluted Weighted Average Shares Outstanding
225,000,000
―
225,000,000
225,000,000
―
(1)
Reflects guidance presented on February 12, 2018.
(2)
Adjustments reflect the cumulative impact of operating results for the Marriott Philadelphia and the Marriott Quincy before their sale in January 2018, including severance payments associated with the sale, the net gain on the sale of the hotels, and the effect on net income of business interruption proceeds at the Oceans Edge Resort & Marina recognized during the first quarter of 2018.
(3)
See pages 13 and 14 for detailed reconciliations of Net Income to non-GAAP financial measures.
Second quarter and full year 2018 guidance are based in part on the following assumptions:
Full year 25 Hotel Comparable Portfolio RevPAR guidance is negatively impacted by approximately 100 basis points, resulting from planned 2018 capital investment projects, a selection of which are discussed above. Full year revenue displacement of $9 million to $11 million, related to planned 2018 capital investment projects. Full year Adjusted EBITDAre, excluding noncontrolling interest displacement of approximately $6 million to $8 million, related to planned 2018 capital investment projects. Full year 25 Hotel Comparable Portfolio Adjusted EBITDAre Margin is expected to decline 50 basis points to 100 basis points, which is negatively impacted by approximately 40 basis points resulting from planned 2018 capital investment projects. Full year corporate overhead expense (excluding deferred stock amortization) of approximately $21 million to $22 million. Full year amortization of deferred stock compensation expense of approximately $9 million. Full year interest expense of approximately $46 million, including approximately $3 million in amortization of deferred financing fees, approximately $2 million of capital lease obligation interest and approximately $3 million noncash gain on derivatives. Full year total preferred dividends of $13 million, which includes the Series E and Series F cumulative redeemable preferred stock.
Dividend Update
On May 3, 2018, the Company's board of directors declared a cash dividend of $0.05 per share of common stock, as well as cash dividends of $0.434375 per share payable to its Series E cumulative redeemable preferred stockholders and $0.403125 per share payable to its Series F cumulative redeemable preferred stockholders. The dividends will be paid on July 16, 2018 to stockholders of record as of June 29, 2018.
The Company expects to continue to pay a quarterly cash dividend of $0.05 per share of common stock throughout 2018. Consistent with the Company's past practice and to the extent that the expected regular quarterly dividends for 2018 do not satisfy the annual distribution requirements, the Company expects to satisfy the annual distribution requirement by paying a "catch-up" dividend in January 2019. The level of any future quarterly dividends will be determined by the Company's board of directors after considering long-term operating projections, expected capital requirements, and risks affecting the Company's business.
Supplemental Disclosures
Contemporaneous with this release, the Company has furnished a Form 8-K with unaudited financial information. This additional information is being provided as a supplement to the information in this release and other filings with the SEC. The Company has no obligation to update any of the guidance or other information provided to conform to actual results or changes in the Company's portfolio, capital structure or future expectations.
Earnings Call
The Company will host a conference call to discuss first quarter 2018 financial results on May 8, 2018, at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time). A live web cast of the call will be available via the Investor Relations section of the Company's website. Alternatively, investors may dial 1-323-794-2094 and reference confirmation code 7239557 to listen to the call live. A replay of the web cast will also be archived on the website.
About Sunstone Hotel Investors, Inc.
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT") that as of May 7, 2018 has interests in 25 hotels comprised of 12,450 rooms. Sunstone's hotels are primarily in the urban and resort upper upscale segment and are predominantly operated under nationally recognized brands, such as Marriott, Hilton and Hyatt. For further information, please visit Sunstone's website at www.sunstonehotels.com .
Sunstone's mission is to create meaningful value for our stockholders by producing superior long-term returns through the ownership of long-term relevant real estate in the lodging sector. Our values include transparency, trust, ethical conduct, honest communication and discipline. As demand for lodging generally fluctuates with the overall economy, we seek to own hotels that will maintain a high appeal with travelers over long periods of time and will generate economic earnings materially in excess of recurring capital requirements.
Forward-Looking Statements
This press release contains within the meaning of federal securities laws and regulations. These are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including opinions, references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to anticipated at the time the are made. These risks include, but are not limited to: volatility in the debt or equity markets affecting our ability to acquire or sell hotel assets; international, national and local economic and business conditions, including the likelihood of a U.S. recession, changes in the European Union or global economic slowdown, as well as any type of flu or disease-related pandemic, affecting the lodging and travel industry; the ability to maintain sufficient liquidity and our access to capital markets; terrorist attacks or civil unrest, which would affect occupancy rates at our hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of our indebtedness and our ability to meet covenants in our debt and equity agreements; relationships with property managers and franchisors; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations, which influence or determine wages, prices, construction procedures and costs; our ability to identify, successfully compete for and complete acquisitions; the performance of hotels after they are acquired; necessary capital expenditures and our ability to fund them and complete them with minimum disruption; our ability to continue to satisfy complex rules in order for us to qualify as a REIT for federal income tax purposes; severe weather events or other natural disasters; and other risks and uncertainties associated with our business described in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such 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 forward-looking information in this release is as of May 7, 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.
This release should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC's Electronic Data Gathering Analysis and Retrieval System ("EDGAR") at www.sec.gov .
Non-GAAP Financial Measures
We present the following non-GAAP financial measures that we believe are useful to investors as key supplemental measures of our operating performance: earnings before interest expense, taxes, for real estate, or EBITDAre; Adjusted EBITDAre, excluding noncontrolling interest (as defined below); funds from operations attributable to common stockholders, or FFO attributable to common stockholders; Adjusted FFO attributable to common stockholders (as defined below); hotel Adjusted EBITDAre; and hotel Adjusted EBITDAre margin. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. In addition, our calculation of these measures may not be comparable to other companies that do not define such terms exactly the same as the Company. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.
We present EBITDAre in accordance with guidelines established by the National Association of Real Estate Investment Trusts ("NAREIT"), as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." We believe EBITDAre is a useful performance measure to help investors evaluate and compare the results of our operations from period to period in comparison to our peers. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, , gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.
We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful information to investors regarding our operating performance, and that the presentation of Adjusted EBITDAre, excluding noncontrolling interest, when combined with the primary GAAP presentation of net income, is beneficial to an investor's complete understanding of our operating performance. In addition, we use both EBITDAre and Adjusted EBITDAre, excluding noncontrolling interest as measures in determining the value of hotel acquisitions and dispositions. Our presentation of Adjusted EBITDAre, excluding noncontrolling interest results in a similar metric as our previous disclosure of Adjusted EBITDA.
We believe that the presentation of FFO attributable to common stockholders provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified noncash items such as real estate , amortization of lease intangibles, any real estate impairment loss and any gain or loss on sale of real estate assets, all of which are based on historical cost accounting and may be of lesser significance in evaluating our current performance. Our presentation of FFO attributable to common stockholders conforms to NAREIT's definition of "FFO applicable to common shares." Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently than we do.
We also present Adjusted FFO attributable to common stockholders when evaluating our operating performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance, and may facilitate comparisons of operating performance between periods and our peer companies.
We adjust EBITDAre and FFO attributable to common stockholders for the following items, which may occur in any period, and refer to these measures as either Adjusted EBITDAre, excluding noncontrolling interest or Adjusted FFO attributable to common stockholders:
Amortization of favorable and unfavorable contracts: we exclude the noncash amortization of the favorable management contract asset recorded in conjunction with our acquisition of the Hilton Garden Inn Chicago Downtown/Magnificent Mile, along with the favorable and unfavorable tenant lease contracts, as applicable, recorded in conjunction with our acquisitions of the Boston Park Plaza, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton New Orleans St. Charles, the Hyatt Regency San Francisco and the Wailea Beach Resort. We exclude the noncash amortization of favorable and unfavorable contracts because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period. Noncash ground rent: we exclude the noncash expense incurred from straight-lining our ground lease obligations as this expense does not reflect the actual rent amounts due to the respective lessors in the current period and is of lesser significance in evaluating our actual performance for the current period. Gains or losses from debt transactions: we exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of deferred financing costs from the original issuance of the debt being redeemed or retired because, like interest expense, their removal helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure. Acquisition costs: under GAAP, costs associated with completed acquisitions that meet the definition of a business are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company or our hotels. Cumulative effect of a change in accounting principle: from time to time, the FASB promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments, which include the accounting impact from prior periods, because they do not reflect our actual performance for that period. Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; prior year property tax assessments or credits; property-level restructuring, severance and management transition costs; lease terminations; and uninsured losses.
In addition, to derive Adjusted EBITDAre, excluding noncontrolling interest we exclude the noncontrolling partner's pro rata share of the net income (loss) allocated to the Hilton San Diego Bayfront partnership, as well as the noncontrolling partner's pro rata share of any EBITDAre and Adjusted EBITDAre components. We also exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels. Additionally, we include an adjustment for the cash ground lease expenses recorded on the ground lease at the Courtyard by Marriott Los Angeles and the building lease at the Hyatt Centric Chicago Magnificent Mile. We have determined that both of these leases are capital leases, and, therefore, we include a portion of the capital lease payments each month in interest expense. We include an adjustment for ground lease expense on capital leases in order to more accurately reflect the actual rent due to both hotels' lessors in the current period, as well as the operating performance of both hotels. We also exclude the effect of gains and losses on the disposition of undepreciable assets because we believe that including them in Adjusted EBITDAre, excluding noncontrolling interest is not consistent with reflecting the ongoing performance of our assets.
To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives and capital lease obligations, the noncontrolling partner's pro rata share of any FFO adjustments related to our consolidated Hilton San Diego Bayfront partnership, as well as changes to deferred tax assets or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets other than real estate investments. We believe that these items are not reflective of our ongoing finance costs.
In presenting hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins, miscellaneous non-hotel items have been excluded. We believe the calculation of hotel Adjusted EBITDAre results in a more accurate presentation of the hotel Adjusted EBITDAre margins for our hotels, and that these non-GAAP financial measures are useful to investors in evaluating our property-level operating performance.
Our 25 Hotel Comparable Portfolio is comprised of all 25 hotels we owned as of March 31, 2018, and includes both our results and the prior owner's results for the Oceans Edge Resort & Marina acquired in July 2017. We obtained prior ownership information from the Oceans Edge Resort & Marina's previous owner during the due diligence period before acquiring the hotel. We performed a limited review of the information as part of our analysis of the acquisition. We caution you not to place undue reliance on the prior ownership information. We believe that providing comparable hotel data is useful to us and to investors in evaluating our operating performance because this measure helps us and investors evaluate and compare the results of our operations from period to period by removing the fluctuations caused by any acquisitions or dispositions, as well as by those hotels that we classify as held for sale, those hotels that are undergoing a material renovation or repositioning and those hotels whose room counts have materially changed during either the current or prior year. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.
Reconciliations of net income to EBITDAre, Adjusted EBITDAre, excluding noncontrolling interest, FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders are set forth on pages 11 and 12. Reconciliations and the components of hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margin are set forth on pages 15 and 16.
Sunstone Hotel Investors, Inc.
Consolidated Balance Sheets
(In thousands, except share data)
March 31,
December 31,
2018
2017
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
467,050
$
488,002
Restricted cash
79,336
71,309
Accounts receivable, net
48,589
34,219
Inventories
1,375
1,323
Prepaid expenses
12,532
10,464
Assets held for sale, net
—
122,807
Total current assets
608,882
728,124
Investment in hotel properties, net
3,110,887
3,106,066
Deferred financing fees, net
1,045
1,305
Other assets, net
31,971
22,317
Total assets
$
3,752,785
$
3,857,812
Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses
$
34,950
$
31,810
Accrued payroll and employee benefits
18,174
26,687
Dividends and distributions payable
14,488
133,894
Other current liabilities
43,073
44,502
Current portion of notes payable, net
5,569
5,477
Liabilities of assets held for sale
—
189
Total current liabilities
116,254
242,559
Notes payable, less current portion, net
975,779
977,282
Capital lease obligations, less current portion
26,854
26,804
Other liabilities
31,041
28,989
Total liabilities
1,149,928
1,275,634
Commitments and contingencies
Equity:
Stockholders' equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized:
6.95% Series E Cumulative Redeemable Preferred Stock, 4,600,000 shares issued and outstanding at March 31, 2018 and December 31, 2017, stated at liquidation preference of $25.00 per share
115,000
115,000
6.45% Series F Cumulative Redeemable Preferred Stock, 3,000,000 shares issued and outstanding at March 31, 2018 and December 31, 2017, stated at liquidation preference of $25.00 per share
75,000
75,000
Common stock, $0.01 par value, 500,000,000 shares authorized, 225,614,712 issued and outstanding at March 31, 2018 and 225,321,660 shares issued and outstanding at December 31, 2017
2,256
2,253
Additional paid in capital
2,677,099
2,679,221
Retained earnings
968,293
932,277
Cumulative dividends and distributions
(1,284,501)
(1,270,013)
Total stockholders' equity
2,553,147
2,533,738
Noncontrolling interest in consolidated joint venture
49,710
48,440
Total equity
2,602,857
2,582,178
Total liabilities and equity
$
3,752,785
$
3,857,812
Sunstone Hotel Investors, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
2018
2017
(unaudited)
Revenues
Room
$
180,276
$
190,367
Food and beverage
74,266
75,501
Other operating
16,904
14,875
Total revenues
271,446
280,743
Operating expenses
Room
51,095
51,292
Food and beverage
50,154
50,537
Other operating
3,941
3,831
Advertising and promotion
13,906
14,946
Repairs and maintenance
11,103
10,967
Utilities
7,475
7,222
Franchise costs
7,853
8,055
Property tax, ground lease and insurance
21,781
21,287
Other property-level expenses
33,907
34,738
Corporate overhead
7,102
6,779
36,688
40,807
Total operating expenses
245,005
250,461
Operating income
26,441
30,282
Interest and other income
1,491
721
Interest expense
(8,876)
(11,249)
Loss on extinguishment of debt
—
(4)
Gain on sale of assets
15,659
44,285
Income before income taxes
34,715
64,035
Income tax benefit (provision), net
3,740
(208)
Net income
38,455
63,827
Income from consolidated joint venture attributable to noncontrolling interest
(2,439)
(1,992)
Preferred stock dividends
(3,207)
(3,207)
Income attributable to common stockholders
$
32,809
$
58,628
Basic and diluted per share amounts:
Basic and diluted income attributable to common stockholders per common share
$
0.15
$
0.27
Basic and diluted weighted average common shares outstanding
224,282
219,093
Distributions declared per common share
$
0.05
$
0.05
Sunstone Hotel Investors, Inc.
Reconciliation of Net Income to Non-GAAP Financial Measures
(Unaudited and in thousands)
Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
2018
2017
Net income
$
38,455
$
63,827
Operations held for investment:
36,688
40,807
Amortization of lease intangibles
63
63
Interest expense
8,876
11,249
Income tax (benefit) provision, net
(3,740)
208
Gain on sale of assets, net
(15,669)
(44,570)
EBITDAre
64,673
71,584
Operations held for investment:
Amortization of deferred stock compensation
2,000
1,749
Amortization of favorable and unfavorable contracts, net
3
99
Noncash ground rent
(281)
(275)
Capital lease obligation interest - cash ground rent
(589)
(351)
Loss on extinguishment of debt
—
4
Hurricane-related uninsured losses
69
—
Prior year property tax adjustments, net
(19)
—
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest
(2,439)
(1,992)
(638)
(875)
Interest expense
(435)
(457)
Noncash ground rent
72
72
(2,257)
(2,026)
Adjusted EBITDAre, excluding noncontrolling interest
$
62,416
$
69,558
Sunstone Hotel Investors, Inc.
Reconciliation of Net Income to Non-GAAP Financial Measures
(Unaudited and in thousands, except per share amounts)
Reconciliation of Net Income to FFO Attributable to Common Stockholders and
Adjusted FFO Attributable to Common Stockholders
2018
2017
Net income
$
38,455
$
63,827
Preferred stock dividends
(3,207)
(3,207)
Operations held for investment:
Real estate
36,594
40,678
Amortization of lease intangibles
63
63
Gain on sale of assets, net
(15,669)
(44,570)
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest
(2,439)
(1,992)
Real estate
(638)
(875)
FFO attributable to common stockholders
53,159
53,924
Operations held for investment:
Amortization of favorable and unfavorable contracts, net
3
99
Noncash ground rent
(281)
(275)
Noncash interest on derivatives and capital lease obligations, net
(3,137)
(657)
Loss on extinguishment of debt
—
4
Hurricane-related uninsured losses
69
—
Prior year property tax adjustments, net
(19)
—
Noncash income tax benefit
(3,966)
—
Noncontrolling interest:
Noncash ground rent
72
72
Noncash interest on derivative, net
3
(4)
(7,256)
(761)
Adjusted FFO attributable to common stockholders
$
45,903
$
53,163
FFO attributable to common stockholders per diluted share
$
0.24
$
0.25
Adjusted FFO attributable to common stockholders per diluted share
$
0.20
$
0.24
Basic weighted average shares outstanding
224,282
219,093
Shares associated with unvested restricted stock awards
343
262
Diluted weighted average shares outstanding
224,625
219,355
Sunstone Hotel Investors, Inc.
Reconciliation of Net Income to Non-GAAP Financial Measures
Guidance for Second Quarter 2018
(Unaudited and in thousands, except per share amounts)
Reconciliation of Net Income to Adjusted EBITDAre, Excluding Noncontrolling Interest
Quarter Ended
June 30, 2018
Low
High
Net income
$
47,900
$
51,400
36,200
36,100
Amortization of lease intangibles
100
100
Interest expense
12,700
12,400
Income tax provision
200
200
Noncontrolling interest
(3,100)
(3,200)
Amortization of deferred stock compensation
2,900
2,900
Noncash ground rent
(300)
(300)
Capital lease obligation interest - cash ground rent
(600)
(600)
Adjusted EBITDAre, excluding noncontrolling interest
$
96,000
$
99,000
Reconciliation of Net Income to Adjusted FFO Attributable to Common Stockholders
Net income
$
47,900
$
51,400
Preferred stock dividends
(3,200)
(3,200)
Real estate
35,700
35,600
Amortization of lease intangibles
100
100
Noncontrolling interest
(2,900)
(3,000)
Noncash ground rent
(300)
(300)
Noncash interest on derivatives and capital lease obligations, net
100
100
Adjusted FFO attributable to common stockholders
$
77,400
$
80,700
Adjusted FFO attributable to common stockholders per diluted share
$
0.34
$
0.36
Diluted weighted average shares outstanding
224,800
224,800
Sunstone Hotel Investors, Inc.
Reconciliation of Net Income to Non-GAAP Financial Measures
Guidance for Full Year 2018
(Unaudited and in thousands, except per share amounts)
Reconciliation of Net Income to Adjusted EBITDAre, Excluding Noncontrolling Interest
Year Ended
December 31, 2018
Low
High
Net income
$
144,800
$
163,900
145,100
144,700
Amortization of lease intangibles
300
300
Interest expense
45,900
45,500
Income tax benefit, net
(3,100)
(3,100)
Gain on sale of assets, net
(15,700)
(15,700)
Noncontrolling interest
(12,900)
(13,200)
Amortization of deferred stock compensation
9,000
9,000
Noncash ground rent
(1,100)
(1,100)
Capital lease obligation interest - cash ground rent
(2,400)
(2,400)
Hurricane-related uninsured losses
100
100
Adjusted EBITDAre, excluding noncontrolling interest
$
310,000
$
328,000
Reconciliation of Net Income to Adjusted FFO Attributable to Common Stockholders
Net income
$
144,800
$
163,900
Preferred stock dividends
(12,800)
(12,800)
Real estate
144,400
144,200
Amortization of lease intangibles
300
300
Gain on sale of assets, net
(15,700)
(15,700)
Noncontrolling interest
(11,200)
(11,400)
Noncash ground rent
(1,100)
(1,100)
Noncash interest on derivatives and capital lease obligations, net
(3,000)
(3,000)
Hurricane-related uninsured losses
100
100
Noncash income tax benefit
(4,000)
(4,000)
Adjusted FFO attributable to common stockholders
$
241,800
$
260,500
Adjusted FFO attributable to common stockholders per diluted share
$
1.07
$
1.16
Diluted weighted average shares outstanding
225,000
225,000
Sunstone Hotel Investors, Inc.
Non-GAAP Financial Measures
25 Hotel Comparable Portfolio Adjusted EBITDAre and Margins
(Unaudited and in thousands)
2018
2017
25 Hotel Comparable Portfolio Adjusted EBITDAre Margin (1)
26.0%
27.7%
25 Hotel Comparable Portfolio Adjusted EBITDAre Margin, excluding prior year property tax adjustments, net (2)
26.0%
27.7%
Total revenues
$
271,446
$
280,743
Non-hotel revenues (3)
(20)
(18)
Total Actual Hotel Revenues
271,426
280,725
Recently acquired hotel prior ownership revenues (4)
—
3,980
Sold hotel revenues (5)
(603)
(18,344)
Total 25 Hotel Comparable Portfolio Revenues
$
270,823
$
266,361
Net income
$
38,455
$
63,827
Non-hotel revenues (3)
(20)
(18)
Non-hotel operating expenses, net (6)
(773)
(435)
Hurricane-related uninsured losses (7)
69
—
Corporate overhead
7,102
6,779
36,688
40,807
Interest and other income
(1,491)
(721)
Interest expense
8,876
11,249
Loss on extinguishment of debt
—
4
Gain on sale of assets
(15,659)
(44,285)
Income tax (benefit) provision, net
(3,740)
208
Actual Hotel Adjusted EBITDAre
69,507
77,415
Recently acquired hotel prior ownership Adjusted EBITDAre (4)
—
1,178
Sold hotel Adjusted EBITDAre (5)
943
(4,899)
25 Hotel Comparable Portfolio Adjusted EBITDAre
70,450
73,694
Prior year property tax adjustments, net (8)
(19)
—
25 Hotel Comparable Portfolio Adjusted EBITDAre, excluding prior year property tax adjustments, net
$
70,431
$
73,694
* Footnotes on page 16
(1)
25 Hotel Comparable Portfolio Adjusted EBITDAre Margin is calculated as 25 Hotel Comparable Portfolio Adjusted EBITDAre divided by Total 25 Hotel Comparable Portfolio Revenues.
(2)
25 Hotel Comparable Portfolio Adjusted EBITDAre Margin, excluding prior year property tax adjustments, net is calculated as 25 Hotel Comparable Portfolio Adjusted EBITDAre, excluding prior year property tax adjustments, net divided by Total 25 Hotel Comparable Portfolio Revenues.
(3)
Non-hotel revenues include the amortization of favorable and unfavorable tenant lease contracts recorded in conjunction with the Company's acquisitions of the Boston Park Plaza, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton New Orleans St. Charles, the Hyatt Regency San Francisco and the Wailea Beach Resort.
(4)
Recently acquired hotel includes hotel revenues and Adjusted EBITDAre generated during the prior ownership period for the Oceans Edge Resort & Marina, acquired in July 2017.
(5)
Sold hotel includes hotel revenues and Adjusted EBITDAre generated during the Company's ownership period for the Marriott Philadelphia and the Marriott Quincy, both of which were sold in January 2018, along with the Marriott Park City and the Fairmont Newport Beach, sold in June 2017 and February 2017, respectively.
(6)
Non-hotel operating expenses, net include the following: the amortization of lease intangibles; the amortization of a favorable management agreement; noncash ground rent; and capital lease obligation interest - cash ground rent.
(7)
Hurricane-related uninsured losses include $64,000 at the Oceans Edge Resort & Marina and a total of $5,000 at the two Houston hotels.
(8)
Prior year property tax adjustments, net for the three months ended March 31, 2018 excludes the additional net benefit of $19,000.
For Additional Information:
Bryan Giglia
Sunstone Hotel Investors, Inc.
(949) 382-3036
View original content: http://www.prnewswire.com/news-releases/sunstone-hotel-investors-reports-results-for-first-quarter-2018-300643817.html
SOURCE Sunstone Hotel Investors, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-sunstone-hotel-investors-reports-results-for-first-quarter-2018.html |
TAIPEI (Reuters) - Taiwan’s air force scrambled aircraft on Friday as Chinese bombers flew around the self-ruled island, just a few hours after Taiwan vowed not to be cowed having lost another diplomatic ally amid growing Chinese pressure.
Taiwan is China’s most sensitive territorial issue and a potential dangerous military flashpoint. China claims the island as its sacred territory and has vowed not to allow any attempts at what it views as Taiwan separatism.
Tension between democratic Taiwan and its big neighbour has increased in recent months, with China suspicious the administration of President Tsai Ing-wen wants to push for the island’s formal independence.
Tsai, who took offer in 2016, says she wants to maintain the status quo, but will protect Taiwan’s security and not be bullied by Beijing.
In the latest flight by Chinese aircraft around Taiwan, two H-6 bombers passed through the Bashi Channel which separates Taiwan from the Philippines in the early hours of Friday and then rounded Taiwan via Japan’s Miyako Strait, to Taiwan’s northeast, the island’s defence ministry said.
Taiwan aircraft accompanied and monitored the Chinese bombers throughout, the ministry said, describing the Chinese aircraft as being on a long-range training mission.
The people of Taiwan should not be alarmed as the air force was well able to monitor the Chinese aircraft as they approach and during their missions and can ensure Taiwan’s security, the ministry added.
There was no immediate word from China. It has said these missions, which have become increasingly frequent, are to send a warning to Taiwan not to engage in separatist activity.
On Thursday, Taiwan lost its second diplomatic ally in less than a month when Burkina Faso said it had cut ties with the island, following intense Chinese pressure on African countries to break with what it regards as a wayward province.
Tsai said Taiwan would not engage in “dollar diplomacy” and denounced Beijing’s methods, saying Taiwan and its partners in the international community would not cower to China’s pressure.
Taiwan has only one diplomatic ally left in Africa – the tiny kingdom of Swaziland - and formal relations with just 18 countries worldwide, many of them poor countries in Central America and the Pacific like Belize and Nauru.
Reporting by Jess Macy Yu; Writing by Ben Blanchard; Editing by Robert Birsel
| ashraq/financial-news-articles | https://in.reuters.com/article/taiwan-china/taiwan-air-force-scrambles-as-chinese-bombers-fly-round-island-idINKCN1IQ0DE |
May 9 (Reuters) - GlaxoSmithKline Plc chief financial officer Simon Dingemans has decided to retire, the company said on Wednesday.
Dingemans will step down from the board in May 2019, the company said in a statement.
The board will now conduct a thorough global search both internally and externally to identify a successor, GlaxoSmithKline said. (Reporting By Justin George Varghese in Bengaluru; Editing by Elaine Hardcastle)
| ashraq/financial-news-articles | https://www.reuters.com/article/gsk-cfo/glaxosmithkline-cfo-dingemans-to-retire-in-2019-idUSL8N1SG4YK |
May 21 (Reuters) - Globus Medical Inc:
* GLOBUS MEDICAL ANNOUNCES APPOINTMENT OF ORTHOPEDIC TRAUMA DIVISION’S VICE PRESIDENT OF SALES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-globus-medical-announces-appointme/brief-globus-medical-announces-appointment-of-orthopedic-trauma-divisions-vice-president-of-sales-idUSASC0A344 |
NEW YORK, May 3, 2018 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) announced that its Board of Directors declared a cash dividend for the second quarter of 2018 in the amount of $0.33 per share of common stock. The dividend will be payable on June 21, 2018 to stockholders of record at the close of business on May 31, 2018.
About Cohen & Steers
Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle.
View original content: http://www.prnewswire.com/news-releases/cohen--steers-inc-declares-quarterly-dividend-300642519.html
SOURCE Cohen & Steers, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-cohen-steers-inc-declares-quarterly-dividend.html |
LOS ANGELES, April 30, 2018 (GLOBE NEWSWIRE) -- B. Riley Financial, Inc. (NASDAQ:RILY), a diversified provider of financial and business advisory services, will hold a conference call on Monday, May 7 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss results for the first quarter ended March 31, 2018. Financial results will be issued in a press release prior to the call.
B. Riley Financial's Chairman and CEO, Bryant Riley, President, Tom Kelleher, and CFO and COO, Phillip Ahn, will host the conference call followed by a question and answer period.
Please call the conference call number 10 minutes prior to the start time and an operator will register your name and organization.
B. Riley Financial, Inc. Q1 2018 Earnings Call
Date: Monday, May 7, 2018
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-Free: 1-877-451-6152
International: 1-201-389-0879
The conference call will be broadcast simultaneously and available for replay via the investor section of the company's website . A replay of the call will be available after 7:30 p.m. Eastern time on the same day through May 14, 2018.
Replay Dial-In Numbers:
Toll-Free: 1-844-512-2921
International: 1-412-317-6671
Replay Pin: 13679001
About B. Riley Financial
B. Riley Financial, Inc. (NASDAQ: RILY), through its subsidiaries, provides collaborative financial services and solutions to the capital raising and financial advisory needs of public and private companies and high net worth individuals. The company operates through several wholly-owned subsidiaries, including B. Riley FBR, Inc. , Wunderlich Securities, Inc. , Great American Group, LLC , B. Riley Capital Management, LLC (which includes B. Riley Asset Management , B. Riley Wealth Management , and Great American Capital Partners, LLC ) and B. Riley Principal Investments , a group that makes proprietary investments in other businesses, such as the acquisition of United Online, Inc.
Investor Contact
Investor Relations
B. Riley Financial, Inc.
[email protected]
(310) 966-1444
Source:B. Riley Financial, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-b-riley-financial-sets-first-quarter-2018-earnings-call-for-monday-may-7-at-430-p-m-et.html |
GDP outlook New Zealand's central bank governor strikes dovish tone, keeps rates on hold New Zealand's central bank governor struck a dovish tone in his maiden monetary policy statement on Thursday, saying the next move in rates could equally be a cut or a hike, while holding settings at a record low. Investors reacted by pushing the New Zealand dollar to a five-month low of $0.6928, from $0.6990 before the statement. It later recovered a little to $0.6936. Published 13 Hours Ago Reuters Hagen Hopkins | Getty Images Adrian Orr speaks during a press conference at Parliament on March 26, 2018 in Wellington, New Zealand.
New Zealand's central bank governor struck a dovish tone in his maiden monetary policy statement on Thursday, saying the next move in rates could equally be a cut or a hike, while holding settings at a record low.
The Reserve Bank of New Zealand's decision to keep settings unchanged was in line with economist expectations, however, Governor Adrian Orr diverged from his recent predecessors by explicitly saying an easing was as likely to be the next move as a tightening.
Orr painted a relatively rosy picture of the New Zealand economy, saying both economic growth and employment remained robust, but acknowledged the stubbornly low inflation he has also inherited.
"I have started in what I would call a sweet spot for any governor to turn up in," Orr told reporters in his first press conference since taking the helm in March.
In the official statement, Orr said rates would remain at 1.75 percent for "a considerable period of time" and the "direction of our next move is equally balanced, up or down. Only time and events will tell."
Investors reacted by pushing the New Zealand dollar to a five-month low of $0.6928, from $0.6990 before the statement. It later recovered a little to $0.6936.
The decision was closely watched as economists and investors looked for clues on how Orr would handle a new policy goal of "maximising sustainable employment" alongside traditional inflation targeting.
Orr said risks "are relatively balanced," citing "perplexing" low wages and employment already at sustainable levels, alongside low inflation. Internationally, he said the risks included faltering growth or further tightening of financial conditions.
"The market has taken it a little bit on the dovish side," said Sharon Zollner, senior economist at ANZ in Auckland.
The new governor put an early stamp on his authority by overhauling the policy statement, which had changed little in several months under his predecessors.
Orr inherited the same tepid inflation that had forced the two previous governors to hold the official cash rate steady since slashing it to its current record low in late 2016.
The bank trimmed its inflation forecasts a little to hit the 2 percent mid-point of its target band by the fourth quarter of 2020, a quarter later than previously predicted.
New Zealand's annual headline inflation slowed to just 1.1 percent in the first quarter, just within the RBNZ's target band, but well below the midpoint of 2 percent.
"It is a concern and that's why we're keeping monetary policy expansionary," Orr said. Employment target
First-quarter unemployment slid to an eight-year low of 4.4 percent, meaning that Orr could afford to push the bank's new employment goal to the periphery when making interest rate decisions.
Still, Orr said the new employment target was just as important as the inflation target, and noted the central bank believed the economy was "there or thereabouts" in regards to reaching maximum sustainable employment.
Orr later told a Parliament committee that the New Zealand dollar, which has fallen in recent weeks was being "very well behaved" and that its drop on Thursday was a sign that the banks' message that it would keep rates on hold for an extended period was filtering through to markets.
Most economists said despite the change in tone and style, the broader economic outlook from the statement and subsequent press conference were largely in line with Orr's predecessors.
"While subtle, the forward guidance still hints that the next move is up for the cash rate," said Annette Beacher, chief Asia-Pacific strategist at TD Securities. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/new-zealands-central-bank-governor-strikes-dovish-tone-keeps-rates-on-hold.html |
ROLLING MEADOWS, Ill., May 02, 2018 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR”) (NASDAQ:MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and western Canada, today announced its first-quarter 2018 financial results.
Highlights
First quarter revenues of $345.6 million, a 15.2% increase year over year First quarter net income of $5.6 million, or $0.34 per diluted share Backlog of $958.5 million, an all-time high
Management Comments
Rick Swartz, MYR’s President and CEO, said, “We are pleased with our first-quarter 2018 financial results, which included increases in revenues, gross profit, earnings per share, net income and EBITDA as compared to the first quarter of 2017. Our backlog in the first quarter reached $958.5 million, a record high consisting of both short and long-term projects with varying construction start dates. We believe our strong market position and active bidding climates in both our T&D and C&I markets should continue to support efficiencies in our operations.”
First Quarter Results
MYR reported first-quarter 2018 revenues of $345.6 million, an increase of $45.5 million, or 15.2 percent, compared to the first quarter of 2017. Specifically, the T&D segment reported revenues of $216.4 million, an increase of $20.7 million, or 10.6 percent, from the first quarter of 2017, primarily due to an increase in distribution revenue. The C&I segment reported first-quarter 2018 revenues of $129.2 million, an increase of $24.8 million, or 23.8 percent, from the first quarter of 2017, primarily due to increased spending from new and existing customers and increased volume on certain organic expansion locations.
Consolidated gross profit increased to $35.8 million in the first quarter of 2018, compared to $25.7 million in the first quarter of 2017. The increase in gross profit was primarily due to higher revenues and increased margins. Gross margin increased to 10.3 percent for the first quarter of 2018 from 8.6 percent for the first quarter of 2017. The increase in gross margin was largely due to improvements in efficiency from the prior year, which was significantly impacted by inclement weather and a high mix of smaller, shorter duration work. Changes in estimates of gross profit on certain projects resulted in a gross margin decrease of 0.1 percent for the first quarter of 2018. Gross margin increased 0.4 percent due to changes in estimates of gross profit on certain projects for the first quarter of 2017.
Selling, general and administrative expenses (“SG&A”) increased to $28.3 million in the first quarter of 2018, compared to $25.8 million in the first quarter of 2017. The year-over-year increase was primarily due to higher bonus and profit sharing costs. As a percentage of revenues, SG&A decreased to 8.2 percent for the first quarter of 2018 from 8.6 percent for the first quarter of 2017.
Income tax expense was $2.3 million for the first quarter of 2018, with an effective tax rate of 28.9 percent. For the first quarter of 2017 we had an income tax benefit of $0.4 million, which represented 42.7 percent of pretax income. The effective tax rate for the first quarter of 2018 benefited from the enactment of the United States Tax Cuts and Jobs Act on December 22, 2017. The tax benefit in the first quarter of 2017 was caused by excess tax benefits pertaining to the vesting of stock awards and the exercise of stock options related to the Company’s stock compensation program.
For the first quarter of 2018, net income was $5.6 million, or $0.34 per diluted share, compared to $1.2 million, or $0.07 per diluted share, for the same period of 2017. First-quarter 2018 EBITDA, a non-GAAP financial measure, was $18.0 million, or 5.2 percent of revenues, compared to $11.1 million, or 3.7 percent of revenues, in the first quarter of 2017.
Backlog
As of March 31, 2018, MYR's backlog was $958.5 million, which represented an increase of $279.4 million, or 41.1 percent, compared to December 31, 2017. Specifically, in the same period, T&D backlog increased $101.2 million, or 30.4 percent, to $434.3 million while C&I backlog increased $178.2 million, or 51.5 percent, to $524.2. Total backlog at March 31, 2018 increased $297.6 million, or 45.0 percent, from the $660.9 million reported at March 31, 2017. The increase in backlog was primarily due to the addition of the previously announced Denver Central 70 Project and various small and mid-sized T&D projects.
Balance Sheet
As of March 31, 2018, MYR had $162.0 million of borrowing availability under its credit facility.
Non-GAAP Financial Measures
To supplement MYR’s financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), MYR uses certain non-GAAP measures. Reconciliation to the nearest GAAP measures of all non-GAAP measures included in this press release can be found at the end of this release. MYR’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.
MYR believes that these non-GAAP measures are useful because they (i) provide both management and investors meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results, (ii) permit investors to view MYR’s performance using the same tools that management uses to evaluate MYR’s past performance, reportable business segments and prospects for future performance, (iii) publicly disclose results that are relevant to financial covenants included in MYR’s credit facility and (iv) otherwise provide supplemental information that may be useful to investors in evaluating MYR.
Conference Call
MYR will host a conference call to discuss its first-quarter 2018 results on Thursday, May 3, 2018, at 9:00 a.m. Central time. To participate in the conference call via telephone, please dial (877) 561-2750 (domestic) or (763) 416-8565 (international) at least five minutes prior to the start of the event. A replay of the conference call will be available through Thursday, May 10, 2018, at 11:59 p.m. Eastern time, by dialing (855) 859-2056 or (404) 537-3406, and entering conference ID 6855529. MYR will also broadcast the conference call live via the internet. Interested parties may access the webcast through the Investor Relations section of MYR's website at www.myrgroup.com . Please access the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. The webcast will be available until Thursday, May 10, 2018, at 11:59 P.M. Eastern time.
About MYR
MYR is a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets throughout the United States and western Canada who have the experience and expertise to complete electrical installations of any type and size. Their comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Commercial and industrial electrical contracting services are provided to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the western and northeastern United States and western Canada. For more information, visit myrgroup.com .
Forward-Looking Statements
Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are . The may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as “anticipate,” “believe,” “encouraged,” “estimate,” “expect,” “intend,” “likely,” “may,” “objective,” “outlook,” “plan,” “possible,” “potential,” “project,” “remain confident,” “should” “unlikely,” or other words that convey the uncertainty of future events or outcomes. The in this announcement speak only as of the date of this announcement; we disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this announcement should be evaluated together with the many uncertainties that affect MYR's business, particularly those mentioned in the risk factors and cautionary statements in Item 1A of MYR's Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and in any risk factors or cautionary statements contained in MYR's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
MYR Group Inc. Contact:
Betty R. Johnson, Chief Financial Officer, 847-290-1891, [email protected]
Investor Contact:
Kristine Walczak
Dresner Corporate Services, 312-780-7205, [email protected]
Financial tables follow…
MYR GROUP INC. Consolidated Balance Sheets As of March 31, 2018 and December 31, 2017 March 31, December 31, (In thousands, except share and per share data) 2018 2017 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,719 $ 5,343 Accounts receivable, net of allowances of $537 and $605, respectively 256,364 283,008 Costs and estimated earnings in excess of billings on uncompleted contracts 93,206 78,260 Current portion of receivable for insurance claims in excess of deductibles 4,366 4,221 Refundable income taxes, net — 391 Other current assets 7,882 8,513 Total current assets 363,537 379,736 Property and equipment, net of accumulated depreciation of $238,112 and $231,391, respectively 151,570 148,084 Goodwill 46,988 46,994 Intangible assets, net of accumulated amortization of $5,305 and $5,183, respectively 10,720 10,852 Receivable for insurance claims in excess of deductibles 14,440 14,295 Investment in joint ventures 719 168 Other assets 3,617 3,659 Total assets $ 591,591 $ 603,788 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of capital lease obligations $ 1,094 $ 1,086 Accounts payable 105,042 110,383 Billings in excess of costs and estimated earnings on uncompleted contracts 18,699 28,919 Current portion of accrued self-insurance 12,452 13,138 Income taxes payable, net 2,110 — Other current liabilities 42,562 35,038 Total current liabilities 181,959 188,564 Deferred income tax liabilities 13,525 13,452 Long-term debt 67,381 78,960 Accrued self-insurance 32,046 32,225 Capital lease obligations, net of current maturities 2,349 2,629 Other liabilities 903 919 Total liabilities 298,163 316,749 Commitments and contingencies Stockholders’ equity: Preferred stock—$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at March 31, 2018 and December 31, 2017 — — Common stock—$0.01 par value per share; 100,000,000 authorized shares; 16,492,060 and 16,464,757 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 164 163 Additional paid-in capital 144,260 143,934 Accumulated other comprehensive loss (316 ) (299 ) Retained earnings 149,320 143,241 Total stockholders’ equity 293,428 287,039 Total liabilities and stockholders’ equity $ 591,591 $ 603,788
MYR GROUP INC. Unaudited Consolidated Statements of Operations and Comprehensive Income Three Months Ended March 31, 2018 and 2017 Three months ended March 31, (In thousands, except per share data) 2018 2017 Contract revenues $ 345,611 $ 300,129 Contract costs 309,858 274,389 Gross profit 35,753 25,740 Selling, general and administrative expenses 28,280 25,779 Amortization of intangible assets 117 188 Gain on sale of property and equipment (1,051 ) (707 ) Income from operations 8,407 480 Other income (expense) Interest income — 1 Interest expense (721 ) (514 ) Other, net 249 874 Income before provision for income taxes 7,935 841 Income tax expense (benefit) 2,291 (359 ) Net income $ 5,644 $ 1,200 Income per common share: —Basic $ 0.35 $ 0.07 —Diluted $ 0.34 $ 0.07 Weighted average number of common shares and potential common shares outstanding: —Basic 16,321 16,161 —Diluted 16,520 16,452 Net income $ 5,644 $ 1,200 Other comprehensive income (loss): Foreign currency translation adjustment (17 ) (49 ) Other comprehensive income (loss) (17 ) (49 ) Total comprehensive income $ 5,627 $ 1,151
MYR GROUP INC. Unaudited Consolidated Statements of Cash Flows Three Months Ended March 31, 2018 and 2017 Three months ended March 31, (In thousands) 2018 2017 Cash flows from operating activities: Net income $ 5,644 $ 1,200 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization of property and equipment 9,275 9,558 Amortization of intangible assets 117 188 Stock-based compensation expense 420 867 Deferred income taxes 48 (143 ) Gain on sale of property and equipment (1,051 ) (707 ) Other non-cash items 702 (93 ) Changes in operating assets and liabilities Accounts receivable, net 26,041 12,417 Costs and estimated earnings in excess of billings on uncompleted contracts (15,131 ) (2,847 ) Receivable for insurance claims in excess of deductibles (290 ) (47 ) Other assets 1,405 (289 ) Accounts payable (3,765 ) (10,333 ) Billings in excess of costs and estimated earnings on uncompleted contracts (10,191 ) 7,134 Accrued self insurance (857 ) 1,834 Other liabilities 9,666 (5,679 ) Net cash flows provided by operating activities 22,033 13,060 Cash flows from investing activities: Proceeds from sale of property and equipment 1,074 937 Purchases of property and equipment (14,497 ) (10,002 ) Net cash flows used in investing activities (13,423 ) (9,065 ) Cash flows from financing activities: Net repayments under revolving lines of credit (11,579 ) (19,491 ) Payment of principal obligations under capital leases (272 ) (268 ) Proceeds from exercise of stock options 582 911 Repurchase of common shares (934 ) (2,208 ) Net cash flows used in financing activities (12,203 ) (21,056 ) Effect of exchange rate changes on cash (31 ) 154 Net decrease in cash and cash equivalents (3,624 ) (16,907 ) Cash and cash equivalents: Beginning of period 5,343 23,846 End of period $ 1,719 $ 6,939
MYR GROUP INC. Unaudited Consolidated Selected Data and Net Income Per Share Three and Twelve Months Ended March 31, 2018 and 2017 Three months ended Last twelve months ended March 31, March 31, (in thousands, except share and per share data) 2018 2017 2018 2017 Summary Statement of Operations Data: Contract revenues $ 345,611 $ 300,129 $ 1,448,799 $ 1,188,982 Gross profit $ 35,753 $ 25,740 $ 135,017 $ 133,182 Income from operations $ 8,407 $ 480 $ 37,485 $ 35,927 Income before provision for income taxes $ 7,935 $ 841 $ 31,734 $ 35,950 Income tax expense (benefit) $ 2,291 $ (359 ) $ 6,136 $ 15,306 Net income $ 5,644 $ 1,200 $ 25,598 $ 20,644 Tax rate 28.9 % (42.7 )% 19.3 % 42.6 % Per Share Data: Income per common share: - Basic $ 0.35 $ 0.07 $ 1.58 (1) $ 1.27 (1) - Diluted $ 0.34 $ 0.07 $ 1.54 (1) $ 1.24 (1) Weighted average number of common shares and potential common shares outstanding :
- Basic 16,321 16,161 16,312 (2) 16,324 (2) - Diluted 16,520 16,452 16,507 (2) 16,663 (2) March 31, December 31, March 31, March 31, (in thousands) 2018 2017 2017 2016 Summary Balance Sheet Data: Total assets $ 591,591 $ 603,788 $ 548,708 $ 504,604 Total stockholders' equity (book value) $ 293,428 $ 287,039 $ 263,894 $ 305,018 Goodwill and intangible assets $ 57,708 $ 57,846 $ 58,166 $ 58,275 Total funded debt $ 67,381 $ 78,960 $ 39,580 $ — Last twelve months ended March 31, 2018 2017 Financial Performance Measures (3): Reconciliation of Non-GAAP measures: Net income $ 25,598 $ 20,644 Interest expense, net 2,807 1,628 Tax impact of interest (542 ) (694 ) EBIT, net of taxes (4) $ 27,863 $ 21,578 See notes at the end of this earnings release.
MYR GROUP INC. Unaudited Performance Measures and Reconciliation of Non-GAAP Measures Three and Twelve Months Ended March 31, 2018 and 2017 Three months ended Last twelve months ended March 31, March 31, (in thousands, except share, per share data, ratios and percentages) 2018 2017 2018 2017 Financial Performance Measures (3): EBITDA (5) $ 18,048 $ 11,100 $ 72,763 $ 76,530 EBITDA per Diluted Share (6) $ 1.09 $ 0.67 $ 4.41 $ 4.59 Free Cash Flow (7) $ 7,536 $ 3,058 $ (35,563 ) $ 21,520 Book Value per Period End Share (8) $ 17.58 $ 15.74 Tangible Book Value (9) $ 235,720 $ 205,728 Tangible Book Value per Period End Share (10) $ 14.12 $ 12.27 Funded Debt to Equity Ratio (11) 0.23 0.15 Asset Turnover (12) 2.64 2.36 Return on Assets (13) 4.7 % 4.1 % Return on Equity (14) 9.7 % 6.8 % Return on Invested Capital (17) 9.4 % 7.7 % Reconciliation of Non-GAAP Measures: Reconciliation of Net Income to EBITDA: Net income $ 5,644 $ 1,200 $ 25,598 $ 20,644 Interest expense, net 721 513 2,807 1,628 Provision for income taxes 2,291 (359 ) 6,136 15,306 Depreciation and amortization 9,392 9,746 38,222 38,952 EBITDA (5) $ 18,048 $ 11,100 $ 72,763 $ 76,530 Reconciliation of Net Income per Diluted Share to EBITDA per Diluted Share: Net Income per share: $ 0.34 $ 0.07 $ 1.54 $ 1.24 Interest expense, net, per share 0.04 0.03 0.17 0.10 Provision for income taxes per share 0.14 (0.02 ) 0.37 0.92 Depreciation and amortization per share 0.57 0.59 2.33 2.33 EBITDA per Diluted Share (6) $ 1.09 $ 0.67 $ 4.41 $ 4.59 Calculation of Free Cash Flow: Net cash flow from operating activities $ 22,033 $ 13,060 $ (225 ) $ 53,124 Less: cash used in purchasing property and equipment (14,497 ) (10,002 ) (35,338 ) (31,604 ) Free Cash Flow (7) $ 7,536 $ 3,058 $ (35,563 ) $ 21,520 Reconciliation of Book Value to Tangible Book Value: Book value (total stockholders' equity) $ 293,428 $ 263,894 Goodwill and intangible assets (57,708 ) (58,166 ) Tangible Book Value (9) $ 235,720 $ 205,728 Reconciliation of Book Value per Period End Share to Tangible Book Value per Period End Share:
Book value per period end share $ 17.58 $ 15.74 Goodwill and intangible assets per period end share (3.46 ) (3.47 ) Tangible Book Value per Period End Share (10) $ 14.12 $ 12.27 Calculation of Period End Shares: Shares Outstanding 16,492 16,473 Plus: Common Equivalents 199 291 Period End Shares (15) 16,691 16,764 March 31, March 31, March 31, 2018 2017 2016 Reconciliation of Invested Capital to Shareholders Equity: Book value (total stockholders' equity) $ 293,428 $ 263,894 $ 305,018 Plus: Total Funded Debt 67,381 39,580 — Less: Cash and cash equivalents (1,719 ) (6,939 ) (26,039 ) Invested Capital (16) $ 359,090 $ 296,535 $ 278,979 See notes at the end of this earnings release.
(1) Last-twelve-months earnings per share is the sum of earnings per share reported in the last four quarters.
(2) Last-twelve-months average basic and diluted shares were determined by adding the average shares reported for the last four quarters and dividing by four. (3) These financial performance measures are provided as supplemental information to the financial statements. These measures are used by management to evaluate our past performance, our prospects for future performance and our ability to comply with certain material covenants as defined within our credit agreement, and to compare our results with those of our peers. In addition, we believe that certain of the measures, such as book value, tangible book value, free cash flow, asset turnover, return on equity and debt leverage are measures that are monitored by sureties, lenders, lessors, suppliers and certain investors. Our calculation of each measure is described in the following notes; our calculation may not be the same as the calculations made by other companies. (4) EBIT, net of taxes is defined as net income plus net interest, less the tax impact of net interest. The tax impact of net interest is computed by multiplying net interest by the effective tax rate. Management uses EBIT, net of taxes, to measure our results exclusive of the impact of financing costs. (5) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is not recognized under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to net cash flows provided by operating activities as a measure of liquidity. EBITDA is a component of the debt to EBITDA covenant, as defined in our credit agreement, which we must comply with to avoid potential immediate repayment of amounts borrowed or additional fees to seek relief from our lenders. In addition, management considers EBITDA a useful measure because it eliminates differences which are caused by different capital structures as well as different tax rates and depreciation schedules when comparing our measures to our peers’ measures. (6) EBITDA per diluted share is calculated by dividing EBITDA by the weighted average number of diluted shares outstanding for the period. EBITDA per diluted share is not recognized under GAAP and does not purport to be an alternative to income per diluted share. (7) Free cash flow, which is defined as cash flow provided by operating activities minus cash flow used in purchasing property and equipment, is not recognized under GAAP and does not purport to be an alternative to net income, cash flow from operations or the change in cash on the balance sheet. Management views free cash flow as a measure of operational performance, liquidity and financial health. (8) Book value per period end share is calculated by dividing total stockholders’ equity at the end of the period by the period end shares outstanding. (9) Tangible book value is calculated by subtracting goodwill and intangible assets outstanding at the end of the period from stockholders’ equity outstanding at the end of the period. Tangible book value is not recognized under GAAP and does not purport to be an alternative to book value or stockholders’ equity. (10) Tangible book value per period end share is calculated by dividing tangible book value at the end of the period by the period end number of shares outstanding. Tangible book value per period end share is not recognized under GAAP and does not purport to be an alternative to income per diluted share. (11) The funded debt to equity ratio is calculated by dividing total funded debt at the end of the period by total stockholders’ equity at the end of the period. (12) Asset turnover is calculated by dividing the current period revenue by total assets at the beginning of the period. (13) Return on assets is calculated by dividing net income for the period by total assets at the beginning of the period. (14) Return on equity is calculated by dividing net income for the period by total stockholders’ equity at the beginning of the period. (15) Period end shares is calculated by adding average common stock equivalents for the quarter to the period end balance of common stock outstanding. Period end shares is not recognized under GAAP and does not purport to be an alternative to diluted shares. Management views period end shares as a better measure of shares outstanding as of the end of the period. (16) Invested capital is calculated by adding net funded debt (total funded debt less cash and marketable securities) to total stockholders’ equity. (17) Return on invested capital is calculated by dividing EBIT, net of taxes, less any dividends, by invested capital at the beginning of the period. Return on invested capital is not recognized under GAAP, and is a key metric used by management to determine our executive compensation.
Source:MYR Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-myr-group-inc-announces-first-quarter-2018-results.html |
May 14, 2018 / 7:41 AM / Updated 7 hours ago China says will work with U.S. for positive outcome in trade talks Reuters Staff 1 Min Read
BEIJING (Reuters) - China said on Monday it is willing to work with the United States for a positive outcome in trade negotiations this week. Chinese Vice Premier Liu He attends the news conference following the closing session of the National People's Congress (NPC), at the Great Hall of the People in Beijing, China March 20, 2018. REUTERS/Jason Lee
Foreign Ministry spokesman Lu Kang made the comment at a regular briefing.
Vice Premier Liu He will attend the talks in Washington from May 15 to 19. High-level discussions in Beijing earlier this month appeared to make little progress but there have been signs recently of some easing in tensions. Reporting by Sue-lin Wong; Writing by Christian Shepherd; Editing by Kim Coghill | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-china-trade/china-says-will-work-with-u-s-for-positive-outcome-in-trade-talks-idUSKCN1IF0QX |
Updated 7 minutes ago BRIEF-Accelerate Diagnostics Q1 Loss Per Share $0.37 Reuters Staff
May 9 (Reuters) - Accelerate Diagnostics Inc: * Q1 REVENUE VIEW $2.8 MILLION — THOMSON REUTERS I/B/E/S
* Q1 EARNINGS PER SHARE VIEW $-0.32 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-accelerate-diagnostics-q1-loss-per/brief-accelerate-diagnostics-q1-loss-per-share-0-37-idUSASC0A12T |
Broad global economic expansion is making assets expensive, so forget investing passively, an investment manager told CNBC on Thursday.
Instead, he recommend considering niche growth areas like avocados.
"Be very specific about what you do. Look for idiosyncratic, value and unusual niches rather than broad assets and broadly passive allocation," said Stephen Diggle, founder of Singapore-based Vulpes Investment Management.
The firm has invested in agriculture since 2009, putting money into avocado and kiwi cultivation in New Zealand, Diggle told CNBC on the sidelines of the UBS Global Family Office Conference in Singapore.
Agriculture has "got some very good yield characteristics unlike global bonds. It also has some good inflation protection, especially unlike bonds," he added.
In the case of avocados — for which millennials have a taste — Asia is also a huge growth market, Diggle said.
" Hong Kong and Singapore act as the harbingers of what broader Asian consumers do. And right now, Singaporeans and people in Hong Kong are eating avocados and we'd expect more and more Asian consumers to do the same thing," said Diggle.
"Income generation from a successful orchard would be way above what you can currently get from a portfolio of safe, low-risk bonds," he said.
Cryptocurrency 'is probably a bubble' Vulpes has also invested in cyptocurrency — even as founder Diggle said the space is probably in a "bubble."
"We have a specific strategy, separately investable, that's an arbitrage strategy in cryptocurrencies," he told CNBC.
"Now for us, the cryptocurrency bubble — and it probably is a bubble — is an opportunity to find widely dislocated prices in essentially the same thing," he added.
"Bitcoins don't trade the same on exchanges, they trade at wildly different prices. Last year during the massive ramp up, you could find the same bitcoin trading at 20 percent difference in price in various parts around the world. That for us, creates opportunity," he explained.
Still, Diggle said he was a "skeptic" of cryptocurrencies, but the excitement around the virtual assets generates investment opportunities.
"In the second six months of last year when a lot of people were making money trading long, we made 50 percent by being totally flat," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/stephen-diggle-vulpes-investment-management-on-avocado-investing.html |
(Corrects number in last line, adds dropped word in paragraph one)
By Sudarshan Varadhan
THOOTHUKUDI, India, May 28 (Reuters) - An Indian state on Monday ordered the permanent closure of a copper smelter run by London-listed Vedanta Resources after 13 people protesting to demand its shutdown on environmental concerns were killed last week.
“We have taken a decision to permanently shut down the plant and today issued government orders to do the same,” Edappadi K Palaniswami, chief minister of the southern state of Tamil Nadu said in a statement after meeting officials, including from the pollution department.
Residents and environmental activists have long demanded a shutdown of the copper smelter, India’s second-biggest with an annual production of more than 400,000 tonnes, citing air and water pollution.
Vedanta has denied the accusations of pollution.
The chief of its India copper business, P. Ramnath, told Reuters on Friday the company would legally fight any attempt to close the plant and it aimed to “build our bridges” with the community.
The plant, in the coastal city of Thoothukudi, has been shut since late March for maintenance and pending a renewal of its licence, even as residents continued largely peaceful protests demanding it be shut for good.
The opposition escalated on Tuesday when thousands of people marched towards a government office on the 100th day of the protest. Ten people were killed in police firing that day; three more died in subsequent days.
Vedanta says it has already evacuated about 3,500 employees from the plant site due to the tension. (Additional reporting by Malini Menon Writing by Krishna N. Das Editing by Robert Birsel)
| ashraq/financial-news-articles | https://www.reuters.com/article/vedanta-smelter/update-1-india-closes-vedanta-copper-smelter-permanently-after-bloody-protest-idUSL3N1SZ3YV |
BEIJING (Reuters) - China’s state-owned energy major CNPC is ready to take over Total’s stake in the giant Iranian South Pars gas project if the French company leaves amid newly announced U.S. sanctions, industry sources said.
FILE PHOTO: A general view shows a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015. REUTERS/Raheb Homavandi/TIMA/File Photo The United States this week said it would impose new sanctions against major oil and gas producer Iran after abandoning an agreement reached in late 2015 that limited Tehran’s nuclear ambitions in exchange for sanctions relief.
While the new sanctions are unilateral, many companies, including Japan’s Inpex, already appear to be bowing to Washington’s pressure and abandoning projects in Iran.
If Total walks away from the South Pars field, which has the world’s biggest natural gas reserves ever found in one place, CNPC is prepared to step in, the sources said.
It was not clear whether CNPC had received top government approval to do so. But such a move could further strain the tense trade relationship between Beijing and Washington.
Reuters reported in December that a $1 billion deal signed last July gave the Chinese firm the option to take over Total’s stake if it left Iran.
Since then, the Beijing-backed giant has conducted significant due diligence and planning, several high-level industry sources told Reuters.
“The possibility of Total’s pullout is quite high now, and in that scenario CNPC will be ready to take it over fully,” said a senior state oil official with knowledge of the contract.
An executive with direct knowledge of the project added that planning began “the day the investment was approved.”
“CNPC foresaw a high probability of a reimposition of (U.S.) sanctions,” the executive said.
All the sources spoke on condition of anonymity because they were not authorized to speak to media.
Under the terms of the agreement to develop phase 11 of South Pars, CNPC could take over Total’s 50.1 percent stake and become operator of the project.
CNPC already holds a 30 percent stake in the field, while Iranian national oil company subsidiary PetroPars holds the remaining 19.9 percent.
So far, the Chinese oil giant, which already operates two oil fields in Iran, has spent about $20 million on planning to develop the field, the sources said.
EARLY STAGE Despite CNPC’s preparations, the two sources said they were not aware of any meetings between Total and CNPC after Trump’s move.
CNPC and Total declined to comment.
A source close to Total said the French company was analyzing the impact of new sanctions and whether it could get a waiver that would allow it to keep its stake.
An experienced onshore oil and gas producer, CNPC is relatively green in offshore drilling. Most of its experience lies in its subsidiary China Petroleum Offshore Engineering Company (CPOE), which has worked in shallow waters off north China.
The South Pars gas reservoirs are buried beneath the seafloor, 70 meters underwater.
The project will have a production capacity of 2 billion cubic feet per day, or 400,000 barrels of oil equivalent per day, including condensate, Total has said.
At current market prices, the whole reserves of the field, which Iran shares with Qatar, would be worth around $2.9 trillion.
The field is set to start supplying the Iranian domestic market in 2021.
CNPC is prepared to use its banking unit Bank of Kunlun Ltd as a funding and clearing vehicle if it takes over operation of South Pars, the second senior state oil official said.
The bank was used to settle tens of billions of dollars worth of oil imports during the UN sanctions against Tehran between 2012 and 2015, the official added.
Most of the bank’s settlements during that time were in euros and Chinese renminbi. The U.S. Treasury sanctioned Kunlun in 2012 for conducting business with Iran.
If CNPC goes ahead, it would also likely have to develop crucial equipment, such as large-powered compressors needed for developing gas deposits on this scale, on its own.
Leading manufacturers like U.S. firm GE and Germany’s Siemens could be barred from supplying to Iran under U.S. sanctions.
Additional reporting by Bate Felix in Paris and Ron Bousso in London; Editing by Henning Gloystein and Gerry Doyle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-cnpc-total/chinas-cnpc-ready-to-take-over-iran-project-if-total-leaves-sources-idUSKBN1IC0TE |
WASHINGTON (AP) — The Federal Reserve kept its benchmark interest rate unchanged Wednesday but noted that inflation is nearing the Fed's 2 percent target rate after years of remaining undesirably low.
The Fed ended its latest policy meeting by leaving its key short-term rate unchanged at 1.5 percent to 1.75 percent, the level it set in March after its sixth rate increase since December 2015. The Fed is gradually tightening credit to control inflation against the backdrop of a tight job market, a resilient economy and a pickup in consumer prices.
In a statement, the central bank said it expects "further gradual increases" in rates and says recent data show it's edging close to achieving its annual 2 percent target for annual inflation.
"Inflation on a 12-month basis is expected to run near the committee's symmetric 2 percent objective over the medium term," the Fed said.
The reference to "symmetric" suggests that Fed officials might be willing to let inflation run slightly above its 2 percent target for some time, given that inflation has run below the target for six years.
The Fed's statement noted that the U.S. job market has continued to strengthen along with a steady economy, now into its ninth year of expansion since the Great Recession ended.
"Job gains have been strong, on average, in recent months and the unemployment rate has stayed low," the statement said.
The Fed did note that household spending has slowed from its robust pace in the final months of 2017 and held back economic growth in the January-March quarter. But most economists expect a solid rebound, with the economy expanding at a 3 percent annual rate or better, in the current April-June quarter.
Despite signs that inflation is edging up, few analysts expect any aggressive pickup in rate hikes. Most foresee either two or three additional increases in the Fed's benchmark rate by year's end, coming after an earlier hike in January.
The next rate increase is expected in June. Some analysts think the Fed may signal then that it foresees four hikes for 2018, up from the three it predicted in March.
The Fed's decision Wednesday, which had been expected, came on an 8-0 vote. It was Jerome Powell's second meeting as chairman since succeeding Janet Yellen earlier this year. Powell in the past has signaled support for the gradual pace of rate hikes that Yellen oversaw.
At a news conference after the central bank's previous meeting in March, Powell had said, that. A year ago, the 10-year yield was just 2.3 percent.
The Trump appointees who
Under Powell's predecessors, Yellen and Ben Bernanke, the board endured criticism from some cut
Even now, the Fed's benchmark short-term rate, which influences consumer and business loan rates throughout the economy, remains in a low range.
Two weeks ago, Trump announced the nomination of Richard Clarida, a Columbia University economist and expert on monetary policy, as the Fed's vice chairman. That choice was seen as providing specialized expertise for Powell, who is not an economist.
The president also nominated Michelle Bowman, the Kansas state bank commissioner, for a Fed board slot that is normally reserved for a community banker. Earlier, Trump chose Randal Quarles, an investment banker, as vice chairman for bank supervision, and Marvin Goodfriend, an economist at Carnegie Mellon University, for another vacant board seat.
The president's nominations generally match mainstream views on the Fed's proper role in managing rates. One exception is Goodfriend, who has favored changes pushed by conservatives to limit the Fed's flexibility in rate decisions. Goodfriend's nomination squeaked out of a Senate committee on a 13-12 vote, with all Democrats opposed, indicating he could face difficulty winning confirmation by the full Senate.
Even if Trump's selections all win approval, he would still have one more vacancy to fill on the seven-member board. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-fed-keeps-key-rate-steady-but-notes-rising-inflation.html |
May 24, 2018 / 3:57 PM / Updated 6 minutes ago Deutsche Bank mistakenly transferred $24 billion in 2014 Reuters Staff 1 Min Read
FRANKFURT (Reuters) - Deutsche Bank ( DBKGn.DE ) erroneously transferred 21 billion euros ($24.62 billion, 18.44 billion pounds) to Macquarie ( MQG.AX ) in 2014, a spokesman said on Thursday, the latest such error to come to light. FILE PHOTO: The headquarters of the Deutsche Bank is pictured in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski/File Photo
The transfer was a human error and not related to faulty technology, said a person familiar with the matter. It was corrected within a few hours and didn’t result in any financial damages.
Bloomberg News first reported the mistake.
In March, Deutsche Bank transferred 28 billion euros ($33 billion) instead of 28 billion yen ($257 million) to its own account at the derivative exchange Eurex. Reporting by Hans Seidenstuecker; Writing by Tom Sims; Editing by Elaine Hardcastle | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-deutsche-bank-transfer/deutsche-bank-mistakenly-transferred-24-billion-in-2014-idUKKCN1IP2TW |
RALEIGH, N.C., May 07, 2018 (GLOBE NEWSWIRE) -- BioDelivery Sciences International, Inc. (NASDAQ:BDSI), a specialty pharmaceutical company with a focus in pain management and addiction medicine, announced today that Herm Cukier has been appointed Chief Executive Officer and a member of the Board of Directors of BioDelivery Sciences effective May 8, 2018. Former President and Chief Executive Officer, Dr. Mark A. Sirgo, will continue his role as Vice Chairman of the Board of Directors and, along with current President Scott Plesha, will work closely with Mr. Cukier in the transition of responsibilities. Herm will be introduced at the upcoming BDSI earnings call scheduled for Thursday, May 10, at 4:30 PM Eastern Time.
Herm brings extensive commercial leadership experience to BDSI as the company seeks to enhance the growth of its marketed products. He has led a multitude of biopharma businesses to high growth success around the world over the last 25 years. He was most recently a Senior Vice President at Allergan plc, where his roles included being the head of its Eye Care Division, Allergan’s largest division with more than $2.5 billion in annual sales, and the Head of its Women’s Healthcare Division, which was one of the fastest growing segments of Allergan under his leadership reaching peak sales of $1.2 billion. He was most recently Allergan’s Head of Commercial Strategy and Innovation. Herm was also both a member of Allergan’s Commercial Leadership Team and its Operational Leadership Team throughout his tenure.
“Our Board of Directors is very pleased to announce Herm’s appointment as CEO and member of our Board,” said Dr. Frank O’Donnell, Chairman of the Board of BDSI. “Herm brings to BDSI a wealth of commercial experience and a consistent track record of successfully leading and transforming businesses. Herm has successfully applied his vast commercial experience over multiple commercial organizations that involved over 50 brands. As such, we believe he is well equipped to make immediate contributions to BDSI and support the future growth of BELBUCA ® and BUNAVAIL ® . Our Board looks forward to working with Herm and is confident, given Herm’s background and experience, that he is the right person to lead BDSI to the next level.”
Prior to joining Allergan, Herm held a series of senior executive positions with several pharmaceutical companies. His experiences also include having been the Chief Marketing Officer and member of the Executive Committee at Organon Biosciences and starting a clinical stage biotech together with Weill Cornell Medical College where he served as CEO and member of the board of directors. Earlier in his career, Herm held positions of increasing commercial responsibility at Bristol Myers Squibb and Pfizer. He received an MBA from the Columbia Business School and a BSE in Bioengineering from the University of Pennsylvania. Herm will be based in BDSI’s headquarters in Raleigh, North Carolina.
Mr. Cukier stated, “I am thrilled to join BDSI, which I believe is an emerging leader in the field of pain management. There remains tremendous patient need in this therapeutic space with more than 100 million Americans experiencing some form of chronic pain. I look forward to working with the BDSI team to further expand upon the company’s current momentum and continue to build a top performing enterprise.”
About BioDelivery Sciences International, Inc.
BioDelivery Sciences International, Inc. (NASDAQ:BDSI) is a specialty pharmaceutical company with a focus in the areas of pain management and addiction medicine. BDSI is utilizing its novel and proprietary BioErodible MucoAdhesive (BEMA ® ) technology and other drug delivery technologies to develop and commercialize, either on its own or in partnership with third parties, new applications of proven therapies aimed at addressing important unmet medical needs.
BDSI's marketed products and those in development address serious and debilitating conditions such as chronic pain, breakthrough cancer pain and opioid dependence. BDSI's headquarters is in Raleigh, North Carolina.
For more information, please visit or follow us:
Internet: www.bdsi.com Facebook: Facebook.com/BioDeliverySI Twitter: @BioDeliverySI BUNAVAIL ® (buprenorphine and naloxone) buccal film (CIII) and BELBUCA ® (buprenorphine) buccal film (CIII) are marketed in the U.S. by BioDelivery Sciences. For full prescribing information and important safety information on BDSI products please visit www.bdsi.com where the Company promptly posts press releases, SEC filings and other important information or contact the Company at (800) 469-0261. For full prescribing and safety information on BELBUCA, please visit www.belbuca.com and for full prescribing and safety information on BUNAVAIL, please visit www.bunavail.com .
Cautionary Note on Forward-Looking Statements
This press release, the presentation described herein, and any statements of employees, representatives and partners of BioDelivery Sciences International, Inc. ("BDSI") related thereto contain, or may contain, among other things, certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the BDSI's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. These statements are based upon the current beliefs and expectations of the BDSI's management and are subject to significant risks and uncertainties, including those detailed in the BDSI's filings with the Securities and Exchange Commission. Actual results (including, without limitation, the results of the Company’s new Chief Executive Officer and the anticipated benefits to the Company related to such new officer as described herein) may differ significantly from those set forth or implied in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the BDSI's control). BDSI undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future presentations or otherwise, except as required by applicable law.
BDSI ® , BEMA ® , ONSOLIS ® , BUNAVAIL ® and BELBUCA ® are registered trademarks of BioDelivery Sciences International, Inc. The BioDelivery Sciences, BUNAVAIL and BELBUCA logos are trademarks owned by BioDelivery Sciences International, Inc. All other trademarks and tradenames are owned by their respective owners.
© 2018 BioDelivery Sciences International, Inc. All rights reserved.
Contacts
Investors:
Al Medwar
BioDelivery Sciences International, Inc.
919-582-9050
[email protected]
Monique Kosse
Managing Director
LifeSci Advisors
212-915-3820
[email protected]
Source:BioDelivery Sciences International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-biodelivery-sciences-appoints-herm-cukier-as-chief-executive-officer.html |
SAN FRANCISCO (AP) — WhatsApp CEO Jan Koum is breaking ties with his company's parent, Facebook, amid a privacy scandal that has dogged the social network for weeks.
Koum confirmed his departure from WhatsApp Monday on his Facebook page . The Washington Post reported that Koum also plans to resign from Facebook's board of directors. Facebook wouldn't comment on that report.
Facebook has been trying to defuse questions about whether it can be trusted with the reams of personal information it collects to sell ads and whether its social network does more harm than good.
Koum didn't elaborate on his reasons for leaving, other to say it was time to "move on" so he could spend more time "collecting rare air-cooled Porsches, working on my cars and playing ultimate frisbee."
But Koum also may have been embroiled in a rift with Facebook management over the parent company's voracious appetite for personal information and WhatsApp's dedication to user privacy, according to the Post report. WhatsApp uses encryption technology that makes messages indecipherable to everyone but the sender and recipient.
WhatsApp also runs no ads. Facebook's enormous profits, meanwhile, are powered almost entirely by advertising targeted to its users' interests.
Koum's defection could put CEO Mark Zuckerberg in an uncomfortable position Tuesday, when he takes the stage at a company conference. In attendance will be more than 5,000 app software developers, some of whom may be WhatsApp users.
Zuckerberg is already expected to reiterate some of the apologies he's been offering in the wake of revelations that Facebook allowed Cambridge Analytica, a data mining firm tied to President Donald Trump's 2016 campaign, to obtain personal information from as many as 87 million of its users.
In a reply to Koum's Facebook post, Zuckerberg told him he would miss working together.
"I'm grateful for everything you've done to help connect the world, and for everything you've taught me, including about encryption and its ability to take power from centralized systems and put it back in people's hands," Zuckerberg wrote.
Facebook bought WhatsApp for $19 billion in 2014, though without ever devising a clear strategy for how that service would make money. Both Koum, and WhatApp's other co-founder, Brian Acton, had expressed an aversion to allowing ads into their service, causing analysts to wonder if the acquisition would ever pay off for Facebook.
Acton left WhatsApp late last year and joined in the growing backlash against Facebook, endorsing a campaign that encouraged users to delete their profiles from the social network.
But few of Facebook's 2.2 billion users have departed so far, based on the audience and revenue growth the company reported last week.
Koum also signaled years ago that he would take a stand against Facebook if the company's push to increase its profits demanded radical changes in the way WhatsApp operates. In a blog post written when Facebook announced the biggest acquisition in its history, Koum wrote that the deal wouldn't have happened if WhatsApp "had to compromise on the core principles that will always define our company, our vision and our product."
AP Technology Writer Barbara Ortutay contributed to this story from New York.
This story has been corrected to note that Koum reportedly clashed with Facebook management, not specifically with Facebook CEO Mark Zuckerberg. | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/the-associated-press-whatsapp-ceo-jan-koum-to-leave-facebook-amid-privacy-flap.html |
* CEO faces grilling over Cambridge Analytica scandal
* Days before tough EU data protection rules take effect
* Zuckerberg to meet France's Macron on Wednesday (Adds Zuckerberg's opening remarks)
BRUSSELS, May 22 (Reuters) - Facebook boss Mark Zuckerberg apologised to European Union lawmakers on Tuesday for a massive data leak, in his latest attempt to draw a line under a scandal that has rocked the world's biggest social media network.
Zuckerberg agreed to meet leaders of the European Parliament to answer questions about how political consultancy Cambridge Analytica improperly got hold of the personal data of 87 million Facebook users, including up to 2.7 million in the EU.
In his opening remarks, Zuckerberg said it had "become clear over the last couple of years that we haven't done enough to prevent the tools we've built from being used for harm as well."
"Whether it's fake news, foreign interference in elections or developers misusing peoples information, we didnt take a broad enough view of our responsibilities. That was a mistake, and Im sorry."
His comments, sitting at a circular table with EU Parliament leaders, dressed in a suit, tie and white shirt, echo an apology last month to U.S. lawmakers.
But questions remain over how Facebook let the leak happen and whether it is doing enough to prevent a recurrence.
Zuckerberg's appearance in Brussels comes three days before tough new EU rules on data protection take effect. Companies will be subject to fines of up to 4 percent of global turnover for breaching them.
Zuckerberg stressed Facebook's commitment to Europe, where it will employ 10,000 people by the end of the year, he said.
"I believe deeply in what we're doing. And when we address these challenges, I know we'll look back and view helping people connect and giving more people a voice as a positive force here in Europe and around the world," he said.
Since the Cambridge Analytica scandal, Facebook has suspended 200 apps from its platforms as it investigates third-party apps that have access to large quantities of user data.
Cambridge Analytica and its British parent, SCL Elections Ltd, have declared bankruptcy and closed down.
Zuckerberg said investments in security would significantly impact Facebook's profitability, but "keeping people safe will always be more important than doubling our profits."
However, some European officials want a tougher line on big technology firms. Tommaso Valletti, chief economist at the European Commission's competition unit, said earlier on Tuesday Facebook and other technology giants could face more regulatory scrutiny because of their market power.
Facebook's compliance with the new EU data rules will be closely watched, as will its efforts to tackle the spread of fake news ahead of European Parliamentary elections next year.
After plunging when the data leak scandal broke in March, Facebook shares have recovered, helped by stronger-than-expected quarterly results.
Zuckerberg will go on to meet French President Emmanuel Macron on Wednesday but has so far declined to appear in front of British lawmakers.
(Reporting by Julia Fioretti, Editing by Larry King and Mark Potter) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-update-3-facebooks-zuckerberg-apologises-to-eu-lawmakers-over-data-leak.html |
May 7 (Reuters) - Dhanlaxmi Bank Ltd:
* SAYS CO'S MCLR FOR OVER 6 MONTHS TO 1 YEAR TO BE 9.75 PERCENT Source text - reut.rs/2FQFIC7
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dhanlaxmi-bank-mclr-for-over-6-mon/brief-dhanlaxmi-bank-mclr-for-over-6-months-to-1-yr-to-be-9-75-pct-idUSFWN1SE0DZ |
Cottarelli's transition may only last a few months: Policy Sonar 9 Hours Ago Francesco Galietti of Policy Sonar says Italy's head of state Sergio Mattarella has made a "deliberate" decision to turn the next general election into a "yes or no vote on the euro." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/cottarellis-transition-may-only-last-a-few-months-policy-sonar.html |
Sen. Marco Rubio said Tuesday he would push for "veto-proof congressional action" to check the Trump administration's reported deal to save Chinese telecommunications company ZTE .
Hours later, the Senate Banking Committee separately approved an amendment proposed by Sen. Chris Van Hollen , D-Md., to limit President Donald Trump 's ability to remove sanctions on any Chinese telecommunications company. It passed through the panel easily by a 23 to 2 margin in a bipartisan rebuke to the administration's possible plans.
Washington and Beijing have discussed the framework of a deal for the U.S. to lift the ban on American companies selling goods to the company in favor of possible management changes and fines, according to The Wall Street Journal . China could also remove tariffs on billions of dollars of U.S. agricultural products, the newspaper reported.
In a statement following the vote Tuesday, Van Hollen said "we must continue to work to stop the President from absolving ZTE of its many transgressions in the interest of Chinese jobs."
Rubio, a Florida Republican, has vocally opposed Trump's push to save ZTE in recent weeks. He has called the company's products a national security and surveillance risk.
show chapters China and US outline plan to save ZTE 4 Hours Ago | 01:43 In a tweet Tuesday, he said the deal would mean the Trump administration has "surrendered" to China and argued changes to the company board and a financial penalty will not stop "spying" and "stealing."
"But this is too important to be over. We will begin working on veto-proof congressional action," the senator wrote.
Rubio tweet: If this is true, then administration has surrendered to # China on # ZTE Making changes to their board & a fine won't stop them from spying & stealing from us. But this is too important to be over. We will begin working on veto-proof congressional action
A spokeswoman for Rubio did not immediately respond to a request for more detail on legislation Rubio would support. Representatives for Senate Majority Leader Mitch McConnell , R-Ky., and Senate Minority Leader Chuck Schumer , D-N.Y., did not immediately respond when asked whether they would support congressional action related to ZTE.
show chapters Trump: ZTE just a small component of overall trade deal 2:54 PM ET Thu, 17 May 2018 | 02:13 Treasury Secretary Steven Mnuchin , while mainly deferring to the Commerce Department on the issue, attempted Tuesday to quell national security concerns regarding any potential deal on ZTE.
"Although I have participated in certain discussions, I can assure you that whatever the Commerce Department decides, the intel community has been part of the briefings and we will make sure that we enforce national security issues," Mnuchin said during testimony before a Senate panel.
The U.S. put the ban on American firms selling to ZTE after the company violated U.S. sanctions on North Korea and Iran. The move threatened to cripple the company. ZTE has said the ban was unacceptable and threatened its survival, according to a Reuters report earlier this month.
Trump's action to save ZTE comes as the U.S. and China seek a trade pact to avoid potentially devastating tariffs. Trump has long pledged to crack down on alleged intellectual property theft by Chinese companies and reduce the U.S. trade deficit with China. After talks last week, Trump's top advisors said they reached the framework of a trade deal under which China would buy more U.S. goods , but American officials provided few concrete details.
Trump's economic advisors have called the ZTE policy an "enforcement" issue separate from trade negotiations . But Trump himself has confused the messaging, at one point calling the ZTE action part of a "larger trade deal" the sides are negotiating.
Schumer, like Rubio, has accused Trump of caving to Chinese demands after pledging to take a tough stance on Beijing's alleged trade abuses. In a statement Tuesday, the Senate Democratic leader said the reported deal on ZTE "will do nothing to protect American national or economic security" and is "simply a diversion from the fact we have lost."
"President Xi has played President Trump and Secretary Mnuchin," Schumer added.
Van Hollen earlier told CNBC the possible move to save ZTE is "a big mistake" and thinks it will face "bipartisan opposition." He said "there's no doubt" China has outmaneuvered the U.S. in talks.
Sen. Joe Manchin , D-W.V., called ZTE a "threat" and said he thinks Congress can partly address the issue through a bill to reform the Committee on Foreign Investment in the United States. Some lawmakers have argued the entity should have more authority to police Chinese efforts to acquire ownership in U.S. technology.
show chapters A (brief) history of the world's trade wars 5:00 PM ET Mon, 30 April 2018 | 03:43 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/marco-rubio-pushes-for-congressional-action-to-check-trumps-zte-deal.html |
First Quarter 2018 Highlights (compared to First Quarter 2017)
Net sales increased by 11% to $371.4 million Organic Daily Sales increased by 3% Gross profit increased 8% to $108.5 million; gross margin decreased 90 basis points to 29.2% Net loss of $17.0 million, compared to a net loss of $10.5 million in the prior-year period Adjusted EBITDA loss of $5.1 million Successfully opened two distribution centers and launched our new e-Commerce platform pilot Completed the acquisitions of Pete Rose, Atlantic Irrigation, and Village Nurseries Landscape Centers
Post-Quarter Highlights:
Completed the acquisition of Terrazzo & Stone Supply in April
ROSWELL, Ga.--(BUSINESS WIRE)-- SiteOne ® Landscape Supply, Inc. (the “Company” or “SiteOne”) (NYSE: SITE) announced earnings for its first quarter ended April 1, 2018 (“First Quarter 2018”).
“Our first quarter results reflect a late start to the spring season this year which delayed business during our seasonally slowest and traditionally loss-making quarter,” said Doug Black, SiteOne’s Chairman and CEO. “The quarter also included the opening of our two strategic distribution centers in California and Pennsylvania, completing our major supply chain investments. Given these factors, we are pleased with our overall 11% net sales growth in the quarter and with the underlying market trends that we see developing for the year. We continue to expect good organic growth and EBITDA margin expansion in 2018 driven by our strong teams and by the execution of our commercial and operational initiatives. We are also off to a great start with four acquisitions year to date and a healthy level of activity to support more acquisitions during the remainder of the year.”
First Quarter 2018 Results
Net sales for the First Quarter 2018 increased to $371.4 million, or 11%, compared to $335.0 million for the prior-year period. Organic Daily Sales increased 3% compared to the prior-year period driven by strength in our irrigation, hardscapes and ice melt product sales and positive pricing for the quarter. Partially offsetting the sales growth was the unfavorable weather patterns in March which negatively impacted nursery, fertilizer and control product sales. Acquisitions contributed approximately $27.9 million in sales, or 8%, to overall growth for the quarter.
Gross profit increased to $108.5 million, or 8%, compared to $100.9 million for the prior-year period. Gross margin declined by 90 bps to 29.2% for the First Quarter 2018. The decline in gross margin was due to the rollout of the new distribution centers and the adoption of the new revenue standard which impacted the timing of revenue and expense recognition for our customer loyalty rewards program.
Selling, general and administrative expenses (“SG&A”) in the First Quarter 2018 increased to $131.7 million from $113.7 million in the same period last year due to the additional contribution from acquisitions and continued investment in e-Commerce.
Net loss for the First Quarter 2018 was $17.0 million, compared to a net loss of $10.5 million during the same period in the prior year. The net loss for the quarter is attributable to the seasonality of the business as well as continued investments in the Company.
Adjusted EBITDA decreased to a loss of $5.1 million for the First Quarter 2018, compared to Adjusted EBITDA of $1.2 million for the prior-year period.
Outlook
For fiscal 2018, we continue to expect Adjusted EBITDA to be in the range of $180 million to $192 million.
Reconciliation for the forward-looking full-year 2018 Adjusted EBITDA outlook is not being provided, as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation.
Conference Call Information
SiteOne management today, May 2, 2018, at 8 a.m. Eastern Time, to discuss the Company’s financial results. The conference call may be accessed by dialing (877) 705-6003 (domestic) or (201) 493-6725 (international). A telephonic replay will be available approximately two hours after the call by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the live call and the replay is 13678838. The replay will be available until 11:59 p.m. (ET) on May 16, 2018.
Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at http://investors.siteone.com . The online replay will be available for 30 days on the same website immediately following the call. A slide presentation highlighting the Company’s results and key performance indicators will also be available on the Investor Relations section of the Company’s website.
To learn more about SiteOne, please visit the company's website at http://investors.siteone.com .
About SiteOne Landscape Supply, Inc.
SiteOne Landscape Supply, Inc. is the largest and only national wholesale distributor of landscape supplies in the United States and has a growing presence in Canada. Its customers are primarily residential and commercial landscape professionals who specialize in the design, installation and maintenance of lawns, gardens, golf courses and other outdoor spaces.
Forward-Looking Statements
This release contains “ ” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to our 2018 Adjusted EBITDA outlook. Some of the can be identified by the use of terms such as “may,” “intend,” “might,” “will,” “should,” “could,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “project,” “potential,” or the negative of these terms, and similar expressions. You should be aware that these are subject to risks and uncertainties that are beyond our control. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. Factors that may cause actual results to those expressed or implied by the include, but are not limited to, the following: cyclicality in residential and commercial construction markets; general economic and financial conditions; weather conditions, seasonality and availability of water to end-users; laws and government regulations applicable to our business that could negatively impact demand for our products; public perceptions that our products and services are not environmentally friendly; competitive industry pressures; product shortages and the loss of key suppliers; product price fluctuations; inventory management risks; ability to implement our business strategies and achieve our growth objectives; acquisition and integration risks; increased operating costs; and other risks, as described in Item 1A, “Risk Factors,” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017.
Non-GAAP Financial Information
This release includes certain financial information, not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Further, these measures should not be considered substitutes for the information contained in the historical financial information of the Company prepared in accordance with U.S. GAAP that is set forth herein.
We present Adjusted EBITDA in order to evaluate the operating performance and efficiency of our business. Adjusted EBITDA represents EBITDA as further adjusted for items permitted under the covenants of our credit facilities. EBITDA represents our net income (loss) plus the sum of income tax (benefit), depreciation and amortization and interest expense, net of interest income. Adjusted EBITDA is further adjusted for stock-based compensation expense, related party advisory fees, (gain) loss on sale of assets and other non-cash items, other non-recurring (income) and loss. Adjusted EBITDA does not include pre-acquisition acquired Adjusted EBITDA. Adjusted EBITDA is not a measure of our liquidity or financial performance under GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. The use of Adjusted EBITDA instead of net income has limitations as an analytical tool. Because not all companies use identical calculations, our presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies, limiting its usefulness as a comparative measure. Net debt is defined as long-term debt (net of issuance costs and discounts) plus capital leases, net of cash and cash-equivalents on our balance sheet. Leverage Ratio is defined as Net Debt to trailing twelve months Adjusted EBITDA. Free Cash Flow is defined as Cash Flow from Operating Activities, less capital expenditures. We define Organic Daily Sales as Organic Sales divided by the number of Selling Days in the relevant reporting period. We define Organic Sales as Net sales, including Net sales from newly-opened greenfield stores, but excluding Net sales from acquired branches until they have been under our ownership for at least four full fiscal quarters at the start of the fiscal year. Selling Days are the number of business days, excluding Saturdays, Sundays and holidays, that SiteOne branches are open during the relevant reporting period.
SiteOne Landscape Supply, Inc.
Consolidated Balance Sheets
(In millions, except share and per share data)
Assets April 1, 2018 December 31, 2017 Current assets: Cash and cash equivalents $ 31.7 $ 16.7 Accounts receivable, net of allowance for doubtful accounts of $5.8 and $4.7, respectively 233.0 219.9 Inventory, net 464.3 338.3 Income tax receivable 13.9 2.7 Prepaid expenses and other current assets 28.4 24.3 Total current assets 771.3 601.9 Property and equipment, net 79.2 75.5 Goodwill 122.2 106.5 Intangible assets, net 127.7 112.8 Other assets 18.2 14.0 Total assets $ 1,118.6 $ 910.7 Liabilities and Equity Current liabilities: Accounts payable $ 236.8 $ 124.1 Current portion of capital leases 5.1 4.9 Accrued compensation 27.8 40.1 Long term debt, current portion 3.5 3.5 Accrued liabilities 37.7 33.2 Total current liabilities 310.9 205.8 Other long-term liabilities 12.5 16.8 Capital leases, less current portion 8.9 6.8 Deferred tax liabilities 12.5 8.4 Long-term debt, less current portion 572.7 460.1 Total liabilities 917.5 697.9 Commitments and contingencies Stockholders' equity: Common stock, par value $0.01; 1,000,000,000 shares authorized; 40,170,993
and 39,977,181 shares issued, and 40,150,082 and 39,956,270 shares
outstanding at April 1, 2018 and December 31, 2017, respectively
0.4 0.4 Additional paid-in capital 230.8 227.8 Accumulated deficit (30.8 ) (15.1 ) Accumulated other comprehensive income (loss) 0.7 (0.3 ) Total equity 201.1 212.8 Total liabilities and equity $ 1,118.6 $ 910.7 SiteOne Landscape Supply, Inc.
Consolidated Statements of Operations
(In millions, except share and per share data)
Three Months Ended April 1, 2018 April 2, 2017 Net sales $ 371.4 $ 335.0 Cost of goods sold 262.9 234.1 Gross profit 108.5 100.9 Selling, general and administrative expenses 131.7 113.7 Other income 2.6 0.9 Operating loss (20.6 ) (11.9 ) Interest and other non-operating expenses, net 6.6 6.2 Net loss before taxes (27.2 ) (18.1 ) Income tax benefit (10.2 ) (7.6 ) Net loss (17.0 ) (10.5 ) Net loss per common share: Basic $ (0.43 ) $ (0.26 ) Diluted $ (0.43 ) $ (0.26 ) Weighted average number of common shares outstanding: Basic
40,071,233
39,618,997
Diluted
40,071,233
39,618,997
SiteOne Landscape Supply, Inc.
Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Three Months Ended April 1, 2018 April 2, 2017 Cash Flows from Operating Activities: Net loss $ (17.0 ) $ (10.5 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation 4.8 4.0 Stock-based compensation 2.1 1.4 Amortization of software and intangible assets 6.9 5.8 Amortization of debt related costs 0.8 0.7 (Gain) loss on sale of equipment (0.1 ) 0.1 Other (1.3 ) — Changes in operating assets and liabilities, net of the effects of acquisitions: Receivables (4.1 ) (29.1 ) Inventory (109.3 ) (87.1 ) Income tax receivable (9.7 ) (7.5 ) Prepaid expenses and other assets (3.5 ) (5.4 ) Accounts payable 103.5 85.8 Accrued expenses and other liabilities (13.9 ) (12.9 ) Net Cash Used In Operating Activities $ (40.8 ) $ (54.7 ) Cash Flows from Investing Activities: Purchases of property and equipment (2.0 ) (2.8 ) Purchases of intangible assets (1.9 ) — Acquisitions, net of cash acquired (51.6 ) (56.2 ) Proceeds from the sale of property and equipment 0.2 — Net Cash Used In Investing Activities $ (55.3 ) $ (59.0 ) Cash Flows from Financing Activities: Equity proceeds from common stock 1.4 0.3 Repayments under term loan (0.9 ) (0.7 ) Borrowings on asset-based credit facility 168.5 162.0 Repayments on asset-based credit facility (55.8 ) (47.2 ) Payments on capital lease obligations (1.7 ) (1.1 ) Other financing activities (0.3 ) — Net Cash Provided By Financing Activities $ 111.2 $ 113.3 Effect of exchange rate on cash (0.1 ) — Net Change In Cash 15.0 (0.4 ) Cash and cash equivalents: Beginning 16.7 16.3 Ending $ 31.7 $ 15.9 Supplemental Disclosures of Cash Flow Information: Cash paid during the year for interest 5.8 5.4 Cash paid during the year for income taxes 0.1 0.4 Supplemental Disclosures of Noncash Investing and Financing Information: Acquisition of property and equipment through capital leases 3.2 1.2 SiteOne Landscape Supply, Inc.
Adjusted EBITDA Reconciliation
(In millions, unaudited)
2018 2017 2016 Qtr 1 Qtr 4 Qtr 3 Qtr 2 Qtr 1 Qtr 4 Qtr 3 Qtr 2 Net income (loss) $ (17.0 ) $ 4.0 $ 16.9 $ 44.2 $ (10.5 ) $ (5.6 ) $ 14.9 $ 26.9 Income tax (benefit) expense (10.2 ) (11.4 ) 10.7 26.3 (7.6 ) (4.1 ) 10.7 18.1 Interest expense, net 6.6 6.2 6.2 6.6 6.2 6.7 6.3 6.5 Depreciation and amortization 11.7 11.4 11.1 10.8 9.8 9.6 9.7 9.1 EBITDA (8.9 ) 10.2 44.9 87.9 (2.1 ) 6.6 41.6 60.6 Stock-based compensation (a) 2.1 1.4 1.5 1.6 1.4 1.3 1.1 2.2 (Gain) loss on sale of assets (b) (0.1 ) 0.4 — 0.1 0.1 0.1 — — Advisory fees (c) — — — — — — — 8.0 Financing fees (d) — 0.2 0.4 1.1 — 1.1 0.4 3.1 Rebranding, acquisitions and
other adjustments (e)
1.8 3.1 1.6 1.6 1.8 2.1 0.6 1.0 Adjusted EBITDA (f) $ (5.1 ) $ 15.3 $ 48.4 $ 92.3 $ 1.2 $ 11.2 $ 43.7 $ 74.9 (a) Represents stock-based compensation expense recorded during the period. (b) Represents any gain or loss associated with the sale or write-down of assets not in the ordinary course of business. (c) Represents fees paid to CD&R and Deere for consulting services. In connection with our initial public offering (the “IPO”), we entered into termination agreements with CD&R and Deere pursuant to which the parties agreed to terminate the Consulting Agreements. (d) Represents fees associated with our debt refinancing and debt amendments, as well as fees incurred in connection with our IPO and secondary offerings. (e) Represents (i) expenses related to our rebranding to the name SiteOne and (ii) professional fees, retention and severance payments, and performance bonuses related to historical acquisitions. Although we have incurred professional fees, retention and severance payments, and performance bonuses related to acquisitions in several historical periods and expect to incur such fees and payments for any future acquisitions, we cannot predict the timing or amount of any such fees or payments. (f) Adjusted EBITDA excludes any earnings or loss of acquisitions prior to their respective acquisition dates for all periods presented. SiteOne Landscape Supply, Inc.
Organic Daily Sales to Net sales Reconciliation
(In millions, except Selling Days; unaudited)
2018 2017 Qtr 1 Qtr 1 Net sales $ 371.4 $ 335.0 Organic Sales 337.9 329.4 Acquisition contribution (a) 33.5 5.6 Selling Days 64 64 Organic Daily Sales $ 5.3 $ 5.1 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-siteone-landscape-supply-announces-first-quarter-2018-earnings.html |
Solar panel makers are stepping up U.S. manufacturing, and it isn’t all because of President Donald Trump’s tariffs on imported solar panels.
At least three panel companies have announced manufacturing plans in the U.S. in recent months. China’s JinkoSolar Holding Co. is opening a factory in Jacksonville, Fla. SunPower Corp. has agreed to acquire struggling panel maker SolarWorld Americas Inc. First Solar Inc. plans to open a new factory in Ohio, where it already has some panel-making operations.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/solar-panel-makers-ramp-up-u-s-manufacturing-plans-1526040000 |
May 7 (Reuters) - Mirati Therapeutics Inc:
* MIRATI THERAPEUTICS REPORTS FIRST QUARTER FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.51 * Q1 EARNINGS PER SHARE VIEW $-0.60 — THOMSON REUTERS I/B/E/S
* QTRLY TOTAL REVENUE $9.5 MILLION * ON TRACK TO FILE PLANNED INDA FOR MRTX849, A POTENT AND SELECTIVE INHIBITOR FOR KRAS, IN Q4 OF 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mirati-therapeutics-reports-q1-los/brief-mirati-therapeutics-reports-q1-loss-per-share-0-51-idUSASC0A06Y |
Scooter Gennett slugged a grand slam as part of a season-best six-RBI night to help the Cincinnati Reds post a 7-2 victory over the visiting Pittsburgh Pirates on Tuesday.
Right-hander Matt Harvey (1-2) pitched six strong innings to win for the first time in three starts since joining the Reds. Harvey allowed one run, three hits, two walks and struck out five.
Tucker Barnhart went 3-for-4 and scored twice for Cincinnati. Gennett went 2-for-3 and scored twice, and Eugenio Suarez also had two hits.
Pittsburgh has dropped four consecutive games.
Colin Moran and Austin Meadows hit solo home runs for the Pirates.
The start of the contest was delayed 65 minutes by rain.
Pittsburgh right-hander Jameson Taillon (2-4) was touched up for six runs and eight hits over six innings. Taillon struck out eight and walked one while losing his fourth straight decision.
Gennett’s performance fell four RBIs shy of his career high. He posted a memorable four-homer, 10-RBI outing against the St. Louis Cardinals on June 6, 2017.
Cincinnati led 2-1 when it loaded the bases with one out in the fifth against Taillon. Jose Peraza singled, Barnhart doubled down the first base line and Joey Votto was intentionally walked.
Gennett came up and hammered a first-pitch changeup approximately 15 rows deep into the bleachers in right to make it 6-1. The grand slam was his fifth with the Reds and sixth of his career.
Meadows hit his second career homer to left in the seventh to pull Pittsburgh within four. The Pirates loaded the bases with one out later in the inning before right-hander David Hernandez retired Gregory Polanco on a popup and Francisco Cervelli on a grounder to douse the threat.
Cincinnati pushed its lead back to five in the bottom of the seventh when Peraza scored on Gennett’s sacrifice fly to center.
Four relievers followed Harvey and combined to allow one run and three hits.
Gennett’s first RBI came in the opening inning when he doubled in Barnhart. Suarez followed with a double to left to make it 2-0.
Pittsburgh got on the board in the fourth when Moran hit a one-out blast to right.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-cin-pit-recap/gennetts-6-rbis-lead-reds-over-pirates-7-2-idUSMTZEE5N5VPWE5 |
KUALA LUMPUR (Reuters) - The Malaysian government’s exposure as of October 2015 if state fund 1Malaysia Development Berhad (1MDB) defaulted on its loans was 20.3 billion ringgit ($5.12 billion) before interest, a declassified auditor’s report made available on Wednesday showed.
FILE PHOTO: A man walks past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, in this March 1, 2015 file photo. REUTERS/Olivia Harris/File Photo The report by the Malaysian auditor general was declassified on Tuesday. A summary that was made available at the time said senior officials at scandal-plagued 1MDB withheld information from its board and took some decisions without the board’s approval.
Reporting by Rozanna Latiff and Emily Chow; Writing by Liz Lee; Editing by Raju Gopalakrishnan
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-report-risk/risk-to-malaysian-government-if-1mdb-defaulted-on-loans-estimated-in-2015-at-5-12-billion-report-idUSKCN1IH07G |
BOCA RATON, Fla., May 3, 2018 /PRNewswire/ -- Sensus Healthcare, Inc. (Nasdaq: SRTS ), a medical device company specializing in the non-invasive treatment of non-melanoma skin cancers and keloids with superficial radiation therapy (SRT), announces financial results for the three months ended March 31, 2018.
Highlights from the first quarter of 2018 and recent weeks include:
Achieved 10 consecutive quarters of double-digit revenue growth, with revenues up 37% year over year to $6.0 million Shipped 21 systems including 12 SRT-100 Vision™ systems, bringing the worldwide installed base to 350 units; more than 70 centers are using SRT systems to treat keloid scars in addition to skin cancer Launched a new line of laser systems for clinical and aesthetic dermatologic solutions; sold four laser systems in the first quarter of 2018 Opened a new subsidiary in Israel for research and development and sales Presented an abstract at the American Society for Dermatologic Surgery (ASDS) Annual Meeting illustrating the low recurrence rate of keloids post-keloidectomy using SRT
Management Commentary
"Our business momentum continued during the first quarter of 2018, and I am very pleased to report our 10 th consecutive quarter of double-digit revenue growth," said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. "Revenues of $6.0 million were up 37% over last year's first quarter and included strong sales of our feature-rich, premium-priced SRT-100-Vision™ system for the treatment of non-melanoma skin cancer and keloids. We also had a month's contribution from our new line of three lasers launched on March 1 under the Sensus Laser Systems brand. These lasers provide a wide range of aesthetic and clinical solutions, including tissue ablation, acne treatment, and hair and tattoo removal, among other uses, while providing our dedicated sales force with additional products as they call on dermatologists and Mohs surgeons."
Mr. Sardano added, "The growing contribution of SRT-100 Vision™ systems, which accounted for more than half of the units sold during the quarter, contributed to a year over year increase in gross margin to 66.2%, up from 65.6% in the prior-year's first quarter.
"We opened a subsidiary in Tel Aviv during the quarter with a two-pronged goal," Mr. Sardano continued. "With SRT-100 Vision™ systems already installed in Israel, we see opportunity to expand sales there while using this office as a springboard to the rest of the Middle East and Europe. Also, we are mindful of the wealth of aesthetic technology being developed in Israel, and believe there are multiple opportunities for collaboration to expand our product portfolio. We recently announced the further expansion of our reach with new distribution agreements in Mexico, Korea, Germany, Thailand, and Costa Rica.
"We continue to invest in research and development in the U.S., and are developing new applications, products and upgrades to our offerings that are expected to support revenue growth for the foreseeable future. We filed a 510(k) application with the U.S. FDA for our new SRT system for Intraoperative Radiation Therapy (IORT) for breast and other cancers. Our application is progressing through the Agency, and we are optimistic we will be in a position to launch this system by the end of the year. With this in mind, we are dividing our sales responsibilities for the International and Domestic Oncology Markets. Last week, we announced that Rick Golin, EVP and co-founder of the company, will focus on our expanding International business. Consequently, we are very pleased to announce the hiring of Ms. Rita Gable, a seasoned and well-respected sales professional who has spent the last 15 years of her career in the Oncology market and specifically, the past 8 years in Proton Therapy with the leader in that market, IBA. Rita will lead our sales team as Vice President of Sales – Oncology and will lead the introduction of IORT into the US market when it becomes available to the market."
Mr. Sardano continued, "I am pleased with the progress in China following the recent launch of the SRT-100 for the treatment and prevention of keloids. Along with our distributor in China, Chindex Medical, we are excited about the growth opportunity this new indication represents, as the number of Chinese with keloid scars is very large. We hope to receive clearance from the China Food and Drug Administration for the SRT-100 Vision™ system by the end of the year.
"We expect our installed base of SRT systems to increase to more than 400 by the end of 2018, and our confidence is supported by the excellent start to the year. While we are open to gaining mass through a strategic acquisition, we continue to invest in research and development and in sales and marketing to grow Sensus organically."
Financial Results for the Three Months Ended March 31, 2018
Revenues for the first quarter of 2018 increased 37% to $6.0 million, compared with $4.4 million for the first quarter of 2017. The increase is attributable to a higher number of units sold, in particular the SRT-100 Vision™, which has a higher average selling price.
Gross profit for the first quarter of 2018 was $3.9 million, or 66.2% of revenue, compared with $2.9 million, or 65.6% of revenue, for the first quarter of 2017. The higher gross profit margin was mainly due to a sales mix favoring the SRT-100 Vision™.
Selling and marketing expense for the first quarter of 2018 was $2.2 million, compared with $2.3 million for the first quarter of 2017.
General and administrative expense for the first quarter of 2018 was $1.3 million, compared with $1.0 million for the first quarter of 2017. The increase was due to stock compensation expense of over $0.5 million during the 2018 quarter. Excluding this non-cash expense, general and administrative expense decreased by over $0.1 million.
Research and development expense for the first quarter of 2018 was $1.5 million, compared with $1.1 million for the first quarter of 2017. The increase is due to the ongoing IORT project, along with additional development of new products.
The net loss for the first quarter of 2018 was $1.1 million, or $0.08 per share, compared with a net loss of $1.6 million, or $0.12 per share, for the first quarter of 2017.
Adjusted EBITDA for the first quarter of 2018 was $(0.5) million, compared with $(1.4) million for the first quarter of 2017. Adjusted EBITDA is defined as earnings before depreciation and amortization, income taxes, interest and stock-compensation expense. Please see below for a reconciliation between GAAP and non-GAAP financial measures, and the specific reasons these non-GAAP financial measures are provided.
Cash, cash equivalents and investments were $9.5 million as of March 31, 2018, compared with $10.1 million as of December 31, 2017.
Use of Non-GAAP Financial Information
This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Sensus Healthcare management uses Adjusted EBITDA, a non-GAAP financial measure, in its analysis of performance. Adjusted EBITDA should not be considered a substitute for GAAP basis measures nor should it be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of Adjusted EBITDA, which excludes the impact of interest, income taxes, depreciation, amortization and stock-compensation expense, provides useful supplemental information that is essential to a proper understanding of the financial results of Sensus Healthcare. Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods that differ from those used by Sensus Healthcare. As a complement to GAAP financial measures, management believes that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability. A reconciliation of the GAAP net loss to Adjusted EBITDA is provided in the schedule below.
SENSUS HEALTHCARE, INC.
GAAP TO NON-GAAP RECONCILIATION
(unaudited)
For the Three Months Ended March 31,
2018
2017
Net loss, as reported
$ (1,125,913)
$ (1,572,133)
Add:
Depreciation and amortization
100,533
94,157
Stock compensation expense
538,037
104,072
Interest, net
11,393
(16,100)
Adjusted EBITDA, non GAAP
$ (475,950)
$ (1,390,004)
Conference Call and Webcast
The Company will host an investment community conference call today beginning at 4:30 p.m. Eastern time, during which management will discuss financial results for the 2018 first quarter, provide a business update and answer questions. To access the conference call, the dial-in numbers are 855-940-9473 (U.S. Toll Free), 412-317-5220 (International) and 855-669-9657 (Canada Toll Free). Please direct the operator to be connected to the Sensus Healthcare call.
Following the conclusion of the conference call, a replay will be available through May 10, 2018 and can be accessed by dialing 877-344-7529 (U.S. Toll Free), 412-317-0088 (International) and 855-669-9658 (Canada Toll Free). All listeners should provide the following replay access code: 10119889. The call will also be archived on the Company's website for a period of time at www.sensushealthcare.com .
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company that is committed to providing non-invasive and cost-effective treatment for non-melanoma skin cancers and keloids. Sensus uses a proprietary low energy X-ray technology known as superficial radiation therapy (SRT), which is a result of over a decade of dedicated research and development. Sensus has successfully incorporated SRT therapy into its portfolio of treatment devices, the SRT-100™ and SRT-100 Vision™. To date, SRT technology has been used to effectively and safely treat oncological and non-oncological skin conditions in thousands of patients. For more information, visit http://www.sensushealthcare.com .
Forward-Looking Statements
This press release includes statements that are, or may be deemed, ''forward-looking statements.'' In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or, in each case, their negative or other variations thereon or comparable terminology, although not all forward-looking statements contain these words.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics, and healthcare, regulatory and scientific developments and depend on the economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of, among other factors: our ability to achieve and sustain profitability; market acceptance of the SRT-100 product line; our ability to successfully commercialize our products, including the SRT-100; our ability to compete effectively in selling our products and services, including responding to technological change and cost containment efforts of our customers; our need and ability to obtain additional financing in the future, as well as complying with the restrictions our existing revolving credit facility imposes; our ability to expand, manage and maintain our direct sales and marketing organizations; our actual financial results may vary significantly from forecasts and from period to period; our ability to successfully develop new products, improve or enhance existing products or acquire complementary products, technologies, services or businesses; our ability to obtain and maintain intellectual property of sufficient scope to adequately protect our products, including the SRT-100, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; market risks regarding consolidation in the healthcare industry; the willingness of healthcare providers to purchase our products if coverage, reimbursement and pricing from third party payors for procedures using our products declines; the level and availability of government and third party payor reimbursement for clinical procedures using our products; our ability to effectively manage our anticipated growth, including hiring and retaining qualified personnel; the regulatory requirements applicable to us and our competitors; our ability to manufacture our products to meet demand; our reliance on third party manufacturers and sole- or single-source suppliers; our ability to reduce the per unit manufacturing cost of the SRT-100; our ability to efficiently manage our manufacturing processes; the regulatory and legal risks, and certain operating risks, that our international operations subject us to; off label use of our products; the fact that product quality issues or product defects may harm our business; the accuracy of our financial statements and accounting estimates, including allowances for accounts receivable and inventory obsolescence; any product liability claims; limited trading in our shares and the concentration of ownership of our shares; cyberattacks and other data breaches and the adverse effect on our reputation; new legislation, administrative rules, or executive orders, including those that impact taxes and international trade regulation; the provisions in our certificate of incorporation, bylaws, or Delaware law that discourage takeovers or that limit certain disputes to be brought exclusively in the Delaware Court of Chancery; concentration of our customers in the U.S. and China; and other risks described from time to time in Sensus Healthcare's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K.
In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release. You should read carefully our "Cautionary Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
(Tables to follow)
SENSUS HEALTHCARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
As of March 31,
As of December 31,
2018
2017
Assets
Current Assets
Cash and cash equivalents
$
9,516,479
$
10,085,468
Accounts receivable, net
8,062,946
4,958,255
Inventories
1,233,454
1,171,383
Investment in debt securities
—
1,104,635
Prepaid and other current assets
477,533
566,972
Total Current Assets
19,290,412
17,886,713
Property and Equipment, Net
605,235
394,078
Patent Rights, Net
506,026
530,123
Deposits
26,936
24,272
Total Assets
$
20,428,609
$
18,835,186
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable and accrued expenses
$
4,155,764
$
4,067,894
Product warranties
140,045
146,722
Deferred revenue, current portion
663,643
652,242
Total Current Liabilities
4,959,452
4,866,858
Revolving Credit Facility
4,215,633
2,214,970
Deferred Revenue, Net of Current Portion
66,687
73,083
Total Liabilities
9,241,772
7,154,911
Commitments and Contingencies
Stockholders' Equity
Preferred stock, 5,000,000 shares authorized and none issued and outstanding
—
—
Common stock, $0.01 par value – 50,000,000 authorized; 13,601,456 issued and 13,568,002 outstanding at March 31, 2018; 13,522,168 issued and 13,488,714 outstanding at December 31, 2017
136,014
135,221
Additional paid-in capital
23,813,323
23,181,641
Treasury stock, 33,454 shares at cost, at March 31, 2018 and December 31, 2017, respectively
(133,816)
(133,816)
Accumulated deficit
(12,628,684)
(11,502,771)
Total Stockholders' Equity
11,186,837
11,680,275
Total Liabilities and Stockholders' Equity
$
20,428,609
$
18,835,186
SENSUS HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the Three Months Ended March 31,
2018
2017
Revenues
$
5,955,462
$
4,354,349
Cost of Sales
2,015,200
1,499,701
Gross Profit
3,940,262
2,854,648
Operating Expenses
Selling and marketing
2,214,911
2,263,481
General and administrative
1,342,253
1,043,953
Research and development
1,497,618
1,135,426
Total Operating Expenses
5,054,782
4,442,860
Loss From Operations
(1,114,520)
(1,588,212)
Other Income (Expense)
Interest income
22,022
22,720
Interest expense
(33,415)
(6,641)
Other Income (Expense), net
(11,393)
16,079
Net Loss
$
(1,125,913)
$
(1,572,133)
Net loss per share – basic and diluted
$
(0.08)
$
(0.12)
Weighted average number of shares used in computing net loss per share – basic and diluted
13,331,553
13,219,170
View original content: http://www.prnewswire.com/news-releases/sensus-healthcare-reports-first-quarter-financial-results-featuring-37-revenue-growth-300642401.html
SOURCE Sensus Healthcare, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-sensus-healthcare-reports-first-quarter-financial-results-featuring-37-percent-revenue-growth.html |
SHANGHAI, May 15, 2018 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced that it will release its unaudited financial results for the first quarter 2018 after the U.S. market closes on Tuesday, May 29, 2018. The earnings release will be available on the investor relations section of the Company's website at http://ir.noahwm.com .
Following the earnings announcement, the Company's senior management will host a combined English and Chinese language conference call to discuss the Company's financial results and recent business activities. The conference call may be accessed with the following details:
C onference call details
Date/Time
Tuesday, May 29, 2018 at 8:00 p.m., U.S. Eastern Time
Wednesday, May 30, 2018 at 8:00 a.m., Hong Kong Time
Dial in details
- United States Toll Free
+1-866-311-7654
- Mainland China Toll Free
4001-201-203
- Hong Kong Toll Free
800-905-945
- International
+1-412-317-5227
Conference Title
Noah Holdings First Quarter 2018 Earnings Call
Participant Password
Noah Holdings
A telephone replay will be available starting one hour after the end of the conference call until June 5, 2018 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll). The replay access code is 10120296.
A live and archived webcast of the conference call will be available at Noah's investor relations website under the News & Events section at http://ir.noahwm.com .
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises. In the full year 2017, Noah distributed RMB117.4 billion (US$18.0 billion) of financial products. Through its subsidiary, Gopher Asset Management, Noah had assets under management of RMB148.3 billion (US$22.8 billion) as of December 31, 2017.
Noah's wealth management business primarily distributes onshore and offshore fixed income, private equity, secondary market equity and insurance products. Noah delivers customized financial solutions to clients through a network of 1,335 relationship managers across 237 branches and sub-branches in 79 cities in mainland China, and serves the international investment needs of its clients through subsidiaries in Hong Kong, Taiwan, Canada, Australia and the United States. The Company's wealth management business had 186,918 registered clients as of December 31, 2017. As a leading alternative asset manager in China, Gopher Asset Management manages private equity, real estate, secondary market equity, credit and other investments denominated in both Renminbi and foreign currencies. The Company also provides other financial services, including online wealth management, lending services and payment technology services.
For more information, please visit Noah at ir.noahwm.com .
Contacts:
Eva Ma
Noah Holdings Limited
Tel: +86 21-8035-9221
[email protected]
View original content: http://www.prnewswire.com/news-releases/noah-holdings-limited-to-announce-first-quarter-2018-financial-result-on-tuesday-may-29-2018-300648534.html
SOURCE Noah Holdings Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-noah-holdings-limited-to-announce-first-quarter-2018-financial-result-on-tuesday-may-29-2018.html |
Cisco warns of major potential hack in Ukraine 9:13am EDT - 02:02
CISCO's cyber intelligence unit Talos on Wednesday saying hackers have infected at least half a million routers and storage devices in dozens of countries around the world for a possible cyber attack on Ukraine next month. ▲ Hide Transcript ▶ View Transcript
CISCO's cyber intelligence unit Talos on Wednesday saying hackers have infected at least half a million routers and storage devices in dozens of countries around the world for a possible cyber attack on Ukraine next month. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KPY0X8 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/23/cisco-warns-of-major-potential-hack-in-u?videoId=429604967 |
May 17 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
- Senate Democrats narrowly won a vote on Wednesday to save so-called net neutrality rules that ensure unobstructed access to the internet. nyti.ms/2KrJHre
- Mark Zuckerberg, Facebook Inc's chief executive, plans to meet with members of the European Parliament as early as next week, the latest stop in a wide-ranging apology tour over the social network's use of people's personal data. nyti.ms/2wPSFg4
- For a dynastic drama that played out over decades, with sons falling in and out of favor and an aging father unwilling to loosen his grasp, the accession on Wednesday was anticlimactic: Lachlan Murdoch, as expected, was named chief executive and chairman of his family's shrinking television conglomerate, Twenty-First Century Fox Inc . nyti.ms/2k4N4JQ
- Didi Chuxing, China's wildly popular ride-sharing service, said on Wednesday that it would overhaul its app and its safety and security practices, after reports that a passenger had been raped and killed by her driver. nyti.ms/2k3Z3ac
- Novartis's top lawyer is to retire from the company over payments made by the pharmaceutical giant to President Trump's personal lawyer Michael D. Cohen, the Swiss drug maker said on Wednesday. nyti.ms/2rU3SH1 (Compiled by Bengaluru newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-may-17-idUSL3N1SO1XU |
May 23, 2018 / 10:06 AM / in 32 minutes Kuwait Petroleum plans $2.6 bln loan for LNG terminal -sources Davide Barbuscia , Tom Arnold 2 Min Read
DUBAI, May 23 (Reuters) - A Kuwait Petroleum Corporation-owned firm plans to borrow up to $2.6 billion from banks and export credit agencies to build a liquefied natural gas import terminal, banking sources said.
Kuwait Integrated Petroleum Industries Company (KIPIC) will use the money raised to develop the terminal at Kuwait’s Al Zour complex, which also has a refinery and a petrochemical facility.
KPC did not respond to requests for comment on the planned loan for the LNG facility, which will be used to meet domestic demand for gas and is expected to be operating by 2020.
Japan’s Sumitomo Mitsui Banking Corporation (SMBC) is advising KIPIC on the financing, which will also include a loan denominated in Kuwaiti dinars and backed by local banks.
Hyundai Engineering, Hyundai Engineering & Construction and Korea Gas Corporation are building the project, the banking sources told Reuters.
The $2.6 billion international debt facility, with a maturity of around 15 years, is coordinated by four banks, and will partly be backed by the Export-Import Bank of Korea (Kexim) and Korea Trade Insurance Corporation (K-Sure).
The local loan will be worth up to $800 million, with Islamic and conventional tranches, one source said. Kuwait Finance House is leading the Islamic tranche and National Bank of Kuwait the conventional one, with Gulf Bank and Commercial Bank of Kuwait also involved.
State-owned KPC plans to invest more than $500 billion by 2040 as it aims to boost its crude oil production capacity to 4.75 million barrels per day by then.
KPC expects to spend $114 billion in capex over the next five years and an additional $394 billion beyond that to 2040, Chief Executive Nizar al-Adsani said this year. (Editing by Alexander Smith) | ashraq/financial-news-articles | https://www.reuters.com/article/kuwait-petroleum-loan-lng/kuwait-petroleum-plans-2-6-bln-loan-for-lng-terminal-sources-idUSL5N1SU2AQ |
An Illinois environmental advocacy group has sued a unit of Texas-based Vistra Energy accusing it of violating the U.S. Clean Water Act by polluting Illinois’ Vermilion River with heavy metals from a retired power plant’s coal ash pits.
Filed on Wednesday by the Prairie Rivers Network, the lawsuit said “seeps,” or leaks from the ash pits, are polluting the river with lead, arsenic and other toxins that pose risks to aquatic life, animals and people.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/dynegy-lawsuit-coal/dynegy-sued-over-pollution-from-retired-illinois-power-plant-idUSL2N1T128H |
May 23, 2018 / 4:01 AM / Updated 5 hours ago University of Southern California torn by scandal surrounding gynecologist Steve Gorman 5 Min Read
LOS ANGELES (Reuters) - Two-hundred faculty members of the University of Southern California on Tuesday called for the USC’s top official to resign over the school’s handling of complaints that a campus health clinic gynecologist sexually abused his patients during pelvic exams. The University of Southern California is pictured in Los Angeles, California, U.S., May 22, 2018. REUTERS/Mike Blake
The demand for USC President C.L. Max Nikias to step down came in an open letter from professors to the school’s Board of Trustees as USC faced a mounting tide of litigation accusing Dr. George Tyndall of misconduct and the university of complicity and negligence.
Tyndall resigned from the university last year after an internal inquiry found his pelvic examination practices were beyond accepted medical standards and that he had harassed patients.
More than 2,200 students, alumni and others at USC, one of the most prestigious private U.S. institutions of higher education, signed a separate online petition calling for Nikias’ ouster as the campus reeled from its third major personnel scandal since last year.
The university has acknowledged failing to properly act on at least eight complaints made against Tyndall between 2000 and 2014. Several former patients have filed civil lawsuits in the past two days, and one new accusation lodged in a sworn declaration released on Tuesday dates back to 1991.
A hotline and special website that USC set up recently have received about 200 more reports from concerned patients, the university said.
The Chinese government last week voiced “deep concern” over reports that many of Tyndall’s alleged victims were foreign students from China.
Tyndall, 71, could not be reached by Reuters for comment. However, in interviews with the Los Angeles Times he has denied wrongdoing and defended the efficacy of his medical exams. The University of Southern California is pictured in Los Angeles, California, U.S., May 22, 2018. REUTERS/Mike Blake NO ACTIVE CRIMINAL PROBE
The university recently brought the situation to the attention of the Los Angeles County District Attorney’s Office, which referred the matter on May 9 to the Los Angeles Police Department “to investigate potential criminal misconduct,” a spokesman for the D.A. said in an email.
An LAPD spokesman, Tony Im, said on Tuesday police “have no active criminal investigation on this matter.”
Responding to the faculty letter, USC Board of Trustees Chairman John Mork said in a statement that the board’s executive committee had “full confidence” in Nikias.
Mork called the reports surrounding Tyndall “distressing.”
Nikias acknowledged the “faculty’s anger and frustration” in a statement on Tuesday, and said he was “committed to working with them” to implement a new action plan to address the crisis and to “change the culture.” The University of Southern California is pictured in Los Angeles, California, U.S., May 22, 2018. REUTERS/Mike Blake
Nikias came under fire last year over accusations of chronic drug abuse by a former USC medical school dean and allegations of sexual harassment by another medical school dean.
Those scandals were cited in both the faculty letter and the online petition as evidence of Nikias’ failures as president.
“He has lost the moral authority to lead the university,” the letter said. “The university administration’s actions have been wrong at every turn.”
The letter pointed to the fact, acknowledged by USC, that the university allowed Tyndall to quietly resign last year, following the inquiry, without reporting him to the state medical board.
The university said it initially declined to report Tyndall to the medical board because he stated his intention then to retire, but USC did report him after he sought reinstatement in March.
“In hindsight, we should have made this report eight months earlier when he separated from the university,” Nikias said in a letter to the campus last week.
“It is true that our system failed, but it is important that you know that this claim of a cover-up is patently false,” USC Provost Michael Quick said in a message posted on Monday.
Several accusers who alleged Tyndall molested them under the guise of medical treatment recounted a sense of something being wrong at the time but not fully comprehending the encounters as sexual abuse until reading about other allegations in the Los Angeles Times earlier this month.
One USC graduate identified only as Jane Doe alleged in a sworn declaration released by her attorney on Tuesday that Tyndall had taken pictures of her genitals with a camera during a pap smear appointment, then tried to deny it, in 1991.
Eight complaints reported in the early 2000s to a former health center director, who has since died, were never brought to light until they were uncovered during the course of an investigation the university opened in 2016.
That probe was launched, and Tyndall was suspended, after a staff member at the student health center came forward with reports that he had made sexually inappropriate comments to patients. Reporting by Steve Gorman in Los Angeles; Additional reporting by Dana Feldman in Los Angeles; Editing by Neil Fullick | ashraq/financial-news-articles | https://www.reuters.com/article/us-usc-gynecologist-lawsuit/university-of-southern-california-torn-by-scandal-surrounding-gynecologist-idUSKCN1IO0DC |
May 28, 2018 / 12:49 AM / Updated 12 minutes ago U.S. stock futures up on North Korea, euro shaken by Italy, oil falls Hideyuki Sano 5 Min Read
TOKYO (Reuters) - U.S. stock futures rose on Monday on signs that the United States and North Korea are still working towards holding a summit next month, while oil prices extended losses on expectations of more supply from major producers. Men walk past an electronic board showing market indices outside a brokerage in Tokyo, Japan, March 2, 2016. REUTERS/Thomas Peter
The euro edged up from a 6-1/2-month low but is seen vulnerable after efforts to form a coalition government in Italy, the currency bloc’s third-biggest economy, collapsed over the weekend.
U.S. S&P500 mini futures ESc1 rose 0.3 percent in early Asian trade, but market holidays in the world’s two biggest financial centres — London and New York — could make trading slow and illiquid for the day.
Japan's Nikkei .N225 gained 0.3 percent in early trade, while South Korea's Kospi .KS11 rose 0.5 percent, buoyed by stocks which are seen as benefiting from a further thawing in tensions with Pyongyang.
But markets elsewhere in Asia appeared little fazed by the latest North Korean news after a week of conflicting signals from Washington. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat.
President Donald Trump said on Sunday a U.S. team had arrived in North Korea to prepare for a proposed summit between him and North Korean leader Kim Jong Un, which Trump pulled out of last week before reconsidering.
“While we can’t say for sure how much they can agree, both sides seem to want to make progress,” said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.
Mizuho sees a 10 percent chance that the summit, so far planned on June 12, will not take place, a 20 percent chance of a truce deal struck at the meeting and a 70 percent likelihood of the summit leading to more talks without producing immediate deals on denuclearisation, he said. The facade New York Stock Exchange (NYSE) is seen in New York City's financial district, in New York, U.S., May 21, 2018. REUTERS/Brendan McDermid
Oil prices extended their decline since last Tuesday on growing expectations that major oil producers may ease their 17-month-old production cuts.
A return to the oil production levels that were in place in October 2016, the baseline for the current deal to cut output, is one of the options for easing curbs, Russia’s energy minister said on Saturday.
His comments came after the energy ministers of Russia and Saudi Arabia met to review the terms of a global oil supply, ahead of a key OPEC meeting in Vienna next month.
Brent crude futures LCOc1 dropped to as low as $75.71 per barrel, their lowest level in about three weeks. They last stood at $76.05, down 0.5 percent.
U.S. crude futures CLc1 dropped to $67.00 per barrel, their May 1 low of $66.85 and last stood at $67.37, down 0.8 percent.
In the currency market, the euro bounced back from a low of $1.1646 touched on Friday to trade at $1.1685 EUR= .
Italian president Sergio Mattarella rejected a eurosceptic pick for the key economy ministry by the two anti-establishment parties aiming to form a coalition government, the 5-Star Movement and the League.
5-Star leader Luigi Di Maio, whose party won the most seats at an inconclusive March 4 vote, demanded that parliament impeach Mattarella, triggering a possible constitutional crisis and opening the prospect of fresh elections.
The 10-year Italian bond yield IT10YT=TWEB has risen 67 basis points, or 0.67 percentage point, so far this month, on course to make its biggest monthly rise since late 2011.
Its yield spread over benchmark German Bunds rose above 200 basis points for the first time in over a year.
“If the Italian debt prices fall further, people will have to do more hedging, say by selling the euro and so on. The issue will be the biggest focus for markets this week,”
While no one thinks the country will default, people need to make hedging when they face sharp price moves,” said Takafumi Yamawaki, head of currency and fixed income research at J.P. Morgan Securities in Tokyo.
Investors are also increasingly wary of Spain, where Prime Minister Mariano Rajoy is facing growing pressure to resign over a graft case involving his party.
The spread of the Spanish-German debt yields rose to about 105 basis points, the highest since January.
The dollar rose 0.3 percent against the yen in early Monday trade to 109.66 yen JPY= , extending its recovery from Thursday's 108.955 on optimism on the upcoming U.S.-North Korea summit.
Elsewhere, bitcoin traded at $7,343 BTC=BTSP , falling below its 365-day moving average, which stood around $7,360. Editing by Kim Coghill | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-global-markets/u-s-stock-futures-up-on-north-korea-euro-shaken-by-italy-oil-falls-idUKKCN1IT01Q |
Hells Kitchen isn’t the swankiest neighborhood in New York City. So if you’re putting a condo on the market and have decided to ask twice as much as the record sale in the area, you’d better have some pretty good perks.
Daniel Neiditch is pretty confident he has a great perk—so confident that he’s seeking $85 million for a 15,000 square foot space located at 42nd St. and 12th Ave. in Manhattan. And topping the list of perks is a pair of seats on an upcoming Virgin Galactic space flight (retail price: $250,000).
There are plenty of other incentives. Buyers will also get two Rolls-Royce Phantoms and a Lamborghini Aventador roadster. Tired of the road? Slip out onto the nearby Hudson river on the $1 million, 75-foot yacht that’s included (along with five years of docking fees on the Hudson). And if you need to get away, but want to stay on the planet, you’ll get a summer stay in a mansion in the Hamptons that typically rents for $350,000 a season.
Also included? Courtside seats to the Brooklyn Nets (worth $225,00), a live-in butler, private chef, and a year’s worth of weekly dinners for two at the flagship restaurant of Michelin star chef Daniel Boulud.
It’s an expensive place, no doubt, though it falls short of the asking price for the Clampett Mansion from The Beverly Hillbillies and a $175 million estate in the Hamptons that was listed last fall . Also, New York has nothing on Hong Kong when it comes to real estate prices.
Here’s the kicker. The condo has been on the market for five years, in large part because of its exorbitant price, but also because it requires renovation and the new buyer will need to displace current residents. (The ‘penthouse’ is actually 13 separate units on one floor currently, which are filled with month-to-month renters.)
And while Neiditch, who’s president of River 2 River Realty in New York, has added some eye-catching perks, other pros say they’re not certain it’s enough to sway a buyer.
“People only pile up giveaways when they won’t reduce the price. It has never made a lot of sense to me,” one unnamed broker told the New York Post . “You are millions of dollars overpriced and you think throwing in a $250,000 car is going to make it better?” | ashraq/financial-news-articles | http://fortune.com/2018/05/17/nyc-condo-manhattan-free-trip-to-space/ |
George Harrison's first electric guitar hits the auction block 10:23pm IST - 01:26
Items from rock and pop legends go up for grabs in New York. Rough cut (no reporter narration)
Items from rock and pop legends go up for grabs in New York. Rough cut (no reporter narration) //reut.rs/2GgJWTK | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/george-harrisons-first-electric-guitar-h?videoId=427168514 |
May 24, 2018 / 12:20 PM / a few seconds ago Rugby - Whiteley blow for Boks as comeback put on hold Mark Gleeson 2 Min Read
JOHANNESBURG (Reuters) - An expected comeback for Warren Whiteley this weekend has been put on hold, effectively ending his chances of an international return when South Africa play Wales and England next month and opening up the Springbok captaincy. FILE PHOTO: Twickenham Stadium, London - 11/11/16 South Africa's Warren Whiteley and Bongi Mbonambi during the captain's run Action Images via Reuters / Andrew Boyers/File Photo
Whiteley, 30, participated in full training this week and was expected to be in Super Rugby action for the Lions against the Stormers in Cape Town on Saturday, hours before new national coach Rassie Erasmus is to name his squad for the June 2 international against Wales in Washington DC and three subsequent tests at home to the touring English.
It would have been a timely return, but Whiteley was left out of the Lions line-up without explanation when the team was named on Thursday.
He missed six months last year with a groin injury and has sat out most of this year with a troublesome knee injury. FILE PHOTO: Rugby Test - Ireland v South Africa - Johannesburg - 18/06/16. South Africa's Warren Whiteley scores a try . REUTERS/Siphiwe Sibeko/File Photo
Whiteley was named South Africa captain last year but was injured in the build-up to the final test of the three-match series against France last June.
He missed the entire Rugby Championship campaign against Argentina, Australia and New Zealand, plus away tests against Ireland, France, Italy and Wales in November and December.
Eben Etzebeth took over as Springbok skipper but he, too, has not played this year, having undergone surgery on his shoulder.
Though speculation around the captaincy continues, there have been local media reports saying that Etzebeth could be named in the squad after stepping up his training regime in recent weeks. Reporting by Mark Gleeson; Editing by David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-zaf-whiteley/rugby-whiteley-blow-for-boks-as-comeback-put-on-hold-idUKKCN1IP1UN |
May 7, 2018 / 5:16 PM / Updated 5 minutes ago Uber hires former NTSB chair to advise on safety culture after fatal crash Reuters Staff 1 Min Read
(Reuters) - Uber Technologies Inc said Monday it has hired a former National Transportation Safety Board (NTSB) chairman to advise the company on its safety culture after a fatal self-driving crash in Arizona. A man arrives at the Uber offices in Queens, New York, U.S. on February 2, 2017. REUTERS/Brendan McDermid/Files
“We have initiated a top-to-bottom safety review of our self-driving vehicles program, and we have brought on former NTSB Chair Christopher Hart to advise us on our overall safety culture,” Uber said Monday. “Our review is looking at everything from the safety of our system to our training processes for vehicle operators, and we hope to have more to say soon.”
A 49-year-old woman was killed in March after being hit by an Uber self-driving sports utility vehicle while walking across a street in Phoenix, leading the company to suspend testing of autonomous vehicles. Arizona’s governor also ordered a halt to Uber’s testing. Reporting by David Shepardson; editing by Jonathan Oatis | ashraq/financial-news-articles | https://in.reuters.com/article/uber-selfdriving/uber-hires-former-ntsb-chair-to-advise-on-safety-culture-after-fatal-crash-idINKBN1I81Z6 |
THOOTHUKUDI, India, May 24 (Reuters) - Indian authorities on Thursday cut the power to a large copper smelter run by London-listed Vedanta Resources after police shot and killed 13 people in protests against what they say is pollution generated by the plant.
The pollution control board of the southern state of Tamil Nadu said the smelter, which was shut pending renewal of its operating licence, was found last week to be carrying out activity to resume production without permission.
“The issue of renewal of consent for the year 2018-2023 has been rejected ... due to non compliance of certain conditions,” the Tamil Nadu Pollution Control Board (TNPCB) said in an order dated Wednesday.
It did not elaborate on the conditions the smelter had not met but said it “shall be disconnected with power supply and closed with immediate effect”.
The agency told Vedanta it could not resume operations without permission.
On Tuesday, police opened fire on protesters demanding that the smelter in the port city of Thoothukudi be shut down. In all, 13 protests have been killed this week.
Residents and environmental activists say emissions from the plant, India’s second biggest, are polluting the air and water, affecting people’s health.
The plant has been shut for more than 50 days and had been ordered to stay closed until at least June 6, pending environmental clearances.
Vedanta has denied that the smelter has been polluting the air and water.
Reuters has sought comment from the company over the allegation that it was trying to resume production but company spokesman were not immediately available for comment. (Reporting by Sudarshan Varadhan Writing by Krishna N. Das Editing by Sanjeev Miglani, Robert Birsel)
| ashraq/financial-news-articles | https://www.reuters.com/article/vedanta-smelter/india-cuts-power-to-smelter-after-deadly-anti-pollution-protests-idUSL3N1SV3JZ |
By Erin Corbett 1:23 PM EDT
An American Airlines passenger was arrested on Wednesday after arguing with a flight attendant and fighting with another passenger on a Miami-bound flight from St. Croix. The altercation started when a passenger, who was later identified by FBI agents as Jason Felix, was causing a stir in the bathroom, the Washington Post reported .
After noises were coming from the bathroom of Flight 1293—where Felix was opening and closing cabinets—a flight attendant opened the door to check on him. Felix slammed the door and locked it. Once he re-emerged from the bathroom, the passenger started a ruckus, yelling when the flight attendant wouldn’t serve him more alcohol.
A series of videos from the flight show the passenger yelling at the flight attendant, using homophobic slurs and throwing punches. He also started a fight with another passenger, spit blood on him, and threatened to kill him, according to WPLG .
About an hour into the flight, Felix pressed the button to call a flight attendant so he could order another beer, and the attendant refused. He then chased the flight attendant and demanded to be served. One video shows the flight attendant telling Felix he needs to “please sit down,” with the crew member adding, “I’m not bringing you more beers.” After the flight attendant walked away, Felix and his seatmate got into an altercation. “They appeared to be hitting each other,” according to FBI documents, cited by the Post .
In another video , passengers appear to be holding Felix back, as he claims, “I know my rights … That man is going to lose his job.”
A man seated in the aisle next to Felix later told the FBI he knew him from the Virgin Islands. The man, who said he was a police officer, told the FBI that Felix’s reputation was “not good” the Post reported. According to documents, Felix began yelling at the man, “I’m going to kill you. I know you are a cop.”
A written statement issued by American Airlines to ABC News read: “On Wednesday, May 23, American Airlines requested law enforcement meet flight 1293 from St. Croix to Miami due to a disruptive passenger. We thank our crew for taking care of our customers and are proud of the work they do every single day. Please contact law enforcement for additional details.”
Felix is facing charges of interfering with a flight crew, which can carry up to a 20-year sentence, according to the Post . | ashraq/financial-news-articles | http://fortune.com/2018/05/27/american-airlines-passenger-arrested-alcohol/ |
CHARLESTON, S.C. (Reuters) - South Carolina has become the first U.S. state to pass legislation to fight anti-Semitism on campus, after supporters of the measure said it would help colleges battle discrimination amid growing numbers of such incidents nationwide.
The bill passed the South Carolina House by 86 votes to 4 late on Wednesday. Its sponsor, Republican Representative Alan Clemmons, said its passage showed the state was “leading the fight against anti-Semitism.” Opponents of the measure said they thought it went too far into censoring critics of Israel’s government.
Governor Henry McMaster was expected to sign the measure into law when it reaches his desk, a spokesman said.
The number of anti-Semitic incidents in the United States surged by 57 percent last year, the Anti-Defamation League said in February. The advocacy group said that marked the largest single-year increase on record.
The legislation defines anti-Semitism as including calling for attacks on Jews, blaming Israel for all political tensions, and denying its right to exist. Opponents of the bill had argued it trampled on free speech and could stifle academic debate.
The bill says colleges must consider its definition of anti-Semitism when investigating allegations of discrimination on campus.
While Tennessee has similar legislation pending, no other state has passed a law like the one in South Carolina, according to Sunny Deye, education program director for the National Conference of State Legislatures.
South Carolina Democratic Senator Brad Hutto, who opposed the bill, said its proponents were trying to inject the state’s lawmakers into a foreign policy debate.
“If state government has a role, let’s just say we’re against discrimination,” Hutto said.
Joe Cohn, legislative and policy director for the non-partisan Foundation for Individual Rights in Education, said the legislation would insert “a tremendous amount of censorship onto college campuses around discussions of Israel and its policies.”
But Clemmons, the bill’s sponsor, said it was long overdue.
“I see Jews at the point of the hate spear in this country,” Clemmons said.
Reporting by Harriet McLeod in Charleston; Editing by Daniel Wallis and David Gregorio
| ashraq/financial-news-articles | https://www.reuters.com/article/us-south-carolina-antisemitism/south-carolina-passes-bill-to-fight-anti-semitism-on-campus-idUSKBN1I41JC |
SIOUX FALLS, S.D., May 11, 2018 (GLOBE NEWSWIRE) -- Raven Industries, Inc. (NASDAQ:RAVN) announced today that it will issue its fiscal 2019 first-quarter results after market close on Thursday, May 17, 2018.
Following the release, the Company will host an investor conference call on Friday, May 18, 2018 at 9:00 a.m. Central Time. To join the conference call, please dial +1 (866) 393-0676. Alternatively, the call may be accessed through the Investor Relations section of the company’s website at http://investors.ravenind.com . For those unable to listen live, an audio replay of the event will be archived on the Company’s website.
About Raven Industries, Inc.
Raven Industries (NASDAQ: RAVN) is dedicated to providing innovative, high-value products and solutions that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and lighter-than-air technologies. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, high performance, and unmatched service. For more information, visit http://ravenind.com .
Contact Information
Bo Larsen, Investor Relations Director
Raven Industries, Inc.
+1 (605) 336-2750
Source: Raven Industries
Source:Raven Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-raven-industries-announces-conference-call-to-discuss-first-quarter-fiscal-2019-results.html |
- Product Sales of $5.0 billion -
- Diluted EPS of $1.17 per share -
- Non-GAAP Diluted EPS of $1.48 per share -
- Reiterates Full Year 2018 Guidance -
FOSTER CITY, Calif.--(BUSINESS WIRE)-- Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the first 2018. The financial results that follow represent a year-over-year comparison of the first quarter 2018 to the first quarter 2017. Total revenues were $5.1 billion in 2018 compared to $6.5 billion in 2017. Net income was $1.5 billion or $1.17 per diluted share in 2018 compared to $2.7 billion or $2.05 per diluted share in 2017. Non-GAAP net income, which excludes amounts related to acquisition-related, stock-based compensation and other expenses, and unrealized gains from marketable equity securities, was $2.0 billion or $1.48 per diluted share in 2018 compared to $2.9 billion or $2.23 per diluted share in 2017.
Three Months Ended March 31, (In millions, except per share amounts) 2018 2017 Product sales $ 5,001 $ 6,377 Royalty, contract and other revenues 87 128 Total revenues $ 5,088 $ 6,505 Net income attributable to Gilead $ 1,538 $ 2,702 Non-GAAP net income *
$ 1,958 $ 2,949 Diluted earnings per share $ 1.17 $ 2.05 Non-GAAP diluted earnings per share *
$ 1.48 $ 2.23 *
Non-GAAP net income and non-GAAP diluted earnings per share exclude acquisition-related, stock-based compensation and other expenses, and unrealized gains from marketable equity securities. A reconciliation between GAAP and non-GAAP financial information is provided in the tables on pages 7 and 8.
Product Sales
Total product sales for the first quarter of 2018 were $5.0 billion compared to $6.4 billion for the same period in 2017. Product sales for the first quarter of 2018 were $3.5 billion in the United States, $1.0 billion in Europe and $469 million in other locations. Product sales for the first quarter of 2017 were $4.5 billion in the United States, $1.3 billion in Europe and $661 million in other locations.
Antiviral Product Sales
Antiviral product sales, which include sales of HIV, chronic hepatitis B (HBV) and chronic hepatitis C (HCV) products, were $4.4 billion for the first quarter of 2018 compared to $5.8 billion for the same period in 2017.
HIV and HBV product sales were $3,329 million for the first quarter of 2018 compared to $3,265 million for the same period in 2017. The increase was primarily due to the continued uptake of tenofovir alafenamide (TAF)-based products, which include Genvoya ® (elvitegravir 150 mg/cobicistat 150 mg/emtricitabine 200 mg/tenofovir alafenamide 10 mg), Descovy ® (emtricitabine 200 mg/tenofovir alafenamide 25 mg) and Odefsey ® (emtricitabine 200 mg/rilpivirine 25 mg/tenofovir alafenamide 25 mg). HCV product sales, which consist of Epclusa ® (sofosbuvir 400 mg/velpatasvir 100 mg), Harvoni ® (ledipasvir 90 mg/sofosbuvir 400 mg), Vosevi ® (sofosbuvir 400 mg/velpatasvir 100 mg/voxilaprevir 100 mg) and Sovaldi ® (sofosbuvir 400 mg), were $1,046 million for the first quarter of 2018 compared to $2,576 million for the same period in 2017. The decline was primarily due to lower sales of Harvoni and Sovaldi across all major markets and lower sales of Epclusa in the United States as a result of increased competition.
Other Product Sales
Other product sales, which include Letairis ® (ambrisentan), Ranexa ® (ranolazine), AmBisome ® (amphotericin B liposome for injection) and Yescarta ® (axicabtagene ciloleucel), were $626 million for the first quarter of 2018 compared to $536 million for the same period in 2017.
Operating Expenses
Three Months Ended March 31, (In millions) 2018 2017 Research and development expenses (R&D) $ 937 $ 931 Non-GAAP R&D expenses * $ 814 $ 889 Selling, general and administrative expenses (SG&A) $ 997 $ 850 Non-GAAP SG&A expenses * $ 884 $ 807 * Non-GAAP R&D and SG&A expenses exclude acquisition-related, stock-based compensation and other expenses. A reconciliation between GAAP and non-GAAP financial information is provided in the tables on pages 7 and 8.
During the first quarter of 2018, compared to the same period in 2017:
R&D expenses increased primarily due to stock-based compensation expenses associated with Gilead’s acquisition of Kite Pharma, Inc. (Kite). The increase was partially offset by lower expenses resulting from Gilead’s purchase of a U.S. Food and Drug Administration (FDA) priority review voucher in the first quarter of 2017. Non-GAAP R&D expenses * decreased primarily due to the 2017 impact of Gilead’s purchase of an FDA priority review voucher. SG&A expenses increased primarily due to stock-based compensation expenses associated with Gilead’s acquisition of Kite, higher costs to support Gilead’s product launches including Biktarvy ® (bictegravir 50 mg/emtricitabine 200 mg/tenofovir alafenamide 25 mg) and Yescarta, geographic expansion and increased expenses to support the growth of Gilead’s business following the acquisition of Kite. Non-GAAP SG&A expenses * increased primarily due to higher costs to support Gilead’s product launches including Biktarvy and Yescarta, geographic expansion and increased expenses to support the growth of Gilead’s business following the acquisition of Kite.
Cash, Cash Equivalents and Marketable Securities
As of March 31, 2018, Gilead had $32.1 billion of cash, cash equivalents and marketable securities compared to $36.7 billion as of December 31, 2017. During the first quarter of 2018, Gilead generated $2.3 billion in operating cash flow, fully repaid the $4.5 billion term loans borrowed in connection with Gilead’s acquisition of Kite, utilized $1.0 billion on stock repurchases and paid cash dividends of $753 million.
Full Year 2018 Guidance Reiterated
Gilead reiterates its full year 2018 guidance, initially provided on February 6, 2018:
(In millions, except percentages and per share amounts) Initially Provided
February 6, 2018
Net Product Sales $20,000 - $21,000 Non-GAAP * Product Gross Margin 85% - 87% R&D Expenses $3,400 - $3,600 SG&A Expenses $3,400 - $3,600 Effective Tax Rate 21.0% - 23.0% Diluted EPS Impact of Acquisition-related, Up-front Collaboration, Stock-based Compensation and Other Expenses $1.41 - $1.51 * Non-GAAP Product Gross Margin, R&D and SG&A expenses and effective tax rate exclude acquisition-related, up-front collaboration, stock-based compensation and other expenses, fair value adjustments of marketable equity securities and potential measurement period adjustments relating to the Tax Cuts and Jobs Act (Tax Reform). A reconciliation between GAAP and non-GAAP full year 2018 guidance is provided in the tables on page 9.
Corporate Highlights
Announced that Norbert Bischofberger, Ph.D., has decided to step down from his role as Executive Vice President, Research and Development and Chief Scientific Officer, effective at the end of April 2018. John McHutchison, M.D., Executive Vice President, Clinical Research, has been appointed Chief Scientific Officer and assumed responsibility for the company’s research and development organization. Also effective in April, Andrew Cheng, M.D., Ph.D., Executive Vice President, Clinical Research & Development Operations, has been appointed Chief Medical Officer. Announced that James Meyers, Executive Vice President, Commercial Operations, has retired. Announced that Jacqueline K. Barton, Ph.D., has been appointed to the company’s Board of Directors.
Product and Pipeline Updates announced by Gilead during the First Quarter of 2018 include:
HIV Programs
Presented data at the 2018 Conference on Retroviruses and Opportunistic Infections, which included the announcement of: Detailed 48-week results from a Phase 3 study evaluating the efficacy and safety of switching from a regimen containing abacavir, dolutegravir and lamivudine (600/50/300 mg) (ABC/DTG/3TC) to Biktarvy, a once-daily single tablet regimen, in virologically suppressed adults with HIV. Through week 48, Biktarvy was found to be statistically non-inferior to ABC/DTG/3TC with a numerically lower incidence of mild or moderate study drug-related adverse events and no treatment-emergent resistance; 48-week results from a Phase 3 study of 470 virologically suppressed adult women with HIV infection, evaluating the efficacy and safety of switching from a boosted protease inhibitor (bPI) or boosted elvitegravir-containing regimen to Biktarvy. In the ongoing study, Biktarvy was found to be statistically non-inferior to regimens containing a bPI or boosted elvitegravir and demonstrated no treatment-emergent resistance at 48 weeks; and Results from a preclinical study conducted in collaboration with researchers at Beth Israel Deaconess Medical Center evaluating the combination of a proprietary investigational oral toll-like receptor 7 agonist, GS-9620, and a proprietary investigational broadly neutralizing antibody, as part of an HIV eradication strategy. Announced that FDA has approved Biktarvy for the treatment of HIV-1 infection.
Oncology and Cell Therapy Programs
Announced a worldwide collaboration with Sangamo Therapeutics, Inc. (Sangamo) using Sangamo’s zinc finger nuclease technology platform for the development of next-generation ex vivo cell therapies in oncology. Announced a clinical trial collaboration with Pfizer, Inc. (Pfizer) to evaluate the safety and efficacy of the investigational combination of Yescarta and Pfizer’s utomilumab, a fully humanized 4-1BB agonist monoclonal antibody, in patients with refractory large B-cell lymphoma.
Non-GAAP Financial Information
The information presented in this document has been prepared by Gilead in accordance with U.S. generally accepted accounting principles (GAAP), unless otherwise noted as non-GAAP. Management believes non-GAAP information is useful for investors, when considered in conjunction with Gilead’s GAAP financial information, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Gilead’s operating results as reported under GAAP. Non-GAAP measures may be defined and calculated differently by other companies in the same industry. A reconciliation between GAAP and non-GAAP financial information is provided in the tables on pages 7, 8 and 9.
Conference Call
At 4:30 p.m. Eastern Time today, Gilead’s management will host a conference call and a simultaneous webcast to discuss results from its first quarter 2018 and a general business update. To access the webcast live via the internet, please connect to the company’s website at www.gilead.com/investors 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed to hear the webcast. Alternatively, please call (877) 359-9508 (U.S.) or (224) 357-2393 (international) and dial the conference ID 8994246 to access the call.
A replay of the webcast will be archived on the company’s website for one year and a phone replay will be available approximately two hours following the call through May 3, 2018. To access the phone replay, please call (855) 859-2056 (U.S.) or (404) 537-3406 (international) and dial the conference ID 8994246.
About Gilead
Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes innovative therapeutics in areas of unmet medical need. The company’s mission is to advance the care of patients suffering from life-threatening diseases. Gilead has operations in more than 35 countries worldwide, with headquarters in Foster City, California.
Forward-looking Statements
Statements included in this press release that are not historical in nature are the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: Gilead’s ability to achieve its anticipated full year 2018 financial results; Gilead’s ability to sustain growth in revenues for its antiviral and other programs; the risk that private and public payers may be reluctant to provide, or continue to provide, coverage or reimbursement for new products, including Vosevi, Yescarta, Epclusa, Harvoni, Genvoya, Odefsey, Descovy, Biktarvy and Vemlidy ® ; austerity measures in European countries that may increase the amount of discount required on Gilead’s products; an increase in discounts, chargebacks and rebates due to ongoing contracts and future negotiations with commercial and government payers; a larger than anticipated shift in payer mix to more highly discounted payer segments and geographic regions and decreases in treatment duration; availability of funding for state AIDS Drug Assistance Programs (ADAPs); continued fluctuations in ADAP purchases driven by federal and state grant cycles which may not mirror patient demand and may cause fluctuations in Gilead’s earnings; market share and price erosion caused by the introduction of generic versions of Viread and Truvada, an uncertain global macroeconomic environment; and potential amendments to the Affordable Care Act or other government action that could have the effect of lowering prices or reducing the number of insured patients; the possibility of unfavorable results from clinical trials involving investigational compounds; Gilead’s ability to initiate clinical trials in its currently anticipated timeframes; the levels of inventory held by wholesalers and retailers which may cause fluctuations in Gilead’s earnings; Kite’s ability to develop and commercialize cell therapies utilizing the zinc finger nuclease technology platform and realize the benefits of the Sangamo partnership; Gilead’s ability to submit new drug applications for new product candidates in the timelines currently anticipated; Gilead’s ability to receive regulatory approvals in a timely manner or at all, for new and current products, including Biktarvy; Gilead’s ability to successfully commercialize its products, including Biktarvy; the risk that physicians and patients may not see advantages of these products over other therapies and may therefore be reluctant to prescribe the products; Gilead’s ability to successfully develop its hematology/oncology and inflammation/respiratory programs; safety and efficacy data from clinical studies may not warrant further development of Gilead’s product candidates, including GS-9620 and Yescarta in combination with Pfizer’s utomilumab; Gilead’s ability to pay dividends or complete its share repurchase program due to changes in its stock price, corporate or other market conditions; fluctuations in the foreign exchange rate of the U.S. dollar that may cause an unfavorable foreign currency exchange impact on Gilead’s future revenues and pre-tax earnings; and other risks identified from time to time in Gilead’s reports filed with the U.S. Securities and Exchange Commission (the SEC). In addition, Gilead makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. Gilead bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. There may be other factors of which Gilead is not currently aware that may affect matters discussed in the and may also cause actual results to differ significantly from these estimates. Further, results for the 2018 are not necessarily indicative of operating results for any future periods. You are urged to consider statements that include the words may, will, would, could, should, might, believes, estimates, projects, potential, expects, plans, anticipates, intends, continues, forecast, designed, goal or the negative of those words or other comparable words to be uncertain and forward-looking. Gilead directs readers to its press releases, Annual Report on Form 10-K for the year ended December 31, 2017 and other subsequent disclosure documents filed with the SEC. Gilead claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for .
All are based on information currently available to Gilead and Gilead assumes no obligation to update or supplement any such other than as required by law. Any speak only as of the date hereof or as of the dates indicated in the statements.
Gilead owns or has rights to various trademarks, copyrights and trade names used in our business, including the following: GILEAD ® , GILEAD SCIENCES ® , AMBISOME ® , AXI-CEL TM , BIKTARVY ® , CAYSTON ® , COMPLERA ® , DESCOVY ® , EMTRIVA ® , EPCLUSA ® , EVIPLERA ® , GENVOYA ® , HARVONI ® , HEPSERA ® , LETAIRIS ® , ODEFSEY ® , RANEXA ® , SOVALDI ® , STRIBILD ® , TRUVADA ® , TYBOST ® , VEMLIDY ® , VIREAD ® , VOLIBRIS ® , VOSEVI ® , YESCARTA ® and ZYDELIG ® .
ATRIPLA ® is a registered trademark of Gilead Sciences, LLC. LEXISCAN ® is a registered trademark of Astellas U.S. LLC. MACUGEN ® is a registered trademark of Eyetech, Inc. TAMIFLU ® is a registered trademark of Hoffmann-La Roche Inc.
For more information on Gilead Sciences, Inc., please visit www.gilead.com or
call the Gilead Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235).
GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited) (in millions, except per share amounts) Three Months Ended March 31, 2018 2017 Revenues: Product sales $ 5,001 $ 6,377 Royalty, contract and other revenues 87 128 Total revenues 5,088 6,505 Costs and expenses: Cost of goods sold 1,001 957 Research and development expenses 937 931 Selling, general and administrative expenses 997 850 Total costs and expenses 2,935 2,738 Income from operations 2,153 3,767 Interest expense (290 ) (261 ) Other income (expense), net 170 111 Income before provision for income taxes 2,033 3,617 Provision for income taxes 494 918 Net income 1,539 2,699 Net income (loss) attributable to noncontrolling interest 1 (3 ) Net income attributable to Gilead $ 1,538 $ 2,702 Net income per share attributable to Gilead common stockholders - basic $ 1.18 $ 2.07 Shares used in per share calculation - basic 1,307 1,308 Net income per share attributable to Gilead common stockholders - diluted $ 1.17 $ 2.05 Shares used in per share calculation - diluted 1,320 1,320 Cash dividends declared per share $ 0.57 $ 0.52 GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(unaudited) (in millions, except percentages and per share amounts) Three Months Ended March 31, 2018 2017 Cost of goods sold reconciliation: GAAP cost of goods sold $ 1,001 $ 957 Acquisition-related – amortization of purchased intangibles (301 ) (210 ) Stock-based compensation expenses (1) (13 ) (4 ) Non-GAAP cost of goods sold $ 687 $ 743 Product gross margin reconciliation: GAAP product gross margin 80.0 % 85.0 % Acquisition-related – amortization of purchased intangibles 6.0 % 3.3 % Stock-based compensation expenses (1) 0.3 % — % Non-GAAP product gross margin (4) 86.3 % 88.3 % Research and development expenses reconciliation: GAAP research and development expenses $ 937 $ 931 Acquisition-related – other costs (16 ) — Stock-based compensation expenses (1) (103 ) (42 ) Other (2) (4 ) — Non-GAAP research and development expenses $ 814 $ 889 Selling, general and administrative expenses reconciliation: GAAP selling, general and administrative expenses $ 997 $ 850 Acquisition-related – other costs (6 ) — Stock-based compensation expenses (1) (104 ) (43 ) Other (2) (3 ) — Non-GAAP selling, general and administrative expenses $ 884 $ 807 Operating margin reconciliation: GAAP operating margin 42.3 % 57.9 % Acquisition-related – amortization of purchased intangibles 5.9 % 3.2 % Acquisition-related – other costs 0.4 % — % Stock-based compensation expenses (1) 4.3 % 1.4 % Other (2) 0.1 % — % Non-GAAP operating margin (4) 53.1 % 62.5 % Other income (expense), net: GAAP other income (expense), net $ 170 $ 111 Unrealized gains from marketable equity securities (3) (45 ) — Non-GAAP other income (expense), net $ 125 $ 111 Notes: (1)
Stock-based compensation expenses for the three months ended March 31, 2018 include $119 million associated with Gilead’s acquisition of Kite (2)
Amounts related to restructuring, contingent consideration and/or other individually insignificant amounts (3)
Amounts represent fair value adjustments of marketable equity securities recorded in Other income (expense), net, on our Condensed Consolidated Statements of Income as a result of the adoption of Accounting Standards Update No. 2016-01 “Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” in 2018 (4)
Amounts may not sum due to rounding
GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued) (unaudited) (in millions, except percentages and per share amounts) Three Months Ended March 31, 2018 2017 Effective tax rate reconciliation: GAAP effective tax rate 24.3 % 25.4 % Acquisition-related – amortization of purchased intangibles (2.3 )% (1.2 )% Acquisition-related – other costs (0.1 )% — % Stock-based compensation expenses (1) 0.3 % 0.6 % Unrealized gains from marketable equity securities (3) 0.6 % — % Non-GAAP effective tax rate (4) 22.8 % 24.8 % Net income attributable to Gilead reconciliation: GAAP net income attributable to Gilead $ 1,538 $ 2,702 Acquisition-related – amortization of purchased intangibles 281 202 Acquisition-related – other costs 18 — Stock-based compensation expenses (1) 160 45 Unrealized gains from marketable equity securities (3) (45 ) — Other (2) 6 — Non-GAAP net income attributable to Gilead $ 1,958 $ 2,949 Diluted earnings per share reconciliation: GAAP diluted earnings per share $ 1.17 $ 2.05 Acquisition-related – amortization of purchased intangibles 0.21 0.15 Acquisition-related – other costs 0.01 — Stock-based compensation expenses (1) 0.12 0.03 Unrealized gains from marketable equity securities (3) (0.03 ) — Non-GAAP diluted earnings per share (4) $ 1.48 $ 2.23 Non-GAAP adjustment summary: Cost of goods sold adjustments $ 314 $ 214 Research and development expenses adjustments 123 42 Selling, general and administrative expenses adjustments 113 43 Other income (expense), net adjustment (45 ) — Total non-GAAP adjustments before tax 505 299 Income tax effect (85 ) (52 ) Total non-GAAP adjustments after tax $ 420 $ 247 Notes: (1)
Stock-based compensation expenses for the three months ended March 31, 2018 include $119 million associated with Gilead’s acquisition of Kite (2)
Amounts related to restructuring, contingent consideration and/or other individually insignificant amounts (3)
Amounts represent fair value adjustments of marketable equity securities recorded in Other income (expense), net, on our Condensed Consolidated Statements of Income as a result of the adoption of Accounting Standards Update No. 2016-01 “Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” in 2018 (4)
Amounts may not sum due to rounding GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP 2018 FULL YEAR GUIDANCE (unaudited) (in millions, except percentages and per share amounts) Initially Provided
February 6, 2018
Reiterated
May 1, 2018
Projected product gross margin GAAP to non-GAAP reconciliation: GAAP projected product gross margin 78% - 80% Acquisition-related expenses 7% - 7% Non-GAAP projected product gross margin (1) 85% - 87% Projected research and development expenses GAAP to non-GAAP reconciliation: GAAP projected research and development expenses $3,785 - $4,050 Stock-based compensation expenses (2) (315) - (350) Acquisition-related expenses / up-front collaboration expenses (70) - (100) Non-GAAP projected research and development expenses $3,400 - $3,600 Projected selling, general and administrative expenses GAAP to non-GAAP reconciliation: GAAP projected selling, general and administrative expenses $3,865 - $4,110 Stock-based compensation expenses (2) (425) - (450) Acquisition-related – other costs (40) - (60) Non-GAAP projected selling, general and administrative expenses $3,400 - $3,600 Projected diluted EPS impact of acquisition-related, up-front collaboration, stock-based compensation and other expenses (3) : Acquisition-related expenses / up-front collaboration expenses $0.91 - $0.95 Stock-based compensation expenses (2) 0.50 - 0.56 Projected diluted EPS impact of acquisition-related, up-front collaboration, stock-based compensation and other expenses (3) $1.41 - $1.51 Notes: (1) Stock-based compensation expenses have a less than one percent impact on non-GAAP projected product gross margin (2) Includes stock-based compensation expenses associated with Gilead’s acquisition of Kite (3) Excludes fair value adjustments of marketable equity securities, as we are unable to project future fair value adjustments, and potential measurement period adjustments relating to Tax Reform in 2018. We are unable to project an effective tax rate on a GAAP basis GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions) March 31,
December 31,
2018 2017 Cash, cash equivalents and marketable securities $ 32,102 $ 36,694 Accounts receivable, net 3,775 3,851 Inventories 885 801 Property, plant and equipment, net 3,415 3,295 Intangible assets, net 16,803 17,100 Goodwill 4,159 4,159 Other assets 4,242 4,383 Total assets $ 65,381 $ 70,283 Current liabilities $ 10,670 $ 11,635 Long-term liabilities 34,060 38,147 Stockholders’ equity (1) 20,651 20,501 Total liabilities and stockholders’ equity $ 65,381 $ 70,283 Note: (1) As of March 31, 2018, there were 1,300 million shares of common stock issued and outstanding GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY (unaudited) (in millions) Three Months Ended March 31, 2018 2017 Antiviral products: Genvoya – U.S. $ 853 $ 669 Genvoya – Europe 186 87 Genvoya – Other International 43 13 1,082 769 Truvada – U.S. 507 464 Truvada – Europe 97 189 Truvada – Other International 48 61 652 714 Epclusa – U.S. 269 735 Epclusa – Europe 198 138 Epclusa – Other International 69 19 536 892 Descovy – U.S. 274 209 Descovy – Europe 75 37 Descovy – Other International 12 5 361 251 Harvoni – U.S. 234 926 Harvoni – Europe 56 243 Harvoni – Other International 58 202 348 1,371 Odefsey – U.S. 279 203 Odefsey – Europe 58 23 Odefsey – Other International 5 1 342 227 Atripla – U.S. 228 316 Atripla – Europe 51 94 Atripla – Other International 35 42 314 452 Complera / Eviplera – U.S. 67 112 Complera / Eviplera – Europe 109 125 Complera / Eviplera – Other International 14 16 190 253 Stribild – U.S. 133 226 Stribild – Europe 29 67 Stribild – Other International 12 16 174 309 GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY - (Continued) (unaudited) (in millions) Three Months Ended March 31, 2018 2017 Vosevi – U.S. $
86
$
—
Vosevi – Europe 16 — Vosevi – Other International 5 — 107 — Viread – U.S. 7 117 Viread – Europe 30 71 Viread – Other International 60 72 97 260 Vemlidy – U.S. 47
11
Vemlidy – Europe 3 — Vemlidy – Other International 8 — 58 11 Biktarvy – U.S. 35 — Other Antiviral – U.S. 4 41 Other Antiviral – Europe 13 110 Other Antiviral – Other International 62 181 79 332 Total antiviral products – U.S. 3,023 4,029 Total antiviral products – Europe 921 1,184 Total antiviral products – Other International 431 628 4,375 5,841 Other products: Letairis 204 211 Ranexa 195 153 AmBisome 107 92 Yescarta 40 — Zydelig 33 35 Other 47 45 626 536 Total product sales $ 5,001 $ 6,377
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Source: Gilead Sciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-gilead-sciences-announces-first-quarter-2018-financial-results.html |
May 1 (Reuters) -
* INDIA TELECOMS MINISTRY SAYS TELECOM COMMISSION APPROVES REGULATOR’S RECOMMENDATIONS FOR OFFERING VOICE AND DATA SERVICES IN FLIGHTS WITHIN INDIAN AIRSPACE
* INDIA TELECOMS MINISTRY: TELECOM COMMISSION ALSO APPROVED TRAI’S RECOMMENDATIONS ON REGULATORY FRAMEWORK FOR INTERNET TELEPHONY AND PROLIFERATION OF BROADBAND THROUGH PUBLIC WI-FI NETWORK. Source text for Eikon: twitter.com/DoT_India (Mumbai newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-india-telecom-commission-approves/brief-india-telecom-commission-approves-recommendations-for-offering-voice-and-data-services-in-flights-within-india-idUSL3N1S8218 |
May 9 (Reuters) - Jamieson Wellness Inc:
* JAMIESON WELLNESS INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND REITERATES 2018 GUIDANCE
* JAMIESON WELLNESS INC QTRLY REVENUE INCREASED 8.0% TO $70.1 MILLION
* JAMIESON WELLNESS INC - IS REITERATING ITS OUTLOOK FOR FISCAL 2018
* JAMIESON WELLNESS INC QTRLY EARNINGS PER SHARE $0.12 * JAMIESON WELLNESS INC QTRLY ADJUSTED EARNINGS PER SHARE $0.15 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jamieson-wellness-qtrly-revenue-in/brief-jamieson-wellness-qtrly-revenue-increased-8-0-to-70-1-mln-idUSASC0A133 |
May 17, 2018 / 3:13 PM / Updated 38 minutes ago UPDATE 1-Scotiabank quits as primary dealer of UK government debt - DMO Reuters Staff 2 Min Read
(Adds detail)
LONDON, May 17 (Reuters) - Scotiabank has resigned as a primary dealer of British government debt, the Debt Management Office said on Thursday, the latest financial services firm to have given up the role in recent years.
Primary dealers are banks that buy bonds, known in Britain as gilts, directly from the government to sell them on, helping to create a liquid market.
Although regarded as a prestigious role for banks, tougher regulation since the financial crisis has made primary dealing less profitable due to the extra capital that banks now have to hold against possible losses.
Scotiabank joins Credit Suisse and Societe Generale among major banks to have quit as primary dealers of British gilts in recent years.
“The UK Debt Management Office (DMO) is announcing that it has today accepted the resignation of Scotiabank Europe plc as a Gilt-Edged Market Maker (GEMM) in both the conventional and index-linked gilt sectors,” the DMO said in a statement.
The resignation takes effect from Friday, it said, leaving 15 remaining wholesale primary dealers of gilts.
Scotiabank was not immediately available for comment. (Reporting by Andy Bruce and William Schomberg. Editing by Andrew MacAskill) | ashraq/financial-news-articles | https://www.reuters.com/article/britain-bonds/update-1-scotiabank-quits-as-primary-dealer-of-uk-government-debt-dmo-idUSL5N1SO5C2 |
May 15 (Reuters) - Brio Gold Inc:
* BRIO GOLD REPORTS FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS
* QTRLY REVENUES FROM MINING OPERATIONS$60.9 MILLION VERSUS $59.5 MILLION
* Q1 LOSS PER SHARE $0.07 * GOLD PRODUCTION FROM COMPANY’S THREE PRODUCING MINES WAS 9% LOWER DURING Q1 OF 2018 COMPARED TO SAME QUARTER OF 2017
* QTRLY GOLD PRODUCTION 46,057 OZ Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-brio-gold-q1-loss-per-share-007/brief-brio-gold-q1-loss-per-share-0-07-idUSASC0A2GE |
May 21 (Reuters) - Fanhua Inc:
* FANHUA REPORTS FIRST QUARTER 2018 UNAUDITED FINANCIAL RESULTS AND DECLARES QUARTERLY DIVIDEND OF US$0.25 PER ADS
* Q1 REVENUE FELL 36.8 PERCENT TO RMB 843.3 MILLION * QTRLY DILUTED NET INCOME PER ADS $0.32 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fanhua-reports-q1-revenue-fell-368/brief-fanhua-reports-q1-revenue-fell-36-8-pct-to-rmb-843-3-mln-idUSASC0A350 |
TORONTO, May 09, 2018 (GLOBE NEWSWIRE) -- Profound Medical Corp. (TSX-V:PRN) (OTCQX:PRFMF) (“Profound” or the “Company”), the only company to provide a therapeutics platform that provides the precision of real-time Magnetic Resonance (“MR”) imaging combined with the safety and ablation power of directional and focused ultrasound technology for the incision-free ablation of diseased tissue, announced today that the Chinese Food and Drug Administration (“CFDA”) has approved Sonalleve ® for the non-invasive treatment of uterine fibroids.
Uterine fibroids, or leiomyoma, are the most common non-cancerous tumors of the female reproductive tract in women. Affecting an estimated 20-50% of women over 30 years of age, the disease can cause painful symptoms and abnormal menstrual bleeding. Currently, the most common medical treatment for this disease is hysterectomy. Involving invasive surgery, hospitalization and extensive recovery time, hysterectomy also results in a women’s permanent inability to have children.
Sonalleve ® is an innovative therapeutic platform that combines real-time MR imaging and thermometry with thermal ultrasound to enable precise and incision-free ablation of diseased tissue. Sonalleve ® can offer women with uterine fibroids a quick, non-invasive therapy option. Patients usually go home the same day and return to their routines within two days.
“Obtaining CFDA approval for Sonalleve ® marks a major milestone for our Company and provides important additional validation of this powerful, patient-friendly new approach to treating uterine fibroids,” said Arun Menawat, Profound’s CEO. “Our distribution partner, Philips, enjoys a strong brand position in China, having installed MR imaging systems in many of the country’s largest hospitals. That, combined with the recent appointment of Ian Heynen to lead our global sales and marketing function, positions us very well to plan and execute the commercial launch of Sonalleve ® in this very large and attractive market.”
About Profound Medical Corp.
The Profound Medical Corp. team is committed to creating the powerful combination of real-time MR-guidance as the imaging platform and ultrasound as the energy source for delivering non-invasive ablative tools to clinicians. These key technology pillars, linked with intelligent software and robotics, have the potential to fulfill unmet needs of patients and clinicians in many anatomies and disease states, including prostate cancer, uterine fibroids, and bone metastases. Our mission is to profoundly change the standard of care by creating a tomorrow where clinicians can confidently ablate tissue with precision; a tomorrow where patients have access to safe and effective treatment options, so they can quickly return to their daily lives.
Profound is commercializing a novel technology, TULSA-PRO ® , which combines real-time Magnetic Resonance Imaging with transurethral, robotically-driven therapeutic ultrasound and closed-loop thermal feedback control that is designed to provide precise ablation of the prostate while simultaneously protecting critical surrounding anatomy from potential side effects. TULSA-PRO ® is CE marked and Profound is currently conducting a pilot commercial launch of the technology in key European and other CE mark jurisdictions. The Company is also sponsoring a multicenter, prospective FDA-registered clinical trial, TACT, which, if successful, is expected to support its application to the FDA for clearance to market TULSA-PRO ® in the United States.
Profound Medical is also commercializing Sonalleve ® , an innovative therapeutic platform that combines real-time MR imaging and thermometry with thermal ultrasound to enable precise and incision-free ablation of diseased tissue. Sonalleve ® is CE marked for the treatment of uterine fibroids and palliative pain treatment of bone metastases. The Company is also in the early stages of exploring additional potential treatment markets for Sonalleve ® , such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy, where the technology has been shown to have clinical application.
Forward-Looking Statements
This release includes regarding Profound and its business which may include, but is not limited to, the expectations regarding the efficacy of Profound’s technology in the treatment of prostate cancer, uterine fibroids and palliative pain treatment. Often, but not always, can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of Profound. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the pharmaceutical industry, economic factors, the equity markets generally and risks associated with growth and competition. Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in , there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange), nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Stephen Kilmer
Investor Relations
[email protected]
T: 647.872.4849
Or
Aaron Davidson
Chief Financial Officer and Senior Vice-President of Corporate Development
T: 647.476.1350
Source:Profound Medical Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-profound-medical-corp-announces-chinese-food-and-drug-administration-approval-for-sonallevea.html |
May 10 (Reuters) - Emera Inc:
* Q1 EARNINGS PER SHARE C$1.17 * Q1 EARNINGS PER SHARE VIEW C$0.81 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-emera-q1-earnings-per-share-c117/brief-emera-q1-earnings-per-share-c1-17-idUSASC0A1OI |
NEW YORK (Reuters) - Investors in the junk bond market have started to push back against some issuers trying to bring deals to market with insufficient yields and weak investor protections.
Following are details on recent deals that were forced to offer better terms to get sold.
WEWORK COMPANIES INC RATING: MOODY’S Caa1, FITCH BB-
ISSUE DATE: APRIL 30, 2018 WeWork, the office-sharing unicorn said to have a $20 billion valuation, sold $702 million of bonds in a deal it upsized by $202 million.
The company leases rather than owns most of its real estate, leaving investors concerned about its limited assets in the event of a downturn, and the company had to pay up to get them aboard. It offered a coupon of 7.875 percent, a full point above what was originally anticipated.
Since the deal, WeWork’s bond 96208LAA9=RRPS has fallen sharply, last trading at 94.125 cents to the dollar to yield 9.029 percent.
AMERICAN GREETINGS CORP RATING: MOODY’S Caa1, S&P CCC+
ISSUE DATE: APRIL 9, 2018 Greeting-card maker American Greetings cut its deal size twice, ultimately selling $282.5 million at 87 cents on the dollar, down from its initial target of $325 million. While the coupon remained 8.75 percent, the repricing resulted in a yield-to-maturity of nearly 11.5 percent.
The company had to tighten covenants as well, reducing the pro forma leverage ratio needed to make restricted investments. It also removed a provision that would have allowed the company broad discretion in the use of asset sale proceeds.
On the secondary market, trading in American Greetings’ bond 026375AR6=RRPS has been choppy, swinging above and below its opening price of 91.25 cents on the dollar. It last traded at 91.25 cents to yield 10.56 percent.
MCDERMOTT INTERNATIONAL RATING: MOODY’S B2, S&P B-
ISSUE DATE: APRIL 18, 2018 To sell its $1.3 billion bond, oil construction firm McDermott International ( MDR.N ) offered a discount of 94.75 cents on the dollar with a coupon of 10.625 percent, delivering a yield-to-maturity of 11.865 percent for initial buyers.
It also added a new protection designed to prevent the transfer of valuable intellectual property to unrestricted subsidiaries. The company had intended to raise $1.5 billion as part of its acquisition of Chicago Bridge and Iron, but cut a planned eight-year tranche from the deal.
Since the deal, McDermott’s bond 58003XAA0=RRPS has traded above the opening price of 96.75 cents, last at 102.875 to yield 9.87 percent.
PISCES MIDCO RATING: MOODY’S Caa1, S&P CCC+
ISSUE DATE: APRIL 12 2018 Pisces Midco issued $645 million senior notes paying 8 percent to fund private-equity firm Clayton, Dubilier & Rice’s buyout of home remodeling firms Ply Gem Industries and Atrium Windows & Doors.
The company was forced to tighten covenants, reducing the pro forma leverage ratio needed to unlock capped dividends and removed a proposed weakening of protection of asset sale proceeds.
Pisces Midco’s bond US180720219=RRPS has slipped below par on the secondary market, last at 99.375 cents to yield 8.11 percent.
TITAN ACQUISITION RATING: MOODY’S Caa2, S&P CCC+
ISSUE DATE: MARCH 28 2018 Titan Acquisition, created to finance the purchase of supplier of injection molding equipment Husky Injection Molding Systems by Platinum Equity, issued $650 million of debt, after down-sizing the deal by $100 million. The coupon is 7.75 percent.
The company had to tighten covenants, reducing the size of a number of carve-outs and removing the weakened protection of asset sale proceeds.
Since the deal, Titan Acquisition’s bond 88827AAA1=RRPS has fallen below par, last Quote: d at 99.125 cents to yield 7.897 percent.
Reporting by Kate Duguid; Editing by Dan Burns and Meredith Mazzilli
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-junkbonds-factbox/factbox-five-u-s-junk-bond-deals-that-faced-investor-pushback-idUSKBN1IC23Z |
LOS ANGELES, May 14, 2018 (GLOBE NEWSWIRE) -- YogaWorks, Inc. (NASDAQ:YOGA) (the “Company”), one of the largest providers of high quality yoga instruction in the U.S., today announced financial results for the first quarter
Rosanna McCollough, President and Chief Executive Officer of YogaWorks, stated, "We started 2018 on a strong note, delivering first quarter financial results that were at the higher end of our expectations. We are also excited to have made additional progress on our acquisition strategy thus far in the second quarter, as we acquired three studios in the Boston area, bringing us to 69 locations and increasing our market share in the region. Looking ahead, we remain focused on continuing to leverage our robust acquisition pipeline and positioning ourselves as the acquirer of choice to capitalize on the large and fragmented yoga industry. In addition, we have a number of initiatives in place to drive growth in our existing studio base including optimizing our programming across studios, sharpening our marketing efforts, adding teacher trainings and expanding the MyYogaWorks.com network. Taken together, we remain confident that we can deliver increased long-term value for our shareholders.”
Results for the First Quarter Ended March 31, 2018
March 31, 2018 March 31, 2017 GAAP Results (1) Net revenue $15.5 million $14.0 million Net loss $(4.0) million $(2.6) million Non-GAAP Results (2) Studio Count at quarter end 66 50 Adjusted EBITDA $(1.1) million $841 thousand Adjusted free cash flow $(810) thousand $766 thousand Studio-Level free cash flow $3.1 million $3.1 million Studio-Level EBITDA $2.8 million $3.2 million Adjusted net loss $(3.5) million $(2.0) million (1) U.S. generally accepted accounting principles (“GAAP”).
(2) Adjusted EBITDA, Studio-Level EBITDA, Adjusted free cash flows, Studio-Level free cash flows and Adjusted net loss are non-GAAP measures. For reconciliations to GAAP net loss, see "Reconciliations of Non-GAAP Financial Measures" accompanying this press release.
For the first quarter ended March 31, 2018:
Net revenue was $15.5 million, an 11.0% increase compared to $14.0 million in the first quarter of 2017.
The Company ended the quarter with 66 studios in nine regional markets.
Adjusted EBITDA was $(1.1) million compared to adjusted EBITDA of $841 thousand for the same quarter last year.
Adjusted net loss was $3.5 million compared to adjusted net loss of $2.0 million for the same period last year.
For a reconciliation of GAAP net loss to Adjusted EBITDA, Studio-Level EBITDA, Adjusted free cash flows, Studio-Level free cash flows and Adjusted net loss, please see “Reconciliations of Non-GAAP Financial Measures” accompanying this press release.
Balance Sheet and Cash Flow Highlights
Cash and cash equivalents were $18.3 million as of March 31, 2018.
Cash used in operating activities was $2.7 million for the quarter as compared to cash provided by operating activities of $783 thousand for the quarter ended March 31, 2017.
Guidance
Guidance for the second quarter and full year fiscal 2018 excludes potential acquisitions.
For the second quarter of 2018, the Company expects net revenue between $13.3 million and $13.8 million and adjusted EBITDA between $(1.6) million and $(1.1) million. This compares to net revenue of $12.5 million and adjusted EBITDA of $(551) thousand for the second quarter of 2017.
For fiscal 2018, the Company expects net revenue between $57.5 million and $59.5 million and adjusted EBITDA between $(2.95) million and $(3.95) million. This compares to net revenue of $54.5 million and adjusted EBITDA of $(1.2) million for 2017.
Conference Call to Discuss First Quarter Results
The Company will host a conference call and webcast to discuss its financial results for the first quarter ended March 31, 2018, today, May 14, 2018, beginning at 4:30 p.m. Eastern Time. Those interested in participating in the call are invited to dial 1-877-407-4018 (U.S.) or 1-201-689-8471 (international). A live webcast of the conference call will also be available online at www.yogaworks.com under the Investor Relations section and will remain available for 30 days following the live call. A replay will also be available two hours following the call through May 28, 2018, via telephone at 1-844-512-2921 (U.S.) and 1-412-317-6671 (international) by entering the replay pin 13679503.
About YogaWorks, Inc.
YogaWorks, Inc. is one of the largest providers of high quality yoga instruction in the U.S., with 69 studios in nine markets including Los Angeles, Orange County, Northern California, New York City, Boston, Baltimore, the Washington, D.C. area, Houston and Atlanta. YogaWorks strives to make yoga accessible to everybody and offers a wide range of class styles for people of all ages and abilities. Through its studios, the Company offers yoga classes, integrated fitness classes, workshops, teacher training programs and yoga-related retail merchandise. In addition to its studio locations, YogaWorks offers online instruction through its MyYogaWorks web platform, which provides subscribers with a highly curated catalog of over 1,100 yoga and meditation classes.
Forward-Looking Statements
This press release may include forward-looking statements that reflect the Company’s current views about future events and financial performance. All statements other than statements of historical facts included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Words such as “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events are forward-looking statements.
These forward-looking statements are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Investors should not place undue reliance on any of the Company’s forward-looking statements because they are subject to a variety of risks and uncertainties. Factors that could cause results to differ from those reflected in the forward-looking statements are set forth in the Company’s prior press releases and public filings with the Securities and Exchange Commission, which are available via the Company’s website at www.yogaworks.com . The forward-looking statements in this press release speak only as of the date of this release and, except as required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Contacts:
Investor Relations:
Jean Fontana, ICR, Inc.
646-277-1200
[email protected]
YogaWorks, Inc.
Condensed Consolidated Balance Sheets
As of
March 31, 2018 As of
December 31, 2017 Assets (Unaudited) Current assets Cash and cash equivalents $ 18,315,308 $ 22,095,216 Inventories 1,245,279 1,212,608 Prepaid expenses and other current assets 1,224,276 1,145,067 Total current assets 20,784,863 24,452,891 Property and equipment, net 9,969,836 10,418,203 Intangible assets, net 20,637,786 22,142,275 Goodwill 12,768,773 12,768,773 Other non-current assets 1,288,142 1,224,179 Total assets $ 65,449,400 $ 71,006,321 Liabilities and Stockholders’ Equity Current liabilities Accounts payable and accrued expenses $ 2,456,796 $ 3,794,569 Accrued compensation 1,105,325 1,947,134 Deferred revenue 7,382,888 7,187,948 Current portion of deferred rent 123,147 122,607 Total current liabilities 11,068,156 13,052,258 Deferred rent, net of current portion 3,413,675 3,418,886 Deferred tax liability 14,748 — Total liabilities 14,496,579 16,471,144 Stockholders’ equity Common stock $0.001 par value; 50,000,000 shares authorized
and 16,491,856 issued and 16,362,955 outstanding at
March 31, 2018 and 16,435,505 issued and 16,332,510
outstanding at December 31, 2017 16,363 16,333 Additional paid-in capital 112,028,925 111,650,415 Accumulated deficit (61,092,467 ) (57,131,571 ) Total stockholders’ equity 50,952,821 54,535,177 Total liabilities and stockholders’ equity $ 65,449,400 $ 71,006,321
YogaWorks, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31,
2018
2017
Net revenues $ 15,529,813 $ 13,990,094 Cost of revenues and operating expenses Cost of revenues 5,923,849 5,128,753 Center operations 6,771,916 5,686,637 General and administrative expenses 4,404,933 3,010,386 Depreciation and amortization 2,378,757 2,201,585 Total cost of revenues and operating expenses 19,479,455 16,027,361 Loss from operations (3,949,642 ) (2,037,267 ) Interest (income) expense, net (6,130 ) 561,631 Net loss before income taxes (3,943,512 ) (2,598,898 ) Provision for income taxes 17,384 17,900 Net loss $ (3,960,896 ) $ (2,616,798 )
YogaWorks, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended March 31, 2018 2017 Cash flows from operating activities Net loss $ (3,960,896 ) $ (2,616,798 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization 2,378,757 2,201,585 Deferred tax 14,748 16,725 Paid-in-kind interest expense capitalized to convertible note — 193,917 Beneficial conversion feature — 147,987 Amortization of debt issuance cost — 27,806 Stock-based compensation expense 452,176 538,872 Changes in operating assets and liabilities: Inventories (32,671 ) 146,856 Prepaid expenses and other current assets (79,209 ) 1,053,988 Other non-current assets (63,963 ) (52,535 ) Accounts payable and accrued expenses (720,731 ) (327,352 ) Accrued compensation (841,809 ) (463,785 ) Deferred revenue 194,940 (114,758 ) Deferred rent and other non-current liabilities (4,671 ) 30,730 Net cash (used in) provided by operating activities (2,663,329 ) 783,238 Cash flows from investing activities Purchase of property, equipment, and intangible assets (425,901 ) (196,370 ) Acquisition earnout and holdback payments (617,042 ) — Net cash used in investing activities (1,042,943 ) (196,370 ) Cash flows from financing activities Repurchase of shares to satisfy tax withholding (73,636 ) — Principal payment on term loans — (43,750 ) Principal payment on subordinated notes — (200,000 ) Proceeds from issuance of convertible note — 3,200,000 Net cash (used in) provided by financing activities (73,636 ) 2,956,250 (Decrease) increase in cash and cash equivalents (3,779,908 ) 3,543,118 Cash and cash equivalents, beginning of period 22,095,216 1,912,421 Cash and cash equivalents, end of period $ 18,315,308 $ 5,455,539 Supplemental disclosure of cash flow information Cash paid during the year for: Interest paid $ — $ 138,551 Supplemental disclosure of non-cash activities Financing activities Dividends on preferred redeemable stock accrued $ — $ 995,743 Conversion of convertible notes to equity — 11,825,774 Conversion of preferred redeemable stock to equity — 62,388,567 Reconciliations of Non-GAAP Financial Measures
This press release contains financial measures called Adjusted EBITDA, Studio-Level EBITDA, Adjusted free cash flow, Studio-Level free cash flow and Adjusted net loss which are not calculated in accordance with GAAP. The Company uses these financial measures to understand and evaluate its business. Adjusted EBITDA is a supplemental measure of the operating performance of the core business operations. Studio-Level EBITDA is a supplemental measure of the operating performance of the studios. Adjusted free cash flow is a supplemental measure of the operating performance of the core business operations excluding deferred revenue. Studio-Level free cash flow is a supplemental measure of the operating performance of the studios excluding deferred revenue. Adjusted net loss is a supplemental measure of operating performance that is adjusted for certain non-recurring items that we do not believe directly reflect the core business operations. Accordingly, the Company believes Adjusted EBITDA, Studio-Level EBITDA, Adjusted free cash flow, Studio-Level free cash flow and Adjusted net loss provide useful information to investors and others in understanding and evaluating the Company’s operating results in the same manner as management and the Board. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
Adjusted EBITDA, Studio-Level EBITDA, Adjusted free cash flow and Studio-Level free cash flow
The following table presents a reconciliation of Adjusted EBITDA and Studio-Level EBITDA to Net loss. In addition, Adjusted free cash flow and Studio-Level free cash flow are presented for each of the periods indicated:
Three Months Ended March 31, 2018 2017 (in thousands) (Unaudited) Net loss $ (3,961 ) $ (2,617 ) Interest (income) expense, net (6 ) 562 Provision for income taxes 17 18 Depreciation and amortization 2,379 2,201 Deferred rent(a) (5 ) 31 Stock based compensation(b) 452 539 Severance(c) — 82 Professional fees(d) 55 — Great Hill Partners expense reimbursement fees(e) — 25 Adjusted EBITDA (1,069 ) 841 Change in deferred revenue(f) 259 (75 ) Adjusted free cash flow (810 ) 766 Other general and administrative expenses(g) 3,898 2,364 Studio-Level free cash flow 3,088 3,130 Change in deferred revenue(f) (259 ) 75 Studio-Level EBITDA $ 2,829 $ 3,205 (a) Reflects the extent to which our rent expense for the period has been above or below our cash rent payments.
(b) Non-cash charges related to equity-based compensation programs, which vary from period to period depending on timing of awards and forfeitures.
(c) Severance expenses incurred in the period related to the termination of studio and non-studio employees.
(d) Professional fees related to certain accounting, tax and consulting services that were expensed in connection with our acquisitions.
(e) Represents expense reimbursement fees incurred in connection with our Expense Reimbursement Agreement with affiliates of Great Hill Equity Partners V, L.P. and Great Hill Investors, LLC (collectively, “Great Hill Partners” or “GHP”), which was terminated upon completion of our IPO.
(f) Represents change in deferred revenue that is reflected in the consolidated statements of operations, excluding the change in gift card liabilities.
(g) Represents general and administrative expenses that are corporate and regional expenses and not incurred by our studios, and which are primarily comprised of expenses related to (i) wages and benefits of corporate and regional employees, (ii) non-studio rent, utilities and maintenance, (iii) corporate and regional marketing and advertising, and (iv) corporate professional fees. Other general and administrative expenses exclude any general and administrative expenses related to deferred rent, stock-based compensation, legal settlement, severance, executive recruiting, professional fees, the Great Hill Partners expense reimbursement fees or any other general and administrative expenses that are included in the reconciliation of net loss to Adjusted EBITDA.
Adjusted net loss
The following table presents a reconciliation of Adjusted net loss to Net loss for each of the periods indicated:
Three Months Ended March 31, 2018 2017 (in thousands) (Unaudited) Net loss $ (3,961 ) $ (2,617 ) Stock based compensation(a) 452 539 Severance(b) — 82 Professional fees(c) 55 — Great Hill Partners expense reimbursement fees(d) — 25 Adjusted net loss $ (3,454 ) $ (1,971 ) (a) Non-cash charges related to equity-based compensation programs, which vary from period to period depending on timing of awards and forfeitures.
(b) Severance expenses incurred in the period related to the termination of studio and non-studio employees.
(c) Professional fees related to certain accounting, tax and consulting services that were expensed in connection with our acquisitions.
(d) Represents expense reimbursement fees incurred in connection with our Expense Reimbursement Agreement with Great Hill Partners, which was terminated upon completion of our IPO.
Source:YogaWorks, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-yogaworks-inc-reports-first-quarter-2018-financial-results.html |
May 24 (Reuters) - Australia’s Westpac Banking Corp did not manipulate a key exchange rate in order to increase profits, a court said on Thursday, rejecting charges levelled by regulator Australian Securities and Investments Commission (ASIC).
“In summary, I have rejected ASIC’s case,” Justice David Beach said in delivering the judgment in Melbourne. However, the judge also said Australia’s second-largest bank had engaged in unconscionable conduct.
Reporting by Paulina Duran; Editing by Muralikumar Anantharaman
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-banks-court-westpac/australian-court-rejects-regulators-rate-rigging-case-against-westpac-idUSS9N1R102N |
SAN FRANCISCO--(BUSINESS WIRE)-- Square, Inc. (“Square”) (NYSE: SQ) today announced its intention to offer, subject to market conditions and other factors, $750 million aggregate principal amount of convertible senior notes due in 2023 (the “Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Act”). Square also expects to grant the initial purchaser of the Notes a 30-day option to purchase up to an additional $112.5 million aggregate principal amount of the Notes solely to cover over-allotments, if any.
The Notes will be senior, unsecured obligations of Square, and interest will be payable semi-annually in arrears. The Notes will be convertible into cash, shares of Square’s Class A common stock (“Class A common stock”), or a combination thereof, at Square’s election. The interest rate, conversion rate, and other terms of the Notes are to be determined upon pricing of the offering.
In connection with the pricing of the Notes, Square expects to enter into privately negotiated convertible note hedge transactions with one or more of the initial purchaser or its affiliates or other financial institutions (the “hedge counterparties”). The convertible note hedge transactions are expected generally to reduce the potential dilution to the Class A common stock upon any conversion of the Notes and/or offset the cash payments Square is required to make in excess of the principal amount of converted Notes, as the case may be, in the event that the market price of the Class A common stock is greater than the strike price of those convertible note hedge transactions. Square also expects to enter into privately negotiated warrant transactions with the hedge counterparties. The warrant transactions could separately have a dilutive effect to the extent the market value per share of Class A common stock exceeds the strike price of any warrant transactions, unless Square elects, subject to certain conditions set forth in the related warrant confirmations, to settle the warrant transactions in cash. If the initial purchaser exercises its over-allotment option to purchase additional Notes, Square intends to enter into additional convertible note hedge transactions and additional warrant transactions with the hedge counterparties.
Square expects that, in connection with establishing their initial hedge of the convertible note hedge transactions and warrant transactions, the hedge counterparties or their respective affiliates may purchase shares of the Class A common stock and/or enter into various derivative transactions with respect to the Class A common stock concurrently with, or shortly after, the pricing of the Notes. These activities could increase (or reduce the size of any decrease in) the market price of the Class A common stock or the Notes at that time. In addition, Square expects that the hedge counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding derivative transactions with respect to the Class A common stock and/or by purchasing or selling shares of the Class A common stock or other securities of Square in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so during any observation period relating to a conversion of the Notes or in connection with any repurchase of Notes by Square). This activity could also cause or avoid an increase or a decrease in the market price of the Class A common stock or the Notes, which could affect the ability of noteholders to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of the Notes, could affect the amount and value of the consideration that noteholders will receive upon conversion of the Notes.
Square expects to use a portion of the net proceeds of the offering of the Notes to pay the cost of the convertible note hedge transactions described above (after such cost is partially offset by the proceeds to Square of the warrant transactions described above) and to use the remaining proceeds of the offering for general corporate purposes.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. The Notes and the shares of Class A common stock issuable upon conversion of the Notes, if any, have not been, and will not be, registered under the Act or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Act and applicable state laws.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521006028/en/
Square, Inc.
Media Contact:
[email protected]
or
Investor Relations Contact:
[email protected]
Source: Square, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-square-inc-announces-750-million-convertible-notes-offering.html |
May 7, 2018 / 12:58 PM / Updated 4 minutes ago BRIEF-Pulse Oil Announces Award Of Bigoray Enhanced Oil Recovery Petrotechnical Modelling Contracts Reuters Staff 1 Min Read
May 7 (Reuters) - Pulse Oil Corp:
* PULSE OIL CORP. ANNOUNCES AWARD OF BIGORAY ENHANCED OIL RECOVERY (“EOR”) PETROTECHNICAL MODELLING CONTRACTS Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-pulse-oil-announces-award-of-bigor/brief-pulse-oil-announces-award-of-bigoray-enhanced-oil-recovery-petrotechnical-modelling-contracts-idUSFWN1SE0SX |
NEW YORK, May 03, 2018 (GLOBE NEWSWIRE) -- Avenue Therapeutics, Inc. (NASDAQ:ATXI) (“Avenue”), a company focused on the development and commercialization of intravenous (IV) tramadol, today reported financial results and recent corporate highlights for the first quarter ended March 31, 2018.
“We recently completed enrollment in our first pivotal Phase 3 trial of IV tramadol for the treatment of postoperative pain in patients following bunionectomy surgery. Topline data from the trial are anticipated this quarter and, if positive, we expect to initiate our second Phase 3 trial in patients following abdominoplasty surgery in the third quarter of 2018,” said Lucy Lu, M.D., Avenue’s President and Chief Executive Officer. “Coupled with recent additions to our patent portfolio, which was strengthened by the receipt of Notices of Allowance for three patent applications in the first quarter, we are making progress toward our goal of introducing IV tramadol as a treatment option for use in the management of postoperative pain. Patients and physicians have an increasingly pressing need for medicines that can provide rapid and sustained relief without also introducing the risk of opioid dependence, and we are working hard to advance IV tramadol to address this gap in the acute pain space.”
First Quarter and Recent Achievements:
In April 2018, Avenue completed enrollment in its Phase 3, multicenter, randomized, double-blind, three-arm clinical trial evaluating the efficacy and safety of IV tramadol 50 mg and 25 mg versus placebo for the treatment of moderate to moderately severe pain in patients following bunionectomy surgery. Avenue expects to report topline data in the second quarter of 2018. In March 2018, Avenue received Notices of Allowance from the U.S. Patent and Trademark Office (USPTO) for three patent applications covering methods of administration for IV tramadol. Issuance of these patents is expected in the second quarter of 2018.
Financial Results:
Cash Position: As of March 31, 2018, Avenue’s cash, cash equivalents and short-term investments totaled $15.0 million, compared to $21.8 million at December 31, 2017. The $6.8 million decrease was primarily attributable to the continued development of IV tramadol. R&D Expenses: Research and development expenses for the three months ended March 31, 2018, were $9.4 million, compared to $0.1 million for the same quarter in 2017. The $9.3 million increase was primarily attributable to the ongoing Phase 3 trial of IV tramadol following bunionectomy surgery and to the Phase 3 safety trial of IV tramadol. G&A Expenses: General and administrative expenses for the three months ended March 31, 2018, were $1.0 million, compared to $0.4 million for the same quarter in 2017. The $0.6 million increase was primarily attributable to increases in non-cash stock compensation, personnel costs, market research costs and professional fees. Net Loss: Net loss attributable to common stockholders for the three months ended March 31, 2018, was $10.4 million, or $1.03 per share, compared to a net loss of $0.7 million, or $0.22 per share, for the three months ended March 31, 2017.
About Avenue Therapeutics
Avenue Therapeutics, Inc. (“Avenue”), a Fortress Biotech (NASDAQ:FBIO) company, is a specialty pharmaceutical company focused on the development and commercialization of intravenous (IV) tramadol for the management of moderate to moderately severe postoperative pain. IV tramadol may fill a gap in the acute pain market between IV acetaminophen/NSAIDS and IV conventional narcotics. Avenue is currently evaluating IV tramadol in a pivotal Phase 3 program for the management of postoperative pain. Avenue is headquartered in New York City. For more information, visit www.avenuetx.com .
About Fortress Biotech
Fortress Biotech, Inc. (“Fortress”) is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Fortress develops and commercializes products both within Fortress and through certain of its subsidiary companies, also known as Fortress Companies. In addition to its internal development programs, Fortress leverages its biopharmaceutical business expertise and drug development capabilities and provides funding and management services to help the Fortress Companies achieve their goals. Fortress and the Fortress Companies may seek licensings, acquisitions, partnerships, joint ventures and/or public and private financings to accelerate and provide additional funding to support their research and development programs. For more information, visit www.fortressbiotech.com .
Forward-Looking Statements
This press release may contain “ ” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock value. Factors that could cause actual results to those currently anticipated include: risks relating to our growth strategy; risks relating to the results of research and development activities; risks relating to the timing of starting and completing clinical trials; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Contacts:
Jaclyn Jaffe
Avenue Therapeutics, Inc.
(781) 652-4500
[email protected]
Investor Relations
Julie Seidel
Stern Investor Relations, Inc.
(212) 362-1200
[email protected]
Media Relations
Sarah Hall
Phase IV Communications
(215) 313-5638
[email protected]
AVENUE THERAPEUTICS, INC.
Condensed Balance Sheets
($ in thousands, except for share and per share amounts)
March 31, December 31, 2018 2017 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 14,963 $ 11,782 Short-term investments - 10,000 Prepaid expenses and other current assets 310 388 Total Assets $ 15,273 $ 22,170 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $ 5,753 $ 2,737 Accounts payable and accrued expenses - related party 167 53 Total current liabilities 5,920 2,790 Total Liabilities 5,920 2,790 Commitments and Contingencies Stockholders' Equity Preferred Stock ($0.0001 par value), 2,000,000 shares authorized Class A Preferred Stock, 250,000 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively - - Common Stock ($0.0001 par value), 50,000,000 shares authorized - - Common shares; 10,552,045 and 10,265,083 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 1 1 Common stock issuable, 0 and 273,837 shares as of March 31, 2018 and December 31, 2017, respectively - 1,103 Additional paid-in capital 40,390 38,937 Accumulated deficit (31,038 ) (20,661 ) Total Stockholders' Equity 9,353 19,380 Total Liabilities and Stockholders' Equity $ 15,273 $ 22,170
AVENUE THERAPEUTICS, INC.
Condensed Statements of Operations
(Unaudited)
($ in thousands, except for share and per share amounts)
For the Three March 31, 2018 2017 Operating expenses: Research and development $ 9,439 $ 133 General and administration 986 371 Loss from operations (10,425 ) (504 ) Interest income (48 ) - Interest expense - 95 Interest expense - related party - 61 Change in fair value of convertible notes payable - 4 Change in fair value of warrant liabilities - (3 ) Net Loss $ (10,377 ) $ (661 ) Net loss per common share outstanding, basic and diluted $ (1.03 ) $ (0.22 ) Weighted average number of common shares outstanding, basic and diluted 10,099,331 3,022,846
Source:Avenue Therapeutics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-avenue-therapeutics-reports-first-quarter-2018-financial-results-and-recent-corporate-highlights.html |
May 8 (Reuters) - Easterly Government Properties Inc :
* EASTERLY GOVERNMENT PROPERTIES REPORTS FIRST QUARTER 2018 RESULTS
* Q1 FFO PER SHARE $0.31 * SEES 2018 FFO PER SHARE – FULLY DILUTED BASIS $1.27 TO $1.31
* FY 2018 GUIDANCE ASSUMES $450 MILLION OF ACQUISITIONS, WEIGHTED HEAVILY TOWARDS SECOND HALF OF 2018
* QTRLY TOTAL REVENUES $36 MILLION VERSUS $29.9 MILLION * FY2018 FFO PER SHARE VIEW $1.33 — THOMSON REUTERS I/B/E/S
* Q1 FFO PER SHARE VIEW $0.32 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-easterly-government-properties-rep/brief-easterly-government-properties-reports-q1-affo-per-share-0-26-idUSL8N1SF406 |
MCLEAN, Va., May 15, 2018 (GLOBE NEWSWIRE) -- Gladstone Investment Corporation (NASDAQ:GAIN) (the “Company”) today announced earnings for its fourth quarter and fiscal year ended March 31, 2018. Please read the Company’s Annual Report on Form 10-K filed today with the U.S. Securities and Exchange Commission (the “SEC”), which is available on the SEC’s website at www.sec.gov or the Company’s website at www.gladstoneinvestment.com .
Summary Information: (dollars in thousands, except per share data (unaudited)) :
March 31,
2018 December 31,
2017 Change %
Change For the quarter ended: Total investment income $ 15,419 $ 16,184 $ (765) (4.7)% Total expenses, net (A) 12,175 8,653 3,522 40.7 Net investment income (A) 3,244 7,531 (4,287) (56.9) Net realized gain 189 25 164 656.0 Net unrealized appreciation 18,413 9,588 8,825 92.0 Net increase in net assets resulting from operations (A) 21,846 17,144 4,702 27.4 Net investment income per weighted average common share (A) 0.10 0.23 (0.13) (56.5) Adjusted net investment income per weighted average common share (B) 0.21 0.25 (0.04) (16.0) Net increase in net assets resulting from operations per weighted average common share (A) 0.67 0.53 0.14 26.4 Cash distribution per common share from net investment income 0.19 0.27 (0.08) (29.6) Cash distribution per common share from realized gains (C) — (0.01) 0.01 (100.0) Distributions coverage ratio (D) 157.7 % 177.4% (19.7)% (11.1) Weighted average yield on interest-bearing investments 12.6 14.2 (1.6) (11.3) Total dollars invested $ 27,351 $ 39,540 $ (12,189) (30.8) Total dollars repaid and collected from sales 13,242 3,211 10,031 312.4 As of: Total investments, at fair value $ 599,147 $ 566,379 $ 32,768 5.8% Fair value, as a percent of cost 102.4 % 99.2% 3.2% 3.2 Net assets $ 354,200 $ 337,397 $ 16,803 5.0 Net asset value per common share 10.85 10.37 0.48 4.6 Number of portfolio companies 33 34 (1) (2.9)
March 31,
2018 March 31,
2017 Change %
Change For the year ended: Total investment income $ 58,355 $ 51,875 $ 6,480 12.5% Total expenses, net (A) 36,395 29,453 6,942 23.6 Net investment income (A) 21,960 22,422 (462) (2.1) Net realized gain 1,336 15,387 (14,051) (91.3) Net unrealized appreciation 37,391 6,954 30,437 437.7 Net increase in net assets resulting from operations (A) 60,687 44,763 15,924 35.6 Net investment income per weighted average common share (A) 0.68 0.74 (0.06) (8.1) Adjusted net investment income per weighted average common share (B) 0.82 0.74 0.08 10.8 Net increase in net assets resulting from operations per weighted average common share (A) 1.88 1.48 0.40 27.0 Cash distribution per common share from net investment income 0.84 0.75 0.09 12.0 Cash distribution per common share from realized gains (C) 0.05 — 0.05 NM Distributions coverage ratio (D) 113.5 % 132.1% (18.6)% (14.1) Weighted average yield on interest-bearing investments 13.1 12.7 0.4 3.1 Total dollars invested $ 98,539 $ 62,446 $ 36,093 57.8 Total dollars repaid and collected from sales 39,859 68,825 (28,966) (42.1) As of: Total investments, at fair value $ 599,147 $ 501,579 $ 97,568 19.5% Fair value, as a percent of cost 102.4 % 95.5% 6.9% 7.2 Net assets $ 354,200 $ 301,082 $ 53,118 17.6 Net asset value per common share 10.85 9.95 0.90 9.0 Number of portfolio companies 33 35 (2) (5.7)
(A) Inclusive of $3.6 million, or $0.11 per weighted-average common share, and $0.8 million, or $0.02 per weighted-average common share, of capital gains-based incentive fees accrued during the three months ended March 31, 2018 and the three months ended December 31, 2017, respectively, and $4.4 million, or $0.14 per weighted-average common share, of capital gains-based incentive fees accrued during the year ended March 31, 2018. These fees were accrued in accordance with United States generally accepted accounting principles (“U.S. GAAP”), where such amounts are not contractually due under the terms of the investment advisory agreement for the respective periods. Also see discussion under Non-GAAP Financial Measure – Adjusted Net Investment Income below. (B) See Non-GAAP Financial Measure — Adjusted Net Investment Income below for a description of this non-GAAP measure and a reconciliation from Net investment income to Adjusted net investment income, including on a weighted average per share basis. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company. (C) Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date. (D) Distributions coverage ratio is calculated by dividing (i) the sum of net investment income in excess of distributions at the end of the period and distributions to common stockholders from net investment income during the period by (ii) current period distributions from net investment income to common stockholders. NM = Not Meaningful
Highlights for the Quarter: During the quarter ended March 31, 2018, the following significant events occurred:
Portfolio Activity : Invested $27.4 million in existing portfolio companies and received repayments and proceeds from sales of $13.2 million.
Financing Activity : Entered into equity distribution agreements (commonly referred to as “at-the-market” or “ATM” programs) to sell up to an aggregate offering amount of $35.0 million. In March 2018, we sold 127,412 shares of common stock at a weighted-average net price of $10.24 per share resulting in net proceeds of $1.3 million.
Distributions and Dividends: Paid the following monthly cash distributions to common stockholders and dividends to preferred stockholders for each of January, February, and March 2018: $0.065 per common share, per month; $0.140625 per share, per month, for the Company’s 6.75% Series B Cumulative Term Preferred Stock (“Series B Term Preferred Stock”); $0.135417 per share, per month, for the Company’s 6.50% Series C Cumulative Term Preferred Stock (“Series C Term Preferred Stock”); and $0.13020833 per share to holders of our 6.25% Series D Cumulative Term Preferred Stock (“Series D Term Preferred Stock”).
Fourth Quarter Results : Net investment income for the quarters ended March 31, 2018 and December 31, 2017 was $3.2 million, or $0.10 per weighted-average common share, and $7.5 million, or $0.23 per weighted-average common share, respectively. Net investment income decreased period over period primarily as a result of higher incentive fees, including $3.6 million, or $0.11 per weighted-average common share, of capital gains-based incentive fees accrued under U.S. GAAP, the payment of which is not contractually due under the terms of our investment advisory agreement, in the current period. Total investment income also decreased period over period as a result of lower interest and other income. Also see discussion under Non-GAAP Financial Measure – Adjusted Net Investment Income below.
Net asset value per common share as of March 31, 2018 increased to $10.85 compared to $10.37 as of December 31, 2017. The quarter over quarter increase was primarily due to $18.4 million, or $0.57 per common share, of net unrealized appreciation, principally resulting from improved performance and an increase in comparable multiples used to estimate the fair value of certain portfolio companies, partially offset by a decline in performance of certain other portfolio companies. The increase was also partially offset by the aforementioned accrual of $3.6 million, or $0.11 per common share, of capital gains-based incentive fees accrued under U.S. GAAP, the payment of which is not contractually due under the terms of the investment advisory agreement, in the current period.
Fiscal Year End Results: Net investment income for the fiscal years ended March 31, 2018 and 2017 was $22.0 million, or $0.68 per weighted-average common share, and $22.4 million, or $0.74 per weighted-average common share, respectively. The slight year-over-year decrease in net investment income was primarily due to higher incentive fees, including $4.4 million, or $0.14 per weighted-average common share, of capital gains-based incentive fees accrued under U.S. GAAP, the payment of which is not contractually due under the terms of the investment advisory agreement, in the current period. The increase in incentive fees was partially offset by higher total investment income year-over-year due to an increase in both interest and other income. Also see discussion under Non-GAAP Financial Measure – Adjusted Net Investment Income below.
Net asset value per common share as of March 31, 2018 increased to $10.85 compared to $9.95 as of March 31, 2017. The year-over-year increase was primarily due to $37.9 million, or $1.17 per common share, of net unrealized appreciation, principally resulting from improved performance and an increase in comparable multiples of certain portfolio companies, partially offset by a decline in performance of certain other portfolio companies and the reversal of previously recorded net unrealized appreciation related to exits. The increase was also partially offset by the aforementioned accrual of $4.4 million, or $0.13 per common share, of capital gains-based incentive fees under U.S. GAAP, the payment of which is not contractually due under the terms of the investment advisory agreement, in the current period.
Subsequent Events: After March 31, 2018, the following significant events occurred:
Significant Investments : In April 2018, we invested $29.2 million in Bassett Creek Restoration, Inc. (d/b/a J.R. Johnson, LLC) (“Bassett Creek”) through a combination of secured first lien debt and preferred equity. Bassett Creek, headquartered in Portland, Oregon, is a leading provider of commercial restoration and renovation services to the Oregon and Southwest Washington region.
Financing Activity : Subsequent to March 31, 2018 and through May 8, 2018, we sold an additional 168,824 shares of our common stock under our ATM program at a weighted-average net price of $10.87 per share resulting in net proceeds of $1.8 million.
Distributions and Dividends Declared : In April 2018, our Board of Directors declared the following increased monthly distributions to common stockholders, a supplemental distribution to common stockholders, and monthly dividends to holders of our three series of term preferred stock:
Record Date Payment Date Distribution per
Common Share Dividend per Share of
Series B Term Preferred Stock Dividend per Share of
Series C Term Preferred Stock Dividend per Share of
Series D Term Preferred Stock April 20, 2018 April 30, 2018 $ 0.067 $ 0.140625 $ 0.135417 $ 0.13020833 May 22, 2018 May 31, 2018 0.067 0.140625 0.135417 0.13020833 June 6, 2018 June 15, 2018 0.060 (A) — — — June 20, 2018 June 29, 2018 0.067 0.140625 0.135417 0.13020833 Total for the Quarter: $ 0.261 $ 0.421875 $ 0.406251 $ 0.39062499
(A) Represents a supplemental distribution to common stockholders. Non-GAAP Financial Measure — Adjusted Net Investment Income: On a supplemental basis, the Company discloses Adjusted net investment income, including on a per share basis, which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with U.S. GAAP ("non-GAAP"). Adjusted net investment income represents net investment income, excluding the capital gains-based incentive fee. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company. The Company’s investment advisory agreement provides that a capital gains-based incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized losses and unrealized depreciation on investments for such year. However, under U.S. GAAP, a capital gains-based incentive fee is accrued if realized capital gains and unrealized appreciation of investments exceed realized capital losses and unrealized depreciation of investments. Refer to Note 4 – Related Party Transactions in our Annual Report on Form 10-K for further discussion. The Company believes that Adjusted net investment income is a useful indicator of operations exclusive of any capital gains-based incentive fee as net investment income does not include realized or unrealized investment activity associated with the capital gains-based incentive fee.
The following table provides a reconciliation from net investment income (the most comparable GAAP measure) to Adjusted net investment income for the periods presented:
For the quarter ended Amount Per Share
Amount Amount Per Share
Amount Net investment income $ 3,244 $ 0.10 $ 7,531 $ 0.23 Capital gains-based incentive fee 3,647 0.11 752 0.02 Adjusted net investment income $ 6,891 $ 0.21 $ 8,283 $ 0.25
For the year ended March 31, 2018 March 31, 2017 Amount Per Share
Amount Amount Per Share
Amount Net investment income $ 21,960 $ 0.68 $ 22,422 $ 0.74 Capital gains-based incentive fee 4,399 0.14 — — Adjusted net investment income $ 26,359 $ 0.82 $ 22,422 $ 0.74 Adjusted net investment income may not be comparable to similar measures presented by other companies, as it is a non-GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies. In addition, Adjusted net investment income should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with U.S. GAAP.
Conference Call: The Company will hold its earnings release conference call on Wednesday, May 16, 2018, at 8:30 a.m. EDT. Please call (855) 376-7516 to enter the conference. An operator will monitor the call and set a queue for any questions. A replay of the conference call will be available through May 23, 2018. To hear the replay, please dial (855) 859-2056 and use the playback conference number 54424741. The beginning approximately one hour after the call concludes. The live audio broadcast of the Company’s quarterly conference call will also be available online at www.gladstoneinvestment.com . The event will be archived and available for replay on the Company’s website through July 16, 2018.
About Gladstone Investment Corporation : Gladstone Investment Corporation is a publicly traded business development company that seeks to make secured debt and equity investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations. The Company has paid 154 consecutive monthly cash distributions on its common stock. Information on the business activities of all the Gladstone funds can be found at www.gladstonecompanies.com .
To obtain a paper copy of our Annual Report on Form 10-K filed today with the SEC, please contact the Company at 1521 Westbranch Drive, Suite 100, McLean, VA 22102, ATTN: Investor Relations. The financial information above is not comprehensive and is without notes, so readers should obtain and carefully review the Company’s Form 10-K for the year ended March 31, 2018, including the notes to the consolidated financial statements contained therein.
Source: Gladstone Investment Corporation
Investor Relations Inquiries : Please visit www.gladstone.com or +1-703-287-5893.
Source:Gladstone Investment Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-gladstone-investment-corporation-reports-financial-results-for-its-fourth-quarter-and-fiscal-year-ended-march-31-2018.html |
May 15, 2018 / 7:04 AM / Updated 33 minutes ago Worldline payments deal lends dealmaking firepower: SIX Oliver Hirt 2 Min Read
ZURICH (Reuters) - French group Worldline’s ( WLN.PA ) purchase of the payments unit of Swiss stock exchange operator SIX Group in a $2.75 billion deal lends the combined entity muscle to press on with consolidation in the sector, SIX Chairman Romeo Lacher told Reuters.
The stock-and-cash accord unveiled on Tuesday is the latest example of financial sector companies’ seeking to benefit from the shift towards electronic and online payments.
SIX Payment Services is getting 338 million Swiss francs ($338 million) in cash plus a 27 percent stake in the French company, in which Atos ( ATOS.PA ) will retain its majority 51 percent stake.
“The advantage of Worldline is that they have a very strong balance sheet, they are not indebted, and we are not either. That means we have an extreme amount of firepower to drive consolidation in Europe if it goes down the M&A track,” Lacher said in an interview.
Lacher said SIX would keep its stake at least for the medium term. Writing by Michael Shields, editing by John Revill | ashraq/financial-news-articles | https://www.reuters.com/article/us-worldline-m-a-six/worldline-payments-deal-lends-dealmaking-firepower-six-idUSKCN1IG0SP |
Avengers: Infinity War
More "Avengers" movies could be on their way, Disney said on Tuesday, following the globalsuccess of "Avengers: Infinity War," which has smashed box office records since its release last month.
Walt Disney Chief Executive Bob Iger told analysts on an earnings call that the fourth, already announced "Avengers" movie in the Marvel comic book franchise, due to be released in May 2019, would have a "significant conclusion."
But, Iger added, "Given the popularity of the characters and given the popularity of the franchise, I don't think people should conclude that there will never be another 'Avengers' movie."
"There's certainly a lot more stories to tell, a lot more characters to populate those stories with," he said.
"Avengers: Infinity War," which brought together more than 20 Marvel superheroes, set a new opening weekend box office record for North America of $250 million when it debuted at theend of April. The movie has earned more than $1 billion globally, even before it opens in China.
Directors Joe and Anthony Russo shot an as yet untitled follow-up back-to-back with "Infinity War." That movie is scheduled for release on May 3, 2019. Details of the plot have not been released.
Iger added that Disney would also likely "try our hand at what I'll call a new franchise beyond Avengers," noting that there were some 7,000 characters in the Marvel universe that could be explored in film.
Iger was speaking after Disney announced quarterly profits that topped Wall Street forecasts, partly based on the success of Marvel movie "Black Panther."
Disney already has two other Marvel movies set to be released within the next year – "Ant-Man and the Wasp" in July, and "Captain Marvel" in March 2019. WATCH: Disney now has 9 of the 10 biggest U.S. box office openings show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/disney-teases-possibility-of-even-more-avengers-movies.html |
LOS ANGELES, April 30 (Reuters) - American actress Ashley Judd on Monday filed a defamation and sexual harassment lawsuit against Hollywood producer Harvey Weinstein, alleging that he damaged her career after she refused his sexual advances.
The civil lawsuit, filed in Los Angeles Superior Court in Santa Monica, alleges that Weinstein caused Judd to lose a part in 1998 in the film “The Lord of the Rings” by making “baseless smears” against her.
The lawsuit, reviewed by Reuters, alleges that Weinstein “was retaliating against Ms. Judd for rejecting his sexual demands approximately one year earlier, when he cornered her in a hotel room under the guise of discussing business.”
“Weinstein used his power in the entertainment industry to damage Ms. Judd’s reputation and limit her ability to find work,” the lawsuit added.
Weinstein has denied non-consensual sex with anyone. His spokesman did not immediately return a request for comment on Monday.
Judd was one of the first women in October 2017 to make an on the record allegation of sexual misconduct against Weinstein, which soon afterward evolved into the social media #MeToo movement against sexual harassment and assault. The Oscar-winning producer has since been accused of sexual impropriety by more than 70 women.
Judd, a leading member of the “Time’s Up” movement against sexual harassment in the workplace, is seeking unspecified damages and a jury trial.
Judd’s representative did not immediately return a call for comment.
The actress said in a statement to the New York Times that any financial recuperation from the lawsuit would be donated to Time’s Up “so that women and men in all professions may have legal redress for sexual harassment, economic retaliation and damage to their careers.”
Reporting by Jill Serjeant; Editing by Bill Tarrant
| ashraq/financial-news-articles | https://www.reuters.com/article/people-ashley-judd-weinstein/american-actress-ashley-judd-sues-harvey-weinstein-for-defamation-sexual-harassment-idUSL1N1S726W |
14 Hours Ago | 04:39
The Trump administration should address the high cost of prescription drugs in trade negotiations, Mt. Sinai CEO Kenneth Davis told CNBC on Thursday.
"Americans wind up paying much more for our drugs than anywhere else in the world. The rest of the world controls their prices; the U.S., it's a free market," he said on " Closing Bell ."
"Essentially the U.S. is underwriting the research and development costs that happen for the rest of the world. This is a trade issue. This is a fair trade issue, and we have to bring it up in trade negotiations," he added.
His argument echoes that of President Donald Trump . Last week, Trump accused foreign allies of paying less than the United States for prescription drugs while benefiting from American investment in research and drug development. He said he has directed U.S. Trade Representative Robert Lighthizer to make fixing this a top priority with every trading partner.
The idea behind the Trump plan is drug companies should raise prices overseas where governments subsidize costs and lower prices in the U.S.
Davis said there is one big concern, however.
"If we can convince the rest of the world to raise their prices, will the drug companies pass that on so that there are savings to the American consumer?" he said.
The solution may be legislation that would make sure that drug companies used the advantage they gained through the trade negotiations to help patients, he added.
"The prices now are too outrageous," Davis said. "We have to make this more equitable across the world, and we have to find ways to do that."
— CNBC's Berkeley Lovelace contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/outrageous-drug-prices-are-a-fair-trade-issue-mt-sinai-ceo-davis.html |
May 7 (Reuters) -
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- This Diary is filed daily. ** Indicates new events -
MONDAY, MAY 7 ** GENEVA, Switzerland - European Central Bank Executive Board Member Peter Praet gives keynote speech at the SFAA Swiss Financial Analysts Association event in Geneva, Switzerland - 1530 GMT. VANBERG, Sweden - Riksbank First Deputy Governor Kerstin af Jochnick will visit Varberg and Halmstad. She will participate in SEB’s lunch meeting on changed behaviour. She will discuss developments on the payment market and the need to analyse a possible e-currency, as well as current monetary policy - 0930 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Atlanta President Raphael Bostic gives welcome remarks before the 2018 Financial Markets Conference, “Machines Learning Finance: Will They Change the Game?” presented by the Federal Reserve Bank of Atlanta’s Center for Financial Innovation and Stability - 1225 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Philadelphia President Patrick Harker moderates “Research Session 1: Artificial Intelligence and Modern Productivity Paradox: a Clash of Expections and Statistics” panel before conference, “Machines Learning Finance: Will They Change the Game?” presented by the Federal Reserve Bank of Atlanta’s Center for Financial Innovation and Stability – 1800 GMT.
FAIRFAX, Va. - Federal Reserve Bank of Richmond President Tom Barkin speaks in a conversation at an event hosted by George Mason University - 1800 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Dallas President Robert Kaplan and Federal Reserve Bank of Chicago President Charles Evans participate in “Policy Session 3: Learning About an ML-Driven Economy” before the 2018 Financial Markets Conference, “Machines Learning Finance: Will They Change the Game?” presented by the Federal Reserve Bank of Atlanta’s Center for Financial Innovation and Stability - 1930 GMT. CASCAIS, Portugal – Bank of Canada Deputy Governor Timothy Lane participates in panel discussion at Horasis, Cascais – 1900 GMT. TUESDAY, MAY 8 ** HELSINKI - Bank of Finland governor Erkki Liikanen and deputy governor Olli Rehn are due to speak about the future of payments in a Helsinki seminar. ** ZURICH, Switzerland - Federal Reserve Chairman Jerome Powell participates in “Monetary Policy Influences on Global Financial Conditions and International Capital Flows” panel before the Swiss National Bank and International Monetary Fund High Level Conference on the International Monetary System - 0715 GMT. ** STOCKHOLM - Riksbank Deputy Governor Per Jansson will discuss the situation in the economy and current monetary policy at Kammarkollegiet’s capital market day - 0830 GMT. STOCKHOLM - Swedish Central Bank publishes Minutes from the Monetary Policy meeting - 0730 GMT.
WEDNESDAY, MAY 9 JACKSONVILLE, Florida - Federal Reserve Bank of Atlanta President Raphael Bostic speaks on the economic outlook and monetary policy before the World Affairs Council, Jacksonville - 1715 GMT. TOKYO - Bank of Japan to release summary of opinions from board members at its April 26-27 policy meeting – 2350 GMT. STOCKHOLM - Riksbank executive board meeting - 0700 GMT. THURSDAY. MAY 10 LONDON - Bank of England publishes summary and minutes of the Monetary Policy Committee meeting and Inflation Report - 1100 GMT. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR) and Monetary Policy Statement. FRIDAY, MAY 11 ** FLORENCE, Italy - European Central Bank President Mario Draghi gives speech at 8th edition of The State of the Union organised by EUI in Florence, Italy - 1315 GMT. SPRINGFIELD, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Springfield Business Development Corporation Meeting, - 1230 GMT. TORONTO, Canada - Bank of Canada Senior Deputy Governor Carolyn A. Wilkins participates in panel discussion at Women’s Forum Canada, Toronto - 1300 GMT.
MONDAY, MAY 14 NEW YORK - Federal Reserve Bank of St. Louis President James Bullard gives presentation before CoinDesk’s Consensus 2018 - 1340 GMT. PARIS, France - Federal Reserve Bank of Cleveland President Loretta Mester speaks before the Global Interdependence Center “Central Banking Series with Banque de France,” - 0645 GMT OSLO - Norway Central Bank chief Øystein Olsen participates in the Parliamentary Hearing before the Standing Committee on Finance and Economic Affairs of the Storting. – 1015 GMT.
TUESDAY, MAY 15 MALMO, Sweden - Riksbank Deputy Governor Cecilia Skingsley will discuss the Riksbank’s history and the development of money and she will also hold a breakfast presentation in Malmö on the economic situation and current monetary policy (to May. 16). OSLO - Norway Central Bank Deputy Governor Jon Nicolaisen gives a speech at a meeting hosted by Econa, Hoyres Hus Conference Center, Oslo - 1530 GMT. WEDNESDAY, MAY 16 ** AUGUSTA, Georgia - Federal Reserve Bank of Atlanta President Raphael Bostic discusses the economy at an event sponsored by the Federal Reserve Bank of Atlanta - 1230 GMT. LONDON - ESCoE Conference on Economic Measurement 2018. Bank of England Chief Economist Andy Haldane will give the closing remarks (to May. 17). ST. LOUIS, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives opening remarks before the Homer Jones Memorial Lecture hosted by the Federal Reserve Bank of St. Louis - 2230 GMT. OTTAWA – Bank of Canada Deputy Governor Lawrence Schembri will give speech at CFA Society Ottawa and Ottawa Economics Association – 1615 GMT.
FRANKFURT, Germany - ECB Governing Council meeting. No interest rate announcements scheduled.
THURSDAY, MAY 17 ** ST. PAUL, Minnesota - Federal Reserve Bank of Minneapolis President Neel Kashkari participates in a moderated question-and-answer session hosted by the Minnesota Housing Finance Agency - 1445 GMT. MONDAY, MAY 21 ** ESCANABA, Michigan - Federal Reserve Bank of Minneapolis President Neel Kashkari participates in a moderated question-and-answer session town hall forum hosted by Bay College - 2230 GMT. STOCKHOLM - Riksbank executive board meeting - 0700 GMT. WEDNESDAY, MAY 23 MADRID - Bank of Spain Governor Linde to open a Deloitte-ABC economy event in Madrid - 0730 GMT.
BRUSSELS - The European Business Summit’s annual 2-day conference at Egmont Palace in Brussels (to May 24). WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) will release minutes from its March 20-21 policy meeting – 1800 GMT. STOCKHOLM - Swedish Central Bank publishes The Financial Stability Report 2018:1 - 0730 GMT.
THURSDAY, MAY 24 LONDON - Bank of England Governor Mark Carney gives a speech at the annual dinner of London’s Society of Professional Economists – 1800 GMT. DALLAS - Federal Reserve Banks of Dallas and Atlanta hold a two-day conference on “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy”. Participants include Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans, Federal Reserve Bank of Philadelphia President Patrick Harker and Federal Reserve Bank of Dallas President Robert Kaplan (to May 25). DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic and his Dallas counterpart, Robert Kaplan, give opening remarks at the conference - 1435 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan moderates “Session I: The Disruption Challenge Facing Business” of the conference - 1500 GMT
DALLAS - Federal Reserve Bank of Philadelphia President Patrick Harker participates in “Session III: Broader Labor Market Implications of Technology-Enabled Disruption” of the conference - 1800 GMT.
DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives introductory remarks before the conference - 0000 GMT.
FRIDAY, MAY 25 STOCKHOLM – Central Bank Governor Mark Carney from the Bank of England, Finland’s central bank manager Erkki Liikanen and central bank governor Jerome Powell from the Federal Reserve System participate in the Riksbank’s 350th conference – 0615 GMT. DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Dallas President Robert Kaplan participate in “Session VIII: Policymaker Panel” before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 1545 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives closing remarks before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 1830 GMT TUESDAY, MAY 29 ** FRANKFURT - The European Central Bank releases monthly data on lending and money supply – 0800 GMT. TOKYO - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Japan Center for International Finance Global Finance Seminar- 0440 GMT. FRANKFURT - Frankfurt Finance Summit 2018.
WEDNESDAY, MAY 30 WASHINGTON, D.C. - U.S. Federal Reserve issues its Beige Book on economic condition - 1800 GMT. WELLINGTON - Reserve Bank of New Zealand publishes Financial Stability Report. OTTAWA - Bank of Canada key policy interest rate announcement and monetary policy report – 1400 GMT. THURSDAY, MAY 31 WHISTLER, Canada - G7 finance and development ministers, as well as central bank governors will meet on the theme of “investing in growth that works for everyone” (to June 2). THURSDAY, JUNE 7
OTTAWA - Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will hold a press conference to discuss the contents of the Financial System Review – 1530 GMT.
MONDAY, JUNE 11 STOCKHOLM - Riksbank executive board meeting – 1100 GMT.
TUESDAY, JUNE 12 WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to June 13). THURSDAY, JUNE 14 TOKYO - Bank of Japan holds Monetary Policy Meeting (to June 15).
FRANKFURT - ECB Governing Council meeting, followed by interest rate announcement (external meeting).
FRANKFURT - ECB President Mario Draghi holds a press conference, after the interest rate meeting (external meeting) – 1230 GMT.
FRIDAY, JUNE 15 FORT WORTH, Texas - Federal Reserve Bank of Dallas President Robert Kaplan speaks before a business leaders luncheon hosted by the Fort Worth Chamber of Commerce - 1700 GMT.
TOKYO - Bank of Japan holds Monetary Policy Meeting.
MONDAY, JUNE 18 STOCKHOLM - Riksbank general council meeting – 1100 GMT.
TUESDAY, JUNE 19 ** BRATISLAVA - Slovakia Central Bank Governor Jozef Makuch holds a news conference.
HELSINKI - Bank of Finland governor and European Central Bank governing council member Erkki Liikanen is due to hold a press conference in Finland. TOKYO - Bank of Japan releases Minutes of Monetary Policy Meeting held on Apr 26 and 27 – 2350.
THURSDAY, JUNE 21 BERN - Swiss National Bank Financial Stability Report 2018 – 0430 GMT. BERN - Swiss National Bank (SNB) Monetary policy assessment with news conference – 0730 GMT. OSLO - Norway Central Bank holds Announcement of the Executive Board’s interest rate decision and publication of Monetary Policy followed by press conference – 0800 GMT.
LONDON - Bank of England announces rate decision and publishes the minutes of the meeting, after the rate decision – 1100 GMT.
SUNDAY, JUNE 24 TOKYO - Bank of Japan to release summary of opinions from board members at its Jun. 14-15 policy meeting – 2350 GMT.
TUESDAY, JUNE 26 STOCKHOLM - Riksbank executive board meeting – 0700 GMT.
WEDNESDAY, JUNE 27 ** FRANKFURT - The European Central Bank releases monthly data on lending and money supply – 0800 GMT.
FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.
THURSDAY, JUNE 28 FRANKFURT - General Council meeting of the ECB in Frankfurt. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR).
NOTE: The inclusion of items in this diary does not necessarily mean that Reuters will file a story based on the event. For technical issues, please contact Thomson Reuters Customer Support (TRCS) here
| ashraq/financial-news-articles | https://www.reuters.com/article/diary-top-econ/diary-top-economic-events-to-june-28-idUSL3N1SB4GX |
Credit bureau Experian has been hit with a proposed nationwide class action in California accusing it of mistakenly reporting that consumers were on a government watchlist of security threats and not helping consumers correct the mistakes.
Los Angeles resident Sung Kang filed the lawsuit in Santa Ana federal court on Friday, alleging that he was denied a car loan after Experian incorrectly reported that he was on a watchlist of terrorists, drug traffickers, money launderers and sanctions targets kept by the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC).
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2GgoVse
| ashraq/financial-news-articles | https://www.reuters.com/article/experian-watchlist-lawsuit/experian-hit-with-lawsuit-over-government-watchlist-alerts-idUSL2N1SL1XF |
NEW YORK and TORONTO, April 30, 2018 /PRNewswire/ - iAnthus Capital Holdings, Inc. ("iAnthus" or "the Company"), (CSE: IAN , OTCQB: ITHUF), which owns, operates, and partners with licensed cannabis operations throughout the United States, is pleased to announce the release of its financial results for the fourth quarter ("Q4 2017") and fiscal year 2017 ("FY 2017"), and to provide an update on the Company's existing and future operations.
Hadley Ford, CEO of iAnthus, provided the following statement on the Company's operations:
"The past year has brought major developments for iAnthus, including acquisitions in the major east coast markets of Florida and New York, the continued buildout of a world-class operations team led by Carlos Perea (Chief Operating Officer), and the establishment of iAnthus as one of the U.S. cannabis industry's most well-known and well-funded companies.
Our vision is to create the most valuable network of cannabis operations and distribution in the United States. We have prioritized long-term, sustainable growth that provides immediate and future value to our investors, customers and industry partners. To that end, we have focused on building out state-of-the-art, highly automated cultivation facilities in Massachusetts, New York, and Florida that we anticipate will greatly reduce our future cultivation and production costs, while providing a superior and more consistent product to our patients and customers. Our dispensary locations in Florida, Massachusetts, and New York, have prioritized ease of access for our patients and customers and the designs have relied on their feedback and engagement. Our approach should result in dispensaries located in high traffic locations in densely populated areas and allow us to develop a loyal following of patients and customers with whom we will foster meaningful, long-term relationships.
As we look ahead to fiscal year 2018, iAnthus will continue to be opportunistic in building our network in high growth U.S. markets. The U.S. cannabis market still represents a vast untapped potential, and we plan to remain well-funded and flexible to create shareholder value through strategic opportunities when they arise. While we will not always want to be the first to market, we feel it is crucial to seize unique opportunities when they are available.
The past year has seen iAnthus solidify an unprecedented position in east coast states. By adding the markets of New York and Florida to our strong presence in Massachusetts and Vermont, we now have the licensed opportunity to sell cannabis to a population of over 48 million with very limited competition. We look forward to building on that elite presence throughout 2018, while continuing to establish ourselves as a best-in-class operator."
2017 and 2018 Year-to-Date Corporate Highlights:
Became the sole member of the not-for-profit Mayflower Medicinals, Inc. ("Mayflower"), thereby acquiring control of Mayflower and providing access to Massachusetts' population of approximately 7 million people and respective cannabis market; Acquired 100% of Pilgrim Rock Management, LLC ("Pilgrim Rock"), the affiliated management and services company that will provide intellectual property licensing, professional and management services, real estate and equipment leasing, and certain other services to Mayflower Medicinals, Inc. ("Mayflower"); Acquired substantially all of the assets of GrowHealthy Holdings, LLC ("GrowHealthy"), securing control of one of the 13 current medical cannabis licenses in Florida and access to its population of nearly 21 million people; Acquired 100% of Citiva Medical, LLC ("Citiva NY"), the holder of one of ten vertically integrated medical marijuana licenses issued by New York State, and Citiva LLC ("Citiva USA" and together with Citiva NY, "Citiva"), the owner of certain regulated cannabis industry assets and IP, gaining access to New York's population of approximately 20 million people; Acquired the sole member of the not-for-profit Grassroots Vermont ("Grassroots"), thereby securing control of Grassroots and providing access to Vermont' population of approximately 700,000 people and respective cannabis market; iAnthus now has seven operations and investments in six states, representing an addressable market of approximately 50 million people; and These corporate transactions will allow iAnthus to fully consolidate the financial results from its operations in Massachusetts, Vermont, Florida and New York throughout 2018.
Financial Highlights:
Revenue in FY 2017 totaled US$2.4 million, representing a 615% increase from FY 2016; Net loss for the period was US$13.7 million, primarily attributable to increased costs as a result of the Company's expansion into additional states. Non-cash expenses and other items for the period totaled US$8.1 million, resulting in an adjusted net cash loss of US$5.6 million; Invested capital for FY 2017 totaled approximately US$23.7, million bringing the company's total invested capital to date to approximately US$98.7 million; Closed a C$12.0 million short-form prospectus offering and concurrent C$4.5 million non-brokered private placement in November, 2017; Closed a US$20.0 million private placement debenture in January, 2018; and Full financial results are available on SEDAR.
Political Highlights:
A Quinnipiac University Poll , released on April 26, 2018, registered support for legalizing marijuana at an all-time high, with nearly two-thirds of U.S. voters support legalizing marijuana. The poll also registered support for medical marijuana at 93%, with only 5% of respondents opposed; President Donald Trump assured Senator Cory Gardner (R-CO) that the President would support federal legislation to allow U.S. states to decide for themselves how they want to regulate cannabis without fear of federal interference. Senator Gardner announced that he will propose a bipartisan bill to institute this federalist approach to cannabis regulation; Senator Chuck Schumer (D-NY) of New York announced on April 20, 2018 that he plans to introduce a bill to deschedule cannabis nationwide; if passed, the bill would remove cannabis from the U.S. Drug Enforcement Administration list of controlled substances and leave cannabis regulation up to individual states; and New York Governor Andrew Cuomo softened his stance on adult recreational use of cannabis during an April media appearance in Brooklyn. Governor Cuomo is facing increased pressure to legalize the adult use of cannabis during the lead up to the 2018 gubernatorial election and as a result of the pending legislation in neighboring New Jersey to expand its medical cannabis program into a full adult recreational use program.
Operational Highlights:
Massachusetts - Mayflower Highlights:
Received final authorization from Department of Health and began operations at 36,000 square foot Holliston cultivation and processing facility; first harvest and extraction and production cycle were initiated in April 2018; Construction of Boston dispensary is complete, scheduled to open in May 2018; Full suite of products will be available at the Boston dispensary, including: flower, pre-pack flower, concentrates, vape pens, tinctures and edibles; Two other dispensary locations have been secured through lease and option to lease agreements, with full details to be provided pending final regulatory approval; Management estimates that current medical market size is already over US$100 million of annual revenues, with a full adult-use/recreational program authorized to state in July 2018 with an estimated market size of over US$1 billion of annual revenues; and There are currently only 22 operating dispensaries in Massachusetts, which provides an attractive competitive landscape for Mayflower's market entry.
Florida - GrowHealthy Highlights:
Florida medical cannabis market is one of the largest and fastest growing markets in the U.S., with over 100,000 patients in registry and estimated run-rate annual revenues of US$150 million; Signed leases for locations in Palm Beach County, Orlando, and Tampa in high traffic, densely populated areas; Palm Beach County, Orlando and Tampa dispensaries expected to be completed in Q3 2018; Management expects that GrowHealthy will have secured an additional five locations by year end 2018; Cultivation was initiated in April 2017 and product inventory is being accumulated to ensure robust supply for Q3 2018 dispensary openings; Statewide delivery program in effect and made first delivery in November 2017; Over 25,000 square feet of the cultivation and processing facility have been built out to-date, fitted with appropriate areas for extraction, packaging, vegetation and flowering; and An additional 175,000 square feet are available in the building for continued cultivation build-out.
New York – Citiva Highlights:
Executed lease on flagship 2,000 square-foot dispensary in Brooklyn, located in high traffic area directly across from Barclays Center; dispensary is expected to be one of only three competitors operating within Brooklyn, a borough of approximately 2.6 million residents; Finalizing design phase for approximately 39,500 square foot modular cultivation and processing facility in Orange County, NY, which will support in excess of 2.2 million grams of annual production; start of buildout anticipated in Q2 2018; Engaged in negotiations with multiple Registered Organizations to gain access to wholesale product; Negotiating leasing agreements for dispensaries in Staten Island, Dutchess County, and Chemung County with a combined population of approximately 860,000 people.
Vermont – Grassroots Highlights:
Revenue in FY 2017 totaled US$1.0 million, representing a 47.2% increase from FY 2016; Grassroots recently completed significant upgrades to its facilities, including a commercial kitchen, processing capabilities and an increase of grow space that will be able to support 200,000 grams of annual production; and The Vermont medical cannabis statute was amended in July 2017 to permit each license holder to open a second retail location, which iAnthus is actively pursuing in Chittenden County, one of the more densely populated areas in Vermont.
Colorado - Organix, LLC ("Organix") Highlights:
Revenue in FY 2017 totaled US$3.6 million (as FY 2016 results were unaudited, comparative metric is not provided); Current market share is estimated to be greater than 35%, with continuous improvements due to product quality and inventory initiatives; iAnthus has invested US$5.2 million and currently owns 100% equity ownership of two Colorado subsidiaries, which together acquired all non-cannabis assets of Organix, and which provide a broad range of real estate and equipment leasing, IP licensing and professional services to Organix; and Current regulatory considerations in Colorado prevent iAnthus from cannot consolidating the financial results of Organix. Pending legislation, if passed and signed into law, may permit iAnthus to consolidate Organix's financial results beginning in 2018 or 2019.
New Mexico - Reynold Greenleaf & Associates, LLC ("RGA") Highlights:
Revenue in FY 2017 totaled US$3.1 million, representing a 91% increase from FY 2016; iAnthus has invested US$2.3 million and currently owns 24.9% of RGA; RGA is a management company that oversees four licenses encompassing six dispensaries, three cultivation facilities and one commercial kitchen and laboratory. RGA receives a series of fees and revenue streams from the four licenses that it manages, which generated US$11.8 million revenue in 2017, representing a 99% increase from 2016; and As iAnthus does not hold a controlling interest in RGA, the financial results of RGA or its affiliates are not consolidated into iAnthus' financial statements.
Additional information about iAnthus may be accessed on the Company's website at www.iAnthusCapital.com and under the Company's SEDAR profile at www.sedar.com .
About iAnthus Capital Holdings, Inc.
iAnthus Capital Holdings, Inc. owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. Founded by entrepreneurs with decades of experience in operations, investment banking, corporate finance, law and health care services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. The Company uses these skills to support operations across six states. For more information, visit www.iAnthusCapital.com .
Forward Looking Statements
Statements in this news release that are are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in iAnthus' periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should, our vision" and similar expressions, are
Forward-looking statements may include, without limitation, statements including dispensary locations and build-outs, harvest yields, pending legislation, available funds for acquisitions, and other statements of fact.
Although iAnthus has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the , there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on The in this news release are made as of the date of this release. iAnthus disclaims any intention or obligation to update or revise such information, except as required by applicable law, and iAnthus does not assume any liability for disclosure relating to any other company mentioned herein.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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SOURCE iAnthus Capital Holdings Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-ianthus-reports-fourth-quarter-and-fiscal-year-2017-financial-results.html |
May 9 (Reuters) - Alaska Communications Systems Group Inc :
* ALASKA COMMUNICATIONS REACHES AGREEMENT WITH TAR HOLDINGS
* ALASKA COMMUNICATIONS SYSTEMS - TAR HOLDINGS TO VOTE ITS SHARES IN FAVOR OF ALL OF CO’S DIRECTOR NOMINEES, INCLUDING 4 NEW INDEPENDENT DIRECTORS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alaska-communications-reaches-agre/brief-alaska-communications-reaches-agreement-with-tar-holdings-idUSFWN1SG1M7 |
(Adds more information from post-earnings conference call, context on grain prices)
By Paula Arend Laier
SAO PAULO, May 15 (Reuters) - Brazil’s JBS SA, the world’s largest meatpacking company, said on Tuesday that rising prices for grain, the key raw material for feed, don’t show any hint of cooling off, forcing it to cut other costs.
Chief Operating Officer Gilberto Tomazoni said the recent rise in grain prices has pressured profit margins for some products. He spoke on a conference call with investors and analysts a day after the company posted better-than-expected earnings.
An intense drought in Argentina earlier this year and below-average rains currently in Brazil have boosted prices for soybeans and corn, elevating costs mainly for pork and poultry processors who use the grains as the main ingredients for feed.
“On grain costs, I do not see much cooling ahead,” Tomazoni said. The executive said prices might come down a little, between 7 percent and 10 percent, but not more than that.
A large part of Brazil’s main corn crop is currently in the growing stage, so it could still recover if gets enough rain.
Corn prices locally are trading at a premium compared to Chicago values, as high exports and strong demand from meat processors lead to expectations of a possible tight supply in the second half.
JBS reported that sales fell 5 percent in its Seara division, which produces and processes poultry and pork both for the local market and for export. The company had raised prices on those products to offset higher production costs.
Tomazoni said the company will not enter any price war to gain market share.
JBS shares were up 2.2 percent in Sao Paulo, while the broader exchange index Bovespa was down 0.3 percent. (Writing by Carolina Mandl and Marcelo Teixeira Editing by Chizu Nomiyama and Jeffrey Benkoe)
| ashraq/financial-news-articles | https://www.reuters.com/article/jbs-results/update-1-jbs-sees-higher-grain-prices-cuts-other-costs-to-offset-idUSL2N1SM115 |
PURCHASE, N.Y., May 1, 2018 /PRNewswire/ -- The Board of Directors of PepsiCo, Inc. (NASDAQ: PEP) today declared a quarterly dividend of $0.9275 per share of PepsiCo common stock, a 15.2 percent increase versus the comparable year-earlier period. Today's action is consistent with PepsiCo's previously announced increase in its annualized dividend to $3.71 per share from $3.22 per share, beginning with the June 2018 payment. This dividend is payable on June 29, 2018 to shareholders of record at the close of business on June 1, 2018. PepsiCo has paid consecutive quarterly cash dividends since 1965, and 2018 marks the company's 46th consecutive annual dividend increase.
About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $63 billion in net revenue in 2017, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including 22 brands that generate more than $1 billion each in estimated annual retail sales.
At the heart of PepsiCo is Performance with Purpose – our fundamental belief that the success of our company is inextricably linked to the sustainability of the world around us. We believe that continuously improving the products we sell, operating responsibly to protect our planet and empowering people around the world enable PepsiCo to run a successful global company that creates long-term value for society and our shareholders. For more information, visit www.pepsico.com .
Cautionary Statement
Statements in this release that are "forward-looking statements" are based on currently available information, operating plans and projections about future events and trends. Forward-looking statements inherently involve risks and uncertainties. For information on certain factors that could cause actual events or results to differ materially from our expectations, please see PepsiCo's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE PepsiCo | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-pepsico-declares-quarterly-dividend.html |
BANGKOK (Reuters) - Giant African snails endemic to Thailand are getting the red carpet treatment to keep them producing top-notch slime, say farmers harvesting the mucus for use in cosmetics.
A snail is seen at a snail farm at Nakhon Nayok Province, Thailand May 11, 2018. REUTERS/Soe Zeya Tun At a farm in Nakhon Nayok province, a two-hour drive north-east of Bangkok, Tawatchai Maneemart tends to some 3,000 snails.
He lets them roam freely in a 21-square-metre (226 sq ft) enclosure that mimics their natural habitat, and feeds them with organic cucumbers and green leafy vegetables.
These snails, about three inches long, are bred by farmers for their mucus, made popular in large part by a South Korean beauty trend that uses the filtered slime in face serums and moisturizers.
“If we nurture them well and keep them happy by providing them with a pleasant habitat and good food, they will be healthy,” said Tawatchai, explaining that healthier snails bred in a stress-free environment are more likely to produce high-quality mucus.
Advocates of the snail cream say the mucus is filled with collagen and other compounds that aid in hydrating the skin, and which, over time, can fade skin imperfections, such as wrinkles and scars.
Snails are seen at a snail farm at Nakhon Nayok Province, Thailand May 11, 2018. REUTERS/Soe Zeya Tun To extract the gel, Tawatchai and his team hold a snail over a petri dish and drop water on it to stimulate its production of mucus. The secretion is extracted and bottled.
Once collected, the slime is sold to Aden International Co., a Thailand-based business that turns most of it into a powder, which it sells to cosmetics companies in South Korea and the United States, its Chief Executive Voranun Puttarathuvanun said.
Aden International also makes its own face serum using the mucus, which it says is popular in China.
The company declined to name its customers.
Slideshow (3 Images) Voranun said the best part of the snail slime business was its minimal cost.
“You don’t even need to buy the snails as they can be collected, especially in the rainy season”, she said of the land snails from the Achatina genus.
Tawatchai said his snails earn him an average monthly income of $940, almost five times the country’s $193 minimum monthly wage.
Cosmetic brands popular in Thailand that use snail mucus include products by Do Day Dream, which uses slime extracted in South Korea in its skin-whitening cream, and Beauty Buffet’s Lansley Magic Snail White Cream.
Other countries including Chile, Italy and France also breed snails for their mucus.
There are about 85 snail farms in Nakhon Nayok province where farmers say they extract the mucus no more than once a month to maintain the animals’ health.
The snails even get a break from having their slime extracted for four months each year - to keep them healthy and “happy”.
Reporting by Juarawee Kittisilpa; Editing by Amy Sawitta Lefevre, Karishma Singh and Neil Fullick
| ashraq/financial-news-articles | https://www.reuters.com/article/us-thailand-snails/thai-snails-kept-happy-and-healthy-for-their-cosmetic-slime-idUSKCN1IJ0VU |
May 31, 2018 / 6:18 AM / in 13 hours New Zealand privacy watchdog seeks greater power over Facebook Charlotte Greenfield 3 Min Read
WELLINGTON (Reuters) - New Zealand’s top privacy enforcer is seeking greater powers to regulate Facebook Inc as the social media giant grapples with a tough new privacy regime in Europe and investigations around the globe over its handling of personal data. New Zealand Privacy Commissioner John Edwards said he was seeking new enforcement provisions as part of an overhaul of privacy laws now being considered by parliament. Edwards and Facebook have been at loggerheads over whether the tech giant was bound by New Zealand law since March, when Edwards asserted the U.S. company had broken local rules by refusing a request by a New Zealand citizen to access personal information held on the accounts of other users. [nL3N1RA3B1] FILE PHOTO: A 3D-printed Facebook like button is seen in front of the Facebook logo, in this illustration taken October 25, 2017. REUTERS/Dado Ruvic/Illustration/File Photo
“What we did with Facebook is issue a legally binding demand and they just ignored and thumbed their nose at it and refused to comply,” Edwards told Reuters in an interview this week. Facebook declined to comment. In March it said it was disappointed in the decision and that the commissioner had made a “broad and intrusive request for private data”.
Facebook had argued that customers in New Zealand were governed by Irish privacy law, along with most other non-U.S. users. But in April Facebook confirmed that it was changing its terms of service agreements so that its 1.5 billion members in Africa, Asia, Australia and Latin America would not fall under the European Union’s strict General Data Protection Regulation (GDPR), which took effect on May 25. [nL1N1RW046]
Instead, Facebook now specifies that international users are subject to U.S. privacy laws. There are 2.5 million Facebook account holders in New Zealand, according to the privacy commissioner out of a population of around 4.5 million.
The question of how local laws apply to multinational internet companies with large numbers of customers in scores of countries is an increasingly fraught topic as governments seek greater control on issues ranging from privacy to hate speech. New Zealand’s privacy laws, created in 1993, are currently being rewritten.
Edwards was expected this week to ask parliament to grant his office powers similar to that of other regulators, including the ability to take companies to court and seek fines. He said he was watching the outcome of international regulators’ investigations into the scandal involving Facebook and the now-defunct political consulting firm Cambridge Analytica, before deciding whether to open his own inquiry. [nL3N1S94U6] But, in the meantime, Edwards said he had deleted his personal Facebook account, concerned that the terms of agreement had changed so many times that he no longer had control of a “reservoir” of personal information and wanted a “re-set”. He detailed the process on popular news website The Spinoff.
“I just wanted to explain to people how they could re-assert their autonomy and their control over their own personal information,” he told Reuters. Reporting by Charlotte Greenfield; Editing by Jonathan Weber and Stephen Coates | ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-privacy-newzealand/new-zealand-privacy-watchdog-seeks-greater-power-over-facebook-idUSKCN1IW0I6 |
CORTLAND, Ohio, May 22, 2018 (GLOBE NEWSWIRE) -- Cortland Bancorp (the “Company”) (OTCQB:CLDB), the parent company of The Cortland Savings and Banking Company (the “Bank”), announced today that, effective immediately, its board of directors nominated and appointed Thomas P. Perciak as Vice Chairman of the Company board of directors. In his new role, Mr. Perciak will direct his focus toward overseeing corporate governance. Mr. Perciak has served on the Company and the Bank’s Board of Directors since January 1, 2016.
“Tom Perciak is an experienced and successful business leader and elected government official,” said Chairman Timothy K. Woofter. “He brings a wealth of experience in both banking industry executive management and corporate governance through his service to other banks and nonprofit organizations. In his new role as Vice Chairman, Tom will play a leading role in our stockholder engagement process, representing our Board at shareholder programs and in investor meetings.”
Mr. Perciak’s position as Vice Chair will require him to
Receive and oversee communications with retail and institutional investors that affect the Company’s long-term value; Ensure availability for consultation and direct communication if requested by major shareholders; Facilitate discussion among the independent directors on key issues and concerns outside of Board meetings; act as a non-exclusive conduit to the Chief Executive Officer of views, concerns and issues of the independent directors; Develop the agenda for and chair the Board’s Corporate Governance Committee; Have regular communication with bank regulators to discuss Board oversight of management and the Company.
Tom Perciak has been Mayor of Strongsville, Ohio since 2004 following his election in November, 2003 as a write-in candidate following the death of Strongsville’s previous mayor. Known by its nickname ‘Crossroads of the Nation,’ Strongsville is Cuyahoga County’s largest city by land mass after Cleveland. Measured by population, Strongsville is the sixth largest city in Cuyahoga County.
From 1999 to 2004, Mr. Perciak was the Executive Vice President of Fifth Third Bank, Northeastern Ohio. Mr. Perciak was President and CEO of Emerald Financial Corp., the NASDAQ-traded, SEC-registered thrift holding company of The Strongsville Savings Bank, from the inception of Emerald Financial Corp. in January 1995 through August 1999 when Fifth Third Bancorp, Cincinnati, Ohio acquired Emerald Financial Corporation. During a twenty-year tenure as the principal executive officer, Mr. Perciak led The Strongsville Savings Bank from a two-office savings institution to a retail savings bank that had 16 banking offices in high growth suburban locations throughout Cuyahoga County, Lorain County and Medina County, Ohio. From April 22, 2008 through August 14, 2015, Mr. Perciak served as a director of LNB Bancorp, an SEC-registered, NASDAQ-traded bank holding company headquartered in Lorain, Ohio until its acquisition on August 14, 2015. He is the retired Chairman of the Southwest Health Center Foundation Board, a 358-bed hospital located in Middleburg Heights, Ohio. Mr. Perciak currently serves on the board of financial advisors to the Cleveland Catholic Diocese.
As Chairman, Tim Woofter will continue to oversee the Company and Bank Board meetings. Mr. Woofter will also continue to Chair the Directors Compensation Committee and direct the Compensation strategies for the Company and subsidiary bank. The Chairman, along with the Vice Chair and members of the Compensation Committee, will evaluate the CEO’s performance and meet with the CEO to discuss the Board’s evaluation.
Mr. Woofter is President, CEO, and Director of Stanwade Metal Products, a manufacturer of tanks and distributor of oil equipment, and Lucky Oil Equipment, a distributor of oil equipment. He is Partner in the Woofter Family Limited Partnership; Owner, Jester Investments, a residential and commercial property rental company; Part owner and Vice President of Northern Ventures, a real estate rental company; Manager of Hartford Land LLC, a Real Estate Holding Company; and Director of the Trade Association, Steel Tank Institute. Mr. Woofter has managed and owned a business that manufactures steel storage tanks and distributes oil-handling equipment for over 40 years. He has owned and managed real estate, both residential and commercial, for over 30 years and is familiar with properties of these types and their values. The Corporate Governance Committee and the Board believe that the experiences, qualifications, attributes and skills that Mr. Woofter has developed through his business and leadership experiences allow him to provide business and leadership insight to the Board.
CONTACT:
James M. Gasior, President & CEO
(330) 282-4111
Source:Cortland Bancorp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-cortland-bancorp-appoints-vice-chairman.html |
PENNSAUKEN, N.J., May 03, 2018 (GLOBE NEWSWIRE) -- RCM Technologies, Inc. (Nasdaq:RCMT) will hold a conference call on Thursday, May 10, 2018 at 10:00 a.m. Eastern time to discuss the financial results for the thirteen week period ended March 31, 2018. The teleconference dial-in numbers are (800) 285‑6670 for domestic callers and (713) 936-6995 for international callers.
About RCM
RCM Technologies, Inc. is a premier provider of business and technology solutions designed to enhance and maximize the operational performance of its customers through the adaptation and deployment of advanced engineering and information technology services. RCM is an innovative leader in the delivery of these solutions to commercial and government sectors. RCM is also a provider of specialty healthcare services to major health care institutions and educational facilities. RCM’s offices are located in major metropolitan centers throughout North America. Additional information can be found at www.rcmt.com .
The Statements contained in this release that are not purely historical are within the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by such . These statements often include words such as “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “intend,” “believe,” “plan,” “seek,” “could,” “can,” “should,” “are confident” or similar expressions. In addition, statements that are not historical should also be considered . These statements are based on assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. Forward-looking statements include, but are not limited to, those relating to demand for the Company’s services, expectations regarding our future revenues and other financial results, our pipeline and potential project wins and our expectations for growth in our business. Such statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors, which may cause actual events to be materially different from those expressed or implied by such . Risk, uncertainties and other factors may emerge from time to time that could cause the Company’s actual results to differ from those indicated by the . Investors are directed to consider such risks, uncertainties and other factors described in documents filed by the Company with the Commission, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. The Company assumes no obligation (and expressly disclaims any such obligation) to update any contained in this release as a result of new information or future events or developments, except as may be required by law.
RCM Technologies, Inc. Tel: 856.356.4500 Corporate Contacts: 2500 McClellan Avenue Fax: 856.356.4600 Rocco Campanelli Pennsauken, NJ 08109 [email protected] President & CEO www.rcmt.com Kevin D. Miller Chief Financial Officer
Source:RCM Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-rcm-technologies-inc-announces-conference-call.html |
FRANKFURT/SAN FRANCISCO, May 25 (Reuters) - Tesla Inc has flown six planes full of robots and equipment from Europe to California in an unusual, high-stakes effort to speed up battery production for its Model 3 electric sedan, people familiar with the matter told Reuters this week.
Transporting equipment for a production line by air is costly and hardly ever done in the automotive industry, and the move underscores Tesla Chief Executive Elon Musk's urgency to get a grip on manufacturing problems that have hobbled the launch of the high-volume Model 3 and pushed Tesla's finances deep into the red.
"As usual with Tesla, everything is being done in a massive hurry and money seems to be no obstacle," said one of the two sources.
Tesla on Friday declined to comment on whether it has shipped in any new production equipment from Europe.
Investors are closely watching Tesla and its high-profile, often brash CEO to see if the upstart electric vehicle maker can pull off high-volume production of the Model 3, a car with the potential to catapult the niche automaker to a mass producer and assure its financial stability.
But manufacturing missteps have led Tesla to repeatedly miss production targets for the sedan, and raised doubts about Musk's promises that the company will stop burning cash by the third quarter of this year. Tesla had free cash flow of negative $1 billion in the first quarter, and earlier this month disclosed that it could offer its Fremont, California, vehicle assembly plant as collateral for debt.
Engineers from Tesla's German engineering arm, Grohmann, are now reworking the battery production line at the Gigafactory near Reno, Nevada, in a bid to free up bottlenecks, the person said. The line will become more automated gradually over time, added the source, who was not authorized to speak for attribution.
Musk first disclosed plans for this line on a conference call with analysts in November, after complaining of problems with an original line built by a subcontractor. Musk has told investors the new battery production line will help the carmaker achieve a quantum leap in productivity. The company has noted, however, that it will still be able to reach its target of building 5,000 Model 3s per week by June without the addition of the new line.
But Tesla's lack of consistency in its factories has undercut Musk's production promises in the past.
Under time pressure to fix problems, Musk has now insisted the new production line should be a no-expenses-spared effort, the source said. That led to the decision to airlift the new production equipment to the United States from Europe, a step carmakers usually avoid by planning production equipment installations months or years ahead of a production launch.
The shipments of new equipment began arriving in Reno this week, the two sources told Reuters.
It is not clear when the new production system will be ready to start running. Robots frequently need to be recalibrated to adjust for minimal differences in the quality of raw materials they are working with or temperature and humidity differences. Steps to test the quality of materials and recalibrate robots have proven to be a bottleneck that Tesla managers had underestimated, the first source said.
Musk has repeatedly complained of "manufacturing hell" trying to ramp up the Model 3, which began production, albeit slowly, last July.
In February, Musk said the main bottleneck was still its battery module production, saying Tesla had become "a little overconfident, a little complacent" in its ability to execute.
The Gigafactory's battery production is divided into four zones, two of which have experienced problems. Responsibility for two of these zones was originally delegated to subcontractors specialised in integrating complex systems, Musk said.
"We were promised they would work, and it just didn't work," Musk said during a February conference call. A new design for an automated system for those zones was nearing completion, Musk said in November, adding that Grohmann was "working on the issue and making very rapid progress."
One of the problems, both at the Gigafactory and at Tesla's Fremont vehicle manufacturing factory, has been the interface between Tesla and the subcontractors it hires. Sources have told Reuters of communication problems and high managerial turnover, which complicate the execution of big projects.
Musk said in early May he planned to rid the company of "barnacles" contractors and subcontractors saying Tesla's reliance on them had become "out of control." (Reporting by Edward Taylor in Frankfurt and Alexandria Sage in San Francisco Editing by Joe White and Matthew Lewis) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/reuters-america-exclusive-tesla-flies-in-new-battery-production-line-for-gigafactory.html |
4 COMMENTS In this age of culinary enlightenment, consumers are asking more questions than ever about what we eat. Many of us want food that comes with edifying stories—organic farming, sustainable fishing, artisanal cheesemaking—and shun the processed products of the global food industry.
But we should reconsider our disdain for processed food, not least because it’s impractical. In most countries including the U.S., people now get more of their calories from packaged foods than from fresh, as the market research firm Euromonitor recently found. The issue today isn’t a simple yes or no to processed food. Rather, it’s what kind of processing we should accept and what kind we should reject.
Processing food—that is, altering it from its natural form—has gotten a bad rap for some good reasons. Our supermarket aisles provide ample evidence of the problems with advanced food technology: fillers and chemical treatments that can alter the nature of foods, additives and colorings suspected of contributing to cancer risks, nutrition-free snacks that contribute to the growing problems of obesity and diabetes. The food industry has given us many reasons for distrust. But processed foods are key to our modern lives, and they can make nutritious meals more affordable and widely available.
‘ Modern-day foods are processed for a variety of reasons. Most have pluses and minuses. ’
Our relationship with processed food goes back to the beginning of human history. Our earliest ancestors pounded otherwise inedible tubers with rocks and sliced meat with primitive tools—processing methods that are credited with beginning the trend in our evolution toward smaller teeth and jaws and bigger brains. We spend only 5% of our day chewing our food, while our closest primate relatives, chimpanzees, spend 37% of their day that way, according to a 2011 study.
Processed food also has changed our DNA. Because we turned animal milk into butter, yogurt and cheese as early as 9,000 years ago, a significant portion of modern humans carry a genetic mutation that enables them to digest milk into adulthood. This trait is unique among mammals and carries significant nutritional advantages.
More recently, processing has brought huge benefits to human health. In the 19th century, soldiers and seamen were just as likely to die from malnutrition as from battle, until canning was developed by the French chef Nicholas Appert. The prevalence of diseases related to nutrient deficiency has led to the mandatory fortification of processed foods such as salt and wheat. Now the quest for more sustainable sources of protein and more awareness of animal welfare are driving the effort to develop “clean meat”—lab-cultured protein that doesn’t require the slaughter of animals.
Frozen meals can use additives and hide inferior ingredients, but also reduce waste and sometimes improve nutrition—and are part of how households have reduced their average daily food preparation time from more than 2 hours to around 30 minutes. Photo: Michael Nagle/Bloomberg News Modern-day foods are processed for a variety of reasons: to allow them to last longer and get shipped farther, to make them more convenient to cook and eat, to reduce waste, to enhance nutrition, to improve their cosmetic appeal, to mask inferior ingredients and to lower costs and/or increase profits. Most of these reasons have both pluses and minuses.
Perhaps the greatest spur to processing has been the desire for affordable, convenient food. A half-century ago, American households spent an average of 2.4 hours a day preparing their food; now they spend around 30 minutes . A big reason for this shift is the prevalence of what the industry calls “ready meals”—chilled or frozen dinners, ranging from pizzas and stuffed pastas to entire plates with side dishes arrayed around meat or fish.
These products allow unscrupulous manufacturers to hide cheaper, lower-quality ingredients, but they are also where vegetables considered too ugly to be sold fresh get used, thus reducing waste. Ready meals also can be relatively healthy: A 2012 study led by researchers at Newcastle University looked at 100 such items and found that, though falling short of nutritional standards, they had lower calorie counts, less saturated fat and more fiber than 100 popular recipes for home cooking by leading U.K. chefs.
In fact, there’s a nutritional case for frozen food generally over fresh. Vegetables and fruit destined for flash freezing are picked when they’re ripe, while fresh produce is usually picked underripe and artificially ripened closer to the point of sale. Produce starts to degrade the moment it is picked, and the “fresh” peas or tomatoes that have been traveling for a week are often less good for you than their frozen versions. After 10 days, fresh green beans, for example, have little more than half the vitamin C of green beans frozen for 90 days, according to a 2014 study in the Journal of Agricultural and Food Chemistry.
‘ I don’t want preservatives in my bread, but I embrace the humectant in my wraps. ’
Which leads us to preservation. I am not a fan of the preservatives used to improve the shelf life of bread products: I firmly believe that bread should go stale within days. But my family is fond of tortilla wraps; it’s our standard lunchbox fare. One morning, I decided to make my own. They were beautiful—soft, warm and imperfectly round. But by lunch time, they were hard enough to scrape paint off a wall.
Commercial tortilla wraps contain a humectant, an additive that attracts water and keeps them lovely and soft for days. Most wrap manufacturers use glycerol—a compound also used in, among other things, anti-freeze and the production of nitroglycerin. But we shouldn’t freak out about glycerol: It’s a simple molecule that forms the foundation of all plant and animal fats. I still don’t want preservatives in my bread, but I embrace the humectant in my wraps.
Vegetables present a similar conundrum, pitting freshness against preservation and convenience. Consider leafy vegetables, which immediately start to respire faster once they are cut. When kale is chopped, for instance, its respiration rate increases by 88%. The leaf quickly loses water and uses up stored sugars, causing it to wilt; released enzymes start to cause browning.
More Essays
We’ve Got to Stop Meeting Like This: Tips for Better Workplace Gatherings May 4, 2018 The Danger of Constant Impeachment Talk May 4, 2018 The Teenage Social-Media Trap May 4, 2018 A #MeToo Divorce Debate in the Philippines April 27, 2018 So what explains those lovely packaged, fresh-cut leaves in the supermarket? To limit microbial growth, companies must wash them one or more times with a disinfectant such as a chlorine solution or ozone added to water to label them as pre-washed, according to FDA guidelines. (Even those labeled “unwashed” are washed in water at least once.)
Processed meals also help to reduce waste. Someone might buy all the raw ingredients to make a homemade lasagna and salad but then use only a portion of them. Unless you’re adept at refrigerator management, those extra ingredients are likely just to sit and degrade until you throw them out. Less food would have been lost with a ready-made lasagna and salad bag.
All sorts of chemical shenanigans go on with modern foods, but we need to see them in perspective. People have been processing milk into cheese for thousands of years, using natural enzymes to break down the protein and fats. An array of compounds contribute to the aroma and flavor. By the early 1900s, cheese manufacturers had figured out what bacterial cultures and enzymes could speed up the conversion. They can now create the illusion of maturity in a fraction of the time with the same organisms, enzymes and amino acids—just intensified.
Educating ourselves about food must include a better understanding of processed foods. I’m teaching my 10-year-old son how to grow edibles in our small garden and prepare them in the kitchen. But when he moves out on his own some day, I know that he’ll turn to prepared meals for some of his nutrition. I’d be remiss not to teach him to navigate this market wisely.
—Ms. Temple is a biologist and science writer. This essay is adapted from her new book “Best Before: The Evolution and Future of Processed Food,” published by Bloomsbury Sigma. | ashraq/financial-news-articles | https://www.wsj.com/articles/give-processed-food-a-break-1525450418 |
May 29, 2018 / 4:12 PM / Updated an hour ago Tennis-Nadal must be more aggressive, says Wilander Julien Pretot 3 Min Read
PARIS, May 29 (Reuters) - Rafa Nadal needs to play more aggressively if he is to claim a record-extending 11th French Open title as a pack of young wolves is breathing down his neck, according to three-time Roland Garros champion Mats Wilander.
The top-seeded Spaniard had to save four set points against Simone Bolelli before wrapping up a 6-4 6-3 7-6(9) victory in a first-round match that spanned over two days because of rain.
“I think that it wasn’t that great, he was a little too passive but Simone Bolelli played an excellent match,” Swede Wilander, in Paris as a consultant for Eurosport, told Reuters on Tuesday.
“But I think Nadal knows how to win matches when he is too passive. He was expecting Bolelli to miss I think. Again, it’s about winning and he seems to be able to win when he’s too passive.
“He’s the greatest match player of all time on the day and he respects his opponents so much that it makes him nervous and tense and tight.”
That style of play may be fine for a first-round match, but the 16-time Grand Slam champion will need to make adjustments to preserve his freshness.
“But if he plays like in other matches it means he’s going to have long matches and I’m not sure long matches is a good thing for him,” said Wilander, who won Roland Garros in 1982, 1985 and 1988.
“He needs to risk a little more and risk losing a set because it’s a long two weeks and he needs to be fresh because against (German Alexander) Zverev and these guys you need to be fresh.”
Although he has yet to make it past the fourth round of a major, second seed Alexander Zverev has dramatically improved since the Australian Open.
He needed just 69 minutes to see off Lithuanian Ricardas Berankis in straight sets on Sunday, while Nadal’s match lasted almost three hours.
Nadal, however, knows when to go for the throat and he showed just that against Bolelli.
“On those four set points, that’s when he went for it, he’s such a genius,” said Wilander. (Reporting by Julien Pretot; Editing by Christian Radnedge) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-nadal-style/tennis-nadal-must-be-more-aggressive-says-wilander-idUKL5N1T05QP |
May 10 (Reuters) - Badger Daylighting Ltd:
* ANNOUNCES STRONG FIRST QUARTER FINANCIAL AND OPERATIONAL RESULTS
* Q1 EARNINGS PER SHARE C$0.22 * Q1 EARNINGS PER SHARE VIEW C$0.24 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE C$120.6 MILLION VERSUS I/B/E/S VIEW C$118.4 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-badger-daylighting-q1-earnings-per/brief-badger-daylighting-q1-earnings-per-share-c0-22-idUSASC0A1PS |
April 30 (Reuters) - Infinity Pharmaceuticals Inc:
* INFINITY PHARMACEUTICALS INC FILES PROSPECTUS RELATES TO RESALE OF UP TO 1.1 MILLION SHARES OF CO'S COMMON STOCK BY SELLING STOCKHOLDER - SEC FILING Source text: ( bit.ly/2HF2NcI ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-infinity-pharmaceuticals-files-pro/brief-infinity-pharmaceuticals-files-prospectus-relates-to-resale-of-up-to-1-1-mln-shares-of-cos-common-stock-sec-filing-idUSFWN1S71D2 |
International companies and investors hoping that the U.S.’s exit from the Iran nuclear deal won’t scupper their own chances of investing in the Islamic Republic could take heart from the example of Cuba in the 1990s. In 1996, after two U.S. civilian planes were shot down by the Cuban military, the U.S. adopted the so-called Sorry, This Oil Route Is Closed Due to a Collapse in the Iran Deal—Energy Journal Next Consumer Inflation Pressures Are Still Modest | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/10/cuba-could-offer-hope-for-investors-in-iran/ |
May 5, 2018 / 10:07 AM / Updated 3 hours ago Hawaii's Big Island on high alert after earthquakes, lava fissures Terray Sylvester 4 Min Read
PAHOA, Hawaii (Reuters) - Hawaii’s Big Island remains on high alert on Saturday after the Kilauea volcano spewed lava into residential areas, forcing hundreds to evacuate, and a series of earthquakes, included a powerful tremor, shook the island. An area near the Kilauea Volcano May 3, 2018. USGS/via REUTERS
Scientists and local officials warned residents that seismic and volcanic activity may continue after a 6.9 tremor shook buildings on the island’s southeast corner a little after noon (2200 GMT) on Friday and more lava fissures were reported in a residential subdivision, where residents have been ordered to leave.
“Until we see earthquake activity dying down and the ground stops moving, it’s likely that this activity is going to continue,” said Tina Neal, a scientist in charge at the USGS Hawaii Volcano Observatory after a community meeting attended by about 300 people on Friday.
Some attendees shed tears as they asked officials about looting, travel restrictions and safety precautions at the Puna Geothermal Venture, a power plant in the eruption area.
“Today’s been a challenging day for everyone,” Neal said. A fissure on Leilani and Kaupili Streets in the Leilani Estates subdivision caused by an eruption of the Kilauea Volcano is shown following a series of earthquakes, in Hawaii, May 4, 2018. USGS/Handout via REUTERS
The meeting came hours after the 6.9 tremor caused buildings to shake at the Community Center in Pahoa town, one of two evacuation centres in the area hastily set up after lava started burbling up through fissures in the ground in neighbourhoods nearby.
Friday also saw several more eruptive lava fissures, each several hundred yards long, in the Leilani Estates subdivision in the Puna District about a dozen miles (19 km) from the volcano.
The Hawaii County Civil Defense Agency said in an alert that a total of six fissures had occurred. Although no significant lava flows have yet formed, additional outbreaks of lava, which can reach temperatures of about 2,100 degrees Fahrenheit (1,150 Celsius), were expected, the agency said. Slideshow (2 Images)
Kilauea, one of the world’s most active volcanoes and one of five on the island, has been in constant eruption for 35 years. Lava flows from the volcano have covered 48 square miles (125 square km), according to the U.S. Geological Survey. Scientists say it is nearly impossible to predict how long an eruption will last.
On Thursday, Kilauea began spewing lava into residential areas after a series of earthquakes over the past week. Starting around 11 a.m. on Friday, the island experienced a flurry of earthquakes, culminating in the massive magnitude 6.9 tremor.
Some 1,700 residents in Leilani Estates and Lanipuna Gardens subdivisions were ordered to evacuate on Thursday after public works officials reported steam and lava erupting from fissures in the road, the Civil Defense agency said.
No injuries or deaths were reported, but Hawaii Governor David Ige activated the Hawaii National Guard to provide emergency help.
Two houses have been destroyed, officials said.
Civil defence officials have warned the public about high levels of sulphur dioxide near the volcano, one reason for the evacuation orders. The gas can cause skin irritations and breathing difficulties. Additional reporting by Brendan O'Brien in Milwaukee; Editing by Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-hawaii-volcano/hawaiis-big-island-on-high-alert-after-earthquakes-lava-fissures-idUKKBN1I609X |
May 24, 2018 / 1:24 AM / Updated 15 hours ago WTA International, Nuremberg (Women) Women's Singles Seeds Progress Reuters Staff 2 Min Read May 24 (OPTA) - Seeds Progress from the WTA International, Nuremberg (Women) Women's Singles matches on Wednesday .. Seeds .. Seed Round Rslt Opponent Score 1 Sloane Stephens (USA) 1st lost Yulia Putintseva (KAZ) 5-7 6-4 7-6(3) 2 Julia Goerges (GER) 1st lost Kristyna Pliskova (CZE) 6-2 6-7(8) 7-6(5) 3 Kiki Bertens (NED) 2nd to play Mona Barthel (GER) (start 08:00) 1st won Dejana Radanovic (SRB) 6-1 6-1 4 Shuai Zhang (CHN) 1st lost Fanny Stollar (HUN) 6-2 6-2 5 Irina-Camelia Begu (ROU) 1st lost Johanna Larsson (SWE) 6-4 3-3 (Retired) 6 Sorana Cirstea (ROU) qtr to play (start 16:00) 2nd won Madison Brengle (USA) 6-3 3-6 6-3 1st won Andrea Petkovic (GER) 2-6 7-6(3) 7-6(5) 7 Alison Van Uytvanck (BEL) 1st lost Kirsten Flipkens (BEL) 7-6(5) 2-6 7-6(2) (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-seeds-womens-singles/wta-international-nuremberg-womens-singles-seeds-progress-idUKMTZXEE5O7L1K02 |
Courts brace for surge in border prosecutions 2:45pm EDT - 01:43
With Attorney General Jeff Sessions’ vow to criminally prosecute all those caught entering the United States illegally, some judges and attorneys worry the courts are headed toward backlogs seen during the Bush and Obama years.
With Attorney General Jeff Sessions’ vow to criminally prosecute all those caught entering the United States illegally, some judges and attorneys worry the courts are headed toward backlogs seen during the Bush and Obama years. //reut.rs/2KPCmmn | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/courts-brace-for-surge-in-border-prosecu?videoId=425336727 |
GENEVA (Reuters) - U.N. Secretary-General Antonio Guterres said on Thursday that the parties to the North Korea talks should continue their diplomatic efforts with “nerves of steel” to work towards denuclearisation of the divided Korean peninsula.
The United Nations chief, speaking at the University of Geneva after U.S. President Donald Trump canceled next month’s planned summit, said: “If I have a message to all the parties, what I ask for are nerves of steel so that one can put in place a process of dialogue capable of achieving our shared objective which must be peaceful denuclearisation and verified denuclearisation of the Korean peninsula.”
Reporting by Tom Miles; editing by Stephanie Nebehay
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-guterres-appeal/guterres-urges-u-s-north-korea-to-press-on-with-nerves-of-steel-idUSKCN1IP2XE |
LONDON (Reuters) - Iran will spare no efforts to maintain its oil production and exports at current levels, oil minister Bijan Zanganeh said on Wednesday, adding Tehran would overcome pressures resulting from the United States’ withdrawal from a nuclear deal.
FILE PHOTO: Iranian Oil Minister Bijan Zanganeh talks to reporters during the 15th International Energy Forum Ministerial (IEF15) in Algiers, Algeria September 27, 2016. REUTERS/Ramzi Boudina/File Photo “The current situation will pass and Iran will emerge as a winner,” the oil ministry’s news agency SHANA Quote: d Zanganeh as saying.
“Iran is a peace-seeking nation, and honors its contracts,” Zanganeh added.
His comments were published after French energy group Total said it would pull out of a multibillion-dollar gas project in Iran if it couldn’t secure a waiver from U.S. sanctions.
Reporting by Bozorgmehr Sharafedin; Editing by Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-oil-iran-sanctions/iran-to-spare-no-efforts-to-maintain-oil-production-shana-idUSKCN1IH2GY |
ABUJA, May 15 (Reuters) - Annual inflation in Nigeria stood at 12.48 percent in April, compared with 13.34 percent in March, the National Bureau of Statistics said on Tuesday.
A separate food price index showed inflation at 14.80 percent in April, compared with 16.08 percent in March. (Reporting by Paul Carsten; Additional reporting by Alexis Akwagyiram and Chijioke Ohuocha in Lagos Editing by Alison Williams)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/nigeria-inflation/nigerian-annual-inflation-at-12-48-pct-in-april-stats-office-idUSS8N1EF01M |
May 31, 2018 / 1:29 AM / Updated 33 minutes ago Ex-FBI official McCabe gives memo on Comey firing to Mueller - New York Times Reuters Staff 2 Min Read
(Reuters) - Former Acting FBI Director Andrew McCabe wrote a confidential memo last spring recounting a conversation that provided “significant behind-the-scenes” details on the firing of former FBI director James Comey, the New York Times reported on Wednesday. FILE PHOTO: Acting FBI Director Andrew McCabe testifies before a Senate Intelligence Committee hearing on Capitol Hill in Washington, DC, U.S., June 7, 2017. REUTERS/Aaron P. Bernstein/File Photo
The Times reported that McCabe had turned in his memo to Special Counsel Robert Mueller, who is investigating whether Moscow colluded with President Donald Trump’s campaign to meddle in the 2016 U.S. election. Comey’s firing is one part of Mueller’s inquiries into whether Trump tried to obstruct the investigation.
McCabe and the Justice Department declined to comment to the Times.
The Times reported, citing several people familiar with the discussion, that in the document McCabe described a conversation at the Justice Department with Deputy Attorney General Rod J. Rosenstein after Comey was abruptly fired. Rosenstein had played a main role in Comey’s May 2017 dismissal, writing a memo in which he rebuked Comey over his handling of an investigation into Democratic presidential candidate Hillary Clinton during the election campaign. FILE PHOTO: Former FBI Director James Comey arrives for a taping of "The Late Show with Stephen Colbert" in the Manhattan borough of New York City, New York, U.S., April 17, 2018. REUTERS/Brendan McDermid/File Photo
But in the meeting at the Justice Department Rosenstein added a new detail: that Trump had originally asked him to reference Russia in his memo, The Times reported, citing the sources familiar. Rosenstein did not elaborate on what Trump had wanted him to say, according to the newspaper.
Trump’s lawyers have cited Rosenstein’s involvement in Comey’s firing as proof that there was no effort to obstruct justice, the Times reported.
The Times reported that Trump wanted Rosenstein to mention that he was not personally under investigation in the Russia probe, but Rosenstein did not include the reference. Until his dismissal, Comey had been leading an investigation into the Trump campaign’s possible collusion with Russia.
The Kremlin has denied meddling in the election and Trump has denied that there was any collusion between his campaign and Moscow officials. Shalini Nagarajan in Bengaluru; editing by Grant McCool | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-comey/ex-fbi-official-mccabe-gives-memo-on-comey-firing-to-mueller-new-york-times-idUKKCN1IW05C |
TOKYO, May 30 (Reuters) -
* Japan is set to resume beef exports to Australia for the first time in nearly 17 years after signing an agreement with the Australian government, Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) says
* Australia had halted imports of Japanese beef since September 2001 following the outbreak in Japan of mad cow disease, also known as the Bovine spongiform encephalopathy (BSE), MAFF says (Reporting by Osamu Tsukimori; Editing by Amrutha Gayathri)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-beef/japan-to-resume-beef-exports-to-australia-idUSL3N1T11AM |
Premier Agent Revenue increased 22% year-over-year to $213.7 million. More than 175 million average monthly unique users accessed Zillow Group brands’ mobile apps and websites. Visits to Zillow Group brands’ mobile apps and websites, including Zillow, Trulia, StreetEasy and RealEstate.com , increased 15% year-over-year to nearly 1.8 billion.
SEATTLE, May 07, 2018 (GLOBE NEWSWIRE) -- Zillow Group, Inc. (NASDAQ:Z) (NASDAQ:ZG), which houses a portfolio of the largest and most vibrant real estate and home-related brands on mobile and the web, today announced its consolidated the three months ended March 31, 2018.
Zillow Group Q1 2018 Earnings Highlights
“Zillow Group had a great start to 2018 and we are already executing well on our strategic priorities for the year,” said Zillow Group CEO Spencer Rascoff. “First quarter 2018 revenue growth was driven by strength in the Premier Agent, Rentals and New Construction marketplaces. This year, we are taking our business beyond lead generation by creating better experiences for consumers and further strengthening our partnerships with real estate professionals. Our opportunity is expanding with the introduction of innovative products and services, like Zillow Instant Offers, that provide end-to-end solutions for consumers and will generate more home-related transactions across our platforms. It will be an exciting year as we begin the next phase of Zillow Group’s growth.”
First Quarter 2018 Financial Highlights
The following table sets forth our financial highlights for the periods presented (in thousands, unaudited):
Three Months Ended 2017 to 2018 %
Change March 31, 2018 2017 Revenue: Premier Agent $ 213,732 $ 175,301 22 % Rentals 29,063 21,545 35 % Mortgages 19,023 20,270 (6 )% Other (1) 38,061 28,659 33 % Total revenue $ 299,879 $ 245,775 22 % Other Financial Data: Net loss $ (18,591 ) $ (4,606 ) Adjusted EBITDA (2) $ 46,310 $ 54,799 Percentage of Revenue: Net loss (6 )% (2 )% Adjusted EBITDA 15 % 22 % (1) Other Revenue primarily includes revenue generated by new construction and display, as well as revenue from the sale of various other marketing and business products and services to real estate professionals.
(2) See below for more information regarding our presentation of Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure, for each of the periods presented. First Quarter 2018 Operating and Business Highlights
More than 175 million average monthly unique users accessed Zillow Group brands’ mobile apps and websites during the first quarter of 2018, an increase of 5% year-over-year.
Visits to Zillow Group brands’ mobile apps and websites Zillow ® , Trulia ® , StreetEasy ® (included as of March 2017) and RealEstate.com (included as of June 2017) increased 15% year-over-year to nearly 1.8 billion. Premier Agent revenue per visit increased 6% to $0.121 from $0.114 in the same period last year.
The number of Premier Agent ® accounts, including accounts of brokerages and other teams, spending more than $5,000 per month grew by 58% year-over-year and increased 58% on a total dollar basis.
Total sales to Premier Agents, including brokerages and other teams, who have been customers for more than one year increased 38% year-over-year.
Sales to existing Premier Agents, including brokerages and other teams, accounted for 70% of total bookings.
Business Outlook – Second Quarter and Full Year 2018
In the second quarter of 2018, Zillow Group expects to begin reporting its two reportable segments: the Internet, Media & Technology (“IMT”) segment and the Homes segment. The IMT segment will include the the Premier Agent, Rentals, Mortgages and new construction marketplaces, dotloop, and display, as well as revenue from the sale of various other marketing and business products and services to real estate professionals. The Homes segment will include the financial results from Zillow Group’s buying and selling of homes directly, which Zillow Group announced in April 2018.
The following tables present Zillow Group’s business outlook for the periods presented (in millions, unaudited):
Zillow Group Outlook as of May 7, 2018 Three Months Ending June 30, 2018 IMT Segment Homes Segment Consolidated Total revenue $322 to $327 $0 $322 to $327 Premier Agent revenue $228 to $230 $228 to $230 Rentals revenue $34 to $35 $34 to $35 Mortgages revenue $18 to $19 $18 to $19 Other revenue $42 to $43 $42 to $43 Adjusted EBITDA* $57 to $62 $(8 ) to $(5 ) $49 to $57 Weighted average shares outstanding — basic 193.0 to 195.0 Weighted average shares outstanding — diluted 202.5 to 204.5 Year Ending December 31, 2018 IMT Segment Homes Segment Consolidated Total revenue $1,308 to $1,323 $125 to $255 $1,433 to $1,578 Premier Agent revenue $917 to $927 $917 to $927 Rentals revenue $144 to $146 $144 to $146 Mortgages revenue $76 to $77 $76 to $77 Other revenue $171 to $173 $171 to $173 Adjusted EBITDA* $295 to $310 $(35 ) to $(25 ) $260 to $285 Weighted average shares outstanding — basic 194.0 to 196.0 Weighted average shares outstanding — diluted 203.5 to 205.5 In addition, Zillow Group expects to hold 300 to 1,000 homes in inventory as related to the Homes segment as of December 31, 2018.
* Zillow Group has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this earnings release because the company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to: income taxes which are directly impacted by unpredictable fluctuations in the market price of the company’s capital stock; depreciation and amortization expense from new acquisitions; impairments of assets; and acquisition-related costs. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, many of which are outside of Zillow Group’s control. For more information regarding the non-GAAP financial measures discussed in this release, please see “Use of Non-GAAP Financial Measures” below.
Conference Call and Webcast Information
Zillow Group CEO Spencer Rascoff and CFO Kathleen Philips will host a live conference call and webcast to discuss the results today at 2 p.m. Pacific Time (5 p.m. Eastern Time). A copy of management’s prepared remarks, which will not be read during the live call, will be made available on the investor relations section of Zillow Group’s website at http://investors.zillowgroup.com/results.cfm prior to the live conference call and webcast to allow analysts and investors additional time to review the details of the results.
Zillow Group’s management will answer questions submitted via Slido, in addition to answering questions from dialed-in participants, during the live conference call. Questions may be submitted at www.slido.com using the event code #ZEarnings.
A link to the live webcast and recorded replay of the conference call will be available on the investor relations section of Zillow Group’s website at http://investors.zillowgroup.com/results.cfm . The live call may also be accessed via phone at (877) 643-7152 toll-free domestically and at (443) 863-7921 internationally.
Forward-Looking Statements
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 that involve risks and uncertainties, including, without limitation, statements regarding our business outlook, strategic priorities, and operational plans for 2018. Statements containing words such as “may,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “project,” “will,” “projections,” “continue,” “business outlook,” “forecast,” “estimate,” “outlook,” “guidance,” or similar expressions constitute . Differences in Zillow Group’s actual results from those described in these may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group’s control. Factors that may contribute to such differences include, but are not limited to, Zillow Group’s ability to maintain and effectively manage an adequate rate of growth; Zillow Group’s ability to innovate and provide products and services that are attractive to its users and advertisers; Zillow Group’s ability to compete successfully against existing or future competitors; Zillow Group’s investment of resources to pursue strategies that may not prove effective; the impact of the real estate industry on Zillow Group’s business; the impact of pending litigation and other legal and regulatory matters; Zillow Group’s ability to increase awareness of the Zillow Group brands in a cost-effective manner; Zillow Group’s ability to attract consumers to Zillow Group’s mobile applications and websites; Zillow Group’s ability to successfully integrate and realize the benefits of our past or future strategic acquisitions or investments; the reliable performance of Zillow Group’s network infrastructure and content delivery processes; and Zillow Group’s ability to protect its intellectual property. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. For more information about potential factors that could affect Zillow Group’s business and financial results, please review the “Risk Factors” described in Zillow Group’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission, or SEC, and in Zillow Group’s other filings with the SEC. Except as may be required by law, Zillow Group does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA (including forecasted Adjusted EBITDA) and non-GAAP net income per share, which are non-GAAP financial measures. We have provided a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure, and a reconciliation of net income, adjusted, to net loss, as reported on a GAAP basis, and the calculations of non-GAAP net income per share - basic and diluted, within this earnings release.
Adjusted EBITDA is a key metric used by our management and board of directors to measure operating performance and trends, and to prepare and approve our annual budget. The exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis.
Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; Adjusted EBITDA does not consider the potentially dilutive impact of share-based compensation; Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; Adjusted EBITDA does not reflect acquisition-related costs; Adjusted EBITDA does not reflect interest expense or other income; Adjusted EBITDA does not reflect income taxes; and Other companies, including companies in our own industry, may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net loss and our other GAAP results.
Our presentation of non-GAAP net income per share excludes the impact of share-based compensation expense, acquisition-related costs and income taxes. This measure is not a key metric used by our management and board of directors to measure operating performance or otherwise manage the business. However, we provide non-GAAP net income per share as supplemental information to investors, as we believe the exclusion of share-based compensation expense, acquisition-related costs and income taxes facilitates investors’ operating performance comparisons on a period-to-period basis. You should not consider these metrics in isolation or as substitutes for analysis of our results as reported under GAAP.
About Zillow Group
Zillow Group (NASDAQ:Z) (NASDAQ:ZG) houses a portfolio of the largest real estate and home-related brands on mobile and the web which focus on all stages of the home lifecycle: renting, buying, selling and financing. Zillow Group is committed to empowering consumers with unparalleled data, inspiration and knowledge around homes, and connecting them with great real estate professionals. The Zillow Group portfolio of consumer brands includes real estate and rental marketplaces Zillow®, Trulia®, StreetEasy®, HotPads®, Naked Apartments®, RealEstate.com and Out East®. In addition, Zillow Group provides a comprehensive suite of marketing software and technology solutions to help real estate professionals maximize business opportunities and connect with millions of consumers. The Zillow Instant Offers™ marketplace provides homeowners with the opportunity to receive offers from buyers, including Zillow in some metropolitan areas. When Zillow buys a home, it will make necessary updates and list the home for resale on the open market. The company operates a number of business brands for real estate, rental and mortgage professionals, including Mortech®, dotloop®, Bridge Interactive® and New Home Feed®. The company is headquartered in Seattle.
Please visit http://investors.zillowgroup.com , www.zillowgroup.com/ir-blog , and www.twitter.com/zillow group, where Zillow Group discloses information about the company, its financial information, and its business which may be deemed material.
The Zillow Group logo is available at http://zillowgroup.mediaroom.com/logos-photos .
Zillow, Premier Agent, Mortech, Bridge Interactive, StreetEasy, HotPads, Out East and New Home Feed are registered trademarks of Zillow, Inc. Zillow Instant Offers is a trademark of Zillow, Inc. Trulia is a registered trademark of Trulia, LLC. dotloop is a registered trademark of DotLoop, LLC. Naked Apartments is a registered trademark of Naked Apartments, LLC.
(ZFIN)
Reported Consolidated Results
ZILLOW GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31,
2018 December 31,
2017 Assets Current assets: Cash and cash equivalents $ 397,393 $ 352,095 Short-term investments 425,593 410,444 Accounts receivable, net 54,558 54,396 Prepaid expenses and other current assets 44,703 24,590 Total current assets 922,247 841,525 Contract cost assets 42,465 - Property and equipment, net 114,828 112,271 Goodwill 1,931,076 1,931,076 Intangible assets, net 307,919 319,711 Other assets 25,602 25,934 Total assets $ 3,344,137 $ 3,230,517 Liabilities and shareholders’ equity Current liabilities: Accounts payable $ 5,194 $ 3,587 Accrued expenses and other current liabilities 55,034 61,373 Accrued compensation and benefits 22,746 19,109 Deferred revenue 35,297 31,918 Deferred rent, current portion 2,426 2,400 Total current liabilities 120,697 118,387 Deferred rent, net of current portion 18,214 21,330 Long-term debt 389,624 385,416 Deferred tax liabilities and other long-term liabilities 47,161 44,561 Total liabilities 575,696 569,694 Shareholders’ equity: Class A common stock 6 6 Class B common stock 1 1 Class C capital stock 13 13 Additional paid-in capital 3,340,387 3,254,146 Accumulated other comprehensive loss (1,454 ) (1,100 ) Accumulated deficit (570,512 ) (592,243 ) Total shareholders’ equity 2,768,441 2,660,823 Total liabilities and shareholders’ equity $ 3,344,137 $ 3,230,517
ZILLOW GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three Months Ended March 31, 2018 2017 Revenue $ 299,879 $ 245,775 Costs and expenses: Cost of revenue (exclusive of amortization) (1)(2) 23,919 20,232 Sales and marketing (2) 137,291 105,940 Technology and development (2) 93,933 72,868 General and administrative (2) 56,073 45,466 Acquisition-related costs 27 105 Total costs and expenses 311,243 244,611 Income (loss) from operations (11,364 ) 1,164 Other income 2,446 953 Interest expense (7,073 ) (6,723 ) Loss before income taxes (15,991 ) (4,606 ) Income tax expense (2,600 ) - Net loss $ (18,591 ) $ (4,606 ) Net loss per share — basic and diluted $ (0.10 ) $ (0.03 ) Weighted-average shares outstanding — basic and diluted 191,464 183,158 ____ | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-zillow-group-first-quarter-2018-revenue-increased-22-percent-year-over-year.html |
For a long time I puzzled over how I managed to go from a hopeless screw-up in school to a hardworking, disciplined writer as an adult. After considering it for 50 years or so, I came to the realization that I had been a very hardworking little girl. In fact I was a workaholic, striving, in my 4-year-old way, to decipher the mysteries of the universe and the meaning of life. What was real? What was illusory?
Sometimes, in the middle of the night, it seemed as if nothing was real, that sunlight and houses and stop signs were... | ashraq/financial-news-articles | https://www.wsj.com/articles/my-long-recovery-from-kindergarten-1526233481 |
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