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May 3 (Reuters) - OneSmart International Education Group Ltd :
* ONESMART INTERNATIONAL EDUCATION GROUP LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND FISCAL QUARTER ENDED FEBRUARY 28, 2018
* ONESMART INTERNATIONAL EDUCATION GROUP LTD Q2 REVENUE ROSE 34.1 PCT TO RMB 663.5 MLN
* ONESMART INTERNATIONAL EDUCATION GROUP LTD SEES FY 2018 REVENUE UP 33.6 TO 40 PCT
* ONESMART INTERNATIONAL EDUCATION - QTRLY MONTHLY AVERAGE STUDENT ENROLLMENTS INCREASED BY 38.4 PERCENT TO 102,613
* ONESMART INTERNATIONAL EDUCATION - QTRLY OPERATING INCOME INCREASED BY 85.6% TO RMB78.1 MILLION ($12.3 MILLION)
* ONESMART INTERNATIONAL EDUCATION - QTRLY NON-GAAP OPERATING INCOME INCREASED BY 73.5% TO RMB82.0 MILLION ($13.0 MILLION )
* ONESMART INTERNATIONAL EDUCATION GROUP LTD - FOR FISCAL YEAR 2018, EXPECTS NET REVENUES TO BE BETWEEN RMB2,750 MLN AND RMB2,880 MLN Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-onesmart-international-education-s/brief-onesmart-international-education-says-q2-revenue-rose-34-1-pct-to-rmb-663-5-mln-idUSASC09ZDM |
A federal judge in Detroit has ruled that two Fiat Chrysler Automobiles employees do not have to arbitrate their race discrimination claims because the automaker failed to explain that arbitration agreements adopted after they were hired would apply to them if they stayed in their jobs.
U.S. District Judge Laurie Michelson on Thursday rejected FCA’s motion to dismiss claims by the plaintiffs who were hired before the agreements were in place that the company routinely passes over black employees for promotions. Michelson, however, sent claims by six other black workers who signed the agreements to arbitration.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2sgOEwv
| ashraq/financial-news-articles | https://www.reuters.com/article/employment-chrysler/bulk-of-race-bias-claims-vs-fca-go-to-arbitration-in-epic-aftermath-idUSL2N1T00AV |
Geismayr wins Rocky Mountain bike marathon Monday, April 30, 2018 - 01:24
Austrian Daniel Geismayr wins Rocky Mountain bike marathon 10 years on from MTB debut in Riva del Garda. ▲ Hide Transcript ▶ View Transcript
Austrian Daniel Geismayr wins Rocky Mountain bike marathon 10 years on from MTB debut in Riva del Garda. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Fu2rUk | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/04/30/geismayr-wins-rocky-mountain-bike-marath?videoId=422628064 |
(Refiles to additional subscribers, no change to text)
By Margaryta Chornokondratenko and Alessandra Prentice
KIEV, May 8 (Reuters) - Ukrainians have taken to social media to invite soccer fans attending the Champions League final in Kiev to stay in their homes for free after hotels aggressively raised prices for match night on May 26.
Many hotels and apartments are asking several thousand dollars for accommodation that normally costs around $50 per night or cancelled existing bookings to charge higher rates for the expected influx of around 50,000 supporters.
Worried that the price hikes could damage Ukraine’s image, 27-year-old student Victor Kylymar set up a Facebook group called ‘Kyiv FREE couch’ where locals offer to host fans travelling to see the showdown between Real Madrid and Liverpool.
Kylymar said the final straw was when he heard someone was charging a couple of hundred dollars for the use of a dentist’s chair as a bed overnight.
“For me it was beyond the limit of common sense and insanity,” he told Reuters.
Since its launch on May 5, the Facebook group has gained more than 3,000 members and many offers of beds, sofas and spare rooms as well as free guided tours of the Ukrainian capital.
Some would-be hosts even volunteered to pick up guests from the airport or cook them borscht, a traditional beetroot soup.
Liverpool supporter Georgie Clarke, 27, said the inflated accommodation costs had prompted many fans to consider cancelling their trips to Ukraine altogether.
Before Clarke found a host in Kiev through the Facebook group, the cheapest place he could find to stay online was charging nearly $2,500 per night, he told Reuters.
“The people of Kiev have given the travelling fans hope to see their teams play and it’s amazing to see such hospitality from them. I’m looking forward to spending my time in Ukraine in an experience of a lifetime,” he said via instant messenger.
The final will be the biggest soccer fixture in Ukraine since it co-hosted the European Championship in 2012.
Since then a pro-European uprising in Kiev ousted a pro-Russian president, while a Moscow-backed insurgency in Ukraine’s eastern regions sparked an ongoing conflict with government troops.
Many Ukrainians are keen to welcome visitors and show their country has recovered from the worst of the political and economic crisis.
Some government officials have also offered to host fans including Minister of Information Policy Yuriy Stets.
“We’d like to invite family of fans to stay in our apartment for few days during The Final for free. The only 2 conditions: 40+ age and to be Real Madrid fan (Sorry, Liverpool) See U in Kyiv!,” Stets wrote in a post on Facebook that included an emoticon of a winking face.
Editing by Matthias Williams and Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/soccer-champions-final-accommodation/soccer-ukrainians-offer-champions-league-final-fans-free-bed-and-borscht-idUSL8N1SF6O8 |
NEW YORK, May 02, 2018 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (Nasdaq:HSON), a leading global talent solutions company, will issue its first quarter financial results for the period ended March 31, 2018 at 7 a.m. ET on Tuesday, May 15, 2018.
The company will host a conference call to review its results, market trends and outlook at 10 a.m. ET the same day. The call will be webcast live on the investor relations section of the company’s web site, Hudson.com . The archived call will be available on the investor relations section of the company's web site, Hudson.com .
About Hudson Global
Hudson is a global talent solutions company with expertise in recruitment process outsourcing and managed services. We help our clients and candidates succeed by leveraging our expertise and our deep industry and market knowledge. Operating around the globe through relationships across our network of specialized professionals, we bring an unparalleled ability to match talent with opportunities by assessing, recruiting, and engaging the best and brightest people for our clients. We combine broad geographic presence, world-class talent solutions, and a tailored, consultative approach to help businesses achieve higher performance and outstanding results.
More information is available at Hudson.com .
Contact:
David F. Kirby
Hudson
212-351-7216
[email protected]
Source:Hudson Global, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-hudson-global-schedules-conference-call-and-webcast.html |
SUNNYVALE, Calif. (AP) _ Rambus Inc. (RMBS) on Monday reported a first-quarter loss of $38.9 million, after reporting a profit in the same period a year earlier.
The Sunnyvale, California-based company said it had a loss of 36 cents per share. Earnings, adjusted for non-recurring costs and amortization costs, came to 21 cents per share.
The results matched Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 21 cents per share.
The memory chip designer posted revenue of $46.4 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $97 million.
For the current quarter ending in July, Rambus expects its per-share earnings to range from 17 cents to 23 cents.
The company said it expects revenue in the range of $42 million to $48 million for the fiscal second quarter.
Rambus shares have dropped almost 1 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $14.13, a climb of 13 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on RMBS at https://www.zacks.com/ap/RMBS | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/the-associated-press-rambus-1q-earnings-snapshot.html |
May 17, 2018 / 4:49 PM / in an hour U.S. House panel hopes to vote soon on bill aimed at restricting Chinese foreign investment Diane Bartz 2 Min Read
WASHINGTON, May 17 (Reuters) - A U.S. House of Representatives panel hopes to vote shortly on proposed changes to a bill to tighten oversight of foreign investment in the United States, according to a source close to the process.
The Senate and House are considering bills introduced last November that would expand the powers of an interagency Committee on Foreign Investment in the United States, or CFIUS, which reviews investments to ensure they do not harm national security.
The proposed changes to the House version of the bill brings it to 148 pages, and includes Representative Ed Royce’s export control bill, according to the source.
Royce’s bill would modernize how the United States regulates sales of high-end goods that have civilian and military uses, particularly critical emerging technologies such as robotics.
The House Committee on Financial Services hopes to vote on the measure shortly, said the source, speaking on condition of anonymity.
It excludes a measure that had caused heartburn in the technology and investor sectors because it would have allowed CFIUS to review joint ventures that could potentially lead to technology transfer, delaying consummation of proposed transactions.
The Senate’s Banking Committee is to vote on changes to the bill on May 22.
CFIUS, which is led by the Treasury Department, has killed a long list of deals, most notably attempts to purchase semiconductor companies such as Qualcomm Inc. It also blocked Chinese conglomerate HNA Group’s bid to buy most of SkyBridge Capital, a hedge fund investment firm founded by former Trump aide Anthony Scaramucci. (Reporting by Diane Bartz; editing by Jonathan Oatis) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-cfius-congress/u-s-house-panel-hopes-to-vote-soon-on-bill-aimed-at-restricting-chinese-foreign-investment-idUSL2N1SO19C |
6:20 AM EDT
After years of delays, one of the last Obamacare provisions to be implemented comes into effect today.
The new rule requires restaurant chains, grocers, convenience stores, movie theaters, and even vending machines with over 20 locations to post calorie counts for their foods. The long road from the passage of Obamacare in 2010 to the implementation today included three delays after the rule was finalized in 2013.
The Trump administration has not supported many Obamacare initiatives, but allowed this one to come into effect. Conservatives in Congress are still not happy with the legislation, and have tried to make amendments to the rule, but the national standard has the support of the National Restaurant Association, which wanted to help its members avoid complying with patchwork laws at the state and city levels. The Trump administration quietly fought the implementation of at least one of these municipal standards last year.
Studies have found that calorie labelling can reduce the amount a person consumes by 12% . Though these calorie savings are small when taken on their own, Food and Drug Administration Commissioner Scott Gottlieb says they add up to a “meaningful, incremental step” towards fixing the country’s obesity epidemic.
The FDA is expected to focus on educating restaurants on how to comply rather than enforcing the rule during its first year in effect. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/07/obamacare-restaurant-calorie-labelling/ |
QUEBEC CITY and MYRTLE BEACH, SC, May 8, 2018 /PRNewswire/ - TSO 3 Inc. (TSX: TOS) ("TSO 3 " or the "Company"), an innovator in sterilization technology for medical devices in healthcare settings, reported financial results for the first quarter 2018 ended March 31, 2018.
Operational Highlights
The Company successfully hired, trained and deployed a team of talented and experienced sales, marketing, clinical and support personnel, as well as launched several marketing initiatives. To date, the TSO 3 sales team has effectively targeted and connected with 531 potential customers, many of which have led to follow up visits or calls. TSO 3 has submitted quotations to US medical facilities for over 30 sterilizers, plus related accessories, consumables and service contracts. These now populate the Company's sales pipeline and each is moving through the sales process. The Company entered into a co-commercialization agreement with Getinge Infection Control AB ("Getinge"), which allows TSO 3 to sell directly to end-users in the US and Canada and purchase sterilizer inventory from Getinge at favourable pricing. The Company provided its final additional information response to US Regulators in support of extending the claims of the Company's STERIZONE ® VP4 Sterilizer to include the terminal sterilization of duodenoscopes.
2018 First Quarter Financial Summary
Revenues equaled $0.3 million, as compared to $5.8 million in the fourth quarter of 2017 and $4.2 million in the first quarter of 2017. TSO 3 did not ship any STERIZONE ® VP4 Sterilizers to Getinge in the first quarter of 2018, but recorded revenue from sales of consumables and service parts. The Company shipped 50 sterilizers in the fourth quarter of 2017 and 36 in the first quarter of 2017. The Company did not record license fee revenue in the first quarter of 2018, as opposed to $0.3 million recorded in the fourth quarter of 2017 and $0.2 million recorded in the first quarter of 2017. The Company expects to recognize this license fee revenue in the future in a manner which reflects the outcome of the negotiations with Getinge. Gross profit was negative ($0.3) million, as compared to positive $2.3 million or 40% of revenue in the fourth quarter of 2017 and $1.6 million or 37% of revenue in the first quarter of 2017. Gross profit declined as the Company did not record revenue from sterilizer sales to Getinge or from deferred license fee amortization, as compared to prior periods. Gross profit was negative as the contribution to gross profit from consumables and service parts did not exceed manufacturing overhead and other costs incurred by the Company. Research and Development expenses were $1.7 million, as compared to $1.8 million in the fourth quarter of 2017 and $1.4 million in the year-ago quarter. The Company incurred expenditures in connection with its laboratory in Myrtle Beach, extended regulatory claims activity and product development. Sales, General and Administrative expenses were $2.6 million, as compared to $2.0 million in the fourth quarter of 2017 and $2.2 million in the year-ago quarter. The Company incurred additional expenses related to its increased sales and marketing activity, while it reduced its general and administrative expenses. The Company's net loss was $(4.5) million or $(0.05) per share in the first quarter of 2018, as compared to $(1.4) million, or $(0.02) per share, in the fourth quarter of 2017 and to $(2.0) million or $(0.02) per share in the year-ago quarter. The Company had $10.0 million in cash, cash equivalents and investments and no debt as of March 31, 2018, as compared to $14.8 million and no debt at the end of 2017. In the first quarter of 2018, the Company used $3.9 million for operations excluding changes in non-cash working capital, and $0.9 million for changes in non-cash working capital, particularly for inventory in support of sterilizer upgrades for which the Company has received a purchase order from Getinge.
Management Commentary
"In the first quarter of 2018, we initiated commercialization efforts on a stand-alone basis as well as continued support of our relationship with Getinge Infection Control and are measuring our progress to date," stated (R.M.) Ric Rumble, TSO 3 's President and CEO. "We continue to add to our sales pipeline weekly and are moving accounts in the pipeline toward closure. Not all of our quotations will lead to sales, but we have achieved traction in these early stages and look forward to a productive 2018."
Supplemental Non-IFRS Financial Measures
In addition to IFRS financial measures, management uses non-IFRS financial measures to assess the Company's operational performance. It is likely that the non-IFRS financial measures used by the Company will not be comparable to similar measures reported by other issuers or those used by financial analysts as their measures may have different definitions. The measures used by the Company are intended to provide additional information and should not be considered in isolation or as a substitute for IFRS financial performance measures.
Generally, a non-IFRS financial measure is a numerical measure of an entity's historical or future financial performance, financial position or cash flows that is neither calculated nor recognized under IFRS. Management believes that such non-IFRS financial measures are important as they provide users of the financial statements with a better understanding of the results of the Company's recurring operations and their related trends, while increasing transparency and clarity into its operating results. Management also believes these measures can be useful in assessing the Company's capacity to discharge its financial obligations.
Management is assessing its operational performance using supplemental non-IFRS measures which removes significant unusual items that do not reflect the recurring and ongoing operational results and trends.
Additional First Quarter 2018 Financial information
$000's
2018
2017
2016
Q1
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Net loss
(4,512)
(1,449)
(1,771)
(2,254)
(1,980)
(2,068)
(1,473)
(1,487)
Financial expenses (income)
(14)
74
48
49
(39)
(69)
(50)
-
Amortization and depreciation
315
246
331
221
168
120
147
103
Share-based compensation expense
371
301
632
592
609
286
333
268
One-time write-off of inventory
-
-
-
-
-
312
-
-
Income taxes
-
(59)
33
29
27
48
15
(12)
Adjusted Ebitda
(3,840)
(887)
(727)
(1,363)
(1,215)
(1,371)
(1,028)
(1,128)
Adjusted EBITDA is adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA). Adjusted EBITDA adjusts net income for (1) significant realized and unrealized foreign exchange gains or losses, (2) financial expenses (income), (3) amortization and depreciation expenses (4) share-based compensation expense, (5) write-downs of certain tangible and intangible assets, (6) one-time write-off of inventory, (7) income taxes, and (8) other significant unusual items.
Summary of Results
Periods ended March 31 (Unaudited, IFRS Basis, in thousands of US dollars, except per share amounts)
First Quarter
2018
$
2017
$
Revenues
255
4,211
Cost of sales
526
2,641
(271)
1,570
Expenses
Research and development
1,704
1,353
Selling, general and administrative
2,551
2,209
Financial income
(14)
(39)
Total Expenses
4,241
3,523
Net loss before income taxes
(4,512)
(1,953)
Income taxes
-
27
Net loss and comprehensive loss
(4,512)
(1,980)
Weighted average number of outstanding shares (in thousands)
92,877
91,995
Basic and diluted net loss per share
(0.05)
(0.02)
Basic and diluted net comprehensive loss per share
(0.05)
(0.02)
Consolidated Statements of Financial Position
( Unaudited, in thousands of US dollars)
March 31,
December 31,
2018
2017
$
$
Current Assets
Cash and Cash Equivalents
5,521
8,044
Short-term Investments
4,430
6,764
Accounts Receivable
582
651
Inventories
2,456
2,040
Prepaid Expenses
261
150
13,250
17,649
Non-current Assets
Property, Plant and Equipment
2,984
3,184
Intangible Assets
1,879
1,886
4,863
5,070
18,113
22,719
Current Liabilities
Accounts Payable and Accrued Liabilities
2,025
2,430
Warranty Provision
1,182
1,263
Current Tax Liabilities
68
68
Deferred Revenues
2
6
3,277
3,767
Non-current Liabilities
Deferred Tax Liabilities
17
17
Deferred Revenues
6,044
6,044
9,338
9,828
Equity
Share Capital
111,254
111,215
Reserve – Share-based Compensation
6,931
6,574
Deficit
(107,698)
(103,186)
Accumulated Other Comprehensive Loss
(1,712)
(1,712)
8,775
12,891
18,113
22,719
Consolidated Statements of Cash Flows
As of March 31, 2018, and 2017 (Unaudited, in thousands of US dollars)
F irst Quarter
2018
$
2017
$
Cash flows from operating activities
Net loss
(4,512)
(1,980)
Adjustments for:
Depreciation and amortization
315
168
Deferred income tax liabilities
-
27
Share-based compensation
371
609
Investment income
(27)
(75)
(3,853)
(1,251)
Changes in non-cash operating working capital items
(948)
1,765
Interest received
35
41
Cash flows (used in) generated by operating activities
(4,766)
555
Cash flows from investing activities
Acquisition of investments
-
(1,412)
Disposal of investments
2,326
3,504
Acquisition of property, plant and equipment
(67)
(193)
Acquisition of intangible assets
(41)
(129)
Cash flows generated by investing activities
2,218
1,770
Cash flows from financing activities
Options exercised
25
63
Cash flows generated by financing activities
25
63
(Decrease) increase in cash and cash equivalents
(2,523)
2,388
Cash and cash equivalents at the beginning
8,044
2,698
Cash and cash equivalents at the end
5,521
5,086
Q1 Results Conference Call
Date: May 9, 2018
Time: 8:00 a.m. EDT
Toll-free dial-in number: 1 888 231-8191
International dial-in number: 1 514 807-9895 (Montreal); 1 647 427-7450 (Toronto)
Conference ID: 2845669
TSO 3 's President and CEO R.M. (Ric) Rumble and CFO Glen Kayll will host.
Analysts and investors are invited to participate on the call. Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gilmartin Group at 1 610 368-6505.
Other interested parties may listen to the live webcast of the conference call at https://event.on24.com/wcc/r/1660076/E86DE808AFF783FA01BE70885CC0BDEF which will be available for replay in the Investors section of the Company's website at www.tso3.com .
About the STERIZONE ® VP4 Sterilizer
The STERIZONE ® VP4 Sterilizer is a low-temperature sterilization system that utilizes the dual-sterilants of vaporized hydrogen peroxide (H 2 O 2 ) and ozone (O 3 ) to achieve terminal sterilization of heat and moisture sensitive medical devices. Its single pre-programmed cycle can sterilize a large number and wide range of compatible devices, creating a cost-effective sterilization process with error free cycle selection. The device's unique Dynamic Sterilant Delivery System™ automatically adjusts the quantity of injected sterilant based on the load composition, weight and temperature. This capability removes the guesswork and potential for human error, as there is no need to sort instruments and choose the appropriate cycles as with other machines.
The STERIZONE ® VP4 Sterilizer is the only terminal sterilization method that is FDA cleared to sterilize multi-channeled flexible endoscopes (with a maximum of four channels) of up to 3.5 meters in length, such as video colonoscopes and gastroscopes - an industry first for any medical device sterilization process.
The STERIZONE ® VP4 Sterilizer is also the only cleared low temperature sterilizer that can process a mixed load consisting of general instruments, single channel flexible endoscopes, and single or double channel rigid endoscopes in the same cycle with load weights of up to 75 lb. The ability to run mixed loads significantly reduces labor costs by minimizing the amount of instrument sorting required, while maximizing the device turns (more productivity from increased throughput capacity).
More information about the STERIZONE ® VP4 Sterilizer is available through TSO 3 's website, under the Products section at http://www.tso3.com/en/products/sterizone-vp4/ .
About TSO 3
Founded in 1998, TSO 3 's activities encompass the sale, production, maintenance, research, development and licensing of sterilization processes, related consumable supplies and accessories for heat-sensitive medical devices. The Company designs products for sterile processing areas in the hospital environment that offer an advantageous replacement solution to other low temperature sterilization processes currently used in hospitals. TSO 3 also offers services related to the maintenance of sterilization equipment and compatibility testing of medical devices with such processes.
For more information about TSO 3 , visit the Company's website at www.tso3.com .
The statements in this release and oral statements made by representatives of TSO 3 relating to matters that are not historical facts are forward-looking statements that involve certain risks, uncertainties and hypotheses, including, but not limited to, the limited history of sales or distribution of the Company, the ability of the Company to obtain the required regulatory clearances to market its products, general business and economic conditions, the condition of the financial markets, the ability of TSO 3 to obtain financing on favourable terms and other risks and uncertainties. Although TSO 3 believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The complete versions of the cautionary note regarding forward-looking statements as well as a description of the relevant assumptions and risk factors likely to affect TSO 3 's actual or projected results are included in the Management's Discussion and Analysis for the year ended December 31, 2017, which is available on the Company's website. The forward-looking statements contained in this press release are made as of the date hereof, and TSO 3 does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.
View original content: http://www.prnewswire.com/news-releases/tso3-reports-first-quarter-2018-results-300645032.html
SOURCE TSO3 Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-tso3-reports-first-quarter-2018-results.html |
May 30, 2018 / 5:53 PM / Updated an hour ago Central African Republic approves war crimes court Reuters Staff 2 Min Read
BANGUI (Reuters) - Central African Republic has approved a law creating a special criminal court to investigate allegations of war crimes and crimes against humanity during more than a decade of ethnic and religious conflict, a lawmaker said.
Hundreds have died in the violence and scores more have been raped and tortured but the perpetrators have not faced any meaningful legal pursuit, rights activists say.
“With this law, we will now be able to count on the justice system to put an end to the conflicts, to the killings, to the massacres,” Ernest Mezedio, a national deputy, told Reuters on Wednesday.
“The executioners who walk around freely should know that the hour of justice has sounded,” he said. The country’s parliament approved the law late on Tuesday.
The United Nations’ deputy representative in Central African Republic said on Monday that the tribunal - which will be composed of both national and international judges - would begin formal investigations next week.
Rights activists say the court represents the best hope at reversing years of impunity, but concede that the considerable power wielded by potential investigation targets and vast swaths of territory beyond government control pose steep obstacles.
Central African Republic has suffered a series of violent political crises since former president Francois Bozize seized power in a 2003 coup d’etat.
Major violence erupted again in 2013 when mainly Muslim Seleka rebels ousted Bozize, prompting reprisals from mostly Christian militias.
A United Nations report last year said the litany of killings, rapes, mutilation, looting and torture committed by successive governments and armed groups from 2003-2015 may constitute crimes against humanity. Reporting by Crispin Dembassa-Kette; Writing by Sofia Christensen; Editing by Aaron Ross/Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-centralafrica-violence/central-african-republic-approves-war-crimes-court-idUKKCN1IV2FJ |
FRANKFURT — Ever since he was a 38-year-old Goldman Sachs executive helping to auction off bankrupt East German factories, Paul Achleitner has been known as a relentless modernizer shaking up Germany's sleepy corporate world.
Now Mr. Achleitner is being cast in a new role: the man responsible for the sorry state of one of Germany's most important industries.
Mr. Achleitner has been the chairman of Deutsche Bank 's supervisory board since 2012, overseeing the company's top management and signing off on major business decisions. As the bank stumbles from one crisis to the next, investors blame him for the missteps that have brought the company to one of the most perilous moments in its nearly 150-year history.
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It is the latest blow to the reputation of a man who had been one of Germany's most renowned bankers since the fall of communism. Mr. Achleitner is increasingly viewed as responsible for a series of ill-fated mergers and questionable decisions over the past two decades that have left Germany, and indeed all of Europe, without a serious rival to the likes of Goldman Sachs or JPMorgan Chase .
Even today, Mr. Achleitner — who is not German, but Austrian — embodies corporate Germany. In addition to his role at Deutsche Bank, he sits on the oversight boards of three other blue-chip German companies, including the automaker Daimler. Friends and acquaintances describe him as a master networker who is quick to reply to text messages and has a knack for making people feel important.
Mr. Achleitner's wife, Ann-Kristin Achleitner, a professor of business at the Technical University of Munich, also sits on the supervisory boards of several large German corporations. They are one of Germany's premier power couples.
But Mr. Achleitner's grasp on power appears increasingly tenuous.
When Deutsche Bank's shareholders gather for the company's annual meeting on Thursday, one of the items on the agenda will be a motion to oust Mr. Achleitner.
Mr. Achleitner is expected to survive, at least for now, protected partly because the bank's chief executive, John Cryan, was ousted just last month. The departure of Mr. Achleitner could throw the bank into even greater turmoil.
Mr. Achleitner, who declined to comment for this article, should be given "one last chance," Institutional Shareholder Services, which advises investors on how to vote, said in a report this month. Removing Mr. Achleitner could distract the supervisory board from "the truly precarious situation at hand: the entire future strategy and survival of the bank."
Mr. Achleitner made a name for himself in the 1990s when the German government was selling assets like chemical factories that had belonged to the Communist government of East Germany.
Other German bankers turned up their noses. But Mr. Achleitner, who was the first native German speaker to run Goldman Sachs in Frankfurt, recognized an opportunity. He used the assignment to forge political and corporate ties and establish Goldman as a player in Germany.
Mr. Achleitner's approach paid off in 1994 when Deutsche Telekom, the German telephone monopoly, prepared to sell shares to the public for the first time. The German government chose Goldman Sachs to be one of three banks handling the large share sale, alongside Germany's Dresdner Bank and Deutsche Bank.
Goldman's lead role came as a rude awakening to the German banks, which had taken it for granted that they would share such transactions among themselves. That led Deutsche Bank in particular to hastily bulk up in investment banking to fend off foreign competitors.
One fateful result was Deutsche Bank's purchase of Bankers Trust in 1998 for $10.1 billion. The transaction instantly made Deutsche Bank a presence on Wall Street, as well as the biggest bank in the world by assets. Goldman Sachs advised Deutsche Bank on the transaction, with Mr. Achleitner playing a supporting role as head of the Frankfurt office.
The Bankers Trust deal was troubled from the start. The price was considered steep for a bank that had recently suffered a series of scandals, including accusations of selling derivatives without warning customers about the risks.
show chapters Deutsche Bank’s Achleitner: Fundamental challenge is credit pricing 6:02 AM ET Thu, 25 Jan 2018 | 02:22 But Mr. Achleitner's reputation as a dealmaker continued to grow. In 2000, he left Goldman to become chief financial officer at Allianz, the German insurer. Back then, Allianz, Deutsche Bank and Dresdner Bank owned stakes in one another as well as in many of the largest German companies and dominated their supervisory boards. The network was unofficially known as Germany Inc., and scared away foreign investors.
Mr. Achleitner's job was to either unload Allianz's holdings or find a way to make them more valuable.
Among Allianz's biggest stakes was 21 percent of Dresdner Bank, one of Germany's biggest banks. First Mr. Achleitner tried to orchestrate a merger between Dresdner and Deutsche Bank, in which Allianz also owned a stake. When that idea was torpedoed by investment bankers at Deutsche Bank, he took a different tack, engineering Allianz's 2001 acquisition of the majority of Dresdner.
The plan was to use the bank's retail network to sell insurance products. But Dresdner's huge portfolio of problematic loans left Allianz financially vulnerable. In 2002, after reporting a €2.5 billion loss in the third quarter, the company found itself in serious trouble.
Still, Mr. Achleitner managed to emerge from the crisis as a hero.
In 2003, he arrived late to a management board meeting in Munich. He looked weary and unshaven, according to Emilio Galli Zugaro, the former head of communications for Allianz who was present at the meeting.
Mr. Achleitner had just come from an all-night negotiating session in Hamburg with potential buyers of Allianz's stake in Beiersdorf, a German company best known as the maker of Nivea face cream. Allianz badly needed the cash.
A group of German investors had agreed to pay €4.4 billion for the Beiersdorf shares, Mr. Achleitner reported. The Allianz executives, normally a restrained group, gave Mr. Achleitner a standing ovation.
The Dresdner Bank deal, however, remained a problem for Allianz. In August 2008, as a global financial crisis gathered force, Allianz sold Dresdner to Commerzbank. The price was €9.8 billion, less than half of Dresdner Bank's value when Allianz acquired its stake in 2001.
Mr. Achleitner left Allianz in 2012 to become chairman of Deutsche Bank, overseeing the executives who run the company on a day-to-day basis.
Deutsche Bank had grave problems. The culture was toxic. Large swaths of the business were poorly managed. Risks were not controlled. The bank had a tendency to needlessly antagonize regulators. It was caught up in just about all of the industry's worst scandals: rigging interest rates, selling toxic mortgages, laundering money, violating sanctions.
Rivals like UBS and Credit Suisse scaled back their investment banks in the wake of the financial crisis. But Deutsche Bank, with Mr. Achleitner's backing, continued to try to play in the Wall Street big leagues.
Mr. Achleitner insisted that Europe needed a counterweight to the big American investment banks. "If we don't watch out," he said in an interview with a German magazine in May 2015, "we'll have the same American dominance that we already have in the internet."
Weeks later, the bank's co-chief executive, Anshu Jain, one of the architects of the investment bank, resigned under pressure from shareholders and regulators unhappy with the way the bank had responded to government investigations.
Mr. Achleitner chose Mr. Cryan, his colleague on the supervisory board, to succeed Mr. Jain. Mr. Cryan tried to refine Deutsche Bank's strategy and to instill a more ethical corporate culture.
Less than three years into Mr. Cryan's tenure, Mr. Achleitner grew disenchanted. He contacted a number of executives at rival financial institutions to gauge their interest in taking over as chief executive.
In late March, Mr. Achleitner was on an Amazon River cruise with his family when The Times of London reported that he had secretly been talking to possible replacements for Mr. Cryan. Mr. Achleitner rushed back to Frankfurt.
Mr. Cryan was in limbo for more than a week. Mr. Achleitner remained silent. Finally, in early April, the board voted to replace him with Christian Sewing, a risk expert who has spent his entire career at the bank.
Mr. Sewing quickly announced plans to scale back the investment bank. But Deutsche Bank is years behind European rivals in reorienting itself toward other lines of business that are less prone to scandal and losses.
"There have been a series of missteps going back quite a while, and I do think Chairman Achleitner is part of the problem," said Jeffrey A. Sonnenfeld, a professor of leadership at Yale School of Management. "At some point someone should be accountable." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/deutsche-banks-problems-threaten-a-star-banker.html |
By Aaron Pressman and Alan Murray 9:14 AM EDT This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
Good morning.
In January of 2000, at the peak of the last tech boom, I heard Masayoshi Son speak in Davos and tout one of his latest investments: Buy.com. “To win in the Internet age,” he said, “you have to think outside the box. And Buy.com does that. They will sell you anything you want to buy at a price less than they paid for it.”
How does that work? Not very well, it turned out. Buy.com held a successful IPO, then subsequently crashed and burned. (While Son, of course, went on to make billions and become a driving force in tech investing.)
I was reminded of that moment when I read my colleague Jeff John Roberts’s smart piece about Spotify. It’s a service that has won the hearts of music lovers and held a very successful “non-IPO” direct listing last month . But it announced its first quarterly earnings this week and the markets were unimpressed , with shares dropping 7%.
The problem, says Roberts, is that unlike, say, Facebook or Google , Spotify has to pay for the digital stuff it is selling you: music. And unlike, say, those of us in the media business, the music industry has successfully used its political clout to ensure it gets paid well.
“The upshot is, no matter how many subscribers they add, (music streaming) companies will never enjoy the fat profits of other tech firms,” Roberts concludes. “Right now, the streaming services have yet to make any money and, if they ever do, it’s a safe bet the music industry will find a way to claw it back in the form of higher royalties. It’s much like the baker being totally beholden to a flour supplier that raises its prices every time donuts are on the verge of being profitable.”
You can read Roberts’ full story here . Let me know if you agree. (If you don’t, I may sell you some shares of Buy.com.)
News below. Enjoy the weekend. Adam returns Monday.
Alan Murray @alansmurray [email protected] NEWSWORTHY
Can you track me now ? A group of public radio-related programmers acquired the popular podcasting app Pocket Casts . National Public Radio, WNYC Studios, WBEZ Chicago, and This American Life said they wanted to improve the podcast experience for listeners and give podcast creators “better insights,” which sounds like collecting way more data about those listeners.
Same old song . Heard this one before? Sorry, hackers stole all our passwords…so change your passwords real quick. This time it’s Twitter , which says it accidentally stored everybody’s secrets in unencrypted form in an internal log file, although it has no “indication” yet that anyone noticed and grabbed the list.
Agile developments. A few days after Twitter announced its slate of programming partnerships, YouTube did the same. In an event at Radio City Music Hall in New York, the Google unit said it would work with Demi Lovato, Will Smith and LeBron James, among others, for new shows . Elsewhere at the Googleplex, the company announced updates to its Wear OS software for smartwatches, including adding spoken replies from the Google Assistant. Google is also at work on a redesign of its Google News service to make it faster and incorporate more video, according to Ad Age .
Agricultural analogies. Super star investor and Berkshire Hathaway CEO Warren Buffett really loves Apple . His company bought 75 million shares of Apple (worth about $13 billion at today’s price) in the first quarter and may now own 240 million shares, or just under 5% of Apple’s entire diluted share count. Speaking on CNBC on Friday morning, Buffett called Apple an “amazing business,” adding: “Nobody buys a farm based on whether they think it’s going to rain next year–they buy it because they think it’s a good investment over 10 or 20 years.”
Crypto reruns . Every twist and turn in the digital currency news cycle tends to get over-interpreted. That seems to be the case for the story back in March that Reddit was dropping bitcoin as a payment option for its users. CTO Chris Slowe said Thursday that the move was just temporary and related to a vendor’s software overhaul. “We just basically didn’t have time to upgrade our current API integration,” he said on Cheddar. “Once the redesign finishes landing and we’re actually able to address it again, I think we’ll actually see crypto payments come back.”
Now you see me, now you don’t. Speaking of over-interpreted events, MoviePass pulled its seemingly too-good-to-be-true $10 a month unlimited package a few weeks ago, leading many to crow “I told you so” on the money-losing service. But now the unlimited package is back. Subscribers can see one movie every day for just 10 bucks. Still, probably a good idea to act quickly if you’re interested.
Advertisement FOR YOUR WEEKEND READING PLEASURE
A few interesting longer reads I came across that are suitable for your weekend reading pleasure.
Over 400 Startups Are Trying to Become the Next Warby Parker. Inside the Wild Race to Overthrow Every Consumer Category ( Inc. )
James McKean wants to revolutionize the manual toothbrush. It’s January 2018. The 31-year-old MBA candidate at the University of Pennsylvania’s Wharton School whirls his laptop around to show me the prototype designs. Bristle, as the product might be called, has a detachable head and a colorful pattern on the handle–like faux wood grain, flowers, or plaid. Customers would pay somewhere around $15 for their first purchase, and then get replacement heads, at $3 or $4 a pop, through a subscription service.
The First Family of Pinball: Meet the Local Wizards Behind the Game’s Huge Resurgence ( Chicago Reader )
America is tilting once again. The old pastime of saving an 80-gram steel sphere from its downhill trajectory using a pair of flippers is on an steady upward climb. The game has become retro cool, the vinyl record of the video-game set. Much of that is due to the proliferation of arcade bars that serve up craft beer and offer vintage games to play at no or low cost. Chicago’s first, Emporium Arcade Bar, opened in Wicker Park in 2012. Now the city has at least ten.
The Gambler Who Cracked the Horse-Racing Code (Bloomberg)
Veteran gamblers know you can’t beat the horses. There are too many variables and too many possible outcomes. Front-runners break a leg. Jockeys fall. Champion thoroughbreds decide, for no apparent reason, that they’re simply not in the mood. The American sportswriter Roger Kahn once called the sport “animated roulette.” Play for long enough, and failure isn’t just likely but inevitable—so the wisdom goes. “If you bet on horses, you will lose,” says Warwick Bartlett, who runs Global Betting & Gaming Consultants and has spent years studying the industry. What if that wasn’t true?
Becoming Spring Brucesteen: My Quest to Meet the Boss ( The Paris Review )
It became apparent that I was going to have to scheme harder if I was going to get to the Boss himself. He was all I talked about, all I posted about because the more people knew I was on a mission to find him, the closer I believed I would come. I received all sorts of tips: Page Six articles about where the Boss ate lunch every day, introductions to friends of friends of former neighbors, recommendations to join a Work Out World in Tinton Falls, New Jersey, where Bruce was rumored to be a member. Everyone had a tip, and everyone had a story.
This Must Be David Byrne ( GQ )
David Byrne will be in the back, wrapping up a call. But please, make yourself at home. Enjoy a cup of coffee fetched by a Todomundo staffer with a Jean-Seberg-as-Joan-of-Arc haircut, a woman so hip she’s never heard a podcast. Note how everyone who works for David Byrne is the hippest person you’ve ever met. When Byrne appears, everything he’s wearing is black except his saddle shoes.
FOOD FOR THOUGHT
Drones are cool , drones are awesome, drones are also increasingly being used by crooks and thieves. At a conference in Denver this week, law enforcement agency officials offered up all kinds of stories of the new creative, criminal uses of unmanned aerial vehicles, according to a report in Defense One by Patrick Tucker.
Last winter, on the outskirts of a large U.S. city, an FBI hostage rescue team set up an elevated observation post to assess an unfolding situation. Soon they heard the buzz of small drones—and then the tiny aircraft were all around them, swooping past in a series of “high-speed low passes at the agents in the observation post to flush them,” the head of the agency’s operational technology law unit told attendees of the AUVSI Xponential conference here. Result: “We were then blind,” said Joe Mazel, meaning the group lost situational awareness of the target. “It definitely presented some challenges.”
Mazel said the suspects had backpacked the drones to the area in anticipation of the FBI’s arrival. Not only did they buzz the hostage rescue team, they also kept a continuous eye on the agents, feeding video to the group’s other members via YouTube. “They had people fly their own drones up and put the footage to YouTube so that the guys who had cellular access could go to the YouTube site and pull down the video,” he said.
Advertisement IN CASE YOU MISSED IT
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Apple Watch Credited With Saving a Man’s Life By Don Reisinger
Anheuser-Busch Orders 800 Hydrogen-Electric Semis From Tesla Competitor By Chris Morris
Instagram Is Starting to Take Payments—But Not for Products Just Yet By David Meyer
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Scientists Have Created Synthetic Embryos. Here’s What That Could Mean for Humans By Sy Mukherjee
Advertisement BEFORE YOU GO
Apparently, we don’t need Doctor Doolittle to talk to the animals. Scientists can interpret the meaning of gestures of chimpanzees and bonobos. Turns out the two separate but closely related species use 90% of the same gestures to communicate the all important messages of “groom me,” “quit it,” and “follow me.” Well, I’ll be a monkey’s uncle.
This edition of Data Sheet was curated by Aaron Pressman . Find past issues, and sign up for other Fortune newsletters . | ashraq/financial-news-articles | http://fortune.com/2018/05/04/data-sheet-spotify-internet-bubble/ |
MELVILLE, N.Y., May 07, 2018 (GLOBE NEWSWIRE) -- Park Electrochemical Corp. (NYSE:PKE) reported net sales of $27,804,000 for the 2018 fiscal year’s fourth quarter ended February 25, 2018 compared to net sales of $27,599,000 for the 2017 fiscal year’s fourth quarter ended February 26, 2017 and net sales of $26,139,000 for the 2018 fiscal year’s third quarter ended November 26, 2017. Park’s net sales for the fiscal year ended February 25, 2018 were $111,196,000 compared to net sales of $114,609,000 for the fiscal year ended February 26, 2017.
Net earnings for the 2018 fiscal year’s fourth quarter were $17,965,000 compared to $2,477,000 for the 2017 fiscal year’s fourth quarter and $716,000 for the 2018 fiscal year’s third quarter. Net earnings were $20,595,000 for the fiscal year ended February 25, 2018 compared to $9,283,000 for the fiscal year ended February 26, 2017.
Park reported net earnings before special items of $1,972,000 for the 2018 fiscal year’s fourth quarter compared to net earnings before special items of $2,548,000 for the 2017 fiscal year’s fourth quarter and net earnings before special items of $1,131,000 for the 2018 fiscal year’s third quarter.
In the 2018 fiscal year’s fourth quarter, the Company recorded a one-time tax benefit of $17,802,000 related to the Tax Cuts and Jobs Act enacted in December 2017. Additionally, in the 2018 fiscal year’s fourth quarter, the Company recorded pre-tax restructuring charges of $287,000, a pre-tax loss on the sales of marketable securities of $1,342,000, pre-tax deferred financing costs of $144,000 related to the early termination of the HSBC Bank Credit Agreement, a pre-tax stock option modification charge of $513,000 and pre-tax advisory fees of $162,000. The restructuring charges are related to the consolidation of the Company’s electronics business units in California and Arizona, the closure, in fiscal year 2009, of its facility located in Newburgh, New York and the closure of its facility in Waterbury, Connecticut. The loss on the sales of marketable securities was in connection with the liquidation of securities to repatriate overseas funds to pay off the HSBC loan of $68,500,000 and pay a special cash dividend of $3.00 per share in February 2018. The stock option modification charge related to a modification of previously granted employee stock options resulting from the special dividend paid in February 2018. The advisory fees pertained to the strategic evaluation of the Company’s electronics business announced in January 2018.
In the 2017 fiscal year’s fourth quarter, the Company recorded pre-tax restructuring charges of $107,000 in connection with the aforementioned Newburgh, New York facility closure. In the 2018 fiscal year’s third quarter, the Company recorded pre-tax restructuring charges of $472,000 related to the consolidation of its electronics business units located in California and Arizona and the closure, in fiscal year 2009, of its facility located in Newburgh, New York and advisory fees related to the strategic evaluation of the Company’s electronics business of $190,000 included in selling, general and administrative expenses.
For the fiscal year ended February 25, 2018, Park reported net earnings before special items of $7,930,000 compared to net earnings before special items of $9,480,000 for the prior fiscal year. In the 2018 fiscal year, the Company recorded the one-time tax benefit of $17,802,000 mentioned above and recorded pre-tax restructuring charges of $5,022,000 related to the consolidation of electronics business units and facility closures mentioned above, a pre-tax loss on the sales of marketable securities of $1,342,000, pre-tax deferred financing costs of $144,000, a pre-tax stock option modification charge of $513,000, all mentioned above, pre-tax advisory fees of $352,000 related to the strategic evaluation of the Company’s electronics business and a pre-tax one-time litigation expense of $375,000. The 2017 fiscal year included pre-tax restructuring charges of $313,000 related to the facility closures mentioned above.
Park reported basic earnings per share of $0.89 and diluted earnings per share of $0.88 for the 2018 fiscal year’s fourth quarter compared basic and diluted earnings per share to $0.12 for the 2017 fiscal year’s fourth quarter and $0.04 for the 2018 fiscal year’s third quarter. Basic and diluted earnings per share before special items were $0.10 for the 2018 fiscal year’s fourth quarter compared to $0.13 for the 2017 fiscal year’s fourth quarter and $0.06 for the 2018 fiscal year’s third quarter.
Park reported basic and diluted earnings per share of $1.02 for the 2018 fiscal year compared to $0.46 for the 2017 fiscal year, and basic and diluted earnings per share before special items of $0.39 for the 2018 fiscal year compared to $0.47 for the 2017 fiscal year.
The Company will conduct a conference call to discuss its financial results at 11:00 a.m. EDT today. Forward-looking and other material information may be discussed in this conference call. The conference call dial-in number is (844) 466-4114 in the United States and Canada and (765) 507-2654 in other countries and the required passcode is 2474705.
For those unable to listen to the call live, a conference call replay will be available from approximately 2:00 p.m. EDT today through 11:59 p.m. EDT on Sunday, May 13, 2018. The conference call replay can be accessed by dialing (855) 859-2056 in the United States and Canada and (404) 537-3406 in other countries and entering passcode 2474705 or on the Company's web site at www.parkelectro.com/investor/investor.html .
Any additional material financial or statistical data disclosed in the conference call will also be available at the time of the conference call on the Company's web site at www.parkelectro.com/investor/investor.html .
Park believes that an evaluation of its ongoing operations would be difficult if the disclosure of its operating results were limited to accounting principles generally accepted in the United States of America (“GAAP”) financial measures, which include special items, such as restructuring charges, losses on sales of marketable securities, deferred financing charges, stock option modification charges, pre-tax litigation expenses and strategic evaluation advisory fees. Accordingly, in addition to disclosing its operating results determined in accordance with GAAP, Park discloses non-GAAP operating results that exclude special items in order to assist its shareholders and other readers in assessing the Company’s operating performance, since the Company’s on-going, normal business operations do not include such special items. The detailed operating information presented below reconciles the non-GAAP operating results before special items to earnings determined in accordance with GAAP. Such non-GAAP financial measures are provided to supplement the results provided in accordance with GAAP.
Park Electrochemical Corp. is a global advanced materials company which develops and manufactures advanced composite materials, primary and secondary structures and assemblies and low-volume tooling for the aerospace markets and high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure, enterprise and military/aerospace markets. The Company’s manufacturing facilities are located in Kansas, Singapore, France, Arizona and California. The Company also maintains R&D facilities in Arizona, Kansas and Singapore.
Additional corporate information is available on the Company’s web site at www.parkelectro.com
Performance table, including non-GAAP information (in thousands, except per share amounts –unaudited):
13 Weeks Ended 52 Weeks Ended February 25,
2018 February 26,
2017 November 26,
2017 February 25,
2018 February 26,
2017 Sales $ 27,804 $ 27,599 $ 26,139 $ 111,196 $ 114,609 Net Earnings before Special Items 1 $ 1,972 $ 2,548 $ 1,131 $ 7,930 $ 9,480 Special Items, net of Tax: One-time Litigation Expense - - - (236 ) - Strategic Evaluation Advisory Fees (102 ) - (119 ) (221 ) - Stock Option Modification (322 ) - - (322 ) - Restructuring Charges (180 ) (71 ) (296 ) (3,153 ) (197 ) Loss on Sale of Marketable Securities (1,114 ) - - (1,114 ) - Acceleration of Deferred Financing Costs (91 ) - - (91 ) - Tax Cut and Jobs Act 17,802 - - 17,802 - Net Earnings $ 17,965 $ 2,477 $ 716 $ 20,595 $ 9,283 Basic and Diluted Earnings per Share: Basic Earnings before Special Items 1 $ 0.10 $ 0.13 $ 0.06 $ 0.39 $ 0.47 Special Items: One-time Litigation Expense - - - (0.01 ) - Strategic Evaluation Advisory Fees (0.01 ) - (0.01 ) (0.01 ) - Stock Option Modification (0.02 ) - - (0.02 ) - Restructuring Charges (0.01 ) (0.01 ) (0.01 ) (0.16 ) (0.01 ) Loss on Sale of Marketable Securities (0.05 ) - - (0.05 ) - Acceleration of Deferred Financing Costs - - - - - Tax Cut and Jobs Act 0.88 - - 0.88 - Basic Earnings (Loss) per Share $ 0.89 $ 0.12 $ 0.04 $ 1.02 $ 0.46 Diluted Earnings before Special Items 1 $ 0.10 $ 0.13 $ 0.06 $ 0.39 $ 0.47 Special Items: One-time Litigation Expense - - - (0.01 ) - Strategic Evaluation Advisory Fees (0.01 ) - (0.01 ) (0.01 ) - Stock Option Modification (0.02 ) - - (0.02 ) - Restructuring Charges (0.02 ) (0.01 ) (0.01 ) (0.16 ) (0.01 ) Loss on Sale of Marketable Securities (0.05 ) - - (0.05 ) - Acceleration of Deferred Financing Costs - - - - - Tax Cut and Jobs Act 0.88 - - 0.88 - Diluted Earnings (Loss) per Share $ 0.88 $ 0.12 $ 0.04 $ 1.02 $ 0.46 Weighted Average Shares Outstanding: Basic 20,238 20,235 20,237 20,237 20,235 Diluted 20,311 20,253 20,261 20,267 20,239 1 Refer to "Reconciliation of non-GAAP financial measures" below for information regarding Special Items. Comparative balance sheets (in thousands) :
February 25,
2018 February 26,
2017 Assets (unaudited) Current Assets Cash and Marketable Securities $ 108,231 $ 238,590 Accounts Receivable, Net 19,762 17,238 Inventories 11,156 11,105 Prepaid Expenses and Other Current Assets 2,119 2,197 Total Current Assets 141,268 269,130 Fixed Assets, Net 16,532 18,638 Restricted Cash - 10,000 Other Assets 11,223 10,810 Total Assets $ 169,023 $ 308,578 Liabilities and Shareholders' Equity Current Liabilities Current Portion of Long-Term Debt $ - $ 3,500 Accounts Payable 4,025 4,183 Accrued Liabilities 5,381 3,417 Income Taxes Payable 2,821 3,023 Total Current Liabilities 12,227 14,123 Long-Term Debt - 68,500 Noncurrent Income Taxes Payable 20,364 - Deferred Income Taxes 628 42,088 Other Liabilities 543 1,041 Total Liabilities 33,762 125,752 Shareholders’ Equity 135,261 182,826 Total Liabilities and Shareholders' Equity $ 169,023 $ 308,578 Additional information Equity per Share $ 6.68 $ 9.04 Total Cash, Restricted Cash and Marketable Securities $ 108,231 * $ 248,590 * There was no restricted cash for fiscal year ended February 25, 2018. Comparative statements of operations (in thousands – unaudited):
13 Weeks Ended 52 Weeks Ended February 25,
2018 February 26,
2017 November 26,
2017 February 25,
2018 February 26,
2017 Net Sales $ 27,804 $ 27,599 $ 26,139 $ 111,196 $ 114,609 Cost of Sales 20,914 20,213 20,069 84,737 84,568 Gross Profit 6,890 7,386 6,070 26,459 30,041 % of net sales 24.8 % 26.8 % 23.2 % 23.8 % 26.2 % Selling, General & Administrative Expenses 5,404 4,688 4,797 19,371 19,739 % of net sales 19.4 % 17.0 % 18.4 % 17.4 % 17.2 % Restructuring Charges 287 107 472 5,022 313 Earnings from Operations 1,199 2,591 801 2,066 9,989 Interest: Interest Income 441 527 734 2,675 1,704 Loss on Sale of Marketable Securities (1,342 ) - - (1,342 ) - Interest Expense 467 422 689 2,269 1,432 Net Interest and Other (Expense)/Income (1,368 ) 105 45 (936 ) 272 (Loss)/Earnings before Income Taxes (169 ) 2,696 846 1,130 10,261 Income Tax (Benefit)/Provision (18,134 ) 219 130 (19,465 ) 978 Net Earnings $ 17,965 $ 2,477 $ 716 $ 20,595 $ 9,283 Reconciliation of non-GAAP financial measures (in thousands – unaudited):
13 Weeks Ended
February 25, 2018 13 Weeks Ended
February 26, 2017 13 Weeks Ended
November 26, 2017 GAAP Specials
Items Before
Special
Items GAAP Specials
Items Before
Special
Items GAAP Specials
Items Before
Special
Items Selling, General & Administrative Expenses $ 5,404 $ (675 ) $ 4,729 $ 4,688 $ - $ 4,688 $ 4,797 $ (190 ) $ 4,607 % of net sales 19.4 % 17.0 % 17.0 % 17.0 % 18.4 % 17.6 % Restructuring Charges 287 (287 ) - 107 (107 ) - 472 (472 ) - % of net sales 1.0 % 0.0 % 0.4 % 0.0 % 1.8 % 0.0 % Earnings from Operations 1,199 962 2,161 2,591 107 2,698 801 662 1,463 % of net sales 4.3 % 7.8 % 9.4 % 9.8 % 3.1 % 5.6 % Interest Income 441 - 441 527 - 527 734 - 734 % of net sales 1.6 % 1.6 % 1.9 % 1.9 % 2.8 % 2.8 % Loss on Sale of Marketable Securities (1,342 ) 1,342 - - - - - - % of net sales -4.8 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % Interest Expense 467 (144 ) 323 422 - 422 689 - 689 % of net sales 1.7 % 1.2 % 1.5 % 1.5 % 2.6 % 2.6 % Net Interest and Other (Expense)/Income (1,368 ) 1,486 118 105 - 105 45 - 45 % of net sales -4.9 % 0.4 % 0.4 % 0.4 % 0.2 % 0.2 % (Loss)/Earnings before Income Taxes (169 ) 2,448 2,279 2,696 107 2,803 846 662 1,508 % of net sales -0.6 % 8.2 % 9.8 % 10.2 % 3.2 % 5.8 % Income Tax (Benefit)/Provision (18,134 ) 18,441 307 219 36 255 130 247 377 Effective Tax Rate 10730.2 % 13.5 % 8.1 % 9.1 % 15.4 % 25.0 % Net Earnings 17,965 (15,993 ) 1,972 2,477 71 2,548 716 415 1,131 % of net sales 64.6 % 7.1 % 9.0 % 9.2 % 2.7 % 4.3 %
52 Weeks Ended
February 25, 2018 52 Weeks Ended
February 26, 2017 GAAP Specials
Items Before
Special
Items GAAP Specials
Items Before
Special
Items Selling, General & Administrative Expenses $ 19,371 $ (1,240 ) $ 18,131 $ 19,739 $ - $ 19,739 % of net sales 17.4 % 16.3 % 17.2 % 17.2 % Restructuring Charge 5,022 (5,022 ) - 313 (313 ) - % of net sales 4.5 % 0.0 % 0.3 % 0.0 % Earnings from Operations 2,066 6,262 8,328 9,989 313 10,302 % of net sales 1.9 % 7.5 % 8.7 % 9.0 % Interest Income 2,675 2,675 1,704 - 1,704 % of net sales 2.4 % 2.4 % 1.5 % 1.5 % Loss on Sale of Marketable Securities (1,342 ) 1,342 - - - - % of net sales -1.2 % 0.0 % 0.0 % 0.0 % Interest Expense 2,269 (144 ) 2,125 1,432 - 1,432 % of net sales 2.0 % 1.9 % 1.2 % 1.2 % Net Interest and Other (Expense)/Income (936 ) 1,486 550 272 - 272 % of net sales -0.8 % 0.5 % 0.2 % 0.2 % Earnings before Income Taxes 1,130 7,748 8,878 10,261 313 10,574 % of net sales 1.0 % 8.0 % 9.0 % 9.2 % Income Tax (Benefit)/Provision (19,465 ) 20,413 948 978 116 1,094 Effective Tax Rate -1722.6 % 10.7 % 9.5 % 10.3 % Net Earnings 20,595 (12,665 ) 7,930 9,283 197 9,480 % of net sales 18.5 % 7.1 % 8.1 % 8.3 % Contact:
Martina Bar Kochva
48 South Service Road
Melville, NY 11747
(631) 465-3600
Source:Park Electrochemical Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-park-electrochemical-corp-reports-fourth-quarter-and-fiscal-year-results.html |
WASHINGTON (Reuters) - U.S. Commerce Secretary Wilbur Ross is having a second look at trade remedies in the case of China telecommunications company ZTE Corp “and if there are any structural changes in their case, they will be very harsh,” White House economic adviser Larry Kudlow told Fox Business Network on Friday.
A woman enters a service centre of ZTE Corp in Hangzhou, Zhejiang province, China May 14, 2018. REUTERS/Stringer “Change of management, change of board, change of everything ... it’s up to Mr. Ross, who will make a recommendation to the president,” said Kudlow, who is President Donald Trump’s Director of the National Economic Council.
Kudlow said trade talks with China “are going very well” but added that if they don’t succeed, Trump “is prepared to take tough action on his own.”
(This version of the story in first sentence, corrects attribution to Fox Business Network, not Fox Business News)
Reporting by Eric Beech; writing by Eric Walsh; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-adviser/u-s-could-take-very-harsh-changes-in-case-of-chinas-zte-white-house-adviser-idUSKCN1IJ2L8 |
May 17, 2018 / 12:04 AM / Updated 3 hours ago Huge numbers of Yemenis flee Hodeidah as fighting nears - Amnesty Reuters Staff 3 Min Read
DUBAI (Reuters) - Tens of thousands of Yemenis have been fleeing Hodeidah as fighting intensifies on frontlines near the Houthi-held western province, Amnesty International said on Thursday, warning that “the worst is yet to come” if the war reaches urban areas.
Forces backed by a Saudi-led military coalition are advancing towards Hodeidah port city, long a key target in the three-year-old war, though local officials told Reuters this week they do not plan to launch an assault on densely populated areas nearby.
The United Nations puts the number of displaced along Yemen’s western coast in recent months at some 100,000 people, most of them from Hodeidah, the second most populated province, the rights group said.
“The human impact of this fresh military offensive on Yemen’s western coastal areas is clear from the distressing stories shared by civilians displaced by the conflict,” Rawya Rageh, Senior Crisis Response Adviser at Amnesty International, said in a statement.
“It is a glimpse of what potentially lies in store on a wider scale if the fighting encroaches on the densely populated port city of Hodeidah.”
Hodeidah handles the bulk of Yemen’s commercial imports and critically-needed aid supplies. The Western-backed alliance accuses the Houthis of using the port to smuggle Iranian-made weapons, accusations denied by the group and Tehran.
The renewed push towards Hodeidah is taking place amid increased tensions between Saudi Arabia and regional arch-foe Iran, which are locked in a proxy war in Yemen that has killed more than 10,000 people, displaced three million and pushed the impoverished country to the verge of starvation.
Civilians from Zabid, al-Jarahi, Hays and al-Khoukhah, around 100-150 km (90 miles) south of Hodeidah city, told the rights group that they and many others fled to the southern port city of Aden, where the Yemeni government has a presence.
The majority of the displaced said they could only fund the trip by selling their belongings, according to Amnesty.
One woman had a miscarriage upon arriving in Aden after what she described as a terrifying and exhausting journey, the group said, adding that the normally six-hour drive now takes three days due to checkpoints, landmines and other hazards. Reporting By Aziz El Yaakoubi; Editing by Ghaida Ghantous and Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-yemen-security-amnesty/huge-numbers-of-yemenis-flee-hodeidah-as-fighting-nears-amnesty-idUKKCN1II002 |
Atlas Merchant CEO on investing in Africa, European banks 1 Hour Ago Bob Diamond, Atlas Merchant Capital founding partner and CEO, explains why his firm is investing in Africa as well as his thoughts on the investment banking environment. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/atlas-merchant-ceo-on-investing-in-africa-european-banks.html |
May 9 (Reuters) - BlackRock Inc:
* BLACKROCK INC - ANNOUNCED A PARTNERSHIP WITH ACORNS
* BLACKROCK INC - CO, ACORNS HAVE REACHED AN AGREEMENT THROUGH WHICH THEY WILL PURSUE NEW TECHNOLOGY-ENABLED TOOLS FOR ACORNS’ USERS
* BLACKROCK INC - AS AN ANCHOR INVESTOR AND KEY PARTNER TO ACORNS, BLACKROCK WILL HAVE AN OBSERVER SEAT ON ACORNS’ BOARD OF DIRECTORS Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-blackrock-inc-announced-a-partners/brief-blackrock-inc-announced-a-partnership-with-acorns-idUSFWN1SG179 |
U.S. Subsidiary Pivot Naturals LLC To Submit Applications For Cannabis Business Licenses
VANCOUVER, May 23, 2018 /PRNewswire/ - Pivot Pharmaceuticals Inc . (CSE: PVOT / OTCQB: PVOTF / FRA: NPAT ) ("Pivot" or the "Company") is pleased to announce that its wholly-owned U.S. subsidiary, Pivot Naturals LLC, ("PNL"), has executed a lease agreement for a manufacturing facility in Costa Mesa, California's Measure "X" Zone. Pivot Naturals will immediately submit an application to obtain a Marijuana Business Permit, as well as a Conditional Use Permit and a Business License. Businesses in Costa Mesa's Measure "X" Zone that meet the requirements for operation can conduct wholesale medical marijuana distributing, manufacturing, processing and transporting as well as establish research and development and testing laboratories.
Pivot intends to use this building to create a state-of-the-art GMP manufacturing facility to begin production of its suite of patented products to be marketed under the brand name 'Pivot Naturals'. PNL will acquire high quality cannabis oil and isolates and use its patented method to convert oil-to-powder ("RTIC"- Ready To Infuse Cannabis) to launch finished products such as capsules, stick packs and bulk additives for sale and distribution in the California market. RTIC is a patented technology that enables the Company to cost-effectively turn cannabis oil into dry powder, which can subsequently be used in their health and wellness products, baking additives, pet products, and B2B beverage and edibles ingredients. A portion of the manufacturing facility has been earmarked to create production lines of topical creams and oral solutions utilizing the Company's additional patented drug delivery technologies.
Mr. Patrick J. Rolfes, President of Pivot Naturals, LLC stated "We are excited to have secured our manufacturing facility, which will also serve as our U.S. Corporate offices, in Costa Mesa, California. We can now focus on bringing Pivot's high-quality and technically advanced products to California consumers through our established relationships with state-wide licensed distributors. I expect that we will receive the necessary local and state manufacturing licenses in July 2018 and complete production equipment installation by August 2018. Pivot Naturals' capsules, stick packs and bulk powder should be on the shelves of dispensaries in California by Q4 2018. In addition, we have been inundated by requests to supply our patented RTIC powder for white label products and we fully intend to continue to sign manufacturing and supply agreements with respected cannabis brands in our state."
California, the largest state economy in the US and the sixth largest economy in the world, is also the largest marijuana market on the planet with annual legal sales totaling approximately $2.8 billion in 2016. January 1, 2018 shepherded both California's economy and its cannabis market into a new era of growth with the legalization of the world's largest adult-use recreational market. A recent BDS Analytics report says California's legal cannabis market could grow to $3.7 billion in 2018 and reach $5.1 billion to rival the beer market by 2019.
"Securing a manufacturing facility in California is a major milestone for Pivot, enabling the Company to generate revenue in 2018, in the largest cannabis market in the world," said Dr. Patrick Frankham, CEO of Pivot Pharmaeuticals. "Mr. Rolfes and his team continue to successfully execute our U.S. business strategy."
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. is a biopharmaceutical company engaged in the development and commercialization of therapeutic pharmaceuticals and nutraceuticals using innovative drug delivery platform technologies. Pivot's wholly-owned medical cannabis products division, Pivot Green Stream Health Solutions Inc. ("PGS" or "Pivot Green Stream"), conducts research, development and commercialization of cannabinoid-based nutraceuticals and pharmaceuticals. Pivot's wholly-owned U.S. subsidiary, Pivot Naturals, LLC, based in Costa Mesa, California, will manufacture and supply finished powderized cannabis products such as food additives, capsules, bulk powder and stick packs to the California market. PGS has acquired worldwide rights to "RTIC" Ready-To-Infuse Cannabis powder to oil technology, BiPhasix™ Transdermal Drug Delivery platform technology (topical), Solmic Solubilisation technology (oral) and Thrudermic Transdermal Nanotechnology (transdermal) for the delivery and commercialization of cannabinoid, cannabidiol (CBD), and tetrahydrocannabinol (THC)-based products. PGS' initial product development candidates will include topical treatments for women's sexual dysfunction (PGS-N005), as well as psoriasis (PGS-N007), and an oral product (PGS-N001) for cancer supportive care. For more information please visit www.PivotPharma.com
Cautionary Statement
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as anticipate, believe, estimate, expect, intend, and similar expressions, as they relate to Pivot Pharmaceuticals Inc., Pivot Green Stream Health Solutions Inc., Pivot Naturals, LLC, or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, such as the failure to meet the conditions imposed by the CSE or other securities regulators, the level of business and consumer spending, the amount of sales of Pivot's products, the competitive environment within the industry, the ability of Pivot to continue to expand its operations, the level of costs incurred in connection with Pivot's expansion efforts, economic conditions in the industry, and the financial strength of Pivot's customers and suppliers. Pivot does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
View original content: http://www.prnewswire.com/news-releases/pivot-secures-manufacturing-facility-in-costa-mesa-california-300653486.html
SOURCE Pivot Pharmaceuticals Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-pivot-secures-manufacturing-facility-in-costa-mesa-california.html |
BELLEVILLE, Wis., May 21, 2018 (GLOBE NEWSWIRE) -- Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth Trading”) (NASDAQ:DLTH), a lifestyle brand of men’s and women’s casual wear, workwear and accessories, today announced that it will report first quarter 2018 financial results before market open on Tuesday, June 5, 2018.
A conference call and audio webcast with analysts and investors will be held on Tuesday, June 5, 2018 at 9:30 am Eastern Time, to discuss the results and answer questions.
Live conference call: 844-875-6915 (domestic) or 412-317-6711 (international) Conference call replay available through June 15, 2018: 877-344-7529 (domestic) or 412-317-0088 (international) Replay access code: 10120539 Live and archived webcast: ir.duluthtrading.com
Duluth Trading is enabling investors to pre-register for the earnings conference call so that they can expedite their entry into the call and avoid the need to wait for a live operator. In order to pre-register for the call, investors can visit http://dpregister.com/10120539 and enter their contact information. Investors will then be issued a personalized phone number and pin to dial into the live conference call. Individuals can pre-register any time prior to the start of the conference call.
The first quarter 2018 earnings release can be accessed at ir.duluthtrading.com before market open on Tuesday, June 5, 2018.
About Duluth Trading
Duluth Trading is a rapidly growing lifestyle brand for the Modern, Self-Reliant American. Based in Belleville, Wisconsin, we offer high quality, solution-based casual wear, workwear and accessories for men and women who lead a hands-on lifestyle and who value a job well-done. We provide our customers an engaging and entertaining experience. Our marketing incorporates humor and storytelling that conveys the uniqueness of our products in a distinctive, fun way, and our products are sold exclusively through our content-rich website, catalogs, and “store like no other” retail locations. We are committed to outstanding customer service backed by our “No Bull Guarantee” - if it’s not right, we’ll fix it. Visit our website at www.duluthtrading.com .
Investor and Media Contacts:
Donni Case (310) 622-8224
Johan Yokay (310) 622-8241
Financial Profiles, Inc.
[email protected]
Source:Duluth Trading Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-duluth-holdings-inc-to-report-first-quarter-2018-financial-results-on-june-5.html |
NAPERVILLE, Ill., May 11, 2018 /PRNewswire/ -- Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its second quarter ended March 31, 2018 (the "Second Quarter"). The Company posted gross profit of $4.0M, on total revenue of $7.3M, for a gross margin of 55%. In addition, the Second Quarter adjusted EBITDA came in at $1.3M, up 96% compared to the Second Quarter of FY2017 and total Operating Expenses were $4.7M, down 6%, both of which contributed to the second lowest operating loss ($0.7M) in over three years.
"We're delighted to follow our fiscal year 2018 record First Quarter results with another strong Quarter," said Derek Cassell, Track Group's CEO. "We have begun implementing a number of new customer opportunities from our pipeline and expect to see the results of our hard work in our upcoming Third and Fourth Quarters."
BUSINESS AND FINANCIAL HIGHLIGHTS
Revenue for the Second Quarter ($7.3M) is up nominally compared to the same period last year. Gross Profit for the Second Quarter remained flat as compared to last year ($4.0M vs. $4.1M) which led to Gross Profit in the first half of FY2018 being up 12% compared to the prior year ($8.5M vs $7.6M). Total operating expenses for the Second Quarter ($4.7M) are down 6% vs. last year ($5.1M) and has led to a 9% reduction in the first half of FY2018 Operating Expenses compared to the prior year ($9.5M vs $10.5M). The quarterly operating loss of ($0.7M) is the second lowest loss in over three years and allowed the company to improve the first half FY2018 operating loss of ($1.0M) by 64% compared to the same period last year ($2.9M), due to a combination of a strong Gross Profit results and lower Operating Expenses. Adjusted EBITDA in the Second Quarter finished up 96% ($1.3M) compared to last year ($0.6M) and represented the third highest Adjusted EBITDA in over 3 years. The Adjusted EBITDA for the first half of FY2018 is up 170% ($2.8M) compared to the first half of FY2017 ($1.0M). Net loss, attributable to shareholders, for the Second Quarter was ($1.7M) compared to a loss of ($1.6M) for the same quarter last year due to foreign exchange movement. Net Cash Provided by Operating Activities remained strong in the first half of FY2018 ($1.8M) compared to the first half of FY2017 ($2.0M) and ($0.8M) two years ago. Discussions are ongoing regarding the proposed extension of the maturity of the Amended and Restated Unsecured Facility Agreement dated June 30, 2015 between the Company and Conrent Invest S.A.
BUSINESS OUTLOOK
Actual
Outlook
FY 2016
FY 2017
FY 2018
Revenue:
$27.2M
$29.7M
$32-35M
Adjusted EBITDA Margin:
7.3%
12.2%
18-22%
The revenue outlook for FY2018 has been adjusted downward from $35-$40 million to $32-$35 million; however, management believes that the annualized run rate based on the revenue estimated for the Quarter ended 30 September 2018 will range from $35-$40 million. The Adjusted EBITDA margin has been adjusted upward from 15-20% to 18-22% to reflect the results in the first half of the fiscal year and the outlook for the remainder of the fiscal year.
About Track Group, Inc.
Track Group designs, manufactures, and markets location tracking devices and develops and sells a variety of related software, services, accessories, networking solutions, and monitoring applications. The Company's products and services are designed to empower professionals in security, law enforcement, corrections and rehabilitation organizations worldwide with single-sourced offender management solutions that integrate reliable intervention technologies to support re-socialization and monitoring initiatives.
The company currently trades under the ticker symbol "TRCK" on the OTCQX exchange. For more information, visit www.trackgrp.com .
Forward-Looking Statements
Any statements contained in this document that are not historical facts are as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "if", "should" and "will" and similar expressions as they relate to Track Group, Inc. and subsidiaries ("Track Group") are intended to identify such . These statements are only predictions and reflect Track Group's current beliefs and expectations with respect to future events and are based on assumptions and subject to risks and uncertainties and subject to change at any time. Track Group may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see "Risk Factors" in Track Group's annual report on Form 10-K, its quarterly report on Form 10-Q, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. New risks emerge from time to time. Readers are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the dates on which they are made.
Non-GAAP Financial Measures
This release includes financial measures defined as "non-GAAP financial measures" by the Securities and Exchange Commission including non-GAAP EBITDA. These measures may be different from non- GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. Reconciliations of these non-GAAP financial measures are based on the financial figures for the respective period.
Non-GAAP Adjusted EBITDA excludes items included but not limited to interest, taxes, depreciation, amortization, impairment charges, gains and losses, currency effects, one time charges or benefits that are not indicative of operations, charges to consolidate, integrate or consider recently acquired businesses, costs of closing facilities, stock based or other non-cash compensation or other stated cash and non-cash charges (the "Adjustments").
The Company believes the non-GAAP measures provide useful information to both management and investors when factoring in the Adjustments. Specific disclosure regarding the Company's financial results, including management's analysis of results from operations and financial condition, are contained in the Company's annual report on Form 10-K for the fiscal year ended September 30, 2017, and other reports filed with the Securities and Exchange Commission. Investors are encouraged to carefully read and consider such disclosure and analysis contained in the Company's Form 10-K and other reports, including the risk factors contained in such Form 10-K.
TRACK GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,
September
2018
30,
Assets
(unaudited)
2017
Current assets:
Cash
$ 2,661,829
$ 2,027,321
Accounts receivable, net of allowance for doubtful accounts of $3,532,609 and $3,268,095, respectively
4,926,116
5,438,564
Note receivable, current portion
234,733
234,733
Prepaid expense and other
5,143,501
854,122
Inventory, net of reserves of $26,934, respectively
269,924
261,810
Total current assets
13,236,103
8,816,550
Property and equipment, net of accumulated depreciation of $1,950,847 and $1,778,634, respectively
913,232
903,100
Monitoring equipment, net of accumulated depreciation of $5,045,835 and $4,906,925, respectively
3,149,664
3,493,012
Intangible assets, net of accumulated amortization of $10,984,263 and $9,839,032, respectively
23,902,278
24,718,655
Goodwill
8,207,990
8,226,714
Other assets
202,581
2,989,101
Total assets
$ 49,611,848
$ 49,147,132
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
2,731,842
2,769,835
Accrued liabilities
9,109,373
6,650,291
Current portion of long-term debt, net of discount of $74,324 and $185,811, respectively
30,370,943
30,270,531
Total current liabilities
42,212,158
39,690,657
Long-term debt, net of current portion
3,451,588
3,480,717
Total liabilities
45,663,746
43,171,374
Stockholders' equity:
Common stock, $0.0001 par value: 30,000,000 shares authorized; 10,462,433 and 10,480,984 shares outstanding, respectively
1,046
1,048
Additional paid-in capital
301,038,832
300,717,861
Accumulated deficit
(296,846,405)
(294,067,329)
Accumulated other comprehensive loss
(245,371)
(675,822)
Total equity
3,948,102
5,975,758
Total liabilities and stockholders' equity
$ 49,611,848
$ 49,147,132
TRACK GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended
Six Months Ended
March 31,
March 31,
March 31,
March 31,
2018
2017
2018
2017
Monitoring services
$
7,162,205
$
6,986,612
$
14,513,010
$
14,419,889
Other
153,971
233,431
293,860
471,644
Total revenue
7,316,176
7,220,043
14,806,870
14,891,533
Cost of revenue:
Monitoring, products & other related services
2,827,842
2,654,305
5,369,849
6,336,368
Depreciation & amortization
467,666
515,574
944,808
961,067
Total cost of revenue
3,295,508
3,169,879
6,314,657
7,297,435
Gross profit
4,020,668
4,050,164
8,492,213
7,594,098
Operating expenses:
General & administrative
3,495,343
2,355,156
7,153,081
5,530,210
Loss on sale of asset
-
766,031
-
766,031
Restructuring costs
-
4,070
-
570,400
Selling & marketing
518,993
624,210
928,730
1,213,978
Research & development
182,808
679,238
346,754
1,167,416
Depreciation & amortization
539,537
633,273
1,104,277
1,208,384
Total operating expenses
4,736,681
5,061,978
9,532,842
10,456,419
Loss from operations
(716,013)
(1,011,814)
(1,040,629)
(2,862,321)
Other income (expense):
Interest expense, net
(805,966)
(797,333)
(1,479,793)
(1,444,436)
Currency exchange rate gain (loss)
(221,048)
10,335
(276,120)
(106,107)
Other income, net
6,542
222,414
17,466
222,707
Total other income (expense)
(1,020,472)
(564,584)
(1,738,447)
(1,327,836)
Loss before income taxes
(1,736,485)
(1,576,398)
(2,779,076)
(4,190,157)
Income tax expense
-
9,099
-
9,099
Net loss attributable to common shareholders
(1,736,485)
(1,585,497)
(2,779,076)
(4,199,256)
Foreign currency translation adjustments
241,726
(15,615)
430,451
(509,187)
Comprehensive loss
$
(1,494,759)
$
(1,601,112)
$
(2,348,625)
$
(4,708,443)
Basic and diluted loss per common share
$
(0.17)
$
(0.15)
$
(0.27)
$
(0.41)
Weighted average common shares outstanding, basic and diluted
10,462,433
10,352,485
10,469,466
10,342,948
Three Months Ended
Six Months Ended
March 31,
March 31,
2018
2017
2018
2017
Non-GAAP Adjusted EBITDA
Net loss attributable to common shareholders
$(1,736)
$(1,585)
$(2,779)
$(4,199)
Interest expense, net
806
798
1,480
1,445
Income taxes (1)
-
9
-
9
Depreciation, amortization and impairment
1,008
1,209
2,050
2,304
Stock based compensation
557
(348)
1,345
(123)
Restructuring charges (2)
-
4
-
570
Loss on sale of assets
-
766
-
766
Other charges, net (3)
626
(210)
732
277
Non GAAP Adjusted EBITDA
$1,261
$643
$2,828
$1,049
Non GAAP Adjusted EBITDA, percent of revenue
17.2%
8.9%
19.1%
7.0%
Three Months Ended
Six Months Ended
March 31,
March 31,
2018
2017
2017
2016
Non-GAAP EPS (in $000's, except share data)
Net loss attributable to common shareholders
$(1,736)
$(1,585)
$(2,779)
$(4,199)
Interest expense, net
806
798
1,480
1,445
Income taxes (1)
-
9
-
9
Depreciation, amortization and impairment
1,008
1,209
2,050
2,304
Stock based compensation
557
(348)
1,345
(123)
Restructuring charges (2)
-
4
-
570
Loss on sale of assets
-
766
-
766
Other charges, net (3)
626
(210)
732
277
Non GAAP net income to common shareholders
$1,261
$643
$2,828
$1,049
Weighted average common shares outstanding
10,462,433
10,352,486
10,469,466
10,342,949
Non-GAAP earnings per share
$0.12
$0.06
$0.27
$0.10
(1) Currently, the Company has significant U.S. tax loss carryforwards that may be used to offset future taxable income, subject to IRS limitations. However, the Company is still subject to certain state, commonwealth, and other foreign based taxes.
(2) Includes restructuring charges associated with outsourcing one of our monitoring centers and moving our headquarters to the Chicagoland area.
(3) Other charges may include gains or losses, non-cash currency impacts and non-recurring accrual adjustments.
View original content: http://www.prnewswire.com/news-releases/track-group-reports-2nd-quarter-fiscal-2018-financial-results-300646853.html
SOURCE Track Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-track-group-reports-2nd-quarter-fiscal-2018-financial-results.html |
FIRST QUARTER 2018 HIGHLIGHTS
Revenues increased $4.8 million, or 2.6%, to $193.7 million in Q1 2018 compared to $188.8 million in Q1 2017. Net loss from continuing operations was $3.2 million in Q1 2018 compared to net income from continuing operations of $5.2 million in Q1 2017. Adjusted EBITDA (5) , a non-GAAP measure, was $13.7 million in Q1 2018 compared to $27.1 million in Q1 2017. Diluted loss per share from continuing operations was $0.15 in Q1 2018 compared to diluted earnings per share from continuing operations of $0.24 in Q1 2017. Adjusted diluted earnings per share from continuing operations (5) , a non-GAAP measure, was $0.19 in Q1 2018 compared to $0.55 in Q1 2017. Huron affirms its previous earnings guidance range for full year 2018, including revenue expectations in a range of $720.0 million to $760.0 million.
CHICAGO--(BUSINESS WIRE)-- Global professional services firm Huron (NASDAQ: HURN) today announced financial results from continuing operations for
"Led by strong growth in our Education segment, our first quarter results were consistent with our expectations, and today we affirm our full year guidance," said James H. Roth , chief executive officer and president of Huron . "The Healthcare segment continued to make progress in its operational turnaround, and the Business Advisory segment reported solid revenue growth compared to prior year results.”
FIRST QUARTER 2018 RESULTS FROM CONTINUING OPERATIONS
Revenues increased $4.8 million, or 2.6%, to $193.7 million for the first quarter of 2018 compared to $188.8 million for the first quarter of 2017. First quarter 2018 revenues included $6.4 million of incremental revenues due to the full quarter impact of Huron's acquisition of Innosight, which was completed in March 2017, as well as revenues from the company's acquisition of the international assets of ADI Strategies, which was completed in April 2017 and has since been fully integrated into the Business Advisory segment.
Net loss from continuing operations was $3.2 million for the first quarter of 2018 compared to net income from continuing operations of $5.2 million for the same period last year. Diluted loss per share from continuing operations was $0.15 for the first quarter of 2018, compared to diluted earnings per share from continuing operations of $0.24 for the first quarter of 2017.
First quarter 2018 earnings before interest, taxes, depreciation and amortization ("EBITDA") (5) was $12.2 million, compared to EBITDA of $26.8 million in the same period last year.
In addition to using EBITDA to evaluate the company’s financial performance, management uses other non-GAAP financial measures, which exclude the effect of the following items (in thousands):
Three Months Ended March 31, 2018 2017 Amortization of intangible assets $ 6,303 $ 8,652 Non-cash interest on convertible notes $ 2,021 $ 1,928 Other losses $ 830 $ — Restructuring charges $ 712 $ 279 Tax effect $ (2,565 ) $ (4,192 ) Tax expense related to the enactment of Tax Cuts and Jobs Act of 2017 $ 132 $ — Foreign currency transaction losses (gains) $ (53 ) $ 17 Adjusted EBITDA (5) was $13.7 million, or 7.1% of revenues, in the first quarter of 2018, compared to $27.1 million, or 14.4% of revenues, in the same quarter last year. Adjusted net income from continuing operations (5) was $4.2 million, or $0.19 per diluted share, for the first quarter of 2018, compared to $11.8 million, or $0.55 per diluted share, for the same period in 2017.
The average number of full-time billable consultants (1) increased 8.2% to 2,126 in the first quarter of 2018 compared to 1,965 in the same quarter last year. Full-time billable consultant utilization rate (2) was 73.7% during the first quarter of 2018 compared to 73.9% during the same period last year. Average billing rate per hour for full-time billable consultants (3) was $198 for the first quarter of 2018 compared to $216 for the first quarter of 2017. The average number of full-time equivalent professionals (4) was 264 in the first quarter of 2018 compared to 276 for the same period in 2017.
OPERATING SEGMENTS
Huron’s results reflect a portfolio of service offerings focused on helping clients address complex business challenges.
The company’s first quarter 2018 revenues by operating segment as a percentage of total company revenues are as follows: Healthcare (46%); Business Advisory (29%); and Education (25%). Financial results by segment are included in the attached schedules and in Huron's forthcoming Quarterly Report on Form 10-Q filing for the quarter ended March 31, 2018.
OUTLOOK FOR 2018 (6)
Based on currently available information, the company affirmed guidance for full year 2018 revenues before reimbursable expenses in a range of $720.0 million to $760.0 million. The company also anticipates net income in a range of $23.0 million to $29.5 million, and both EBITDA and adjusted EBITDA in a range of $86.5 million to $98.5 million. GAAP diluted earnings per share is expected in a range of $1.05 to $1.35, and non-GAAP adjusted diluted earnings per share is expected in a range of $2.10 to $2.40.
Management will provide a more detailed discussion of its outlook during the company’s earnings conference call webcast.
FIRST QUARTER 2018 WEBCAST
The company will host a webcast to discuss its financial results today, May 1, 2018, at 5:00 p.m. Eastern Time (4:00 p.m. Central Time). The conference call is being webcast by NASDAQ and can be accessed at Huron's website at http://ir.huronconsultinggroup.com . A replay will be available approximately two hours after the conclusion of the webcast and for 90 days thereafter.
USE OF NON-GAAP FINANCIAL MEASURES (5)
In evaluating the company’s financial performance and outlook, management uses EBITDA, adjusted EBITDA, adjusted EBITDA as a percentage of revenues, adjusted net income from continuing operations, and adjusted diluted earnings per share from continuing operations, which are non-GAAP measures. Management uses these non-GAAP financial measures to gain an understanding of the company's comparative operating performance (when comparing such results with previous periods or forecasts). These non-GAAP financial measures are used by management in their financial and operating decision making because management believes they reflect the company's ongoing business in a manner that allows for meaningful period-to-period comparisons. Management also uses these non-GAAP financial measures when publicly providing their business outlook, for internal management purposes, and as a basis for evaluating potential acquisitions and dispositions. Management believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Huron’s current operating performance and future prospects in the same manner as management does, if they so choose, and in comparing in a consistent manner Huron’s current financial results with Huron’s past financial results. Investors should recognize that these non-GAAP measures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flows or liquidity prepared in accordance with accounting principles generally accepted in the United States.
ABOUT HURON
Huron is a global consultancy that helps its clients drive growth, enhance performance and sustain leadership in the markets they serve. The company partners with clients to develop strategies and implement solutions that enable the transformative change its clients need to own their future. Learn more at www.huronconsultinggroup.com .
Statements in this press release that are not historical in nature, including those concerning the company’s current expectations about its future requirements and needs, are “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by words such as “may,” “should,” “expects,” “provides,” “anticipates,” “assumes,” “can,” “will,” “meets,” “could,” “likely,” “intends,” “might,” “predicts,” “seeks,” “would,” “believes,” “estimates,” “plans,” “continues,” or “outlook” or similar expressions. These reflect the company's current expectations about future requirements and needs, results, levels of activity, performance, or achievements. Some of the factors that could cause actual results to the contained herein include, without limitation: failure to achieve expected utilization rates, billing rates and the number of revenue-generating professionals; inability to expand or adjust our service offerings in response to market demands; our dependence on renewal of client-based services; dependence on new business and retention of current clients and qualified personnel; failure to maintain third-party provider relationships and strategic alliances; inability to license technology to and from third parties; the impairment of goodwill; various factors related to income and other taxes; difficulties in successfully integrating the businesses we acquire and achieving expected benefits from such acquisitions; risks relating to privacy, information security, and related laws and standards; and a general downturn in market conditions. These involve known and unknown risks, uncertainties, and other factors, including, among others, those described under “Item 1A. Risk Factors” in Huron's Annual Report on Form 10-K for the year ended December 31, 2017, that may cause actual results, levels of activity, performance or achievements to be materially different from any anticipated results, levels of activity, performance, or achievements expressed or implied by these . The company disclaims any obligation to update or revise any as a result of new information or future events, or for any other reason.
HURON CONSULTING GROUP INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2018 2017 Revenues and reimbursable expenses: Revenues $ 193,679 $ 188,849 Reimbursable expenses 17,619 16,950 Total revenues and reimbursable expenses 211,298 205,799 Direct costs and reimbursable expenses (exclusive of depreciation and amortization shown in operating expenses): Direct costs 132,786 115,741 Amortization of intangible assets and software development costs 1,218 2,986 Reimbursable expenses 17,549 16,869 Total direct costs and reimbursable expenses 151,553 135,596 Operating expenses and other losses: expenses 47,078 46,856 Restructuring charges 712 279 Other losses 830 — Depreciation and amortization 8,803 8,919 Total operating expenses and other losses 57,423 56,054 Operating income 2,322 14,149 Other income (expense), net: Interest expense, net of interest income (4,986 ) (4,004 ) Other income (expense), net (145 ) 758 Total other expense, net (5,131 ) (3,246 ) Income (loss) from continuing operations before taxes (2,809 ) 10,903 Income tax expense 413 5,748 Net income (loss) from continuing operations (3,222 ) 5,155 Income (loss) from discontinued operations, net of tax (42 ) 143 Net income (loss) $ (3,264 ) $ 5,298 Net earnings (loss) per basic share: Net income (loss) from continuing operations $ (0.15 ) $ 0.24 Income (loss) from discontinued operations, net of tax — 0.01 Net income (loss) $ (0.15 ) $ 0.25 Net earnings (loss) per diluted share: Net income (loss) from continuing operations $ (0.15 ) $ 0.24 Income (loss) from discontinued operations, net of tax — 0.01 Net income (loss) $ (0.15 ) $ 0.25 Weighted average shares used in calculating earnings per share: Basic 21,592 21,239 Diluted 21,592 21,474 Comprehensive income (loss): Net income (loss) $ (3,264 ) $ 5,298 Foreign currency translation adjustments, net of tax 34 424 Unrealized gain on investment, net of tax 2,166 1,777 Unrealized gain on cash flow hedging instruments, net of tax 432 45 Other comprehensive income 2,632 2,246 Comprehensive income (loss) $ (632 ) $ 7,544 HURON CONSULTING GROUP INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) (Unaudited) March 31, December 31, 2018 2017 Assets Current assets: Cash and cash equivalents $ 6,436 $ 16,909 Receivables from clients, net 106,046 101,778 Unbilled services, net 75,950 57,618 Income tax receivable 4,073 4,039 Prepaid expenses and other current assets 13,633 10,951 Total current assets 206,138 191,295 43,835 45,541 Deferred income taxes, net 15,134 16,752 Long-term investment 42,831 39,904 Other non-current assets 30,445 25,375 Intangible assets, net 66,503 72,311 Goodwill 646,367 645,750 Total assets $ 1,051,253 $ 1,036,928 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 7,851 $ 9,194 Accrued expenses and other current liabilities 21,473 20,144 Accrued payroll and related benefits 49,292 73,698 Accrued contingent consideration for business acquisitions 9,415 8,515 Deferred revenues 24,525 27,916 112,556 139,467 Non-current liabilities: Deferred compensation and other liabilities 22,074 20,895 Accrued contingent consideration for business acquisitions, net of current portion 14,666 14,313 Long-term debt, net of current portion 378,210 342,507 Deferred lease incentives 15,137 15,333 Deferred income taxes, net 1,140 1,097 Total non-current liabilities 431,227 394,145 Commitments and contingencies Stockholders’ equity Common stock; $0.01 par value; 500,000,000 shares authorized; 24,933,923 and 24,560,468 shares issued at March 31, 2018 and December 31, 2017, respectively 243 241 Treasury stock, at cost, 2,519,883 and 2,443,577 shares at March 31, 2018 and December 31, 2017, respectively (123,235 ) (121,994 ) Additional paid-in capital 438,325 434,256 Retained earnings 179,135 180,443 Accumulated other comprehensive income 13,002 10,370 Total stockholders’ equity 507,470 503,316 Total liabilities and stockholders’ equity $ 1,051,253 $ 1,036,928 HURON CONSULTING GROUP INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net income (loss) $ (3,264 ) $ 5,298 Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 10,021 11,931 Share-based compensation 4,483 3,939 Amortization of debt discount and issuance costs 2,615 2,482 Allowances for doubtful accounts and unbilled services 201 1,346 Deferred income taxes — 7,316 Change in fair value of contingent consideration liabilities 830 — Changes in operating assets and liabilities, net of acquisitions: (Increase) decrease in receivables from clients, net (4,452 ) 6,663 (Increase) decrease in unbilled services, net (15,991 ) (14,282 ) (Increase) decrease in current income tax receivable / payable, net (805 ) (2,026 ) (Increase) decrease in other assets (3,753 ) (828 ) Increase (decrease) in accounts payable and accrued liabilities 901 4,701 Increase (decrease) in accrued payroll and related benefits (23,633 ) (43,317 ) Increase (decrease) in deferred revenues (3,416 ) (1,615 ) Net cash used in operating activities (36,263 ) (18,392 ) Cash flows from investing activities: Purchases of property and equipment, net (1,369 ) (6,503 ) Investment in life insurance policies (1,455 ) (133 ) Purchases of businesses, net of cash acquired (215 ) (101,817 ) Capitalization of internally developed software costs (728 ) (265 ) Proceeds from note receivable — 177 Net cash used in investing activities (3,767 ) (108,541 ) Cash flows from financing activities: Proceeds from exercise of stock options 234 — Shares redeemed for employee tax withholdings (2,684 ) (4,181 ) Proceeds from borrowings under credit facility 91,500 179,000 Repayments of debt (58,124 ) (51,000 ) Payments for debt issuance costs (1,385 ) (395 ) Payment of contingent consideration liabilities — (873 ) Net cash provided by financing activities 29,541 122,551 Effect of exchange rate changes on cash 16 22 Net decrease in cash and cash equivalents (10,473 ) (4,360 ) Cash and cash equivalents at beginning of the period 16,909 17,027 Cash and cash equivalents at end of the period $ 6,436 $ 12,667 HURON CONSULTING GROUP INC. SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (Unaudited) Three Months Ended
March 31,
Percent Increase
(Decrease)
Segment and Consolidated Operating Results (in thousands): 2018 2017 Healthcare: Revenues $ 89,895 $ 98,452 (8.7 )%
Operating income $ 24,460 $ 34,150 (28.4 )%
Segment operating income as a percentage of segment revenues 27.2 % 34.7 % Business Advisory: Revenues $ 55,895 $ 48,116 16.2 % Operating income $ 8,998 $ 9,866 (8.8 )%
Segment operating income as a percentage of segment revenues 16.1 % 20.5 % Education: Revenues $ 47,889 $ 42,281 13.3 % Operating income $ 11,425 $ 11,515 (0.8 )%
Segment operating income as a percentage of segment revenues 23.9 % 27.2 % Total Company: Revenues $ 193,679 $ 188,849 2.6 % Reimbursable expenses 17,619 16,950 3.9 % Total revenues and reimbursable expenses $ 211,298 $ 205,799 2.7 % Statements of Operations reconciliation: Segment operating income $ 44,883 $ 55,531 (19.2 )%
Items not allocated at the segment level: Other operating expenses 32,928 32,463 1.4 % Other losses
830
—
N/M
Depreciation and amortization 8,803 8,919 (1.3 )%
Total operating income 2,322 14,149 (83.6 )%
Other expense, net (5,131 ) (3,246 ) 58.1 % Income (loss) from continuing operations before taxes $ (2,809 ) $ 10,903 (125.8 )%
Other Operating Data: Number of full-time billable consultants (at period end) (1) : Healthcare 792 857 (7.6 )%
Business Advisory 783 680 15.1 % Education 568 478 18.8 % Total 2,143 2,015 6.4 % Average number of full-time billable consultants (for the period) (1) : Healthcare 780 867 Business Advisory 784 627 Education 562 471 Total 2,126 1,965 HURON CONSULTING GROUP INC. SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (CONTINUED) (Unaudited) Three Months Ended March 31, Other Operating Data (continued): 2018 2017 Full-time billable consultant utilization rate (2) : Healthcare 81.3 % 72.3 % Business Advisory 66.1 % 75.2 % Education 75.0 % 74.9 % Total 73.7 % 73.9 % Full-time billable consultant average billing rate per hour (3) : Healthcare $ 202 $ 228 Business Advisory $ 187 $ 199 Education $ 207 $ 218 Total $ 198 $ 216 Revenue per full-time billable consultant (in thousands): Healthcare $ 76 $ 76 Business Advisory $ 68 $ 73 Education $ 74 $ 78 Total $ 73 $ 76 Average number of full-time equivalents (for the period) (4) : Healthcare 208 216 Business Advisory 16 20 Education 40 40 Total 264 276 Revenue per full-time equivalent (in thousands): Healthcare $ 148 $ 150 Business Advisory $ 153 $ 105 Education $ 155 $ 146 Total $ 149 $ 146
(1) Consists of full-time professionals who provide consulting services and generate revenues based on the number of hours worked. (2) Utilization rate for full-time billable consultants is calculated by dividing the number of hours all full-time billable consultants worked on client assignments during a period by the total available working hours for all of these consultants during the same period, assuming a forty-hour work week, less paid holidays and vacation days. (3) Average billing rate per hour for full-time billable consultants is calculated by dividing revenues for a period by the number of hours worked on client assignments during the same period. (4) Consists of cultural transformation consultants within the Studer Group solution, which include coaches and their support staff, consultants who work variable schedules as needed by clients, and full-time employees who provide software support and maintenance services to clients. N/M - Not Meaningful
HURON CONSULTING GROUP INC. RECONCILIATION OF NET INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (5)
(In thousands) (Unaudited) Three Months Ended March 31, 2018 2017 Revenues $ 193,679 $ 188,849 Net income (loss) from continuing operations $ (3,222 ) $ 5,155 Add back: Income tax expense 413 5,748 Interest expense, net of interest income 4,986 4,004 Depreciation and amortization 10,021 11,905 Earnings before interest, taxes, depreciation and amortization (EBITDA) (5) 12,198 26,812 Add back: Other losses 830 — Restructuring charges 712 279 Foreign currency transaction losses (gains), net (53 ) 17 Adjusted EBITDA (5) $ 13,687 $ 27,108 Adjusted EBITDA as a percentage of revenues (5) 7.1 % 14.4 % HURON CONSULTING GROUP INC. RECONCILIATION OF NET INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED NET INCOME FROM CONTINUING OPERATIONS (5)
(In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2018 2017 Net income (loss) from continuing operations $ (3,222 ) $ 5,155 Weighted average shares – diluted 21,592 21,474 Diluted earnings (loss) per share from continuing operations $ (0.15 ) $ 0.24 Add back: Amortization of intangible assets 6,303 8,652 Non-cash interest on convertible notes 2,021 1,928 Other losses 830 — Restructuring charges 712 279 Tax effect (2,565 ) (4,192 ) Tax expense related to the enactment of Tax Cuts and Jobs Act of 2017 132 — Total adjustments, net of tax 7,433 6,667 Adjusted net income from continuing operations (5) $ 4,211 $ 11,822 Adjusted weighted average shares - diluted (6) 21,813 21,474 Adjusted diluted earnings per share from continuing operations (5) $ 0.19 $ 0.55
(5) In evaluating the company’s financial performance and outlook, management uses earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted EBITDA as a percentage of revenues, adjusted net income from continuing operations, and adjusted diluted earnings per share from continuing operations, which are non-GAAP measures. Management uses these non-GAAP financial measures to gain an understanding of the company's comparative operating performance (when comparing such results with previous periods or forecasts). These non-GAAP financial measures are used by management in their financial and operating decision making because management believes they reflect the company's ongoing business in a manner that allows for meaningful period-to-period comparisons. Management also uses these non-GAAP financial measures when publicly providing the company's business outlook, for internal management purposes, and as a basis for evaluating potential acquisitions and dispositions. Management believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Huron’s current operating performance and future prospects in the same manner as management does, if they so choose, and in comparing in a consistent manner Huron’s current financial results with Huron’s past financial results. Investors should recognize that these non-GAAP measures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flows or liquidity prepared in accordance with accounting principles generally accepted in the United States. (6) As the company reported a net loss for the three months ended March 31, 2018, GAAP diluted weighted average shares outstanding equals the basic weighted average shares outstanding for that period. The non-GAAP adjustments described above resulted in adjusted net income from continuing operations for those periods. Therefore, dilutive common stock equivalents have been included in the calculation of adjusted diluted weighted average shares outstanding. HURON CONSULTING GROUP INC. RECONCILIATION OF NON-GAAP MEASURES FOR FULL YEAR 2018 OUTLOOK RECONCILIATION OF NET INCOME TO ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (7)
(In millions) (Unaudited) Year Ending December 31, 2018 Guidance Range Low High Projected revenues - GAAP $ 720.0 $ 760.0 Projected net income - GAAP $ 23.0 $ 29.5 Add back: Income tax expense 9.0 13.5 Interest expense, net of interest income 18.5 19.0 Depreciation and amortization 36.0 36.5 Projected earnings before interest, taxes, depreciation and amortization (EBITDA) (7) 86.5 98.5 Add back: Other losses — — Restructuring charges — — Projected adjusted EBITDA (7) $ 86.5 $ 98.5 Projected adjusted EBITDA as a percentage of projected revenues (7) 12.0 % 13.0 % RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME (7)
(In millions, except per share amounts) (Unaudited) Year Ending December 31, 2018 Guidance Range Low High Projected net income - GAAP $ 23.0 $ 29.5 Projected diluted earnings per share - GAAP $ 1.05 $ 1.35 Add back: Amortization of intangible assets 24.0 24.0 Non-cash interest on convertible notes 8.0 8.0 Other losses — — Restructuring charges — — Tax effect (8.0 ) (8.0 ) Total adjustments, net of tax 24.0 24.0 Projected adjusted net income (7) $ 47.0 $ 53.5 Projected adjusted diluted earnings per share (7) $ 2.10 $ 2.40 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-huron-announces-first-quarter-2018-financial-results-and-affirms-2018-guidance.html |
12 Hours Ago | 01:12
One month ago, Facebook seemed to be on the brink of demise, with CEO Mark Zuckerberg testifying before Congress about a data-harvesting scandal that affected millions of users.
CNBC's Jim Cramer, whose charitable trust owns shares of Facebook, even sold some of the social media giant's stock on the news, citing the concerning headlines .
"Facebook seemed like it was running amok and was about to be leveled by the government," the "Mad Money" host recalled. "No wonder the stock traded down to 18 times earnings."
But since the scandal — which on Wednesday spurred the shutdown of the data-harvester, Cambridge Analytica — four things have brought Facebook back from near-death, Cramer said. 1. Apologies
At first, Facebook executives were criticized for not apologizing and taking responsibility for the issue. Zuckerberg and COO Sheryl Sandberg got flak for "dodging" the press .
But as soon as the apologies came , things started looking up for Facebook, Cramer said.
"Suddenly, it was Facebook with a human face," he quipped. 2. Earnings
Then came Facebook's first-quarter earnings report, which beat analyst expectations and showed steady user engagement despite the media uproar.
"[It] made us realize that whatever the media might say about Facebook, the users and advertisers still love it," Cramer said.
"I think to most people, especially young people, the scandal was a non-story," he continued, noting that "when we post stuff on the internet, perhaps there's not that much of an expectation of privacy." 3. Counsel
Since the start of the scandal, Cramer called on Facebook's management to hire outside counsel to review the company's practices and ensure that the issue didn't repeat itself.
"Well, they just did it. They just hired some tough outside lawyers to monitor and clean up any bias," Cramer said on Wednesday. "The outside examiners who signed on are so respected by Congress that I think Facebook may have this whole issue in the bag now, presuming that there's not another Cambridge Analytic lurking in the wings." 4. Snap
Snap 's stock tanked on Wednesday following the company's weaker than expected first-quarter earnings report , causing analysts to question the social media app's sustainability.
"Memo to Snap's management: only you can prevent cash fires, and, from the looks of things, you're not doing a very good job," Cramer said, adding that the company "imploded so badly" that it could help Facebook in the long run. Conclusions
"Here's my bottom line: I fully expect many more things to go wrong" in the market to threaten even the best of stocks, the "Mad Money" host said. "However, as ... Facebook demonstrate[s], the end of the world is not always nigh." WATCH: Cramer finds pockets of positivity in a negative market show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/cramer-these-4-things-saved-facebook-from-its-data-mining-scandal.html |
NASHVILLE, Tenn.--(BUSINESS WIRE)-- Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported results today for the first quarter of 2018, which included the following:
Sales for the first quarter of $691 million were higher by 13 percent compared to the year ago quarter. Income from continuing operations was $95 million ($0.65 per diluted share) compared to $55 million ($0.38 per diluted share) in the first quarter of 2017. Non-GAAP adjusted income from continuing operations was $93 million ($0.63 per diluted share). Adjusted EBITDA from continuing operations for the first quarter was $159 million compared to $114 million in the first quarter of 2017.
“We continued to make progress on our key strategic objectives in the first quarter,” said Brad Southern, LP Chief Executive Officer. “Our results benefited from higher OSB prices and we delivered strong performances in our engineered wood products and South American operations. However, recent rail transportation system issues in Canada caused unplanned downtime at our operations, increased inventory and late shipments, which negatively affected our reported results. In our Siding business, we believe underlying demand for our products remains strong, and we continue to be on track to achieve our targeted 12-14% full year revenue growth for SmartSide.”
FIRST QUARTER RESULTS
For the first quarter of 2018, LP reported net sales of $691 million, up from $611 million in the first quarter of 2017. For the first quarter, LP reported operating income of $127 million as compared to $75 million in the first quarter of 2017. LP reported income from continuing operations of $95 million, or $0.65 per diluted share, as compared to $55 million, or $0.38 per diluted share for the first quarter of 2017. Adjusted EBITDA from continuing operations in the first quarter of 2018 was $159 million compared to $114 million in the first quarter of 2017.
SIDING SEGMENT
The Siding segment consists of LP SmartSide® siding as well as LP CanExel® prefinished siding line and a minor amount of OSB. These products are used in new construction, repair and remodeling and non-residential markets. The Siding segment reported net sales of $227 million in the first quarter of 2018, an increase of $13 million from $214 million in the first quarter of 2017. For the first quarter of 2018, the Siding segment reported operating income of $45 million compared to $41 million in the first quarter of 2017. For the first quarter of 2018, adjusted EBITDA from continuing operations for this segment was $54 million compared to $49 million in the first quarter of 2017. The increase in OSB sold in this segment accounted for approximately $3 million of the increased adjusted EBITDA from continuing operation for this segment.
ORIENTED STRAND BOARD (OSB) SEGMENT
The OSB segment manufactures and distributes OSB structural panel products. The OSB segment reported net sales of $313 million in the first quarter of 2018, an increase of $45 million from $268 million of net sales in the first quarter of 2017. For the first quarter of 2018, the OSB segment reported operating income of $97 million compared to $61 million in the first quarter of 2017. For the first quarter of 2018, adjusted EBITDA from continuing operations for this segment was $113 million compared to $76 million in the first quarter of 2017. The increase in selling price favorably impacted operating results and adjusted EBITDA from continuing operations by approximately $46 million for the quarter as compared to the first quarter of 2017.
ENGINEERED WOOD PRODUCTS SEGMENT (EWP)
The EWP segment is comprised of LP SolidStart® I-Joist (IJ), Laminated Veneer Lumber and Laminated Strand Lumber (LVL and LSL). EWP reported net sales of $101 million in the first quarter of 2018, an increase of $19 million, from $82 million in the first quarter of 2017. For the first quarter of 2018, the EWP segment reported operating income of $3 million compared to $1 million in the first quarter of 2017. For the first quarter of 2018, adjusted EBITDA from continuing operations for this segment was $7 million compared to $5 million in the first quarter of 2017.
SOUTH AMERICA SEGMENT
The South American segment consists of facilities in Chile and Brazil and sales offices in Peru and Argentina. The segment reported net sales of $42 million in the first quarter of 2018, an increase of $4 million from $38 million in the first quarter of 2017. For the first quarter of 2018, the South America segment reported operating income of $9 million compared to $5 million in the first quarter of 2017. For the first quarter of 2018, adjusted EBITDA from continuing operations for this segment was $11 million compared to $7 million in the first quarter of 2017.
COMPANY OUTLOOK
“We expect the strength in the housing market to continue in the second quarter and the demand for our products to remain robust,” Southern said. “We are focused on innovating to meet market needs and continue to diversify LP away from the commodity OSB cycle by growing our specialty products, including value-add products such as LP SmartSide Trim and Siding, LP FlameBlock® fire-rated sheathing and LP Legacy® premium sub-flooring. The fundamentals of our business remain strong and we are confident in our ability to drive enhanced value for shareholders.”
About LP
As a proven leader in high performance building solutions, LP Building Products manufactures uniquely engineered, innovative building products that meet the demands and needs of the building industry. Its extensive product portfolio includes durable and dependable exterior siding and trim systems, engineered wood framing and structural panels for single-family homes, multifamily projects, repair & remodel markets, light commercial facilities and outdoor buildings. LP also provides industry leading service and warranties to help customers build smarter, better and faster. Founded in 1973, LP is a global company headquartered in Nashville, Tennessee, and traded on the New York Stock exchange under LPX. For more information, visit LPCorp.com .
FORWARD LOOKING STATEMENTS
This news release contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following: changes in governmental fiscal and monetary policies and levels of employment; changes in general economic conditions; changes in the cost and availability of capital; changes in the level of home construction and repair activity; changes in competitive conditions and prices for our products; changes in the relationship between supply of and demand for building products; changes in the relationship between supply of and demand for raw materials, including wood fiber and resins, used in manufacturing our products; changes in the cost of and availability of energy, primarily natural gas, electricity and diesel fuel; changes in the cost of and availability of transportation; changes in other significant operating expenses; changes in exchange rates between the U.S. dollar and other currencies, particularly the Canadian dollar, Brazilian real and Chilean peso; changes in general and industry-specific environmental laws and regulations; changes in tax laws, and interpretations thereof; changes in circumstances giving rise to environmental liabilities or expenditures; the resolution of existing and future product-related litigation and other legal proceedings; and acts of public authorities, war, civil unrest, natural disasters, fire, floods, earthquakes, inclement weather and other matters beyond our control. These and other factors that could cause or contribute to actual results differing materially from those contemplated by such forward-looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.
CONSOLIDATED STATEMENTS OF INCOME
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions, except per share amounts) (Unaudited)
Quarter Ended March 31, 2018 2017 Net sales $ 691.3 $ 610.9 Cost of sales 514.5 482.8 Gross profit 176.8 128.1 Selling, general and administrative expenses 50.6 48.7 (Gain) loss on sale or impairment of long lived assets, net (0.6 ) 0.6 Other operating credits and charges, net (0.4 ) 3.4 Income from operations 127.2 75.4 Non-operating income (expense): Interest expense, net of capitalized interest (4.4 ) (5.0 ) Investment income 3.2 2.0 Other non-operating items (1.4 ) (1.9 ) Total non-operating income (expense) (2.6 ) (4.9 ) Income from continuing operations before taxes 124.6 70.5 Provision for income taxes 29.7 15.5 Income from continuing operations 94.9 55.0 Loss from discontinued operation before taxes (5.3 ) — Benefit for income taxes (1.3 ) — Loss from discontinued operations (4.0 ) — Net income $ 90.9 $ 55.0 Net income per share of common stock: Income from continuing operations $ 0.66 $ 0.38 Loss from discontinued operations (0.03 ) — Net income per share - basic $ 0.63 $ 0.38 Diluted net income per share of common stock: Income from continuing operations $ 0.65 $ 0.38 Loss from discontinued operations (0.03 ) — Net income per share - diluted $ 0.62 $ 0.38 Weighted average shares of stock outstanding - basic 144.7 144.2 Weighted average shares of stock outstanding - diluted 146.7 145.9 CONSOLIDATED BALANCE SHEETS
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
March 31, 2018 December 31, 2017 ASSETS Cash and cash equivalents $ 895.7 $ 928.0 Receivables, net of allowance for doubtful accounts of $0.9 million at March 31, 2018 and December 31, 2017 149.3 142.5 Inventories 329.4 259.1 Prepaid expenses and other current assets 9.0 7.8 Current portion of notes receivable from asset sales 22.2 22.2 Total current assets 1,405.6 1,359.6 Timber and timberlands 53.9 55.7 Property, plant and equipment, net 932.1 926.1 Goodwill and other intangible assets 26.6 26.7 Investments in and advances to affiliates 8.5 7.8 Restricted cash 13.4 13.3 Other assets 56.6 56.8 Deferred tax asset 2.5 2.5 Total assets $ 2,499.2 $ 2,448.5 LIABILITIES AND EQUITY Current portion of long-term debt $ 25.1 $ 25.1 Accounts payable and accrued liabilities 187.5 237.1 Income taxes payable 21.6 4.5 Current portion of contingency reserves 3.4 3.4 Total current liabilities 237.6 270.1 Long-term debt, excluding current portion 351.1 350.8 Deferred income taxes 39.6 33.4 Contingency reserves, excluding current portion 14.5 11.7 Other long-term liabilities 184.0 178.0 Stockholders’ equity: Common stock 153.4 153.4 Additional paid-in capital 462.7 470.6 Retained earnings 1,364.4 1,280.1 Treasury stock (173.2 ) (177.5 ) Accumulated comprehensive loss (134.9 ) (122.1 ) Total stockholders’ equity 1,672.4 1,604.5 Total liabilities and stockholders’ equity $ 2,499.2 $ 2,448.5 CONSOLIDATED CASH FLOW STATEMENT
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
Quarter Ended March 31, 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 90.9 $ 55.0 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 31.0 30.6 Equity in income of unconsolidated affiliates, including dividends (0.8 ) (0.6 ) (Gain) loss on sale or impairment of long-lived assets, net (0.6 ) 0.6 Other operating credits and charges, net (0.4 ) 3.4 Stock-based compensation related to stock plans 2.2 4.1 Exchange (gain) loss on remeasurement (0.1 ) 0.2 Cash settlements of warranties, net of accruals (0.9 ) (3.2 ) Accrual of contingencies, net of cash settlements 4.8 — Pension expense, net of contributions 1.6 1.4 Non-cash interest expense, net 0.8 0.1 Other adjustments, net 0.1 0.3 Changes in assets and liabilities: Increase in receivables (29.2 ) (39.7 ) Increase in inventories (54.0 ) (24.8 ) Increase in prepaid expenses (1.2 ) (0.6 ) Decrease in accounts payable and accrued liabilities (38.0 ) (19.9 ) Increase in income taxes 24.5 13.9 Net cash provided by operating activities 30.7 20.8 CASH FLOWS FROM INVESTING ACTIVITIES: Property, plant and equipment additions (43.2 ) (26.1 ) Proceeds from sales of assets 0.8 — Other investing activities (0.2 ) 0.2 Net cash used in investing activities (42.6 ) (25.9 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of long-term debt (0.1 ) (1.2 ) Payment of cash dividend (18.9 ) — Sale of common stock, net of cash payments under equity plans 0.1 0.4 Taxes paid related to net share settlement of equity awards (5.7 ) (4.7 ) Other financing activities 3.1 — Net cash used in financing activities (21.5 ) (5.5 ) EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1.2 0.7 Net decrease in cash, cash equivalents and restricted cash (32.2 ) (9.9 ) Cash, cash equivalents and restricted cash at beginning of period 941.3 672.5 Cash, cash equivalents and restricted cash at end of period $ 909.1 $ 662.6 LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SELECTED SEGMENT INFORMATION
(Dollar amounts in millions) (Unaudited)
Quarter Ended March 31, 2018 2017 Net sales: Siding $ 227.0 $ 214.0 OSB 313.3 268.4 EWP 100.7 82.1 South America 42.4 37.8 Other 7.9 8.7 Intersegment sales — (0.1 ) $ 691.3 $ 610.9 Operating profit (loss): Siding $ 45.3 $ 40.7 OSB 97.4 60.8 EWP 2.8 0.8 South America 8.9 5.1 Other (0.9 ) (0.2 ) Other operating credits and charges, net 0.4 (3.4 ) Gain (loss) on sale or impairment of long-lived assets, net 0.6 (0.6 ) General corporate and other expenses, net (27.3 ) (27.8 ) Interest expense, net of capitalized interest (4.4 ) (5.0 ) Investment income 3.2 2.0 Other non-operating items (1.4 ) (1.9 ) Income from continuing operations before taxes 124.6 70.5 Provision for income taxes 29.7 15.5 Income from continuing operations $ 94.9 $ 55.0 LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
KEY STATISTICS
The following table sets forth production volumes for the quarters ended March 31, 2018 and 2017.
Quarter Ended March 31, 2018 Quarter Ended March 31, 2017 Housing starts 1 : Single Family 193.9 181.4 Multi-Family 94.7 85.8 288.6 267.2 Quarter Ended March 31, 2018 Quarter Ended March 31, 2017 Sales Volume Siding
OSB
EWP
Total
Siding
OSB
EWP
Total
SmartSide® Strand siding (MMSF) 262.1 262.1 264.6 264.6 SmartSide® fiber siding (MMSF) 56.0 56.0 66.4 66.4 CanExel® siding (MMSF) 12.8 12.8 14.1 14.1 OSB - commodity (MMSF) 30.5 615.9 10.5 656.9 49.5 602.3 4.7 656.5 OSB - value added (MMSF) 26.5 383.4 10.6 420.5 389.5 9.0 398.5 LVL (MMCF) 1.9 1.9 1.8 1.8 LSL (MMCF) 0.9 0.9 0.7 0.7 I-joist (MMLF) 23.8 23.8 20.0 20.0 1 Actual U.S. Housing starts data reported by U.S. Census Bureau
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005253/en/
Louisiana-Pacific Corporation
Media Relations:
Mark Morrison, 615-986-5886
or
Investor Relations:
Becky Barckley/Mike Kinney, 615-986-5600
Source: Louisiana-Pacific Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-lp-reports-first-quarter-2018-results.html |
Trump looking into tariffs on foreign cars 57 Mins Ago EU Ambassador to the United States David O'Sullivan discusses the likelihood that the Trump administration levies rumored tariffs on foreign auto imports. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/trump-looking-into-tariffs-on-foreign-cars.html |
Apple had already curtailed its grand vision for disrupting the automotive industry by building its own self-driving car. Now the tech giant has narrowed its auto aspirations even further.
For the past several years, Apple sought partnerships with the luxury carmakers BMW and Mercedes-Benz to develop an all-electric self-driving car, according to five people familiar with the negotiations who asked not to be identified because they weren't authorized to discuss the matter publicly. But on-again, off-again talks with those companies have ended after each rebuffed Apple's requirements to hand over control of the data and design, some of the people said.
show chapters Loup Ventures' Gene Munster: Why Apple is a service company 3:46 PM ET Thu, 17 May 2018 | 03:31 Instead, Apple has signed a deal with Volkswagen to turn some of the carmaker's new T6 Transporter vans into Apple's self-driving shuttles for employees — a project that is behind schedule and consuming nearly all of the Apple car team's attention, said three people familiar with the project.
Read more from the New York Times:
Apple scales back its ambitions for a self-driving car
Apple is said to be rethinking strategy on self-driving cars
Uber finds profits in leaving tough overseas markets
Apple's deal with Volkswagen, which hasn't been previously reported, and the failure of its talks with other automakers reflect the continuing travails and diminished scope of the company's four-year-old car program.
The project has suffered from repeated changes in direction that have hurt morale and led to hundreds of departures from its peak of more than 1,000 members two years ago, five former Apple employees said. They added that the team was now mostly consumed with developing the self-driving shuttle but the project lacks a clear plan beyond the vans.
The fits and starts have most likely put Apple further behind in the race toward the self-driving future. Waymo, the self-driving business spun out of Google , as well as start-ups and some carmakers have been testing various autonomous vehicles on public roads for years. While some of the programs have hit hurdles — Uber on Wednesday said it was shutting down its self-driving operations in Arizona and laying off about 300 employees in the area — many have already gathered data on autonomous driving patterns to improve their technology.
Apple declined to comment.
WATCH: Apple reportedly vetting NC for new campus show chapters Apple reportedly vetting North Carolina as potential site for new campus 3:14 PM ET Wed, 16 May 2018 | 01:27 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/apple-spurned-by-bmw-and-mercedes-signs-deal-with-volkswagen-for-driverless-cars.html |
European equities open higher amid earnings and a Fed meeting 49 Mins Ago European markets open higher as investors keep their focus on earnings and monitor an upcoming Federal Reserve meeting. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/european-equities-open-higher-amid-earnings-and-a-fed-meeting.html |
May 7 (Reuters) - FILA Fabbrica Italiana Lapis ed Affini SpA :
* FILA FABBRICA ITALIANA LAPIS ED AFFINI SPA AGREES TO ACQUIRE 100% OF PACON GROUP
* FILA FABBRICA ITALIANA LAPIS ED AFFINI SPA SAYS DEAL VALUE IS US$ 325 MILLION
* F.I.L.A. ESTIMATES SIGNIFICANT COST SYNERGIES * ENTERS AGREEMENT FOR ACQUISITION BY SUBSIDIARY DIXON TICONDEROGA OF 100% OF SHARES OF PACON FOR ENTERPRISE VALUE OF $325 MILLION, $15 MILLION IN TAX BENEFITS
* PROPOSED LAUNCH OF RIGHTS OFFERING OF UPTO EUR 100 MLN, WITH PRE-EMPTION RIGHTS, CONDITIONAL UPON COMPLETION OF ACQUISITION
* ENTERED INTO AGREEMENT PROVIDING FOR ACQUISITION BY ITS UNIT DIXON TICONDEROGA COMPANY OF 100% OF SHARES OF PACON HOLDING COMPANY
* ALL OF PACON’S SHAREHOLDERS SUPPORT TRANSACTION AND HAVE GIVEN THEIR VOTING CONSENT TO ACQUISITION
* TRANSACTION IS FINANCED BY A MEDIUM/LONG-TERM LOAN
* BOARD INSTRUCTED GROUP’S CFO TO EVALUATE POSSIBILITY FOR CO TO ENTER INTO FOREIGN EXCHANGE HEDGING AGREEMENTS Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fila-fabbrica-italiana-lapis-ed-af/brief-fila-fabbrica-italiana-lapis-ed-affini-spa-agrees-to-acquire-100-pct-of-pacon-group-idUSFWN1SE0ZE |
(Adds HKMA chief comment, details)
HONG KONG, May 15 (Reuters) - Hong Kong’s Exchange Fund, which is used to back the Hong Kong dollar, posted an investment income of HK$26.1 billion ($3.32 billion) in the first quarter, the Hong Kong Monetary Authority (HKMA) said on Tuesday, its worst performance in five quarters.
The figure compared with an adjusted HK$64.9 billion investment gain in the same period a year earlier, and investment income of HK$66.0 billion in the fourth quarter of last year.
In 2017, the exchange fund saw its investment income hitting an adjusted record high HK$264.0 billion.
“Last year we have achieved an unprecedented high level of profits...but this year we are facing uncertainties in the financial market,” HKMA Chief Executive Norman Chan told reporters, citing interest rate rising faster than expected, intensifying trade conflict between China and the United States, as well as geopolitical tension in the Middle East.
The HKMA is the key manager of the Exchange Fund, which is under the control of the financial secretary and invests in equities, bonds, foreign exchange and other securities and assets.
Commenting on the recent capital outflow, Chan said a widening spread between Hong Kong dollar and U.S. dollar’s interest rates attracts arbitrage.
“Capital flowing out from Hong Kong dollar will allow Hong Kong dollar’s interest rates to eventually normalize like the U.S. dollar,” Chan said.
On Tuesday morning, Hong Kong dollar hit 7.85, the weakest level of trading band.
The Hong Kong dollar is pegged at 7.8 to the U.S. dollar, but can trade between 7.75 and 7.85. Under the currency peg, the HKMA is obliged to intervene when the Hong Kong dollar hits 7.75 or 7.85 to keep the band intact.
As the former British colony pegs its currency to the dollar, its money market rates should mirror those of its U.S. counterpart, but the gap has now widened to around one percent since the Federal Reserve started raising interest rates from ultra-low levels adopted during the 2008 financial crisis. ($1 = 7.8498 Hong Kong dollars) (Reporting by Twinnie Siu and Clare Jim Editing by Eric Meijer and Gopakumar Warrier)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/hkma-monetaryexchange/update-1-hong-kong-exchange-fund-q1-investment-income-weakest-in-five-qtrs-idUSL3N1SM2C7 |
SHANGHAI (Reuters) - China’s air force has landed bombers on islands and reefs in the South China Sea as part of a training exercise in the disputed region, it said in a statement.
FILE PHOTO: Chinese dredging vessels are purportedly seen in the waters around Mischief Reef in the disputed Spratly Islands in the South China Sea in this still image from video taken by a P-8A Poseidon surveillance aircraft provided by the United States Navy May 21, 2015. U.S. Navy/Handout via Reuters/File Photo “A division of the People’s Liberation Army Air Force (PLAAF) recently organized multiple bombers such as the H-6K to conduct take-off and landing training on islands and reefs in the South China Sea in order to improve our ability to ‘reach all territory, conduct strikes at any time and strike in all directions’,” it said in the statement issued on Friday.
It said the pilot of the H-6K bomber conducted assault training on a designated sea target and then carried out take-offs and landings at an airport in the area, describing the exercise as preparation for “the West Pacific and the battle for the South China Sea”.
The notice, published on the PLAAF’s Weibo microblogging account, did not provide the precise location of the exercise.
The United States has dispatched warships to disputed areas of the South China Sea in a bid to challenge China’s extensive sovereignty claims in the territory, which is subject to various claims by China, Vietnam, the Philippines, Taiwan, Brunei and Malaysia.
“The United States remains committed to a free and open Indo-Pacific,” Pentagon spokesman Lieutenant Colonel Christopher Logan told Reuters.
“We have seen these same reports and China’s continued militarization of disputed features in the South China Sea only serves to raise tensions and destabilize the region.”
Philippine opposition lawmakers condemned China’s militarization of the South China Sea and what they said was the inaction of their own government.
Senator Risa Hontiveros sought an end to Manila’s “subservience” to China, while Congressman Gary Alejano said the issue of China’s militarization in the South China Sea is a “global concern”.
“By placing our country within striking distance of its nuclear-capable bombers, China has virtually threatened us with nuclear war over the West Philippine Sea,” Hontiveros said in a statement, using the local name for South China Sea.
“With the silence and subservience of the Philippine government to China, we are placing in grave danger not only our country, but also our neighboring nations,” Alejano said in a statement.
China says its military facilities in the Spratlys are purely defensive, and that it can do what it likes on its own territory.
Philippine President Rodrigo Duterte defended his position not to confront China and reiterated his openness to undertake joint exploration and development in waters believed to be rich in oil and natural gas.
“You know they have the planes, not stationed in Spratlys but near the provinces facing — Chinese provinces facing the Spratlys and the China Sea,” he said in a speech late on Saturday.
It was not clear if he was aware of the news about China’s bombers landing on islands and reefs in the South China Sea.
“And with their hypersonic, they can reach Manila within 7 to 10 minutes. If we will go to a full-blown war, where would the Philippines end up?” Duterte said.
Reporting by David Stanway and Winni Zhou; Additional reporting by Phil Stewart in WASHINGTON and Enrico dela Cruz in MANILA; Editing by Kim Coghill
| ashraq/financial-news-articles | https://in.reuters.com/article/southchinasea-china/china-air-force-lands-bombers-on-south-china-sea-island-idINKCN1IL08F |
(Drops extra word in the headline)
May 7 (Reuters) - Xiamen King Long Motor Group Co Ltd :
* SAYS LOCK-UP PERIOD OF 164.1 MILLION SHARES TO END, TRADING TO START ON MAY 11 Source text in Chinese: bit.ly/2IkfNYE (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/idUSH9N1SA009 |
Michael Koryta’s absorbing and action-filled “How It Happened” (Little, Brown, 359 pages, $27) begins with a grisly confession. Kimberly “Kimmy” Crepeaux—a 22-year-old drug user and notoriously unreliable informant—tells in convincing detail how she was coerced into taking part in the killing of two young people in the small town of Port Hope, Maine. She names Mathias Burke, a respected local caretaker and landscaper (“the paragon of the peninsula”) as principal perpetrator. But Burke won’t admit guilt, and police can’t find the victims—despite Crepeaux’s precise description of how they were stabbed and their bodies... | ashraq/financial-news-articles | https://www.wsj.com/articles/mysteries-a-case-that-keeps-haunting-1526074340 |
May 14, 2018 / 10:32 AM / Updated 21 minutes ago Russia counting more on propaganda: NATO official Reuters Staff 1 Min Read
BERLIN (Reuters) - NATO hopes to carry out another meeting of the NATO-Russia council soon, with the agenda to include for the first time Moscow’s increasing use of “hybrid threats” such as propaganda and disinformation, a senior NATO official said on Monday.
Arndt Freytag von Loringhoven, NATO’s first Assistant Secretary General for Intelligence and Security, told a conference in Berlin that Russia was stepping up its use of such tools to offset its relative military weakness.
“NATO doesn’t want a Cold War. It wants a constructive relationship with Russia, but it cannot leave unanswered Moscow’s diverse hybrid attacks on democracies of other countries,” he said. Reporting by Andrea Shalal; Editing by Joseph Nasr | ashraq/financial-news-articles | https://www.reuters.com/article/us-nato-russia/russia-counting-more-on-propaganda-nato-official-idUSKCN1IF17P |
April 30 (Reuters) - DAR AL DAWA DEVELOPMENT AND INVESTMENT COMPANY:
* Q1 PROFIT ATTRIBUTABLE TO SHAREHOLDERS 803,592 DINARS VERSUS LOSS OF 2 MILLION DINARS YEAR AGO
* Q1 NET SALES 14.9 MILLION DINARS VERSUS 11.2 MILLION DINARS YEAR AGO Source: ( bit.ly/2HJ416Q ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dar-al-dawa-development-and-invest/brief-dar-al-dawa-development-and-investment-posts-q1-profit-idUSFWN1S70YM |
May 15, 2018 / 5:55 PM / Updated 9 minutes ago Both British post-Brexit customs proposals unworkable: Irish PM Padraic Halpin 3 Min Read
DUBLIN (Reuters) - Neither of Britain’s proposed future customs arrangements with the European Union are workable, Irish Prime Minister Leo Varadkar said on Tuesday, dismissing the option favored by hardline Brexiteers with a comic aside. Michel Barnier, the European Union's chief Brexit negotiator, and Ireland's Taoiseach Leo Varadkar attend an all All-Island Civic Dialogue on Brexit in Dundalk, Ireland, April 30, 2018. REUTERS/Clodagh Kilcoyne
With the Irish Republic to have the only EU land border with Britain after Brexit, Varadkar repeated a warning that failure to achieve genuine progress on the customs issue by next month would cast doubt on sealing an overall withdrawal agreement by an October deadline.
Under pressure from the EU to move forward with talks on the future partnership that will follow its exit from the bloc, Britain must first settle on a customs proposal to present to skeptical negotiators in Brussels.
But Prime Minister Theresa May’s cabinet is divided, with some pro-Brexit ministers openly dismissing what is believed to be her preferred option - a customs partnership under which Britain would collect tariffs on goods entering the country on the EU’s behalf.
They favor a streamlined customs arrangement known as maximum facilitation or “max fac”. Under this proposal, companies on an approved list of “trusted traders” would be able to cross borders freely with the aid of automated technology.
Neither idea has found favor with the 27 countries remaining in the EU, which insist that Ireland’s border with British-ruled Northern Ireland must remain free of controls after Brexit.
“Certainly the customs partnership, as proposed by the UK last June, isn’t workable, that’s the view of the (EU) taskforce and the EU27 and has been rejected, but I do think the customs partnership is closer to being made workable than this proposal of ‘max fac’,” Varadkar told parliament.
Varadkar joked that he had misread the option, thinking it was some kind of cosmetic. “Certainly I haven’t seen any detail to date to indicate to me that such a solution would be as functional as make-up or deodorant,” he said.
Varadkar echoed comments made by the EU’s Brexit negotiator Michel Barnier on Tuesday that little progress had been made in recent weeks and repeated his own recent warning that there was a real risk of the sides failing to reach a withdrawal treaty by October.
The EU and Dublin insist the treaty must lock in a backstop arrangement in case future customs arrangements do not remove the need for controls on the intra-Irish border.
London signed up for this in March but disagrees with the EU’s proposals and is being pressed to come up with an alternative means of achieving it before an EU leaders’ summit in June.
“For June, we do want to see real and meaningful progress. If we don’t see that in June, then we have to ask serious questions as to whether a withdrawal agreement in October will be possible at all,” Varadkar said. editing by David Stamp | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-ireland/both-british-post-brexit-customs-proposals-unworkable-irish-pm-idUSKCN1IG2TA |
PONTE VEDRA BEACH, Fla. (Reuters) - Webb Simpson put further daylight between himself and his rivals at the Players Championship on Saturday by carding a third-round 68 to open up a seven-stroke lead at TPC Sawgrass.
May 12, 2018; Ponte Vedra Beach, FL, USA; Webb Simpson putts for par on the 18th green during the third round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: Jasen Vinlove-USA TODAY Sports New Zealander Danny Lee shot 70 to move into second place on 12-under 204, with world number one Dustin Johnson (69) another two strokes behind in third.
Tiger Woods and Jordan Spieth carded matching best-of-the-day 65s to jump into a tie for ninth on eight-under-par, though they still trail the leader by 11.
They will play together on Sunday in a pairing that should draw bigger crowds than Simpson and Lee.
Starting the day five strokes clear, Simpson increased his advantage with a solid 68, the highlight of which was holing out from a bunker for eagle at the par-five 11th
The 2012 U.S. Open champion’s 19-under total of 197 matched the tournament 54-hole record held by Greg Norman. Simpson is also within sight of the biggest victory margin at the tournament — seven strokes by Steve Elkington in 1997.
No golfer has surrendered a lead of more than six strokes in the final round of a PGA Tour event, though Simpson will be keen to avoid the same fate at Alex Cejka here nine years ago.
Cejka held a five-stroke lead after 54 holes but shot a closing 79 to plunge to equal ninth.
Related Coverage Just like good old days as Woods rediscovers magic “I’ve been a pro since 2008 and you never know when a week like this will come,” Simpson said, adding that he wanted to erase the mistakes from his game and post a clean round on Sunday.
The 32-year-old, who has four PGA Tour victories, was as surprised as anyone with his score and said he would have been happy with Lee’s 12-under total if he had been offered it before the start of the event.
“I’ve holed out a few times from off the green and made some long putts, and to get to (19-under), I think you’ve got to do that,” he said.
“Certain guys it’s not surprising that they play well a lot, like Jason Day and Rory (McIlroy) and Spieth and these guys, but I certainly haven’t had a career like theirs.
“But it doesn’t surprise me at the same time because I feel like I’ve been confident, I’ve been working hard, and I’m really hungry. I’m hungry to get back in the winner’s circle.”
The leader said he had gone unrecognized in a local coffee shop on Saturday. He planned to return on Sunday, when perhaps people will take notice.
Lee said he was not going to be looking at what Simpson was doing on Sunday.
“I’m going to just keep my head down and play my game,” he said.
Editing by Peter Rutherford
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-players/simpson-leads-players-championship-by-seven-strokes-idUSKCN1IE00G |
May 17, 2018 / 6:54 AM / in 20 minutes Malaysia's Mahathir says police have "enough reasons" to search Najib's home Reuters Staff 1 Min Read
KUALA LUMPUR, May 17 (Reuters) - Malaysian Prime Minister Mahathir Mohamad on Thursday said he believed the police had “enough reasons” to search properties linked to ousted premier Najib Razak.
Malaysian police conducted searches through the night and into Thursday at five places linked to Najib, including the family home where he stays.
“I suppose the police have enough reasons to raid,” Mahathir told reporters, adding he did not have any further details.
A multibillion-dollar scandal at state fund 1Malaysia Development Berhad (1MDB), which was founded by Najib, is being investigated by police in at least six countries, including the United States. Najib denies any wrongdoing. (Reporting by Liz Lee; Editing by Raju Gopalakrishnan) | ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-politics-mahathir/malaysias-mahathir-says-police-have-enough-reasons-to-search-najibs-home-idUSL3N1SO2LW |
May 10 (Reuters) - Talend SA:
* SEES Q2 2018 REVENUE $48.8 MILLION TO $49.8 MILLION * Q1 REVENUE $46.8 MILLION VERSUS I/B/E/S VIEW $45.6 MILLION
* QTRLY NET LOSS PER SHARE $0.34 * QTRLY NON-IFRS NET LOSS PER SHARE $ 0.18
* SEES Q2 NET LOSS PER BASIC AND DILUTED SHARE IS EXPECTED TO BE IN RANGE OF $0.30 TO $0.26
* SEES Q2 NON-IFRS NET LOSS PER SHARE IS EXPECTED TO BE IN RANGE OF $0.14 TO $0.11
* SEES FULL YEAR 2018 NET LOSS PER BASIC AND DILUTED SHARE IS EXPECTED TO BE IN RANGE OF $1.11 TO $1.04
* SEES FULL YEAR 2018 NON-IFRS NET LOSS PER SHARE IS EXPECTED TO BE IN RANGE OF $0.49 TO $0.43
* Q1 EARNINGS PER SHARE VIEW $-0.18 — THOMSON REUTERS I/B/E/S
* Q2 EARNINGS PER SHARE VIEW $-0.12, REVENUE VIEW $48.9 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $-0.46, REVENUE VIEW $201.5 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-talend-qtrly-net-loss-per-share-03/brief-talend-qtrly-net-loss-per-share-0-34-idUSASC0A1JY |
YOKOHAMA, Japan—Nissan Motor Co. Chief Executive Hiroto Saikawa said his company should remain independent, throwing up another obstacle to long-discussed merger talks with alliance partner Renault SA.
Mr. Saikawa is emerging as the most public opponent of a full-blown combination. He said Monday there were no official talks between the two sides currently, but people familiar with the matter said both sides are informally exploring a combination.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/are-nissan-renault-merging-nissan-boss-says-no-1526313294 |
April 30 (Reuters) - Leeds Group PLC:
* UPDATE MARKET ON ITS EXPECTATIONS FOR FINANCIAL YEAR ENDING 31 MAY 2018
* TRADING PERFORMANCE OF OPERATING SUBSIDIARIES IN SECOND HALF OF YEAR HAS BEEN BELOW BOARD’S EXPECTATIONS
* GROUP PROFIT BEFORE TAX FOR FULL YEAR IS THEREFORE EXPECTED TO BE BELOW BOARD’S EXPECTATIONS FOR CURRENT FINANCIAL YEAR Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-leeds-group-sees-fy-group-profit-b/brief-leeds-group-sees-fy-group-profit-before-tax-to-be-below-boards-expectations-idUSFWN1S70P4 |
Celebrities Snoop Dogg Secures World Record For Largest Gin and Juice NAPA, CA - MAY 26: Snoop Dogg attends the Guiness World Record for largest Cocktail during the 2018 BottleRock Napa Valley at Napa Valley Expo on May 26, 2018 in Napa, California. (Photo by Tim Mosenfelder/Getty Images) Tim Mosenfelder — Getty Images By Emily Price 1:24 PM EDT
Snoop Dogg spent his Memorial Day weekend breaking World Records, specifically in the category of gin and juice.
During the BottleRock Napa Valley music festival this weekend, Snoop , along with Warren G and Top Chef Season 6 winner Michael Voltaggio set the Guinness World Record for the world’s largest gin and juice cocktail, USA Today reports .
How big is the “world’s largest” gin and juice you might ask?
The final cocktail included 132 gallons of liquid, specifically 180 bottles of gin, 154 bottles of apricot brandy, and 38 jugs of orange juice. The final product was topped off with a massive paper umbrella and straw, which Snoop used to mix the cocktail. A whole watermelon and pineapple were used as a garnish for the massive drink and were added to the final cocktail on a sword. New record: Largest paradise cocktail🍹🏖Yesterday at @BottleRockNapa festival in California, USA this cocktail measuring over 132 US gallons (500 litres) was presented by chef @MVoltaggio with @SnoopDogg , @regulator & @WilliamsSonoma #BottleRock2018 pic.twitter.com/8gTr4zqCy0
Snoop Dogg’s career-defining song “Gin and Juice” was a single from his 1993 album Doggystyle . The rapper also recently released a 32-track gospel album entitled Bible of Love . | ashraq/financial-news-articles | http://fortune.com/2018/05/29/snoop-dogg-world-record-gin-juice/ |
May 21 (Reuters) - NRG Energy Inc:
* NRG ENERGY, INC. PRICES OFFERING OF $500 MILLION CONVERTIBLE SENIOR NOTES
* HAS PRICED ITS OFFERING OF $500 MILLION IN AGGREGATE PRINCIPAL AMOUNT OF ITS 2.75% CONVERTIBLE SENIOR NOTES DUE 2048 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nrg-energy-prices-offering-of-500/brief-nrg-energy-prices-offering-of-500-million-convertible-senior-notes-idUSASC0A35L |
SEATTLE (Reuters) - Mexican state-run oil company Pemex expects to begin testing light crudes as soon as July for possible import, looking to boost margins at its domestic refineries, its chief executive said on Tuesday.
Pemex has for decades exported crude oil but has hardly ever imported the commodity, preferring to process domestic crudes at its six refineries in Mexico.
Pemex Chief Executive Officer Carlos Trevino said the company would likely seek imports resembling its proprietary Isthmus grade of light crude, the production of which has been declining in Mexico.
“We are going to start testing maybe in the third quarter,” Trevino told Reuters on the sidelines of a conference in Seattle.
“We are going to be looking for the cheaper mix ... We may be using the (West Texas Intermediate), something from the U.S., he said.
“What I personally expect is that we can find something very similar (to Isthmus).”
The company [PEMX.UL], one of the largest in Latin America, has said it was looking for lighter crude grades for its refining network, which is currently operating at around 48 percent of its 1.54 million barrel-per-day capacity.
Trevino reiterated that importing could be a temporary strategy, partly because of the oil it has been producing at its new Ixachi field in Veracruz.
“It’s a lot of gas and very, very light crude so we expect to get more oil from that field, so maybe that will help us on the mix we are using for our refineries,” he said.
Trevino also said Pemex’s annual crude oil hedging program is set to cover about a third of annual production at a price of $51 per barrel, but he declined to elaborate.
The company was processing between 813,000-820,000 bpd as of Sunday, but expects to process an average 850,000 bpd for the rest of the year.
Pemex has increased processing levels at its Madero refinery and expects to “finish the starting up” of its Minatitlan facility this month, Trevino said. It may begin maintenance at its Cadereyta and Tula refineries later this year.
“We are going to be (processing) around 800,000 bpd at the end of the year,” he added.
Trevino also said he expects Pemex’s rate of replacement for its proven oil reserves in 2018 to be “pretty much the same or a little above” the 17.5-percent rate it achieved in 2017.
Reporting by Eric M. Johnson in Seattle; Editing by Joseph Radford
| ashraq/financial-news-articles | https://www.reuters.com/article/us-pemex-oil/mexicos-pemex-says-testing-crude-for-import-could-start-in-july-idUSKCN1IH0BY |
May 19, 2018 / 7:59 AM / Updated 5 hours ago Rights groups condemn Saudi women activists' arrests Reuters Staff 3 Min Read
DUBAI (Reuters) - International rights groups have condemned the arrests this week of seven prominent Saudi Arabian women’s rights activists who previously campaigned for the right to drive, which the deeply conservative kingdom is set to grant from next month.
The decision to end a decades-old ban on women driving cars has been hailed as proof of a new progressive trend under reform-minded Crown Prince Mohammed bin Salman, but has been accompanied by a crackdown on dissent.
Amnesty International and Human Rights Watch called on the authorities late on Friday to release the detainees, who include Eman al-Nafjan and Lujain al-Hathloul as well as two men.
“It appears the only ‘crime’ these activists committed was wanting women to drive before Mohammed bin Salman did,” said Sarah Leah Whitson, Middle East director at Human Rights Watch.
Women will be allowed to drive starting on June 24. Activists and analysts say, however, that the government is keen to avoid rewarding activism, which is forbidden in the absolute monarchy, and seems determined not to antagonize sensitivities of religious conservatives opposed to modernisation.
The authorities said overnight that they had arrested seven people for suspicious contacts with foreign entities and offering financial support to enemies overseas.
A state security statement did not identify the detainees, but online news site Sabq, seen as close to the authorities, linked them to the arrests of women activists.
Reuters is not publishing all of their names due to fears of reprisals among some relatives of those arrested.
In addition to agitating for women’s right to drive, Nafjan and Hathloul signed a petition in 2016 seeking an end to the kingdom’s male guardianship system, which requires women to obtain a male relative’s consent for major decisions. Hathloul was previously detained at least twice for her activism.
Women who previously participated in protests against the ban told Reuters last year that two dozen activists had received phone calls instructing them not to comment on the decree. Some of those arrested this week nonetheless continued to speak out.
“Saudi Arabia cannot continue to publicly proclaim support for women’s rights and other reforms, while targeting women human rights defenders and activists for peacefully exercising their rights to freedom of expression, association and assembly,” said Samah Hadid, Amnesty International’s Middle East Director of Campaigns.
Dozens of clerics seen by the government as dabbling in politics were detained separately last September, a move that appears to have paved the way for lifting the driving ban, which is part of an ambitious reform program aimed at diversifying the economy away from oil and opening up Saudis’ cloistered lifestyles. Reporting by Dubai newsroom, Editing by William Maclean | ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-arrests/rights-groups-condemn-saudi-women-activists-arrests-idUSKCN1IK085 |
Pre-race favorite Justify won the Kentucky Derby by 2 1/2 lengths on Saturday, becoming the first horse in 136 years to win at Churchill Downs after not racing as a two-year-old.
The colt earns a sizable paycheck for his large ownership team: 62 percent of the $2 million purse, or $1.24 million.
The 52-year-old jockey, Mike Smith, also brings home a nice paycheck: The winning horse rider gets 10 percent of what the owners collect , meaning that Smith, who is the second-oldest jockey to win the Kentucky Derby, got a check for $124,000. That number will get shaved down to about $100,000 after paying his agent and valet, the person who gets the jockey's gear in place.
And that's before taxes. Still, it's a nice payday for two minutes of work.
Icon Sportswire | Getty Images Justify (7), ridden by jockey Mike Smith crosses the finish line to win the 144th running of the Kentucky Derby at Churchill Downs The second and third place jockeys get 5 percent of their owner's take ($400,000 and $200,000), meaning Jose Ortiz, who rode second place finisher Good Magic, earned $20,000 and Javier Castellano, who rode third place finisher Audible, earned $10,000.
After fees, they'll take home closer to $14,000 and $7,000.
As for the 17 other jockeys, they won't make out nearly as favorably. Their ride is only worth "a couple hundred dollars apiece," jockey agent Ron Anderson told CNBC in 2010 .
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Don't miss: Justify wins the 144th Kentucky Derby—here's how much the owners get paid
show chapters How to shop for a Kentucky Derby hat like the super rich 6:10 PM ET Fri, 4 May 2018 | 01:05 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/how-much-money-jockey-mike-smith-earned-earned-after-winning-the-kentucky-derby.html |
May 3 (Reuters) - Synalloy Corp:
* SYNALLOY REPORTS FIRST QUARTER 2018 RESULTS: RECORD FIRST QUARTER REVENUE AND NET INCOME
* Q1 SALES $58.5 MILLION * ANTICIPATE TOTAL SHIPMENTS GREATER THAN 65 MILLION POUNDS IN 2018 AT BRISTOL METALS UNIT
* SYNALLOY - FOR SPECIALTY CHEMICALS SEGMENT, NEW PRODUCT ADDITIONS SHOULD DRIVE MEANINGFUL ORGANIC GROWTH IN CURRENT AND SUBSEQUENT YEARS
* ON ACQUISITION FRONT, HAVE IDENTIFIED A HIGH IMPACT “BOLT-ON” THAT OFFERS STRONG EARNINGS POTENTIAL AT REASONABLE PRICE Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-synalloy-reports-q1-adjusted-earni/brief-synalloy-reports-q1-adjusted-earnings-per-share-of-0-49-idUSASC09ZHS |
May 15 (Reuters) - Anatara Lifesciences Ltd:
* ANNOUNCES EXCLUSIVE GLOBAL LICENSE AGREEMENT WITH ZOETIS Source text for Eikon: Further company coverage:
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S&P snaps 4-day win streak 1 Hour Ago Discussing the winners and losers at the closing bell with Dennis Berman, Lazard managing director in financial advisory, and Paul Hickey, Bespoke Investment Group co-founder. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/sp-snaps-4-day-win-streak.html |
Here's how much the royal wedding is expected to cost 1 Hour Ago Audiences will tune in to the royal wedding expecting opulence and pageantry, and likely they won't be disappointed. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/how-much-the-royal-wedding-will-cost.html |
May 17, 2018 / 3:58 PM / Updated 19 minutes ago UPDATE 1-UK will not shelve debate on Brexit laws - May's spokeswoman Reuters Staff 2 Min Read
(Adds further comment on timing)
LONDON, May 17 (Reuters) - The British government will take its time to consider amendments passed by the upper house of parliament to the EU withdrawal bill, but will not shelve the key piece of Brexit legislation, Prime Minister Theresa May’s spokeswoman said on Thursday.
May’s government was dealt 15 defeats in the House of Lords over the withdrawal bill which will allow Britain to sever its ties with the European Union in March next year.
The process of trying to overturn those defeats in the lower house of parliament is expected to test May’s authority over her divided party, and her ability to get the legislation passed with the wafer-thin working majority she has courtesy of a deal with a small Northern Irish party.
Quashing speculation that the government could duck this showdown by postponing further debate on the bill, the spokeswoman said it was likely to be discussed “within weeks rather than months.”
Sources involved in the legislative process have previously told Reuters the government wanted the legislation passed before parliament’s Summer recess which begins on July 24. Once the bill has passed, officials will have the power to begin the lengthy process of transposing EU laws into British laws. (Reporting by William James, editing by Elizabeth Piper) | ashraq/financial-news-articles | https://www.reuters.com/article/britain-eu-withdrawal/update-1-uk-will-not-shelve-debate-on-brexit-laws-mays-spokeswoman-idUSL5N1SO5QD |
April 30 (Reuters) - ULASLAR TURIZM:
* Q1 2018 NET PROFIT OF 570,152 LIRA VERSUS NET LOSS OF 1.0 MILLION LIRA YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ulaslar-turizm-q1-2018-net-result/brief-ulaslar-turizm-q1-2018-net-result-turns-to-net-profit-of-570152-lira-idUSFWN1S711H |
SEMINOLE, Florida, May 03, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Superior Uniform Group, Inc. (NASDAQ: SGC) today declared a quarterly dividend of $0.0950 per share, payable May 30, 2018, to shareholders of record May 16, 2018.
About Superior Uniform Group, Inc.
Superior Uniform Group ® (NASDAQ: SGC), established in 1920, is a provider of a wide range of award winning products and services. It provides customized support for each of its divisions through its shared services model.
Fashion Seal Healthcare ® , Superior I.D ™ , and HPI Direct ® are signature uniform brands of Superior Uniform Group ® . Each is one of America’s foremost providers of fine uniforms and image apparel in its markets. They are leaders in innovative uniform program design, global manufacturing, and state-of-the-art distribution. These brands help their customers achieve a more professional appearance and better communicate their own brands. More than 5 million Americans are smartly outfitted with a Superior uniform each workday.
BAMKO ® is one of the nation’s largest full-service promotional products companies. It provides unique custom branding, design, sourcing, and marketing solutions to some of the world’s most successful brands.
The Office Gurus ® is a global provider of custom call and contact center support. As a true strategic partner, The Office Gurus implements customized solutions for its customers in order to accelerate their growth and improve their customers’ service experiences.
Superior’s commitment to service, technology, quality and value-added benefits, as well as its financial strength and resources, provides unparalleled support for its customers’ diverse needs while embracing a "Customer 1st, Every Time!" philosophy and culture in all of its business segments.
For more information, call (800) 727-8643 or visit www.SuperiorUniformGroup.com .
Andrew D. Demott, Jr. COO, CFO & Treasurer (727) 803-7135 OR Hala Elsherbini, Halliburton Investor Relations (972) 458-8000
Source:Superior Uniform Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-superior-uniform-group-declares-regular-quarterly-cash-dividend.html |
BRASILIA (Reuters) - Brazil’s Central Bank will boost its currency swap programme to reduce local currency volatility, Finance Minister Eduardo Guardia told Reuters on Friday.
Brazilian Real and U.S. dollar notes are pictured at a currency exchange office in Rio de Janeiro, Brazil, in this September 10, 2015 photo illustration. REUTERS/Ricardo Moraes The minister spoke a few moments after the Central Bank announced that it would on Monday offer 15,000 currency swap contracts, which are equivalent to operations to sell dollars in futures markets, instead of the 5,000 contracts that were offered daily this week.
The Brazilian real fell more than 1 percent against the dollar to the lowest level in more than two years on Friday, at around 3.74 to the greenback.
Guardia said, however, that there were no plans to change the government’s policies regarding debt. He said the Treasury will continue operating normally despite the currency volatility.
“This is part of the market’s day-to-day. We are going to continue with our path, with our reform agenda,” he said.
“The country has a very favourable situation regarding current account, with high foreign currency reserves, low deficit on current transactions, which has been financed by foreign direct investment. All that differentiates Brazil from other economies,” Guardia said.
Reporting by Marcela Ayres; Editing by Cynthia Osterman
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-brazil-economy-currency/brazil-to-boost-currency-swap-programme-to-fight-volatility-idUSKCN1IJ2VG |
May 18, 2018 / 5:41 PM / Updated 40 minutes ago Britain's Queen Elizabeth meets Meghan Markle's mother Reuters Staff 1 Min Read
WINDSOR, England (Reuters) - Britain’s Queen Elizabeth and Prince Philip met Meghan Markle’s mother, Doria Ragland, on the eve of Prince Harry’s wedding to the U.S. actress at Windsor Castle, Buckingham Palace said. A police officer chats to fans of Britain's Royal Familly in Windsor, Britain, May 17, 2018. REUTERS/Phil Noble
A spokesman said the queen and Philip met Ragland, a yoga instructor, with Harry and Markle on Friday afternoon. Reporting by Michael Holden; editing by Guy Faulconbridge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-queen-markle/britains-queen-elizabeth-meets-meghan-markles-mother-idUKKCN1IJ2DS |
(Reuters) - French media group Vivendi ( VIV.PA ) has invested over 5 billion euros ($5.9 billion) in Italy over the past three years as part of tycoon Vincent Bollore’s stated ambition to build a southern European media powerhouse.
** MAY-JUNE 2015: Vivendi receives an 8.3 percent stake in TIM as part-payment for selling Brazilian broadband group GVT to Spanish carrier Telefonica TEF.MC. After buying additional shares on the market, Vivendi becomes TIM’s top shareholder with a 14.9 percent stake.
** JULY 2015 - MARCH 2016: Vivendi raises its TIM stake to 24.9 percent, just below the 25 percent threshold that would force it to launch a mandatory takeover bid. It later trims its stake to around 24 percent.
** MARCH 2016: TIM Chief Executive Marco Patuano resigns as Vivendi tightens its grip on the group and is succeeded by Flavio Cattaneo.
** APRIL 2016: Vivendi agrees to buy Mediaset’s pay-TV unit Premium. The deal would give Vivendi full control of Premium and hand the two companies a 3.5 percent stake in each other. It also secures Italian tycoon and former prime minister Silvio Berlusconi, Mediaset’s largest shareholder, as an important ally for Bollore.
** JULY 2016: Vivendi backs away from the deal, calling Premium’s business plan unrealistic.
** AUGUST-DECEMBER 2016: After a lengthy war of words, Mediaset sues Vivendi for damages and asks Milan judges to enforce the pay-TV contract signed in April.
** DECEMBER 2016: Vivendi accumulated just under 30 percent of Mediaset in a hostile raid that draws the ire of Rome. The holding makes Vivendi the second-biggest investor in Mediaset after Berlusconi’s Fininvest holding.
Italy’s communications authority AGCOM and market regulator Consob start looking into Vivendi’s stake building.
** FEBRUARY 2017: Italian prosecutors launch a probe into Bollore and Vivendi’s CEO Arnaud de Puyfontaine for alleged market manipulation in the Mediaset stake building.
** MARCH 2017: Vivendi and Mediaset sue each other for defamation, seeking damages, as a trial kicks off in Milan.
** APRIL 2017: Italy’s communications regulator AGCOM gives Vivendi a year to cut its stake in either TIM or Mediaset to comply with antitrust regulations that prevent excessive concentration of power in both the telecoms media sectors.
** MAY-JUNE 2017: Vivendi tightens its grip on TIM by appointing two thirds of the phone group’s board and making de Puyfontaine TIM’s executive chairman.
Separately, Vivendi appeals AGCOM’s request to reduce its stake in either TIM or Mediaset, with a first hearing by a regional administrative court scheduled for July 4, 2018.
** JULY 2017: TIM CEO Flavio Cattaneo leaves TIM after 16 months in the job following clashes with Vivendi.
** SEPTEMBER 2017: Italian market regulator Consob rules that Vivendi has de facto control of TIM. Rome threatens to fine TIM over its failure to notify the government that Vivendi had assumed control of the phone group.
TIM appoints Amos Genish, a favorite of Bollore, as its new chief executive.
** OCTOBER 2017: Police raid Vivendi’s Paris headquarters as part of a probe into its stake building at Mediaset.
Italy’s government moves to rein in Vivendi’s influence by activating so-called golden powers over TIM, giving it a say in all strategic decisions.
TIM’s board approves the creation of a joint venture with Vivendi’s pay-TV unit Canal+. The decision is later challenged by some independent directors.
** FEBRUARY 2018: An attempt to find an out-of-court agreement between Mediaset and Vivendi through mediation fails, and the pay-TV battle continues in court.
** MARCH 2018: Activist hedge fund Elliott takes a stake in TIM and launches a campaign to shake-up the way Vivendi has been running the company. The fund becomes TIM’s second-largest investor with a 9 percent stake.
A planned joint venture between TIM and Vivendi’s pay-TV unit Canal+ is put on hold after opposition from some TIM board directors. TIM says will pursue content partnerships on a standalone basis
** APRIL 2018: Mediaset signs a content deal with Sky’s Italian unit as part of efforts to reshape its struggling pay-TV business, making a settlement between Vivendi and the Italian broadcaster look less likely.
Italian state lender CDP buys a stake of close to 5 percent in TIM to safeguard Rome’s interests.
** MAY 2018: Elliott pulls off a boardroom coup at TIM, wresting control from Vivendi. The U.S. hedge fund secures two thirds of the available seats on TIM’s board after a shareholder vote, while Vivendi’s slate gets the remaining five. Vivendi insists it remains committed to TIM for the long term.
TIM and Mediaset sign a content agreement, in a move that further isolates Vivendi.
TIM says Vivendi no longer exercises control and coordination over the company.
Reporting by Agnieszka Flak; Editing by Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-vivendi-italy-factbox/factbox-vivendis-5-billion-euro-bet-on-italy-idUSKCN1II1IV |
Houston Texans defensive end J.J. Watt plans to cover the costs of the funerals of the victims of Friday's mass shooting at Santa Fe High School which left 10 dead and more than a dozen wounded, ESPN reported.
The sports network spoke with Watt's team after Friday's massacre. After the news broke, Watt — who famously raised millions for Houston's hurricane relief efforts — tweeted, "Absolutely horrific."
Watt Tweet
Word spread shortly thereafter that the gridiron star had offered to pay for all 10 funerals. Daytime TV host Ellen DeGeneres and NFL writer John McClain, among others, took to Twitter to express their gratitude to and admiration for Watt.
Ellen Tweet
McClain Tweet
After Hurricane Harvey devastated the Houston area and killed dozens, Watt started a fundraiser that went viral, and brought in $37 million .
This month, the J.J. Watt Charitable Foundation also gave $10,000 to a middle school in Baytown, Texas, to buy athletic equipment. As the NFL star wrote on Twitter earlier this spring, "If you have the power to make someone happy, do it. The world needs more of that."
Watt Tweet 2
In February, Watt was named the Walter Payton NFL Man of the Year .
Like this story? Like CNBC Make It on Facebook ! | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/19/houston-texans-jj-watt-to-pay-for-sante-fe-students-funerals.html |
May 15 (Reuters) -
* DARKTRACE SAID TO FETCH $1.25 BILLION VALUATION IN STOCK SALES - BLOOMBERG, CITING SOURCE Source text: bloom.bg/2rKyr1F
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-darktrace-said-to-fetch-125-bln-va/brief-darktrace-said-to-fetch-1-25-bln-valuation-in-stock-sales-bloomberg-idUSFWN1SM103 |
VANCOUVER, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) -- Tower One Wireless Corp (CSE:TO) (OTCQB:TOWTF) (Frankfurt:1P3N) (“Tower One” or the “Company”) is pleased to announce that further to its news release dated April 3, 2018, it has acquired 1,500 Series A shares (the “ Acquisition Shares ”) of a Mexican-based private tower company representing 75% of its issued and outstanding share capital.
In consideration for the Acquisition Shares, the Company will issue 7,500,000 Class A common shares to a certain shareholder of the Mexican-based tower company at $0.185 per share for an aggregate value of $1,387,500. Following completion of the acquisition, the Company will own 90% of the issued and outstanding share capital of the Mexican-based private tower company, which will become a subsidiary of the Company.
The Mexican-based tower company, which owns, builds and leases cellular towers to the telecom industry in Mexico, includes a Master Lease Agreement with AT&T permitting it to be granted direct “Build-To-Suit” opportunities for AT&T.
About Tower One Wireless Corp.
Tower One builds, owns, and leases its portfolio of wireless infrastructure assets to wireless carriers on long-term contracts. Tower One is one of a few publicly traded small cap companies in the tower and wireless infrastructure industry. Tower One is operated by a team of telecom and finance professionals with a long history of success in the telecom and wireless infrastructure business. Tower One Wireless is currently focused on 4G & 5G LTE infrastructure expansion in Latin America and Tower services throughout the USA.
On Behalf of the Board of Directors
Robert ‘Nick’ Horsley - Director
Robert Nick Horsley
[email protected]
(917) 546-3016
www.toweronewireless.com
The CSE has not reviewed, and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law and may not be offered or sold in the “United States”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.
FORWARD LOOKING STATEMENTS
Certain statements in this release are forward-looking statements, which include regulatory approvals and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward looking statements will not occur. Forward- looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, present and future business strategies, the environment in which the Company will operate in the future, and other factors, many of which are beyond the control of the Company. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. There can be no assurance that the proposed Transaction will be completed or, if completed, will be successful.
Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) that environmental laws and regulations may become more onerous; (ii) that the Company may not be able to raise additional funds when necessary; (iii) risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions with the business; (v) competition; (iv) the uncertainty of profitability based upon the Company’s history of losses; (xiii) risks related to environmental regulation and liability; (vi) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”); (vii) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued operation and development of the Company’s projects; (viii) risks related to the outcome of legal actions; (ix) political and regulatory risks; (x) risks related to current global financial conditions; and (xi) other risks and uncertainties related to the Company’s prospects, assets and business strategy. Important factors that could cause actual results to differ materially from the Company’s expectations include, litigation, global economic climate, loss of key employees and consultants, additional funding requirements, changes in laws, competition, and failure of counterparties to perform their contractual obligations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
Source:Tower One Wireless | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-tower-one-wireless-completes-acquisition-of-mexico-tower-company-with-att-master-lease-agreement.html |
May 15, 2018 / 9:12 AM / Updated 12 minutes ago Russia says it is possible to discuss Iran deal's future without U.S.: RIA Acting Deputy Foreign Minister Sergei Ryabkov said on Tuesday it was possible to discuss the future of without the participation of the United States, the RIA news agency reported.
Ryabkov also said it would be impossible to preserve the deal without Tehran making concessions, the Interfax news agency reported. He also said that the U.S. decision on Iran was “rash” amid nuclear talks regarding the Korean peninsula. | ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-ryabkov/russia-says-it-is-possible-to-discuss-iran-deals-future-without-u-s-ria-idINKCN1IG13W |
VANCOUVER, British Columbia, May 30, 2018 (GLOBE NEWSWIRE) -- Imperial Ginseng Products Ltd. (TSXV:IGP) (the “Company”) is pleased to announce that the Board of Directors of the Company has declared a special dividend of CAD$0.03 per share on its outstanding common shares, payable on June 28, 2018 to shareholders of record at the close of business on June 12, 2018. The dividend is designated as an “eligible dividend” for Canadian income tax purposes.
The determination of payment of this dividend to shareholders was after the Board taking into account the current cash and biological asset position of the Company. As future operating results may be affected by unforeseen circumstances, this dividend should not be regarded as indicative of a regular dividend.
About Imperial Ginseng Products Ltd.
The Company is an agricultural company that seeks to provide investors returns through the cultivation and processing of North American ginseng in Ontario and the marketing of its roots primarily to Asia.
ON BEHALF OF THE BOARD OF DIRECTORS
“Stephen McCoach”
Chief Executive Officer and Director
For additional information, please contact Stephen McCoach at:
Imperial Ginseng Products Ltd.
Suite 3030, 650 West Georgia Street, Vancouver, BC V6B 4N7
Tel: (604) 689-8863
Email: [email protected]
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking” statements, including statements with respect to future purchases of common shares by the Company. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligations to update or revise them to reflect new events or circumstances.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Imperial Ginseng Products Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-imperial-ginseng-products-ltd-declares-a-special-dividend.html |
LONDON and NEW YORK, May 16, 2018 /PRNewswire/ -- XL Catlin today announced that it has extended its global Mergers and Acquisitions (M&A) capacity by 20 percent to USD 60 million, in order to better address the transactional liability insurance needs of clients, brokers and other deal professionals.
Commenting, Dan Kumpf, Chief Underwriting Officer, Global Professional Lines said: "XL Catlin views M&A insurance as a vital tool in driving global M&A deals; the value of which is expected to exceed USD 3 trillion in 2018. We expect the expansion of the M&A transactional risk insurance market to continue and we remain committed to investing in key talent and supporting deal professionals and their brokers across the world."
XL Catlin's growing team of underwriters in London and New York has the capability to underwrite deals globally and offer coverage in the following core areas:
Representation and Warranty Insurance, also known as Warranty and Indemnity (Buyer-side and Seller-side) Tax Liability, Tax Opinion and other Contingent Tax Insurance Non-Tax Contingent Liability Insurance
"In today's global business environment we want to ensure that our clients have access to the appropriate capacity. The additional capacity reflects our ongoing commitment to the growing needs of our clients around the world," explained Joseph Laws, Head of M&A Insurance, North America who co-leads XL Catlin's M&A practice alongside Michael McGowan, Head of M&A Insurance, North America.
XL Catlin offers M&A insurance for various risks associated with mergers and acquisitions, divestitures, spinoffs, private equity investments and other commercial transactions. The M&A insurance group provides bespoke coverage and unique risk shifting arrangements that can help facilitate transactions and add value for all parties.
About XL Catlin's Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com .
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd's (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com .
View original content: http://www.prnewswire.com/news-releases/xl-catlin-extends-global-mergers--acquisitions-insurance-capacity-300649050.html
SOURCE XL Catlin | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-xl-catlin-extends-global-mergers-acquisitions-insurance-capacity.html |
DUBAI—Kuwait’s pension fund is trying to force private-equity firm Abraaj Group into bankruptcy proceedings over allegedly not repaying a $100 million loan, according to a court document, upending efforts to save Dubai’s star investor.
In a document filed May 22 in the Cayman Islands court system, Kuwait’s Public Institution for Social Security says Abraaj is “substantially insolvent” and unable to repay the loan and $7 million interest by the agreed upon date, which is Sunday. The Kuwait fund has asked the court that Abraaj’s... | ashraq/financial-news-articles | https://www.wsj.com/articles/kuwait-pension-fund-tries-to-force-abraaj-into-bankruptcy-1527717453 |
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), the leading RNAi therapeutics company, announced today the appointment of a veteran healthcare leader, Colleen Reitan, to Alnylam’s Board of Directors, effective June 1, 2018. Ms. Reitan was the prior President of Plan Operations of Health Care Service Corporation (HCSC), the largest customer-owned health insurer in the United States and an independent licensee of Blue Cross and Blue Shield Association.
“We are thrilled to welcome Colleen to our Board at a turning point in Alnylam’s history. As we pivot towards commercialization, Colleen’s deep understanding of the healthcare payer landscape will provide an invaluable perspective to our Board,” said John Maraganore, Ph.D. Chief Executive Officer of Alnylam. “We look forward to the insights Colleen will bring to the Board at this exciting moment in our journey to advance RNAi therapeutics for patients in need.”
“It’s a pleasure to join a company with such a strong sense of purpose and at the cusp of a transition from an R&D-focused organization to a commercial-stage organization with the capability to make innovative medicines available to underserved patients around the world,” said Colleen Reitan. “I hope to offer a unique perspective on Alnylam’s roadmap to commercialization, drawing from my experiences in the health insurance sector. Having a deep insight of payer perspective will be critical to Alnylam’s commercial strategy, and is something that has been a focal point of my career.”
Colleen Reitan is a seasoned corporate leader and board member. Prior to her role as President of Operations at HCSC, she served as the company’s Chief Operating Officer. Previously, Ms. Reitan served as President and Chief Operating Officer of Blue Cross Blue Shield of Minnesota, and as a director on the boards of Prime Therapeutics, Availity, Federal Employee Board of Managers, and MEDecision.
About Alnylam Pharmaceuticals
Alnylam (Nasdaq: ALNY) is leading the translation of RNA interference (RNAi) into a whole new class of innovative medicines with the potential to transform the lives of people afflicted with rare genetic, cardio-metabolic, and hepatic infectious diseases. Based on Nobel Prize-winning science, RNAi therapeutics represent a powerful, clinically validated approach for the treatment of a wide range of severe and debilitating diseases. Founded in 2002, Alnylam is delivering on a bold vision to turn scientific possibility into reality, with a robust discovery platform and deep pipeline of investigational medicines, including four product candidates that are in late-stage development. Looking forward, Alnylam will continue to execute on its “Alnylam 2020” strategy of building a multi-product, commercial-stage biopharmaceutical company with a sustainable pipeline of RNAi-based medicines to address the needs of patients who have limited or inadequate treatment options. Alnylam employs over 800 people in the U.S. and Europe and is headquartered in Cambridge, MA. For more information about our people, science and pipeline, please visit www.alnylam.com and engage with us on Twitter at @Alnylam or on LinkedIn .
Alnylam Forward Looking Statements
Various statements in this release concerning Alnylam's future expectations, plans and prospects, including, without limitation, Alnylam's views with respect to global commercialization of investigational RNAi therapeutics, and expectations regarding “Alnylam 2020” guidance for the advancement and commercialization of RNAi therapeutics, constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results and future plans may differ materially from those indicated by these forward-looking statements as a result of various important risks, uncertainties and other factors, including, without limitation, Alnylam's ability to discover and develop novel drug candidates and delivery approaches, successfully demonstrate the efficacy and safety of its product candidates, the pre-clinical and clinical results for its product candidates, which may not be replicated or continue to occur in other subjects or in additional studies or otherwise support further development of product candidates for a specified indication or at all, actions or advice of regulatory agencies, which may affect the design, initiation, timing, continuation and/or progress of clinical trials or result in the need for additional pre-clinical and/or clinical testing, delays, interruptions or failures in the manufacture and supply of its product candidates, obtaining, maintaining and protecting intellectual property, Alnylam's ability to enforce its intellectual property rights against third parties and defend its patent portfolio against challenges from third parties, obtaining and maintaining regulatory approval, pricing and reimbursement for products, progress in establishing a commercial and ex-United States infrastructure, competition from others using technology similar to Alnylam's and others developing products for similar uses, Alnylam's ability to manage its growth and operating expenses, obtain additional funding to support its business activities, and establish and maintain strategic business alliances and new business initiatives, Alnylam's dependence on third parties for development, manufacture and distribution of products, the outcome of litigation, the risk of government investigations, and unexpected expenditures, as well as those risks more fully discussed in the “Risk Factors” filed with Alnylam's most recent Quarterly Report on Form 10-Q filed with the Commission (SEC) and in other filings that Alnylam makes with the SEC. In addition, any forward-looking statements represent Alnylam's views only as of today and should not be relied upon as representing its views as of any subsequent date. Alnylam explicitly disclaims any obligation, except to the extent required by law, to update any forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005108/en/
Alnylam Pharmaceuticals, Inc.
Christine Regan Lindenboom, 617-682-4340
(Investors and Media)
or
Josh Brodsky, 617-551-8276
(Investors)
Source: Alnylam Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-alnylam-appoints-colleen-reitan-to-the-board-of-directors.html |
May 3, 2018 / 9:43 PM / Updated 14 hours ago UPDATE 3-ATP World Tour 250, Estoril Men's Singles Results Reuters Staff 1 Results from the ATP World Tour 250, Estoril Men's Singles matches on Thursday .. 2nd Round .. Stefanos Tsitsipas (GRE) beat 1-Kevin Anderson (RSA) 6-7(3) 6-3 6-3 Roberto Carballes Baena beat Cameron Norrie (GBR) 5-7 6-2 7-6(1) (ESP) Nicolas Jarry (CHI) beat Ricardo Ojeda Lara (ESP) 6-3 7-6(6) 2-Pablo Carreno Busta beat Nicolas Kicker (ARG) 6-1 7-5 (ESP) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-mens-singles/atp-world-tour-250-estoril-mens-singles-results-idUKMTZXEE5369IS00 |
Nicholas Castellanos had three hits and scored the go-ahead run during a three-run eighth as the Detroit Tigers edged the Chicago White Sox 5-4 on Friday night.
Castellanos scored two runs and knocked in another during his fifth consecutive multi-hit game. Leonys Martin had two hits, two runs scored and an RBI. Jose Iglesias added two hits, a walk and a run scored.
Buck Farmer (1-3) pitched an inning of scoreless relief to get the win. Shane Greene pitched the ninth for his 12th save. Starter Mike Fiers gave up four runs on nine hits in 5 2/3 innings.
Tim Anderson had three hits, including a solo home run, and drove in two runs for Chicago. Jose Abreu supplied two hits, a run scored and an RBI. White Sox starter Reynaldo Lopez gave up two runs on five hits over seven innings.
Iglesias led off the eighth against ex-Tiger Bruce Rondon (2-3) with a double. One out later, Martin drove home Iglesias with a single. Castellanos then ripped a double to left and Martin just barely beat the tag at home to tie it at 4-all. Castellanos advanced to third on the throw.
Jace Fry relieved Rondon and got Jeimer Candelario to pop up, but the ball dropped in for a single as Castellanos raced home.
The White Sox jumped to an early 2-0 lead. Yoan Moncada led off the game with a double to right and scored on Abreu’s double. Abreu came home on Anderson’s single.
A leadoff walk to Omar Narvaez led to the White Sox’s next run in the fourth. Adam Engel followed with a single. After a fielder’s choice that removed Narvaez from the basepaths, Trayce Thompson ripped a single to drive in Engel.
Detroit broke through against Lopez with two runs in the bottom of the inning. Martin singled to get the rally started and Castellanos’ double put runners in scoring position. Martin scored on a wild pitch, and Castellanos came home on Victor Martinez’s groundout.
Anderson made it 4-2 with his eighth homer of the season to left.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-det-chw-recap/castellanos-stays-hot-as-tigers-rally-past-white-sox-idUSMTZEE5QBD05IB |
May 4, 2018 / 3:51 PM / in 17 minutes Clayton Homes mimics Buffett approach as it grows Jonathan Stempel 3 Min Read
OMAHA, Neb. (Reuters) - Warren Buffett’s manufactured housing unit Clayton Homes is borrowing the playbook of Berkshire Hathaway Inc’s longtime chairman as it boosts its bet on a growing market for traditional site-built homes. Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska May 3, 2015. REUTERS/Rick Wilking
Clayton entered the field in 2015, and has grown in larger markets such as Atlanta, Charlotte, Denver and Nashville, and smaller markets including Salt Lake City and Birmingham, Alabama, marketing vice president Carl Hill said on Thursday.
“We’ve looked for businesses that have really similar cultural values that happen to be in strong and growing housing markets,” he said, ahead of Berkshire’s annual meeting on Saturday.
“Business owners, when they come on board, have a very strong interest in remaining part of the businesses and continuing to run operations, really very similar to the way Berkshire Hathaway has grown through its subsidiaries.”
Site-built homes are still a small part of Clayton’s business, with much of its $765 million pretax profit last year coming from its $13.7 billion mortgage portfolio.
Clayton also dominates the manufactured home market, where profit margins are greater, and where it commands a 49 percent share, Buffett said in February.
Such homes are often bought by people with low credit scores, low incomes, and financial profiles that can come undone by divorce or death.
Clayton is trying to move past reports three years ago in the Seattle Times claiming it exploited black, Latino and Native American borrowers into unaffordable subprime loans.
The Maryville, Tennessee-based company has denied those allegations and Buffett has defended Clayton repeatedly, lauding what he called its “best-in-class” management group and culture.
Clayton stands to benefit from a bill in Congress that would exempt builders of manufactured homes from lending rules applying elsewhere in the housing market, and let them refer prospective buyers to affiliated lenders.
The U.S. Senate in March passed the White House-backed legislation 67-31, with 16 Democrats voting in favor, and sent it to the House of Representatives.
Supporters believe the bill could spur homebuying and lending, while critics say it could restrict competition and strain lower-income homebuyers through higher borrowing costs.
“We’re particularly interested in supporting legislation that makes for a more open and competitive marketplace,” Hill said.
With U.S. homeownership at a five-decade low, Clayton is targeting homebuyers with a $200,000 budget but who want land - a combination admittedly unattainable in parts of the country.
“There is a deficit of available inventory,” Hill said. “A lot of people are having to move into smaller, older homes to get into that price point.” Reporting by Jonathan Stempel in Omaha, Neb.; Editing by Jennifer Ablan and Matthew Lewis | ashraq/financial-news-articles | https://www.reuters.com/article/us-berkshire-buffett-clayton/clayton-homes-mimics-buffett-approach-as-it-grows-idUSKBN1I51ZG |
May 22, 2018 / 2:32 PM / Updated an hour ago Struggling Argentina must improve to hit heights again Andrew Downie 3 Min Read
(Reuters) - Argentina last won a major title 25 years ago and while the prospect of ending that drought has looked so close in recent years it now seems a distant prospect. Football Soccer - Argentina's national soccer team training - World Cup 2018 - Buenos Aires, Argentina - May 21, 2018 - Argentina's head coach, Jorge Sampaoli, attends a news conference on his 23-man squad for the 2018 World Cup in Russia. REUTERS/Agustin Marcarian
Argentina last picked up silverware at the 1993 Copa America, when Gabriel Batistuta and Diego Simeone were playing.
They reached the finals of the World Cup in 2014 and the Copa America in 2015 and 2016 but lost all three, the first in extra-time to Germany, the other two to Chile on penalties.
Since then they have gone backwards, with the Argentine Football Association in turmoil and three national team managers in three years unable to get the best out of unquestionably one of the world’s most star-studded squads.
After settling on Jorge Sampaoli, the Argentine coach who won the Copa America with Chile in 2015, they have yet to find their groove despite having talisman Lionel Messi to call on.
One win in four competitive games tells its own story and narrow victories over World Cup hosts Russia and Italy, who have surprisingly missed out on this year’s finals, in friendlies appear less significant than hammerings by Nigeria and Spain.
“We need to learn from our mistakes,” Sampaoli said after the Spain defeat. “We need to face the music and move on.”
Quite how he plans to do that remains a mystery. Related Coverage | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-arg-prospects/struggling-argentina-must-improve-to-hit-heights-again-idUKKCN1IN1X7 |
SYDNEY, May 31 (Reuters) - Profits for the airline industry will be solid this year but are unlikely to be at the level anticipated in December, the head of the International Air Transport Association said on Thursday.
Alexandre de Juniac, speaking to reporters at a media event ahead of the organisation’s annual meeting due to begin on Sunday, said fresh forecast would be given next week, adding that the December projection was based on oil at $60 per barrel.
In December, the group had predicted a record $38.4 billion net profit for the airline industry in 2018, with $27.9 billion coming from U.S. and European airlines.
Juniac said higher fuel price had not yet been passed on in fares yet.
IATA represents some 280 airlines comprising 83 percent of global air traffic. (Reporting by Jamie Freed; Editing by Himani Sarkar)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/airlines-iata/airline-profits-this-year-unlikely-at-dec-forecast-level-iata-ceo-idUSL3N1T21XN |
May 11, 2018 / 9:14 PM / Updated 24 minutes ago Bill tightening foreign investment oversight headed for U.S. Senate vote Reuters Staff 2 Min Read
WASHINGTON (Reuters) - A bill aimed at tightening oversight of foreign investment in the United States is headed for a vote this month by the U.S. Senate Banking Committee, the panel said in a statement on Friday.
The committee also released draft proposals that will be voted on to amend the bill, which was introduced last November by Senator John Cornyn.
Cornyn supports the proposed changes.
“As China has increasingly weaponised investment, it’s a national security imperative to strengthen the interagency review process to safeguard military and dual-use technology and know-how,” he said in a statement that accompanied the release of the proposed changes.
The bill in the Senate, and a companion measure in the U.S. House of Representatives, would broaden CFIUS’ reach in hopes of reining in China’s acquisition of U.S. high tech knowledge even as China has sought to focus on production of higher-value goods, like robots, computers and telecommunications equipment.
The bipartisan legislation has the support of President Donald Trump’s administration. Reporting by Diane Bartz; Editing by Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-cfius-congress/bill-tightening-foreign-investment-oversight-headed-for-u-s-senate-vote-idUKKBN1IC2LS |
May 31, 2018 / 9:58 AM / Updated 9 minutes ago UK's Tullow Oil eyes new Ghana offshore assets - CEO Reuters Staff 1 Min Read
ACCRA (Reuters) - Tullow Oil ( TLW.L ) is interested in new oil blocks off Ghana’s coast as part of the British explorers plans to consolidate its operations in the West African nation, Chief Executive Paul McDade said on Thursday.
Tullow is leading two operations offshore Ghana, including the country’s flagship 100,000 barrel-per-day Jubilee field, which began commercial production in late 2010. Reporting by Kwasi Kpodo; Editing by Edmund Blair | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ghana-oil/uks-tullow-oil-eyes-new-ghana-offshore-assets-ceo-idUKKCN1IW16A |
April 30 (Reuters) - State Bank of India:
* KEEPS LENDING RATES UNDER MCLR UNCHANGED IN MAY Source text for Eikon: bit.ly/2hfLVQS
Further company coverage: (Mumbai newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-state-bank-of-india-keeps-lending/brief-state-bank-of-india-keeps-lending-rates-under-mclr-unchanged-in-may-idUSL3N1S74OD |
BEIJING, May 14, 2018 /PRNewswire/ -- Momo Inc. (Nasdaq: MOMO) ("Momo" or the "Company"), one of China's leading mobile social networking platforms, today announced that it will release its unaudited financial results for the first quarter ended March 31, 2018 before U.S. markets open on Tuesday, May 29, 2018.
Momo's management will host an earnings conference call on Tuesday, May 29, 2018 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on the same day).
Dial-in details for the earnings conference call are as follows:
International:
+65-6713-5090
U.S. Toll Free:
+1-866-519-4004
Hong Kong Toll Free:
800-906601
Mainland China:
4006-208038
Passcode:
Momo
A telephone replay of the call will be available after the conclusion of the conference call through 8:00 a.m. U.S. Eastern Time, June 6, 2018. The dial-in details for the replay are as follows:
International:
+61-2-8199-0299
U.S. Toll Free:
+1-855-452-5696
Passcode:
9188258
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Momo's website at http://ir.immomo.com .
About Momo Inc.
Momo is one of China's leading mobile-based social and entertainment platforms. We enable users to establish and expand social relationships based on location, interests and a variety of recreational activities including live videos, short videos, social games as well as other video- and audio-based interactive experiences. Our platform includes Momo mobile application, Tantan mobile application, and a variety of related features, functionalities, tools and services that we provide to users, customers and platform partners. We aim to offer our users an authentic social experience by encouraging them to provide detailed personal information on Momo. Leveraging our social interest graph engine and our analysis of user behavior data, we are able to provide users a customized experience based on their social preferences and needs. Momo users can maintain and strengthen their relationships through our private and group communication tools, content creation and sharing functions, recreational activities such as live shows and gaming, as well as the offline social activities promoted on our platform. For more information, please visit http://ir.immomo.com .
For investor and media inquiries, please contact:
Momo Inc.
Momo Investor Relations
Ms. Ashley Jing
Phone: +86-10-5731-0538
Email: [email protected]
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: [email protected]
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/momo-to-report-first-quarter-2018-results-on-may-29-2018-300647496.html
SOURCE Momo Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-momo-to-report-first-quarter-2018-results-on-may-29-2018.html |
TOKYO, May 25 (Reuters) - Japanese stocks were slightly higher on Friday, supported by defence-related companies after U.S. President Donald Trump canceled a summit with North Korea, although the return of geopolitical tensions kept wider investor sentiment subdued.
The Nikkei share average gained 0.2 percent to 22,482.31 in light midmorning trade after dipping into negative territory earlier. For the week, the index has fallen 2.2 percent so far and is poised to post the first weekly decline in nine weeks.
The broader Topix dropped 0.1 percent.
Defence equipment maker Ishikawa Seisakusho surged 6.3 percent, Howa Machinery jumped 6.4 percent, while health protection device maker Shigematsu Works soared 2.8 percent.
“Investors see exporter shares are difficult to invest in now due to a strong yen, so they are shifting their money to defence-related stocks for now,” said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management.
“Investors’ risk stance came back earlier this week as trade war worries seemed to ease, but the relief was short-lived and investors seem risk averse again.”
Trump, in a letter to North Korea released by the White House, called off the June 12 summit, citing “tremendous anger and open hostility” in a recent statement by Pyongyang. The cancellation came even after North Korea followed through on a pledge to blow up tunnels at its nuclear test site.
Automakers continued to slide on worries about new U.S. tariffs.
Toyota Motor Corp dropped 1.0 percent and Subaru Corp declined 0.7 percent.
Defensive shares such as railway and food stocks, which are less affected to global risks, found support. East Japan Railway rose 1.0 percent, while Ajinomoto Co advanced 0.7 percent. (Editing by Sam Holmes)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-stocks-midday/japan-stocks-slightly-higher-as-defence-stocks-rally-idUSL3N1SW196 |
May 16, 2018 / 3:02 PM / Updated 33 minutes ago Britain says U.S. sanctions on Iran have wide impact, make third-party trade difficult Reuters Staff 2 Min Read
LONDON (Reuters) - Britain said on Wednesday that U.S. sanctions against Iran were having a clear impact on other countries and were making it difficult for firms to assess the risks of doing business there. FILE PHOTO: Rona Fairhead makes a statement after the publication of the Janet Smith Report in London, Britain February 25, 2016. REUTERS/Adrian Dennis/pool/File Photo
U.S. President Donald Trump on May 8 withdrew from a deal between Iran and major world powers whereby some sanctions against Tehran were lifted in exchange for curbs on its nuclear programme. Trump has since imposed new sanctions, cutting Iran’s use of a critical banking network.
“It is clear that there is extra-territorial reach to some of these sanctions,” said Rona Fairhead, a trade department minister in the upper house of the British parliament, acknowledging that the sanctions would have an impact on trade between Iran and countries other than the United States.
“All businesses have to take into account the commercial risks, the legal risks, the financing risks of any transaction, and clearly these sanctions make that difficult,” she said.
Fairhead said Britain was providing guidance on the ground in Iran and at home to help companies navigate those risks and was also working with other governments to keep trade ties alive.
“We are working with our EU colleagues and directly both with the U.S. and with the EU to try and both protect our businesses as well as encourage the U.S. to allow us to continue economic ties because we think that’s important,” she said.
British, French and German foreign ministers met in Brussels on Tuesday to see how they can save the nuclear deal without the United States, but appeared hard-pressed over how their companies could continue doing business with Iran once Washington begins to reimpose sanctions. Reporting by William James; Editing by Andrew MacAskill and Gareth Jones | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-sanctions-britain/britain-says-u-s-sanctions-on-iran-have-wide-impact-make-third-party-trade-more-difficult-idUKKCN1IH21S |
May 25, 2018 / 5:32 PM / Updated an hour ago Agrokor to be taken over by creditors under proposed debt settlement plan Reuters Staff 3 Min Read
ZAGREB May 25 (Reuters) - Indebted Croatian food group Agrokor will be taken over by a new Dutch-based company, owned by creditors, under a proposed debt settlement plan announced on Friday.
Agrokor, the largest company in the Balkans with 60,000 staff, was put under state-run administration in April 2017, crippled by debts built up during an ambitious expansion drive.
The draft debt settlement plan, drawn up by Agrokor’s crisis management team, proposed that a company to be called Aisle Dutch TopCo would offer a debt-to-equity swap or convertible bonds to creditors.
The debt settlement deal would become effective next year after the appeals period expires, the team said.
The settlement must be voted on by July 10, according to an emergency law adopted a year ago to save Agrokor from bankruptcy.
Creditors including foreign and local banks, bondholders and suppliers, will start discussing the settlement plan next week.
The plan aims for “fair and equitable treatment of the stakeholders in the restructuring process; establishment of a new corporate structure to hold Agrokor’s assets; and achieving a sustainable level of debt in the new group by settling impaired creditors’ claims with convertible bonds and depository receipts”, the crisis management team said.
Agrokor said last week that a vast majority of creditors were behind efforts to finalise the deal. For the settlement to be valid two thirds of the creditors must vote for it.
After the settlement, Agrokor will be effectively left without any recoverable assets and will need to be wound down, the crisis management team said.
The biggest single creditor of Agrokor is Russia’s Sberbank with loans worth 1.1 billion euros ($1.3 billion). It is set to become the biggest single shareholder in the new company after the settlement, which will also include a certain level of write-offs.
Croatia’s deputy prime minister Martina Dalic resigned on May 14 under pressure from opposition groups who accused her of failing to prevent conflicts of interest during the restructuring of Agrokor. Reporting by Ivana Sekularac and Maja Zuvela; Editing by Susan Fenton | ashraq/financial-news-articles | https://www.reuters.com/article/croatia-agrokor/agrokor-to-be-taken-over-by-creditors-under-proposed-debt-settlement-plan-idUSL5N1SW5O2 |
0 COMMENTS A Dish Network satellite dish is shown on a residential home in Encinitas, Calif., U.S., Nov. 8, 2017. Photo: Reuters
New revenue accounting standards buoyed Dish Network Corp.’s net income by around 7% during its latest quarter, the company’s finance chief said Tuesday.
The positive impact from the regulatory shift wasn’t enough, however, to offset the exodus of subscribers that pushed the company’s first quarter profit down 2% when compared to the same period last year.
The new accounting rules require companies to recognize revenue from contracts at the time the promised goods and services are delivered to a customer. The uniform standard, which became effective for public companies this year, replaces a patchwork of industry-specific rules with the aim of making comparisons of revenue and fiscal performance easier. The rules also affect how and when companies report the costs associated with delivering their products and services.
“Prior to the adoption of (the new standards), certain sales incentive payments made to third-party retailers were booked as incurred,” said Steve Swain, the chief financial officer of the company, during a conference call Tuesday. “Now these costs are deferred over the average customer life.”
The rule change “positively impacted DISH’s net income by $27 million,” Mr. Swain said. He also added that the company’s income tax for the period dropped 44% to $116 million mostly due to to the recently passed U.S. tax legislation, which lowered the corporate tax rate to 21% from 35% previously.
Still, the satellite-TV company’s earnings fell to $368 million for the quarter, down from $376 million during the same period last year. Revenue for the period slipped about 6% to $3.46 billion.
The company reported that net pay-TV subscribers declined by 94,000 in quarter. Traditional cable-TV companies have been pressured by customers’ growing preference for streaming and on-demand services. Dish officials declined to give further comment.
The new accounting standards were developed and released in 2014 by the Financial Accounting Standards Board (FASB) and their European counterpart, the International Accounting Standards Board (IASB).
Late last year, SEC officials said they noticed a 15% rise in inquires surrounding revenue recognition from companies as the deadline for implementation approached. Commission officials have said that they will refrain initially from issuing comment letters scrutinizing company compliance with the new standard during the early stages of enforcement.
Share this: ACCOUNTING FASB IASB Previous The Morning Ledger: CEO Pay Hits New Postrecession High Content from our sponsor Deloitte CFO insight and analysis written and compiled by Deloitte Red, Yellow, Green: Building a Strong Team During a Transition First-time or newly hired CFOs need to make critical decisions early on about who to place in top positions, or risk being saddled with an underperforming team that can hamper the CFO’s ability to meet their strategic goals. Dr. Ajit Kambil, global research director for Deloitte’s CFO Program and creator of its Executive Transition Lab, explains why so much depends on the talent decisions CFOs make in their first 180 days, and describes techniques for effectively evaluating and developing finance staffers.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/cfo/2018/05/09/dish-network-profit-boosted-by-new-accounting-rules/ |
JERUSALEM (Reuters) - El Al Israel Airlines ( ELAL.TA ) on Tuesday reported a bigger loss in the first quarter, reflecting the impact of higher jet fuel and salary costs and a further deterioration in market share.
FILE PHOTO: The logo of Israel's El Al Airlines is seen during a ceremony marking the arrival of the first of the airline's order of 16 Boeing 787 Dreamliner jets, at Ben Gurion International Airport, near Tel Aviv, Israel August 23, 2017. REUTERS/Amir Cohen/File Photo Israel’s flag carrier has met with stiff competition from rivals including Turkish Airlines, Aeroflot ( AFLT.MM ), easyJet ( EZJ.L ) and WizzAir ( WIZZ.L ), which offer lower fares on routes to Israel even though some flights require a stopover.
During the quarter, El Al’s market share at Tel Aviv’s Ben-Gurion airport slipped to 27.5 percent from 32.3 percent a year earlier, but the airline remained the market leader.
El Al’s passenger numbers rose 2.6 percent versus 20.7 percent for all airlines, according to data from the Israel Airports Authority.
El Al said its passenger load factor, which measures, capacity utilization, was 83.8 percent, compared with 83.6 percent last year.
Chief Executive Gonen Usishkin said the first-quarter results reflected “the many challenges stemming from the open skies (with Europe) and the fierce and increasing competition from foreign airlines — especially low cost carriers.”
He said due to the increasing competition, El Al would accelerate its efficiency plan, including removing older Boeing 767 aircraft from service this year rather than in 2020 and changing its commission payments to travel agents.
It is also postponing the launch of a non-stop route to San Francisco until the second quarter of 2019 from later this year.
“The plan ... examines all channels of operation and areas of activity and aims to increase revenue and significantly reduce expenses to create a clear path of an improvement of results over many years,” Usishkin said.
The company reported a $44 million loss in the first three months of 2018, compared with a $30 million loss a year earlier, partly weighed down by a weaker dollar against the shekel.
Revenue rose 11 percent to $464 million, although expenses rose 15 percent, largely because of a 25 percent increase in jet fuel costs and higher salary expenses as the minimum wage increased.
El Al is banking on a more than $1 billon overhaul of its long-range fleet to win back customers while also revamping its short-haul fare structure.
It has received the first four of 16 Boeing ( BA.N ) 787 aircraft that will be delivered by 2020 and it expects three more by the end of October.
In March, El Al petitioned Israel’s Supreme Court to restrict any new flights to the country via Saudi airspace until it can also use a shorter route.
Saudi Arabia does not recognize Israel and El Al must take a more circuitous route to avoid Saudi Arabia, which it has said adds two hours to flight times and increases costs.
The petition came a week after Saudi Arabia opened its airspace for the first time to a commercial flight to Israel.
Reporting by Steven Scheer. Editing by Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-el-al-arlns-results/el-al-airlines-first-quarter-loss-widens-as-market-share-falls-idUSKCN1IU172 |
May 22 (Reuters) - Transcat Inc:
* TRANSCAT REPORTS OPERATING INCOME UP 14% ON RECORD REVENUE FOR FISCAL 2018
* Q4 REVENUE $42.5 MILLION VERSUS $38.5 MILLION * SEES TOTAL CAPITAL EXPENDITURES TO BE ABOUT $7.0 MILLION TO $7.5 MILLION IN FISCAL 2019
* Q4 EARNINGS PER SHARE VIEW $0.23, REVENUE VIEW $40.9 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-transcat-reports-q4-earnings-per-s/brief-transcat-reports-q4-earnings-per-share-0-33-idUSASC0A3A8 |
Mom "rattled" by Southwest's biracial son query 11:38am EDT - 01:02
UC Berkeley women’s head basketball coach Lindsay Gottlieb says Southwest Airlines asked for proof that her biracial baby was hers before they'd allow her to board a fllght.. Linda So reports. ▲ Hide Transcript ▶ View Transcript
UC Berkeley women’s head basketball coach Lindsay Gottlieb says Southwest Airlines asked for proof that her biracial baby was hers before they'd allow her to board a fllght.. Linda So reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2ITaujY | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/30/mom-rattled-by-southwests-biracial-son-q?videoId=431702596 |
BOSTON, May 30, 2018 /PRNewswire/ -- The following statement is being issued by Professor Eric D. Green, Special Master for the Department of Justice's Takata Airbag Individual Restitution Fund and the Trustee of the Tort Compensation Trust Fund Created in the Takata Bankruptcy Cases.
Takata Defective Airbag Claims
Professor Eric D. Green, the Court-Appointed Special Master of the Department of Justice's $125 million Takata Individual Restitution Fund ("IRF") and the Court-Appointed Trustee of the Takata Airbag Tort Compensation Trust Fund ("TATCTF") created in the Takata bankruptcy case announced today that he has launched the compensation program for individuals who suffered personal injury or wrongful death caused by the rupture or aggressive deployment of a Takata phase-stabilized ammonium nitrate airbag inflator (a "Takata Airbag Inflator Defect"). The TATCTF has about $140 million.
There are three types of claims that can be brought by individuals who suffered injury or wrongful death caused by a Takata Airbag Inflator Defect: (i) an "IRF Claim" for compensation from the IRF, the personal injury and wrongful death restitution fund overseen by the Special Master and established under the Restitution Order entered by the United States District Court for the Eastern District of Michigan (the "District Court") on February 27, 2017 in connection with the Department of Justice's criminal case against Takata, U.S. v. Takata Corporation, Case No. 16-cr-20810 (E.D. Mich.); (ii) a "Trust Claim" against Takata, which must be resolved through the TATCTF, overseen by the Trustee and established in connection with Takata's Chapter 11 Plan of Reorganization (the "Bankruptcy Plan") in the Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"), and (iii) a "POEM Claim" against a Participating Original Equipment Manufacturer (a "POEM;" presently the only POEM is Honda/Acura), which must be resolved pursuant to the Bankruptcy Plan through the TATCTF overseen by the Trustee.
Each of these three types of claims has its own eligibility requirements and each claim type covers only physical injuries and wrongful death resulting from a Takata Airbag Inflator Defect. Claims related to injuries or wrongful death caused by other airbag components -- such as airbag failure to deploy, spontaneous airbag deployment, crash injuries unrelated to the inflator, or economic losses unrelated to physical injuries or death -- are not covered by the three types of claims described above.
Individuals can now access the claim forms, which include detailed instructions regarding how to file a claim, on the IRF website, www.takataspecialmaster.com , or on the TATCTF website, www.TakataAirbagInjuryTrust.com .
Oversight of the Claims Process and Resources for More Information
Professor Green was appointed by the District Court to serve as the Special Master overseeing IRF Claims and was appointed by the Bankruptcy Court to serve as the Trustee overseeing Trust Claims and POEM Claims.
For more information about eligibility requirements, filing deadlines and how to file a claim, please visit www.takataspecialmaster.com , www.TakataAirbagInjuryTrust.com , email [email protected] , or call us toll-free at (888) 215-9544.
SOURCE: Takata Special Master/Trustee
View original content: http://www.prnewswire.com/news-releases/takata-airbag-special-mastertrustee-announces-the-launch-of-the-claim-process-for-personal-injuries-or-wrongful-death-300654895.html
SOURCE Takata Special Master/Trustee | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-takata-airbag-special-mastertrustee-announces-the-launch-of-the-claim-process-for-personal-injuries-or-wrongful-death.html |
May 3 (Reuters) - PlayAGS Inc:
* AGS ANNOUNCES FIRST QUARTER 2018 RESULTS * Q1 REVENUE $64.9 MILLION VERSUS I/B/E/S VIEW $61.2 MILLION
* QTRLY LOSS PER SHARE $0.30 * EXPECT ADJUSTED EBITDA IN 2018 TO BE BETWEEN $126 AND $131 MILLION Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-playags-reports-qtrly-loss-per-sha/brief-playags-reports-qtrly-loss-per-share-of-0-30-idUSASC09ZR1 |
BASRA, Iraq (Reuters) - Iraqi Oil Minister Jabar al-Luaibi said on Wednesday that OPEC will discuss a possible shortfall in global crude oil supplies following U.S. President Donald Trump’s decision to withdraw from the Iran nuclear deal.
FILE PHOTO: Iraqi Oil Minister Jabar al-Luaibi speaks during news conference at the ministry of oil in Baghdad, Iraq November 27, 2017. REUTERS/Thaier Al-Sudani /File Photo “At the end of the month there is an OPEC meeting and these matters will be on the negotiations table,” Luaibi said in response to a question from reporters on whether Iraq would plug the gap in supply expected from the reintroduction of sanctions on Iran’s oil sales.
Trump said on Tuesday that the 2015 nuclear deal, which lifted sanctions on Iran in return for measures restricting its nuclear program, did not go far enough in removing the threat posed by Tehran to the U.S. and its allies in the Middle East.
Luaibi said the matter was political and that he hoped it would not affect oil supplies from the Gulf.
“We hope the region will remain stable and I personally think this matter will not affect oil supplies from the Gulf,” he said.
Oil prices are stable because of market stability, he said, because OPEC’s goal “is not prices but market stability and lowering storage levels.”
Reporting by Aref Mohammed; writing by Ahmed Aboulenein; editing by Maher Chmaytelli
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-opec-iraq/opec-to-discuss-possible-shortfall-in-crude-supplies-iraqi-oil-minister-idUSKBN1IA34B |
Thursday, May 3 - Contact info for Reuters Entertainment & Lifestyle editors Jill Serjeant in New York +1 646 223 5968 ENTERTAINMENT Britain's Kew Gardens reopens vast glasshouse after extensive works LONDON - With 15,000 new panes of glass, Britain's Royal Botanical Gardens in Kew will reopen its famed Temperate House on Saturday after a five-year restoration that cost 41 million pounds ($56 million). (BRITAIN-KEW/ (PIX, TV), moved, 160 words) LIFESTYLE Bill Cosby's wife slams prosecutor, accusers for husband's guilty verdict Bill Cosby's wife of more than 50 years jumped to his defense on Thursday, blaming his sexual-assault conviction last week on a corrupt prosecutor, a pliant press and a lying accuser that she said led to a false verdict and stirred a lynch mob against him.(PEOPLE-COSBY/WIFE (PIX), by Peter Szekely, moved, 404 words) Adidas sticks by Kanye West after slavery, Trump remarks BERLIN - Adidas remains committed to the Yeezy brand created by rapper Kanye West despite his comments describing slavery as a choice and praising U.S. President Donald Trump, the sportswear company said on Thursday. (ADIDAS-RESULTS/ (UPDATE 2, PIX), by Emma Thomasson, moved, 428 words) US pro bowler charged in attempted extortion of actor Kevin Hart LOS ANGELES - A professional bowler who enjoyed a bit part in a movie starring Kevin Hart was charged on Wednesday with attempting to extort the actor with a surreptitiously recorded video of the married comedian "with a woman," Los Angeles prosecutors said. (PEOPLE-KEVINHART/ (PIX, TV), moved, 237 words) U.S. teen praised for prom cheongsam after online dressing down BEIJING - A U.S. high school student accused of cultural appropriation for her Chinese-style prom dress is receiving support online from some of the very people her critics say she offended. (CHINA-USA/CULTURE (moved), moved, 249 words) Tequila boom rooted in traditional farming techniques TEQUILA - A growing thirst for tequila from New York to Tokyo has made the sale of the drink into a multibillion-dollar industry, but its production remains rooted in centuries-old methods of farming using hand tools and packs of mules. (MEXICO-TEQUILA/ (PIX), by Carlos Jasso, moved, 519 words) | ashraq/financial-news-articles | https://www.reuters.com/article/lifestyle-entertainment-news-schedule-un/reuters-lifestyle-entertainment-may-3-1500-gmt-1100-et-idUSL3N1SA4XC |
May 7 (Reuters) - Merlin Properties CEO Ismael Clemente tells a shareholder meeting:
* Merlin will sell its entire 17 percent stake in rental company Testa at its initial public offering for a reasonable price
* Reasonable price would be close to Testa’s net asset value
* Testa’s total net asset value is around 1.83 billion euros ($2.18 billion) ($1 = 0.8401 euros) (Reporting by Madrid Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-spains-merlin-will-sell-testa-stak/brief-spains-merlin-will-sell-testa-stake-at-ipo-for-right-price-idUSR1N1KL01R |
Tourists snap up royal wedding memorabillia Tuesday, May 15, 2018 - 01:46
Whether you love them or hate them, anyone visiting the British town of Windsor can't escape Prince Harry and Meghan Markle's faces which are emblazoned on merchandise in shops across the picturesque town. As Kate King reports, some estimates suggest the wedding could give the economy a £500 million boost.
Whether you love them or hate them, anyone visiting the British town of Windsor can't escape Prince Harry and Meghan Markle's faces which are emblazoned on merchandise in shops across the picturesque town. As Kate King reports, some estimates suggest the wedding could give the economy a £500 million boost. //reut.rs/2rKBp65 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/tourists-snap-up-royal-wedding-memorabil?videoId=427160856 |
May 25, 2018 / 11:29 AM / Updated 12 minutes ago Movie mogul Weinstein handcuffed in court to face sex crime charges Alice Popovici , Karen Freifeld 6 Min Read
NEW YORK (Reuters) - Film mogul Harvey Weinstein appeared in handcuffs in a New York court on Friday to face charges of rape and other sex crimes against two of the scores of women who have accused him of misconduct, ending his reign as a Hollywood kingpin.
Weinstein, the 66-year-old co-founder of the Miramax film studio and the Weinstein Co, intends to plead not guilty to the two counts of rape and one count of a criminal sexual act, his attorney, Benjamin Brafman, told reporters outside the Manhattan courthouse.
Prosecutors did not identify the two women, but said the crimes took place in 2004 and 2013. If convicted on the most serious charges, Weinstein could face between five and 25 years in prison.
Weinstein, who has been accused of sexual misconduct by more than 70 women, with some of the cases dating back decades, has denied having nonconsensual sex with anyone.
The accusations, first reported last year by the New York Times and the New Yorker, gave rise to the #MeToo movement in which hundreds of women have publicly accused powerful men in business, government and entertainment of misconduct.
“This defendant used his position, money and power to lure young women into situations where he was able to violate them sexually,” prosecutor Joan Illuzzi said at Weinstein’s arraignment in Manhattan Criminal Court.
Weinstein, wearing a dark jacket over a blue sweater and white open-collared shirt and dark jeans, appeared pale, and stood next to Brafman, staring into the middle distance while prosecutors described a bail agreement.
Judge Kevin McGrath ordered Weinstein released on $1 million cash bail. The defendant surrendered his U.S. passport and agreed to wear a monitoring device that tracks his location, confining him to the states of New York and Connecticut.
Weinstein earlier turned himself in at a lower Manhattan police station around 7:25 a.m. EDT (1125 GMT). He carried thick books under his right arm, including what appeared to be biographies of Broadway musical legends Richard Rodgers and Oscar Hammerstein II, and Elia Kazan, the director of such classic Hollywood films as “On the Waterfront.”
About 90 minutes later, Weinstein was led by officers into court in handcuffs, grimacing with his head bowed, his books nowhere in sight, to await arraignment.
The charges followed a months-long investigation that involved the Manhattan district attorney’s office and the New York Police Department.
Speaking to reporters after the hearing, Weinstein lawyer Brafman signaled that he intends to attempt to undermine the credibility of Weinstein’s accusers.
A jury would not believe the women, Brafman said, “assuming we get 12 fair people who are not consumed by the movement that seems to have overtaken this case.” Film producer Harvey Weinstein leaves criminal court following his arraignment in Manhattan in New York, U.S., May 25, 2018. REUTERS/Mike Segar SURREAL
Actress Rose McGowan, among the first to accuse Weinstein of sexual assault, said seeing images of him in handcuffs was surreal.
“I actually did not believe this day would come,” she said on NBC’s “Megyn Kelly Today” program. “This is a big strike into the heart of abuse of power.”
Entertainment industry heavyweights distanced themselves from Weinstein after the accusations became public. The Weinstein Co’s board fired him and the company filed for bankruptcy in March.
In 2017, he was expelled from the Academy of Motion Picture Arts and Sciences after racking up Oscars for a string of films that helped define independent cinema in the 1990s, including “The Crying Game,”“Shakespeare in Love” and “Pulp Fiction.”
Weinstein was a fixture in elite entertainment circles in Manhattan and Los Angeles until his accusers came forward. He sought treatment for sex addiction at a facility in Scottsdale, Arizona, the New York Times reported.
London’s Metropolitan Police have said they are investigating an allegation of sexual assault against Weinstein, while prosecutors in Los Angeles said in February they were reviewing three accusations of sexual assault against him.
Brafman said in a May court filing that federal prosecutors in New York had opened a separate criminal investigation into the allegations.
The New York charges filed against Weinstein mark the second high-profile prosecution of a once-powerful show business personality in the #MeToo era.
A month ago, comedian Bill Cosby was convicted of drugging and sexually assaulting a onetime friend, one of dozens of women who have accused him of sexual misconduct.
Cosby’s conviction followed a mistrial last year in his first trial on the same charges. In the retrial, the judge allowed five other accusers to tell similar stories of alleged abuse by the former TV star.
It was unclear whether New York prosecutors would seek to have other Weinstein accusers testify against him.
Actress Ashley Judd last month sued Weinstein, saying he cost her a part in 1998 in the film “The Lord of the Rings” after she rejected his sexual advances, charges that Weinstein has denied. Slideshow (10 Images)
Other actresses who have publicly accused Weinstein of sexual misconduct include Uma Thurman and Salma Hayek. Additional reporting by Brendan O'Brien, Peter Szekely, Jonathan Allen and Nathan Layne in New York; Writing by Jonathan Allen; Editing by Jeffrey Benkoe and Jonathan Oatis | ashraq/financial-news-articles | https://in.reuters.com/article/us-people-harvey-weinstein/movie-producer-weinstein-surrenders-on-sex-assault-charges-idINKCN1IQ1H8 |
May 23 (Reuters) - Abbott Laboratories:
* ABBOTT - NEWEST GENERATION OF LEADING HEART STENT NOW APPROVED IN U.S. FOR PEOPLE WITH CORONARY ARTERY DISEASE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-abbott-says-newest-generation-of-l/brief-abbott-says-newest-generation-of-leading-heart-stent-now-approved-in-u-s-for-people-with-coronary-artery-disease-idUSFWN1SU0T9 |
MEXICO CITY (Reuters) - Mexican energy investment firm Vista Oil & Gas will tie up with Jaguar Exploracion y Produccion on three onshore projects, the company said on Tuesday, acquiring 50 percent stakes with an initial payment of nearly $27.5 million.
Vista will pay Monterrey-based Jaguar a further $10 million to compensate the firm for past investments in the projects, or so-called carry costs, the firm said in a statement.
The three onshore projects were won at auctions last July by Jaguar, an upstart oil firm owned by Mexico’s Grupo Topaz, and are located in the Gulf coast states of Tabasco and Veracruz.
Two of the blocks will be operated by Vista, while the other will be run by Jaguar, in what Vista described as Mexico’s first joint venture between two private oil firms.
The joint venture between the two must still be approved by the National Hydrocarbons Commission, the Mexican oil regulator that supervises exploration and production contracts.
Last year, Vista became Mexico’s first publicly traded oil firm, four years after a landmark energy reform ended the decades-long monopoly enjoyed by state-owned Pemex.
Vista, which has targeted assets for possible acquisition in Mexico, Brazil, Colombia and Argentina, is backed by private equity firm Riverstone Capital.
Reporting by David Alire Garcia; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mexico-vista-oil-gas/mexicos-vista-oil-gas-inks-onshore-joint-venture-with-jaguar-idUSKCN1IN352 |
May 4, 2018 / 9:52 AM / Updated an hour ago Taliban fighters seize district in northern Afghanistan Reuters Staff 3 Min Read
KABUL (Reuters) - Taliban fighters seized a district in Afghanistan’s remote northern province of Badakhshan after several days of fierce fighting, officials said on Friday, as the insurgents pushed forward their annual spring offensive launched last month.
Fighting across Afghanistan has picked up in recent weeks with the return of warmer weather, putting government forces under pressure in several areas, underlining the risk to parliamentary and district council elections due in October.
Thursday night’s loss of Kohistan, north of Fayzabad, the capital of Badakhshan, came after security forces failed to receive supplies or reinforcements and pulled out of district police headquarters, provincial police spokesman Sanaullah Rohani said.
A number of security posts in Teshkan district, to the south of Fayzabad, were also abandoned to the insurgents, who were stepping up pressure in the area, he said.
Taliban spokesman Zabihullah Mujahid said 15 members of the security forces had been killed and 14 wounded with three pickup trucks and a large number of weapons seized, while two Taliban fighters were killed.
Although Badakhshan, which shares a border with Tajikistan, China and Pakistan, is not one of the Taliban heartlands, the insurgents have been making gains there and the loss of Kohistan brings to three the number of districts they control in the province.
Mountainous and remote, the region contains rich mineral reserves and numerous unregistered gemstone mines which are exploited by local commanders and the Taliban, according to local officials.
Voter registration has been underway across Afghanistan but many people have been reluctant to sign up for fear of attacks on voter centres or retaliation by the Taliban, which is opposed to the elections.
U.S. military estimates show the Western-backed government in Kabul controls areas with about 65 percent of the population.
In terms of districts, the government controls or influences 56.3 percent of the country, the second lowest level since at least 2015, the latest report from the Special Inspector General for Afghanistan, a U.S. congressional watchdog, shows. Reporting by Sardar Razmal in KUNDUZ; Editing by Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-afghanistan-security/taliban-fighters-seize-district-in-northern-afghanistan-idUKKBN1I50Y0 |
U.S. News Threats of flooding as Subtropical Storm Alberto drives inland Subtropical Storm Alberto made landfall near Laguna Beach in the Florida Panhandle on Monday afternoon before crawling inland. Forecasters warned that downpours from the storm raised the danger of flash flooding across several Southern states in coming hours and days. Between four and eight inches (10-25 centimeters) of rain could pummel Florida Panhandle, eastern and central Alabama, and western Georgia before the storm moves on. Published 16 Hours Ago The Associated Press Dan Anderson | AP People walk the beach as a subtropical storm makes landfall on Monday, May 28, 2018 in Okaloosa Island, Florida.
Subtropical Storm Alberto rumbled inland Monday after its Memorial Day strike on the U.S. Gulf Coast, driving holiday weekend beachgoers away as heavy rains began pelting wide areas of the Southeast amid a rising flood threat.
Forecasters warned that downpours from the vast system of swirling storm bands now raise the danger of flash flooding across several Southern states in coming hours and days. Alberto's ragged core made landfall near Laguna Beach in the Florida Panhandle on Monday afternoon before it began crawling inland.
The National Hurricane Center in Miami said Alberto was centered at about 7 p.m. Monday near the community of DeFuniak Springs in the Florida Panhandle. With maximum sustained winds of 40 mph (65 kph), Alberto had begun weakening as it moved to the north at 10 mph (17 kph).
Between four and eight inches (10-25 centimeters) of rain could pummel Florida Panhandle, eastern and central Alabama , and western Georgia before the storm moves on. Isolated deluges of 12 inches (30 centimeters) also were possible. Forecasters said Alberto could become a subtropical depression in coming hours as it treks northward. The system is then expected to spread rains over the Tennessee Valley on Tuesday and push later in the week into the Ohio Valley and Great Lakes region.
Rough conditions were still whipping up big waves off the eastern and northern Gulf Coast by nightfall Monday. Authorities spent the day warning swimmers to keep out of the surf because of life-threatening swells and rip currents.
As Alberto's center heads inland it is being deprived of the warm waters that fuel tropical weather systems, causing it to weaken, forecasters say. A subtropical storm like Alberto has a less defined and cooler center than a tropical storm, and its strongest winds are found farther from its center.
Lifeguards posted red flags along the white sands of Pensacola Beach, where swimming and wading were banned.
Meanwhile, the storm forced some Memorial Day tributes to be cancelled across Florida's Panhandle. Safety was the priority, but the decision was still a "heartbreaker," said Tom Rice, a 29-year-old Army veteran who leads the organizations that planned a ceremony Monday at Beal Memorial Cemetery in Fort Walton Beach.
Some stragglers still made their way through the rain to pay tribute at the cemetery's Veterans Tribute Tower, however. Rice said American flags had been placed Saturday on the graves of all 1,700 veterans buried in the cemetery.
"We got the flags out," Rice told the Northwest Florida Daily News as wind whipped a massive U.S. flag flying at half-staff. "That's what's important."
Along the Florida Panhandle coast known for its pristine beaches, tourists vowed Alberto wouldn't dampen their vacations.
Jason Powell sought to keep his children entertained with movies and TV until Alberto blows past his Florida vacation spot.
"So far we've seen a lot of wind and the ocean is really high, covering up the entire beach," Powell said. "We're not letting it ruin our vacation."
Janet Rhumes said her group of friends from Kansas had been planning their Memorial Day weekend on Navarre Beach since October. They stocked up on groceries and settled in for card games.
"We've never seen one before and we're here celebrating a friend's 20th birthday," Rhumes told the Daily News. "So how often can you say you rode a storm out?"
Elsewhere, Florida's Division of Emergency Management said, about 2,600 customers were without power in northwestern Florida on Monday morning.
Alberto, the first named storm of 2018, got an early jump on the Atlantic hurricane season. The National Oceanic and Atmospheric Administration released the annual hurricane season forecast Thursday in which they call for 10 to 16 named storms, with five to nine hurricanes. One to four hurricanes could be "major" with sustained winds of at least 111 mph (178 kph).
If that forecast holds, it would make for a near-normal or above-normal season. An average hurricane season produces 12 named storms, of which six become hurricanes, including three major hurricanes. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/threats-of-flooding-as-subtropical-storm-alberto-drives-inland.html |
May 25, 2018 / 2:34 PM / Updated 5 hours ago Bangladesh PM urges India to put pressure on Myanmar to take back Rohingya Reuters Staff 2 Min Read
KOLKATA (Reuters) - Bangladesh Prime Minister Sheikh Hasina urged India on Friday to lean on Myanmar to take back Rohingya refugees who are camped in her country in the tens of thousands. Prime Minister of Bangladesh Sheikh Hasina arrives to attend The Queen's Dinner during The Commonwealth Heads of Government Meeting (CHOGM), at Buckingham Palace in London on April 19, 2018. Daniel Leal-Olivas/Pool via Reuters/Files
Hasina met her Indian counterpart Narendra Modi during the start of her trip to the eastern city of Kolkata.
“I seek your support to build pressure on Myanmar in taking back their citizens,” Hasina said.
Nearly 700,000 Rohingya Muslims have fled into Bangladesh from Myanmar since August to escape a military crackdown, launched in response to Rohingya insurgent attacks. Refugees have reported murder, rape and arson by Myanmar troops.
Washington has called the army response “ethnic cleansing,” which Myanmar has denied, saying its security forces were conducting a legitimate counter-insurgency operation against what it called “Bengali terrorists”.
“We have given them (Rohingya) food and shelter as we could not drive them out on humanitarian ground,” Hasina said.
About 40,000 Rohingya from Myanmar have settled in India in recent years.
Modi’s government has taken a tough stance on them since coming to power in 2014, calling them a security threat and saying they should be deported. Reporting by Subrata Nagchoudhury; Writing by Malini Menon; Editing by Alison Williams | ashraq/financial-news-articles | https://in.reuters.com/article/myanmar-rohingya-bangladesh-india/bangladesh-pm-urges-india-to-put-pressure-on-myanmar-to-take-back-rohingya-idINKCN1IQ21S |
PHOENIX, May 2, 2018 /PRNewswire/ -- Upward Projects , the locally grown Phoenix-based hospitality group with a cult-like following is proud to announce the hiring of Kristina Cashman as its new Chief Financial Officer. Founded in 2009, Upward Projects' portfolio features eight unique Postino WineCafé locations in communities throughout Arizona, Colorado and Texas (and coming soon to Phoenix Sky Harbor International Airport); plus Windsor & Churn, a pub-style neighborhood hangout with an adjoining nostalgic ice cream parlor; Federal Pizza, a wood-fired pizzeria and craft beer spot; and two Joyride Taco House locations, a kicked-back hangout with a well-worn, mid-century beach vibe. In late 2017, Upward Projects entered into an exciting partnership with the progressive L.A.-based private equity firm, Brentwood Associates, to grow the Postino WineCafé brand across Arizona, Colorado, Texas and more.
"I'm beyond ecstatic to join such a locally beloved and magnetic company like Upward Projects. I've been a guest of Postino since I discovered its original location in Phoenix's Arcadia neighborhood. Upward Projects has cultivated such a remarkable and fresh, people-first company culture. Combined with a solid partner like Brentwood, there's an exciting path ahead of us. The opportunity to be a part of Upward Projects is absolutely thrilling."
Cashman, who graduated from the University of Texas with a Bachelors of Business Administration (and captained UT's NCAA women's volleyball team to back-to-back Final Four appearances), started her career at Ernst & Young before spending a decade as the Controller/CFO for P.F. Chang's China Bistro, helping the Scottsdale-based company grow from four locations into an international brand with nearly $1 billion in annual sales, and taking them public in 1998. Next, Cashman served as the CFO of Eddie V's Restaurants in Scottsdale, playing a key role in its successful sale to Darden Restaurants. Most recently, Cashman served as the CFO of the fast-growing Hopdoddy Burger Bar in Austin, TX.
"Kristina's the perfect fit. Not only is she a heavy hitter that brings deep knowledge, experience and an incredible track record of success, but she's culturally aligned with what we're set out to do – grow this company with an unwavering interest in protecting its soul and authenticity," says Upward Projects CEO and Co-Founder, Lauren Bailey.
"I've watched Upward Projects grow and thrive for years. The team is stacked with some of the most talented and passionate individuals you'll meet," Cashman says. "It's an honor to join forces and be a part of the magic that is Upward Projects."
About Upward Projects
Upward Projects creates inspired restaurants that are connected to the communities they serve. Founded 17 years ago with the Valley's original local wine cafe, Postino Arcadia, and formalized as Upward Projects in 2009, owners Craig DeMarco and Lauren Bailey built a foundation on historically relevant buildings integral to the neighborhoods they surround. Hallmarks include pairing delicious food with local ingredients, bespoke beverage programs and a warm, friendly culture that brings everyone together. Upward Projects also promotes in-fill development by focusing on adaptive reuse projects and creating modern "third places" that enhance the neighborhood culture they inhabit. For 2018, Upward Projects opened their first Texas location, inside Heights Mercantile in the Heights neighborhood of Houston, announced two new locations coming to Phoenix Sky Harbor International Airport and a second outpost of Postino WineCafé in the Denver market. www.upwardprojects.com
View original content with multimedia: http://www.prnewswire.com/news-releases/upward-projects-names-kristina-cashman-as-new-cfo-300640952.html
SOURCE Upward Projects | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-upward-projects-names-kristina-cashman-as-new-cfo.html |
BEIJING (Reuters) - China’s Premier Li Keqiang said on Thursday China has always supported a unified and prosperous Europe and that China and Germany uphold free trade.
German Chancellor Angela Merkel and Chinese Premier Li Keqiang attend a welcome ceremony outside the Great Hall of the People in Beijing, China May 24, 2018. REUTERS/Jason Lee Li said at a joint news briefing at Beijing’s Great Hall of the People with visiting German Chancellor Angela Merkel there was huge potential for cooperation between China and Germany.
Reporting by Ben Blanchard; Writing by Michael Martina; Editing by Paul Tait
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-germany/chinas-premier-li-says-china-and-germany-uphold-free-trade-idUSKCN1IP0GR |
NEW YORK (Reuters) - Abraxas Discala, former husband of “The Sopranos” TV star Jamie-Lynn Sigler, was found guilty on Friday of taking part in what federal prosecutors have called a $300 million stock manipulation scheme.
Discala, 47, was convicted of securities fraud, wire fraud and conspiracy charges by a jury in Brooklyn federal court.
Sigler was not charged in the case and has not been accused of wrongdoing. She played Tony Soprano’s daughter Meadow in “The Sopranos,” an HBO television drama that followed the fortunes of a New Jersey mafia family.
Discala’s lawyer Charles Ross said he planned to file motions challenging the conviction.
“We’re obviously disappointed,” he said. “We’re going to continue to fight on behalf of Mr Discala.”
Kyleen Cane, a lawyer who was also charged with taking part in the scheme and went to trial alongside Discala, was found not guilty. Her lawyer, Roland Riopelle, said he was “grateful” for the verdict.
Discala, who was the chief executive of OmniView Capital Advisors, and Cane were charged with fraudulently inflating the prices of thinly-traded penny stocks, selling them to unsuspecting elderly people and other investors, and keeping the profits.
Prosecutors said the “pump-and-dump” scheme lasted from Oct. 2012 to July 2014 and involved trades in four publicly-traded companies.
Prosecutors said the defendants’ activities boosted the stocks’ market valuations to $300 million and caused investor losses of at least $50 million in a single stock, CodeSmart Holdings Inc.
Reporting By Brendan Pierson in New York, Editing by Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-crime-sopranos/sopranos-tv-stars-ex-husband-found-guilty-in-pump-and-dump-case-idUSKBN1I52LZ |
NOIDA, India, May 4, 2018 /PRNewswire/ -- NIIT Technologies Limited (NSE: NIITTECH), a leading global IT solutions organization, today announced its financial results for FY17-18 resulting in revenues of Rs. 2,991.4 Crores, operating profits at Rs. 501.2 Crores and net profits at Rs.280.2 Crores.
Q4 Highlights:
- Revenues grow 4.3% sequentially
- Operating Profits improve by 9.4% sequentially
- Operating Margins expand by 85 bps sequentially
- Fresh Order intake of USD 145 m
Consolidated revenue for the quarter grew 4.3% sequentially to Rs. 788.8 Crores representing an increase of 5.9% over same period last year and operating profits improved by 9.4% sequentially to Rs.141.7 Crores representing a drop of 6.9% over same period last year. Profit after Tax improved 13.7% sequentially to Rs.86.1 Crores.
During the same period last year the company entered into a settlement with a Govt client which provided a onetime revenue of 27 Cr in the quarter. YoY Operating Performance may be best viewed excluding this one off gain in Q4 FY17. Table below provides a summary of quarter performance with and without the settlement.
Qtr performance at a glance
Particulars
Qtr ended
Qtr ended
Growth
Qtr ended (without Settlement)
Growth
31-Mar-17
31-Mar-18
YoY
31-Mar-17
YoY
Cr
Cr
Cr
Consolidated Revenues
744.7
788.8
5.9%
717.6
9.9%
Operating Profit
152.3
141.7
-6.9%
126.1
12.4%
Operating Margin
20.5%
18.0%
-250 bps
17.6%
40 bps
Profit After Tax
100.3
86.1
-14.3%
73.9
16.3%
BFS I vertical grew 5.4% during the quarter contributing to 44% of total revenues. Revenues in Travel & Transportation segment remained flat and represents 26% of the revenue mix. Share of other segments remained at 30%.
Revenues from EMEA expanded 9.0% sequentially during the quarter which now contributes to 32% of the revenue mix. US grew 1.0% sequentially contributing to 48% of the mix. India and APAC business now represents 10% each of the total mix.
Fresh business of USD 145m was secured during the current quarter which included 2 large deals and 7 new logos . Of the fresh business secured during the quarter, USD 39 Mn was from the US, USD 73 mn from EMEA and 33 mn USD from ROW. Order book executable over the next 12 months expanded to USD 339 mn.
"We continue to be very aggressive in the market and focused on driving growth. Sequential growth of 4.3% during the quarter came on the back of growth in the BFSI vertical and significant expansion in EMEA region. We are particularly pleased with the step jump in the quarterly order intake to USD 145 Mn," said Mr. Sudhir Singh, Chief Executive Officer, NIIT Technologies Ltd . "Our move towards moving the center of gravity of the leadership to the market and hiring top tier talent continues," he added.
Digital revenues grew 9% sequentially contributing to 26% of the total revenues
342 people were added during the quarter taking headcount to 9,423 at the end of the period.
FY 18 Highlights:
- Revenues expand 6.8%
- Revenues in constant currency expand 9.7%
- Net Profits improve by 12.1%
Revenue during the year grew by 6.8% to Rs 2991 Crores. Operating profit grew by 3.5% to 501 Cr while operating margins declined by 53 bps to 16.8% for the year primarily on account of adverse impact of currency. In constant currency revenues improved by 9.7% during the year, and operating margins improved by 10 bps to 17.4%.
Profit after tax stood at Rs 280 Cr an improvement of 12.1% over the previous year.
"The year was characterized by strong deal momentum. Order intake improved steadily in each quarter with increased large deal wins and new logo additions," said Mr. Arvind Thakur, Vice Chairman and Managing Director, NIIT Technologies Ltd . "USD 507 m of fresh business was secured during the year which included 7 large deals," he added.
The company inducted a new CEO and many new leaders were added from Tier 1 organizations to drive growth. It is sharpening focus on its key industry segments and strengthening capabilities in emerging technologies with new growth vectors around Digital Experience, Cloud & Data. Digital business grew 27% during the year contributing to 24% of overall revenues.
" The demand landscape in the markets we serve is positive and with new leadership in place the platform is set for our next phase of growth," said Mr. Rajendra S Pawar, Chairman, NIIT Technologies Ltd.
The board recommended a dividend of ₹ 15 per share
Acknowledgements:
• Conferred with Aegis Graham Bell Award for "Innovation in Cloud" category and "Innovative Enterprise Solutions" category for Esri India
• Won EE Employee Engagement award in UK
• Esri India recognized as "Best Smart Cities Solution Provider in GIS" at the ET Now CSR Global Leadership Awards
• NIIT Technologies positioned as a Leader in the NelsonHall 2018 Wealth & Asset Management BPS NEAT
About NIIT Technologies
NIIT Technologies is a leading global IT solutions organization servicing customers across the Americas, Europe, Asia and Australia. Differentiated on the strength of its industry expertise, NIIT Technologies services clients in travel and transportation, banking and financial services, insurance, manufacturing and media verticals, offering a range of services including Application Development and Maintenance, Infrastructure Management, and Business Process Management. Focused on Digital Services, the Company is helping businesses design agile, scalable and digital operating models.
NIIT Technologies adheres to major global benchmarks and standards of quality and Information Security.
For further information, please visit www.niit-tech.com
Safe Harbor
Certain statements in this release are . The business involves various risks, and uncertainties that could result in the actual results to differ materially from those indicated here. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
For media queries please contact:
Pallavi Bahuguna
Corporate Communications
NIIT Technologies Ltd.
+91-120-7119039
[email protected]
Prachi Sinha/Chanpreet Chadha
Edelman India
+91-9821947622/+91-7042716727
[email protected] ; [email protected]
For investor/analyst queries please contact:
Abhinandan Singh
Head – Investor Relations and M&A
NIIT Technologies Ltd.
+91-22-40103212
[email protected]
View original content: http://www.prnewswire.com/news-releases/niit-technologies-fy18-pat-up-12-1-300642785.html
SOURCE NIIT Technologies Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-niit-technologies-fy18-pat-up-12-point-1-percent.html |
CHICAGO, May 2, 2018 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results ended March 31, 2018.
Eddie Lehner, Ryerson's President and Chief Executive Officer said, "Thank you to our customers and to my Ryerson teammates as the Company executed exceptionally well in the first quarter, exceeding industry volume growth paired with sequential margin expansion and further expense leverage improvement all combining to generate higher Adjusted EBITDA, excluding LIFO, compared to both the fourth quarter of 2017 and first quarter of 2017. In addition to these key earnings improvements, Ryerson remains atop our industry in inventory management, reducing days of supply to a multi-year low of 68 from 69 in the first quarter of 2017, while maintaining high service levels in providing an expanding array of value-added solutions to our customers."
First Quarter 2018 Financial Results
Revenues were $941.3 million of 2018, up 16.1 percent compared to the fourth quarter of 2017 due to 11.9 percent higher volume, exceeding Ryerson's average seasonal improvement of 8 percent, and a 3.8 percent increase in average selling price per ton. Compared to the year-ago period, revenues increased 15.6 percent driven by an increase in average selling price per ton of 9.2 percent and higher volume of 5.8 percent.
Gross margin improved to 17.5 percent of 2018, compared to 16.8 percent in the fourth quarter of 2017, but was lower than first quarter 2017 gross margin of 19.7 percent. Included in cost of materials sold was LIFO expense of $13.3 million of 2018 and $8.1 million for the fourth quarter of 2017, compared to net LIFO income of $0.7 million in the year-ago period. Gross margin, excluding LIFO was 18.9 percent of 2018, compared to 17.8 percent in the fourth quarter of 2017, and 19.6 percent in the first quarter of 2017. Erich Schnaufer, Ryerson's Chief Financial Officer, said, "Ryerson was able to expand our gross margins, excluding LIFO by 110 basis points sequentially as we executed on improving pricing and demand conditions, contributing to stronger quarterly earnings." A reconciliation of gross margin to gross margin, excluding LIFO is included below in this news release.
Warehousing, delivery, selling, general, and administrative expense increased by $11.1 million, or 9.3 percent, of 2018 compared to the year-ago period, driven by increased shipments during the quarter. Ryerson demonstrated expense leverage as warehousing, delivery, selling, general, and administrative expenses declined to 13.8 percent of sales in the first quarter of 2018 compared to 15.0 percent in the fourth quarter of 2017, and 14.6 percent in the first quarter of 2017.
Net income attributable to Ryerson Holding Corporation was $10.4 million, or $0.28 per diluted share, of 2018 compared to net income of $14.8 million, or $0.40 per diluted share, in the first quarter of 2017. Adjusted EBITDA, excluding LIFO, was $62.2 million in the first quarter of 2018, compared to $54.3 million in the year-ago period. A reconciliation of Adjusted EBITDA, excluding LIFO and net income attributable to Ryerson Holding Corporation is included below in this news release.
First Quarter 2018 Balance Sheet, Cash Flow, and Liquidity
Ryerson improved from a book equity deficit of $7.4 million as of December 31, 2017 to positive book equity of $5.2 million in the first quarter of 2018, a noteworthy event for the organization as we continue marking our progress while continuing to solidify our balance sheet and deleverage the business. In the first quarter of 2018, Ryerson's inventory balance improved by one day to a multi-year low of 68 days of supply compared to the year-ago period. Ryerson maintained ample liquidity in the first quarter of 2018. As of March 31, 2018, borrowings were $366 million on our primary revolving credit facility with additional availability of $323 million. Including cash, marketable securities, and availability from foreign sources, Ryerson's total liquidity was $381 million as of March 31, 2018 compared to $338 million as of December 31, 2017.
Ryerson generated $32 million of cash from operating activities in the first quarter of 2018, driven by stronger earnings with net operating assets and liabilities relatively unchanged from the fourth quarter of 2017. Ryerson had a use of cash of $33 million from operating activities in the first quarter of 2017.
Fanello Industries Acquisition
In April 2018, Ryerson acquired Fanello Industries, a privately-owned metal processor and service company located in Lavonia, Georgia. Fanello Industries supplies blanking, stamping, laser cutting, bending, and machining metal solutions to a diverse group of industries in the Southeastern United States, with annual revenue of approximately $20 million. The Fanello Industries acquisition increases Ryerson's breadth of value-added services to leverage across its intelligent service center network for the benefit of current and future customers.
Second Quarter 2018 Commentary
Ryerson continues to see improved demand and pricing conditions in the second quarter of 2018. U.S. industrial production, as measured by the Federal Reserve, increased to a five-year high of 4.4 percent in February 2018 and remained elevated at 4.3 percent in March. Further, U.S. steel capacity utilization reached a 40 month high of 77.4 percent in March 2018, as domestic producers supplied a greater percentage of U.S. steel demand. Trade policy actions muted imported tons in the first quarter of 2018, as evidenced by a nine percent reduction in metal imports compared to the first quarter of 2017. Ryerson's strong relationships with domestic mills support supply continuity for our customers as we move through the impacts of trade policy implementation and adaptation in the second quarter of 2018. From a pricing perspective, industrial metal commodity prices continued to increase in April from March for CRU hot-rolled carbon steel, Midwest aluminum, and the stainless 304 surcharge, signaling higher average selling prices for Ryerson as the second quarter of 2018 unfolds.
First Quarter 2018 Business Metrics
First
Quarter
2018
Fourth
Quarter
2017
First
Quarter
2017
Sequential
Quarter Change
Year-Over-Year
Change
Tons shipped (In thousands)
526
470
497
11.9%
5.8%
Average selling price/ton
$1,790
$1,725
$1,639
3.8%
9.2%
Average cost/ton
1,477
1,435
1,316
2.9%
12.2%
Average cost/ton, excluding LIFO
1,452
1,418
1,317
2.4%
10.3%
First Quarter 2018 Major Product Metrics
Tons Shipped (Tons in thousands)
Average Selling Price per
Ton Shipped
First
Quarter
2018
Fourth
Quarter
2017
First
Quarter
2017
Sequential
Quarter
Change
Year-
Over-
Year
Change
Sequential
Quarter
Change
Year-Over-Year
Change
Carbon steel
394
355
374
11.0%
5.3%
2.9%
8.5%
Aluminum
56
49
50
14.3%
12.0%
4.4%
10.7%
Stainless steel
74
65
71
13.8%
4.2%
2.8%
7.1%
Net Sales (Dollars in millions)
First
Quarter
2018
Fourth
Quarter
2017
First
Quarter
2017
Sequential
Quarter
Change
Year-Over-
Year Change
Carbon steel
$465
$407
$407
14.3%
14.3%
Aluminum
222
186
179
19.4%
24.0%
Stainless steel
240
205
215
17.1%
11.6%
Earnings Call Information
Ryerson will host a conference call to discuss its first quarter 2018 results Thursday, May 3, 2018 at 10 a.m. Eastern Time. Participants may access the conference call by dialing 833-241-7253 (Domestic) or 647-689-4217 (International) and using conference ID 3988376. The live online broadcast will be available on the Company's investor relations website, ir.ryerson.com . A replay will be available at the same website for 90 days.
About Ryerson
Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson employs around 3,700 employees in approximately 100 locations. Visit Ryerson at www.ryerson.com .
Safe Harbor Provision
Certain statements made and other written or oral statements made by or on behalf of the Company constitute " " within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the as a result of various factors. Among the factors that significantly impact the metals distribution industry and our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented market in which we operate; fluctuating metal prices; our substantial indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; work stoppages; obligations under certain employee retirement benefit plans; the ownership of a majority of our equity securities by a single investor group; currency fluctuations; and consolidation in the metals producer industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2017, and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any to reflect future events or circumstances, new information or otherwise.
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Selected Income and Cash Flow Data - Unaudited
(Dollars and Shares in Millions, except Per Share and Per Ton Data)
Fourth
First Quarter
Quarter
2018
2017
2017
NET SALES
$ 941.3
$ 814.5
$ 810.6
Cost of materials sold
776.4
653.9
674.1
Gross profit
164.9
160.6
136.5
Warehousing, delivery, selling, general, and administrative (1)
130.5
119.4
121.7
OPERATING PROFIT
34.4
41.2
14.8
Other income and (expense), net (1)
3.6
2.4
2.1
Interest and other expense on debt
(23.3)
(21.8)
(23.2)
INCOME (LOSS) BEFORE INCOME TAXES
14.7
21.8
(6.3)
Provision (benefit) for income taxes
4.1
6.8
(6.6)
NET INCOME
10.6
15.0
0.3
Less: Net income attributable to noncontrolling interest
0.2
0.2
0.3
NET INCOME ATTRIBUTABLE TO RYERSON HOLDING CORPORATION
$ 10.4
$ 14.8
$ -
EARNINGS PER SHARE
Basic and diluted
$ 0.28
$ 0.40
$ -
Shares outstanding - basic
37.2
37.1
37.2
Shares outstanding - diluted
37.5
37.3
37.2
Supplemental Data :
Tons shipped (000)
526
497
470
Shipping days
64
64
60
Average selling price/ton
$ 1,790
$ 1,639
$ 1,725
Gross profit/ton
313
323
290
Operating profit/ton
65
83
31
LIFO expense (income), net per ton
25
(1)
17
LIFO expense (income), net
$ 13.3
$ (0.7)
$ 8.1
Depreciation and amortization expense
11.5
10.7
13.0
Cash flow from operating activities
31.7
(32.7)
90.8
Capital expenditures
(7.6)
(4.0)
(9.3)
(1)
As a result of adopting Accounting Standards Update 2017-07, "Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post Retirement Benefit Cost," we have reclassified a $2.1 million benefit in the first quarter of 2017 and a $2.4 million benefit in the fourth quarter of 2017 from Warehousing, delivery, selling, general, and administrative expense to Other income and (expense), net.
See Schedule 1 for Condensed Consolidated Balance Sheets
See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation.
See Schedule 3 for EPS reconciliation.
Schedule 1
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Balance Sheets
(In millions, except shares)
March 31,
December 31,
2018
2017
Assets
(unaudited)
Current assets:
Cash and cash equivalents
$ 67.7
$ 77.4
Restricted cash
1.1
1.1
Receivable, less provision for allowances, claims and doubtful accounts of $2.0 in 2018 and $4.9 in 2017
473.6
376.3
Inventories
669.5
616.5
Prepaid expenses and other current assets
37.5
32.6
Total current assets
1,249.4
1,103.9
Property, plant and equipment, at cost
752.9
742.7
Less: accumulated depreciation
330.5
319.8
Property, plant and equipment, net
422.4
422.9
Deferred income taxes
13.7
17.9
Other intangible assets
45.3
46.9
Goodwill
115.3
115.3
Deferred charges and other assets
6.0
5.0
Total assets
$ 1,852.1
$ 1,711.9
Liabilities
Current liabilities:
Accounts payable
$ 402.5
$ 275.0
Salaries, wages and commissions
37.2
40.3
Other accrued liabilities
84.6
58.4
Short-term debt
30.3
21.3
Current portion of deferred employee benefits
7.7
7.7
Total current liabilities
562.3
402.7
Long-term debt
1,004.2
1,024.4
Deferred employee benefits
233.0
243.5
Other noncurrent liabilities
47.4
48.7
Total liabilities
1,846.9
1,719.3
Commitments and contingencies
Equity
Ryerson Holding Corporation stockholders' equity (deficit):
Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at 2018 and 2017
-
-
Common stock, $0.01 par value; 100,000,000 shares authorized; 37,421,081 shares issued at 2018 and 2017
0.4
0.4
Capital in excess of par value
378.3
377.6
Accumulated deficit
(81.4)
(95.1)
Treasury stock, at cost - Common stock of 212,500 shares in 2018 and 2017
(6.6)
(6.6)
Accumulated other comprehensive loss
(288.3)
(286.3)
Total Ryerson Holding Corporation Stockholders' Equity (Deficit)
2.4
(10.0)
Noncontrolling interest
2.8
2.6
Total Equity (Deficit)
5.2
(7.4)
Total Liabilities and Stockholders' Equity
$ 1,852.1
$ 1,711.9
Schedule 2
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliations of Net Income Attributable to Ryerson Holding Corporation to EBITDA and Gross margin to Gross margin excluding LIFO
(Dollars in millions)
Fourth
First Quarter
Quarter
2018
2017
2017
Net income attributable to Ryerson Holding Corporation
$ 10.4
$ 14.8
$ -
Interest and other expense on debt
23.3
21.8
23.2
Provision (benefit) for income taxes
4.1
6.8
(6.6)
Depreciation and amortization expense
11.5
10.7
13.0
EBITDA
$ 49.3
$ 54.1
$ 29.6
Reorganization
0.7
0.5
1.3
Foreign currency transaction (gains) losses
(2.0)
(0.3)
0.2
Purchase consideration and other transaction costs
1.5
0.7
1.3
Other adjustments
(0.6)
-
0.1
Adjusted EBITDA
$ 48.9
$ 55.0
$ 32.5
Adjusted EBITDA
$ 48.9
$ 55.0
$ 32.5
LIFO expense (income), net
13.3
(0.7)
8.1
Adjusted EBITDA, excluding LIFO expense (income), net
$ 62.2
$ 54.3
$ 40.6
Net sales
$ 941.3
$ 814.5
$ 810.6
Adjusted EBITDA, excluding LIFO expense (income), net, as a percentage of net sales
6.6%
6.7%
5.0%
Gross profit
$ 164.9
$ 160.6
$ 136.5
Gross margin
17.5%
19.7%
16.8%
Gross profit
$ 164.9
$ 160.6
$ 136.5
LIFO expense (income), net
13.3
(0.7)
8.1
Gross profit, excluding LIFO expense (income), net
$ 178.2
$ 159.9
$ 144.6
Gross margin, excluding LIFO expense (income), net
18.9%
19.6%
17.8%
Note:
EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation and amortization. Adjusted EBITDA gives further effect to, among other things, impairment charges on assets, reorganization expenses and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income), net, provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), net, to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income), net, are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of U.S. generally accepted accounting principles, or GAAP, expenses, revenues and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income), net, targets. We also use EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income), net, to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income), net do not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with generally accepted accounting principles, and neither EBITDA, Adjusted EBITDA and Adjusted EBITDA, excluding LIFO expense (income), net, is necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. This release also presents gross margin, excluding LIFO expense (income), net, which is calculated as gross profit plus LIFO expense (or minus LIFO income), net, divided by net sales. We have excluded LIFO expense (income), net from the gross margin and Adjusted EBITDA as a percentage of net sales metrics in order to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories as we do. Our definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO expense (income), net, gross margin, excluding LIFO expense (income), net, and Adjusted EBITDA, excluding LIFO expense (income), net, as a percentage of sales may differ from that of other companies.
Schedule 3
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliation of Net Income and Earnings per Share Excluding Benefit from Income Tax Reform
(Dollars and Shares in Millions, Except Per Share Data)
Fourth
First Quarter
Quarter
2018
2017
2017
Net income attributable to Ryerson Holding Corporation
$ 10.4
$ 14.8
$ -
Benefit from income tax reform
-
-
(3.4)
Net income (loss) attributable to Ryerson Holding Corporation, excluding benefit from income tax reform
$ 10.4
$ 14.8
$ (3.4)
Earnings (loss) per share, excluding benefit from income tax reform
$ 0.28
$ 0.40
$ (0.09)
Shares outstanding - basic
37.2
37.1
37.2
Shares outstanding - diluted
37.5
37.3
37.2
Note:
Net income (loss) and Earnings (loss) per share excluding benefit from income tax reform is presented to provide a means of comparison with periods that do not include benefit from income tax reform.
View original content with multimedia: http://www.prnewswire.com/news-releases/ryerson-reports-first-quarter-2018-results-300641512.html
SOURCE Ryerson Holding Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-ryerson-reports-first-quarter-2018-results.html |
May 1 (Reuters) - RPX Corp:
* Q1 REVENUE $67.1 MILLION VERSUS $75.4 MILLION * Q1 NON-GAAP EARNINGS PER SHARE $0.10
* DUE TO ANNOUNCED DEAL WITH HGGC, CO WILL NOT BE HOSTING Q1 CONFERENCE CALL, WEBCAST PREVIOUSLY SCHEDULED FOR TUESDAY, MAY 8, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rpx-corp-posts-q1-adj-earnings-per/brief-rpx-corp-posts-q1-adj-earnings-per-share-0-10-idUSASC09YLS |
GRIMSBY, Ontario, May 24, 2018 (GLOBE NEWSWIRE) -- Andrew Peller Limited (TSX:ADW.A) (TSX:ADW.B) will issue its financial results for the three months and fiscal year ended March 31, 2018 on:
The afternoon of Wednesday, June 6, 2018
A telephone conference call hosted by John Peller, Chief Executive Officer, Randy Powell, President, and Peter Patchet, Chief Financial Officer will be held:
Thursday, June 7, 2018 at 9.30 am ET
The telephone numbers for the conference call are:
Local Toronto / International: (416) 340-2216
North American Toll Free: (866) 223-7781
The telephone numbers to listen to the call after it is completed (Instant Replay) are (905) 694-9451 or toll free (800) 408-3053. The Passcode for the Instant Replay is 5431009#. The Instant Replay will be available until midnight, June 15, 2018 and a recording will be available on the Company’s web site at www.andrewpeller.com
About Andrew Peller Limited
Andrew Peller Limited is a leading producer and marketer of quality wines in Canada. With wineries in British Columbia, Ontario and Nova Scotia, the Company markets wines produced from grapes grown in Ontario’s Niagara Peninsula, British Columbia’s Okanagan and Similkameen Valleys, and from vineyards around the world.
For more information:
Randy Powell, President
(905) 643-4131
Source: Andrew Peller Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-andrew-peller-ltd-announces-timing-of-fiscal-2018-results-conference-call.html |
May 17 (Reuters) - BJ’s Wholesale Club Holdings Inc:
* BJ’S WHOLESALE CLUB HOLDINGS INC FILES FOR IPO OF UP TO $100 MILLION – SEC FILING
* BJ’S WHOLESALE CLUB HOLDINGS INC SAYS IT INTENDS TO APPLY TO HAVE ITS COMMON STOCK LISTED ON NYSE UNDER THE SYMBOL “BJ”
* BJ’S WHOLESALE CLUB HOLDINGS INC SAYS BOFA MERRILL LYNCH, DEUTSCHE BANK SECURITIES, GOLDMAN SACHS & CO. LLC, J.P. MORGAN ARE AMONG UNDERWRITERS TO IPO
* BJ'S WHOLESALE CLUB HOLDINGS INC SAYS PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEE Source text: bit.ly/2rRlKCh
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bjs-wholesale-club-holdings-files/brief-bjs-wholesale-club-holdings-files-for-ipo-of-up-to-100-mln-idUSEMN2U047Y |
May 31, 2018 / 9:49 AM / Updated 41 minutes ago Commentary: South Korea's sulphur cap alters Asian coal market dynamics Clyde Russell 5 Min Read
LAUNCESTON, Australia (Reuters) - South Korea’s imposition of a strict sulphur cap on its imported coal is likely to cause ripples across Asia’s markets for the polluting fuel, both in the short and longer terms. Coal is unloaded onto large piles at the Ulan Coal mines near the central New South Wales rural town of Mudgee in Australia, March 8, 2018. REUTERS/David Gray
From July, South Korean utilities will be restricted to burning coal with an average sulphur content of 0.4 percent over the course of the year, part of government measures to combat air pollution.
Such a low sulphur limit effectively knocks out much of the thermal coal from Australia, which generally produces coal with a high energy value, but also higher sulphur content than rivals such as Indonesia, Russia and South Africa.
Australia is the second-largest supplier of coal to South Korea, behind Indonesia, and has already been losing market share so far this year.
Vessel-tracking and port data compiled by Thomson Reuters Supply Chain and Commodity Forecasts show a total of 17.4 million tonnes of Australian coal being discharged in South Korea in the first five months of this year, down 7.4 percent from the same period in 2017.
While coal imports from Australia held up well in the first four months, they have fallen sharply in May, to 2.5 million tonnes, according to the data.
This is a drop of 40 percent from May of last year, showing that South Korean utilities are already attempting to source coal from low-sulphur producers.
Customs data for the first four months of 2018 shows that South Korea imported 14.1 million tonnes from Australia, down from 14.3 million for the same period in 2017.
From Indonesia, imports dropped to 11.3 million tonnes from 12.2 million, while those from Russia jumped to 8.2 million from 6.8 million and South African shipments rose to 3.7 million from 3.5 million.
What this suggests is that South Korean utilities are cutting back on high-sulphur imports from Australia, but aren’t switching to Indonesia, rather preferring to buy more from Russia and South Africa.
This means that the utilities are still seeking higher energy coal, but with a lower sulphur content, such as that produced in Russia and South Africa.
Indonesia’s coal tends to be low sulphur, but also of low calorific value, meaning more has to be burned to produce the same amount of energy. PRICE IMPACT SMALL, SO FAR
The question for the seaborne coal market is how much impact will South Korea’s switch to low-sulphur coal have, given that it is the world’s fourth-largest importer behind China, India and Japan.
In theory, prices for Australian coal should decline, while those for South African and Russian supplies should advance, but the reality may be more nuanced than that.
About 45 million tonnes of Australia’s annual thermal coal exports meet the new South Korean specification, according to consultants Wood Mackenzie.
That’s less than a quarter of the country’s total annual thermal coal exports, but is still sufficiently large to enable South Korean utilities to switch to buying only low-sulphur cargoes.
What this may mean in practical terms is that Australian low-sulphur coal starts to enjoy a rising premium over fuel with a higher sulphur content, even if the calorific values are the same.
This may benefit buyers in countries such as Japan and China, who may be able to buy higher sulphur Australian coal and would be happy to take it at a discount to what they are currently paying.
Chinese utilities are known to buy low-energy, but low-sulphur Indonesian coal for blending with higher energy coal.
The price for South African coal may also move higher, if South Korea starts to boost demand, and there is some evidence in the pricing that this is occurring.
The price of coal at South Africa’s main export port of Richards Bay, as assessed by Argus Media, ended last week at $103.64 a tonne, while the price of similar grade coal at Australia’s Newcastle port was at $105.
This means the Australian coal was at a $1.36 a tonne premium to the South African fuel, which is down from the $8.33 at the end of last year.
There are, of course, other reasons for South African coal to outperform Australian, including rising demand from South Asian countries such as Pakistan.
However, Russian coal in the Pacific market also seems to have outperformed Australian slightly in recent months, with the price at the port of Vostochny in Nakhodka ending last week at $101, $4 below the Newcastle equivalent, narrowing from the $7 a tonne that prevailed in mid-January.
While the seaborne market is likely to adjust to the new South Korean rules by shifting around who buys what from whom, it’s unlikely that this will signal a dramatic shift in prices.
However, the market should also consider the question as to whether South Korea is the harbinger of more restrictions on sulphur, which would have more serious consequences for Australia, and for the operating costs of Asian utilities.
The opinions expressed here are those of the author, a columnist for Reuters. Editing by Richard Pullin | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-column-russell-coal-southkorea/commentary-south-koreas-sulphur-cap-alters-asian-coal-market-dynamics-idUKKCN1IW149 |
May 11 (Reuters) - First Solar Inc:
* FIRST SOLAR SAYS CO’S UNIT ENTERED INTO TERM LOAN AGREEMENT WITH MUFG BANK LTD; SOCIÉTÉ GÉNÉRALE, HONG KONG BRANCH; AND MIZUHO BANK LTD - SEC FILING
* FIRST SOLAR SAYS THE CREDIT FACILITY PROVIDES FOR AGGREGATE BORROWINGS OF UP TO AUD 151.0 MILLION ($113 MILLION)
* FIRST SOLAR - THE CREDIT FACILITY HAS BEEN ENTERED INTO FOR DEVELOPMENT, CONSTRUCTION OF A PHOTOVOLTAIC POWER PLANT OF UP TO 87 MW LOCATED IN AUSTRALIA Source text: ( bit.ly/2G98vBL ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-first-solar-unit-entered-into-term/brief-first-solar-unit-entered-into-term-loan-agreement-with-mufg-bank-socit-gnrale-and-mizuho-bank-idUSFWN1SI1GB |
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