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May 14 (Reuters) - Medallion Financial Corp:
* MEDALLION FINANCIAL CORP. REPORTS 2018 FIRST QUARTER RESULTS
* Q1 NET DECREASE IN NET ASSETS FROM OPERATIONS PER COMMON SHARE $0.62
* QTRLY NET INVESTMENT LOSS AFTER INCOME TAXES PER COMMON SHARE $0.13 Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-medallion-financial-qtrly-net-inve/brief-medallion-financial-qtrly-net-investment-loss-after-income-taxes-per-common-share-0-13-idUSL5N1SL8G5 |
Reblog An Australian startup and app maker called Unlockd thinks it has a better idea: The consumer should get a cut of this business, in the form of rewards or other incentives. Should this approach take off, some see it becoming a viable alternative to the ad model driving big platforms like Google. Unlockd says that is why Google has been trying to kill it. | ashraq/financial-news-articles | https://www.wsj.com/articles/startup-challenging-advertising-driven-platforms-sues-google-1525858201?mod=yahoo_hs&yptr=yahoo |
CHICAGO--(BUSINESS WIRE)-- USG Corporation (NYSE: USG) today announced that its Board of Directors has authorized management to commence negotiations with Gebr. Knauf KG (“Knauf”) regarding a potential sale of the Company. The USG Board remains committed to acting in the best interests of all shareholders and will evaluate all options to do so. USG has advised Knauf that it is prepared to agree to a customary confidentiality agreement to facilitate sharing appropriate due diligence information.
The Board believes that by entering into negotiations and exchanging certain information, Knauf should be able to identify additional sources of value in combining the businesses and will see value in excess of its most recent proposal.
There can be no assurance that the negotiation process will result in any transaction, or any assurance as to its outcome or timing. The Company has not set a timetable for completion of negotiations and does not intend to disclose developments related to the process unless and until definitive agreements are reached or negotiations are abandoned.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 related to management's expectations about future conditions, including but not limited to, statements regarding the indication of interest made by Knauf and uncertainties regarding future actions that may be taken by Knauf in furtherance of such interest and the Company’s authorized commencement of negotiations with Knauf regarding a potential sale of the Company. In some cases, forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "may," "will be," "will continue," "will likely result" and similar expressions. Actual business, market or other conditions may differ materially from management's expectations and, accordingly, may affect our sales and profitability, liquidity and future value. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date, and we undertake no obligation to update any forward-looking statement. Actual results may differ materially due to various other factors, including future actions that may be taken by Knauf in furtherance of its offer to purchase the Company, no assurance of and uncertainty surrounding consummation of any such transaction with Knauf or the terms of such transaction, if any, and if consummated, potential disruption of our business or diverted management attention as a result of the exploration or negotiation of such transaction, economic conditions, such as employment levels, the availability of skilled labor, household formation, home ownership rate, new and existing home price trends, availability of mortgage financing, interest rates, deductibility of mortgage interest and real estate taxes, consumer confidence, job growth and discretionary business investment; competitive conditions and our ability to maintain or achieve price increases; the loss of one or more major customers, including L&W, and the increasing number of our customers with significant buying power; increased costs, or decreased availability, of key raw materials, energy or transportation; unexpected operational difficulties or catastrophic events at our facilities; our ability to successfully operate the joint venture with Boral Limited, including risks that our joint venture partner, Boral Limited, may not fulfill its obligations as an investor or may take actions that are inconsistent with our objectives; exposure to risks of operating internationally; our ability to innovate and protect our intellectual property and other proprietary rights; our ability to make capital expenditures and achieve the expected return on investment; a disruption in our information technology systems; compliance with environmental and safety regulations or product safety concerns; the outcome in legal and governmental proceedings; the ability of a small number of stockholders to influence our business and stock price; our ability to successfully pursue and complete acquisitions, joint ventures and other transactions to complement or expand our businesses; significant changes in factors and assumptions used to measure our defined benefit plan obligations; our ability to return capital to stockholders; the occurrence of an “ownership change” within the meaning of the Internal Revenue Code; our ability to pursue strategic opportunities without increasing our debt and leverage ratio; the effects of acts of terrorism or war upon domestic and international economies and financial markets; and acts of God. Information describing other risks and uncertainties affecting USG that could cause actual results to differ materially from those in forward-looking statements may be found in our filings with the Securities and Exchange Commission, including, but not limited to, the "Risk Factors" in our most recent Annual Report on Form 10-K.
Important Additional Information and Where to Find It
In connection with USG's 2018 Annual Meeting of Stockholders, USG has filed with the U.S. Securities and Exchange Commission (the “SEC”) a definitive proxy statement and other documents, including a WHITE proxy card. The Company, its directors, director nominees and certain of its officers and other employees will be considered participants in the solicitation of proxies from stockholders in respect of the 2018 Annual Meeting. Information regarding the names of the Company’s directors, director nominees, and the certain officers and other employees who are considered participants, and their respective interests in the Company by security holdings or otherwise, is set forth in USG's definitive proxy statement, dated March 29, 2018, for its 2018 Annual Meeting of Stockholders as filed with the SEC on Schedule 14A, as well as in USG’s proxy supplement, dated April 20, 2018, as filed with the SEC. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS ARE ENCOURAGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING WHITE PROXY CARD. Investors and other interested parties may obtain the documents free of charge at the SEC’s website, www.sec.gov , or from USG at its website, www.usg.com , or through a request in writing sent to USG at 550 West Adams Street, Chicago, Illinois 60661-3676, attention: Corporate Secretary.
About USG Corporation
USG Corporation is an industry-leading manufacturer of building products and innovative solutions. Headquartered in Chicago, USG serves construction markets around the world through its Gypsum, Performance Materials, Ceilings, and USG Boral divisions. Its wall, ceiling, flooring, sheathing and roofing products provide the solutions that enable customers to build the outstanding spaces where people live, work and play. Its USG Boral Building Products joint venture is a leading plasterboard and ceilings producer across Asia, Australasia and the Middle East. For additional information, visit www.usg.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006216/en/
Sard Verbinnen & Co:
Jim Barron or Pam Greene, 212-687-8080 (Media)
or
USG Corporation
Kathleen Prause, 312-436-6607 (Media)
[email protected]
Bill Madsen, 312-436-5349 (Investors)
[email protected]
Source: USG Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-usg-board-authorizes-negotiations-with-knauf.html |
TOKYO—Toshiba Corp. officials have mostly given up on an $18 billion sale of the company’s chip unit because Chinese antitrust approval is unlikely to come soon, leading them to accelerate a review of alternatives, people involved in the matter said.
The Japanese company reached a deal in September to sell its NAND flash-memory unit to a group led by private-equity firm Bain Capital, but the deal has been waiting for a nod from antitrust regulators in China, one of the unit’s top markets. Flash memory is widely used in smartphones,... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/toshiba-pessimistic-about-prospects-for-18-billion-chip-deal-1525773755 |
Glu Mobile Inc:
* GLU REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 REVENUE $81.4 MILLION VERSUS I/B/E/S VIEW $73.8 MILLION
* COMPANY RAISES 2018 FULL YEAR BOOKINGS GUIDANCE BY $35.0 MILLION TO A RANGE OF $360.0 MILLION TO $370.0 MILLION
* QTRLY LOSS PER SHARE $0.05 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-glu-mobile-qtrly-loss-per-share-00/brief-glu-mobile-qtrly-loss-per-share-0-05-idUSASC09YQA |
I started a business with less than $500 and it's already profitable after week one Zack Guzman Reblog As a reporter at CNBC Make It who's covered some of the most incredible ways people have made money online — including a 28-year-old whose company has made millions buying things at Walmart and reselling them on Amazon and an entrepreneur who started selling board games out of his living room — I was curious to find out if it was as easy as they made it seem. In week two, I bought a domain, created designs to print on shirts and set up a Shopify account linked with print-on-demand service Printful to minimize the amount of labor I'd have to do once the business was up and running. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/how-to-start-a-profitable-business-with-less-than-500-in-two-weeks.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
May 17, 2018 / 10:45 AM / Updated an hour ago Germany most likely to win World Cup - UBS Reuters Staff 3 Min Read
ZURICH, May 17 (Reuters) - Every four years some economists turn their talent for making predictions about global finance to the topic of the World Cup. Will Iceland or Panama lift the trophy this year, or perhaps hosts Russia?
Forecasters at Swiss bank UBS on Thursday came up with a more, well, predictable choice: Germany.
UBS sees a 24 percent probability that Germany who won in 2014 will win the July 15 final, with Brazil and Spain the next most likely teams to succeed, with a 19.8 percent and 16.1 percent chance respectively.
“Germany and Brazil are set for an easy start, while Spain will have to hit the ground running if they are to beat Portugal, the current European champions, in their opening game,” said Michael Bolliger, head of emerging market asset allocation in a report that used econometric forecasting tools.
“From there, the going will get tougher for Spain and Brazil, who will possibly face Argentina and England, respectively, in the quarter-finals,” Bolliger said.
Host country Russia, meanwhile, is likely to make it to the round of 16 before losing to either Spain or Portugal.
As for Iceland and Panama: 0.2 percent and 0.0 percent respectively.
The predictions by the world’s biggest wealth manager were based on a statistical model using the results from the previous five tournaments and controlling for factors such as team strength and success in the qualification phase.
UBS said that England, France, Belgium and Argentina could still provide some surprises in the World Cup.
“Argentina’s fate will strongly depend on the form of their star players in our view, which is an element of uncertainty and hard to capture with our quantitative model,” Bolliger said.
France should be able to advance to the semi-final but could face Brazil, another top team, after the possible elimination of Portugal. England, just like Belgium, has a balanced team but would have to get past Brazil to reach the semi-final, he added. (Reporting by John Revill in Zurich and Maria Sheahan in Frankfurt Editing by Matthew Mpoke Bigg) | ashraq/financial-news-articles | https://www.reuters.com/article/soccer-worldcup-economists/germany-most-likely-to-win-world-cup-ubs-idUSL5N1SO1TB |
George Harrison's first electric guitar hits the auction block 12:53pm EDT - 01:26
Items from rock and pop legends go up for grabs in New York. Rough cut (no reporter narration)
Items from rock and pop legends go up for grabs in New York. Rough cut (no reporter narration) //reut.rs/2L1mm0Z | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/george-harrisons-first-electric-guitar-h?videoId=427168514 |
Waymo is telling police in California exactly how to break into its autonomous cars in the event of an emergency, according to documents reviewed by tech news site IEEE Spectrum .
Among the instructions: "Open one door to prevent the self-driving car from moving. Break a window if doors are locked and immediate entry to vehicle is necessary. Call Waymo to unlock the doors remotely if there is time."
The instructions also explain to look for the red indicator light associated with the electronic parking brake. If all else fails, grab scissors and work quickly.
The instructions appear in a 41-page booklet provided to law enforcement as an introduction to the fully self-driving cars. They aim to immobilize the vehicle first and protect Waymo's autonomous tech second.
Law enforcement officers are told to first try the car's electronic systems for breaking and contacting technical support. But if those don't work, officers are encouraged to physically cut engine parts and to "minimize time in front of vehicle."
The instructional booklet also contains the number for a designated hotline for police, fire department and other first responders to reach Waymo.
The self-driving unit of Google parent company Alphabet has pulled away from some of its autonomous driving rivals in recent months, as Uber and Tesla have each faced reports of accidents.
show chapters Waymo CEO: Our focus has always been safety 11:20 AM ET Tue, 27 March 2018 | 04:06 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/alphabet-waymo-tells-police-how-to-break-in-disable-self-driving-cars.html |
Richard Branson's space tourism company just hit a major milestone 1 Hour Ago Virgin Galactic launched and landed a second successful supersonic flight. Richard Branson told CNBC that he believes his space tourism company is just "2 or 3" flights away from making it into space. Branson added that he will be a passenger on the first flight. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/richard-branson-virgin-galactic-unity-spacecraft-supersonic-flight.html |
The US is asking a lot of China, analyst says 8 Hours Ago Jiazhi Chen Seiler, head of next generation research and investment solutions at Julius Baer, discusses U.S.-Sino trade negotiations and China’s technology sector. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/the-us-is-asking-a-lot-of-china-analyst-says.html |
LOS ANGELES, May 18, 2018 /PRNewswire/ -- Westwood Financial LLC, a leading retail real estate investment firm, in separate transactions has acquired two Sprouts-anchored neighborhood centers in Phoenix, AZ and Atlanta, GA for a total of $66.2 million.
Boardwalk at Andersen Springs in Chandler (Phoenix), AZ and is the home of the original Sprouts Farmers Market, which opened in 2005. The center is 97 percent occupied and features a variety of national and regional retailers, many of which have been operating for over two decades. Sprouts is currently undergoing a $1M renovation and recently executed a 10-year renewal. The center benefits from a dense population of over 138,000 people in a three-mile radius combined with a strong daytime population of 132,000. The acquisition was sourced off market and was financed by a senior loan from Nationwide Life Insurance Company, one of Westwood's top life insurance lenders, and the debt financing was arranged by HFF LP.
Decatur Crossing is an 81,900 square-foot Sprouts-anchored shopping center that was developed in 2017 and is currently 100 percent occupied. The center is in the dense, affluent community of Decatur, GA, just east of Midtown Atlanta, and boasts a 3-mile average household income of $93,000 and a population of 113,000. The center is adjacent to two large multifamily developments with over 1,000 units either delivered or under construction. Daily traffic counts at the intersection of Scott Blvd. and North Decatur Road are over 65,000. The acquisition was financed by a senior loan from Unum Group, which was arranged by HFF LP.
Additionally, Westwood Financial is under contract to acquire three separate urban retail properties in the Chicago trade area with an aggregate value of over $27.0 million.
Westwood Financial CEO Joe Dykstra commented, "Our recent transactional activity highlights our commitment to the main pillars of our investment thesis. First, we seek to align Westwood with best-of-breed operators that are gaining market share, such as Sprouts Farmers Market. Second, we target locations with high-quality underlying real estate that will appreciate over the long term – both the Decatur and Chandler locations have tremendous demographics and support this thesis. Our pending Chicago acquisitions further support our transactional strategy of owning high-quality underlying real estate with strong demographic profiles."
About Westwood Financial
Westwood Financial owns over 70 community shopping centers, primarily-anchored by top-tier grocers, across 26 U.S. markets including Dallas, Phoenix, Atlanta, Los Angeles, and Charlotte. Established in 1970 and transformed in 2016, Westwood Financial is headquartered in Los Angeles, with regional offices in Dallas, Atlanta, and Scottsdale. More information is available at www.westfin.com .
Contact:
Volker Schramm
(310) 820-5443
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/westwood-financial-acquires-two-sprouts-anchored-centers-in-phoenix-and-atlanta-300651314.html
SOURCE Westwood Financial | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-westwood-financial-acquires-two-sprouts-anchored-centers-in-phoenix-and-atlanta.html |
President Donald Trump’s personal attorney Michael Cohen helped a law and lobbying firm land a corporate client with ties to Kushner Cos., the family company of White House adviser Jared Kushner that is currently the subject of a federal probe.
Under a 2017 contract with Squire Patton Boggs, Mr. Cohen was paid $500,000 a year to help it drum up business, prosecutors said in a recent filing in federal court in New York, where Mr. Cohen is under investigation for potential bank fraud and campaign-finance violations. He also... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-lawyer-helped-recruit-corporate-client-with-ties-to-kushner-probe-1525902417 |
May 10 (Reuters) - Azul SA:
* AZUL REPORTS APRIL TRAFFIC * APRIL CONSOLIDATED PASSENGER TRAFFIC (RPKS) INCREASED 17.2% COMPARED TO APRIL 2017 ON A CAPACITY INCREASE (ASKS) OF 17.6%
* APRIL LOAD FACTOR 81.4 PERCENT, DOWN 0.3 POINTS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-azul-reports-april-traffic/brief-azul-reports-april-traffic-idUSASC0A1P9 |
May 16 (Reuters) - Telephone and Data Systems Inc:
* TELEPHONE AND DATA SYSTEMS SAYS ENTERED INTO A $400 MILLION CREDIT AGREEMENT - SEC FILING Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-telephone-and-data-systems-enters/brief-telephone-and-data-systems-enters-into-400-mln-credit-agreement-idUSFWN1SN0T9 |
May 16, 2018 / 1:31 PM / in a minute Bunge will export US soybeans to Argentina "if margins justify it" -CEO Reuters Staff 1 Min Read
CHICAGO, May 16 (Reuters) - Bunge Ltd will export US soybeans to Argentina “if margins justify it,” Chief Executive Officer Soren Schroder said at an investor event in New York on Wednesday.
Schroder, who was speaking at the BMO Capital Markets 2018 Farm to Market Conference, said that there could be periods of time in the late summer and fall of this year when there are some trade flows of U.S. soybeans to South America. But right now, the margins do not justify such moves, he said, and Bunge does not believe the volume of such trade flows will be particularly significant. (Reporting by P.J. Huffstutter in Chicago and Chris Prentice in New York Editing by Chizu Nomiyama ) | ashraq/financial-news-articles | https://www.reuters.com/article/bunge-ceo/bunge-will-export-us-soybeans-to-argentina-if-margins-justify-it-ceo-idUSL2N1SN0MB |
SANTA CLARA, California, May 3, 2018 /PRNewswire/ --
Trianz, a global digital transformation consulting and technology services firm, has appointed Sheppard B. Lyngdoh as its Chief Delivery Officer. A 25-year veteran in the software solutions industry, Sheppard will be based out of Trianz' Bangalore (India) office.
(Logo: http://mma.prnewswire.com/media/452308/PRNE_TrianzUpdated_Logo.jpg )
Sheppard brings extensive experience in successfully leading global teams, with direct P&L responsibility. An accomplished business and technology leader, his areas of expertise encompass customer facing and global delivery across the value chain including business unit management, delivery leadership, client engagement, solution and platform innovation, product development, program/account management, and operations. He is also an industry knowledge expert in the BFSI, healthcare, manufacturing, consumer retail, telecom and e-commerce domains.
Prior to joining Trianz, Sheppard worked for major tier 1 technology firms including TCS, Infosys and Wipro, where he has successfully managed large customer accounts with multiple engagements. The scope of these engagements has covered application development, maintenance and support, infrastructure management services, business process operations and management in managed services delivery, testing, transition strategy and execution, portfolio rationalization, and consulting with various pricing models for clients across U.S., Canada, UK and mainland Europe.
Sheppard is a Computer Science Engineering graduate from the Indian Institute of Technology (IIT), Madras (India), and has earned his PG Diploma in Management (Systems and Finance) from the Indian Institute of Management (IIM), Calcutta (India).
Speaking on the development, Ganeshan Venkateshwaran, Head - Global Technology Services at Trianz, said, "We are very happy to welcome Sheppard to the Trianz family as our Chief Delivery Officer. With him on board, we are certain Trianz' Digital Evolution-facilitating expertise will gain an unprecedented edge - both in terms of technology enablement, as well as competitive agile business transformations."
About Trianz
Trianz simplifies digital evolutions through effective strategies and excellence in execution. Collaborating with business and technology leaders, we help formulate and execute operational strategies to achieve intended business outcomes by bringing the best of consulting, technology experiences and execution models. Powered by knowledge, research, and perspectives, we enable clients to transition to a digital enterprise by leveraging Cloud, Analytics, Digital, Infrastructure and Security paradigms. With offices in Silicon Valley, Washington DC Metro, Rosemont, Chicago, Austin, Boston, Denver, Irvine, Raleigh, San Francisco, Seattle, New York, Dubai, Bengaluru, Hyderabad and Chennai, we serve Fortune 1000 and emerging organizations across industries globally. For more information, visit http://www.trianz.com .
Trianz Media Team
[email protected]
+1-408-387-5800
SOURCE Trianz | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-trianz-names-sheppard-lyngdoh-as-chief-delivery-officer.html |
PARIS (Reuters) - Western European car sales rose 9.1 percent in April compared to a year ago, helped by the timing of this year’s Easter holiday, according to industry data compiled by LMC automotive.
FILE PHOTO: Jaguar cars are seen parked in rows at the Castle Bromwich plant in Birmingham, central England, January 19, 2009. REUTERS/Darren Staples/File Photo Registrations last month came to 1.22 million cars, as many markets saw a higher number of selling days than in April 2017, the consulting firm said on Friday. Its numbers are based on national data and estimates for some smaller markets.
The seasonally adjusted annualized rate (SAAR) of western European sales rose by a more modest 1.1 percent from 14.27 million cars in March to 14.42 million in April - still below the average 14.72 million rate for the year to date.
“The results were solid rather than spectacular,” said LMC analyst David Oakley.
Sales rose 6.5 percent in Italy, 8 percent in Germany, 9 percent in France, 10.4 percent in Britain and 12.3 percent in Spain, according to data published in recent days.
Reporting by Laurence Frost; Editing by Sudip Kar-Gupta
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-vehicleregistrations/western-european-car-sales-up-9-1-percent-in-april-lmc-idUSKBN1I516A |
SANTA FE, N.M., May 08, 2018 (GLOBE NEWSWIRE) -- Sigma Labs, Inc. (NASDAQ:SGLB) (“Sigma Labs” or the “Company”), a provider of quality assurance software under the PrintRite3D® brand, today announced it will issue financial results for the First Quarter ended March 31, 2018 and provide an update on corporate developments at 4:05pm eastern time on Tuesday, May 15, 2018.
Management will host a conference call on Tuesday, May 15, 2018 at 4:30pm to review financial results and corporate highlights. Following management’s formal remarks, there will be a question and answer session.
To listen to the call by phone, interested parties within the U.S. should call 1-844-802-2441 and International callers should call 1-412-317-5134. All callers should ask for the Sigma Labs conference call. The conference call will also be available through a live webcast at www.sigmalabsinc.com . Details for the webcast may be found on the Company’s IR events page at:
http://client.irwebkit.com/sigmalabsinc/events .
A replay of the call will be available approximately one hour after the end of the call through June 15, 2018. The replay can be accessed via Sigma Labs' website or by dialing 877-344-7529 (domestic) or 412-317-0088 (international) or Canada Toll Free at 855-669-9658. The replay conference ID number is 10120280. The webcast replay will be available through August 15, 2018.
About Sigma Labs
Sigma Labs, Inc. is a provider of quality assurance software under the PrintRite3D® brand and a developer of advanced, in-process, non-destructive quality assurance software for commercial firms worldwide seeking productive solutions for advanced manufacturing. For more information please visit us at www.sigmalabsinc.com .
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company’s forward-looking statements, please see the Company’s Annual Report on Form 10-K (including but not limited to the discussion under “Risk Factors” therein) filed with the SEC on April 17, 2018 and which may be viewed at http://www.sec.gov .
Investor Relations Contact:
Bret Shapiro
Managing Director
CORE IR
561-479-8566
[email protected]
Source:Sigma Labs, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-sigma-labs-to-announce-first-quarter-2018-financial-results-and-provide-a-company-update-on-tuesday-may-15-2018.html |
May 23, 2018 / 8:32 PM / Updated 9 minutes ago Facebook suggests no compensation for European users affected by data breach Reuters Staff
* Company says clear about data collected on non-Facebook users
* Dismisses suggestions of splitting up some services
By Foo Yun Chee
BRUSSELS, May 23 (Reuters) - Facebook is unlikely to compensate the 2.7 million European users whose data was improperly shared with political consultancy Cambridge Analytica because sensitive bank account data had not been shared, the company said on Wednesday.
The world’s largest social media network was responding to questions from EU lawmakers who had failed to get answers from Chief Executive Mark Zuckerberg during a grilling a day earlier at the Brussels-based European Parliament.
“This was clearly a breach of trust. However, it’s important to remember that no bank account details, credit card information or national ID numbers were shared,” Facebook said in a statement.
“Most people gave the app at issue here access to information like their public profile as well their page likes, friend list and birthday. It was the same for friends whose settings allowed sharing.”
It said the app developer involved in the data breach had sold information on U.S. users, not EU users, to Cambridge Analytica.
Facebook and Cambridge Analytica are already the targets of a class-action complaint filed by a Maryland resident seeking damages over the exploitation of U.S. users’ data without their permission.
In response to EU lawmakers’ concerns about the use of non-Facebook users’ data without their knowledge, the company said it was clear about the information it collects and it expects websites and apps to be equally transparent via their data or cookie policy.
It said non-Facebook users could ask what kind of data has been collected about them via its help centre but the company does not create profiles of them.
The company also rejected suggestions that it separates users’ personal data between Facebook and WhatsApp, saying sharing data was necessary to help fight abusive content or spam on its services.
It was similarly dismissive of another EU lawmaker’s proposal to split off Facebook Messenger and WhatsApp, citing the benefits a packaged service brings to consumers. (Reporting by Foo Yun Chee Editing by Mark Heinrich) | ashraq/financial-news-articles | https://www.reuters.com/article/facebook-privacy-eu/facebook-suggests-no-compensation-for-european-users-affected-by-data-breach-idUSL5N1SU6VT |
'Right to Try' gives people hope: President Trump 1 Hour Ago President Trump discusses "Right to Try," which is new legislation that gives terminally ill patients access to research drugs that have not be approved by the FDA. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/right-to-try-gives-people-hope-president-trump.html |
The U.S. moved its embassy in Israel from Tel Aviv to Jerusalem on Monday afternoon sparking deadly clashes between Palestinian protestors and the Israeli military. President Donald Trump in December broke with decades of White House policy and recognized the contested city as Israel’s capital.
Why has the U.S. moved its embassy from Tel Aviv to Jerusalem?
Israel declared an independent state in 1948 and took permanent control of West Jerusalem following a conflict with Arab states. It then annexed the eastern half of the city after the 1967 Six Day War against the Arab nations. Since then, Israeli officials have lobbied the international community to recognize Jerusalem as their capital. The Palestinians want East Jerusalem as their capital in a future state.
The U.S. Congress in 1995 passed a law stating that the U.S. Embassy should be based in Jerusalem, however, a clause in the legislation allowed the U.S. president to delay the move every six months by signing a waiver. Presidents Bill Clinton, George W. Bush and Barack Obama all signed such waivers, often citing national security concerns. But Mr. Trump pledged to finally make the move. U.S. officials said Mr. Trump views the moves as separate from the peace process and he didn’t want to sign another waiver in December.
What have Palestinians done in response?
The opening ceremony comes in the wake of a series of Palestinian protests at the fence between Israeli territory and the Gaza Strip in recent weeks. Those demonstrations have primarily called on Israeli officials to allow Palestinian refugees and their ancestors to return to homes in Israel.
The Israeli military says the protests are being used as a cover for militants belonging to Hamas, the Islamist group that controls the Strip, to commit terror attacks in Israel after a mass breach of the fence.
Thousands of protesters were injured at the border between the Gaza Strip and Israel ahead of the opening of the U.S. Embassy in Jerusalem. On Monday, Hamas called on thousands of Palestinians to elevate those demonstrations and protest the embassy’s opening. Demonstrators clashed with the Israeli military at the Gaza fence, leaving dozens of protesters dead.
Those killed with Israeli live fire included a 12- and a 14-year-old, according to Gaza’s ministry of health, who said scores more were injured. An Israeli military spokesman said the protests are larger and more violent than what they have seen in the last month and a half
Hamas also encouraged Palestinians to demonstrate on Tuesday, known as Nakba Day or the “Day of the Catastrophe”, marking the day after the establishment of Israel. A coalition of all Palestinian political factions, known as the National and Islamic Forces, has called on Palestinians in the West Bank and East Jerusalem to protest the embassy relocation.
What is this move likely to mean for peace talks?
The White House has said it expects to push forward with a still-secret plan to secure what Mr. Trump has called “the ultimate deal” for Middle East peace. The last round of Israeli-Palestinian negotiations collapsed under the Obama administration in 2014. U.S. officials have said their plan is mostly finished and the White House is seeking the right time to present it.
But Palestinians have already said the decision to open a U.S. Embassy in Jerusalem means they no longer recognize the U.S. as the main broker of peace talks. Palestinian officials are refusing to meet with representatives of the Trump administration and so it’s not clear whether a peace plan, if presented, will move the end of hostilities closer.
Mr. Trump’s decision to relocate the embassy to Jerusalem from Tel Aviv has faced fierce criticism from European and Arab officials who have said it is likely hamper any future peace negotiations.
Where is the new embassy going to be located in Jerusalem?
The embassy opening is the culmination of nearly six months of State Department preparations following Mr. Trump’s December declaration of the city as Israel’s capital. The department spent about $400,000 to retrofit a consular building in the Arnona neighborhood to serve as the embassy. The building straddles West Jerusalem and what is called No Man’s Land, a contested area that lies in between the 1949 armistice lines. State Department officials have said they would also look for a site to build an entirely new embassy and transfer most current diplomatic staff there from Tel Aviv.
What happened at the opening ceremony?
Hundreds of U.S. and Israelis attended the event Monday afternoon, the 70th anniversary of the founding of the state of Israel, hosted by U.S. Ambassador to Israel David Friedman. Treasury Secretary Steven Mnuchin led a U.S. delegation that included Republican lawmakers but no Democrats. White House adviser Jared Kushner and his wife Ivanka Trump, Mr. Trump’s daughter, also attended. The U.S. president addressed the event via video link from Washington.
Write to Rory Jones at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/5-things-to-know-about-the-u-s-embassys-move-to-jerusalem-1526310735 |
BRUSSELS, May 28 (Reuters) - European Union lawmakers and member states have clinched an informal deal on a law that enables incumbent telecoms operators to be deregulated if they co-invest with rivals, several sources told Reuters.
The EU, which wants to help to unlock billions of euros of investment in fibre optic networks to meet rising demand for data services, proposed an overhaul of its 15-year-old telecoms laws two years ago to entice operators to dip their hands in their pockets.
One of the carrots held out to telecoms operators was that of lighter-touch regulation if they co-invested with rivals in new networks.
A deal reached last week and which is still being fine-tuned, holds out the promise of deregulation for incumbent operators that agree with a rival to roll out a new fibre network or to finance it over a long period of time in exchange for certain access rights, according to a draft text seen by Reuters.
Former state monopolies such as Orange, Deutsche Telekom and Telecom Italia have long complained that the current rules forcing them to open up their networks to competitors at regulated prices do not allow them get a decent return on investment.
However, other operators such as Vodafone have decried the provision as a regulatory holiday for the incumbents, because deals in which one operator commits to buy capacity over a long period of time, thereby helping to fund the rollout, do not actually lead to co-ownership of the network.
DRAFT DEAL “You’re a tenant, not an owner,” one industry source said.
The draft deal defines co-investment models as “co-ownership of network assets or long-term risk sharing through co-financing or through purchase agreements.” The wording could still change as it is being refined.
So-called purchase agreements must entail the acquisition of “specific rights to capacity of a structural character”, and should not consist of simple deals whereby one operator rents capacity from another, the text says.
“If you are trying to finance a risky investment, purchase commitments of a certain type ... can move the cursor in terms of de-risking the investment,” said one person who negotiated the compromise.
The Commission hopes such long-term agreements in which operators don’t have to put up all the money upfront will encourage operators to invest in fibre networks, which can cost between 500 euros ($583) and 800 euros per household, according to an estimate by Goldman Sachs.
The Parliament had initially baulked at the inclusion of purchase agreements as co-investment types, fearing this could harm competition, but gave way when stricter conditions were set on what types of purchase agreements could benefit from softer regulation.
ECTA, which represents alternative telecoms companies such as Fastweb and TalkTalk, has called for the co-investment measures to be scrapped as they could reward dominant market players while harming competition.
The law is expected to be finalised at a meeting between the Commission, European Parliament and member states on June 5. ($1 = 0.8573 euros) (Reporting by Julia Fioretti Editing by David Holmes)
| ashraq/financial-news-articles | https://www.reuters.com/article/eu-telecoms/eu-agrees-new-rules-to-stimulate-telecoms-investment-sources-idUSL5N1SV85V |
Pelosi denounces intel briefings on Russia 1:47pm EDT - 01:18
The top Democrat in the U.S. House of Representatives said on Thursday the classified briefings for lawmakers by the FBI and intelligence officials on the Russia election probe were inappropriate, even though one has been opened to members of both parties.
The top Democrat in the U.S. House of Representatives said on Thursday the classified briefings for lawmakers by the FBI and intelligence officials on the Russia election probe were inappropriate, even though one has been opened to members of both parties. //reut.rs/2KSnX8i | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/pelosi-denounces-intel-briefings-on-russ?videoId=429953201 |
Ford suspends F-150 production 9 Hours Ago CNBC’s Phil LeBeau previews Ford’s upcoming shareholder meeting and breaks down the fallout from halting production on the popular F-150 pickup truck. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/ford-f150-pickup-truck-production.html |
Record quarterly revenue of $44.8M represents 46% year-over-year growth Revenue guidance raised to $182-$188 million for full year 2018
WALTHAM, Mass., May 08, 2018 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its first . Provided in this press release are financial highlights for the quarter, updates to our financial guidance for the year 2018 and access information for today's webcast and conference call.
Tony J. Hunt, President and Chief Executive Officer said, “We had a strong start to the year led by sales of our direct filtration and chromatography products, which were up by over 90% year-on-year. This includes our Spectrum business, which continues to outperform our expectations. We are also excited about the depth of our R&D pipeline which is generating new products, including our recently launched OPUS 80R pre-packed columns that address late stage clinical and commercial opportunities. Our end markets remain strong and with robust demand for our single-use and flexible bioprocessing technologies, we are raising our revenue guidance for 2018.”
First Quarter 2018 Snapshot
Total revenue increased by 46% year-over-year, to a new quarterly record of $44.8 million Spectrum product sales contributed $11.7 million, a pro forma increase of 27% year-over-year Organic growth for direct-to-customer Filtration and Chromatography products exceeded 20% GAAP gross margin was 56.1% and adjusted gross margin was 56.6%, an increase of 110 bps GAAP fully-diluted EPS was $0.08 versus $0.09 for the first quarter of 2017 Adjusted (non-GAAP) EPS increased 11% to $0.17 versus $0.15 for the first quarter of 2017
Financial Details for the First Quarter of 2018
REVENUE
Total revenue for the first quarter of 2018 increased to $44.8 million compared to $30.6 million for the first quarter of 2017, a year-over-year gain of 46% as reported, or 44% at constant currency.
GROSS PROFIT and GROSS MARGIN
Gross profit (GAAP) for the first quarter of 2018 was $25.2 million, a year-over-year increase of $8.6 million and representing 56.1% gross margin. Adjusted gross profit (non-GAAP) for the first quarter of 2018 was $25.4 million, a year-over-year increase of $8.4 million. Adjusted gross margin expanded by 110 basis points year-over-year to 56.6%.
OPERATING INCOME and OPERATING MARGIN
Operating income (GAAP) for the first quarter of 2018 was $6.0 million, a year-over-year increase of $0.3 million or 5%. Adjusted operating income (non-GAAP) for the first quarter of 2018 was $9.3 million, a year-over-year increase of $2.3 million or 33%. Adjusted operating margin was 20.7% for the first quarter of 2018 versus 22.9% for the same period in 2017.
NET INCOME
Net income (GAAP) for the first quarter of 2018 was $3.4 million, a 12% increase from $3.1 million for first quarter of 2017. Adjusted net income (non-GAAP) for the first quarter of 2018 was $7.5 million, a 43% increase from $5.3 million for the first quarter of 2017.
EARNINGS PER SHARE
Earnings per share (GAAP) for the first quarter of 2018 were $0.08 on a fully diluted basis compared to $0.09 for the first quarter of 2017. Adjusted EPS (non-GAAP) for the first quarter of 2018 was $0.17 per fully diluted share, an 11% increase from $0.15 for the 2017 period.
EBITDA
EBITDA, a non-GAAP financial measure, for the first quarter of 2018 was $10.0 million, a 39% increase from $7.2 million for the first quarter of 2017. Adjusted EBITDA for the first quarter of 2018 was $10.7 million, a 36% increase from $7.8 million for the first quarter of 2017.
CASH
Our cash, cash equivalents and marketable securities at March 31, 2018 were $173.9 million compared to $173.8 million at December 31, 2017.
All reconciliations of GAAP to adjusted (non-GAAP) figures above, as well as EBITDA to adjusted EBITDA, are detailed in the reconciliation tables included later in this press release.
Financial Guidance for 2018
Our financial guidance for the year 2018 is based on expectations for our existing business and does not include the financial impact of potential new acquisitions or future fluctuations in foreign currency exchange rates. This guidance includes the first full year of sales from our acquisition of Spectrum Inc. on August 1, 2017. The guidance below includes revisions to the full year 2018 guidance that we provided on February 22, 2018. Our current expectations for gross margin, operating income and income tax rate guidance are consistent with our previous guidance.
YEAR 2018 GUIDANCE UPDATES:
Total revenue is projected to be $182-$188 million, an increase from our previous guidance of $180-$186 million. Our updated revenue guidance reflects growth of 29%-33% or 27.5%-31.5% at constant currency. We are anticipating organic growth in the range of 10%-14% excluding the impact of currency fluctuation, consistent with our previous guidance. Net income is expected to be $14-$16 million on a GAAP basis, an increase from our previous guidance of $14.0-$15.5 million. Adjusted net income is expected to be $30.5-$32.5 million, an increase from our previous guidance of $30.5-$32.0 million. Fully diluted GAAP EPS for the year 2018 is expected to be in the range of $0.32-$0.36, an increase from our previous guidance of $0.31-$0.35. Adjusted fully diluted EPS is expected to be in the range of $0.69-$0.73, an increase from our previous guidance of $0.68-$0.72.
Our non-GAAP guidance for the year 2018 excludes the following items:
$10.7 million estimated intangible amortization expense; $0.6 million in cost of product revenue and $10.1 million in G&A. $2.5 million estimated acquisition and integration expenses associated with the Spectrum acquisition. $4.2 million of non-cash interest expense (Other income (expense)) related to our debt financing.
Our non-GAAP guidance for the year 2018 includes:
An income tax increase of $1.0 million, representing the tax impact of acquisition costs and intangible amortization.
All reconciliations of GAAP to adjusted (non-GAAP) guidance are detailed in the tables included later in this press release.
Conference Call
Repligen will host a conference call and webcast today, May 8, 2018, at 8:30 a.m. EST, to discuss first quarter of 2018 financial results and corporate developments. The conference call will be accessible by dialing toll-free (866) 777-2509 for domestic callers or (412) 317-5413 for international callers. No passcode is required for the live call. In addition, a webcast will be accessible via the Investor Relations section of the Company’s website. Both the conference call and webcast will be archived for a period of time following the live event. The replay dial-in numbers are (877) 344-7529 from the U.S., (855)-669-9658 from Canada and (412) 317-0088 for international callers. Replay listeners must provide the passcode 10120055.
N on-GAAP Measures of Financial Performance
To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this release: revenue growth rate at constant currency, adjusted gross profit and adjusted gross margin, adjusted income from operations and adjusted operating margin, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted net income and adjusted earnings per diluted share (EPS). The Company provides revenue growth rates in constant currency to exclude the impact of foreign currency translation in order to facilitate a comparison of its current revenue performance to its past revenue performance. To calculate revenue growth rates in constant currency, the Company converts actual net sales from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior period.
The Company’s non-GAAP financial results and/or non-GAAP guidance exclude the impact of: acquisition costs related to the Company’s acquisitions of Atoll GmbH, TangenX Technology Corporation, and Spectrum Lifesciences, LLC (formerly known as Spectrum, Inc., inventory step-up charges related to the acquisition of Spectrum, intangible amortization costs, non-cash interest expense, and in the case of EBITDA, cash interest expense related to the Company’s May 2016 convertible debt issuance. Also excluded are tax benefits associated with valuation allowances on deferred tax assets, the impact on tax of intangible amortization, tax benefits associated with variable integration expenses and tax benefits associated with tax reform. These costs are excluded because management believes that such expenses do not have a direct correlation to future business operations, nor do the resulting charges recorded accurately reflect the performance of our ongoing operations for the period in which such charges are recorded.
A reconciliation of GAAP to adjusted non-GAAP financial measures is included as an attachment to this press release. When analyzing the Company’s operating performance and guidance investors should not consider non-GAAP measures as substitutable for the comparable financial measures prepared in accordance with GAAP.
About Repligen Corporation
Repligen Corporation (NASDAQ:RGEN) is a global bioprocessing company that develops and commercializes highly innovative products that deliver cost and process efficiencies to biological drug manufacturers worldwide. Our portfolio includes protein products (Protein A affinity ligands, cell culture growth factors), chromatography products (OPUS ® pre-packed columns, chromatography resins, ELISA kits) and filtration products (including XCell™ ATF systems, TangenX™ Sius™ flat sheet TFF cassettes, and Spectrum KrosFlo™ hollow fiber TFF cartridges and systems). The Protein A ligands and growth factor products that we produce are essential components of Protein A affinity resins and cell culture media, respectively. Protein A affinity resins are the industry standard for downstream separation and purification of monoclonal antibody-based therapeutics. Our growth factors are used in upstream processes to accelerate cell growth and productivity in a bioreactor. Our innovative line of OPUS ® chromatography columns, used in downstream processes for bench-scale through clinical-scale purification needs, are delivered pre-packed to our customers with their choice of resin. Our XCell™ ATF Systems, available in stainless steel and single-use configurations, are used upstream to continuously eliminate waste from a bioreactor, to concentrate cells and increase product yield. Single-use Sius™ TFF cassettes and hardware are used for biologic drug concentration in downstream filtration processes. Spectrum KrosFlo™ TFF cartridges and systems are used in both upstream and downstream filtration processes. Repligen’s corporate headquarters are in Waltham, MA (USA), with additional administrative and manufacturing operations in Shrewsbury, MA, Rancho Dominguez, CA, Lund, Sweden and Ravensburg, Germany.
The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, express or implied statements or guidance regarding current or future financial performance and position, including cash and investment position, demand in the markets in which we operate, the expected performance of the Spectrum business or our integration of Spectrum, management’s strategy, plans and objectives for future operations or acquisitions, product development and sales, selling, general and administrative expenditures, intellectual property, development and manufacturing plans, availability of materials and product and adequacy of capital resources and financing plans constitute forward-looking statements identified by words like “believe,” “expect,” “may,” “will,” “should,” “seek,” “anticipate,” or “could” and similar expressions. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: our ability to successfully grow our bioprocessing business, including as a result of acquisition, commercialization or partnership opportunities; our ability to successfully integrate any acquisitions, our ability to develop and commercialize products and the market acceptance of our products; reduced demand for our products that adversely impacts our future revenues, cash flows, results of operations and financial condition; our ability to compete with larger, better financed bioprocessing, pharmaceutical and biotechnology companies; our compliance with all Food and Drug Administration and EMEA regulations; our volatile stock price; and other risks detailed in Repligen’s most recent Annual Report on Form 10-K on file with the Securities and Exchange Commission and the other reports that Repligen periodically files with the Securities and Exchange Commission. Actual results may differ materially from those Repligen contemplated by these forward-looking statements. These forward looking statements reflect management’s current views and Repligen does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date hereof except as required by law .
Repligen Contact:
Sondra S. Newman
Senior Director Investor Relations
(781) 419-1881
REPLIGEN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except share and per share data) Three months ended March 31, 2018 2017 Revenue: Product revenue $ 44,799 $ 30,569 Royalty and other revenue 31 21 Total revenue 44,830 30,590 Costs and expenses: Cost of product revenue 19,668 13,990 Research and development 3,288 1,742 Selling, general and administrative 15,898 9,182 38,854 24,914 Income from operations 5,976 5,676 Investment income 181 96 Interest expense (1,652 ) (1,585 ) Other (expense) income 71 (120 ) Income before income taxes 4,576 4,067 Income tax (benefit) provision 1,128 999 Net income $ 3,448 $ 3,068 Earnings per share: Basic $ 0.08 $ 0.09 Diluted $ 0.08 $ 0.09 Weighted average shares outstanding: Basic 43,621,270 33,891,702 Diluted 44,326,732 34,382,322 Balance Sheet Data: March 31, 2018
December 31, 2017
Cash, cash equivalents and marketable securities $ 173,876 $ 173,759 Working capital 228,001 217,571 Total assets 743,248 743,464 Long-term obligations 125,744 126,760 Accumulated deficit (28,737 ) (31,508 ) Stockholders' equity 597,183 591,548
REPLIGEN CORPORATION RECONCILIATION OF GAAP INCOME FROM OPERATIONS TO
NON-GAAP (ADJUSTED) INCOME FROM OPERATIONS (Unaudited) (in thousands) Three months ended March 31, 2018 2017 GAAP INCOME (LOSS) FROM OPERATIONS $ 5,976 $ 5,676 ADJUSTMENTS TO INCOME (LOSS) FROM OPERATIONS: Acquisition and integration costs 655 402 Inventory step-up charges - 224 Intangible amortization 2,664 715 ADJUSTED INCOME FROM OPERATIONS $ 9,295 $ 7,017 REPLIGEN CORPORATION RECONCILIATION OF GAAP NET INCOME TO NON-GAAP (ADJUSTED) NET INCOME (Unaudited) (in thousands) Three months ended March 31, 2018 2017 GAAP NET INCOME $ 3,448 $ 3,068 ADJUSTMENTS TO NET INCOME: Acquisition and integration costs 655 402 Inventory step-up charges - 224 Intangible amortization 2,664 715 Non-cash interest expense 1,036 970 Tax effect of intangible amortization and acquisition costs (271 ) (101 ) ADJUSTED NET INCOME $ 7,532 $ 5,278 REPLIGEN CORPORATION RECONCILIATION OF GAAP NET INCOME PER SHARE TO
NON-GAAP (ADJUSTED) NET INCOME PER SHARE (Unaudited) Three months ended March 31, 2018 2017 GAAP NET INCOME PER SHARE - DILUTED $ 0.08 $ 0.09 ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED: Acquisition and integration costs 0.01 0.01 Inventory step-up charges - 0.01 Intangible amortization 0.06 0.02 Non-cash interest expense 0.02 0.03 Tax effect of intangible amortization and acquisition costs (0.01 ) (0.00 ) ADJUSTED NET INCOME PER SHARE - DILUTED 0.17 $ 0.15 Totals may not add due to rounding. REPLIGEN CORPORATION RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (Unaudited) (in thousands) Three months ended March 31, 2018 2017 GAAP NET INCOME $ 3,448 $ 3,068 ADJUSTMENTS: Investment Income (181 ) (96 ) Interest Expense 1,652 1,585 Tax Provision 1,128 999 Depreciation 1,284 928 Amortization 2,664 715 EBITDA 9,995 7,199 OTHER ADJUSTMENTS: Acquisition and integration costs 655 402 Inventory step-up charges - 224 ADJUSTED EBITDA $ 10,650 $ 7,825 REPLIGEN CORPORATION RECONCILIATION OF GAAP COST OF SALES TO NON-GAAP (ADJUSTED) COST OF SALES (Unaudited) (in thousands) Three months ended March 31, 2018 2017 GAAP COST OF SALES $ 19,668 $ 13,990 ADJUSTMENT TO COST OF SALES: Acquisition and integration costs (46 ) - Inventory step-up charges - (224 ) Intangible amortization (151 ) (138 ) ADJUSTED COST OF SALES $ 19,471 $ 13,628 REPLIGEN CORPORATION RECONCILIATION OF GAAP SG&A EXPENSE TO NON-GAAP (ADJUSTED) SG&A EXPENSE (Unaudited) (in thousands) Three months ended March 31, 2018 2017 GAAP SG&A EXPENSE $ 15,898 $ 9,182 ADJUSTMENTS TO SG&A EXPENSE: Acquisition and integration costs (591 ) (402 ) Intangible amortization (2,512 ) (577 ) ADJUSTED SG&A EXPENSE $ 12,795 $ 8,203
REPLIGEN CORPORATION RECONCILIATION OF GAAP NET INCOME GUIDANCE TO ADJUSTED (NON-GAAP NET INCOME GUIDANCE) (in thousands) Twelve months ending December 31, 2018 Low End High End GUIDANCE ON NET INCOME $ 14,000 $ 16,000 ADJUSTMENTS TO GUIDANCE ON NET INCOME: Acquisition and integration costs 2,541 2,541 Anticipated pre-tax amortization of acquisition-related intangible assets 10,651 10,651 Non-cash interest expense 4,249 4,249 Tax effect of intangible amortization and integration (962 ) (962 ) Guidance rounding adjustment 21 21 GUIDANCE ON ADJUSTED NET INCOME $ 30,500 $ 32,500 REPLIGEN CORPORATION RECONCILIATION OF GAAP NET INCOME PER SHARE GUIDANCE TO ADJUSTED (NON-GAAP) NET INCOME PER SHARE GUIDANCE Twelve months ending December 31, 2018 Low End High End GUIDANCE ON NET INCOME $ 0.32 $ 0.36 ADJUSTMENTS TO GUIDANCE ON NET INCOME: Acquisition and integration costs $ 0.06 $ 0.06 Anticipated pre-tax amortization of acquisition-related intangible assets $ 0.24 $ 0.24 Non-cash interest expense $ 0.10 $ 0.10 Tax effect of intangible amortization and integration $ (0.02 ) $ (0.02 ) Guidance rounding adjustment $ 0.00 $ 0.00 GUIDANCE ON ADJUSTED NET INCOME $ 0.69 $ 0.73 Totals may not add due to rounding.
Source:Repligen Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-repligen-reports-first-quarter-2018-financial-results.html |
The European Union (EU) could slash funding for governments that fail to uphold democracy after it announced plans Wednesday to link its budget with the political health of member states.
The EU said that it wants to link future budgets to whether or not member states have an effective judicial system in place, such as independent courts. Funds could be suspended or restricted if EU countries fail to cooperate with anti-fraud investigations and undermine independent media organizations.
Current EU rules do require member states to demonstrate that they are robust against fraud, but the European Commission (EC) said that there was no current mechanism in place to protect EU taxpayers' money "in case of deficiencies regarding the rule of law in a member state."
"Only an independent judiciary that upholds the rule of law and legal certainty in all member states can ultimately guarantee that money from the EU budget is sufficiently protected" the EC said in a statement.
New measures, which must first be agreed by EU member states, could hit Hungary and Poland — two of the biggest recipients of EU funding.
Poland's government has been criticized for passing laws that weaken judicial checks and balances, while Hungary's Prime Minister Viktor Orban has been accused of a crackdown on the country's free press.
Hungary's Foreign Minister Peter Szijjarto warned Wednesday that he would not yield to "blackmail," according to Reuters.
"We do not agree with any proposal that would provide the potential for blackmail of anyone with regard to the payment of EU funds that are due to be given to countries based on the treaties," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/eu-warns-it-could-withdraw-funds-from-countries-that-fail-to-uphold-democracy.html |
May 8, 2018 / 4:12 PM / in an hour Cycling - Wellens claims Giro stage four as Froome loses time Reuters Staff 2 Min Read
CALTAGIRONE, Italy (Reuters) - Belgian Tim Wellens lived up to expectations when he won the fourth stage of the Giro d’Italia, a 202-km treacherous ride from Catania with a steep finish as Chris Froome struggled on Tuesday. FILE PHOTO: Cycling – the 101st Giro d'Italia cycling race – The 9.7-km Stage 1 in Jerusalem – May 4, 2018 - Lotto rider Tim Wellens of Belgium prepares at the start line. REUTERS/Ronen Zvulun
After three opening days in Israel and a rest day, the Giro finally reached Italian soil, with Wellens tipped as a favourite for the day’s stage.
The Lotto-Soudal rider was on the right end of a late split and he sustained his effort on an 800-metre climb up an average gradient of almost 10 percent to the finish line.
He beat Canada’s Michael Woods, who was seconds ahead of Italian Enrico Bataglin.
Four-time Tour de France champion Froome, who is under investigation for a failed dope test in last year’s Vuelta, struggled in the finale and lost some 20 seconds, according to provisional results.
Australian Rohan Dennis retained the overall leader’s pink jersey with a one-second advantage over defending champion Tom Dumoulin of the Netherlands.
Portgual’s Jose Goncalves, one of the overall contenders, suffered a couple of mechanical problems in the finale and dropped out of the top 10. Reporting by Julien Pretot; Editing by Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cycling-giro/cycling-wellens-claims-giro-stage-four-as-froome-loses-time-idUKKBN1I92A9 |
LOS GATOS, Calif. (AP) _ Roku Inc. (ROKU) on Wednesday reported a loss of $6.6 million in its first quarter.
The Los Gatos, California-based company said it had a loss of 7 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 16 cents per share.
The video streaming company posted revenue of $136.6 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $128.4 million.
For the current quarter ending in July, Roku said it expects revenue in the range of $135 million to $145 million.
The company expects full-year revenue in the range of $685 million to $705 million.
Roku shares have dropped 31 percent since the beginning of the year.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on ROKU at https://www.zacks.com/ap/ROKU | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-roku-1q-earnings-snapshot.html |
* North says tunnels will be collapsed for dismantlement
* Journalists to be invited to event -KCNA
* North Korea-U.S. summit scheduled for June 12
* S.Korea official to visit UN nuclear watchdog this week (Updates with S.Korea presidential office, foreign ministry)
SEOUL/WASHINGTON, May 13 (Reuters) - North Korea has scheduled the dismantlement of its nuclear bomb test site for sometime between May 23 and 25 in order to uphold its pledge to discontinue nuclear tests, the country's state media reported on Saturday a month ahead of a historic summit.
The official Korean Central New Agency said dismantlement of the Punggye-ri nuclear test ground would involve collapsing all of its tunnels with explosions, blocking its entrances, and removing all observation facilities, research buildings and security posts.
"The Nuclear Weapon Institute and other concerned institutions are taking technical measures for dismantling the northern nuclear test ground ... in order to ensure transparency of discontinuance of the nuclear test," KCNA said.
U.S. President Donald Trump and North Korean leader Kim Jong Un will hold talks in Singapore on June 12, the first-ever meeting between a sitting U.S. president and a North Korean leader.
Trump's Secretary of State Mike Pompeo said on Friday that North Korea can look forward to "a future brimming with peace and prosperity" if it agrees to quickly give up its nuclear weapons.
Trump welcomed the North Korean announcement.
"North Korea has announced that they will dismantle Nuclear Test Site this month, ahead of the big Summit Meeting on June 12th," he tweeted. "Thank you, a very smart and gracious gesture! Thank you, a very smart and gracious gesture!"
South Korea's presidential office echoed the sentiment on Sunday, saying it shows Pyongyang's willingness to denuclearise through actions beyond words.
However, in spite of its pledge to stop testing, North Korea has given no indication it is willing to go beyond statements of broad conceptual support for denuclearization by unilaterally abandoning a nuclear weapons program its ruling family has seen as crucial to its survival.
In announcing the plan to shut Punggye-ri last month, Kim said North Korea no longer needed to conduct tests because it had completed its goal of developing nuclear weapons.
KCNA said journalists, including from the United States and South Korea, would be invited to cover the event, to "show in a transparent manner the dismantlement of the northern nuclear test ground to be carried out". The exact date of the closure will depend on weather conditions, the agency said.
To accommodate the travelling journalists, North Korea said various measures would be taken including "opening territorial air space".
NO MENTION OF EXPERTS
South Korean officials said in April that North Korea also planned to invite experts from the United States and South Korea for the Punggye-ri shutdown, but KCNA made no mention of this.
Last month, South Korean President Moon Jae-in had asked the United Nations to help verify the shutdown.
South Korea's deputy nuclear envoy Jeong Yeon-doo will visit the International Atomic Energy Agency (IAEA) in Vienna this week to discuss the "complete denuclearisation of North Korea" the foreign ministry said on Sunday.
All of North Korea's six known nuclear bomb tests have taken place at Punggye-ri, in the northeastern of North Korea where a system of tunnels have been dug under Mount Mantap.
According to Chinese academic reports, North Korea's most recent nuclear test in September of what Pyongyang said was a hydrogen bomb, was so large it triggered a collapse inside the mountain, rendering the entire site unusable for future tests.
But U.S. intelligence officials have said it remains usable and could be reactivated "in a relatively short period of time" if it was closed.
Jeffrey Lewis, director of the East Asia Nonproliferation Program at California's Middlebury Institute of International Studies, said in a blog post this week that recent satellite images had shown the removal of some buildings from the site.
On Saturday, he told Reuters that closure of Punggye-ri did not mean much in terms of disarmament, given that the United States, for example, stopped nuclear testing in 1992.
"It would, however, require North Korea to clear out the test tunnels and rebuild any infrastructure that might be removed or dig new tunnels at the site or elsewhere. So, its a good confidence building measure, but not necessarily a sign of irreversible disarmament."
Siegfried Hecker, a former director of the Los Alamos National Laboratory in the United States and a leading expert on North Korea's nuclear program, said collapsing the Punggye-ri tunnels would be "a big and positive step," given his belief that North Korea still required more nuclear and missile tests to reach the U.S. mainland with a nuclear-tipped missile.
However, he said the other crucial steps North Korea needed to take to demilitarize its nuclear program were to shut its plutonium production reactor, and open its uranium processing to inspection. (Reporting by Christine Kim and David Brunnstrom Additional reporting by Lucia Mutikani in WASHINGTON and Joori Roh in SEOUL Editing by Alistair Bell & Simon Cameron-Moore) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/12/reuters-america-update-4-north-korea-details-plans-to-dismantle-nuclear-bomb-test-site.html |
May 11, 2018 / 2:45 PM / Updated 40 minutes ago CANADA STOCKS-TSX gains on tepid jobs data, rise in gold prices Reuters Staff 2 Min Read
May 11 (Reuters) - Canada’s main stock index rose on Friday as higher gold prices boosted materials stocks and after tepid jobs data raised the odds that Bank of Canada will hold interest rates steady.
* At 9:57 a.m. ET (1357 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index rose 36.04 points, or 0.23 percent, to 15,995.54.
** The materials sector was the biggest boost as gold was set for its first weekly gain in four weeks.
** Pushing the financial group higher were shares of Toronto-Dominion Bank, up 0.5 percent, and Sun Life Financial, which gained 1.5 percent.
* Economic data showed the Canadian economy unexpectedly shed jobs in April, bolstering bets that the Bank of Canada will hold interest rates steady when its policymakers meet later this month.
* On the NAFTA front, U.S. House Speaker Paul Ryan has set a May 17 deadline to be notified of a new trade deal to give the current Congress a chance of passing it.
* Eight of Canada’s 10 main index sectors were higher.
* The TSX posted 11 new 52-week highs and two new lows. Across all Canadian issues there were 26 new 52-week highs and 15 new lows.
* The largest percentage gainer on the TSX was SSR Mining Inc, which rose 7.3 percent, after the company on Thursday reported quarterly results.
* CES Energy Solutions Corp’s 6.5 percent made it the biggest decliner, after the company reported first-quarter results on Thursday.
* Among the most active Canadian stocks by volume were Neovasc Inc and ECN Capital Corp.
* Shares of Thomson Reuters, down 4.6 percent to $47.67, was among the most heavily traded. The news and information company reported first-quarter sales and earnings that were slightly higher than expected.
* Volume on the TSX index was 24.16 million shares. Total volume on Friday was 48.72 million shares. (Reporting by Amy Caren Daniel in Bengaluru) | ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-gains-on-tepid-jobs-data-rise-in-gold-prices-idUSL3N1SI4YS |
SYDNEY, May 8 (Reuters) - S&P Global Ratings said an improvement in Australia’s budget position had lessened pressure on its triple-A rating, but there were enough risks to keep the outlook negative “for now”.
Reacting to the Liberal-National government’s 2018/19 budget, S&P said it had shown a commitment to fiscal prudence with a plan to return a balanced budget earlier than previously announced.
However, there were risks to the fiscal outlook, including global trade tensions and strains in emerging markets.
“As such, risks to the government’s plan for an earlier return to budget surpluses are significant,” the agency said in a statement.
“The outlook on the long-term Australian sovereign ratings remains negative for now to reflect these uncertainties.” (Reporting by Wayne Cole; Editing by Richard Borsuk)
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-sp-ratings/sp-keeps-negative-outlook-on-australias-aaa-rating-idUSS9N1LO02B |
May 9 (Reuters) - Dover Corp:
* DOVER CORP - DOVER SHAREHOLDERS DISTRIBUTED ONE SHARE OF APERGY CORP COMMON STOCK FOR EVERY TWO SHARES OF DOVER COMMON STOCK THEY HELD AS OF RECORD DATE
* DOVER CORP - DOVER WILL RECEIVE A ONE-TIME CASH PAYMENT OF $700 MILLION FROM APERGY IN CONNECTION WITH COMPLETION OF SPIN-OFF Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dover-says-dover-shareholders-dist/brief-dover-says-dover-shareholders-distributed-one-share-of-apergy-common-stock-for-every-two-shares-of-dover-common-stock-they-held-as-of-record-date-idUSFWN1SG0UD |
May 15, 2018 / 12:26 AM / Updated 18 minutes ago U.S. 'looking for a deal' with China on trade: White House adviser Susan Heavey , Leika Kihara 4 Min Read
WASHINGTON/TOKYO (Reuters) - The United States is seeking to make a trade deal with China, White House economic adviser Larry Kudlow said on Tuesday as bilateral talks between the world’s two economic powerhouses resume in Washington this week. FILE PHOTO: Chinese and U.S. flags are set up for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018. REUTERS/Jason Lee
Kudlow, speaking in a live interview with Politico news outlet, said he backed U.S. Treasury Secretary Steven Mnuchin’s efforts to reach an agreement with Beijing and that both countries must take action.
“He is looking for a deal, I support him on that, wholeheartedly, assuming it’s a good deal. He has my support,” Kudlow said, adding that no agreement had been reached yet.
“Both sides should try to lower tariffs as much as possible ... and to take down non-tariff barriers wherever they are,” he told Politico. “Free and open trade, I think that’s the solution. I think that’s where we are as a group.”
His comments come as U.S. President Donald Trump’s top trade and economic officials prepare to meet with Chinese Vice Premier Liu He to discuss trade concerns ranging from intellectual property protections to farm goods to steel capacity.
Trump has long-promised to crack down on China and raised concerns about an all-out trade war after threatening $150 billion in tariffs and prompting China to retaliate.
But he offered an olive branch in calling on U.S. officials to revisit penalties for Chinese company ZTE Corp for flouting U.S. sanctions on trade with Iran and North Korea. Related Coverage China-U.S. trade frictions have yet to show impact on China's economy: China stats bureau
“Trade negotiations are continuing with China. They have been making hundreds of billions of dollars a year from the U.S., for many years. Stay tuned!” Trump tweeted on Tuesday.
Kudlow told Politico that the United States was not looking for a trade war with China and that it was not clear what action the United States would take toward ZTE.
This week’s meetings follow U.S.-China trade talks in Beijing earlier this month where the two countries failed to reach an agreement on the long list of U.S. demands.
U.S. Ambassador to China Terry Branstad, who was at the Beijing talks, said earlier on Tuesday the United States wants a timetable on how China will open up its markets to U.S. exports as the two countries are still not close to resolving trade frictions. FILE PHOTO: U.S. Ambassador to China Terry Branstad speaks at an event in Beijing, China June 30, 2017. REUTERS/Mark Schiefelbein/Pool “VERY FAR APART”
Washington and Beijing have proposed tens of billions of dollars in tariffs in recent weeks, fanning worries of a full-blown trade war that could hurt global supply chains and dent business investment plans.
Branstad, speaking at a conference in Tokyo, said the Chinese appeared “taken back” by the significance of the list.
“The Chinese have said ‘we want to see the specifics.’ We gave them all the specifics in terms of trade issues. So they can’t say they don’t know what we’re asking for,” he said.
Branstad said China has not met pledges to open up its insurance and financial services area, as well as reduce auto tariffs, and that Trump would like to see a “dramatic increase” in food exports to China.
“We’re still very far apart,” he said.
Branstad said the United States could rescind the “Section 301” tariffs if China opened its agriculture and auto markets.
Increasing U.S. exports of liquefied natural gas could also be an area where the two countries could agree, he said.
“The United States and China are the two biggest economies in the world. The more we can work things out, the better it’s going to be not just for U.S. and China, but for the entire world economy,” he said. Reporting by Leika Kihara in Tokyo, and Susan Heavey and Doina Chiacu in Washington; Editing by Chris Gallagher, Darren Schuettler and Susan Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-trade-china/u-s-china-still-very-far-apart-on-trade-u-s-ambassador-idUKKCN1IG01O |
MORRISVILLE, N.C., May 29, 2018 /PRNewswire/ -- Alliance One International, Inc. (NYSE: AOI) today announced that it will hold a conference call to report financial results for its fourth quarter and fiscal year ended March 31, 2018, on Thursday, June 7, 2018, at 8:00 a.m. ET. In addition, Alliance One announced that it will hold an Investor Day in the morning on Wednesday, September 12, 2018, in New York City.
The Investor and Analyst Day will provide insight into the Company's operations, strategic goals, and commitment to shareholder value as well as offer networking opportunities with AOI's leadership team. A more detailed agenda for the Investor and Analyst Day will be provided at a later date. Analysts and institutional investors interested in attending are encouraged to contact [email protected] . A live webcast of the Investor and Analyst Day presentation will be available in the investor relations section of the Company's website, www.aointl.com .
The dial in number for the fourth quarter and fiscal year end 2018 call is (877) 260-1479 or outside the U.S. (334) 323-0522, and the conference ID is 8903737. Those seeking to listen to the call may access a live broadcast on the Alliance One website. Please visit www.aointl.com 15 minutes in advance to register.
For those who are unable to listen to the live event on June 7, 2018, a replay will be available by telephone from 11:00 a.m. ET Thursday, June 7, 2018 through 11:00 a.m. ET Tuesday, June 12, 2018. To access the replay, dial (888) 203-1112 within the U.S., or (719) 457-0820 outside the U.S., and enter access code 8903737.
Any replay, rebroadcast, transcript or other reproduction of this conference call, other than the replay accessible by calling the number above, has not been authorized by Alliance One and is strictly prohibited. Investors should be aware that any unauthorized reproduction of this conference call may not be an accurate reflection of its contents.
About Alliance One International, Inc.
Alliance One International is an agricultural company that delivers value-added products and services to businesses and customers, and is a trusted provider of responsibly sourced, independently verified, sustainable and traceable products, ingredients and services.
View original content: http://www.prnewswire.com/news-releases/alliance-one-announces-fourth-quarter-and-full-year-2018-earnings-call-save-the-date-for-investor-and-analyst-day-300655047.html
SOURCE Alliance One International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-alliance-one-announces-fourth-quarter-and-full-year-2018-earnings-call-save-the-date-for-investor-and-analyst-day.html |
OKLAHOMA CITY, May 10, 2018 (GLOBE NEWSWIRE) -- Chaparral Energy, Inc. (OTC:CHPE) today announced its first quarter 2018 financial and operational results with the filing of its form 10-Q. The company will hold its quarterly financial and operating results conference call this morning, May 10, at 9 a.m. Central.
First Quarter Highlights and Recent Key Items
Grew STACK production by 50% on a year-over-year basis to 12,289 barrels of oil equivalent per day (Boe/d) Reported a net loss of $11.4 million driven by a $12.3 million non-cash loss associated with commodity derivatives Generated Adjusted EBITDA, as defined below, of $29.4 million Brought online six new gross operated wells, one of which was part of its joint venture drilling program, with an average three-stream peak 30-day initial production (IP) rate of 785 Boe/d, of which 75% was liquids Closed on the previously announced 7,000-acre, bolt-on STACK Play acquisition in Kingfisher County, Oklahoma in January 2018
“I am extremely pleased with the strong performance Chaparral delivered during the first quarter. Over the past year our operational expertise has been focused on our outstanding STACK Play position, where we continue to drive strong operational results while maintaining our low-cost structure,” said Chief Executive Officer Earl Reynolds. “Chaparral has continued to deliver exceptional well performance, which has helped us grow our STACK program by more than 50% on a year-over-year-basis. Most of our recent wells are continuing to perform above our type curve and rate-of-return expectations. We are encouraged by these early production results and expect our growth to continue throughout the year.”
“Performance such as this will allow us to build on the tremendous successes and momentum we generated throughout 2017 and help us deliver on or exceed our 2018 guidance,” commented Reynolds. “With strong well results, higher stabilized pricing and rationalization of higher cost, non-core assets, we will continue to focus on execution and cost management throughout the year. This will allow us to quickly and efficiently grow our premier STACK position as we strive to deliver top-quartile results for our stockholders.”
Operational Update — STACK Production Grows 50%
Chaparral grew its STACK production to 12,289 Boe/d in the first quarter of 2018 from 8,167 Boe/d in the first quarter of 2017 and from 10,379 Boe/d in the fourth quarter of 2017. This is a greater than 50% year-over-year increase and an 18% quarter-over-quarter growth rate. Excluding production from divested EOR assets, the company’s first quarter 2018 average total production grew by 14% on a year-over-year basis to 19,300 Boe/d, of which 64% was liquids and 36% natural gas. This increase was driven by the strong well results and significant growth in STACK production, which underscores Chaparral’s strategic shift to focus 100% of its resources and expertise on developing its prolific STACK acreage.
Chaparral operated three rigs in the first quarter in Canadian and Garfield counties. The company brought six new gross STACK wells on production, one of which was part of the company’s ongoing joint venture drilling program with Bayou City Energy. These wells delivered an average three-stream peak 30-day IP rate of 785 Boe/d, of which 75% was liquids.
The company is encouraged by the progress and strong well results in its 40,000-acre Garfield County position. Three of its first quarter Garfield wells delivered particularly strong results with an average three-phase, 30-day IP rate of almost 1,000 Boe/d. The Barbee 2105, a joint venture well, produced at a three-phase 30-day IP rate of 1,112 Boe/d, of which 69% was liquids. In addition, the Gerken 2205 delivered 1,063 Boe/d on the same basis, of which 55% was liquids, while the Fuska 2007, recorded a three-phase 30-day IP rate of 710 Boe/d, of which 83% was liquids.
Chaparral’s total capital expenditures during the first quarter were $101.8 million, including $65.8 million associated with STACK acreage and seismic acquisitions, of which $55 million was associated with the company’s previously announced bolt-on Kingfisher County acquisition. Chaparral invested $33.4 million in STACK drilling and completion activities.
Financial Summary
Chaparral recorded a net loss of $11.4 million, or 25 cents per share, during the first quarter of 2018 driven by a $12.3 million non-cash loss associated with commodity derivatives. The company’s Adjusted EBITDA for the quarter was $29.4 million. Adjusted EBITDA, as well as the company’s production, revenues and expenses mentioned in this release, were impacted by its 2017 asset sales on a quarter-over-quarter and year-over-year basis.
Total gross commodity sales for the quarter were $61.4 million, which represents a 17% year-over-year and an 11% quarter-over-quarter decrease. This decline was driven by a decrease in total company production associated with its 2017 asset sales.
Chaparral’s average realized price, excluding derivative settlements, for crude oil increased to $61.76 per barrel in the first quarter of 2018. This represented an increase of approximately 16% on a quarter-over-quarter basis, compared to $53.30 per barrel in the fourth quarter of 2017. The company’s realized natural gas liquids price was down 9% on a quarter-over-quarter basis from $25.77 per barrel in the fourth quarter of 2017 to $23.45 per barrel in the first quarter of 2018. Chaparral’s realized natural gas price was down slightly from $2.47 per thousand cubic feet (Mcf) in the fourth quarter of 2017 to $2.31 per Mcf in the first quarter of 2018.
The company’s total lease operating expense (LOE) for the first quarter of 2018 was $14.5 million or $8.37 per Boe. This represents a significant 21% quarter-over-quarter decrease compared to $10.62 in the fourth quarter of 2017 and was primarily driven by the sale of Chaparral’s EOR properties and other non-core, higher cost assets in 2017. Its LOE per Boe is expected to continue to decline throughout 2018 as a result of additional asset sales, as well as its strategic shift to lower cost STACK operations, which will continue to account for a greater percentage of total company production.
Chaparral’s net general and administrative (G&A) expenses during the quarter were $11.5 million, or $6.62 per Boe, which was down 14% on a quarter-over-quarter basis compared to $15 million, or $7.72 per Boe in the fourth quarter of 2017. This is primarily due to decreases in compensation expenses. Adjusted for non-cash compensation, the company’s net G&A expense per Boe in the first quarter was $3.96, which is down compared to $4.08 per Boe in the fourth quarter of 2017.
Production taxes for the first quarter were $2.7 million, or $1.54 per Boe, which was 24% lower than $3.5 million, or $1.81 per Boe, for the fourth quarter of 2017. This was driven lower by a reduction in production associated with the company’s 2017 asset sales.
Balance Sheet and Liquidity
As previously announced, Chaparral entered into an amended credit agreement in December 2017 that increased its borrowing base by $60 million to $285 million. Chaparral’s borrowing base was reaffirmed by its bank syndicate on May 9, 2018 at $285 million. The company’s balance sheet remains strong and it has no significant debt maturities until December of 2022.
Earnings Call Information
Chaparral will hold its financial and operating results call this morning, Thursday, May 10 at 9 a.m. Central. Interested parties may access the call toll-free at 800-263-0877 and ask for the Chaparral Energy conference call 10 minutes prior to the start time. The conference ID number is 6702870. A live webcast of the call and corresponding presentation will be available on the company’s website at chaparralenergy.com/investors .
The company’s first quarter form 10-Q is available on the Investor section of Chaparral’s website at chaparralenergy.com/investors and the Securities and Exchange Commission at sec.gov . A recording of this morning’s call will also be available shortly after the call’s conclusion at chaparralenergy.com/investors .
All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Chaparral expects, believes or anticipates will or may occur in the future are Statements made in this release contain “ ” These statements are based on certain assumptions and expectations made by Chaparral, which reflect management’s experience, estimates and perception of historical trends, current conditions, anticipated future developments, potential for reserves and drilling, completion of current and future acquisitions and growth, benefits of acquisitions, future competitive position and other factors believed to be appropriate. These are subject to certain risks, trends and uncertainties that could cause materially from those projected. Among those risks, trends and uncertainties are our ability to find oil and natural gas reserves that are economically recoverable, the volatility of oil and natural gas prices, the uncertain economic conditions in the United States and globally, the decline in the reserve values of our properties that may result in ceiling test write-downs, our ability to replace reserves and sustain production, our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in prospect development and property acquisitions or dispositions and in projecting future rates of production or future reserves, the timing of development expenditures and drilling of wells, the impact of natural disasters on our present and future operations, the impact of government regulation and the operating hazards attendant to the oil and natural gas business. Initial production (IP) rates are discreet data points in each well’s productive history. These rates are sometimes actual rates and sometimes extrapolated or normalized rates. As such, the rates for a particular well may decline over time and change as additional data becomes available. Peak production rates are not necessarily indicative or predictive of future production rates or economic rates of return from such wells and should not be relied upon for such purpose. The ability of the company or the relevant operator to maintain expected levels of production from a well is subject to numerous including those referenced and discussed above. In addition, methodology the company and other industry participants utilize to calculate peak IP rates may not be consistent and, as a result, the values reported may not be directly and meaningfully comparable. Please read “Risk Factors” in our annual reports, form 10-K or other public filings. We undertake no duty to update or revise these , whether as a result of new information or future events.
About Chaparral
Chaparral is an independent oil and natural gas exploration and production company headquartered in Oklahoma City. Founded in 1988, Chaparral is a pure-play operator focused in Oklahoma’s highly economic STACK Play, where it has approximately 117,000 net acres primarily in Kingfisher, Canadian and Garfield counties. The company has potential total production reserves of more than 1 billion barrels of oil equivalent and approximately 315,000 net surface acres in the Mid-Continent region. For more information, please visit chaparralenergy.com .
Investor Contact
Joe Evans
Chief Financial Officer
405-426-4590
[email protected]
Media Contact
Brandi Wessel
Communications Manager
405-426-6657
[email protected]
Operating Results Data (Unaudited)
Successor Predecessor (in thousands, except share and per share data) Three months
ended
March 31, 2018 Period from
March 22, 2017
through
March 31, 2017 Period from
January 1, 2017
through
March 21, 2017 Revenues: Net commodity sales $ 57,889 $ 7,808 $ 66,531 Sublease revenue 1,198 — — Total revenues 59,087 7,808 66,531 Costs and expenses: Lease operating 14,543 4,259 19,941 Transportation and processing — 361 2,034 Production taxes 2,677 316 2,417 Depreciation, depletion and amortization 21,106 3,414 24,915 General and administrative 11,507 5,744 6,843 Cost reduction initiatives — 6 629 Other 828 — — Total costs and expenses 50,661 14,100 56,779 Operating income (loss) 8,426 (6,292 ) 9,752 Non-operating (expense) income: Interest expense (1,371 ) (650 ) (5,862 ) Derivative (losses) gains (16,501 ) (12,115 ) 48,006 (Loss) gain on sale of assets (1,044 ) — 206 Other income (expense), net 85 (5 ) 1,167 Net non-operating (expense) income (18,831 ) (12,770 ) 43,517 Reorganization items, net (1,037 ) (620 ) 988,727 (Loss) income before income taxes (11,442 ) (19,682 ) 1,041,996 Income tax expense — 1 37 Net (loss) income $ (11,442 ) $ (19,683 ) $ 1,041,959 Earnings per share: Basic for Class A and Class B $ (0.25 ) * * Diluted for Class A and Class B $ (0.25 ) * * Weighted average shares used to compute earnings per share: Basic for Class A and Class B 45,143,297 * * Diluted for Class A and Class B 45,143,297 * *
Consolidated Balance Sheets
(dollars in thousands) March 31, 2018
(unaudited) December 31,
2017 Assets Current assets: Cash and cash equivalents $ 12,189 $ 27,732 Accounts receivable, net 70,495 60,363 Inventories, net 7,463 5,138 Prepaid expenses 2,898 2,661 Total current assets 93,045 95,894 Property and equipment, net 49,004 50,641 Oil and natural gas properties, using the full cost method: Proved 668,184 634,294 Unevaluated (excluded from the amortization base) 550,082 482,239 Accumulated depreciation, depletion, amortization and impairment (142,107 ) (124,180 ) Total oil and natural gas properties 1,076,159 992,353 Other assets 361 418 Total assets $ 1,218,569 $ 1,139,306 Liabilities and stockholders’ equity Current liabilities: Accounts payable and accrued liabilities $ 72,317 $ 75,414 Accrued payroll and benefits payable 7,131 11,276 Accrued interest payable 576 187 Revenue distribution payable 20,118 17,966 Long-term debt and capital leases, classified as current 3,306 3,273 Derivative instruments 10,548 8,959 Total current liabilities 113,996 117,075 Long-term debt and capital leases, less current maturities 219,842 141,386 Derivative instruments 14,835 4,167 Deferred compensation 813 696 Asset retirement obligations 33,601 33,216 Commitments and contingencies Stockholders’ equity: Preferred stock — — Class A Common stock 388 389 Class B Common stock 79 79 Additional paid in capital 966,781 961,200 Treasury stock (1,422 ) — Accumulated deficit (130,344 ) (118,902 ) Total stockholders' equity 835,482 842,766 Total liabilities and stockholders' equity $ 1,218,569 $ 1,139,306
Consolidated Statements of Cash Flows (Unaudited)
Successor Predecessor (in thousands) Three months
ended
March 31, 2018
Period from
March 22, 2017
through
March 31, 2017
Period from
January 1, 2017
through
March 21, 2017
Cash flows from operating activities Net (loss) income $ (11,442 ) $ (19,683 ) $ 1,041,959 Adjustments to reconcile net (loss) income to net cash provided by operating activities Non-cash reorganization items — — (1,012,090 ) Depreciation, depletion and amortization 21,106 3,414 24,915 Derivative losses (gains) 16,501 12,115 (48,006 ) Loss (gain) on sale of assets 1,044 — (206 ) Other 1,630 1,012 645 Change in assets and liabilities Accounts receivable (12,140 ) (3,577 ) 198 Inventories (3,168 ) 38 466 Prepaid expenses and other assets (179 ) 180 (497 ) Accounts payable and accrued liabilities (9,828 ) (3,423 ) 8,733 Revenue distribution payable 2,151 1,510 (1,875 ) Deferred compensation 4,701 13 143 Net cash provided by (used in) operating activities 10,376 (8,401 ) 14,385 Cash flows from investing activities Expenditures for property, plant, and equipment and oil and natural gas properties (99,941 ) (5,832 ) (31,179 ) Proceeds from asset dispositions 73 — 1,884 (Payments) proceeds from derivative instruments (4,244 ) 1,692 1,285 Net cash used in investing activities (104,112 ) (4,140 ) (28,010 ) Cash flows from financing activities Proceeds from long-term debt 79,000 — 270,000 Repayment of long-term debt (146 ) (19 ) (444,785 ) Proceeds from rights offering, net — — 50,031 Principal payments under capital lease obligations (661 ) (69 ) (568 ) Payment of other financing fees — — (2,410 ) Net cash provided by (used in) financing activities 78,193 (88 ) (127,732 ) Net decrease in cash, cash equivalents, and restricted cash (15,543 ) (12,629 ) (141,357 ) Cash, cash equivalents, and restricted cash at beginning of period 27,732 45,123 186,480 Cash, cash equivalents, and restricted cash at end of period $ 12,189 $ 32,494 $ 45,123
Non-GAAP Financial Measures and Reconciliations
Adjusted EBITDA is a Non-GAAP financial measure and is described and reconciled to net income in the table “Adjusted EBITDA Reconciliation, NON-GAAP.”
Adjusted EBITDA Reconciliation, Non-GAAP
Successor Predecessor (in thousands) Three months
ended
March 31, 2018 Period from
March 22, 2017
through
March 31, 2017 Period from
January 1, 2017
through
March 21, 2017 Net (loss) income $ (11,442 ) $ (19,683 ) $ 1,041,959 Interest expense 1,371 650 5,862 Income tax expense — 1 37 Depreciation, depletion, and amortization 21,106 3,414 24,915 Non-cash change in fair value of derivative instruments 12,257 13,807 (46,721 ) Impact of derivative repricing (572 ) — — Loss (gain) on settlement of liabilities subject to compromise 48 — (372,093 ) Fresh start accounting adjustments — — (641,684 ) Interest income (1 ) — (133 ) Stock-based compensation expense 4,623 — 155 Loss on sale of assets 1,044 — (206 ) Write-off of debt issuance costs, discount and premium — — 1,687 Restructuring, reorganization and other 989 626 24,297 Adjusted EBITDA $ 29,423 $ (1,185 ) $ 38,075
Source:Chaparral Energy Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-chaparral-energy-announces-first-quarter-2018-financial-and-operational-results.html |
(Reuters) - The Redstone family sought on Wednesday to amend CBS Corp’s ( CBS.N ) bylaws to prevent its board of directors from issuing a special stock dividend that would eliminate much of its voting power, as a court room showdown between them loomed.
FILE PHOTO: The CBS television network logo is seen outside their offices on 6th avenue in New York, U.S. on May 19, 2016. REUTERS/Shannon Stapleton/File Photo The move came after National Amusements Inc (NAI), the Redstone movie theater company that controls CBS and peer Viacom Inc ( VIAB.O ), said in a court filing earlier on Wednesday that a CBS proposal to strip its voting control through the dividend is “invalid”, and urged a judge to rule against CBS at a 2 p.m. ET hearing in Wilmington, Delaware on Wednesday.
CBS is seeking a restraining order to prevent Shari Redstone from rewriting its bylaws or sacking directors ahead of a board meeting on Thursday. It was not immediately clear how National Amusements’ decision to change the bylaws, to make the dividend’s approval subject to a supermajority of CBS’s board of directors, would affect the court’s decision.
“NAI believes the irresponsible action taken by CBS and its special committee put in motion a chain of events that poses significant risk to CBS. Due to the magnitude of this threat, NAI was compelled to take this measured step to protect its position while also mitigating further disruption to CBS,” National Amusements said in a statement.
CBS had said its board was considering a special dividend that would dilute National Amusements’ voting power to 17 percent from 80 percent, a move legal experts called a “nuclear option.”
In court filings on Wednesday, both sides said they were being forced to take extreme measures. National Amusements said it might have to sack the board to protect its voting power, and CBS said it might have to dilute the Redstones’ voting control to prevent abuses.
National Amusements requested the Delaware court deny the restraining order and said in court papers CBS rejected an offer of a standstill agreement that required the latter to drop its plan for the special dividend.
The showdown comes as the Redstones are seeking to merge CBS and Viacom to create a company they say will be better able to compete in the media landscape that has been reshaped by the likes of video-streaming company Netflix Inc.
A CBS special board committee has resisted that deal, citing in part concerns about corporate governance of the merged company.
National Amusements said on Monday it believed CBS sought a temporary restraining order because National Amusements had raised specific concerns about incidents of bullying and intimidation by one CBS director, dating back to 2016.
On Wednesday, in its court filing, National Amusements identified that CBS board director as Charles Gifford, an independent director and member of the special committee.
“The allegations regarding him (Gifford) are not only vague and unsubstantiated, they are utterly inconsistent with our knowledge of him,” CBS said in a statement.
‘HOBSON’S CHOICE’ National Amusements said on Monday it did not intend to replace the board, but on Wednesday signaled that had changed. It said it was facing a “Hobson’s choice”: accept massive dilution or “consider taking various stockholder action to protect itself from dilution.”
If forced out, directors and management could collect large “golden parachute” payments, according to National Amusements.
CBS Chief Executive Les Moonves could collect more than $150 million and Barclays estimated the CBS management would receive $375 million in total.
CBS has said it is acting to protect shareholders and the company from abuses by Shari Redstone, who the CBS board accused of undermining management by talking to potential CEO replacements and rejecting a potential acquirer of CBS.
They cited her sacking of independent directors at Viacom, and fear similar steps at CBS.
CBS said the Redstone family was desperate to avoid allowing the Delaware court to consider if the dilution plan was an appropriate response to the Redstone actions.
The proposed dividend would not dilute the economic interests of any CBS stockholder, but would help the company to operate as an independent, non-controlled company and fully evaluate strategic alternatives, CBS has said.
Shares of CBS were down about 1 percent at $53.90 in midday trading on the New York Stock Exchange. Viacom share rose about 1.2 percent to $28.63.
Reporting by Jessica Toonkel and Tom Hals in Wilmington, Delaware; Additional reporting by Greg Roumeliotis in New York; Editing by Jeffrey Benkoe and Susan Thomas
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nationalamusement-cbs/redstone-family-says-special-cbs-dividend-would-be-invalid-idUSKCN1IH1RE |
Bank of America finance gunmaker despite its pledge 5:04pm BST - 01:37
Bank of America is preparing to provide financing to Remington Outdoor just weeks after it said it would stop financing ''military-style'' firearms for civilians. Tamara Lindstrom reports. ▲ Hide Transcript ▶ View Transcript
Bank of America is preparing to provide financing to Remington Outdoor just weeks after it said it would stop financing "military-style" firearms for civilians. Tamara Lindstrom 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/2KKjaqi | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/07/bank-of-america-finance-gunmaker-despite?videoId=424723840 |
Oil prices rose on Monday as OPEC reported that the global oil glut has been virtually eliminated, while U.S. crude's discount to global benchmark Brent widened to more than $7, its deepest in nearly five months.
U.S. light crude oil ended Monday's session up 26 cents at $70.96, remaining below last week's intraday 3½-year high of $71.89 a barrel.
Brent crude was up 87 cents, or 1.1 percent, at $77.99 a barrel by 2:16 p.m. ET. The contract hit $78.28 earlier in the session, its highest level since Nov. 26, 2014.
The report from the Organization of the Petroleum Exporting Countries "was bullish. That absolute plunge in Venezuelan production ... just highlights how tenuous the market is in terms of the supply and demand balance," said John Kilduff, partner at Again Capital.
show chapters US sanctions on Iran could disrupt oil prices, Eni CEO says 9:01 AM ET Sun, 13 May 2018 | 03:18 The OPEC report, published Monday, showed Venezuelan production at its lowest in decades and said the global oil glut had been virtually eliminated. Even so, OPEC and other producing countries were still trimming output more than their supply-cutting pact required.
U.S. crude's discount to Brent was more than $7, the widest since late December.
"You have the threat that a high enough price will start to activate the 7,700 drilled but uncompleted wells in the lower 48 states," said Walter Zimmerman, chief technical analyst at ICAP TA.
"And meanwhile, if Iranian crude is really taken off the water, its going to impact Brent much more than its going to impact WTI," Zimmerman said.
It is unclear how hard U.S. sanctions will hit Iran's oil industry. A lot will depend on how other major oil consumers respond to Washington's action against Tehran, which will take effect in November.
China, France, Russia, Britain, Germany and Iran all remain in the nuclear accord that placed controls on Iran's nuclear program and led to a relaxation of economic sanctions against Iran and companies doing business there.
"Germany has said it will protect its companies from U.S. sanctions, Iran has said French oil giant Total has yet to pull out of its fields and all the while it seems the Chinese are ready to fill the void created by the U.S."
show chapters Oil hasn't fully priced in Iran deal exit implications, says analyst 7:11 AM ET Fri, 11 May 2018 | 01:48 Some oil analysts have said they expect Iranian crude exports to fall by as little as 200,000 barrels per day (bpd), while others put the figure closer to 1 million bpd.
Michael Wittner, analyst at Societe Generale, forecasts U.S. sanctions will remove 400,000-500,000 bpd of Iranian crude from the global oil market.
"In 2012 the reduction in Iranian crude production and exports was around 1 million bpd," Wittner said. "This time around, we expect much less of an impact."
Also supportive to prices was data from market intelligence firm Genscape showing that inventories at Cushing, Oklahoma, the delivery point for U.S. crude futures, fell more than more than 400,000 barrels in the week to May 11, according to traders who saw the data.
The surge in oil prices comes at a time of tight supply amid record Asian demand and voluntary output restraint by the Organization of the Petroleum Exporting Countries and non-OPEC producers including Russia.
— CNBC's Tom DiChristopher contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/13/oil-markets-rise-in-us-drilling-and-iran-sanctions-opposition-in-focus.html |
EditorsNote: adds Quote: s
Jonathan Marchessault scored two goals, and Marc-Andre Fleury made 30 saves to lead the visiting Vegas Golden Knights to a 3-1 victory over the Winnipeg Jets on Monday, leveling the Western Conference finals at one game apiece.
Tomas Tatar scored a goal and Reilly Smith added two assists for Vegas. Game 3 in the best-of-seven series will be played Wednesday night at T-Mobile Arena in Las Vegas.
“Definitely excited about our effort tonight,” Marchessault said. “Every time we need a big game out of our group, we show up. And tonight we definitely showed up. I think we showed the hockey world that we earned the right to be here and worthy to play against a great team.”
It was the 71st career playoff victory for Fleury in his 125th playoff start, moving him into a tie with Jacques Plante for ninth place on the all-time postseason wins list.
Kyle Connor scored for Winnipeg, which lost for the third time in its past four home playoff games. Connor Hellebuyck stopped 25 shots for the Jets.
“We were chasing the game again, down two goals, made it tough,” Jets captain Blake Wheeler said. “We just couldn’t get any momentum going.”
Winnipeg, which jumped out to a 3-0 lead in the first 7:35 of a 4-2 victory in Game 1, peppered Fleury early but was unable to get one past the Vegas netminder.
“We didn’t feel we started poorly at all,” Jets coach Paul Maurice said. “We liked the way we started. We didn’t do a whole lot of clean things with the puck. But they were good. They were on the puck and didn’t make it easy.”
The Golden Knights then dominated the final seven minutes of the opening period, scoring two goals less than four minutes apart and hitting the post on two more tries.
Tatar, acquired from the Detroit Red Wings at the trade deadline but a frequent scratch near the end of the season after scoring just six points and amassing a minus-11 in 20 games, scored his first goal in five playoff games to give Vegas a 1-0 lead at 13:23. He tucked in his own rebound from the right side of the net.
Tatar had been scratched from the previous three playoff games before returning to action Monday.
Marchessault made it 2-0 at the 17:22 mark, taking a pass from Smith at the blue line and then breaking in and beating Hellebuyck through the pads with a backhand. Erik Haula and Ryan Carpenter then both hit the post in the final 2 1/2 minutes of the period.
Connor cut it to 2-1 with 12:43 left in the third period on a power-play goal, sneaking a bad-angle wrist shot from the left side of the net off Fleury’s arm and into the net.
Marchessault answered with his second goal of the game just 88 seconds later, finishing a two-on-one with Smith with a backhand shot past Hellebuyck’s stick side.
“Marchy was real good tonight, he scored two big goals,” Vegas coach Gerard Gallant said. “I thought all our team did their job tonight. Everybody played their role tonight. Obviously that top line, when they get going and they make some plays and they’ve got some time and space like they did, they scored a couple of beautiful goals. They were really good, and they were strong defensively also.”
Winnipeg pulled Hellebuyck with a little over two minutes remaining but managed just one shot on goal.
—Field Level Media
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/icehockey-nhl-wpg-vgk-recap/marchessault-scores-twice-as-knights-even-west-finals-idUSMTZEE5FR1JVBU |
LOS ANGELES, May 9, 2018 /PRNewswire/ -- Mitú, the leading digital media brand for Latino millennials, today announced the addition of three development, production and marketing executives to the company. Joining Mitú are: Zadi Diaz, Vice President, Digital Studio for Premium Content; Gina Reyes, Vice President of Scripted Development for Television and Film; and Rachel Garcia, Vice President, Marketing and Brand Strategy. All three executives will be based at Mitú's Los Angeles, CA headquarters. The announcement was made by Beatriz Acevedo, Founder and President of Mitú @wearemitu .
"I am so excited to have these amazing Latina executives join Mitú as we continue on our mission to be the leading cultural voice and brand for Latino youth in our country," Acevedo said. "These accomplished women will add tremendous expertise as we expand our scripted development, premium digital series and branded marketing efforts. And while we applaud the recent push in Hollywood to achieve 50/50 gender equality by 2020, Mitú is here now, and is a proud outlier in the tech/media space. There is extraordinary diverse talent available for those who look, and with all respect, 50/50 Day should be every day."
Zadi Diaz, Vice President, Digital Studio for Premium Content
Zadi Diaz is an award-winning creative executive who specializes in digital storytelling. In her new role at Mitú she will oversee short, mid-form and branded video development and production. Her 10-plus years of experience in online video production includes narrative, non-fiction and documentary projects, as well as branded entertainment series with Fortune 500 advertisers.
Prior to joining Mitú Diaz was Vice President of Programming and Development at ipsy. Previously she was Executive Producer of AwesomenessTV's Awestruck, and of YouTube's flagship show, YouTube Nation, produced by DreamWorks Animation.
Gina Reyes, Vice President, Scripted Development, Television and Film
Gina Reyes joins Mitú from Story House Entertainment at Univision, where she served as Director of Content Development for English and Spanish-language scripted series. In her new role at Mitú she will oversee the company's growing scripted development initiatives for television and film. Reyes spent five years at Fox as Director for the Fox Writers Lab, Fox TV Directors Lab and the Fox/AFI Filmmakers Lab for Fox Broadcasting Company and 20th Century Fox Television.
Rachel Garcia, Vice President, Marketing and Brand Strategy
Rachel Garcia will oversee Mitú's marketing, creative partnerships and programs, including the company's in-house agency that uniquely connects brands and businesses that wish to deeply engage with millennial Latino and multicultural audiences. Additionally, Garcia will develop the company's fanbases through social media, events, licensing and merchandising, and will lead Mitú's B2B and sales marketing efforts.
An accomplished executive with more than 15 years of experience in marketing, investor relations and public relations, Garcia previously served as Vice President, Marketing and Social Media for BBC America.
About Mitú
At Mitú, we elevate and celebrate Latino stories, audiences and talent to their rightful place, front and center in American pop culture. We are the leader in connecting brands and creators to young Latinos, the most influential demographic in the U.S. Our stories reach millions of Americans every month.
Mitú's investors include Upfront Ventures, WPP, AwesomenessTV, and Verizon Ventures. Mitú is headquartered in Downtown Los Angeles and has operations in New York, Chicago, and Bogotá, Colombia. For more information, visit www.wearemitu.com
View original content with multimedia: http://www.prnewswire.com/news-releases/digital-media-brand-mitu-welcomes-3-latina-executives-in-scripted-development-premium-digital-production-and-marketing-300645488.html
SOURCE Mitú | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-digital-media-brand-mita-welcomes-3-latina-executives-in-scripted-development-premium-digital-production-and-marketing.html |
May 21 (Reuters) - Strax AB:
* ANNUAL REPORT AND CHANGES COMPARED TO YEAR END REPORT * DURING AUDIT PROCESS SOME ASSESSMENTS HAVE CHANGED, RESULTING IN DIFFERENCES IN REPORTED PROFIT OR LOSS
* LARGEST IMPACT IS RELATING TO UPDATED JUDGEMENT ON REPORTED VALUES OF TAX CARRY FORWARDS RELATING TO GERMAN ENTITIES
* IMPACT INCREASED REPORTED TAX COSTS FOR FY 2017 BY EUR 608
* OPERATING PROFITS HAVE ONLY SEEN A MINOR ADJUSTMENT OF KEUR -72 FOR 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-strax-annual-report-and-changes-co/brief-strax-annual-report-and-changes-compared-to-year-end-report-idUSASC0A2ZD |
ROME (Reuters) - The leader of Italy’s anti-establishment 5-Star Movement on Wednesday appealed to the far-right League to drop its insistence that euroskeptic economist Paolo Savona should be economy minister in a government of the two parties.
FILE PHOTO: Anti-establishment 5-Star Movement leader Luigi Di Maio speaks at the media after a round of consultations with Italy's newly appointed Prime Minister Giuseppe Conte at the Lower House in Rome, Italy, May 24, 2018. REUTERS/Tony Gentile 5-Star and the League proposed Savona to head the key ministry in a coalition that seemed poised to take office last week, but the head of state vetoed Savona due to his views on the euro, leading to renewed political uncertainty.
“Let’s find someone of the same caliber as Savona, who would still remain in the government in another ministry,” 5-Star chief Luigi Di Maio said on Facebook after meeting with President Sergio Mattarella. “If the League agrees ... we can still form a government.”
So far the League has refused to take part in any government that did not have Savona as economy minister.
Reporting By Gavin Jones
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-5star-dimaio/italys-5-star-chief-appeals-to-league-to-back-down-on-savona-idUSKCN1IV2BV |
May 3, 2018 / 7:17 PM / Updated 31 minutes ago Activision Blizzard's profit beats estimates on 'Call of Duty' strength Reuters Staff 2 Min Read
(Reuters) - Activision Blizzard Inc reported first-quarter profit that beat Wall Street estimates on Thursday, benefiting from robust sales for its blockbuster videogame, “Call of Duty”. FILE PHOTO: The Activision booth is shown at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake/File Photo
The company said revenue from its high-margin digital business, rose 13 percent to $1.21 billion (0.89 billion pounds).
The video-game publisher, which is behind popular franchises such as “Destiny” and “Skylanders”, forecast 2018 adjusted profit of $2.51 per share and revenue of $7.48 billion.
Analysts were expecting a profit of $2.61 per share and revenue of $7.51 billion.
For the current quarter, the company forecast adjusted revenue of $1.35 billion and profit of 31 cents per share. However, it missed the analysts’ average estimate of $1.49 billion and 47 cents per share.
The success of games from the “battle royale” genre such as Fortnite and PlayerUnknown’s Battlegrounds has somewhat challenged publishers such as Activision and Take Two Interactive Software Inc.
Activision shares have lost nearly 13 percent of their value since March 9, wiping off nearly $7.5 billion from its market cap.
The company’s profit rose to $500 million, or 65 cents per share, in the quarter ended March 31, from $426 million, or 56 cents per share, a year earlier.
Excluding items, the company earned 38 cents per share, beating the average analyst estimate of 35 cent per share.
Total adjusted revenue rose to $1.38 billion from $1.20 billion.
The company released the results ahead of schedule after Dow Jones inadvertently published the results. Shares of the company resumed trading after a brief halt and were down 2 percent at $67.08. Reporting by Arjun Panchadar in Bengaluru; Editing by Arun Koyyur | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-activision-results/activision-blizzard-reports-15-7-percent-rise-in-adjusted-revenue-idUKKBN1I42GA |
MBANDAKA, Democratic Republic of Congo (Reuters) - Two more people have died from Ebola and seven new cases were confirmed in Democratic Republic of Congo, authorities said on Tuesday, but resistance to some public guidance about preventing the disease was evident in a provincial capital.
World Health Organization (WHO) workers prepare a centre for vaccination during the launch of a campaign aimed at beating an outbreak of Ebola in the port city of Mbandaka, Democratic Republic of Congo May 21, 2018. REUTERS/Kenny Katombe At the central market in Mbandaka, where vendors in colorful fabrics hawk smoked monkeys, some residents said they were unmoved by warnings not to consume bush meat.
“Despite your Ebola stories, we buy and eat monkey meat,” said one woman named Carine, a mother of eight children. “We have eaten that since forever. That is not going to change today. Ebola, that’s in Bikoro.”
Experts who have studied the Ebola virus from its discovery in 1976 along the Ebola river in Congo, then Zaire, say its suspected origin is forest bats. Links have also been made to the carcasses of freshly slaughtered animals eaten as bush meat.
One of the two new deaths occurred in Mbandaka, according to a daily healthy ministry bulletin. A nurse also died in the village of Bikoro, where the outbreak was first detected, ministry spokeswoman Jessica Ilunga told Reuters.
The seven new confirmed cases were registered in Bikoro, the ministry said. The outbreak is believed to have killed at least 27 people so far.
CROWDED TRADING HUB Health officials are particularly concerned by the disease’s presence in Mbandaka, a crowded trading hub on the Congo River with road, water and air links to Congo’s capital, Kinshasa.
Four cases have been confirmed in the city’s Wanganta neighborhood and two more cases are suspected.
Congo has faced nine outbreaks of the hemorrhagic fever since it was discovered. The government and international partners have deployed significant resources to the northwestern Equateur province in a bid to quickly contain its spread.
Health officials administered an experimental vaccine on Monday to 33 medical workers and Mbandaka residents, World Health Organization (WHO) spokesman Tarik Jasarevic told reporters in Geneva.
The WHO said vaccine manufacturer Merck has provided it with 8,640 doses of the vaccine and an additional 8,000 doses are expected to be available in the coming days.
In remarks to the annual World Health Assembly on Tuesday in Geneva, U.S. Secretary of Health and Human Services, Alex Azar, announced that the U.S. government would provide up to $7 million in additional funding to the Ebola response, on top of $1 million previously committed.
“The risk of spreading within the country and to neighboring nations remains real,” said Dr. Fatoumata Nafo-Traoré of the International Federation of Red Cross and Red Crescent Societies. “One of the lessons we learned in our response to other deadly Ebola outbreaks is that complacency can kill.”
More than 11,300 people died in an Ebola outbreak in the West African countries of Guinea, Liberia and Sierra Leone between 2013 and 2016, during which health authorities were widely criticized for their slow response.
Reporting By Patient Ligodi; Additional reporting by Fiston Mahamba in Goma and Tom Miles in Geneva; Writing by Aaron Ross; Editing by William Maclean
| ashraq/financial-news-articles | https://in.reuters.com/article/us-health-ebola/two-new-ebola-deaths-recorded-in-congo-health-ministry-idINKCN1IN0WP |
May 21 (Reuters) - Sunlands Online Education Group:
* Q1 REVENUE ROSE 161.1 PERCENT TO RMB 406.4 MILLION * QTRLY GROSS BILLINGS (NON-GAAP) WERE RMB929.2 MILLION (US$148.1 MILLION), REPRESENTING A 125.5% INCREASE YEAR-OVER-YEAR
* QTRLY NEW STUDENT ENROLLMENTS WERE 152,140, REPRESENTING A 128.6% INCREASE YEAR-OVER-YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sunlands-online-education-reports/brief-sunlands-online-education-reports-q1-loss-per-share-of-8-81-idUSASC0A2ZF |
TORONTO,
Eyecarrot Innovations Corp ("Eyecarrot" or the "Company") (TSX-V: EYC) (OTCQB: EYCCF) is pleased to announce the appointment of Patricia Andrich as Educational Advisor to Eyecarrot's Binovi Platform in the development of a world class library for advanced strategies in reflex integration. The appointment of Mrs. Andrich to the Advisory Team demonstrates Eyecarrot's commitment to the expansion and quality of educational material that the Binovi Platform offers. Mrs. Andrich is a leading therapist in the field of Functional Vision Development and will ensure the delivery of the highest quality of education from the therapist's point of view. In addition, she will lend critical insights to the successful implementation of Binovi into a variety of clinics worldwide.
(Logo: https://mma.prnewswire.com/media/688290/Eyecarrot_Logo.jpg )
Quote: from Dr. Leonard Press about her Appointment . "I am delighted that Patti Andrich has joined the Eyecarrot/Binovi family as an advisor. She brings a wealth of experience in education and clinical practice, teaming with her spouse Dr. Alex Andrich in a highly successful practice that revolves around vision development neuro-optometric rehabilitation. Her presentations on primitive reflexes are highly regarded in our field by vision therapists and optometrists, and I look forward to the contributions that she will make to the Binovi Platform."
About Patti Andrich MA, OTR/L, COVT , INPP
Patti Andrich is an occupational therapist known for her success in treating individuals with difficulties in visual-motor, visual-perceptual, auditory perception and vestibular functioning. Patti received her Master degree from The Ohio State University College of Education and her occupational therapy degree from the Cleveland State University Department of Health Sciences. Additionally, Patti holds certification in auditory processing using The Listening Program with Bone Conduction from Advanced Brain Technologies and is certified in INPP primitive reflex integration techniques; having studied in England under the direction of Sally Goddard at the Institute of Neurological Physiological Psychology (INPP). Patti is a certified vision therapist, member of The Optometric Extension Program as well as the College of Optometrists in Vision Development, the recipient of several honors and awards and has been a guest speaker for local, state, national and international conferences.
About Eyecarrot
Eyecarrot's BinoviTM platform is an innovative healthcare technology solution that integrates software, hardware, data and expert knowledge. Binovi helps Optometrists treat vision issues with in-office therapy as well as doctor led home based activities to better serve and increase the patient's experience and their therapy needs. The goal is to help transform vision performance for the 1 in 4 people worldwide that suffer from vision-related issues going beyond visual acuity. The company is transforming how vision healthcare services are integrated, while addressing key challenges in the health system.
On behalf of the Board of Directors
Adam Cegielski
President | CEO
Forward looking information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations, and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains regulatory approval. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at http://www.sedar.com . The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Neither 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.
Contact:
T: +1(416)943-6271
+1-855-416-7158
[email protected]
SOURCE Eyecarrot Innovations Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-eyecarrot-announces-educator-patricia-andrich-as-advisor.html |
(Repeats to add pictures available, no change to text) * Three draft bills are part of Petroleum Industry Bill (PIB) * Drafts set out tax, royalty rates for oil, gas firms * Would create funds for communities hit by operations * President would have power to award petroleum licences By Paul Carsten and Alexis Akwagyiram ABUJA, May 10 (Reuters) - Nigeria's government plans to create a powerful energy regulator with broad oversight of the oil and gas sector, according to draft versions of sweeping reforms known collectively as the Petroleum Industry Bill (PIB). The draft laws, posted on the Nigerian legislature's website on April 30, are the versions intended for the Senate, the upper house of parliament. The PIB aims to improve transparency, attract investors, stimulate growth and increase government revenues. After being debated for well over a decade, the unwieldly and contentious legislation was broken into sections to help it pass into law. The governance part of the bill was passed by both houses of parliament in January. However, that section has not yet been signed into law by President Muhammadu Buhari, who is also Nigeria's oil minister. The inability to pass the law and uncertainty around taxation has stunted investment in the west African nation, particularly in deep-water oil and gas fields. The three PIB sections yet to be passed address fiscal and administrative issues and local communities affected by the oil industry. On Tuesday, Senate President Bukola Saraki told Reuters Nigeria's parliament aims to pass the long-delayed PIB by the end of July. The administrative bill largely deals with the scope of the Nigerian Petroleum Regulatory Commission, which would be the main body regulating the oil and gas sector in the country. The commission would have the power to grant, amend and revoke licences for all kinds of activity in the industry, from exploration and drilling to distribution and sales. It would also make public all those licences, permits and authorisations, as well as the details of interests or shares held. The bill sets the time limits for various kinds of licences: three years for an exploration licence, 25 years for onshore petroleum licences and 30 years for deep offshore. The draft seeks to put an end to Nigeria's subsidies for petroleum products, with a "short transition towards full market pricing", within a year of the bill being signed into law. "The President may direct the Commission to negotiate and award Petroleum Licences to qualified investors outside of the bidding process," the draft also said. The fiscal bill sets out the rates of tax and royalties for various oil and gas enterprises, as well as various breaks such as upstream gas operations receiving a tax-free period of five years from the start of production. For profits from: Assessable tax (%) Onshore crude 65 Shallow water crude 50 Onshore natural gas 30 Shallow water natural gas 30 Deep offshore upstream crude 40 Deep offshore upstream gas 30 Tranches of production Royalty rate (barrels per day) (%) Onshore areas: First 2,500 2.5 Next 7,500 7.5 Next 10,000 15.0 Above 20,000 20.0 Shallow water areas: First 10,000 5.0 Next 10,000 10.0 Next 10,000 15.0 Above 30,000 20.0 Deep water areas: First 50,000 5.0 Next 50,000 7.5 Above 100,000 10.0 Additional tax will also be charged when crude prices exceed $60 a barrel, the draft said. The third draft section of the PIB addresses communities that host or are affected by oil and gas sector work. For decades, communities in the Niger Delta oil heartland have complained that spills and pollution have destroyed their land and killed off wildlife. RIghts group Amnesty International accused international oil majors Royal Dutch Shell PLC and Eni SpA in March of negligence when addressing spills in Nigeria. Other oil majors such as Exxon Mobil Corp, Total SA and Chevron Corp also operate in Nigeria. The draft bill seeks to address some of those concerns by making companies whose operations are in or near communities set up a trust, with a fund, for the benefit of those people. Failure to do so would result in the suspension of their licence, the draft said. Companies would have to contribute 2.5 percent of annual operating expenditure for work in that area into the trust's fund, which would then be used to improve infrastructure, job creation, education and health facilities. (Reporting by Paul Carsten and Alexis Akwagyiram Additional reporting by Camillus Eboh Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/nigeria-oil/rpt-update-2-nigeria-draft-oil-reforms-seek-to-establish-powerful-industry-regulator-idUSL8N1SH62W |
Shares of Blue Apron rallied Thursday after the company reported better-than-expected first-quarter earnings.
The meal kit company's stock rose more than 9 percent at one point in premarket trading after Blue Apron said that its planned reduction in marketing contributed to a narrower-than-expected loss.
Here's how the company performed:
Earnings: a loss of 17 cents per share vs. a loss of 24 cents per share estimated by Thomson Reuters Revenue: $196.7 million vs. $197.2 million forecast by Thomson Reuters "We are pleased with the progress we achieved this quarter, including significant improvement in operational efficiencies as reflected by our margin performance, which was the strongest we have seen since the second quarter of 2016," CEO Brad Dickerson said in a statement Thursday.
Blue Apron has been struggling to overcome well-publicized operational issues that have dragged its stock down more than 47 percent since it started trading in late June. Shares have slipped from $11 to just under $2 during that period.
While the meal kit company saw the number of customers increase 5 percent from the last quarter, it's still struggling to keep subscribers in the long term. Year over year, the number of customers buying Blue Apron's meal service is down 24 percent.
Dickerson, who became CEO in late November, said scaling back on marketing contributed to slowing customer acquisition.
The company spent $39.3 million, or 20 percent of revenue, on marketing in the first quarter. In the period last year, Blue Apron spent $60.6 million on marketing, or 24.8 percent of its revenue.
Blue Apron started to ramp up its marketing in late December and in the first quarter as it aimed to attract more new customers and increase engagement with its current users.
Average revenue per customer increased to $250 from $236 for last year.
"We look forward to building on this momentum as we continue to optimize our direct-to-consumer business, create new products that complement our core offering, and leverage new distribution channels — including our newly launched pilot program with Costco — to expand the reach of our strong brand to more households across the country," Dickerson said.
On the earnings call, Dickerson said that Blue Apron will soon launch a number of new meals and recipes including special occasion boxes, appetizers and desserts.
Blue Apron reported a net loss of $31.7 million or 17 cents per share, in the three months ended March 31, compared with a loss of $52.2 million, or 78 cents per share, a year earlier.
Wall Street had expected the company to report a loss of 24 cents per share.
Blue Apron said revenue fell to $196.7 million from $244.8 million, reflecting a planned reduction in marketing. Analysts had expected revenue of $197.2 million, according to Thomson Reuters estimates. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/blue-apron-reports-first-quarter-earnings-2018.html |
The International Monetary Fund (IMF) needs to reach an agreement with Greece and its European creditors by next week to ensure that the fund has enough time to give money to the embattled nation.
Greece has been seeking debt relief — a relaxation of the terms for paying back its debts — since 2015, but the issue has dragged on due to opposition from several EU member states. Certain European countries, some of which are the largest lenders to Greece, are against significant debt forgiveness as they don't want to be seen by their citizens as ongoing contributors to what they see as economic malpractices in their southern European neighbor.
Speaking to CNBC Tuesday, Poul Thomsen, the IMF director for Europe, said that there needs to be an agreement at a meeting late next week.
"We really need an agreement at the Eurogroup next week," Thomsen told CNBC's Joumanna Bercetche .
"Time is running out," he said, "but if there is an agreement in the Eurogroup meeting in May, then there will be enough time for us to activate the program and for it to coincide with the remainder of the ESM (European Stability Mechanism) program."
The Eurogroup is a regular meeting for all the finance ministers from those countries that share the single currency, while the ESM is the organization that deals with bailing out struggling nations in the region.
Angelos Tzortzinis | AFP | Getty Images Greek students gather during a protest against reforms in the education sector on March 30, 2018 near Prime Minister's office, in Athens. So far, all the money that Greece has received under its third bailout program has come from Europe and it's still waiting for a slice from the Washington, D.C.-based IMF. The IMF has said that it will not disburse any funds until Europe agrees on specific measures that will make Greek debt more sustainable over the long term. Greece has a debt-to-GDP (gross domestic product) of 180 percent.
However, the debt issue becomes even more pressing as Athens approaches the end of the financial program, scheduled for August 20.
Between an agreement on debt and the end of the bailout, the IMF has said it would be available to disburse 1.6 billion euros ($1.9 billion).
Eurogroup President Mario Centeno said in a letter to his fellow finance ministers that "the aim is to reach a staff level agreement ahead of the May Eurogroup."
However, there are still outstanding issues that the different institutions have to fix to get the deal done by next Thursday.
"There's been a considerable narrowing of differences in recent months," Thomsen told CNBC, but "there are still some different assessments of growth over the medium term," he added.
"Acknowledging that this is an area where there is considerable uncertainty, we are discussing a mechanism for providing more debt relief in case growth is weaker than what our European partners expect," he said.
Kostas Tsironis | Bloomberg | Getty Images The upcoming debt relief measures aim to link Greece's future growth rates to how much interest it will pay on its loans — the higher the growth rate is, the more interest Greece can pay.
Any upcoming deal on debt will also have to be approved by some European parliaments, including the German Bundestag.
Failure to agree on debt relief to Greece would not only make Greece's return to the markets more abrupt but also compromise the credibility of providing financial assistance to European countries. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/imf-calls-for-an-agreement-on-greeces-debt-by-next-week.html |
May 7, 2018 / 10:14 PM / Updated 8 minutes ago BRIEF-Kaman Reports Q1 Earnings Per Share of $0.50 Reuters Staff
May 7 (Reuters) - Kaman Corp: * Q1 EARNINGS PER SHARE $0.50
* Q1 EARNINGS PER SHARE VIEW $0.46 — THOMSON REUTERS I/B/E/S * REVISED 2018 OUTLOOK
* SEES 2018 DISTRIBUTION SALES OF $1,110.0 MILLION TO $1,160.0 MILLION
* SEES 2018 AEROSPACE SALES OF $750.0 MILLION TO $780.0 MILLION
* SEES 2018 CAPITAL EXPENDITURES OF APPROXIMATELY $35.0 MILLION
* SEES 2018 CASH FLOWS FROM OPERATIONS IN RANGE OF $185.0 MILLION TO $210.0 MILLION
* SEES 2018 FREE CASH FLOW IN RANGE OF $150.0 MILLION TO $175.0 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-kaman-reports-q1-earnings-per-shar/brief-kaman-reports-q1-earnings-per-share-of-0-50-idUSL8N1SE6TC |
WASHINGTON—The Defense Department said Wednesday that it had transferred a prisoner from Guantanamo Bay to Saudi Arabia, the first such detainee transfer to take place under President Donald Trump.
The Pentagon separately said it had issued new guidelines for transferring new detainees to the military facility, which is part of a U.S. naval base in Cuba. It didn’t say how the updated policy would affect enemy combatants currently held abroad.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/pentagon-transfers-prisoner-out-of-guantanamo-in-a-first-under-trump-1525303211 |
BOCA RATON, Fla., May 08, 2018 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq:FPAY) (“FlexShopper” or the “Company”), a leading national online lease-to-own (“LTO”) retailer and LTO payment solution provider, announced today that it intends to release its financial results for its first quarter ended March 31, 2018, after the market closes on Monday, May 14, 2018. The Company intends to hold a conference call to discuss those results the following day, May 15, 2018, at 10:00 a.m. Eastern Time.
Conference Call Details
Date: Tuesday, May 15, 2018 Time: 10:00 a.m. Eastern Time Participant Dial-In Numbers:
Domestic callers: 877-407-3944 International callers: 412-902-0038 Access by Webcast
The call will also be simultaneously webcast over the Internet via the “Investor” section of the Company’s website at www.flexshopper.com or by clicking on the conference call link: http://flexshopper.equisolvewebcast.com/q1-2018 . An audio replay of the call will be archived on the Company’s website.
About FlexShopper
FlexShopper, LLC, a wholly owned subsidiary of FlexShopper, Inc. ( FPAY ), is a financial and technology company that provides brand name electronics, home furnishings and other durable goods to consumers on a lease-to-own (LTO) basis through its e-commerce marketplace ( www.FlexShopper.com ) and patent pending LTO payment method. FlexShopper also provides LTO technology platforms to retailers and e-retailers to facilitate transactions with consumers that want to acquire their products, but do not have sufficient cash or credit. FlexShopper approves consumers utilizing its proprietary consumer screening model, collects from consumers under an LTO contract and funds the LTO transactions by paying merchants for the goods.
Contact:
Jeremy Hellman
Senior Associate
The Equity Group
212-836-9626
[email protected]
FlexShopper, Inc.
Investor Relations
[email protected]
FlexShopper Inc.
Source:FlexShopper, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-flexshopper-inc-schedules-2018-first-quarter-financial-results-conference-call.html |
MINNEAPOLIS, May 15, 2018 /PRNewswire/ -- Braun Intertec is proud to announce three employee-owners have transferred to our new office locations in Dallas and Tyler, Texas broadening our technical expertise in key sectors. The latest employee moves will bolster our current service offering in geotechnical engineering and construction materials testing.
Cody Wardien , project engineer with nearly seven years of experience, is now located in our Tyler, Texas office. Wardien specializes in geotechnical evaluations, construction materials testing project management, geotechnical and construction materials testing proposal development and field instrumentation. He has managed projects for a broad range of clients including, oil and gas facilities, residential home construction, agricultural facility construction, substation renovations, railroad improvement projects and commercial construction. Eric Dagenhardt , project engineer, is working at our GME Consulting Services (GME) office in Dallas, Texas, a subsidiary of Braun Intertec. With nearly seven years of experience, he brings expertise in geotechnical investigations and project management of large-scale commercial construction special inspections and testing projects. These projects included US Bank Stadium, the Minnesota Vikings Practice Facility, numerous University of Minnesota projects, and multiple high-rise residential buildings. Reece Taylor , project engineer, is also joining GME in Dallas, as the field services coordinator, with eight years of experience. Taylor is responsible for special inspections and construction materials testing of commercial-related projects. As a special inspector, he has developed experience in concrete construction, masonry construction and soils.
"To help meet increasing requests from our clients, we're thrilled to bring more of our highly-skilled, geotechnical and construction materials testing staff to the region," says Jon Carlson, CEO of Braun Intertec. "The latest employee-owner additions to our Dallas and Tyler, Texas offices will enhance the services we offer clients and pave the way for future expansion in Texas."
Thanks to our growing team of talented engineers, technicians and scientists, Braun Intertec continues to expand its business and service expertise across the state of Texas for our clients. For more information about Braun Intertec, visit www.braunintertec.com , and to learn more about GME, visit www.gmeconsult.com .
About Braun Intertec
Based in Minneapolis, employee-owned Braun Intertec ( www.braunintertec.com ) is a premier engineering, environmental consulting and testing firm with nearly 1,000 employees located in Iowa, Kansas, Louisiana, Minnesota, North Dakota, Texas and Wisconsin. Braun Intertec subsidiaries include Agile Frameworks, LLC, based in Minneapolis, as well as GME Consulting Services, Inc., based in Dallas.
View original content: http://www.prnewswire.com/news-releases/braun-intertec-expands-technical-expertise-in-dallas-and-tyler-texas-300648956.html
SOURCE Braun Intertec | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-braun-intertec-expands-technical-expertise-in-dallas-and-tyler-texas.html |
May 21, 2018 / 8:50 AM / Updated 11 hours ago Father of Pakistani girl killed in Texas hopes her death can spur reform Saad Sayeed 3 Min Read
ISLAMABAD (Reuters) - The father of a Pakistani girl killed in a Texas school shooting said on Monday he hoped that the death of his daughter, who wanted to serve her country as a civil servant or diplomat, would help spur gun control in the United States. Aziz Shaikh, father of Sabika Aziz Sheikh, a Pakistani exchange student, who was killed with others when a gunman attacked Santa Fe High School in Santa Fe, Texas, U.S., holds for media, his mobile phone displaying photo of his daughter at his residence in Karachi, Pakistan May 19, 2018. REUTERS/Akhtar Soomro
Santa Fe High School, southeast of Houston, on Friday joined a grim list of U.S. schools and campuses where students and staff have been gunned down, stoking a divisive U.S. debate about gun laws.
Among the eight students and two teachers killed in Texas was 17-year-old Pakistani exchange student Sabika Sheikh.
“Sabika’s case should become an example to change the gun laws,” her father, Aziz Sheikh told Reuters, speaking by telephone from the family home in the city of Karachi.
Most Pakistani youngsters dream of studying abroad, with the United States the favourite destination for many.
Aziz Sheikh said the danger of a school shooting had not crossed his mind when he sent Sabika to study in the United States for a year.
Now he wants her death to help spur change.
“It has become so common,” he said of school shootings.
“I want this to become a base on which the people over there can stand and pass a law to deal with this. I’ll do whatever I can,” he said.
Students said the teenaged boy charged with fatally shooting 10 people, Dimitrios Pagourtzis, opened fire in an art class shortly before 8 a.m. on Friday. Aziz Shaikh (L), father of Sabika Aziz Sheikh, a Pakistani exchange student, who was killed with others when a gunman attacked Santa Fe High School in Santa Fe, Texas, U.S., is comforted by a relative at his residence in Karachi, Pakistan May 19, 2018. REUTERS/Akhtar Soomro
Sabika was part of the YES exchange programme funded by the U.S. State Department, which provides scholarships for students from countries with significant Muslim populations to spend an academic year in the United States.
Sabika loved her time in Texas, Sheikh said.
“She appreciated it so much. She was so excited to be there and to study and meet the people, especially the teachers,” he said.
Her family spoke to her every day and she had been due to return to Pakistan on June 9, at the end of the school year.
U.S secretary of state Mike Pompeo offered his condolences in a statement on Saturday, saying Sabika was “helping to build ties between the United States and her native Pakistan”.
Her father said Sabika had wanted to work in government in some capacity, to help her country.
“She would say she wanted to join the foreign office or the civil service,” her father said.
“The reason was that she said was there is a lot of talent in Pakistan but the image and perception of the country was really bad, and she wanted to clear that up.” Slideshow (6 Images)
The U.S. ambassador to Pakistan, David Hale, visited the family in Karachi to offer condolences, the U.S. embassy said in a statement. Reporting by Saad Sayeed; Editing by Robert Birsel | ashraq/financial-news-articles | https://in.reuters.com/article/texas-shooting-pakistan/father-of-pakistani-girl-killed-in-texas-hopes-her-death-can-spur-reform-idINKCN1IM0S5 |
May 2 (Reuters) - Whitecap Resources Inc:
* WHITECAP RESOURCES INC. ANNOUNCES FIRST QUARTER 2018 RESULTS AND 5% DIVIDEND INCREASE
* WHITECAP RESOURCES INC - STILL ON TRACK TO MEET OUR FULL YEAR GUIDANCE OF 73,600 - 74,800 BOE/D
* WHITECAP RESOURCES INC - ANTICIPATE GENERATING IN EXCESS OF $180 MILLION IN FREE FUNDS FLOW AFTER INVESTING $430 - $450 MILLION OF DEVELOPMENT CAPITAL IN 2018 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-whitecap-resources-announces-first/brief-whitecap-resources-announces-first-quarter-2018-results-idUSASC09Z2P |
May 8, 2018 / 8:52 PM / Updated 28 minutes ago West Brom relegated after revival comes too late Toby Davis 3 Min Read
(Reuters) - West Bromwich Albion were relegated from the Premier League on Tuesday after Southampton’s 1-0 victory over Swansea City ended the Midlands club’s eight-year stay in the top flight.
Southampton’s win moved them onto 36 points, leaving West Brom five points adrift of the safety zone with one match to play.
West Brom have been rejuvenated in recent weeks, winning three games in an unbeaten five-match run.
Yet their impressive late-season rally, spearheaded by the appointment of caretaker manager Darren Moore, came too late in the campaign.
Moore replaced Alan Pardew at the start of April, taking over with the club seven points adrift at the bottom of the table and 10 short of the safety zone with six matches to play.
He helped engineer an almost remarkable turnaround in their fortunes, guiding them to wins over Manchester United, Newcastle United and Tottenham Hotspur plus draws against Swansea and Liverpool.
West Brom’s 1-0 home victory over fourth-placed Tottenham on Saturday lifted them off the bottom of table for the first time since January, but the celebrations were short-lived.
Any hope of taking their fight for survival to the final weekend of the season was snuffed out at Swansea’s Liberty Stadium on Tuesday.
Southampton’s Manolo Gabbiadini bundled home a second-half goal to settle a scrappy encounter that almost certainly kept the south-coast club in the Premier League.
BITTER-SWEET DAY
It was a bitter-sweet day for West Brom’s Moore, who had earlier been given the Premier League’s manager of the month award after guiding the club through April unbeaten.
Moore, whose future at the club is still unclear after being appointed on an interim basis, hailed the togetherness of the squad after collecting his award.
Unity, however, was a quality seemingly in short supply earlier in the campaign as West Brom’s troubles were not limited to the pitch.
In February, West Brom players Jonny Evans, Gareth Barry, Jake Livermore and Boaz Myhill apologised after being questioned by police over the theft of a taxi in Barcelona, where the team were holding a warm-weather training camp.
Pardew said they had broken a team curfew and he felt let down.
Pardew had only been at the club for a relatively short time. He replaced the sacked Tony Pulis at the end of November with West Brom two points above the bottom three.
Pardew was in charge for 21 matches in all competitions, managing three wins with only one of those in the league.
By the time Moore took control, West Brom’s fate was effectively sealed. Reporting by Toby Davis; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-wba-relegation/west-brom-relegated-from-the-premier-league-idUKKBN1I936J |
CHICAGO (Reuters) - United Continental Holdings Inc has selected former Federal Aviation Administration chief Jane Garvey as board chair, making her the first woman to lead the company’s directors, the carrier said on Thursday.
“Jane steps into this critical role bringing with her decades of experience as both a leader and pioneer in our industry,” United Chief Executive Oscar Munoz said in a statement.
Garvey’s appointment to the non-executive role comes a month after the previous board chairman, Robert Milton, and a director, Laurence Simmons, announced their resignations.
United’s executive suite has been plagued by internal turmoil, with Chief Financial Officer Andrew Levy last week stepping down from the role.
Garvey brings regulatory experience to her new role. She was the first woman to lead the FAA and headed the agency during the Sept. 11, 2001 attacks.
Garvey has served on United’s board since 2009 and is the North America chairman of Paris-based Meridiam development and investment firm.
These corporate shuffles come as United seeks to ward off additional federal oversight in the wake of various customer service failures.
The carrier is also struggling to impress investors and improve its lagging financial performance as compared to larger rivals American Airlines and Delta Air Lines.
Shares of United closed up 1.34 percent.
Reporting by Alana Wise; editing by Cynthia Osterman, Tom Brown and Diane Craft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ual-chair/united-continental-names-jane-garvey-as-first-woman-board-chair-idUSKCN1IP3RT |
May 3 (Reuters) - Hannon Armstrong Sustainable Infrastructure Capital Inc:
* Q1 REVENUE ROSE 17 PERCENT * Q1 EARNINGS PER SHARE VIEW $0.31 — THOMSON REUTERS I/B/E/S
* Q1 GAAP LOSS PER SHARE $0.03 * HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE - EXPECTS CORE EARNINGS/SHARE GROWTH, ON COMPOUNDED ANNUAL BASIS OVER NEXT 3 YEARS, IN 2% TO 6% RANGE
* HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE - IS PROVIDING GUIDANCE FOR ANNUAL CORE EARNINGS PER SHARE GROWTH OF 2% TO 6% FOR 2018 COMPARED TO 2017 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hannon-armstrong-q1-core-earnings/brief-hannon-armstrong-q1-core-earnings-per-share-0-27-idUSASC09ZQ4 |
EditorsNote: Fixes error-Rangers tied game in 3rd inning at 2-2
Nomar Mazara homered and drove in three runs as the host Texas Rangers knocked off the Kansas City Royals 8-4 Friday night.
The Rangers evened the four-game series at Globe Life Park at a game apiece. Texas hit three home runs, all off Kansas City starter Eric Skoglund.
Rangers starter Mike Minor was the beneficiary of the power surge against his former team. The left-hander improved to 4-3 after working six innings and allowing four runs on seven hits.
Minor, who pitched for the Royals last season out of the bullpen, tied his second-longest outing of the season. His 99 pitches (66 for strikes) were also his second-highest total of the season.
The Royals had their season-high three-game winning streak, all coming on the road, snapped. Kansas City also lost for the ninth time in its last 10 games at Texas’ park.
Mike Moustakas did give the visitors an early lead with his 11th home run, a two-run shot down the right field line in the first off Minor.
Shin-Soo Choo answered for Texas in the bottom of the inning with a solo shot into the bullpen in right-center. It was Choo’s seventh long ball of the season, but just his second in the last 32 games. Choo’s 175 career homers are tied with Hideki Matsui for the most among Asian-born players.
Texas tied the game at 2-2 in the third after Delino DeShields opened the frame with a triple into the left field corner. He would later score on a groundout.
Jorge Soler gave the Royals a 3-2 lead in fourth with a solo homer, his sixth of the season. But Texas surged back in front on Ronald Guzman’s two-run dinger in the bottom of the inning. Mazara touched up Skoglund (1-5) with another two-run homer in the fifth.
The Royals’ rookie starter was pulled when Jurickson Profar doubled after Mazara’s homer with one out in the fifth. Skoglund gave up six earned runs on seven hits, as his ERA ballooned to 6.70.
The Rangers added a couple of insurance runs in the eighth off Blaine Boyer. The runs were needed, as Kansas City loaded the bases with two outs in the ninth before Salvador Perez hit a flyout to center to end the game.
The series continues with the third game Saturday afternoon.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-tex-kc-recap/mazara-guzman-power-rangers-past-royals-idUSMTZEE5QBGAQMI |
OMAHA, Neb.--Warren Buffett tried to reassure shareholders at the Berkshire Hathaway Inc. annual meeting Saturday that the company’s success would continue once he is no longer at the helm.
Berkshire promoted Mr. Buffett’s two potential successors, Greg Abel and Ajit Jain, to vice chairmen in January and gave them bigger responsibilities overseeing the company’s business units. The managers of Berkshire’s 60-plus business units now report to either Mr. Abel or Mr. Jain, rather than to Mr. Buffett.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/berkshire-hathaway-swings-to-a-loss-on-unrealized-investment-losses-1525523614 |
INSIGHT: Russia's Navalny among scores detained 11:19am EDT - 01:10
Russian opposition leader Alexei Navalny was detained by police on Saturday after arriving at a rally in central Moscow to protest against President Vladimir Putin. It's been reported that scores of other protesters have also been arrested for their involvement across the country. ▲ Hide Transcript ▶ View Transcript
Russian opposition leader Alexei Navalny was detained by police on Saturday after arriving at a rally in central Moscow to protest against President Vladimir Putin. It's been reported that scores of other protesters have also been arrested for their involvement across the country. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rlRzmk | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/05/insight-russias-navalny-among-scores-det?videoId=424115979 |
MOSCOW, May 4 (Reuters) - Russia’s National Wealth Fund declined to $63.91 billion as of May 1, down from $65.88 billion a month earlier, the Finance Ministry said on Friday.
The ministry said earlier this year it had fully drained its Reserve Fund to plug budget holes by the end of 2017, ahead of switching to a new budget mechanism which will lower the dependence of the Russian economy on global oil prices. (Reporting by Darya Korsunskaya Writing by Katya Golubkova Editing by Maria Kiselyova)
| ashraq/financial-news-articles | https://www.reuters.com/article/russia-funds/russias-national-wealth-fund-at-63-91-bln-as-of-may-1-idUSR4N1OC04J |
Underwater robots helping marine scientists map the oceans Friday, May 04, 2018 - 01:32
Marine scientists are listening to the oceans as never before using an autonomous submarine robot - a Seaglider - to record underwater noises. Jim Drury reports.
Marine scientists are listening to the oceans as never before using an autonomous submarine robot - a Seaglider - to record underwater noises. Jim Drury reports. //reut.rs/2rmUOtJ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/04/underwater-robots-helping-marine-scienti?videoId=423816025 |
SOUTHFIELD, Mich., May 23, 2018 /PRNewswire/ -- GST AutoLeather ("GST" or the "Company"), the global leader in automotive leather components, and its subsidiaries have exited Chapter 11 bankruptcy effective, May 22 nd 2018 under new ownership.
To lead the transition, GST has named Randy Johnson President and CEO. Along with its current strong leadership, GST is announcing the addition of two key leather industry experts, Bryn Kahrl as Vice President of Global Operations and Scott Landis as Chief Human Resources Officer.
"We are committed to being the most competitive, innovative, and sought-after supplier to major OEMs worldwide, leveraging our strong customer service, a renewed focus on lean manufacturing and standardization, and care for our employees as we instill a customer and operationally focused leadership culture," said Mr. Johnson.
Mr. Johnson replaces former CEO Dennis Hiller, who will stay on with the leather company as a board advisor to assist in the transition. Mr. Johnson most recently served as CEO of Romeo RIM, Inc. a Michigan-based composites manufacturer where he transformed that business and its brand through lean and innovation processes. Prior to that, Mr. Johnson served as Vice President of Global Operations at Eagle Ottawa for 12 years, leaving in 2014 before its sale to Lear Corporation. At Eagle Ottawa, Mr. Johnson was the architect of the operational transformation resulting in years of best-in-class competitive performance and a stable world class manufacturing team.
Post Chapter 11 exit, GST is majority owned by funds managed by Black Diamond Capital Management, L.L.C. ("BDCM"), which has a track record of assisting companies in growing value by focusing on operational and commercial improvements through a disciplined long-term approach. "We are looking forward to supporting GST's future efforts to build upon its strong global market share with a keen focus on providing top customer service while enhancing its operations," said Stephen H. Deckoff, Managing Principal of BDCM.
"GST has exited bankruptcy with a strong balance sheet and ample liquidity, talented leaders globally, and a reputation as a high-quality leather designer and manufacturer," Johnson said, adding, "GST is among a small group of leather suppliers that can be considered truly global in nature."
ABOUT GST AUTOLEATHER
GST AutoLeather is the global leader in automotive leather components, with innovative design and engineering supporting the future vision of the OEM customers worldwide. The Company's talented team of employees, its global operations and its customer-centric leadership culture enables GST to continue to build strong relationships with customers based on trust and transparency.
View original content with multimedia: http://www.prnewswire.com/news-releases/gst-autoleather-exits-bankruptcy-under-new-ownership-300653319.html
SOURCE GST AutoLeather | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-gst-autoleather-exits-bankruptcy-under-new-ownership.html |
Free trade, for all its virtues, isn’t an easy sell. Every country applies some level of protectionism out of economic or political necessity.
But protectionism can be done well or done badly. Done well, it minimizes costs to taxpayers and consumers, maximizes benefits to domestic industry, and discourages bad behavior by trade partners. President Donald Trump routinely does protectionism badly, using the wrong tools on the wrong behavior and the wrong countries.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-shows-how-not-to-be-a-protectionist-1527692912 |
DALLAS, May 1, 2018 /PRNewswire/ -- Highland Floating Rate Opportunities Fund (NYSE: HFRO) ("HFRO" or the "Fund") today announced its regular monthly dividend on its common stock of $.0770 per share. The dividend will be payable on May 31, 2018 to shareholders of record at the close of business May 23, 2018.
The Fund is a closed-end fund managed by Highland Capital Management Fund Advisors, L.P. (the "Manager"), an affiliated adviser of Highland Capital Management, L.P. The Fund invests primarily in floating rate loans and other securities deemed to be floating rate investments. The investment objective of the Fund is to provide a high level of current income, consistent with the preservation of capital in a registered fund format. The Fund declares and pays dividends of investment income monthly.
Total Returns as of 04/30/18
1-year
3-year
5-year
10-year
Since Inception
(1/13/2000)
Highland Floating Rate Opportunities Fund
(NAV)
5.93%
3.10%
4.68%
2.64%
4.17%
Highland Floating Rate Opportunities Fund
(Market Price)
11.16%
4.77%
5.69%
3.13%
4.44%
Total Returns as of 03/31/18
1-year
3-year
5-year
10-year
Since Inception
(1/13/2000)
Highland Floating Rate Opportunities Fund
(NAV)
5.05%
3.28%
4.85%
2.79%
4.13%
Highland Floating Rate Opportunities Fund
(Market Price)
11.17%
5.25%
6.04%
3.37%
4.45%
Total operating expenses as of the most recent fund semi-annual report are 1.26%. Performance data represents past performance, which does not guarantee future results. Current performance may be higher or lower than the figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. For most recent quarter-end performance please visit www.highlandfunds.com or call 1-800-357-9167.
Investors should consider the investment objectives, risks, charges and expenses of the Highland Floating Rate Opportunities Fund carefully before investing. This and other information can be found in the Fund's prospectus, which may be obtained by calling 1-800-357-9167 or visiting www.highlandfunds.com . Please read the prospectus carefully before you invest.
Effective shortly after close of business on November 3, 2017, Highland Floating Rate Fund converted from an open-end fund to a closed-end fund, and began trading on the NYSE under the symbol HFRO on November 6, 2017. The performance data presented above for periods prior to November 3, 2017 reflects that of Class Z shares of the Fund when it was an open-end fund, HFRZX. The closed-end Fund pursues the same investment objective and strategy as it did before its conversion. The expense ratio is that of Class Z shares of the Fund prior to its conversion.
Closed-End Fund Risk. The Fund is a closed-end investment company designed primarily for long-term investors and not as a trading vehicle. No assurance can be given that a shareholder will be able to sell his or her shares on the NYSE when he or she chooses to do so, and no assurance can be given as to the price at which any such sale may be effected.
Credit Risk. The Fund may invest all or substantially all of its assets in Senior Loans or other securities that are rated below investment grade and unrated Senior Loans deemed by Highland to be of comparable quality. Securities rated below investment grade are commonly referred to as "high yield securities" or "junk securities." They are regarded as predominantly speculative with respect to the issuing company's continuing ability to meet principal and interest payments. Non-payment of scheduled interest and/or principal would result in a reduction of income to the Fund, a reduction in the value of the Senior Loan experiencing non-payment and a potential decrease in the NAV of the Fund. Investments in high yield Senior Loans and other securities may result in greater NAV fluctuation than if the Fund did not make such investments.
Senior Loans Risk. The risks associated with senior loans are similar to the risks of below investment grade securities in that they are considered speculative. In addition, as with any debt instrument, senior loans are also generally subject to the risk of price declines and to increases in prevailing interest rates. Senior loans are also subject to the risk as interest rates rise, the cost of borrowing increases, which may also increase the risk and rate of default. In addition, the interest rates of floating rate loans typically only adjust to changes in short-term interest rates; long term interest rates can vary dramatically from short term interest rates. Therefore, senior loans may not mitigate price declines in a rising long-term interest rate environment.
Illiquidity of Investments Risk. The investments made by the Fund may be illiquid, and consequently the Fund may not be able to sell such investments at prices that reflect the Investment Adviser's assessment of their value or the amount originally paid for such investments by the Fund.
Ongoing Monitoring Risk. On behalf of the several Lenders, the Agent generally will be required to administer and manage the Senior Loans and, with respect to collateralized Senior Loans, to service or monitor the collateral. Financial difficulties of Agents can pose a risk to the Fund.
About Highland Floating Rate Opportunities Fund
Highland Floating Rate Opportunities Fund is a closed-end fund managed by Highland Capital Management Fund Advisors, L.P., an affiliated adviser of Highland Capital Management, L.P (the "Manager"). The Fund invests primarily in senior floating-rate interest securities. No assurance can be given that the Fund will achieve its investment objectives.
Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value. Past performance does not guarantee future results.
MEDIA CONTACT
Lucy Bannon
+1 972 419 6272
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/highland-floating-rate-opportunities-fund-announces-the-regular-monthly-dividend-300640650.html
SOURCE Highland Capital Management Fund Advisors, L.P. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-highland-floating-rate-opportunities-fund-announces-the-regular-monthly-dividend.html |
NEW YORK, May 4, 2018 /PRNewswire/ --
If you want a free Stock Review on BRX, CBL, CDR, and HPT sign up now at www.wallstequities.com/registration . Today, WallStEquities.com shifts focus on the Retail REIT space, which owns and manages retail real estate, and rent space in those properties to tenants. Retail REITs focus on large regional malls, outlet centers, grocery-anchored shopping centers, and power centers that feature big box retailers. Lined up for evaluation this morning are these four stocks: Brixmor Property Group Inc. (NYSE: BRX), CBL & Associates Properties Inc. (NYSE: CBL), Cedar Realty Trust Inc. (NYSE: CDR), and Hospitality Properties Trust (NASDAQ: HPT). All you have to do is sign up today for this free limited time offer by clicking the link below.
www.wallstequities.com/registration
Brixmor Property Group
Shares in New York City headquartered Brixmor Property Group Inc. saw a slight decline of 0.82%, ending Thursday's trading session at $14.48. The stock recorded a trading volume of 2.93 million shares. The Company's shares are trading 3.99% below their 50-day moving average. Moreover, shares of the Company, which owns and operates high-quality, open-air shopping centers, have a Relative Strength Index (RSI) of 43.78.
On April 30 th , 2018, Brixmor Property's Board of Directors declared a quarterly cash dividend of $0.275 per common share (equivalent to $1.10 per annum) for the second quarter of 2018. The dividend is payable on July 16 th , 2018, to stockholders of record on July 06 th , 2018, representing an ex-dividend date of July 05 th , 2018. Get the full research report on BRX for free by clicking below at: www.wallstequities.com/registration/?symbol=BRX
CBL & Associates Properties
CBL & Associates Properties Inc.'s stock rose slightly by 0.24%, closing the day at $4.14 with a total trading volume of 2.76 million shares. The stock is trading 5.82% below their 50-day moving average. Shares of the Company, which owns, holds interests in or manages 119 properties, including 76 regional malls/open-air centers, have an RSI of 44.94.
On April 30 th , 2018, CBL & Associates Properties (CBL) announced that the Company, along with its 50% joint venture partner, closed on a $155.0 million ($77.5 million at CBL's share) non-recourse loan secured by CoolSprings Galleria in Nashville, Tennessee. The 10-year loan bears interest at a fixed rate of 4.839%. Access the free research report on CBL now by signing up at: www.wallstequities.com/registration/?symbol=CBL
Cedar Realty Trust
On Thursday, shares in Cedar Realty Trust Inc. recorded a trading volume of 290,553 shares. The stock ended the day flat at $3.84. The Company's shares are trading below their 50-day moving average by 1.30%. Furthermore, shares of the Company, which focuses on the ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston, have an RSI of 48.60.
On April 12 th , 2018, Cedar Realty Trust announced that its Board of Directors has formally approved the payment of the following cash dividends: (i) $0.05 per share on the Company's Common Stock; (ii) $0.453125 per share on the Company's 7 ¼% Series B Cumulative Redeemable Preferred Stock; and (iii) $0.40625 per share on the Company's 6 ½% Series C Cumulative Redeemable Preferred Stock. The cash dividends are payable on May 21 st , 2018, to shareholders of record as of the close of business on May 11 th , 2018. Are you already registered with Wall St. Equities? Do so now for free, and get the report on CDR at: www.wallstequities.com/registration/?symbol=CDR
Hospitality Properties Trust
Hospitality Properties Trust's stock climbed slightly by 0.63%, finishing yesterday's session at $25.38. A total volume of 957,240 shares was traded, which was above their three months average volume of 942,220 shares. The Company's shares have advanced 0.95% in the last month. The stock is trading above its 50-day moving average by 1.13%. Additionally, shares of the Company, which owns a diverse portfolio of hotels and travel centers located in 45 states, Puerto Rico and Canada, have an RSI of 59.59.
On April 13 th , 2018, Hospitality Properties Trust announced that John G. Murray has been elected as a Managing Trustee, effective April 12 th , 2018, to fill a vacancy on the Board. Mr. Murray, 57, has served as the President and COO since 1996 and had previously served as CFO since the Company's IPO in 1995. Aspiring Member, please take a moment to register below for your free research report on HPT at: www.wallstequities.com/registration/?symbol=HPT
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View original content: http://www.prnewswire.com/news-releases/technical-perspectives-on-reit-stocks----brixmor-property-cbl--associates-properties-cedar-realty-trust-and-hospitality-properties-trust-300642752.html
SOURCE Wall St. Equities | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-technical-perspectives-on-reit-stocks--brixmor-property-cbl-associates-properties-cedar-realty-trust-and-hospitality.html |
PARIS, May 25 (Reuters) - With Italy in political turmoil, oil prices on the rise and North Korea tensions back on the burner, the last thing the global economy needs is a big lurch towards a trade war further clouding the outlook.
But that is exactly what the Trump administration faces if it does not extend temporary exemptions on steel and aluminium imports from Europe that expire on Thursday.
The Europeans have opportunities for last minute diplomacy when the Organisation for Economic Cooperation and Development holds its annual ministerial council in Paris on Wednesday.
For his part, French President Emmanuel Macron is to due to make the case for breathing new life into the international economic order in a speech before the OECD on Wednesday.
But there are few signs of U.S. appetite for that ahead of talks between U.S. Commerce Secretary Wilbur Ross and EU trade chief Ceclia Malmstrom on the sidelines of the OECD meeting.
“The question is how can we accept a situation where the Americans manage their dialogue with a rival like China the same way as with their allies without special treatment for being a U.S. ally,” a senior French diplomat said.
Even before Trump raised the specter of import tariffs, trade flows faced an increasing number restrictions as economies struggled to get back on their feet following the global financial crisis of 2008-2009.
G20 economies have put up 1,400 new trade restrictions over the last decade against only 200 liberalisation measures during the same period, according to an OECD tally.
OECD chief Angel Gurria said some governments were blaming globalisation, and by extension the broader multilateral trading system, rather than fixing bad policies that have failed to address voters’ concerns about jobs going overseas.
“Globalisation does not have a face, globalisation does not have a neck from which you can hang it, so you use a proxy, the closest proxy is multilateralism,” Gurria told journalists.
There is little prospect for a quick fix in the trade standoff between Washington and its allies after the Trump administration opened a new front on Wednesday by also threatening tariffs on auto imports.
U.S. Treasury Secretary Steven Mnuchin will likely take flak over trade threats from his counterparts from other members of the Group of Seven economies when they meet in the Canadian Rocky Mountains on Friday and Saturday.
DATA CLUES The prospect of a trade war is particularly a concern in Europe where the economy is already losing steam, complicating the European Central Bank’s return to more conventional monetary policy as rising oil prices drive inflation higher.
“In this context, the ECB now faces a classic stagflationary shock, with higher inflation and slower growth,” Oxford Economics Chief European economist James Nixon said in a research note.
“Nevertheless, we continue to believe the ECB will end quantitative easing this year in order to avoid the risk of second round effects at a time when there is clear evidence of increasing labour shortages,” he added.
Preliminary May euro zone consumer price data due on Thursday will offer evidence of how close inflation has come to the ECB’s just-below-2 percent target.
Economists in a Reuters poll predict on average that it rebounded to a 13-month high of 1.6 percent from 1.2 percent in April.
Among other data on the horizon next week are U.S. non-farm payrolls on Friday for the month of May. Economists polled by Reuters forecast on average the world’s biggest economy added 185,000 new jobs this month, up from 164,000 in April. (Reporting by Leigh Thomas; Editing by Toby Chopra)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-economy-weekahead/global-economy-europe-and-u-s-lurch-closer-towards-trade-war-idUSL5N1SV6WQ |
VANCOUVER, B.C., May 15, 2018 (GLOBE NEWSWIRE) -- Conifex Timber Inc. (“Conifex”, "we" or "us") (TSX:CFF) today reported results for the first quarter ended March 31, 2018. EBITDA in the first quarter of 2018 was $9.3 million, compared to $17.5 million in the fourth quarter of 2017 and $6.1 million in the first quarter of 2016. EBITDA included countervailing (“CV”) and anti-dumping (“AD”) duty expense on softwood lumber shipments to the U.S. of $6.3 million in the first quarter of 2018 and $1.9 million in the previous quarter.
Selected financial and operating highlights for each of the comparison periods are provided below.
Q1 Q4 Q1
2018 2017 2017
Financial Highlights (millions of dollars except share and per share amounts and as otherwise noted) Sales – lumber segment . $ 123.3 $ 124.5 $ 93.5 Sales – bioenergy segment . 7.5 8.2 6.8 $ 130.8 $ 132.7 $ 100.3 EBITDA . $ 9.3 $ 17.5 $ 6.1 Operating income . $ 7.0 $ 14.7 $ 1.5 Net income (loss) . $ 2.5 $ 8.0 $ (1.4 ) Net income (loss) per share – basic and diluted . $ 0.10 $ 0.30 $ (0.06 ) Shares outstanding – weighted average (millions).... . 26.4 26.4 22.5 Operating Highlights Lumber production (MMfbm) . 123.7 129.9 123.7 Lumber shipments – Conifex produced (MMfbm) . 112.7 138.2 110.7 Lumber shipments – wholesale (MMfbm) . 55.1 45.4 41.0 Electricity production (GWh) . 50.5 55.2 46.3 Average exchange rate – US$/Cdn$ (1) . 0.791 0.787 0.756 Average WSPF 2x4 #2&Btr lumber price (US$) (2) . $ 513 $ 462 $ 348 Reconciliation of adjusted EBITDA to Net Income (Loss) Net income (loss) . $ 2.5 $ 8.0 $ (1.4 ) Add: Finance costs . $ 1.6 $ 1.6 $ 2.6 Amortization . $ 4.5 $ 4.8 $ 4.9 Deferred income tax expense . $ 0.7 $ 3.1 $ - EBITDA (3) . $ 9.3 $ 17.5 $ 6.1
Notes:
(1) Source: Bank of Canada, www.bankofcanada.ca . (2) Source: Random Lengths Publications Inc. (3) The Company’s EBITDA calculation represents earnings before finance costs, taxes, depreciation and amortization. We disclose EBITDA as it is a measure used by analysts and by our management to evaluate our performance. As EBITDA is a non-GAAP measure that does not have any standardized meaning prescribed by International Financial Reporting Standards, it may not be comparable to EBITDA calculated by others and is not a substitute for net earnings or cash flows.
Overview
Revenues of $130.8 million in the first quarter of 2018 were generally consistent with the previous quarter and reflected an increase of 30% over the first quarter of 2017.
First quarter lumber segment operating income of $6.7 million represented a decline of $7.2 million from the prior quarter and an improvement of $4.9 million over the first quarter of 2017. Lumber segment operating results included CV and AD duties expense of $6.3 million in the first quarter of 2018 and $1.9 million in the previous quarter. The bioenergy segment contributed operating earnings of $2.0 million in the current quarter compared to $2.9 million in the previous quarter and $1.3 million in the same quarter last year. Corporate costs of $1.7 million were similar to the first quarter last year and reduced by $0.4 million from the previous quarter. Operating earnings were $7.0 million for the current quarter compared to $14.7 million in the previous quarter and $1.5 million in the first quarter of 2017.
Net income for the first quarter of 2018 was $2.5 million, or $0.10 per share, compared to net income of $8.0 million or $0.30 per share in the previous quarter and a net loss of $1.4 million or $0.06 per share in the first quarter of 2017. Net income for the first quarter of 2018 and the fourth quarter of 2017 included realized and unrealized losses on derivative financial instruments of $2.3 million and $1.6 million, respectively. The losses from lumber futures contracts were generally attributable to the steady rise of commodity lumber prices throughout the first quarter of 2018 and the previous quarter.
Update on El Dorado Mill Operations
We commenced shipment of residual products from our recently commissioned sawmill complex in El Dorado, Arkansas (the “El Dorado Mill”) in November 2017 and modest lumber shipments in late December. We offset revenues generated from the El Dorado Mill in the fourth quarter of 2017 and the first quarter of 2018 to capitalized commissioning and start-up costs and have not included such revenues in operating results.
We had previously expected to commence recording of commercial operations midway through the first quarter of 2018. We have experienced lower operating rates in the sawmill and planer mill than anticipated due to continued training for new personnel, customary ramp-up issues related to integrating brownfield and greenfield equipment, and to some degree, periodic inclement weather conditions.
Shipments of Southern Yellow Pine were at an approximate annualized run rate of 70 million board feet in March 2018, equivalent to approximately 40% of two-shift capacity of 180 million board feet. In April, hourly productivity improved and we extended operating hours. Commercial operations will be recorded in our operating results commencing in April 2018.
Lumber Segment
Lumber segment EBITDA was $7.3 million in the first quarter of 2018 compared to $15.5 million in the previous quarter and $5.1 million in the first quarter of 2017. Lumber segment EBITDA in the first quarter of 2018 and the previous quarter included the aforementioned realized and unrealized losses on derivative financial instruments.
Prices for the bell-weather WSPF #2 & Btr product averaged US$513 during the first quarter of 2018, an improvement of 11% over the previous quarter and 47% over the first quarter of 2017. 1 Combined CV and AD duty rates of 20.23% for most Canadian exporters of softwood lumber to the U.S. were in effect for the first quarter of 2018 and are expected to remain in effect for the balance of the year. The Canadian dollar strengthened against the U.S. dollar during the first quarter of 2018 and averaged US$0.791, which represented a modest appreciation over the previous quarter and a 5% increase over the same quarter last year. 2
Revenues from Conifex produced lumber were $70.2 million in the first quarter of 2018. The decline of 13% from the previous quarter was mostly attributable to 18% lower shipment volumes which were somewhat offset by a 6% improvement in sales realizations. Lumber shipments were primarily impacted by constrained availability of railcars and trucks in Western Canada partly due to challenging weather conditions. The gain in sales realizations generally reflected stronger benchmark lumber prices. We shipped approximately 91% of production volumes in the first quarter of 2018. An increase in lumber revenues of 24% over the same quarter last year was mainly attributable to improved sales realizations from higher benchmark prices which were somewhat offset by a stronger Canadian currency.
The increase in wholesale lumber revenues of approximately 28% over the previous quarter and 48% over the first quarter of 2017 was largely attributable to growth in shipment volumes of 21% and 34%, respectively.
Lumber production totalled approximately 124 million board feet in the first quarter of 2018 and the same quarter last year and represented an annualized operating rate of 94%, compared to 99% in the previous quarter. Productivity in the first quarter of 2018 was hampered by severe winter weather conditions at our BC mills. In the first quarter of 2017, production was reduced by the completion and ramp up of the new log line at our Mackenzie mill, and to a lesser extent, by inclement weather conditions.
Unit log costs increased by 9% over the previous quarter and 15% over the same quarter last year. The higher log costs were mainly attributable to higher market based stumpage and purchased log costs.
An increase in unit cash conversion costs of 11% from the previous quarter was mainly due to lower operating rates and seasonally elevated energy, labour and weather related maintenance costs. Year-over-year unit cash conversion costs were generally consistent.
We expensed CV and AD duty deposits of $6.3 million, or $56 per thousand board feet, in the first quarter of 2018 compared to $1.9 million, or $14 per thousand board feet, in the previous quarter. There were no softwood lumber duties applicable during the first quarter of 2017.
We recorded realized and unrealized losses on lumber futures contracts of $2.3 million in the first quarter of 2018 and $1.6 million in the previous quarter. The loss on derivative financial instruments in the first quarter of 2017 was minimal .
The lumber segment recorded operating income of $6.7 million in the first quarter of 2018 compared to $13.9 million in the previous quarter and $1.8 million in the first quarter of 2017. Compared to the previous quarter, lumber segment operating results were impeded by higher CV and AD duty deposits expense, lower shipment volumes and operating rates and higher unit manufacturing costs which outweighed the benefit of improved sales realizations from higher benchmark lumber prices. Compared to the first quarter of 2017, an improvement in gross sales realizations was somewhat offset by softwood lumber duties expense and higher unit log costs.
Commenting on the Company’s first quarter results, Conifex’s CEO, Ken Shields, said, “We caution you against annualizing our first quarter results as a guide to our full year results. Our analysis indicates that the pattern of quarterly results we compiled last year – where only 13% of full year 2017 EBITDA was achieved in the first quarter – will likely be repeated in 2018. At our BC mills, EBITDA is highly sensitive to production and shipment volumes. For the 2018 calendar year, we expect lumber production and shipments will exceed 2017 volumes by about 15 million board feet.”
1 As Quote: d in Random Lengths Publications Inc.
2 Source: Bank of Canada, www.bankofcanada.ca
Bioenergy Segment
Our Mackenzie power generation plant (the “Mackenzie Power Plant”) sold 50.5 gigawatt hours of electricity under our Electricity Purchase Agreement with BC Hydro (“EPA”) in the first quarter of 2018, which represented approximately 92% of targeted operating rates. Unplanned outages during the quarter resulted in a reduction in electricity sales of 9% from the previous quarter. Current quarter electricity sales improved by 9% over the first quarter of 2017. Electricity sales and plant operating costs in the first quarter of 2017 were adversely impacted by several unplanned outages and challenging weather conditions, which impacted feedstock quality and deliverability. The unplanned outages contributed to increased maintenance related expenses including the use of outside service contractors.
Operating earnings in the bioenergy segment were $2.0 million in the first quarter of 2018 compared to $2.9 million in the previous quarter and $1.3 million in the first quarter of 2017. The variability in operating income in the comparative quarters is primarily attributable to fluctuations in revenues as cash operating costs and amortization expense were generally consistent in each period. Bioenergy segment EBITDA was $3.6 million in the first quarter of 2018 compared to $4.5 million in the previous quarter and $2.8 million in the first quarter of 2017.
Dispatch Notice
Our EPA with BC Hydro, similar to electricity purchase agreements with other independent power producers, provides BC Hydro with the option to “turn down” electricity purchased from us during periods of low demand by issuing a “dispatch order”. In January 2018, BC Hydro issued a dispatch order with respect to, among others, the Mackenzie Power Plant advising of a dispatch period of 112 days, encompassing the mid-May to early September 2018 period. Last year, the Mackenzie Power Plant, among others, was dispatched for 122 days encompassing the months of April, June, July and August. During the dispatch period, we only produce electricity to fulfill volume commitments under our Load Displacement Agreement with BC Hydro. We continue to be paid revenues under the EPA based upon a reduced rate and on volumes that are generally reflective of contracted amounts.
Liquidity and Capital Resources
Our net debt to capitalization ratio was 44% at March 31, 2018 compared to 41% at December 31, 2017. We expect this ratio will improve from the reduction of operating working capital levels in the second quarter and contribution of cash flow from the El Dorado Mill in subsequent quarters.
Excluding the effects of borrowings by our subsidiary, Conifex Power Limited Partnership, which are non-recourse to our other operations, the net debt to capitalization ratio was 32% compared to 29% at December 31, 2017.
At March 31, 2018, we had total liquidity of $37.3 million, compared to $49.2 million at December 31, 2017 and $61.6 million at March 31, 2017. The year-over-year reduction is generally due to capital expenditures related to the El Dorado Mill and increased levels of operating working capital.
Operations and Market Outlook
We expect the U.S. market to continue its gradual recovery in both the housing and repair and remodelling sectors. We expect benchmark prices for WSPF and Southern Yellow Pine to remain at elevated levels to reflect solid softwood lumber demand and the continued imposition of trade sanctions on Canadian softwood lumber exports to the U.S. The extent to which the anticipated increase in U.S. softwood lumber demand translates into higher selling prices will also be influenced by supply side responses from Canadian and other suppliers into the U.S. market. We expect the uncertainty created by the softwood lumber trade dispute and possible supply chain disruptions from potential equipment and labor shortages will contribute to price volatility in the North American market.
We expect our sales volume to China and Japan will remain steady and intend to continue to develop sales into other export markets. We expect to sustain the year-over-year gains in sales realizations achieved in 2017 in our key export markets.
We expect to return to more typical operating rates at our BC mills in the second quarter of 2018 and a year-over-year gain in production levels from completed and planned capital upgrades. We expect a sequential improvement in lumber shipments as weather related transportation delays are largely alleviated over the next two quarters and lumber inventories return to normalized levels. We expect continued log cost inflation in our operating areas in the interior region of B.C. due to forecast heightened lumber prices which will contribute to higher market based stumpage and purchased log costs. We expect unit cash conversion costs to remain relatively consistent.
We expect to make sustained progress in productivity levels at the El Dorado Mill and continue to target annualized operating rates of approximately 90% by December 2018.
Conference Call
We will hold a conference call on Wednesday, May 16, 2018 at 7:00 AM Pacific time/ 10:00 AM Eastern time to discuss the first quarter financial and operating results. To participate in the call, please dial 416-340-2216 or toll free 800-273-9672. The call will also be available on instant replay access until June 12, 2018 by dialling 905-694-9451 or 800-408-3053 and entering participant pass code 8706936#.
The Company’s management's discussion and analysis and financial statements for the quarter ended March 31, 2018 are available under the Company’s profile on SEDAR at www.sedar.com .
For further information, please contact:
Yuri Lewis
Chief Financial Officer
(778) 331-8687
About Conifex Timber Inc.
Conifex and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution. Conifex's lumber products are sold in the United States, Chinese, Canadian and Japanese markets. Conifex has expanded its operations to include bioenergy production following the commencement of commercial operations of its power generation facility at Mackenzie, British Columbia.
Forward-Looking Statements
Certain statements in this news release may constitute “forward-looking statements”. Forward-looking statements are statements that address or discuss activities, events or developments that the Company expects or anticipates may occur in the future. When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “projects”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements reflect the current expectations and beliefs of the Company’s management. Because forward-looking statements involve known and unknown risks, uncertainties and other factors, actual results, performance or achievements of the Company or industry may be materially different from those implied by such forward-looking statements. Examples of such forward-looking information that may be contained in this news release include statements regarding: growth and future prospects of our business; our perceptions of the industry and markets in which we operate and anticipated trends in such markets and in the countries in which we do business; planned capital expenditures and benefits that may accrue to the Company as a result of capital expenditure programs; U.S. benchmark lumber prices; unit cash conversion costs; the Company’s net debt to capitalization ratio; the Company’s expectations regarding the operation of the Mackenzie Power Plant; the Company’s expectations regarding improvements in bioenergy segment revenues; and the anticipated benefits, cost and timing of operations at our El Dorado mill and the recording of any revenues therefrom. Assumptions underlying the Company’s expectations regarding forward-looking information contained in this news release include, among others: that the Company will be able to effectively market its products; that the U.S. housing market will continue to improve; that there will be no disruptions affecting the operations of the Mackenzie Power Plant and that the Company will be able to achieve timely delivery of power therefrom; that softwood lumber will experience sustained demand in the marketplace; the general stability of the economic, political and regulatory environments within the countries where the Company conducts operations; that interest and foreign exchange rates will not vary materially from current levels; that the equipment at our mills and power generation facility will operate at expected levels; and that management will effectively execute the Company's strategy to grow and add value to its business. Forward-looking statements involve significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, without limitation: those relating to potential disruptions to production and delivery, including as a result of equipment failures, labour issues, the complex integration of processes and equipment and other factors; labour relations; failure to meet regulatory requirements; changes in the market; potential downturns in economic conditions; fluctuations in the price and supply of required materials, including log costs; fluctuations in the market price for products sold; foreign exchange fluctuations; trade restrictions or import duties imposed by foreign governments; availability of financing (as necessary); shipping or logging disruptions; and other risk factors described in the Company’s 2017 annual information form, available on SEDAR at www.sedar.com . These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon forward-looking statements and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.
Reconciliation of Operating Income to EBITDA
Q1
Q4
Q1 2018 2017 2017 Lumber Segment (millions of dollars, other than statistical and exchange rate information and lumber prices, unaudited) Sales - Lumber - Conifex produced . 70.2 81.0 56.7 - Lumber - wholesale . 42.1 33.0 28.4 - By-products . 6.3 6.5 5.4 - Logistics services . 4.7 4.0 3.0 Total Sales 123.3 124.5 93.5 EBITDA . 7.3 15.5 5.1 Amortization and other . 2.9 3.2 3.3 Loss on derivative financial instruments . (2.3 ) (1.6 ) - Operating income . 6.7 13.9 1.8 Q1
Q4
Q1 2018 2017 2017 Bioenergy Segment (millions of dollars, other than statistical information, unaudited) Electricity sales under EPA - GWh . 50.5 55.2 46.3 Electricity revenues . 7.5 8.2 6.8 EBITDA . 3.6 4.5 2.8 Amortization . 1.6 1.6 1.5 Operating income . 2.0 2.9 1.3
Source:Conifex Timber Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-conifex-announces-first-quarter-2018-results.html |
MISSOULA, Mont.--(BUSINESS WIRE)-- CLEARAS Water Recovery, a provider of chemical-free nutrient recovery technologies for municipal and industrial customers, has named Autumn Fisher as its new regional director of project delivery. This announcement coincides with the company’s growth in the Midwest region.
Fisher will be responsible for managing customer relationships and liaising between customer and project teams from initial contract through commissioning. Her duties will include the integration and execution of engineering, scheduling, budget oversight, procurement, construction, start-up and training for projects.
“We are thrilled to announce the addition of Autumn to our team,” said CLEARAS Water Recovery CEO Jordan Lind. “Her experience in the industry, track record of success and character will help guide our Midwest team as we continue to grow. Autumn’s combination of leadership and passion for the industry, paired with her expertise in water quality, make her an ideal fit for fueling the CLEARAS momentum in the Midwest.”
Fisher, who is a certified Advanced Wastewater Operator in the state of Wisconsin, brings more than 10 years of experience, most recently serving as superintendent of the Fond du Lac Regional Wastewater Treatment and Resource Recovery Facility. After receiving her bachelor’s degree in chemistry from the University of Wisconsin – Oshkosh and master’s degree in project management from the University of Wisconsin – Platteville, she served in various roles, becoming well-recognized and respected as a leader in water reclamation in the Great Lakes region.
Added Fisher, “I have been a strong supporter of the CLEARAS technology since learning about it several years ago. CLEARAS represents the true embodiment of innovation and resource recovery in water reclamation and I am beyond excited to now call myself a member of their team.”
ABOUT CLEARAS WATER RECOVERY
CLEARAS Water Recovery is the leading provider of advanced, chemical-free and biologically-based water treatment technologies for municipal and industrial point source dischargers. Our proprietary technology leverages a zero-waste, biological process to effectively remove nitrogen, phosphorus and other harmful nutrients found in municipal and industrial water discharge and wastewater effluent.
CLEARAS Water Recovery is currently in the build-out phase of a 4 million gallon per day treatment facility in North Salt Lake City, UT. In 2017 the Company was listed in Inc. 5000 as one of the fastest growing companies in the United States. CLEARAS recently expanded its commercial reach by adding industry leading representative firms in New England, the Chesapeake Bay and Michigan.
Visit www.clearaswater.com for more information about the Advanced Biological Nutrient Recovery TM .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005432/en/
CLEARAS Water Recovery
Jamie Walling
[email protected]
Source: CLEARAS Water Recovery | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-clearas-names-new-regional-director-to-support-midwest-growth.html |
's son-in-law, Jared Kushner , has been granted a permanent security clearance after operating under an interim clearance — or less — for more than a year.
In a statement to CNBC, Kushner's lawyer, Abbe Lowell, also said that his client sat "for two interviews with the Office of Special Counsel."
The second interview lasted for more than six hours, and included questions regarding the Trump campaign and the transition period before the presidential inauguration, as well as the Comey firing, NBC reported, citing a source familiar with the interview.
Kushner, a senior White House advisor, had reportedly met with special counsel Robert Mueller's team for the first time in November as part of the probe of potential links between Trump's presidential campaign and Russia.
Career officials approved Kushner's permanent security clearance after the completion of an FBI background check process. The president was reportedly not involved in that process.
Several White House officials with interim security clearances had been downgraded in February, chief of staff John Kelly wrote in a memo at the time .
Lowell told CNBC on Wednesday that his client's application "was properly submitted, reviewed by numerous career officials and underwent the normal process."
He added: "Having completed all of these processes, he's looking forward to continuing to do the work the president has asked him to do."
Neither the special counsel nor the White House immediately responded to CNBC's requests for comment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/jared-kushner-reportedly-gets-permanent-security-clearance.html |
May 14, 2018 / 12:57 PM / in 15 minutes Tesla Model S crashes into truck in Utah Reuters Staff 1 Min Read
May 14 (Reuters) - A Tesla Inc Model S crashed at speed into a truck from the city’s Unified Fire Authority in South Jordan, Utah, late on Friday after failing to slow for a red light, South Jordan police said on Monday.
The Tesla car was travelling at 60 miles per hour when it hit the mechanic truck, which was stopped for the light on the South Bangerter Highway in South Jordan, Utah at 6:38 pm MT, the police said.
Witnesses said the Tesla car did not brake prior to impact, the police said in a statement, adding it was unknown if the autopilot feature in the Model S was engaged at the time.
Tesla did not immediately respond to requests for comment. (Reporting by Sanjana Shivdas in Bengaluru;) | ashraq/financial-news-articles | https://www.reuters.com/article/tesla-crash/tesla-model-s-crashes-into-truck-in-utah-idUSL3N1SL52C |
WASHINGTON, May 21, 2018 /PRNewswire-USNewswire/ -- Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today public disciplinary actions against the following individuals, effective immediately or on the date noted in each case. Public disciplinary actions taken by CFP Board, in order of increasing severity, include letters of admonition, suspensions and permanent revocations.
This release contains information about disciplinary actions relating to 10 current or former CFP® professionals. Of these actions, there were 5 letters of admonition, 4 suspensions, and 1 administrative revocation.
The basis for each decision can be found in a Disciplinary Action Report below and on CFP Board's website. The public may check on an individual's disciplinary history and certification status with CFP Board at www.CFP.net/verify .
CFP Board's enforcement process is a critical consumer protection. CFP® professionals agree to abide by CFP Board's Standards of Professional Conduct (Standards), which includes the Code of Ethics and Professional Responsibility (Code of Ethics), Rules of Conduct and Financial Planning Practice Standards (Practice Standards). The Standards set forth the ethical standards for financial planners who hold the CFP® certification.
CFP Board enforces its ethical standards by investigating incidents of alleged unethical behavior by CFP® professionals. In cases where violations are found, the Disciplinary and Ethics Commission (Commission) may impose discipline ranging from a private censure or public letter of admonition to the suspension or revocation of an individual's right to use the CFP® marks. CFP Board's Disciplinary Rules and Procedures (Disciplinary Rules) set forth the process for investigating matters and imposing discipline where violations have been found.
The Commission meets at least three times a year to provide a fair, unbiased review of any matter in which a CFP® professional is alleged to have committed violations of the Standards.
The Commission functions in accordance with the Disciplinary Rules and reviews all matters on a case-by-case basis, taking into account the details specific to an individual case. While CFP Board has attempted to capture the details relevant to each decision, the summary nature of these releases may omit certain details affecting the decision. Accordingly, the decisions and/or rationale described in the releases may not apply to other cases reviewed by the Commission or reflect the Commission's future interpretation or application of the Standards.
STATE
NAME
LOCATION
DISCIPLINE
California
Ryan N. Bowers
San Diego
Suspension
California
Kable M. Doria, CFP®
Roseville
Letter of Admonition
California
Jeffrey A. Laberge
San Diego
Suspension
California
Iain P. Reilly, CFP®
San Diego
Letter of Admonition
Florida
William Gross
Highland Beach
Administrative Revocation
Maryland
Justin K. Wine
St. Michaels
Suspension
North Carolina
Daniel C. Sigmon, CFP®
Raleigh
Letter of Admonition
Pennsylvania
Robert S. Beck, CFP®
Philadelphia
Letter of Admonition
Pennsylvania
Akio L. Bley
Gladwyne
Suspension
Utah
Arthur J. Smithee
Orem
Letter of Admonition
LETTERS OF ADMONITION
CALIFORNIA
Kable M. Doria, CFP® (Roseville): In March 2018, CFP Board's Disciplinary and Ethics Commission (Commission) and Mr. Doria entered into a settlement agreement in which Mr. Doria agreed that CFP Board would issue a Letter of Admonition. In the settlement agreement, Mr. Doria consented to CFP Board's findings that he was a named party in a civil action involving his efforts to recruit a CFP® professional (Professional) to join Mr. Doria's employer. CFP Board further found that during his efforts to recruit the Professional to join his employer, Mr. Doria: (a) sought and obtained confidential client information of Professional's firm from Professional, which he then provided to his employer; and (b) accepted a billing report from Professional that contained trade secrets from Professional's firm. A court found that, based on Mr. Doria's actions, he misappropriated the trade secrets of Professional's firm and engaged in unfair business practices against the firm. Finally, CFP Board found that Mr. Doria made a false or misleading statement to CFP Board when he answered "no" in response to a question on his CFP Board Renewal Application that asked whether he had ever been a defendant or respondent in a civil action, including a lawsuit, arbitration or mediation. At the time Mr. Doria completed the relevant CFP Board Renewal Application, he had been a defendant in the above-referenced civil action. CFP Board determined that Mr. Doria's conduct violated Rule 6.5 of CFP Board's Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(G) of CFP Board's Disciplinary Rules and Procedures. Accordingly, the Commission admonished Mr. Doria with regard to the above-mentioned conduct.
Iain P. Reilly, CFP® (San Diego): In May 2018, CFP Board's Disciplinary and Ethics Commission (Commission) and Mr. Reilly entered into a settlement agreement in which Mr. Reilly agreed that CFP Board would issue a Letter of Admonition. In the settlement agreement, Mr. Reilly consented to CFP Board's findings that he impersonated two clients on four occasions during telephone calls with an insurance company in which he sought to obtain current information and documents on equity indexed annuities held by the clients to assist the clients with various services. CFP Board further found that the Financial Industry Regulatory Authority, Inc. (FINRA) determined that Mr. Reilly's conduct violated FINRA Rule 2010. FINRA suspended Mr. Reilly from associating with any FINRA member firm in any and all capacities for 30 business days and fined him $5,000. CFP Board determined that Mr. Reilly's conduct violated Rules 4.3 and 6.5 of CFP Board's Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board's Disciplinary Rules and Procedures. Accordingly, the Commission admonished Mr. Reilly with regard to the above-mentioned conduct.
NORTH CAROLINA
Daniel C. Sigmon, CFP® (Raleigh): In March 2018, CFP Board's Disciplinary and Ethics Commission (Commission) and Mr. Sigmon entered into a settlement agreement in which Mr. Sigmon agreed that CFP Board would issue a Letter of Admonition. In the settlement agreement, Mr. Sigmon consented to CFP Board's findings that during a 13-month period between June 23, 2014 and July 28, 2015, Mr. Sigmon communicated misleading information to clients or prospective clients when he represented his compensation method as "fee-only" on CFP Board's "Find a CFP® professional" search tool. Mr. Sigmon provided a Form ADV to his clients describing his compensation arrangement as fee and commission prior to engaging in any client relationship. CFP Board determined the "fee-only" description was inaccurate and misleading because at the time Mr. Sigmon was: 1) licensed and appointed to sell insurance, and fully entitled to receive commissions from the sale of insurance; 2) actively receiving commission payments from his sale of annuities and insurance products; and 3) licensed by the Financial Industry Regulatory Authority, Inc., registered with an affiliated broker-dealer, and was entitled to receive brokerage commissions for the sale of securities products. CFP Board determined that Mr. Sigmon's conduct violated Rule 2.1 of CFP Board's Rules of Conduct and provided grounds for discipline pursuant to Article 3(A) of CFP Board's Disciplinary Rules and Procedures. Accordingly, the Commission admonished Mr. Sigmon with regard to the above-mentioned conduct.
PENNSYLVANIA
Robert S. Beck, CFP® (Philadelphia): In September 2017, CFP Board's Disciplinary and Ethics Commission (Commission) issued an order in which Mr. Beck received a Letter of Admonition. The Commission issued its order after determining that Mr. Beck: 1) failed to clearly identify the assets of a client over which he was to exercise investment discretion; 2) exercised discretion in the client's accounts on approximately 10 occasions without written discretionary authorization from the client or approval from his firm to exercise discretion; and 3) twice failed to report outside business activities and obtain his firm's approval to engage in such activities. The Commission also determined that the Financial Industry Regulatory Authority, Inc. (FINRA, formerly known as the National Association of Securities Dealers, Inc. or NASD) found that Mr. Beck's conduct violated NASD Rule 2510(b) and FINRA Rule 2010. FINRA suspended Mr. Beck from association with any FINRA member in any capacity for 15-business days and fined him $5,000. The Commission determined that Mr. Beck's conduct violated Rules 3.4, 4.3, and 5.1 of CFP Board's Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board's Disciplinary Rules and Procedures. Accordingly, the Commission admonished Mr. Beck with regard to the above-mentioned conduct.
UTAH
Arthur J. Smithee (Orem): In March 2018, CFP Board's Disciplinary and Ethics Commission (Commission) and Mr. Smithee entered into a settlement agreement in which Mr. Smithee agreed that CFP Board would issue a Letter of Admonition. In the settlement agreement, Mr. Smithee consented to CFP Board's findings that he: 1) exceeded the scope of an outside business activity approved by his firm by becoming involved in the day-to-day management of a publicly traded company when his firm had only approved the provision of consulting services; 2) engaged in two undisclosed outside business activities from 2009 to 2015; 3) participated in undisclosed private securities transactions from 2009 to 2015; and 4) proposed and facilitated the purchase by his daughter's LLC of six million shares of common stock in a publicly traded company for $150,000 without obtaining prior approval from his firm. CFP Board also determined that the Financial Industry Regulatory Authority, Inc. (FINRA, formerly known as the National Association of Securities Dealers, Inc. or NASD) found that Mr. Smithee's conduct violated NASD Rules 3030 and 2110 and FINRA Rules 2010 3270. FINRA suspended Mr. Smithee in all capacities for three months and fined Mr. Smithee $10,000. CFP Board determined Mr. Smithee's conduct violated Rules 4.3, 4.4, and 5.1 of CFP Board's Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board's Disciplinary Rules and Procedures. Accordingly, the Commission admonished Mr. Smithee with regard to the above-mentioned conduct.
SUSPENSIONS
CALIFORNIA
Ryan N. Bowers (San Diego) : In March 2018, CFP Board's Disciplinary and Ethics Commission (Commission) and Mr. Bowers entered into a settlement agreement in which Mr. Bowers agreed that CFP Board would issue a two-year suspension. In the settlement agreement, Mr. Bowers consented to CFP Board's findings that Mr. Bowers served as the principal for Advisor Firm, which served as the investment advisor for two private funds that each owned an interest in a non-publicly traded company. CFP Board determined that Mr. Bowers: 1) approved unreasonable assumptions that resulted in large overstatements of the value of two funds and did not reflect the current sales or exit prices of the investment in the company at the times of the valuations, which were included in the funds' audited financial statements sent to the fund investors; 2) misrepresented the nature of the company's relationship with a Mexican company as a partnership in the management discussion and analysis sent to fund investors, when in reality the contractual relationship between the company and the Mexican company was not a legal partnership; and 3) falsely disclosed to clients and prospective clients that the company had obtained a letter of intent from a large development bank to provide debt financing when the company had not. CFP Board further determined that Mr. Bowers was the subject of a Cease and Desist Order with the Securities and Exchange Commission (SEC) in which the SEC determined, without Mr. Bowers admitting or denying the SEC's findings, that Mr. Bowers' conduct violated Section 206(2) of the Investment Advisers Act of 1940 (Advisers Act), Section 206(4) of the Advisers Act, Rules 206(4)-2 and 206(4)-7 and 206(4)-8 promulgated thereunder, and Section 207 of the Advisers Act. Pursuant to the Cease and Desist Order, the SEC ordered that Mr. Bowers: 1) cease and desist from committing or causing any violations and any future violations of the above referenced statues and rules; 2) be barred from any association with financial industry participants, including any broker, dealer, and investment adviser, with the right to reapply for re-association after two years to the appropriate self-regulatory organization, or if there is none, to the SEC; and 3) pay a civil penalty of $50,000 to the SEC. CFP Board also determined that the Financial Industry Regulatory Authority, Inc. (FINRA) found that Mr. Bowers' conduct violated FINRA Rule 2010 when he failed to provide updated valuation information for the two funds to the investors' custodian, causing inaccurate monthly account statements to be provided to investors. FINRA suspended Mr. Bowers from association with any FINRA member firm in all capacities for five months and fined him $25,000. CFP Board determined that Mr. Bowers' conduct violated Rules 1.4, 2.1, 4.3, and 4.4 of CFP Board's Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board's Disciplinary Rules and Procedures. Mr. Bowers' suspension is effective from April 14, 2018 until April 14, 2020.
Jeffrey A. Laberge (San Diego): In March 2018, CFP Board's Disciplinary and Ethics Commission (Commission) and Mr. Laberge entered into a settlement agreement in which Mr. Laberge agreed that CFP Board would issue a two-year suspension. In the settlement agreement, Mr. Laberge consented to CFP Board's findings that Mr. Laberge served as the principal for Advisor Firm, which served as the investment advisor for two private funds that each owned an interest in a non-publicly traded company. CFP Board determined that Mr. Laberge: 1) used unreasonable assumptions that resulted in large overstatements of the value of two funds and did not reflect the current sales or exit prices of the investment in the company at the times of the valuations, which were included in the funds' audited financial statements sent to the fund investors; 2) misrepresented the nature of the company's relationship with a Mexican company as a partnership in the management discussion and analysis sent to fund investors, when in reality the contractual relationship between the company and the Mexican company was not a legal partnership; and 3) falsely disclosed to clients and prospective clients that the company had obtained a letter of intent from a large development bank to provide debt financing when the company had not. CFP Board further determined that Mr. Laberge was the subject of a Cease and Desist Order with the Securities and Exchange Commission (SEC) in which the SEC determined, without Mr. Laberge admitting or denying the SEC's findings, that Mr. Laberge's conduct violated Section 206(2) of the Investment Advisers Act of 1940 (Advisers Act), Section 206(4) of the Advisers Act, Rules 206(4)-2 and 206(4)-7 and 206(4)-8 promulgated thereunder, and Section 207 of the Advisers Act. Pursuant to the Cease and Desist Order, the SEC ordered that Mr. Laberge: 1) cease and desist from committing or causing any violations and any future violations of the above referenced statues and rules; 2) be barred from any association with financial industry participants, including any broker, dealer, and investment adviser, with the right to reapply for re-association after two years to the appropriate self-regulatory organization, or if there is none, to the SEC; 3) be denied the privilege of appearing or practicing before the SEC as an accountant with the opportunity to request that the SEC consider reinstatement after two years; and 4) pay a civil penalty of $50,000 to the SEC. CFP Board determined that Mr. Laberge's conduct violated Rules 1.4, 2.1, 4.3, and 4.4 of CFP Board's Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board's Disciplinary Rules and Procedures. Mr. Laberge's suspension is effective from April 14, 2018 until April 14, 2020.
MARYLAND
Justin K. Wine (St. Michaels): In March 2018, CFP Board's Disciplinary and Ethics Commission (Commission) and Mr. Wine entered into a settlement agreement in which Mr. Wine agreed that CFP Board would issue a two-month suspension. In the settlement agreement, Mr. Wine consented to CFP Board's findings that he: 1) failed to timely amend and update his Form U4 to disclose a May 2010 short sale and a June 2011 credit compromise until August 2012; 2) introduced and recommended to five clients that they provide a short-term business loan to a business that hosts social events without providing prior and or prompt written notice to his firm; and 3) introduced and recommended an investment to three clients without providing prior written notice to his firm of his participation in the transaction. CFP Board further determined that the Financial Industry Regulatory Authority, Inc., (FINRA) found that Mr. Wine's conduct violated Article V, Section 2 of FINRA's Bylaws and FINRA Rules 1122, 3270, 3040, and 2010. FINRA suspended Mr. Wine from association with any FINRA member in any capacity for two months and fined him $12,500. CFP Board determined that that Mr. Wine's conduct violated Rules 4.3, 4.4 and 5.1 of CFP Board's Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board's Disciplinary Rules and Procedures. Mr. Wine's suspension is effective from April 14, 2018 until June 14, 2018.
PENNSYLVANIA
Akio L. Bley (Gladwyne): In March 2018, CFP Board's Disciplinary and Ethics Commission (Commission) and Mr. Bley entered into a settlement agreement in which Mr. Bley agreed that CFP Board would issue a six-month suspension. In the settlement agreement, Mr. Bley consented to CFP Board's findings that he: 1) failed to provide prior written notice to his firm and failed to obtain prior written approval from his firm before participating in a private securities transaction that was outside the regular course and scope of his employment with his firm; 2) failed to disclose a misdemeanor conviction involving disorderly conduct that was not financial-related on his application for a non-resident insurance license; 3) invested substantial sums of his own money and that of a work colleague in a questionable investment that reflected adversely on his fitness as a certificant and on the CFP® marks. CFP Board further determined that the Financial Industry Regulatory Authority, Inc. (FINRA, formerly known as the National Association of Securities Dealers, Inc. or NASD) found that Mr. Bley's conduct with respect to the private securities transactions violated NASD Rules 3040 and 2110. FINRA suspended Mr. Bley from association with any FINRA member in any capacity for three months and fined him $5,000. CFP Board determined that that Mr. Bley's conduct violated Rules 4.3, 5.1 and 6.5 of CFP Board's Rules of Conduct and provided grounds for discipline pursuant to Articles 3(A) and 3(D) of CFP Board's Disciplinary Rules and Procedures. Mr. Bley's suspension is effective from April 14, 2018 until October 14, 2018.
ADMINISTRATIVE REVOCATION
FLORIDA
William Gross (Highland Beach): In January 2018, CFP Board issued an order permanently revoking Mr. Gross's right to use the CFP® certification marks. This discipline followed Mr. Gross' failure to file an answer to CFP Board's Complaint within the required timeframe. CFP Board's Complaint alleged, among other things, that Mr. Gross: 1) violated Florida Statutes Section 57.07(1) when he sold securities valued at more than $3,000,000 to 55 different clients at a time when the securities were not registered for sale or exempt; 2) violated Florida Statutes Section 517.12(1) when he sold these securities at a time when he was not registered with the Florida Office of Financial Regulation (Florida OFR) as a dealer or as an associated person of a dealer; 3) communicated false and misleading information to prospective clients and clients when he claimed on his website and in an online profile that he and his firm were offering as many as 10 different types of financial services that they were not actually offering; and 4) made misleading statements to CFP Board when he asserted on his 2015 Ethics Questionnaire that he had never been a defendant or respondent in a lawsuit, and when he asserted on his 2017 Ethics Questionnaire that he had never been the subject of a governmental agency investigation. CFP Board's Complaint also alleged that Mr. Gross signed a settlement agreement with Florida's insurance regulator in which he consented to pay an administrative fine of $7,500 and investigative costs of $7,500, and he agreed to refrain from selling unregistered securities. CFP Board's Complaint further alleged that Mr. Gross signed a separate consent agreement with Florida OFR in which he was barred from participating in a wide range of activities that were subject to regulation by Florida OFR. CFP Board's Complaint alleged that Mr. Gross' conduct violated Rules 2.1 and 4.3 of CFP Board's Rules of Conduct, providing grounds for discipline under Articles 3(A), 3(D) and 3(G) of CFP Board's Disciplinary Rules and Procedures (Disciplinary Rules). Mr. Gross declined to file an Answer to CFP Board's Complaint within 20 calendar days of the date of service, as required by Article 7.3 of Disciplinary Rules. In accordance with Article 7.4 of the Disciplinary Rules, the allegations set forth in the Complaint were deemed admitted, and CFP Board issued an Administrative Order of Revocation. Mr. Gross's revocation was effective as of February 15, 2018.
ABOUT CFP BOARD
The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board's mission, acts on behalf of the public, CFP® professionals and other stakeholders. CFP Board owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes over 80,000 individuals to use these marks in the U.S.
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SOURCE Certified Financial Planner Board of Standards, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-cfp-board-imposes-public-discipline.html |
Uber CEO Dara Khosrowshahi: Uber Eats is growing very quickly 6 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/uber-ceo-dara-khosrowshahi-uber-eats.html |
BENGALURU (Reuters) - Indian stocks are expected to erase recent losses and rise a little this year, but an array of political developments at home and overseas along with just a steady economic growth outlook will likely restrain the market, a Reuters poll showed.
The Bombay Stock Exchange building is seen from a facade in Mumbai, India, May 16, 2018. REUTERS/Francis Mascarenhas While the Indian stock index gained nearly 7 percent in January and hit a lifetime high, it is down about 4 percent since then, tracking the rout in global equities as worries of a trade war between the U.S. and China intensified.
The consensus from the latest Reuters poll of over 50 strategists and brokers taken May 21-30 points to gains for the BSE Sensex.
The index, which is up 2.6 percent for the year, is now expected to gain 1.7 percent from Tuesday’s close to 35,550 by end-2018. It is then forecast to hit a fresh record high of 36,300 by the middle of next year.
But over a third of respondents forecast the index to be lower then, including one strategist who expects it to dip to 27,500, a level not seen since January last year.
The consensus view is also the weakest six-month outlook since at least the financial crisis and is also a slight downgrade compared to three months ago.
A majority of poll respondents attributed their views to national election results or political developments outside the country.
More than half the losses so far this year have come after an inconclusive Karnataka state election earlier this month.
That has also coincided with the turmoil in global financial markets amid the political chaos in Italy.
“Ahead of the next year’s general election and ongoing global political uncertainties, the stock market will not show any large up or down move, remaining consolidated,” said Vedant Manore, a consultant and trader at Edelweiss Financial Services.
“But, if the (current) government wins the majority of seats in Parliament, stock prices would rally on hopes of quick policy decisions.”
Indeed, the more tempered view for a market used to double-digit gains in recent years was driven by the political situation in Karnataka which has clouded the outlook for general elections next year.
The surge in crude oil prices, India’s biggest import item, has also weighed on stocks as it is inflationary and may push the Reserve Bank of India to raise rates much earlier than previously thought - possibly as soon as August. [RBI/INT]
India’s economy probably gained a little momentum in the first three months of 2018 which should ensure that it remains the world’s fastest growing major economy, a separate Reuters poll showed.
Still, foreign portfolio investors (FPIs) sold $1.4 billion of Indian stocks this month, in line with a wide sell-off in emerging markets, driven by the recent rise in U.S. Treasury yields.
After hitting a 10-year high of 25.69 in January, the BSE Sensex price-to-earnings ratio fell to 23.44 in May - above the long-term average of 18.74, suggesting stock prices are still expensive.
Polling by Sarmista Sen and Khushboo Mittal; Editing by Shri Navaratnam
| ashraq/financial-news-articles | https://in.reuters.com/article/india-stocks-poll/political-worries-set-to-check-indian-stock-market-bulls-poll-idINKCN1IW04C |
May 10, 2018 / 1:19 PM / Updated 18 minutes ago BRIEF-UPS Holds Shareholders' Meeting, Elects Board Members Reuters Staff
May 10 (Reuters) - United Parcel Service Inc:
* UPS HOLDS SHAREOWNERS’ MEETING, ELECTS BOARD MEMBERS
* UPS - UPS SHAREOWNERS DID NOT APPROVE PROPOSALS TO PREPARE AN ANNUAL REPORT ON LOBBYING ACTIVITIES
* UPS - SHAREOWNERS ELECTED BOARD FOR 1-YEAR TERM; 13 DIRECTORS STOOD FOR ELECTION TO BOARD, AND ALL WERE ELECTED Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ups-holds-shareholders-meeting-ele/brief-ups-holds-shareholders-meeting-elects-board-members-idUSASC0A1H6 |
May 15, 2018 / 9:17 AM / Updated 41 minutes ago Euro zone first quarter slowdown confirmed, March output weaker than expected Reuters Staff 2 Min Read
BRUSSELS (Reuters) - Euro zone economic growth slowed in the first three months of the year and industrial output in March was weaker than expected, data from the European Union’s statistics office Eurostat showed on Tuesday. A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. REUTERS/Kai Pfaffenbach
Eurostat confirmed its earlier preliminary flash estimate that gross domestic product in the 19 countries that share the euro rose 0.4 percent quarter on quarter in the January-March period slowing from 0.7 percent in the previous quarters.
Year-on-year, euro zone GDP grew 2.5 percent, in line with the preliminary estimate and down from 2.8 percent in the fourth quarter of 2017 and 2.7 percent in the third quarter.
Eurostat also said that industrial production rose 0.5 percent month-on-month in March, falling short of market expectations of a 0.7 percent rise. Year-on-year, production increased 3.0 percent in March against expectations of a rise of 3.7 percent.
February output numbers were revised down as well to -0.9 percent month-on-month from -0.8 and to 2.6 percent year-on-year from 2.9 percent. Reporting By Jan Strupczewski; editing by Philip Blenkinsop | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eurozone-gdp/euro-zone-first-quarter-slowdown-confirmed-march-output-weaker-than-expected-idUKKCN1IG16F |
OTTAWA—Canadians racked up high levels of household debt while interest rates were low and house prices were rising, a natural consequence of prolonged stimulus that today poses risks to the economy, Bank of Canada Gov. Stephen Poloz said Tuesday.
Canadians owe an average of 170% of their disposable income, up sharply from 20 years ago and largely concentrated in mortgage debt, Mr. Poloz said during a speech at the Yellowknife Chamber of Commerce in the Northwest Territories. About 8% of borrowers owe 350% or more of their... | ashraq/financial-news-articles | https://www.wsj.com/articles/bank-of-canada-governor-warns-on-high-household-debt-1525200577 |
May 11, 2018 / 5:07 PM / Updated 42 minutes ago County Championship Div2 Standings Reuters Staff 1 Standings of the County Championship Div2 on Friday P W L T Ded RR PTS Warwickshire 3 2 0 1 0 55 Sussex 4 1 0 3 0 51 Kent 3 2 1 0 0 41 Derbyshire 3 1 1 1 0 36 Glamorgan 3 1 1 1 0 33 Middlesex 4 1 2 1 0 33 Gloucestershire 3 1 1 1 0 29 Leicestershire 3 0 1 2 0 27 Durham 3 1 1 1 0 26 Northamptonshire 3 0 2 1 0 10 Note: Ded-Deductions; RR-Net Run Rate | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-standings/county-championship-div2-standings-idUKMTZXEE5BKQ4Q4B |
May 3 (Reuters) - Times China Holdings Ltd:
* APRIL CONTRACTED SALES RMB4,949 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-times-china-holdings-posts-april-c/brief-times-china-holdings-posts-april-contracted-sales-of-rmb4949-mln-idUSFWN1SA100 |
May 15 (Reuters) - CEVA Logistics AG:
* Q1 ADJUSTED EBITDA OF $66 MILLION, UP $12 MILLION YEAR-ON-YEAR
* REVENUE IN Q1 OF 2018 WAS $1,790 MILLION, UP 12.2% VERSUS PRIOR YEAR
* TARGETS TO GROW REVENUE ABOVE MARKET, TO INCREASE EBITDA MARGINS FROM 3.3% IN 2017 TO AT LEAST 4.0% IN MEDIUM-TERM
* FOR 2018 EXPECTS CONTINUED GOOD VOLUME AND REVENUE GROWTH
* CONTINUES TO BELIEVE THAT IT CAN ACHIEVE FOR 2018 DOUBLE-DIGIT ADJUSTED EBITDA GROWTH AND POSITIVE FREE CASH FLOW Source text for Eikon: Further company coverage: (Gdynia Newsroom)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ceva-logistics-q1-adj-ebitda-of-66/brief-ceva-logistics-q1-adj-ebitda-of-66-million-up-12-million-y-o-y-idUSFWN1SL19P |
May 8 (Reuters) -
* ORIGIN BANCORP, INC. ANNOUNCES PRICING OF INITIAL PUBLIC OFFERING OF COMMON STOCK
* ORIGIN BANCORP - PRICED INITIAL PUBLIC OFFERING OF 3.6 MILLION SHARES AT PUBLIC OFFERING PRICE OF $34.00 PER SHARE Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-origin-bancorp-inc-posts-pricing-o/brief-origin-bancorp-inc-posts-pricing-of-initial-public-offering-of-common-stock-idUSASC0A0SY |
BEIJING (Reuters) - China’s Defence Ministry on Sunday expressed its opposition to what it called “provocation” by two U.S. warships that sailed near South China Sea islands claimed by China.
The U.S. action seriously infringed upon Chinese sovereignty because the warships entered Chinese territorial waters without permission, the ministry said in a short statement.
Chinese ships and aircraft were sent to warn the U.S. ships to leave, it added.
Reporting by Ben Blanchard; Editing by David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-china-military-ministry/china-condemns-u-s-warships-south-china-sea-mission-idUSKCN1IS0IM |
** Tomra shares jump 8.2 pct as EU proposes requirement for member countries to collect 90 pct of single-use plastic drink bottles by 2025
** Shares trade at NOK 174, their highest level since 2001
** DNB Markets says Tomra shares are among the top performers in Oslo on Monday thanks to the EU proposal
| ashraq/financial-news-articles | https://www.reuters.com/article/buzz-tomra-shares-hit-17-year-high-as-eu/buzz-tomra-shares-hit-17-year-high-as-eu-proposes-more-bottle-collection-idUSL5N1SZ2YJ |
May 29, 2018 / 4:24 AM / a few seconds ago Soccer: Mexico fail to break down Wales Reuters Staff 1 Min Read
(Reuters) - Mexico failed to turn possession and pressure into goals as they were held 0-0 by Wales in a World Cup warm-up at the Rose Bowl in Pasadena, California on Monday. May 28, 2018; Los Angeles , Los Angeles, CA, USA; Mexico midfielder Hector Herrera (16) attempts a corner kick during the first half against Wales at the Rose Bowl. Mandatory Credit: Kelvin Kuo-USA TODAY Sports
Mexico, who have been drawn in Group F alongside Germany, Sweden and South Korea at next month’s tournament in Russia, created a host of chances but could not find a way past Wales goalkeeper Wayne Hennessey.
Brothers Giovani and Jonathan dos Santos put the Welsh goal under pressure in the closing stages after coming off the bench in the second half but could not beat Hennessey. Slideshow (4 Images)
Wales, who missed out on qualification for the World Cup, were playing without Gareth Bale after he helped Real Madrid to the Champions League trophy on Saturday and managed just one shot on goal.
Mexico manager Juan Carlos Osorio, who has yet to name his final 23-man squad for the World Cup, will hope his side find their scoring touch when the face Scotland in another friendly at the weekend. Writing by Jahmal Corner in Los Angeles; Editing by Peter Rutherford | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-mex-wal/soccer-mexico-fail-to-break-down-wales-idUSKCN1IU0BL |
0 COMMENTS Guests enter to attend Facebook CEO Mark Zuckerberg's keynote speech at Facebook Inc's annual F8 developers conference in San Jose, Calif., May 1, 2018. Photo: Stephen Lam/Reuters
Amid concerns over its handling of user data, Facebook Inc. is extending its push into the corporate technology market, adding business-software integrations to Workplace, its fast-growing enterprise collaboration tool.
The move, unveiled Tuesday at the company’s annual developer conference in San Jose, Calif., will enable workers with premium accounts to connect Workplace to other cloud applications they use on the job, including Jira, Sharepoint, ServiceNow, Adobe and SurveyMonkey.
Facebook charges a monthly fee of $3 per active user for the premium version of the platform, which includes administrative controls, monitoring tools for IT teams and APIs for custom integrations and bots.
Those using the free version “will have access to a more limited set of integrations,” Facebook said in a post on its website. This includes content integrations with tools like Box, Microsoft Corp.’s OneDrive and Dropbox, according to the post.
The Workplace update enables business users to connect to other cloud apps they use on the job. Photo: Facebook Inc.
“We are taking Workplace from collaboration to IT integration and automation,” Julien Codorniou, Workplace vice president, told CIO Journal. “We want to connect everyone and get everyone working together,” he added, “this is what every chief information officer is telling us.”
Rather than changing the applications businesses already use, the aim of the Workplace integrations is to “help them make their applications work better together,” Mr. Codorniou said.
More than 30,000 organizations, with over one million separate user groups, are currently using Workplace, which the company launched in October 2016.
That number has more than doubled within the past year, including the likes of Walmart Inc ., Starbucks Corp. and Stanley Black & Decker Inc.
In the past year alone, Mr. Codorniou said, Farmers Insurance Group, Weight Watchers International Inc. and Campbell Soup Co. have also deployed the tool.
He cited growing momentum in the corporate market behind the need to expand IT capabilities: “It was the right time.”
Globally, the market for enterprise social-networking and collaboration tools is forecast to reach $2.4 billion this year, up 11.8% from 2017, and is expected to be worth $3.2 billion by 2021, according to market-research firm International Data Corp.
Workplace enables co-workers to communicate, collaborate and share data through a web interface or mobile app with built-in enterprise-grade security and administration features.
Facebook has been embroiled in controversy since revelations earlier this year that data on some 87 million users was improperly shared with Cambridge Analytica , a political data firm that aided the Trump campaign in 2016.
Chief Executive Mark Zuckerberg last month appeared before Congress , vowing to redouble efforts to weed out developers who misuse its platform and better protect user data.
For now, none of those concerns appear to have impacted its business. The company last week reported a net income gain during the latest quarter of 63%, to nearly $5 billion, compared with $3.06 billion a year ago, while revenue rose nearly 50% to $11.97 billion.
Mr. Codorniou said the Facebook has built security controls into Workplace integrations.
Software integrations on the enterprise version are extensively reviewed, both internally and through a third-party security audit, he said. Systems administrators also retain full control over any integrations enabled on the tool, and can review data access permissions and manage all integrations, he added.
The goal, he added, is to position the tool to become a “closed and highly curated directory” of a company’s core business software that acts as the main hub for worker collaboration, he said.
Share this: CORPORATE SOCIAL NETWORKS FACEBOOK Previous The Morning Download: Cloud Giants Experience Even Faster Growth Rates | ashraq/financial-news-articles | https://blogs.wsj.com/cio/2018/05/01/facebook-extends-push-into-enterprise-market/ |
May 2, 2018 / 1:09 AM / Updated 9 hours ago New Zealand asks banks whether tainted by Australian misconduct Reuters Staff 4 Min Read
WELLINGTON (Reuters) - New Zealand financial authorities have met with the country’s biggest banks seeking assurances they are not engaged in the sort of misconduct exposed at their Australian parent banks by a powerful judicial inquiry.
The Royal Commission, as the Australian inquiry is called, has been a publicity disaster for Australia’s major lenders, all of which own New Zealand banks, turning out revelations of widespread corporate malfeasance since it began in February.
Among other discoveries, Australia’s largest listed wealth manager, AMP Ltd ( AMP.AX ), was found to have charged customers for advice it never provided, then deceived the corporate regulator, while the country’s biggest mortgage lender, Commonwealth Bank of Australia ( CBA.AX ), charged fees to dead clients.
“To date we haven’t seen any evidence of systemic abuses along the lines of the Australian industry, but as we’ve said to the New Zealand banks, we can’t afford to be complacent,” Financial Markets Authority (FMA) Chief Executive Rob Everett told Radio New Zealand on Wednesday.
“We’ve asked them to provide assurances to us ... that they have scrubbed their business models, and that they have a basis for being confident that these issues don’t exist here.”
A deadline was not set and the FMA expects it will be weeks before the banks reply, Radio New Zealand reported.
If they fail to cooperate “then they’ll see more of us in court”, Everett said.
Australia and New Zealand Banking Group ( ANZ.AX ) operates a New Zealand subsidiary, as does Westpac Banking Corp ( WBC.AX ), while Commonwealth Bank owns New Zealand’s ASB Bank and the National Australia Bank ( NAB.AX ) owns Bank of New Zealand.
The New Zealand heads of those banks met with the FMA, Reserve Bank officials and the country’s banking ombudsman on Monday evening, ANZ’s New Zealand spokesman Stefan Herrick said in a statement.
“Confidence in the financial services sector is important so we’re very happy to cooperate with the regulators on their inquiry,” he said.
ASB said banking operations and products are “simpler” in New Zealand, that it has an independent board and has a “different culture” to Commonwealth Bank’s, which was roundly criticized on Tuesday by Australia’s prudential regulator.
“However, there are also similarities and therefore we will be working with our regulators to demonstrate why the issues raised in Australia do not apply here or, where we can learn from the Royal Commission,” it said in a statement.
None of the other banks had an immediate reply to Reuters’ requests for comment.
Australia’s Royal Commission was convened after years of financial-sector scandals including rate-rigging and alleged money-laundering.
“That just hasn’t happened here,” Westpac’s New Zealand Chief Executive Officer and New Zealand Banking Association chair David McLean told Radio New Zealand.
ANZ Bank, Westpac and ASB agreed during 2014 and 2015 to pay a total of NZ$24 million ($17 million) in compensation after admitting to engaging in misleading conduct over the sale of interest rate swaps to New Zealand farmers.
ANZ New Zealand Chief Executive David Hisco said there were “no systemic issues” and his bank welcomed the scrutiny.
“We’re not seeing or hearing the stuff that’s over there,” he said in an interview with Radio New Zealand.
($1 = 1.4288 New Zealand dollars) Reporting by Charlotte Greenfield in Wellington and Tom Westbrook in Sydney; Editing by Stephen Coates and Kim Coghill | ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-banks-inquiry-newzealand/new-zealand-asks-banks-whether-tainted-by-australian-misconduct-idUSKBN1I3053 |
Quarterly Revenues Grow 21%; Annual Revenues Grow 9%, Largest Annual YOY Growth in Six Years
Quarterly Earnings Per Share of $0.07 Following Three Years of Fourth-Quarter Losses
Quarterly Dividend of $0.20 Per Share Continued
HUNT VALLEY, Md.--(BUSINESS WIRE)-- TESSCO TECHNOLOGIES INCORPORATED (NASDAQ: TESS) , today reported financial results for its fourth quarter of fiscal 2018, ended April 1, 2018.
Fourth-Quarter Highlights:
Revenue of $148.9 million, up 21% year over year Revenue growth in all of the Company’s markets from the prior-year fourth quarter Overall expense management contributed to operating margin of 0.8%, compared with (1.4)% in the fourth quarter of fiscal 2017 Profit turnaround to $0.07 diluted earnings per share from a loss per share of $(0.10) a year ago Declared quarterly dividend of $0.20 per share
Fourth Quarter
FY 2018
Fourth Quarter
FY 2017
Third Quarter
FY 2018
Revenue $148.9M $122.6M $146.3M Earnings per diluted share $0.07 $(0.10) $0.19 EBITDA per diluted share* $0.25 $(0.11) $0.38 Operating margin 0.8% (1.4)% 1.5% Cash balance $0.0M $8.5M $0.0M Line of credit balance outstanding $10.8M $0.0M $5.9M * EBITDA per diluted share and EBITDA (on which EBITDA per diluted share is based) are Non-GAAP financial measures. Non-GAAP financial measures indicated by an asterisk (*) either in the above chart or in the text of this press release are so indicated as a means to direct the reader to the discussion of Non-GAAP Information below and the reconciliation of Non-GAAP to GAAP results included as an exhibit to this press release.
Fourth-Quarter Revenue by Market:
Year over Year
Q4 FY 2018 vs.
Q4 FY 2017
Sequential
Q4 FY 2018 vs.
Q3 FY 2018
Public Carrier 82% 69% Value-Added Resellers 5% (1)% Government 8% (3)% Private System Operators 27% (7)% Retail 4% (20)% Total 21% 2% “We continued to execute well on our strategic initiatives during the fourth quarter, delivering year-over-year fourth quarter revenue growth of 21%,” said Murray Wright, President and Chief Executive Officer. “Revenues for the entire fiscal year grew 9%, which is our highest year-over-year growth since fiscal 2012. These achievements were the result of solid execution by our entire team in growing revenues and improving profitability. On the top line, the significant increase from a year ago was driven by 82% growth in sales to the carrier ecosystem and supported by greater sales in all of our markets. While the domestic carrier ecosystem showed growth during the fourth quarter, we believe that our revenue growth exceeded the overall ecosystem growth due in part to the new customer relationships we established this year. On the bottom line, this was our first profitable fourth quarter since 2014. This resulted from higher revenues and improved operating leverage due to our successful productivity enhancements.
“As we look to fiscal 2019, our value proposition is resonating with suppliers and customers across our markets,” Wright continued. “The initiatives we put in place during the past year are beginning to drive our results, and we are focused on balancing the implementation of our go-to-market strategy with improved operating efficiency. We expect continued companywide execution to propel further growth in revenue and profitability in the next fiscal year.”
Fourth-Quarter and Fiscal Year 2018 Financial Results
For the fiscal 2018 fourth quarter, revenues totaled $148.9 million, compared with $122.6 million for the fourth quarter of fiscal 2017. The increase in revenue was driven primarily by the Company’s public carrier market and supported by greater sales to the private system operator, value-added reseller, government and retail markets.
Gross profit was $31.5 million for the fourth quarter of fiscal 2018, compared with $25.9 million for the same quarter of fiscal 2017. The significant increase in fourth-quarter gross profit year over year was primarily the result of higher total sales. Gross margin was 21.2% of revenue for the fourth quarter of fiscal 2018, consistent with last year’s fourth quarter.
As a result of the Company’s ongoing expense control initiatives and productivity enhancements, selling, general and administrative (SG&A) expenses increased 13%, significantly lower on a percentage basis than the revenue and gross profit increase, to $30.4 million. SG&A as a percentage of revenue for the fourth quarter declined from 21.9% to 20.4%.
Net income and earnings per share (EPS) were $0.6 million and $0.07, respectively, for the fourth quarter of fiscal 2018, compared with net loss of $0.9 million, or $(0.10) per share, for the prior-year fourth quarter. The fiscal 2017 fourth quarter results include a $0.8 million restructuring charge.
For fiscal year 2018, revenue and gross profit increased 9% and 8%, respectively. Net income and earnings per share totaled $4.7 million and $0.55, respectively, compared to $1.4 million and $0.17, respectively, in fiscal 2017.
The fourth quarter of fiscal years 2018 and 2017 contained 14 and 13 weeks, respectively.
Cash Dividend
The Company’s Board of Directors has declared a quarterly cash dividend of $0.20 per common share payable on June 4, 2018 to common stockholders of record on May 21, 2018. Any future declaration of dividends, and the establishment of record and payment dates, is subject to future determinations of the Board of Directors.
Business Outlook
The Company currently anticipates year-over-year growth in revenue and profitability in its fiscal 2019. While the company does expect considerable growth in the carrier ecosystem, it also expects this to result in a lower overall year-over-year gross margin, given the lower-margin nature of many of these large carrier relationships.
Forecasting future results or trends is inherently difficult for any business, and actual results or trends may differ materially from those forecasted. The nature of the business is that TESSCO typically ships products within several days after booking orders, which makes it more difficult to forecast future results. The Business Outlook published in this press release reflects only the Company’s current best estimate and it assumes no obligation to update the information contained in this press release, including the Business Outlook, at any time.
Fourth-Quarter Fiscal 2018 Conference Call
Management will host a conference call to discuss fourth quarter FY2018 results tomorrow, Tuesday, May 8, 2018 at 8:30 a.m. ET. To participate in the conference call, please call 855-319-5921 (domestic call-in) or 503-343-6034 (international call-in) and reference code #6299655.
A live webcast of the conference call will be available on the Events page of the Company’s website. All participants should call or access the website approximately 10 minutes before the conference begins.
A telephone replay of the conference call will be available from 11:30 a.m. ET on May 8, 2018 until 11:59 p.m. ET on May 15, 2018 by calling 855-859-2056 (domestic) or 404-537-3406 (international) and entering confirmation #6299655. An archived replay of the conference call will also be available on the Events page of the Company's website.
Non-GAAP Information
EBITDA and EBITDA per diluted share are measures used by management to evaluate the Company’s ongoing operations, and to provide a general indicator of the Company's operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges). EBITDA is defined as income from operations, plus interest expense, net of interest income, provision for income taxes, and depreciation and amortization. EBITDA per diluted share is defined as EBITDA divided by Tessco’s diluted weighted average shares outstanding.
Management believes EBITDA and EBITDA per share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Because not all companies use identical calculations, the Company’s presentation of these Non-GAAP measures may not be comparable to other similarly titled measures of other companies. Neither EBITDA nor EBITDA per diluted share is a recognized term under GAAP, and EBITDA does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, neither EBITDA nor EBITDA per diluted share is intended to be a measure of free cash flow for management's discretionary use, as certain cash requirements, such as interest payments, tax payments and debt service requirements, are not reflected.
A reconciliation of Non-GAAP to GAAP results is included as an exhibit to this release.
About TESSCO Technologies Incorporated (NASDAQ: TESS)
TESSCO Technologies, Inc. (NASDAQ: TESS) is a value-added technology distributor, manufacturer, and solutions provider serving commercial and retail customers in the wireless infrastructure and mobile device accessories markets. The company was founded more than 30 years ago with a commitment to deliver industry-leading products, knowledge, solutions, and customer service. TESSCO supplies more than 50,000 products from 400 of the industry’s top manufacturers in mobile communications, Wi-Fi, Internet of Things (“IoT”), wireless backhaul, and more. TESSCO is a single source for outstanding customer experience, expert knowledge, and complete end-to-end solutions for the wireless industry. For more information, visit www.tessco.com .
Forward-Looking Statements
This press release contains certain forward-looking statements as to anticipated results and future prospects. These forward-looking statements are based on current expectations and analysis, and actual results may differ materially from those projected. These forward-looking statements may generally be identified by the use of the words "may," "will," "expects," "anticipates," “targets,” “goals,” “projects,” “intends,” “plans,” “seeks,” "believes," "estimates," and similar expressions, but the absence of these words or phrases does not necessarily mean that a statement is not forward-looking. These forward-looking statements are only predictions and involve a number of risks, uncertainties and assumptions, many of which are outside of our control. Our actual results may differ materially and adversely from those described in or contemplated by any such forward-looking statement for a variety of reasons, including those risks identified in our most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission (the “SEC”), under the heading "Risk Factors" and otherwise. Consequently, the reader is cautioned to consider all forward-looking statements in light of the risks to which they are subject. For additional information with respect to risks and other factors which could occur, see TESSCO’s Annual Report on Form 10-K for the year ended March 26, 2017, including Part I, Item 1A, "Risk Factors" therein, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other securities filings with the SEC that are available at the SEC's website at www.sec.gov and other securities regulators.
We are not able to identify or control all circumstances that could occur in the future that may materially and adversely affect our business and operating results. Without limiting the risks that we describe in our periodic reports and elsewhere, among the risks that could lead to a materially adverse impact on our business or operating results are the following: termination or non-renewal of limited duration agreements or arrangements with our vendors and affinity partners that are typically terminable by either party upon several months or otherwise relatively short notice; loss of significant customers or relationships, including affinity relationships; loss of customers either directly or indirectly as a result of consolidation among large wireless services carriers and others within the wireless communications industry; the strength of our customers', vendors' and affinity partners' business; negative or adverse economic conditions, including those adversely affecting consumer confidence or consumer or business spending or otherwise adversely impacting our vendors or customers, including their access to capital or liquidity, or our customers' demand for, or ability to fund or pay for, the purchase of our products and services; our dependence on a relatively small number of suppliers and vendors, which could hamper our ability to maintain appropriate inventory levels and meet customer demand; changes in customer and product mix that affect gross margin; effect of “conflict minerals” regulations on the supply and cost of certain of our products; failure of our information technology system or distribution system; system security or data protection breaches; technology changes in the wireless communications industry or technological failures, which could lead to significant inventory obsolescence and/or our inability to offer key products that our customers demand; third-party freight carrier interruption; increased competition from competitors, including manufacturers or national and regional distributors of the products we sell and the absence of significant barriers to entry which could result in pricing and other pressures on profitability and market share; our relative bargaining power and inability to negotiate favorable terms with our vendors and customers; our inability to access capital and obtain financing as and when needed; transitional and other risks associated with acquisitions of companies that we may undertake in an effort to expand our business; claims against us for breach of the intellectual property rights of third parties; product liability claims; our inability to protect certain intellectual property, including systems and technologies on which we rely; our inability to hire or retain for any reason our key professionals, management and staff; and the possibility that, for unforeseen or other reasons, we may be delayed in entering into or performing, or may fail to enter into or perform, anticipated contracts or may otherwise be delayed in realizing or fail to realize anticipated revenues or anticipated savings.
TESSCO Technologies Incorporated
Consolidated Statements of Income (Unaudited)
Fiscal Quarters Ended Fiscal Years Ended April 1,
2018
March 26,
2017
December 24,
2017
April 1,
2018
March 26,
2017
Revenues $ 148,920,100 $ 122,602,900 $ 146,260,300 $ 580,274,700 $ 533,295,100 Cost of goods sold 117,381,400 96,665,300 116,660,500 460,046,300 421,527,300 Gross profit 31,538,700 25,937,600 29,599,800 120,228,400 111,767,800 Selling, general and administrative expenses 30,357,600 26,890,400 27,413,200 112,326,700 108,416,300 Restructuring - 806,600 - - 806,600 Total selling, general and administrative expenses
30,357,600 27,697,000 27,413,200 112,326,700 109,222,900 Income (loss) from operations 1,181,100
(1,759,400)
2,186,600 7,901,700 2,544,900 Interest, net 89,500 (7,100) 114,500 429,100 58,600 Income (loss) before income tax provision (benefit) 1,091,600 (1,752,300) 2,072,100 7,472,600 2,486,300 Income tax provision (benefit) 468,300 (895,000) 501,900 2,822,300 1,041,200 Net income (loss) $ 623,300 $ (857,300) $ 1,570,200 $ 4,650,300 $ 1,445,100 Basic earnings (loss) per share $ 0.07 $ (0.10) $ 0.19 $ 0.56 $ 0.17 Diluted earnings (loss) per share $ 0.07 $ (0.10) $ 0.19 $ 0.55 $ 0.17 TESSCO Technologies Incorporated
Consolidated Balance Sheets
April 1, 2018 March 26, 2017 (unaudited) (audited) ASSETS Current Assets: Cash and cash equivalents $ 19,400 $ 8,540,100 Trade accounts receivable, net 87,862,300 64,778,900 Product inventory 72,323,000 63,984,300 Prepaid expenses and other current assets 4,489,100 3,864,100 Total current assets 164,693,800 141,167,400 Property and equipment, net 13,662,800 13,830,900 Goodwill, net 11,677,700 11,677,700 Deferred tax assets 165,400
-- Other long-term assets 8,678,900 7,304,500 Total assets $ 198,878,600
$ 173,980,500 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Trade accounts payable $ 67,041,100 $ 53,581,400 Payroll, benefits and taxes 8,291,100 6,772,100 Income and sales tax liabilities 2,339,200
1,364,700 Accrued expenses and other current liabilities 1,370,300 2,228,200 Revolving line of credit 10,835,400 -- Current portion of long-term debt 27,300 26,500 Total current liabilities 89,904,400
63,972,900 Deferred tax liabilities -- 386,800 Long-term debt, net of current portion 2,300 29,800 Other long-term liabilities 1,465,400
1,574,700 Total liabilities 91,372,100
65,964,200 Shareholders’ Equity: Preferred stock -- -- Common stock 99,000 98,400 Additional paid-in capital 60,611,900 59,006,000 Treasury stock, at cost (57,503,000) (57,437,600) Retained earnings 104,298,600
106,349,500 Total shareholders’ equity 107,506,500
108,016,300 Total liabilities and shareholders' equity
$ 198,878,600
$ 173,980,500 TESSCO Technologies Incorporated
Reconciliation of Net Income to Earnings Before Interest, Taxes and Depreciation
and Amortization (EBITDA) (Unaudited)
Fiscal Quarters Ended Fiscal Years Ended April 1,
2018
March 26,
2017
December 24,
2017
April 1,
2018
March 26,
2017
Net Income (loss) as reported $ 623,300 $ (857,300) $ 1,570,200 $ 4,650,300 $ 1,445,100 Add: Income tax provision (benefit) 468,300 (895,000) 501,900 2,822,300 1,041,200 Interest, net 89,500 (7,100) 114,500 429,100 58,600 Depreciation and amortization 961,900 877,700 999,700 3,992,600 4,238,900 EBITDA $ 2,143,000 $ (881,700) $ 3,186,300 $ 11,894,300 $ 6,783,800 Add: Stock based compensation 256,700 143,300 243,500 1,002,100 434,400 EBITDA, adjusted $ 2,399,700 $ (738,400) $ 3,429,800 $ 12,896,400 $ 7,218,200 EBITDA per diluted share $ 0.25 $
(0.11)
$ 0.38 $ 1.40 $ 0.81 Adjusted EBITDA per diluted share $ 0.28 $ (0.09) $ 0.41 $ 1.52 $ 0.87 TESSCO Technologies Incorporated Supplemental Results Summary (in thousands) (Unaudited)
Three Months Ended
April 1, 2018
Three Months Ended
March 26, 2017
Growth Rates Compared to
Prior Year Period
Market Revenues
Commercial Retail Total Commercial Retail Total Commercial Retail Total Public Carrier $ 38,319 $ - $ 38,319 $ 21,054 $ - $ 21,054 82.0% - 82.0% Government 10,331 - 10,331 9,584 - 9,584 7.8% - 7.8% Private System Operators 23,153 - 23,153 18,286 - 18,286 26.6% - 26.6% Value Added Resellers 33,340 - 33,340 31,717 - 31,717 5.1% - 5.1% Retail - 43,777 43,777 - 41,962 41,962 - 4.3% 4.3% Total revenues $ 105,143 $ 43,777 $ 148,920 $ 80,641 $ 41,962 $ 122,603 30.4% 4.3% 21.5% Market Gross Profit Commercial Retail Total Commercial Retail Total Commercial Retail Total Public Carrier $ 5,624 $ - $ 5,624 $ 3,384 $ - $ 3,384 66.2% - 66.2% Government 2,282 - 2,282 2,160 - 2,160 5.6% - 5.6% Private System Operators 5,397 - 5,397 3,992 - 3,992 35.2% - 35.2% Value Added Resellers 8,888 - 8,888 8,312 - 8,312 6.9% - 6.9% Retail - 9,348 9,348 - 8,090 8,090 - 15.6% 15.6% Total gross profit $ 22,191 $ 9,348 $ 31,539 $ 17,848 $ 8,090 $ 25,938 24.3% 15.6% 21.6% % of revenues 21.1% 21.4% 21.2% 22.1% 19.3% 21.2% TESSCO Technologies Incorporated Supplemental Results Summary (in thousands) (Unaudited) Three Months
Ended
April 1,
2018
Three Months
Ended
March 26,
2017
Growth Rates
Compared to
Prior Year
Period
Product Revenues
Base Station Infrastructure $ 73,149 $ 52,779 38.6% Network Systems 21,601 22,089 (2.2%) Installation, Test and Maintenance 9,273 6,582 40.9% Mobile device accessories 44,897 41,153 9.1% Total revenues $ 148,920 $ 122,603 21.5% Product Gross Profit
Base Station Infrastructure $ 16,589 $ 13,542 22.5% Network Systems 3,479 2,392 45.4% Installation, Test and Maintenance 1,660 1,383 20.0% Mobile device accessories 9,811 8,621 13.8% Total gross profit $ 31,539 $ 25,938 21.6% % of revenues 21.2% 21.2% TESSCO Technologies Incorporated Supplemental Results Summary (in thousands) (Unaudited)
Year Ended
April 1, 2018
Year Ended
March 26, 2017
Growth Rates Compared to
Prior Period
Market Revenues Commercial Retail Total Commercial Retail Total Commercial Retail Total Public Carrier $ 115,061 $ - $ 115,061 $ 82,015 $ - $ 82,015 40.3% - 40.3% Government 40,481 - 40,481 36,676 - 36,676 10.4% - 10.4% Private System Operators 93,246 - 93,246 82,508 - 82,508 13.0% - 13.0% Value Added Resellers 136,888 - 136,888 130,486 - 130,486 4.9% - 4.9% Retail - 194,599 194,599 - 201,610 201,610 - (3.5%) (3.5%) Total revenues $ 385,676 $ 194,599 $ 580,275 $ 331,685 $ 201,610 $ 533,295 16.3% (3.5%) 8.8% Market Gross Profit Commercial Retail Total Commercial Retail Total Commercial Retail Total Public Carrier $ 16,707 $ - $ 16,707 $ 13,706 $ - $ 13,706 21.9% - 21.9% Government 8,954 - 8,954 8,235 - 8,235 8.7% - 8.7% Private System Operators 20,363 - 20,363 18,073 - 18,073 12.7% - 12.7% Value Added Resellers 35,303 - 35,303 35,530 - 35,530 (0.6%) - (0.6%) Retail - 38,901 38,901 - 36,224 36,224 - 7.4% 7.4% Total gross profit $ 81,327 $ 38,901 $ 120,228 $ 75,544 $ 36,224 $ 111,768 7.7% 7.4% 7.6% % of revenues 21.1% 20.0% 20.7% 22.8% 18.0% 21.0% TESSCO Technologies Incorporated Supplemental Results Summary (in thousands) (Unaudited) Year Ended
April 1, 2018
Year Ended
March 26, 2017
Growth Rates
Compared to
Prior Year
Period
Product Revenues
Base Station Infrastructure $ 248,949 $ 209,869 18.6% Network Systems 98,642 87,222 13.1% Installation, Test and Maintenance 33,200 31,851 4.2% Mobile device accessories 199,484 204,353 (2.4%) Total revenues $ 580,275 $ 533,295 8.8% Product Gross Profit
Base Station Infrastructure $ 58,015 $ 54,280 6.9% Network Systems 14,649 11,897 23.1% Installation, Test and Maintenance 6,266 5,921 5.8% Mobile device accessories 41,298 39,670 4.1% Total gross profit $ 120,228 $ 111,768 7.6% % of revenues 20.7% 21.0%
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006120/en/
TESSCO Technologies Incorporated
Aric Spitulnik, 410-229-1419
Chief Financial Officer
[email protected]
or
Sharon Merrill Associates
David Calusdian, 617-542-5300
[email protected]
Source: TESSCO Technologies Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-tessco-reports-fourth-quarter-2018-financial-results.html |
May 24, 2018 / 10:31 AM / Updated 10 minutes ago Taiwan loses second ally in a month amid China pressure Thiam Ndiaga , Jess Macy Yu 4 Min Read
OUAGADOUGOU/TAIPEI (Reuters) - Taiwan lost its second diplomatic ally in less than a month on Thursday when Burkina Faso said it had cut ties with the self-ruled island, following intense Chinese pressure on African countries to break with what it regards as a wayward province. Flags of Taiwan (2nd-R) and Burkina Faso (R) are seen inside the Taiwan's Ministry of Foreign Affairs in Taipei, Taiwan May 24, 2018. REUTERS/Tyrone Siu
Taiwan now has only one diplomatic ally left in Africa – the tiny kingdom of Swaziland - and formal relations with just 18 countries worldwide, many of them poor nations in Central America and the Pacific like Belize and Nauru.
The Burkina foreign ministry’s statement made no direct mention of China, but said “the evolution of the world and the socio-economic challenges of our country and region push us to reconsider our position”.
Speaking at a hastily arranged news conference in Taipei, President Tsai Ing-wen said Taiwan would not engage in “dollar diplomacy” and denounced Beijing’s methods.
“China toys with dollar diplomacy and promises huge sums of money to entice many countries to build relations,” Tsai said.
“I want to emphasize again that China’s pressure will only lead to Taiwan’s ties with its partners in the international community getting closer. We will not cower at all.” Related Coverage China applauds Burkina Faso decision to cut ties with Taiwan
Taiwan has accused China of luring its friends away with offers of generous aid packages. China denies this, and says Taiwan is a part of China with no right to formal diplomatic ties with any other country.
Speaking shortly before the president, Taiwan Foreign Minister Joseph Wu said he had offered his resignation to her.
Wu said that Taiwan cannot compete with China’s financial resources.
“I along with our country’s people feel sad, angry and regretful,” he said. Taiwanese President Tsai Ing-wen speaks to the media after Burkina Faso ends diplomacy relationship with Taiwan, in Taipei, Taiwan May 24, 2018. REUTERS/Tyrone Siu
“China grabbing our allies and giving us pressure in the diplomatic space will not shrink the distance across the (Taiwan) strait and will not let cross-strait relations walk on a peaceful, friendly path.”
China’s foreign ministry said in a brief statement it welcomed Burkina to “join in China-Africa friendly cooperation as soon as possible”. GROWING HOSTILITY
Taiwan is China’s most sensitive territorial issue.
China’s hostility to Taiwan has grown since Tsai’s election as president in 2016, as Beijing fears she wishes to push for the island’s formal independence, a red line for China. She says she wants to maintain the status quo.
China is Africa’s largest trade partner, with massive investments in mining, construction and banking, though it has been less active to date in Burkina. Taiwanese Foreign Minister Joseph Wu attends a news conference after Burkina Faso ended diplomacy relationship with Taiwan, in Taipei, Taiwan May 24, 2018. REUTERS/Tyrone Siu
China is hosting a summit of African leaders in September in Beijing, where it will likely offer new pledges of aid and preferential loans.
In March, China said it was in the best interests of Taiwan’s allies to recognize an “irresistible trend” and ditch Taipei in favor of “one China” ruled by Beijing.
Burkina is the fourth country to cut ties with Taiwan since Tsai came to office, following the Dominican Republic, Sao Tome and Principe and Panama.
The Vatican is possibly next, as the Holy See and China edge closer to an accord on the appointment of bishops there.
Taiwan says the Republic of China, its official name, is a sovereign country with the right to develop relations with other countries.
Some countries have switched back and forth between Beijing and Taipei several times.
This is the second time Burkina has cut ties with Taiwan. It last did so in 1973, before resuming relations with Taipei in 1994.
(Removes incorrect reference to Gambia in paragraph 18) Reporting By Thiam Ndiaga and Jessica Macy Yu; Additional reporting by Ben Blanchard in Beijing; Writing by Aaron Ross; Editing by Nick Macfie | ashraq/financial-news-articles | https://www.reuters.com/article/us-burkina-taiwan/burkina-faso-cuts-diplomatic-ties-with-taiwan-idUSKCN1IP1J7 |
MIAMI, Spanish Broadcasting System, Inc. (OTCQX: SBSAA) (the "Company") announced that it will release its fourth quarter and full year 2017 financial results on Wednesday, May 23, 2018.
The Company will host a conference call to discuss its fourth quarter and full year 2017 financial results on Friday, May 25, 2018 at 11:00 a.m. Eastern Time. To access the teleconference, please 412-317-5441 ten minutes prior to the start time.
If you cannot listen to the teleconference at its scheduled time, there will be a replay available through Thursday, June 7, 2018 which can be accessed by dialing 877-344-7529 (U.S) or 412-317-0088 (Int'l), passcode: 10120712.
There will also be a live webcast of the teleconference, located on the investor portion of Spanish Broadcasting's corporate Web site, at http://www.spanishbroadcasting.com/webcasts-presentations . A seven day archived replay of the webcast will also be available at that link.
About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. owns and operates 17 radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, airing the Spanish Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40 and Latin Rhythmic format genres. SBS also operates AIRE Radio Networks, a national radio platform which creates, distributes and markets leading Spanish-language radio programming to over 250 affiliated stations reaching 94% of the U.S. Hispanic audience. SBS also owns MegaTV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events and owns multiple bilingual websites, including www.LaMusica.com , an online destination and mobile app providing content related to Latin music, entertainment, news and culture. For more information, visit us online at www.spanishbroadcasting.com .
View original content: http://www.prnewswire.com/news-releases/spanish-broadcasting-system-schedules-fourth-quarter-and-full-year-2017-conference-call-300653943.html
SOURCE Spanish Broadcasting System, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-spanish-broadcasting-system-schedules-fourth-quarter-and-full-year-2017-conference-call.html |
Major averages on pace for best month since January 1 Hour Ago Charlie Bobrinskoy, Ariel Investments; Bill Smead, Smead Capital Management; and CNBC's Mike Santoli discuss the winners and losers in today's markets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/markets-investing-stocks-bonds.html |
CNBC.com Getty Images Cam Newton #1 of the Carolina Panthers celebrates Ted Ginn Jr. #19 touchdown in the first quarter against the Arizona Cardinals during the NFC Championship Game at Bank of America Stadium on January 24, 2016 in Charlotte, North Carolina.
Hedge fund manager David Tepper's reportedly record-breaking bid for the NFL's Carolina Panthers has left many wondering if the billionaire may see the franchise as a long-term investment play.
The value of the average NFL franchise more than doubled in the decade from 2007 to 2017, climbing to $2.52 billion from $957 million, according to Forbes. And despite a long bull market in stocks, the S&P 500 has fallen short of doubling in value. It is up just 77 percent over the same time.
Tepper's deal – which remains subject to NFL approval – is reportedly worth $2.2 billion , the most ever paid for a football franchise and dwarfing the $1.4 billion the Pegula family paid for the Buffalo Bills back in 2014.
But while the deal represents a huge initial buyout, Tepper is likely betting on reliable returns. The Pegulas, for example, have seen the value of the Bills climb to $1.6 billion in just two years, netting $200 million more than their initial investment. But Tepper is also likely watching the industry as a whole as the way people enjoy football continues to evolve.
One relatively recent prospect for football fanatics is the ability to watch games online, with Amazon, Facebook, Twitter and YouTube all vying for an all-important rights contract in recent years.
Last month, the NFL announced that it had reached an agreement to renew its exclusive partnership with Amazon Prime Video to deliver a live digital stream of "Thursday Night Football."
The battle for sports content has been heating up between the tech titans over the last few years. Facebook recently announced that it would exclusively stream 25 Major League Baseball games, while YouTube struck a deal with Los Angeles' Major League Soccer team .
This is the second year Amazon has won a contract with the NFL, reportedly paying $50 million to stream the 10 Thursday night games last year. These burgeoning sources of revenue could prove the next step for the NFL in its quest to keep up with a younger audience.
And that, in turn, could have been one of the reasons Tepper considered buying a sports franchise, according to CNBC contributor and Short Hills Capital Partners founder Stephen Weiss.
"There's always going to be a profit angle, a return on investment calculus," Weiss said. "It still has to be profitable."
Weiss, who's known Tepper and other owners of major sports franchises over the years, said that to assess viewership with the traditional measures may slowly be becoming an outdated model.
"You can't just go by viewership on the major networks, you have to go by other factors because you've got other avenues of revenue," Weiss added. "You've got Amazon, you've got YouTube: That creates arguably even more of a bidding war as well as more ways to leverage the product."
The Panthers deal also comes just after the Supreme Court's ruling allowing states to legalize sports gambling. While the NFL has long opposed legalized sports gambling, the allowance could potentially spell additional revenue sources.
Commenting on the news this week, billionaire investor Mark Cuban said the decision is fantastic news for investors in the sports and gambling industries.
"I think everyone who owns a top four professional sports team just basically saw the value of their team double," the owner of the NBA's Dallas Mavericks said in a " Squawk Alley " interview. "It can finally become fun to go to a baseball game again."
But while NFL continues on as the most lucrative league in the world, some Wall Street brokerages are growing concerned by a recent string of soft ratings and viewership reports.
J.P. Morgan Chase and Credit Suisse both cited weaker ratings and viewership in notes to clients during the 2017-2018 season, explaining that the apparent decline in viewership could wind up affecting major broadcasters like Fox and ESPN.
The weaker numbers were so concerning that Credit Suisse analyst Omar Sheikh cut his earnings per share estimates on CBS for last year's third quarter.
"We expect third-quarter network advertising to decline 3 percent, driven by soft ratings for both the summer schedule and for the start of the NFL season," Sheikh wrote in October, only to be echoed by J.P. Morgan's Alexia Quadrani one month later.
"Ratings are down in 8 of 10 weeks this season," Quadrani wrote. "We note that ratings picked up in 2016 starting in Week 10, which was the first post-Election Day slate of games."
However, CBS ultimately posted mixed results for the third quarter 2017 and defended its partnership with the NFL in its earnings call.
The NFL "is still the best game in town," CBS chief executive Leslie Moonves said in November, echoing Fox Sports' Shanks. "There's no better way for advertisers to reach a mass audience, and it still provides the best promotional platform to us to launch our new shows."
Ultimately, the relatively soft viewership numbers in 2017 will likely do little to usurp the commanding leadership the NFL – and professional sports more broadly – has over the TV world.
According to Nielsen data, seven of the 10 most popular live or single telecasts in 2017 through November were NFL events, with Super Bowl LI, the Super Bowl postgame, and the AFC Championship game claiming first, second and third place respectively.
That trend is unlikely to end anytime soon, with the earliest 2018 numbers from Nielsen already showing the NFL at the top of the list yet again, likely adding comfort to Tepper in his bid for the Panthers.
"It's like owning a Picasso. There aren't many out there and they rarely come up for sale," said Joe Favorito, a Columbia University professor and strategic communications executive in New York. "You can't find another business, no matter what you do, that if you just maintain it, it appreciates in value like this."
The most recent surge in value, Favorito said, is likely due to the ruthless bidding war for media rights, driving up the league's massive annual haul.
Though specific insights into the NFL's financial situation are limited, a financial disclosure by the Green Bay Packers – the only publicly owned franchise in major U.S. sports – revealed that the NFL distributed a record $7.8 billion to its 32 teams in 2016, according to Bloomberg.
The sizable annual allowance – and its yearly increases – are a direct result of deals like that inked by Fox Sports in January. In exchange for the rights to broadcast the NFL's "Thursday Night Football" for the next five seasons, Fox will dole out $3 billion – or roughly $60 million per game – according to a Reuters source.
That number is an increase from the $45 million per game CBS and Comcast's NBC were paying to broadcast rights during the last season, according to the source.
"You're talking about multi-year, multi-billion dollar media contracts," Favorito said. "That's been the basis for teams that come in: There is a massive pool of assets for you to use."
"Every time there's a sale, a new bar is set."
Disclosures: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com. CNBC owns the exclusive off-network cable rights to "Shark Tank," which features Mark Cuban as a judge. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/20/david-teppers-latest-investing-move-the-nfls-carolina-panthers.html |
May 2 (Reuters) - CVR Partners LP:
* CVR PARTNERS LP - TRACY JACKSON HAS BEEN APPOINTED TO SERVE AS CFO OF CVR ENERGY - SEC FILING Source text: ( bit.ly/2rf3diI ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cvr-partners-lp-tracy-jackson-has/brief-cvr-partners-lp-tracy-jackson-has-been-appointed-to-serve-as-cfo-of-cvr-energy-idUSFWN1S91BG |
KUALA LUMPUR (Reuters) - Malaysia has been “bailing out” 1Malaysia Development Berhad (1MDB) debt obligations since April 2017 and payments on behalf of the state fund amounted to 6.98 billion ringgit ($1.8 billion), the newly appointed finance minister said on Tuesday.
FILE PHOTO: A construction worker talks on the phone in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. REUTERS/Olivia Harris//File Photo The sum included payments made to Abu Dhabi fund IPIC as part of a settlement agreement amounting to 5.05 billion ringgit, Lim Guan Eng said in a statement.
“The above confirms the public suspicion that 1MDB had essentially deceived Malaysians by claiming that they have been paid via a “successful rationalization exercise,” he said.
“All these while it has been the MoF (finance ministry) who has bailed out 1MDB.”
Reporting by Praveen Menon
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-1mdb/malaysia-says-finance-ministry-has-been-bailing-out-1mdb-idUSKCN1IN0XW |
May 2, 2018 / 6:08 PM / Updated 33 minutes ago Cambridge Analytica shutting down - WSJ Reuters Staff 1 Min Read
May 2 (Reuters) - SCL Group and its Cambridge Analytica consultancy, at the center of this year’s Facebook privacy row, are closing, the Wall Street Journal reported on Wednesday, quoting company managers.
The firm did not immediately respond to a request for comment. (Reporting by Munsif Vengattil in Bengaluru; editing by Patrick Graham) | ashraq/financial-news-articles | https://www.reuters.com/article/faceboook-privacy/cambridge-analytica-shutting-down-wsj-idUSL3N1S94TT |
The University of Southern California is facing a half dozen lawsuits from women who say they were sexually victimized by a gynecologist employed by the school.
Dr. George Tyndall, who worked at USC’s student health clinic for almost 30 years, is accused of multiple counts of inappropriate behavior , from touching patients in non-professional ways to asking about their sex life.
Potentially worsening things for the university is the school’s acknowledgement that it had received complaints about Tyndall since the early 2000s and that those were severe enough that he should have been removed from the clinic years earlier. (Tyndall was suspended in June 2016 when a supervising nurse reported him to the campus rape crisis center.)
USC privately worked out a deal that led to the doctor’s resignation, which came with an undisclosed payout. He was not reported to the medical board at the time. Last week, USC admitted that was a mistake.
Those admissions and the history of complaints against Tyndall could put USC at risk for a sizable payout to the women suing the university, legal experts tell the Los Angeles Times . It’s not dissimilar to the case of Dr. Larry Nassar, the sports doctor accused to sexually assaulting hundreds of women, including members of the U.S. Gymnastics team . (He’s currently serving a sentence of 40 to 175 years in prison .)
Michigan State University recently announced a $500 million settlement with 332 women and girls who say they were assaulted by Nassar.
The accusations by patients and admissions by the university, which follow 2017 reports that the medical school dean led a drug-fueled double life , could also lead to major administrative changes at USC. There is a growing call for university president C.L. Max Nikias to step down or be fired. | ashraq/financial-news-articles | http://fortune.com/2018/05/22/usc-gynecologist-sexual-assault/ |
May 4, 2018 / 8:08 AM / in an hour Super Rugby Fixtures Reuters Staff 1 Min Read May 4 (OPTA) - Super Rugby fixtures for this weekend Friday, May 4 fixtures (GMT) Chiefs v Jaguares (06:35) Rebels v Crusaders (08:45) Saturday, May 5 fixtures (GMT) Hurricanes v Lions (06:35) Waratahs v Blues (08:45) Stormers v Bulls (12:05) Sharks v Highlanders (14:15) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugbyunion-super-fixtures/super-rugby-fixtures-idUKMTZXEE5472GNCB |
May 16, 2018 / 9:52 AM / Updated 2 hours ago Afghan fighting continues as Taliban cleared from western city Reuters Staff 3 Min Read
KABUL (Reuters) - Afghan forces on Wednesday reasserted control over the western city of Farah after a Taliban assault a day earlier but there was heavy fighting elsewhere, including Ghazni, south of the capital, Kabul, officials said.
With security heightened to protect preparations for elections in October, the fighting underlined the problems faced by President Ashraf Ghani’s government, which has struggled to rein in the insurgency in the provinces and ensure security against suicide attacks in Kabul.
Afghan and U.S. officials said the Taliban fighters who attacked Farah on Tuesday had been driven out, but officials in Ghazni, on the other side of the country, said the insurgents were attacking in three districts and a key highway link, blocked for almost two weeks, remained severed.
Since the Taliban announced the start of their annual spring offensive last month, they have seized or threatened district centres in Baghlan and Badakhshan provinces in the northeast, Faryab in the northwest and Ghazni and Zabul south of Kabul.
Fighters overran a number of areas in Tuesday’s early morning assault on Farah, raising fears of a repeat of their capture of the northern city of Kunduz in 2015.
On Wednesday, defence ministry spokesman Mohammad Radmanish said Farah was completely under government control, with some fighting continuing in outlying areas, though the city still bore the scars of Tuesday’s fierce fighting.
“The Taliban burnt parts of the headquarters of the National Directorate of Security and the customs office, and according to my information, they reached the central provincial prison as well,” said Farid Haibat, a Farah civil activist.
Afghan forces were backed by U.S. air power and several drone strikes were conducted overnight but the Taliban denied having been pushed back, saying fighters pulled out after achieving their objectives of creating shock and capturing weapons and equipment.
“Without any disturbance, the mujahideen withdrew to their safe positions,” Qari Yousuf Ahmadi said in a statement, employing a term the Taliban uses for its fighters.
In Ghazni, where Taliban fighters have cut a key highway link with the neighbouring province of Paktia for the past two weeks, fighters pressed a number of district centres.
Taliban fighters attacked the district of Zanakhan, just north of the city, district governor Zia Yaqoubi said, killing 13 police on Tuesday and capturing weapons and ammunition. The districts of Gero and Andar to the southeast were also attacked.
“There is no way of supplying Andar by road, so it has to be supplied by air,” said provincial council member Ahmad Faqiri. “If the district doesn’t get supplies and reinforcements, there will be a disaster.” Reporting by Qadir Sediqi and James Mackenzie in KABUL, Mustafa Andalib in GHAZNI, Storay Karimi in HERAT and Abdul Malik in LASHKAR GAH; Editing by Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-afghanistan-taliban/afghan-fighting-continues-as-taliban-cleared-from-western-city-idUKKCN1IH13J |
May 10, 2018 / 4:00 AM / a minute ago GM to locate new Asia-Pacific headquarters in South Korea: government Hyunjoo Jin 3 Min Read
SEOUL (Reuters) - General Motors ( GM.N ) has agreed to set up its Asia-Pacific headquarters in South Korea, in a further commitment by the U.S. automaker to its loss-making local unit, the government said on Thursday. FILE PHOTO: The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan, U.S., October 26, 2015. REUTERS/Rebecca Cook/File Photo
Under a preliminary agreement, GM will also buy more parts from South Korean suppliers for its overseas operations, boosting procurement from about 2 trillion won ($1.85 billion) a year at present, the industry ministry said in a statement.
In return, South Korea will provide funding to local suppliers of GM and other South Korean automakers for the development of parts for electric and self-driving cars, and other key automotive parts.
The statement did not give a figure for the level of support, but a ministry official said it would be worth a combined tens of millions of dollars.
GM agreed last month to keep its local arm afloat after coming close to seeking bankruptcy protection. The firm won major concessions from its labor union on wages and benefits and secured a planned $750 million in funding from state-run Korea Development Bank.
The new regional headquarters will oversee production, sales and technology development for Asia Pacific countries, which excludes China, but includes Australia, India and Thailand among others, a ministry official told Reuters.
GM had previously operated its regional headquarters for “GM International” in Singapore, which covered South Korea, Australia, Southeast Asia, India, the Middle East and Africa.
However, the automaker slashed headcount at the Singapore office last year as part of a restructuring to focus on fewer, more profitable markets like China and the United States.
GM has stopped manufacturing in Australia and Indonesia, and significantly restructured its Thai operations. The company has also restructured operations in India and South Africa.
South Korea was also hit by the revamp, with GM planning to shut down one of four local factories this month and reduce its local workforce by nearly 3,000 positions. Reporting by Hyunjoo Jin; additional reporting by Shinhyung Lee; editing by Richard Pullin | ashraq/financial-news-articles | https://uk.reuters.com/article/us-gm-southkorea-headquarters/gm-to-locate-new-asia-pacific-headquarters-in-south-korea-government-idUKKBN1IB0DZ |
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