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PAHOA, Hawaii, May 8 (Reuters) - Emergency crews said they were poised to evacuate more people as fissures kept spreading from Hawaii’s erupting Kilauea volcano, five days after it started exploding.
Around 1,700 people have already been ordered to leave their homes after lava crept into neighborhoods and deadly volcanic gases belched up through cracks in the earth.
The evacuation zone could now grow as fissures are spreading into new areas on the eastern side of the Big Island, Hawaii Civic Defense Administrator Talmadge Magno told a community meeting
“If things get dicey, you got to get out,” he said. “If you live in the surrounding communities ... be prepared. Evacuation could come at any time.”
Kilaueax has opened 12 volcanic vents since it started sending out fountains and rivers of lava on Thursday, officials said. Lava was not flowing from any of the vents on Monday.
Resident Heide Austin said she left her home just west of the current eruption zone after noticing small cracks appearing at the end of her driveway.
One eruption near her home “sounded like a huge blowtorch going off,” said the 77-year-old who lives alone. “That’s when I really got into a frenzy.”
Many of the evacuated people were permitted to return home during daylight hours on Sunday and Monday, during a lull in seismic activity.
Residents of a second area, Lanipuna Gardens, were barred from returning home on Monday due to deadly volcanic gases.
Leilani Estates, about 12 miles (19 km) from the volcano, was evacuated due to the risk of sulfur dioxide gas, which can be life threatening at high levels.
No deaths or major injuries have been reported. At least 35 structures had been destroyed, many of them homes, officials said.
The southeast corner of the island was rocked by a powerful magnitude 6.9 earthquake on the volcano’s south flank on Friday. More earthquakes and eruptions have been forecast.
Kilauea, one of the world’s most active volcanoes, has been in constant eruption for 35 years.
Reporting by Terray Sylvester Editing by Andrew Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/hawaii-volcano/fissures-spread-from-hawaii-volcano-threatening-more-homes-idUSL1N1SF08M |
LONDON (Reuters) - The world’s largest steelmaker ArcelorMittal has hired Bank of America-Merrill Lynch to sell a number of its steel assets to secure antitrust clearance to acquire Italian peer Ilva.
FILE PHOTO: A logo is seen on the roof of the ArcelorMittal steelworks headquarters in Ostrava, Czech Republic, April 1, 2016. REUTERS/David W Cerny/File Photo ArcelorMittal offered in March to sell its galvanized steel plant in Italy, as well as units in Romania, Macedonia, the Czech Republic, Luxembourg and Belgium as a concession to EU regulators for its 1.8 billion euro (1.6 billion pounds) bid for Ilva.
ArcelorMittal told Reuters on Wednesday that it had appointed Bank of America-ML to handle the asset sale.
European and Asian steelmakers will be among the likely buyers as the European Commission has said the steel plants would be sold to buyers who would continue to operate them, allowing them to compete with ArcelorMittal.
The EU antitrust watchdog decided to clear Arcelor’s offer on Tuesday, after seeking feedback from rivals and customers on the concessions. Concerns were initially raised that the deal may reduce competition in some flat carbon steel products and result in higher prices for customers in southern Europe.
Global steel equity values have more than doubled since hitting 12-year lows in early 2016 at the depth of a steel sector crisis that resulted in job losses, bankruptcies and capacity closures worldwide.
The ArcelorMittal takeover of Ilva, Europe’s largest steel plant with 11 million tonnes capacity, is expected to improve the pricing power of EU steelmakers in the longer term by reducing the number of sellers in the market.
Steel majors Tata Steel and Thyssenkrupp agreed in 2017 to combine their European steel assets.
ArcelorMittal said it plans to invest a further 2.4 billion euros cleaning up and modernizing Ilva, which has been dogged by charges of corruption and environmental crime for years.
Reporting by Clara Denina; additional reporting by Maytaal Angel; Editing by Elaine Hardcastle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-arcelormittal-m-a/arcelormittal-hires-bank-of-america-to-sell-european-steel-assets-idUSKBN1IA1TU |
Gibson guitar maker files for Chapter 11 bankruptcy protection: USA Today 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/gibson-guitar-maker-files-for-chapter-11-bankruptcy-protection-usa-today.html |
New lava flow from Kilauea volcano hits the ocean Saturday, May 26, 2018 - 01:08
A third lava flow from Hawaii’s erupting Kilauea volcano streamed into the ocean as U.S. Marine Corps helicopters stood by to evacuate a Big Island community should molten rock or huge cracks block its final escape route.
A third lava flow from Hawaii’s erupting Kilauea volcano streamed into the ocean as U.S. Marine Corps helicopters stood by to evacuate a Big Island community should molten rock or huge cracks block its final escape route. //reut.rs/2IK6wKu | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/26/new-lava-flow-from-kilauea-volcano-hits?videoId=430199958 |
GAITHERSBURG, Md., May 09, 2018 (GLOBE NEWSWIRE) -- Novavax, Inc., (Nasdaq:NVAX) today announced its financial results for the first quarter ended March 31, 2018.
First Quarter and Subsequent Achievements:
RSV F Vaccine
In May 2018, Novavax reached enrollment of approximately 4,600 pregnant women in its Prepare™ Phase 3 clinical trial of its RSV F Vaccine for infants via maternal immunization. This milestone enables Novavax to initiate a prespecified interim efficacy analysis after approximately six months of follow-up of the last infant born to the approximately 4,600 women enrolled (including 3,000 actively vaccinated women). Completion of this analysis is expected in the first quarter of 2019. Since 2015, the Prepare trial is supported by an $89 million grant from the Bill & Melinda Gates Foundation (BMGF).
In April 2018, Novavax presented at the World Vaccine Congress on the status of its Phase 3 clinical trial of its RSV F Vaccine.
NanoFlu™
In April 2018, Novavax presented clinical data at the World Vaccine Congress from the Phase 1/2 clinical trial in older adults comparing trivalent formulations of NanoFlu to the market-leading licensed egg-based, high-dose influenza vaccine for older adults.
In February 2018, Novavax reported positive top-line results from its Phase 1/2 clinical trial of its trivalent NanoFlu.
Corporate
In April 2018, Novavax completed an underwritten public offering of approximately 34.8 million shares of its common stock, including 4.5 million shares pursuant to the underwriters’ option to purchase additional shares. The shares resulted in net proceeds of $54 million.
Effective on March 14, 2018, John J. Trizzino, former Senior Vice President, Commercial Operations since 2014, was promoted to Senior Vice President, Chief Business Officer and Chief Financial Officer.
Anticipated Events:
Initiation of the Phase 2 clinical trial of quadrivalent formulations of NanoFlu scheduled to begin in the third quarter of 2018.
Top-line data from the Phase 2 NanoFlu trial and End of Phase 2 meeting with the FDA expected in the first quarter of 2019.
Results of the Prepare Phase 3 interim efficacy analysis for our RSV F Vaccine expected in the first quarter of 2019.
Summary
“We had an extremely productive first quarter, including making important advances in our two lead clinical vaccine programs. We are pleased to have reached the enrollment target for our Prepare Phase 3 RSV F Vaccine trial, which clears the path for following these most recent participants and their babies, and subsequently announcing top-line results of our planned interim efficacy analysis in the first quarter of 2019,” said Stanley C. Erck, President and CEO of Novavax, Inc. “We also continue to make significant progress on NanoFlu and plan to initiate a Phase 2 clinical trial in the third quarter of 2018.”
Financial Results for the First Quarter Ended March 31, 2018
Novavax reported a net loss of $46.4 million, or $0.14 per share, for the first quarter of 2018, compared to a net loss of $43.9 million, or $0.16 per share, for the first quarter of 2017.
Novavax revenue in the first quarter of 2018 was $9.7 million, compared to $5.7 million in the same period in 2017. This 70% increase was driven by higher revenue recorded under the BMGF grant corresponding to the increased enrollment in the Prepare trial.
Research and development expenses increased 18% to $44.5 million in the first quarter of 2018, compared to $37.7 million for the same period in 2017. The increase was primarily due to increased development activities of the RSV F Vaccine for infants via maternal immunization.
Interest income (expense), net for the first quarter of 2018 was ($2.9) million, compared to ($3.0) million for the same period of 2017.
As of March 31, 2018, Novavax had $164.2 million in cash, cash equivalents, marketable securities and restricted cash, compared to $186.4 million as of December 31, 2017. Net cash used in operating activities for the first quarter of 2018 was $66.1 million, compared to $44.5 million for same period in 2017. The increase in cash usage was primarily due to approximately $16 million of one-time payments, as well as the adoption of a new accounting standard that requires restricted cash to be included in the beginning and ending balances on the statements of cash flows, thus increasing Novavax’ cash usage in the first quarter of 2018 and 2017 by approximately $9 million and $6 million, respectively. We expect our cash used in operating activities to significantly decrease for the subsequent quarters of 2018 as compared to the first quarter of 2018.
Conference Call
Novavax management will host its quarterly conference call today at 4:30 p.m. ET. The dial-in number for the conference call is (877) 212-6076 (Domestic) or (707) 287-9331 (International), passcode 3687883. A replay of the conference call will be available starting at 7:30 p.m. ET on May 9, 2018 until 7:30 p.m. ET on May 16, 2018. To access the replay by telephone, dial (855) 859-2056 (Domestic) or (404) 537-3406 (International) and use passcode 3687883.
A webcast of the conference call can also be accessed via a link on the home page of the Novavax website at www.novavax.com or through the “Investor Info”/“Events” tab on the Novavax website. A replay of the webcast will be available on the Novavax website until August 9, 2018.
About RSV
RSV is the most common cause of lower respiratory tract infections and the leading viral cause of severe lower respiratory tract disease in infants and young children worldwide, with estimated annual infection and mortality rates of 64 million and 160,000, respectively. 1 In the U.S., RSV is the leading cause of hospitalization of infants. 2 Despite the induction of post-infection immunity, repeat infection and lifelong susceptibility to RSV is common. 3 Currently, there is no approved RSV vaccine available.
About RSV F Vaccine for Infants via Maternal Immunization
Novavax is developing a vaccine that targets the fusion protein, or F protein, of the RSV virus. The F protein has highly conserved amino acid sequences, called antigenic sites, which are the target of neutralizing antibodies and are believed to be ideal vaccine targets. Novavax’ genetically engineered novel F protein antigen exposes a range of these antigenic sites, and can evoke immune responses to them in human vaccine recipients. In a previous Phase 2 clinical trial of the RSV F Vaccine, which assessed the transplacental transfer of maternal antibodies induced by the vaccine, immunized women demonstrated meaningful fold rises in anti-F IgG, palivizumab-competing antibodies and microneutralization titers. In addition, infants’ antibody levels at delivery averaged 90-100% of the mothers’ levels, indicating efficient transplacental transfer of antibodies from mother to infant.
About Influenza
Influenza is a world-wide infectious disease that causes illness in humans with symptoms ranging from mild to life-threatening or even death. Serious illness occurs not only in susceptible populations such as infants, young children and older adults, but also in the general population largely because of infection by continuously evolving strains of influenza which can evade the existing protective antibodies in humans. An estimated one million deaths each year are attributed to influenza. 4 Current estimates for seasonal influenza vaccine growth in the top seven markets (U.S., Japan, France, Germany, Italy, Spain and UK), show a potential increase from approximately $3.2 billion in 2015 to $5.3 billion by 2025. 5
About NanoFlu™
NanoFlu is a recombinant hemagglutinin (HA) protein nanoparticle influenza vaccine candidate produced by Novavax in its SF9 insect cell baculovirus system. NanoFlu uses HA amino acid protein sequences that are the same as the recommended wild-type circulating virus HA sequences. NanoFlu contains Novavax’ patented saponin-based Matrix-M adjuvant, which has demonstrated a potent and well-tolerated effect by stimulating the entry of antigen-presenting cells into the injection site and enhancing antigen presentation in local lymph nodes.
About Novavax
Novavax, Inc. (Nasdaq:NVAX) is a clinical-stage biotechnology company committed to delivering novel products to prevent infectious diseases. Its RSV and influenza nanoparticle vaccine candidates are Novavax’ most advanced clinical programs and are at the forefront of Novavax’ efforts to improve global health. For more information, please visit www.novavax.com .
Forward-Looking Statements
Statements herein relating to the future of Novavax and the ongoing development of its vaccine and adjuvant products are . Novavax cautions that these forward looking statements are subject to numerous risks and uncertainties, which could cause actual results to those expressed or implied by such statements. These risks and uncertainties include those identified under the heading “Risk Factors” in the Novavax Annual Report on Form 10-K for the year ended December 31, 2017 as filed Commission (SEC). We caution investors not to place considerable reliance on the contained in this press release. You are encouraged to read our filings with the SEC, available at sec.gov , for a discussion of these and other risks and uncertainties. The in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
1 https://www.niaid.nih.gov/diseases-conditions/respiratory-syncytial-virus-rsv
2 Leader S. Pediatr Infect Dis J. 2002 Jul;21(7):629-32
3 PLOS. “How immunity to respiratory syncytial virus develops in childhood, deteriorates in adults.” ScienceDaily. 21 April 2016. https://www.sciencedaily.com/releases/2016/04/160421145747.htm
4 Resolution of the World Health Assembly (2003) WHA56.19.28
5 Influenza Vaccines Forecasts. Datamonitor (2013)
NOVAVAX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share information) (unaudited) 2018 2017 Revenue $ 9,653 $ 5,680 Expenses: Research and development 44,514 37,654 General and administrative 8,652 8,852 Total expenses 53,166 46,506 Loss from operations (43,513 ) (40,826 ) Interest income (expense), net (2,872 ) (3,039 ) Other income (expense) 33 11 Net loss $ (46,352 ) $ (43,854 ) Basic and diluted net loss per share $ (0.14 ) $ (0.16 ) Basic and diluted weighted average number of common shares outstanding 336,972 274,178
SELECTED CONSOLIDATED BALANCE SHEET DATA (in thousands) March 31,
2018 December 31,
2017 (unaudited) 113,402 $ 106,307 Marketable securities 30,358 50,996 Total restricted cash 20,439 29,124 181,034 203,311 Working capital 136,130 129,636 Total assets 276,067 302,493 Notes payable 318,119 317,763 Total stockholders’ deficit (99,369 ) (101,732 ) Contact:
Investors
Novavax, Inc.
Erika Trahan
[email protected]
240-268-2000
Westwicke Partners
John Woolford
[email protected]
443-213-0506
Media
Sam Brown
Mike Beyer
[email protected]
312-961-2502
Source:Novavax, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-novavax-reports-first-quarter-2018-financial-results.html |
VANCOUVER, British Columbia, May 23, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : PREVECEUTICAL MEDICAL INC
CSE Symbol /
Symbole CSE :
PREV Reason / Motif : Due to Imbalance of Orders / En raison du déséquilibre dans les ordres
Halt Time (ET) / Heure de la suspension (HE) 13:11 IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--prev.html |
Government needs to throughly investigate big tech, says antitrust lawyer 1 Hour Ago Gary Reback, antitrust lawyer at Carr & Ferrell, and James Pethokoukis, American Enterprise Institute analyst, discuss the potential for antitrust regulation against Google and other tech giants. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/government-needs-to-throughly-investigate-big-tech-says-antitrust-lawyer.html |
PHILADELPHIA, May 15, 2018 /PRNewswire/ -- Aevi Genomic Medicine, Inc. (NASDAQ: GNMX) (the "Company") announced today financial and operational results for the three months ended March 31, 2018 and provided an overview of the Company's recent corporate progress.
First Quarter Financial Results and Corporate Highlights
First quarter highlights include continued advancement and strengthening of the Company's pipeline through a combination of internal programs and external collaborations, with multiple data read-outs anticipated in 2018.
AEVI-001: The Company continues screening and recruitment efforts for its Phase 2 (ASCEND) clinical trial in the mGluR mutation positive genetic subset of pediatric and adolescent patients with Attention Deficit Hyperactivity Disorder (ADHD) to confirm genetic responders to AEVI-001. The primary and secondary endpoints in the trial are the change from baseline in the ADHD-RS-5 Total Score at six weeks and the percentage of subjects who respond as determined by the Clinical Global Impression of Improvement (CGI-I) at six weeks. Data from the study are expected by mid-2018.
AEVI-002: The Company has completed the addition of three new clinical sites and patient screening is underway for its Phase 1b open-label, signal-finding study which will evaluate the safety, tolerability, pharmacokinetics and short-term efficacy of the Anti-Light Monoclonal Antibody AEVI-002 in diseased patients that have previously failed anti-tumor necrosis factor alpha (anti-TNFα) treatment. The study will be conducted at sites across the United States with the potential to expand to clinical trial sites outside the United States. AEVI-002 will be administered every 14 days at one of two dosage levels: 1.0 mg/kg or 3.0 mg/kg for up to eight weeks. The endpoints of the study include endoscopic evaluation, Crohn's Disease Activity Index ratings, and safety. Data from the study are expected by year-end 2018.
AEVI-005: The Company broadened its relationship with Kyowa Hakko Kirin (KHK) with an option agreement for the development of an early stage, first-in-class monoclonal antibody (AEVI-005) program targeting an undisclosed ultra-orphan pediatric rare disease. This is the second monoclonal antibody signed in collaboration with KHK and reflects the Company's unique ability to leverage its genetic expertise in rare and orphan pediatric diseases. The Company intends to initiate a preclinical research program during the second quarter of 2018.
"We have made great progress during the first quarter and we are diligently working towards important data readouts in 2018 on our most advanced programs – AEVI-001 and AEVI-002," said Mike Cola, CEO of the Company. "While AEVI-001 remains the top priority for the Company with data from the "ASCEND" trial expected by mid-year, we are equally enthusiastic about the broadening of our relationship with KHK and in the potential of AEVI-002. We look forward to providing updates throughout the year as we progress towards these key catalysts."
First Quarter 2018 Financial Results
The Company had cash and cash equivalents of $26.52 million at March 31, 2018, compared to $33.73 million as of December 31, 2017. The decrease in cash was primarily related to the advancement of its AEVI-001 program. The Company expects the current cash balance to fund operations into early 2019.
Research and development expenses for the three months ended March 31, 2018 were $6.56 million, decreasing from $7.95 million for the same period in 2017 mainly related to decreasing clinical trial/development activities.
General and administrative expenses for the three months ended March 31, 2018 were $2.17 million, decreasing from $2.99 million for the same period in 2017 primarily due to decreased costs following the closure of the Company's operations in Israel.
For the three months ended March 31, 2018, the Company reported a net loss of $8.71 million or $0.15 per share, compared with a net loss of $10.92 million or $0.29 per share for the same period in 2017.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
March 31,
2018
December 31,
2017
Unaudited
Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
26,520
$
33,729
Prepaid expenses and other current assets
801
893
Total current assets
27,321
34,622
LONG-TERM ASSETS:
Lease deposits
11
11
Property and equipment, net
69
85
Other long-term assets
33
43
Total long-term assets
113
139
Total assets
$
27,434
$
34,761
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables
$
1,685
$
943
Other accounts payable and accrued expenses
3,054
3,197
Total current liabilities
4,739
4,140
Total liabilities
4,739
4,140
STOCKHOLDERS' EQUITY:
Common stock - $0.0001 par value; 200,000,000 shares
authorized; 59,337,265 shares issued and outstanding at March 31,
2018; 59,332,265 shares issued and outstanding at December 31, 2017
$
6
$
6
Additional paid-in capital
246,376
245,593
Accumulated deficit
(223,687)
(214,978)
Total stockholders' equity
22,695
30,621
Total liabilities and stockholders' equity
$
27,434
$
34,761
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Three months ended
March 31,
2018
2017
Unaudited
Research and development expenses
$
6,561
$
7,947
General and administrative expenses
2,174
2,988
Operating loss
(8,735)
(10,935)
Financial income
26
18
Net loss
$
(8,709)
$
(10,917)
Basic and diluted loss per share
$
(0.15)
$
(0.29)
Weighted average number of
common stock used in computing
basic and diluted loss per share
59,334,821
37,108,261
About Aevi Genomic Medicine, Inc.
Aevi Genomic Medicine, Inc. is dedicated to unlocking the potential of genomic medicine to translate genetic discoveries into novel therapies. Driven by a commitment to patients with pediatric onset life-altering diseases, the Company's research and development efforts leverage an internal genomics platform and an ongoing collaboration with the Center for Applied Genomics (CAG) at The Children's Hospital of Philadelphia (CHOP).
Forward-looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995, which include all statements other than statements of historical fact, including (without limitation) those regarding the Company's financial position, its development and business strategy, its product candidates and the plans and objectives of management for future operations. The Company intends that such forward-looking statements be subject to the safe harbors created by such laws. Forward-looking statements are sometimes identified by their use of the terms and phrases such as "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning, "expect," "believe," "will," "will likely," "should," "could," "would," "may" or the negative of such terms and other comparable terminology. All such forward-looking statements are based on current expectations and are subject to risks and uncertainties. Should any of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may differ materially from those included within these forward-looking statements. Accordingly, no undue reliance should be placed on these forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, the events described in the forward-looking statements contained in this release may not occur.
CONTACT:
Aevi Genomic Medicine, Inc.
Brian Piper
[email protected]
Westwicke Partners
Chris Brinzey
339-970-2843
[email protected]
MEDIA INQUIRIES:
FTI Consulting
Irma Gomez-Dib
+1212-850-5761
+1-415-706-9155
[email protected]
View original content: http://www.prnewswire.com/news-releases/aevi-genomic-medicine-reports-first-quarter-2018-financial-results-and-provides-business-update-300648144.html
SOURCE Aevi Genomic Medicine, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-aevi-genomic-medicine-reports-first-quarter-2018-financial-results-and-provides-business-update.html |
May 14 (Reuters) - Ominto Inc:
* OMINTO, INC. ANNOUNCES VOLUNTARY DELISTING FROM THE NASDAQ STOCK MARKET
* OMINTO INC - ANTICIPATED THAT DELISTING WILL BECOME EFFECTIVE JUNE 3, 2018
* OMINTO INC - EXPECTS LAST DAY OF TRADING OF ITS COMMON STOCK ON NASDAQ CAPITAL MARKET WILL BE ON OR ABOUT JUNE 1, 2018 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-ominto-inc-announces-voluntary-del/brief-ominto-inc-announces-voluntary-delisting-from-nasdaq-stock-market-idUSFWN1SL0O5 |
May 1, 2018 / 8:34 PM / Updated 6 hours ago Apple surprises with solid iPhone sales, announces $100 billion buyback Stephen Nellis 7 Min Read
(Reuters) - Apple Inc on Tuesday reported resilient iPhone sales in the face of waning global demand and promised $100 billion in additional stock buybacks, reassuring investors that its decade-old smartphone invention had life in it yet.
Apple’s quarterly results topped Wall Street forecasts, which dropped ahead of the report on growing concern over the iPhone. The Cupertino, California-based company also was more optimistic about the current quarter than most financial analysts, driving shares up 3.6 percent to $175.25 after hours.
Suppliers around the globe had warned of smartphone weakness, playing into fears that the company known for popularizing personal computers, tablets and smartphones had become too reliant on the iPhone.
Sales of 52.2 million iPhones against a Wall Street target of 52.3 million was a comfort and up from 50.7 million last year, according to data from Thomson Reuters I/B/E/S.
Apple bought $23.5 billion of stock in the March quarter, and said it planned to hike its dividend 16 percent, compared with a 10.5 percent increase last year. Analysts believe the heavy emphasis on buybacks will bolster share prices, but some investors wished Apple had found different uses for the cash.
“I’d hoped for more on the dividend side or maybe a strategic investment,” said Hal Eddins, chief economist for Apple shareholder Capital Investment Counsel. “I assume Apple can’t find a strategic investment at the current prices that will move the needle for them. The $100 billion buyback is good for right now but it’s not exactly looking to the future.”
The cash Apple earmarked for stock buybacks is about twice the $50 billion market capitalization of electric car maker Tesla Inc.
Apple posted revenue for its March quarter of $61.1 billion, up from $52.9 billion last year. Wall Street expected $60.8 billion, according to Thomson Reuters I/B/E/S.
Average selling prices for iPhones were $728, compared with Wall Street expectations of $742. The figure is up more than 10 percent from $655 a year ago, suggesting Apple’s iPhone X, which starts at $999, has helped boost prices.
Analysts had feared the high price was muting demand for the iPhone X, but Apple Chief Executive Tim Cook said it was the most popular iPhone model every week in the March quarter. Related Coverage Apple plows U.S. tax cuts into record share buybacks
“This is the first cycle that we’ve ever had where the top of the line iPhone model has also been the most popular,” Cook said during the company’s earnings call.
“It’s one of those things like when a team wins the Super Bowl, maybe you want them to win by a few more points. But it’s a Super Bowl winner and that’s how we feel about it.”
The iPhone X has shaped up to be “a good, not a great product. There was a time prior to its introduction that investors expected it to be a great product,” said Thomas Forte, an analyst with D.A. Davidson Companies.
“Now that we know it is a good product, as investors have lowered expectations, that is enough, in my view, for shares to go higher from current levels.”
Positive iPhone news boosted shares of chip suppliers.
Skyworks Solutions Inc rose 2.9 percent, Broadcom Inc was up 2 percent, while Cirrus Logic gained 4.3 percent.
Apple also predicted revenue of $51.5 billion to $53.5 billion in the June quarter, ahead of the $51.6 billion Wall Street expected as of Monday evening, and the share repurchases in the March quarter drove Apple’s cash net of debt down slightly to $145 billion.
“We are returning the cash to investors as we have promised,” Chief Financial Officer Luca Maestri told Reuters in an interview. Silhouette of mobile user is seen next to a screen projection of Apple logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration
Profits were $2.73 per share versus expectations of $2.68 per share, as of Monday, and up from $2.10 a year ago.
Apple’s services business, which includes Apple Music, the App Store and iCloud, posted $9.1 billion in revenue compared with expectations of $8.3 billion. Heading into earnings, investors were hopeful that growth in that segment could help offset the cooling global smartphone market.
Julie Ask, an analyst with Forrester, said Apple’s services segment results were positive but warned that Apple needed to continue to boost subscriptions on its platforms, which reached 270 million users in the March quarter and includes people who subscribe to third-party apps on the iPhone as well as Apple’s own services like iCloud.
“Apps are carrying most (services revenue) right now, but Apple needs to get to a place where it’s mostly subscriptions and monthly fees and not just one-off downloads,” Ask said.
Apple traditionally updates its share buyback and dividend program each spring, and the $100 billion it added this year compares with an increase of $50 billion last year. (Graphic: Apple Buys Back Shares - reut.rs/2JIjkgo )
In February, Apple said it planned to draw down its excess cash, although Cook had downplayed the possibility of a special dividend.
But investors have had concerns around Apple because of brewing trade tensions with China.
Greater China sales rose 21 percent from a year earlier, Apple’s best growth rate there in 10 quarters, to $13.0 billion. While there has not yet been a tariff on devices such as Apple’s iPhone, Cook traveled last week to Washington to meet with U.S. President Donald Trump at the White House to discuss trade matters.
“China only wins if the U.S. wins and the U.S. only wins if China wins,” Cook said on the call, when asked about a possible trade war. “I’m a big believer that the two countries together can both win and grow the pie, not just allocate it differently,” he said. FILE PHOTO: Apple iPhone X samples are displayed during a product launch event in Cupertino, California, U.S. September 12, 2017. REUTERS/Stephen Lam/File Photo
Apple has been emphasizing its contributions to the U.S. economy in recent months, outlining a $30 billion U.S. spending plan and highlighting the tens of billions of dollars it spends each year with U.S.-based suppliers.
In recent months, Apple has been emphasizing the size of its overall user base, which includes used iPhones, rather than focusing strictly on new device sales, a sign of the increasing importance of making money off users without selling them new hardware. Reporting by Stephen Nellis in San Francisco; Editing by Peter Henderson, Lisa Shumaker and Peter Cooney | ashraq/financial-news-articles | https://uk.reuters.com/article/us-apple-results/apple-beats-financial-expectations-plans-100-billion-cash-return-boost-idUKKBN1I24D1 |
May 2 (Reuters) - DexCom Inc:
* DEXCOM REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 NON-GAAP LOSS PER SHARE $0.32
* Q1 GAAP LOSS PER SHARE $0.28 * Q1 REVENUE $184.4 MILLION VERSUS I/B/E/S VIEW $172.3 MILLION
* SEES FY 2018 REVENUE $850 MILLION TO $860 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.33 — THOMSON REUTERS I/B/E/S
* FY2018 REVENUE VIEW $843.4 MILLION — THOMSON REUTERS I/B/E/S
* SEES 2018 REVENUE OF $850 MILLION TO $860 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dexcom-reports-q1-gaap-loss-per-sh/brief-dexcom-reports-q1-gaap-loss-per-share-of-0-28-idUSASC09Z36 |
CLINTON, Conn., May 3, 2018 /PRNewswire/ -- Connecticut Water Service, Inc. (NASDAQ: CTWS) today issued the following statement regarding commentary on Eversource Energy's (NYSE: ES) first quarter 2018 earnings call held today:
Connecticut Water notes that multiple independent industry analysts today questioned the merits of Eversource's proxy campaign and unsolicited takeover attempt of Connecticut Water and whether Eversource is able to sustain its targeted earnings growth rate on its own.
Among the targeted questions posed to Eversource management on the call:
"there has been some contemplation that perhaps this Connecticut Water bid is a function of you starting to see a lack of opportunity to deploy incremental capital in your core electricity and gas businesses in ways that allow you to be sustainably inside that 5% to 7% earnings growth rate. Would you care to comment on that impression that some people are drawing from it?"
When Eversource management dismissed that impression, they were further pressed:
"If you really don't need this acquisition for the 5% to 7% growth, I'm struggling a little bit with the need to pursue this acquisition so aggressively. It is a relatively small acquisition, but you're going to now spend time and resources to try and pursue the deal. I'm struggling a little bit to understand why kind of push it so much if it's really not needed."
This commentary underscores our belief that Eversource's actions are an overt attempt to derail the SJW Group merger of equals and the many benefits it provides in order to promote Eversource's inferior proposal and distract from its record of chronic underperformance and highly-publicized poor customer service.
We believe that Eversource's decision to use their shareholders' resources to pursue a costly and distracting proxy campaign speaks to Eversource's desperation, not their focus on value creation.
While Eversource may need Connecticut Water for growth and value creation, Connecticut Water does not need Eversource. Connecticut Water already has a superior record of shareholder returns and have a merger agreement in place that will help ensure we maintain this momentum well into the future. Indeed, we believe the SJW Group merger of equals will create greater value than the unsolicited acquisition that Eversource has proposed both at close and over the long-term – with more compelling benefits for shareholders, customers, employees and communities.
We believe Eversource is pursuing this transaction and touting its dividend in an attempt to compensate for its inability to deliver meaningful stock price appreciation on its own, including given the New Hampshire Site Evaluation Committee denying Eversource's 192 mile Northern Pass pipeline project, which in our view is highlighted by questions raised this morning on Eversource's earnings conference call. Absent the benefit of its dividend, Eversource delivered only a 35% stock price return over the past five years as compared to 143% from Connecticut Water, as of April 27, 2018.
Eversource's performance raises questions about its value creation ability and its commitment to customers. Eversource has consistently ranked in the bottom of customer service rankings. Eversource is also currently under investigation by the Public Utilities Regulatory Authority (PURA) regarding the 100% increase in its service shutoffs. In contrast, Connecticut Water has customer satisfaction rankings that consistently exceed 90% in customer surveys conducted by an independent research firm – underscoring that delivering safe, clean drinking water is Connecticut Water's top priority.
Since announcing the SJW Group merger on March 15, 2018, Connecticut Water has received strong support from multiple stakeholders, including shareholders, employees and customers. Connecticut Water and SJW Group have received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with their merger, are preparing the remaining regulatory filings, and are on track to close their merger transaction in the fourth quarter of 2018.
To find out more about Connecticut Water's merger of equals with SJW Group, please visit www.SJW-CTWS.com .
Connecticut Water will mail to shareholders its proxy statement and GREEN proxy card as well as additional information about the Company's merger with SJW Group. Connecticut Water shareholders are advised to take no action in response to any materials they may receive from Eversource Energy and to DISCARD ALL BLUE proxy cards or other materials from Eversource Energy.
Connecticut Water shareholders who have questions or would like additional information should contact Connecticut Water's proxy solicitor, Morrow Sodali, toll-free at (800) 662−5200 or by e-mail at [email protected] .
Wells Fargo Securities, LLC is serving as Connecticut Water's financial advisor and Sullivan & Cromwell LLP as its legal counsel.
About CTWS
CTWS is a publicly traded holding company headquartered in Clinton, Connecticut. CTWS is the parent company of The Connecticut Water Company, The Maine Water Company, The Avon Water Company, and The Heritage Village Water Company. Together, these subsidiaries provide water service to more than 450,000 people in Connecticut and Maine, and wastewater service to more than 10,000 people in Connecticut.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995, as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates," "projects," "strategy," or "anticipates," or the negative of those words or other comparable terminology.
The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) the risk that the conditions to the closing of the transaction are not satisfied, including the risk that required approvals from the shareholders of the Company or the stockholders of SJW Group for the transaction are not obtained; (2) the risk that the regulatory approvals required for the transaction are not obtained, or that in order to obtain such regulatory approvals, conditions are imposed that adversely affect the anticipated benefits from the proposed transaction or cause the parties to abandon the proposed transaction; (3) the risk that the anticipated tax treatment of the transaction is not obtained; (4) the effect of water, utility, environmental and other governmental policies and regulations; (5) litigation relating to the transaction; (6) uncertainties as to the timing of the consummation of the transaction and the ability of each party to consummate the transaction; (7) risks that the proposed transaction disrupts the current plans and operations of SJW Group or the Company; (8) the ability of SJW Group and the Company to retain and hire key personnel; (9) competitive responses to the proposed transaction; (10) unexpected costs, charges or expenses resulting from the transaction; (11) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; (12) the combined companies' ability to achieve the growth prospects and synergies expected from the transaction, as well as delays, challenges and expenses associated with integrating the combined companies' existing businesses; and (13) legislative and economic developments. These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the joint proxy statement/prospectus that is included in the Registration Statement on Form S-4 filed by SJW Group with the SEC on April 25, 2018 in connection with the proposed transaction.
In addition, actual results are subject to other risks and uncertainties that relate more broadly to the Company's overall business and financial condition, including those more fully described in the Company's filings with the SEC including its annual report on Form 10-K for the fiscal year ended December 31, 2017 and SJW Group's overall business, including those more fully described in SJW Group's filings with the SEC including its annual report on Form 10-K for the fiscal year ended December 31, 2017. Forward looking statements are not guarantees of performance, and speak only as of the date made, and neither the Company or its management nor SJW Group or its management undertakes any obligation to update or revise any forward-looking statements.
Additional Information and Where to Find It
In connection with the proposed transaction between the Company and SJW Group, SJW Group filed with the SEC a Registration Statement on Form S-4 that includes a joint proxy statement of the Company and SJW Group that also constitutes a prospectus of SJW Group. The Company and SJW Group may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the joint proxy statement/prospectus, Form S-4 or any other document which the Company or SJW Group has filed or may file with the SEC. INVESTORS AND SECURITY HOLDERS OF THE COMPANY AND SJW GROUP ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Form S-4 and the joint proxy statement/prospectus and other documents filed with the SEC by the Company and SJW Group through the website maintained by the SEC at www.sec.gov . Copies of documents filed with the SEC by the Company will be made available free of charge on the Company's investor relations website at https://ir.ctwater.com . Copies of documents filed with the SEC by SJW Group will be made available free of charge on SJW Group's investor relations website at https://sjwgroup.com/investor_relations .
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and does not constitute an offer to sell, or the solicitation of an offer to subscribe for or buy, or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Participants in the Solicitation
The Company, SJW Group and certain of their respective directors and officers, and other members of management and employees, may be deemed to be participants in the solicitation of proxies from the holders of the Company and SJW Group securities in respect of the proposed transaction. Information regarding the Company's directors and officers is available in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2017 and its proxy statement for its 2018 annual meeting dated April 6, 2018, which are filed with the SEC. Information regarding the SJW Group's directors and officers is available in SJW Group's annual report on Form 10-K for the fiscal year ended December 31, 2017 and its proxy statement for its 2018 annual meeting dated March 6, 2018, which are filed with the SEC. Investors may obtain additional information regarding the interest of such participants by reading the Form S-4 and the joint proxy statement/prospectus and other documents filed with the SEC by the Company and SJW Group. These documents will be available free of charge from the sources indicated above.
Connecticut Water Contacts
Daniel J. Meaney, APR
Director, Corporate Communications
(860) 664-6016
[email protected]
Investors
Mike Verrechia / Bill Dooley
Morrow Sodali, LLC
(800) 662-5200
[email protected]
Media
Joele Frank, Wilkinson Brimmer Katcher
Sharon Stern / Barrett Golden / Joseph Sala
(212) 355-4449
View original content: http://www.prnewswire.com/news-releases/connecticut-water-service-comments-on-concerns-raised-about-eversource-on-eversources-first-quarter-2018-earnings-call-300642324.html
SOURCE Connecticut Water Service, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-connecticut-water-service-comments-on-concerns-raised-about-eversource-on-eversources-first-quarter-2018-earnings-call.html |
EWING, N.J., May 01, 2018 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ:ATRS) today announced it will release its first quarter 2018 financial results and recent operating progress before the market opens on Tuesday, May 8, 2018. Management will host a webcast and conference call at 8:30 a.m. ET (Eastern Time) on May 8, 2018 to discuss the results.
Interested parties may participate in the conference call by dialing 1-800-289-0438 or 1-323-794-2423 and entering access code 1980247. We encourage interested parties to dial into the conference call at least 10 minutes prior to the scheduled start time. A replay of the conference call will be available from 11:30 a.m. ET on Tuesday, May 8, 2018, through 11:30 a.m. ET on Thursday, June 7, 2018 by dialing 1-888-203-1112 or 1-719-457-0820 and entering the access code 1980247. An audio webcast and archive of the conference call will also be available under the “For Investors” section of the Antares Website at www.antarespharma.com .
About Antares Pharma
Antares Pharma is a specialty pharmaceutical company primarily focused on the development and commercialization of self-administered parenteral pharmaceutical products and technologies. The Company develops and manufactures, for itself or with partners, novel therapeutic products using its advanced drug delivery technology to enhance the existing drug compounds and delivery methods. The subcutaneous injection technology platforms include the VIBEX ® and VIBEX ® QuickShot ® pressure-assisted auto injector systems suitable for branded and generic injectable drugs in unit dose containers and disposable multi-dose pen injectors. The Company has a portfolio of proprietary and partnered products, including approved commercial products and several partnered product candidates in advanced stages of development. The Company has formed significant strategic alliances with Teva Pharmaceutical Industries, Ltd. (“Teva”) and AMAG Pharmaceuticals, Inc. (“AMAG”), and has multiple ongoing internal and partnered product development programs. For more information, visit www.antarespharma.com .
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: the Company’s ability to resolve the deficiencies identified by the FDA in the Complete Response Letter for XYOSTED™, the timeframe associated with such resolution and whether any such response will be accepted by the FDA, FDA approval of the Company’s NDA for XYOSTED™ and future market acceptance and revenue for XYOSTED™; the future market acceptance and revenue from Makena subcutaneous auto injector; successful completion of the transaction with Ferring International Center, S.A. and satisfaction of the various conditions in the Ferring asset purchase agreement and payment of the full purchase price; Teva’s ability to successfully commercialize VIBEX ® Sumatriptan Injection USP and the amount of revenue from the same; continued growth of prescriptions and sales of OTREXUP ® ; the timing and results of the Company’s or its partners’ research projects or clinical trials of product candidates in development; actions by the FDA or other regulatory agencies with the respect to the Company’s products or product candidates or product or product candidates of its partners; continued growth in product, development, licensing and royalty revenue; the Company’s ability to obtain financial and other resources for its research, development, clinical, and commercial activities and other statements regarding matters that are not historical facts, and involve predictions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. In some cases you can identify forward-looking statements by terminology such as ''may'', ''will'', ''should'', ''would'', ''expect'', ''intend'', ''plan'', ''anticipate'', ''believe'', ''estimate'', ''predict'', ''potential'', ''seem'', ''seek'', ''future'', ''continue'', or ''appear'' or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K, and in the Company's other periodic reports and filings with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.
Contacts:
Jack Howarth
Vice President, Corporate Affairs
609-359-3016
[email protected]
Source:Antares Pharma, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-antares-pharma-to-report-first-quarter-2018-financial-and-operating-results.html |
LITTLETON, Colo., Ur-Energy Inc. (NYSE American:URG TSX:URE) ("Ur-Energy" or the "Company") has filed the Company's Form 10-Q for the quarter ended March 31, 2018, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and with Canadian securities authorities on SEDAR at www.sedar.com .
Chairman of Ur-Energy, Jeff Klenda said, "Delivering purchased pounds into our 2018 term contracts has permitted us to grow our inventory while also having strong cash flow. In the first quarter, we purchased 370,000 pounds at an average cost of $25.00 per pound, which allowed us to increase our ending inventory by 74,000 pounds and led to gross profits $9.9 million, or gross profit margins of approximately 50%. Our strategy has allowed us to retain our most experienced operators, build inventory, and preserve our resources. In what we are convinced is a changing uranium market, this will position us to be able to quickly ramp up production to respond to improved market conditions at a time where operational and production leverage will have primary importance.
Lost Creek Uranium Production and Sales
During the three months ended March 31, 2018, a total of 84,047 pounds of U 3 O 8 were captured within the Lost Creek plant. 79,961 pounds were packaged in drums and 73,515 pounds of the drummed inventory were shipped to the conversion facility. We sold 380,000 pounds of U 3 O 8 during the period of which 370,000 pounds were purchased. Inventory, production and sales figures for the Lost Creek Project are presented in the following tables.
Production and Production Costs
Unit
2018 Q1
2017 Q4
2017 Q3
2017 Q2
Pounds captured
lb
84,047
67,982
52,812
65,257
Ad valorem and severance tax
$000
$
179
$
160
$
119
$
227
Wellfield cash cost (1)
$000
$
671
$
686
$
743
$
599
Wellfield non-cash cost (2)
$000
$
403
$
575
$
730
$
780
Ad valorem and severance tax per pound captured
$/lb
$
2.13
$
2.35
$
2.25
$
3.48
Cash cost per pound captured
$/lb
$
7.98
$
10.09
$
14.07
$
9.18
Non-cash cost per pound captured
$/lb
$
4.79
$
8.44
$
13.82
$
11.95
Pounds drummed
lb
79,961
60,461
48,336
70,833
Plant cash cost (3)
$000
$
1,226
$
1,210
$
1,120
$
1,267
Plant non-cash cost (2)
$000
$
492
$
493
$
494
$
491
Cash cost per pound drummed
$/lb
$
15.33
$
20.01
$
23.17
$
17.93
Non-cash cost per pound drummed
$/lb
$
6.15
$
8.15
$
10.20
$
6.93
Pounds shipped to conversion facility
lb
73,515
73,367
36,797
74,406
Distribution cash cost (4)
$000
$
19
$
48
$
24
$
26
Cash cost per pound shipped
$/lb
$
0.26
$
0.65
$
0.65
$
0.35
Pounds purchased
lb
370,000
-
109,000
210,000
Purchase costs
$000
$
9,251
$
-
$
2,196
$
4,870
Cash cost per pound purchased
$/lb
$
25.00
$
-
$
20.15
$
23.19
Notes:
1
Wellfield cash costs include all wellfield operating costs. Wellfield construction and development costs, which include wellfield drilling, header houses, pipelines, power lines, roads, fences and disposal wells, are treated as development expense and are not included in wellfield operating costs.
2
Non-cash costs include the amortization of the investment in the mineral property acquisition costs and the depreciation of plant equipment, and the depreciation of their related asset retirement obligation costs. The expenses are calculated on a straight line basis so the expenses are typically constant for each quarter. The cost per pound from these costs will therefore typically vary based on production levels only.
3
Plant cash costs include all plant operating costs and site overhead costs.
4
Distribution cash costs include all shipping costs and costs charged by the conversion facility for weighing, sampling, assaying and storing the U 3 O 8 prior to sale.
Sales and cost of sales
Unit
2018 Q1
2017 Q4
2017 Q3
2017 Q2
Pounds sold
lb
380,000
-
289,000
241,000
U3O8 sales
$000
$
19,663
$
-
$
11,674
$
11,797
Average contract price
$/lb
$
52.50
$
-
$
40.39
$
48.95
Average spot price
$/lb
$
23.75
$
-
$
-
$
-
Average price per pound sold
$/lb
$
51.74
$
-
$
40.39
$
48.95
U3O8 cost of sales (1)
$000
$
9,758
$
376
$
11,157
$
6,573
Ad valorem and severance tax cost per pound sold
$/lb
$
2.30
$
-
$
3.15
$
4.26
Cash cost per pound sold
$/lb
$
31.20
$
-
$
29.11
$
31.54
Non-cash cost per pound sold
$/lb
$
17.20
$
-
$
17.52
$
19.13
Cost per pound sold - produced
$/lb
$
50.70
$
-
$
49.78
$
54.93
Cost per pound sold - purchased
$/lb
$
25.00
$
-
$
20.15
$
23.19
Average cost per pound sold
$/lb
$
25.68
$
-
$
38.61
$
27.26
U3O8 gross profit
$000
$
9,905
$
(376)
$
517
$
5,224
Gross profit per pound sold
$/lb
$
26.06
$
-
$
1.78
$
21.68
Gross profit margin
%
50.4%
0.0%
4.4%
44.3%
Ending Inventory Balances
Pounds
In-process inventory
lb
28,937
26,796
22,306
19,010
Plant inventory
lb
15,504
9,043
21,948
10,446
Conversion facility inventory
lb
159,296
94,077
17,813
160,094
Total inventory
lb
203,737
129,916
62,067
189,550
Total cost
In-process inventory
$000
$
416
$
315
$
221
$
352
Plant inventory
$000
$
538
$
369
$
824
$
479
Conversion facility inventory
$000
$
6,044
$
3,831
$
675
$
6,620
Total inventory
$000
$
6,998
$
4,515
$
1,720
$
7,451
Cost per pound
In-process inventory
$/lb
$
14.38
$
11.76
$
9.92
$
18.46
Plant inventory
$/lb
$
34.70
$
40.81
$
37.53
$
45.85
Conversion facility inventory
$/lb
$
37.94
$
40.72
$
37.89
$
41.35
Notes:
1
Cost of sales include all production costs (notes 1, 2, 3 and 4 in the previous Production and Production Cost table) adjusted for changes in inventory values.
U3O8 sales of $19.7 million for 2018 Q1 were based on selling 380,000 pounds at an average price of $51.74. We made one spot sale during the quarter for 10,000 pounds at $23.75 to establish our taxation basis for calculating severance and ad valorem taxes. The 370,000 pounds sold under term contracts were purchased for an average price of $25.00 per pound. For the quarter, our cost of sales totaled $9.8 million at an average cost of $25.68 per pound.
On a cash basis, the average cost per pound sold was $25.16, which yielded average cash margins of $26.58 per pound and generated cash gross profits of $10.1 million during the quarter. The average cash cost per pound sold was composed of produced and purchased pounds. The cash cost per produced pound sold was $31.20 and the cash cost per purchased pound sold was $25.00. Total gross profit was $9.9 million, or a gross profit margin of approximately 50%.
Total Cost Per Pound Sold
Reconciliation
Unit
2018 Q1
2017 Q4
2017 Q3
2017 Q2
Ad valorem & severance taxes
$000
$
179
$
160
$
119
$
227
Wellfield costs
$000
$
1,074
$
1,260
$
1,473
$
1,379
Plant and site costs
$000
$
1,718
$
1,703
$
1,614
$
1,761
Distribution costs
$000
$
19
$
48
$
24
$
26
Inventory change
$000
$
(2,483)
$
(2,795)
$
5,731
$
(1,690)
Cost of sales - produced
$000
$
507
$
376
$
8,961
$
1,703
Cost of sales - purchased
$000
$
9,251
$
—
$
2,196
$
4,870
Total cost of sales
$000
$
9,758
$
376
$
11,157
$
6,573
Pounds sold produced
lb
10,000
-
180,000
31,000
Pounds sold purchased
lb
370,000
-
109,000
210,000
Total pounds sold
lb
380,000
-
289,000
241,000
Average cost per pound sold - produced (1)
$/lb
$
50.70
$
-
$
49.78
$
54.93
Average cost per pound sold - purchased
$/lb
$
25.00
$
-
$
20.15
$
23.19
Total average cost per pound sold
$/lb
$
25.68
$
-
$
38.61
$
27.27
1
The cost per pound sold reflects both cash and non-cash costs, which are combined as cost of sales in the statement of operations included in this filing. The cash and non-cash cost components are identified in the above inventory, production and sales table.
The cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield, plant and site operations including the related depreciation and amortization of capitalized assets, reclamation and mineral property costs, plus product distribution costs. These costs are also used to value inventory and the resulting inventoried cost per pound is compared to the estimated sales prices based on the contracts or spot sales anticipated for the distribution of the product. Any costs in excess of the calculated market value are charged to cost of sales.
Continuing Guidance for 2018
At the end of the first quarter of 2018, the average spot price of U 3 O 8 , as reported by Ux Consulting Company, LLC and TradeTech, LLC, was approximately $21.05 per pound. Market fundamentals have not changed sufficiently to warrant the accelerated development of MU2. We anticipate completing the third planned header house in MU2 in early May 2018, which will allow us to meet our projected production level of 250,000 to 300,000 pounds drummed for the year.
Through March 31, 2018, we sold 370,000 pounds of U 3 O 8 under term contracts at an average price of approximately $52.50 per pound and 10,000 pounds of U 3 O 8 under a spot sale for $23.75 per pound. We purchased 370,000 pounds at an average cost of $25.00 per pound. The remaining 10,000 pounds were delivered from our produced inventory. We have one final term contract sale for 100,000 pounds at $37.90 scheduled to take place in early June 2018 for which we have a U 3 O 8 purchase contract for 90,000 pounds at $22.25 per pound.
We expect to bring the third MU2 header house on line in Q2 2018 and the production target for that same period is between 85,000 and 95,000 pounds U 3 O 8 dried and drummed. Full year 2018 guidance, similar to 2017, estimates production of between 250,000 and 300,000 pounds, but our production rate may be adjusted based on operational matters and other indicators in the market.
As at May 2, 2018, our unrestricted cash position was $6.3 million.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. We have produced, packaged and shipped more than two million pounds from Lost Creek since the commencement of operations. Applications are under review by various agencies to incorporate our LC East project area into the Lost Creek permits, and we have begun to submit applications for permits and licenses to construct and operate at our Shirley Basin Project. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE American under the symbol "URG" and on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy's website is www.ur-energy.com.
FOR FURTHER INFORMATION, PLEASE CONTACT
Jeffrey Klenda, Chair and CEO
866-981-4588
[email protected]
Cautionary Note Regarding Forward-Looking Information
This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., results of production; ability to deliver into existing contractual obligations; whether the Company's long term contracts adequately protect against market volatility; and whether our overall strategy will permit ramp up to changing market conditions for greatest operational leverage) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedar.com and www.sec.gov . Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.
releases/ur-energy-releases-2018-q1-results-300643096.html
SOURCE Ur-Energy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-ur-energy-releases-2018-q1-results.html |
JOHANNESBURG (Reuters) - South African Public Enterprises Minister Pravin Gordhan has removed three board members at troubled state-owned logistics firm Transnet and appointed an interim board, the Public Enterprises Ministry said on Monday.
Transnet is one of a handful of state firms accused of irregularities in the awarding of state contracts under former President Jacob Zuma.
New South African President Cyril Ramaphosa has promised to clean up governance at companies such as Transnet in an effort to kick-start economic growth and woo foreign investment, which slumped during Zuma’s nine years in power.
Zuma denies allegations of corruption and mismanagement.
Popo Molefe, a veteran of the ruling African National Congress, will chair Transnet’s interim board, the Public Enterprises Ministry said in a statement.
“The previous board has not demonstrated appreciation of the seriousness of issues at hand or the ability to deal with these decisively,” the ministry cited Gordhan as saying.
“We have to hold directors of state-owned companies to a high standard of corporate governance,” Gordhan added.
Three Transnet board members resigned earlier this month, after Ramaphosa made Gordhan public enterprises minister in February.
Reporting by Alexander Winning; Editing by Leslie Adler
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-safrica-transnet/south-africa-appoints-interim-board-at-troubled-state-firm-transnet-idUSKCN1IF2XN |
Armenia's standoff resumes with 'civil tsunami' 4:32pm BST - 01:40
Armenia's opposition and Russian-backed political elite are locked in a standoff again. Protests blocked the capital after the ruling party refused to back the opposition - and sole - candidate for prime minister. Reuters Margarita Antidze reports. ▲ Hide Transcript ▶ View Transcript
Armenia's opposition and Russian-backed political elite are locked in a standoff again. Protests blocked the capital after the ruling party refused to back the opposition - and sole - candidate for prime minister. Reuters Margarita Antidze reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://uk.reuters.com/video/2018/05/02/armenias-standoff-resumes-with-civil-tsu?videoId=423237257&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/02/armenias-standoff-resumes-with-civil-tsu?videoId=423237257 |
PayPal-iZettle deal represents larger trend from US tech giants: Pro 19 Hours Ago Andrew McCaffery, head of strategic investment solutions at Aberdeen Standard Investments, discusses PayPal's $2.2 billion acquisition of iZettle. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/paypal-izettle-deal-represents-larger-trend-from-us-tech-giants-pro.html |
TORONTO, May 29, 2018 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V:PGC) (“ Plato ” or the “Company”), an exploration company with a portfolio of properties in Northern Ontario and Santa Cruz, Argentina is pleased to report the three months financial results for fiscal 2018 and 2017, as summarized below:
Three Months Ended
(Unaudited)
March 31,
2018 March 31,
2017 Income $ 847 $ 625 Net loss and comprehensive loss $ 93,529 $ 34,016 Loss per common sharebasic and diluted $ (0.00 ) $ (0.00 ) Weighted average number
of common shares outstanding basic and diluted $ 167,400,713 $ 143,591,655 For full details, please visit us at www.platogold.com .
About Plato Gold Corp .
Plato Gold Corp. is a Canadian exploration company listed on the TSX Venture Exchange with projects in Marathon Ontario, Timmins Ontario and Santa Cruz, Argentina.
The Good Hope Niobium Project consists of a total of 19 claims, 263 claim units and 4,208 hectares in Killala Lake Area and Cairngorm Lake Area Townships, near Marathon Ontario. In May 2017, Plato signed an option agreement with Rudy Wahl and co-owners to acquire 100% interest in the Good Hope Property.
The Timmins Ontario project includes 4 properties: Guibord, Harker, Holloway and Marriott in the Harker/Holloway gold camp located east of Timmins, Ontario. Plato holds 50% interest in the Guibord property with the remaining 50% held by Osisko Mining Inc. (“Osisko”). Osisko also holds 80% interest in the Harker property with Plato holding the remaining 20%.
In Argentina, Plato owns a 75% interest in Winnipeg Minerals S.A. (“WMSA”), an Argentina incorporated company. The Lolita Property, held by WMSA, is comprised of a number of contiguous mineral rights totaling 9,672 hectares. Work has advanced on this exploration property to the point that it is drill-ready or ready to be optioned to a partner.
For additional company information, please visit: www.platogold.com .
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
For further information, please contact:
Anthony Cohen
President and CEO
Plato Gold Corp.
T: 416-968-0608
F: 416-968-3339
[email protected]
www.platogold.com
Forward Looking Statements
This news release contains “forward-looking statements”, within the meaning of applicable securities laws. These statements include, but are not limited to, statements regarding the potential mineralization and resources, exploration results, and future plans and objectives . Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, use of proceeds, level of activity, performance or achievements of Plato to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: risks related to exploration; actual resource viability, and other risks of the mining industry. Although management of Plato has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
Source:Plato Gold Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-plato-gold-reports-on-first-quarter-results.html |
BURLINGAME, Calif., May 15, 2018 (GLOBE NEWSWIRE) -- AeroCentury Corp. (NYSE American:ACY), an independent aircraft leasing company, today reported first quarter earnings of $0.3 million, or $0.22 per share, compared to $6.02 million, or $4.25 per share for the fourth quarter of 2017 and $0.6 million, or $0.41 per share, for the first quarter of 2017.
First quarter 2018 included $1.1 million of other income resulting from cash received from the previous lessee of three aircraft that were returned to the Company during 2017. Such payments were for unpaid maintenance reserves as well as amounts due pursuant to the unsatisfied return conditions of the applicable leases and were not accrued by the Company at the time of lease termination based on management’s evaluation of the creditworthiness of the lessee. Therefore, the Company is accounting for payments as they are received and recorded in other income. Fourth quarter 2017 results included a $5.4 million tax benefit arising from the revaluation of the Company’s deferred tax liability prompted by the passage of the Tax Cuts and Jobs Act of 2017.
“In the first quarter, we continued on our path of modernizing our portfolio. As a result of the sale of two older turboprop aircraft, the average age of aircraft we are holding for lease is currently approximately 11 years,” said Michael Magnusson, President.
Mr. Magnusson also commented on the progress on the proposed acquisition by the Company of JetFleet Holding Corp. (JHC), the corporation that has managed the Company’s operations and aircraft portfolio since the Company’s founding in 1997. “We have already received the permit for the issuance of shares of the Company’s stock in the transaction from the California Department of Business Oversight, and the shareholders of JHC have approved the transaction. Our next step will be obtaining the consent of the AeroCentury stockholders at a special meeting to be held in the coming weeks. The Company’s stockholder approval is not required under Delaware or California corporate law and will be obtained solely to comply with the NYSE American stock exchange listing regulations for the shares of the Company’s stock issued in the Merger. Although the consummation of the Merger of the Company and JHC has taken somewhat more time than we originally anticipated, both parties are fully committed to the transaction, and are both proceeding expeditiously to complete the necessary steps to consummate the acquisition,” stated Mr. Magnusson.
First Quarter Highlights
Sale of two older turboprop aircraft at or near book value Operating lease revenue of $6.5 million Operating margin 1 of 6% EBITDA 2 of $5.7 million Book value per share of $33.66 as of March 31, 2018 90% portfolio utilization during the quarter $47 million unused credit facility amount as of March 31, 2018
First Quarter 2018 Comparative Data (at or for the periods ended March 31, 2018, December 31, 2017, and March 31, 2017):
Average portfolio utilization was 90% during the first quarter of 2018, 91% in the fourth quarter of 2017 and 96% in the first quarter of 2017 primarily due to asset sales during late 2017 and 2018, as well as the return of several aircraft at lease end in 2017. Total revenue and other income decreased 29% to $7.9 million for the first quarter of 2018, compared to $11.2 million in the preceding quarter, and decreased 1% from $8.0 million in the first quarter a year ago. Operating lease revenues decreased 8% to $6.5 million in the first quarter of 2018 from $7.0 million in the preceding quarter and decreased 12% from $7.3 million in the year-ago quarter, reflecting assets sales during 2017. Operating lease revenues accounted for 82% of total revenues in the first quarter of 2018, compared to 63% in the fourth quarter of 2017 and 92% in the year-ago quarter. The Company recorded no maintenance reserve revenue in the first quarters of 2018 and 2017. Such revenue contributed $2.9 million to fourth quarter 2017 revenues. During the first quarter of 2018, the Company recognized $8,200 in losses from disposal of assets, compared to gains of $922,000 in the fourth quarter of 2017 and gains of $311,000 in the first quarter of 2017. Total expenses decreased 26% to $7.4 million from $10.0 million in the preceding quarter, primarily due to lower maintenance costs and the fourth quarter provision for impairment. Total expenses increased 7% from $6.9 million in the year-ago quarter, primarily due to higher interest expense.
AeroCentury's portfolio currently consists of twenty-one aircraft and one engine that are held for lease and nine aircraft that are held under sales-type or direct finance leases. The Company also has two turboprop aircraft that are held for sale, which are being sold in parts.
The Company's portfolio consists of eleven different aircraft types. The current customer base comprises ten customers operating in eight countries.
The following table shows the status of the Company's portfolio of aircraft and engines held for lease as of March 31, 2018, December 31, 2017, and March 31, 2017.
AIRCRAFT AND ENGINES HELD FOR LEASE March 31,
2018 % of net
book
value December 31,
2017 % of net
book
value March 31,
2017 % of net
book
value Turboprop aircraft: On lease 2 5 % 2 4 % 9 21 % Off lease 6 11 % 8 13 % 2 2 % Total turboprop aircraft 8 16 % 10 17 % 11 23 % Regional jet aircraft: On lease 13 83 % 13 82 % 12 74 % Off lease - - % - - % - - % Total regional jet aircraft 13 83 % 13 82 % 12 74 % Engines: On lease 1 1 % 1 1 % 2 - % Off lease 3 0 - % 0 0 % 1 3 % Total engines 1 1 % 1 1 % 3 3 % About AeroCentury: AeroCentury is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines. The Company's aircraft and engines are leased to regional airlines and commercial users worldwide.
This press release contains forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding (a) the Company’s modernizing its portfolio by replacing older aircraft with younger aircraft, and (b) the Company's acquisition of JHC. The Company's beliefs, expectations, forecasts, objectives and strategies for the future are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements, including but not limited to (a) the inability of the Company to dispose of older aircraft on attractive terms, acquire younger aircraft on attractive terms, or the ability of the Company to generate greater revenues from a portfolio of younger aircraft, and (b) the failure of the Company’s acquisition of JHC to be consummated, as a result of the failure of conditions precedent or otherwise. The forward-looking statements in this press release and the Company's future results of operations are subject to additional risks and uncertainties set forth under the heading "Factors that May Affect Future Results" in documents filed by the Company with the Securities and Exchange Commission, including the Company's quarterly reports on Form 10-Q and the Company's latest annual report on Form 10-K, and are based on information available to the Company on the date hereof. The Company does not intend, and assumes no obligation, to update any forward-looking statements made in this press release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.
Selected Financial Information
(in thousands, except share and per share data) (Unaudited)
For the Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Operating lease revenue $ 6,463 $ 7,007 $ 7,317 Finance lease revenue 379 398 325 Loss/gain on disposal of assets (8 ) 922 14 Gain on sales-type finance leases - - 297 Maintenance reserves revenue 4 - 2,851 - Other income 1,051 2 1 Total revenue and other income 7,885 11,180 7,954 Depreciation 2,942 2,988 2,936 Interest 2,254 2,257 1,610 Management fees 1,447 1,520 1,507 Provision for impairment - 479 - Maintenance costs 91 2,094 256 Professional fees and other 680 685 602 Total expenses 7,414 10,023 6,911 Income before income taxes 471 1,157 1,043 Income tax provision/(benefit) 154 (4,861 ) 401 Net income $ 317 $ 6,018 $ 642 Earnings per share: Basic $ 0.22 $ 4.25 $ 0,41 Diluted $ 0.22 $ 4.25 $ 0.41 Shares used in per share computations: Basic 1,416,699 1,416,699 1,550,032 Diluted 1,416,699 1,416,699 1,550,032 March 31, December 31, March 31, 2018 2017 2017
Total assets $ 226,188 $ 236,410 $ 222,032 Total liabilities $ 178,504 $ 189,043 $ 181,423 Shareholders' equity $ 47,684 $ 47,367 $ 40,609 Book value per share $ 33.66 $ 33.43 $28.66
Use of Non-GAAP Financial Measures
This press release includes the non-GAAP financial measures of Operating margin, Net margin and EBITDA. The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. The Company’s non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or any other measure of financial performance calculated and presented in accordance with GAAP. The Company’s non-GAAP financial measures may not be comparable to similarly-titled measures of other companies because they may not calculate such measures in the same manner as the Company does.
Additional Financial Information (Unaudited)
For the Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Reconciliation of Net income to EBITDA: Net income $ 317 $ 6,018 $ 642 Depreciation 2,942 2,988 2,936 Interest 2,254 2,257 1,610 Taxes 154 (4,861 ) 401 EBITDA: 5,667 6,402 5,589 Operating margin: Income before taxes 471 1,157 1,043 Divided by Total revenue 7,885 11,180 7,954 Operating margin: 6% 10% 13% Net margin: Net income 317 6,018 642 Divided by Total revenue 7,885 11,180 7,954 Net margin: 4% 54% 8%
____ | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-aerocentury-corp-reports-first-quarter-2018-earnings-of-317300-or-0-point-22-per-share.html |
May 10 (Reuters) - BioDelivery Sciences International Inc :
* BIODELIVERY SCIENCES REPORTS POSITIVE FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
* Q1 LOSS PER SHARE $0.18 * Q1 REVENUE $11.3 MILLION VERSUS I/B/E/S VIEW $11.2 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.21 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-biodelivery-sciences-reports-q1-lo/brief-biodelivery-sciences-reports-q1-loss-per-share-0-18-idUSASC0A1JL |
WASHINGTON—The Senate on Thursday passed a bill to overhaul its sexual-harassment policies, including forcing lawmakers to pay back taxpayers for settlements if they are found guilty of sexual harassment.
That requirement and other key provisions mirror a bill passed by the House in February, which also would make it easier for victims to report harassment. It would eliminate both the 30-day “counseling” period and mandatory mediation required by current policy. Cases involving lawmakers would be referred to the ethics committee... | ashraq/financial-news-articles | https://www.wsj.com/articles/senate-passes-overhaul-of-sexual-harassment-policies-on-capitol-hill-1527189546 |
DEERFIELD, Ill.--(BUSINESS WIRE)-- Walgreens Boots Alliance, Inc. (Nasdaq: WBA) will release its fiscal 2018 third quarter earnings results at 7 a.m. Eastern time Thursday, 28 June 2018, followed by a one-hour conference call with Walgreens Boots Alliance management beginning at 8:30 a.m. Eastern time.
The conference call will be simulcast through the Walgreens Boots Alliance investor relations website at: http://investor.walgreensbootsalliance.com . A replay of the conference call will be archived on the website for 12 months after the call.
The replay also will be available from 11:30 a.m. Eastern time, 28 June 2018 through 5 July 2018, by calling +1 855 859 2056 within the U.S. and Canada, or +1 404 537 3406 internationally, using replay code 7668398.
Notes to Editors:
About Walgreens Boots Alliance
Walgreens Boots Alliance (Nasdaq: WBA) is the first global pharmacy-led, health and wellbeing enterprise. The company's heritage of trusted health care services through community pharmacy care and pharmaceutical wholesaling dates back more than 100 years.
Walgreens Boots Alliance is the largest retail pharmacy, health and daily living destination across the U.S. and Europe. Walgreens Boots Alliance and the companies in which it has equity method investments together have a presence in more than 25* countries and employ more than 385,000* people. The company is a global leader in pharmacy-led, health and wellbeing retail and, together with the companies in which it has equity method investments, has more than 13,200* stores in 11* countries as well as one of the largest global pharmaceutical wholesale and distribution networks, with more than 390* distribution centers delivering to more than 230,000** pharmacies, doctors, health centers and hospitals each year in more than 20* countries. In addition, Walgreens Boots Alliance is one of the world’s largest purchasers of prescription drugs and many other health and wellbeing products.
The company’s portfolio of retail and business brands includes Walgreens, Duane Reade, Boots and Alliance Healthcare, as well as increasingly global health and beauty product brands, such as No7, Soap & Glory, Liz Earle, Sleek MakeUP and Botanics.
More company information is available at www.walgreensbootsalliance.com .
* As of 31 August 2017, using publicly available information for AmerisourceBergen.
** For 12 months ending 31 August 2017, using publicly available information for AmerisourceBergen
(WBA-GEN)
Cautionary Note Regarding Forward-Looking Statements: All statements in this release and related conference call and webcast that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including those described in Item 1A (Risk Factors) of our Form 10-K for the fiscal year ending 31 August 2017, and our Form 10-Q for the fiscal quarter ending 30 November 2017, each of which is incorporated herein by reference, and in other documents that we file or furnish with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially. These forward-looking statements speak only as of the date they are made. Except to the extent required by law, we do not undertake, and expressly disclaim, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005086/en/
Walgreens Boots Alliance, Inc.
Media Relations
USA / Fiona Ortiz, +1 847 315 6402
or
International / Laura Vergani, +44 (0)207 980 8585
or
Investor Relations
Gerald Gradwell and Ashish Kohli, +1 847 315 2922
Source: Walgreens Boots Alliance, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-walgreens-boots-alliance-schedules-fiscal-2018-third-quarter-earnings-announcement-for-28-june-2018.html |
Double-Digit Growth in Reported and Adjusted Diluted Earnings Per Share Double-Digit Growth in Operating Free Cash Flow Significant Progress on Key Strategic Initiatives
DENTON, Texas--(BUSINESS WIRE)-- Sally Beauty Holdings, Inc. (NYSE: SBH) (“the Company”) today announced financial results for its fiscal 2018 second 2018. The Company will hold a conference call today at 7:30 a.m. Central Time to discuss these results and its business.
Fiscal 2018 Second Quarter Overview
Consolidated net sales were $975.3 million in the second quarter, an increase of 0.9% compared to the prior year. Foreign currency translation had a favorable impact of approximately 170 basis points on reported sales growth. Consolidated same store sales decreased 1.4% in the quarter. The hurricanes that disrupted operations in the fourth quarter of fiscal 2017 had a modest impact on the Company’s business in Puerto Rico, negatively impacting both sales growth and same store sales growth by approximately 10 basis points.
Reported diluted earnings per share in the second quarter were $0.49 compared to $0.40 in the prior year, an increase of 22.5%, driven primarily by lower income tax expense as a result of U.S. tax reform, reduced share count from share repurchases and lower interest expense as a result of the debt refinancing in the fiscal fourth quarter of the prior year. Adjusted diluted earnings per share, excluding $6.8 million in charges related to the 2018 Restructuring Plan and $0.9 million in expenses related to debt refinancing activities, were $0.54 in the second quarter compared to $0.44 in the prior year, an increase of 22.7%.
“Although we delivered sequential improvement in same store sales and sustained growth in our Sally e-commerce business, traffic trends in our Sally Beauty stores in the U.S. continued to be a challenge,” said Chris Brickman, President and Chief Executive Officer. “A slight increase in consolidated net sales was offset by a modest decline in gross margin and higher selling, general and administrative expenses due primarily to unfavorable foreign exchange translation and operating expenses from our recent Canadian acquisition. However, the benefits of U.S. tax reform, lower interest expense and a lower share count helped drive strong double digit growth in both reported and adjusted diluted earnings per share. In addition, our operations continue to generate substantial operating free cash flow, with an increase of 22.3% over the prior year, to $59.1 million.”
“We continue to make progress on strategic initiatives focused on driving long-term growth and intensifying our focus on our defensible core categories - hair color and hair care. During the quarter, we completed the distribution center investments that allow Sally e-commerce orders to be shipped in two days or less to almost all U.S. households and we began marketing that capability late in the quarter. To further strengthen our hair color offerings in Sally stores, we successfully completed the nationwide launch of two new color lines - Wella ColorCharm Paints and Arctic Fox. Additionally, we completed the testing and refinement of the new Sally loyalty program and we are preparing to launch the new program nationally before the end of the fiscal year. We also finalized the majority of the initiatives outlined in the international portion of our 2018 Restructuring Plan, with the goals of reducing our European cost base and better leveraging our global scale. And, lastly, we repriced our $548.6 million floating rate term loan, reducing the interest rate spread by 0.25%, thus lowering our future cash interest expense.”
“As we announced shortly after quarter-end, we have launched a cost reduction program focused on additional organizational efficiencies, direct and indirect sourcing, store labor hour optimization, supply chain redesign and a reduction in inventory levels. It is expected that the financial benefits generated from this program will be reinvested into market-competitive store wages, enhanced marketing analytics and the acceleration of technology investments that will improve customers’ in-store experience, further grow our e-commerce business, and provide better visibility to store-level inventory.”
“Despite retail sector headwinds, we are the established leader in hair color and hair care for the professional and the consumer, and these categories have sustained healthy growth while other categories have faced increasing competition. We believe that these strategic investments will accelerate growth in color and care (which, combined, represent more than half of Sally’s revenue in the U.S. and Canada) and keep us on a path to long-term earnings growth,” Brickman concluded.
Additional Second Quarter Financial Detail
Gross margin for the second quarter was 49.9%, a decrease of 60 basis points compared to the prior year. In the Sally segment, margin gains from revenue increases in higher margin categories (hair color, hair care and cosmetics) were offset by increased coupon redemptions, strategic pricing reductions on select SKUs, and a geographic revenue mix shift towards the segment’s lower margin international business. In the Beauty Systems Group segment, benefits in the quarter from prior year pricing initiatives were offset by a mix shift towards lower margin brands and a decrease in vendor allowances compared to the prior year. Additionally, consolidated gross margin was impacted by a segment revenue mix shift towards the lower margin Beauty Systems Group segment.
Reported operating earnings and operating margin in the second quarter were $111.1 million and 11.4%, respectively, compared to $119.0 million and 12.3%, respectively, in the prior year. Adjusted operating earnings and operating margin (excluding restructuring charges in both years) were $117.9 million and 12.1%, respectively, compared to $128.2 million and 13.3%, respectively, in the prior year.
The Company’s effective tax rate for the second quarter was 28.5% compared to 38.2% in the prior year, with the significant reduction driven by the impact of U.S. tax reform.
Reported net earnings in the second quarter were $61.4 million, an increase of $4.4 million, or 7.7%, from the prior year. Adjusted EBITDA in the second quarter was $147.5 million, a decrease of $11.0 million, or 6.9%, from the prior year, and Adjusted EBITDA margin was 15.1%, a decline of approximately 130 basis points from the prior year.
At the end of the quarter, inventory was $935.0 million, up 1.9% from the prior year. The increase was driven by the impact of a weaker U.S. dollar on reported inventory levels and inventory related to the H. Chalut Ltée acquisition that closed in the first quarter.
Capital expenditures in the quarter were $16.2 million, primarily for information technology projects, store remodels and maintenance, and distribution facility upgrades.
The Company repurchased (and subsequently retired) a total of 2.9 million shares of common stock during the second quarter at an aggregate cost of $50.1 million.
Expansion of 2018 Restructuring Plan
During the second quarter, the Company successfully completed the majority of the international initiatives of its 2018 Restructuring Plan, focused on significantly improving the profitability of its international businesses, with particular emphasis on its European operations. These international initiatives are still expected to result in charges in the range of $13 million to $14 million and are expected to generate annualized benefits in the range of $12 million to $14 million, with approximately $8 million of the benefits realized in fiscal 2018.
Subsequent to quarter-end, the Company announced a cost reduction program designed to fund investments in the Company’s long-term growth strategy. The organizational efficiencies component of this program are now part of an expanded 2018 Restructuring Plan and includes employee separation costs related to headcount reductions (primarily at the Company’s corporate headquarters in Denton, Texas) and third party consulting costs in the range of $15 million to $16 million. The expansion of the 2018 Restructuring Plan is expected to generate additional annualized benefits in the range of $14 million to $15 million, with benefits in fiscal year 2018 in the range of $6 million to $7 million. It is expected that the majority of these newly-identified benefits will be invested in key strategic initiatives.
The expanded 2018 Restructuring Plan, including the international restructuring initiatives previously disclosed, is now expected to generate total annualized benefits in the range of $26 million to $29 million, with benefits in fiscal year 2018 in the range of $14 million to $15 million. The total restructuring charges from the expanded 2018 Restructuring Plan are now expected in the range of $28 million to $30 million, the majority of which are expected to be recorded in the current fiscal year. Restructuring charges of approximately $6.8 million, related primarily to employee separation costs, were recorded in the second quarter.
Fiscal Year 2018 Guidance
For fiscal year 2018, the Company now expects full year consolidated same store sales to decline by approximately one percent. With the addition of new stores from the H. Chalut Ltée acquisition, the Company is still maintaining its guidance for consolidated year-end store count to increase slightly compared to the prior year.
Full year gross margin is now expected to decrease slightly compared to the prior year, due primarily to a more promotional retail environment and a business segment mix shift.
Full year adjusted selling, general and administrative expenses (including depreciation and amortization expense) are now expected to be approximately 37.4% of sales versus 37.2% of sales in the prior year.
Due to the benefits of U.S. tax reform, the Company is maintaining its expectation for the consolidated effective tax rate for fiscal 2018 to be in the range of 22% to 24%. At this time, the Company still expects a significant portion of the benefits from U.S. tax reform will flow through directly to net earnings. In addition, the Company is reconfirming its expectation for solid growth in full year operating free cash flow which will allow for the continued strategy of returning capital to shareholders while maintaining appropriate leverage.
Full year reported operating earnings are now expected to decrease slightly, due primarily to higher restructuring costs in fiscal year 2018. Full year adjusted operating earnings, including the impact of the hurricanes in both years and the strategic investments to drive future growth, are still expected to decline slightly, with the revised revenue and gross margin outlook offset by discipline in corporate G&A expenses. However, the Company expects full year benefits from its debt refinancing, lower average share count and the benefits of U.S. tax reform to result in strong double digit growth in both full year reported and adjusted diluted earnings per share.
Fiscal 2018 Second Quarter Segment Results
Sally Beauty Supply
Net sales were $580.1 million in the quarter, an increase of 0.7% compared to the prior year. Foreign currency translation boosted the segment’s revenue growth in the quarter by 260 basis points. Same store sales decreased 1.6%, with the lingering impact of the hurricanes late in the prior fiscal year contributing approximately 10 basis points of the decline. At the end of the quarter, net store count was 3,782, a decrease of 56 from the prior year. Gross margin decreased 70 basis points to 55.6% in the quarter. Benefits from revenue increases in higher margin categories (hair color, hair care and cosmetics) were offset by prior strategic pricing reductions, increased coupon redemptions and a geographic revenue mix shift towards the lower margin international business. Reported operating earnings were $90.3 million in the quarter, a decrease of 6.7% versus the prior year, driven by lower gross margin and higher SG&A expenses, partially offset by the benefits from the 2017 and 2018 Restructuring Plans. Reported operating margin was 15.6%, a 120 basis point decrease from the prior year.
Beauty Systems Group
Net sales were $395.2 million in the quarter, an increase of 1.2% compared to the prior year. Foreign currency translation increased BSG’s revenue growth by approximately 40 basis points. Same store sales declined 1.2%. At the end of the quarter, net store count was 1,393, up 47 from the prior year, driven by the H. Chalut Ltée acquisition and the net increase in CosmoProf stores. Gross margin decreased 50 basis points to 41.4% in the quarter. Gross margin benefitted from prior year pricing initiatives but was offset by a mix shift to lower margin vendors and a decrease in vendor allowances compared to the prior year. Reported operating earnings were $59.9 million in the quarter, a decrease of 4.4% versus the prior year, driven by lower gross margin. Reported operating margin in the quarter was 15.2%, a 90 basis point decrease from the prior year. At the end of the quarter, total distributor sales consultants were 859 compared to 849 in the prior year. This increase is due primarily to the addition of distributor sales consultants from the H. Chalut Ltée acquisition, partially offset by a decline in the number of distributor sales consultants employed by BSG’s Armstrong McCall franchise business.
Executive Appointment
Aaron E. Alt has been appointed as Senior Vice President, Chief Financial Officer and Chief Administrative Officer with an expected start date of June 4, 2018. Aaron joins Sally Beauty Holdings from Target Corporation, one of the largest mass merchant retailers in the U.S., where he served most recently as Senior Vice President of Operations in addition to holding various executive leadership roles responsible for finance, tax, treasury, risk management, business development, strategy and operations. Prior to Target Corporation, he served various roles with Sara Lee Corporation, a consumer packaged goods manufacturer, from 2004 to 2012 including General Manager of Ball Park Brands and Senior Vice President, CFO of North American Retail and Foodservice.
“We are very excited to add Aaron to our team, he has a proven track record of transformational leadership in retail that will help us accelerate and expand both the cost reduction and strategic growth initiatives currently underway at our Company,” said Chris Brickman, President and Chief Executive Officer. “His broad experience will be an asset to us as we build upon our strategy and prioritize our opportunities for long-term growth."
Finally, we announced today that Don Grimes (Senior Vice President, Chief Financial Officer and Chief Operations Officer) will be leaving the company effective immediately. We would like to thank Don for his many contributions. During the interim period, following Don’s departure and Aaron’s start date, Brent Baxter (current Group Vice President, Principal Accounting Officer and Controller) will serve as Interim Chief Financial Officer in order to ensure a smooth transition.
Conference Call and Where You Can Find Additional Information
The Company will hold a conference call and audio webcast today to discuss its financial results and its business at approximately 7:30 a.m. Central Time. During the conference call, the Company may discuss and answer one or more questions concerning business and financial matters and trends affecting the Company. The Company’s responses to these questions, as well as other matters discussed during the conference call, may contain or constitute material information that has not been previously disclosed. Simultaneous to the conference call, an audio webcast of the call will be available via a link on the Company’s website, investor.sallybeautyholdings.com . The conference call can be accessed by dialing (800) 230-1074 (International: (612) 332-0107). The teleconference will be held in a “listen-only” mode for all participants other than the Company’s current sell-side and buy-side investment professionals. A replay of the earnings conference call will be available starting at 9:30 a.m. Central Time, May 3, 2018, through May 10, 2018, by dialing (800) 475-6701 or if international, dial (320) 365-3844 and reference the conference ID number 446634. Also, a website replay will be available on investor.sallybeautyholdings.com
About Sally Beauty Holdings, Inc.
Sally Beauty Holdings, Inc. (NYSE: SBH) is an international specialty retailer and distributor of professional beauty supplies with revenues of approximately $3.9 billion annually. Through the Sally Beauty Supply and Beauty Systems Group businesses, the Company sells and distributes through 5,175 stores, including 182 franchised units, and has operations throughout the United States, Puerto Rico, Canada, Mexico, Chile, Peru, the United Kingdom, Ireland, Belgium, France, the Netherlands, Spain and Germany. Sally Beauty Supply stores offer up to 8,000 products for hair, skin, and nails through professional lines such as OPI ® , China Glaze ® , Wella ® , Clairol ® , Conair ® and Hot Shot Tools ® , as well as an extensive selection of proprietary merchandise. Beauty Systems Group stores, branded as CosmoProf or Armstrong McCall stores, along with its outside sales consultants, sell up to 10,500 professionally branded products including Paul Mitchell ® , Wella ® , Matrix ® , Schwarzkopf ® , Kenra ® , Goldwell ® , Joico ® and Aquage ® , intended for use in salons and for resale by salons to retail consumers. For more information about Sally Beauty Holdings, Inc., please visit sallybeautyholdings.com .
Cautionary Notice Regarding Forward-Looking Statements
Statements in this news release and the schedules hereto which are not purely historical facts or which depend upon future events may be 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. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would,” or similar expressions may also identify such .
Readers are cautioned not to place undue reliance on as such statements speak only as of the date they were made. Any involve risks and uncertainties that could cause actual events or results to the events or results described in the , including, but not limited to, risks and uncertainties related to: anticipating and effectively responding to changes in consumer and professional stylist preferences and buying trends in a timely manner; the success of our strategic initiatives, including our store refresh program and increased marketing efforts, to enhance the customer experience, attract new customers, drive brand awareness and improve customer loyalty; our ability to efficiently manage and control our costs and the success of our cost control plans, including our recently announced restructuring plans; our ability to implement our restructuring plans in various jurisdictions; our ability to manage the effects of our cost reduction plans on our employees and other operations costs; charges related to the restructuring plans; possible changes in the size and components of the expected costs and charges associated with the restructuring plans; our ability to realize the anticipated cost savings from the restructuring plans within the anticipated time frame, if at all; the highly competitive nature of, and the increasing consolidation of, the beauty products distribution industry; the timing and acceptance of new product introductions; shifts in the mix of product sold during any period; potential fluctuation in our same store sales and quarterly financial performance; our dependence upon manufacturers who may be unwilling or unable to continue to supply products to us; our dependence upon manufacturers who have developed or could develop their own distribution businesses which compete directly with ours; the possibility of material interruptions in the supply of products by our third-party manufacturers or distributors or increases in the prices of products we purchase from our third-party manufacturers or distributors; products sold by us being found to be defective in labeling or content; compliance with current laws and regulations or becoming subject to additional or more stringent laws and regulations; the success of our e-commerce businesses; diversion of professional products sold by Beauty Systems Group to mass retailers or other unauthorized resellers; the operational and financial performance of our franchise-based business; successfully identifying acquisition candidates and successfully completing desirable acquisitions; integrating acquired businesses; the success of our initiatives to expand into new geographies; the success of our existing stores, and our ability to increase sales at existing stores; opening and operating new stores profitably; the volume of traffic to our stores; the impact of the general economic conditions upon our business; the challenges of conducting business outside the United States; the impact of Britain’s decision to leave the European Union and related or other disruptive events in the United Kingdom, the European Union or other geographies in which we conduct business; rising labor and rental costs; protecting our intellectual property rights, particularly our trademarks; the risk that our products may infringe on the intellectual property rights of others; successfully updating and integrating our information technology systems; disruption in our information technology systems; a significant data security breach, including misappropriation of our customers’, or employees’ or suppliers’ confidential information, and the potential costs related thereto; the negative impact on our reputation and loss of confidence of our customers, suppliers and others arising from a significant data security breach; the costs and diversion of management’s attention required to investigate and remediate a data security breach and to continuously upgrade our information technology security systems to address evolving cyber-security threats; the ultimate determination of the extent or scope of the potential liabilities relating to our past or any future data security incidents; our ability to attract or retain highly skilled management and other personnel; severe weather, natural disasters or acts of violence or terrorism; the preparedness of our accounting and other management systems to meet financial reporting and other requirements and the upgrade of our existing financial reporting system; being a holding company, with no operations of our own, and depending on our subsidiaries for our liquidity needs; our ability to execute and implement our common stock repurchase program; our substantial indebtedness; the possibility that we may incur substantial additional debt, including secured debt, in the future; restrictions and limitations in the agreements and instruments governing our debt; generating the significant amount of cash needed to service all of our debt and refinancing all or a portion of our indebtedness or obtaining additional financing; changes in interest rates increasing the cost of servicing our debt; and the costs and effects of litigation.
Additional factors that could cause actual events or results to the events or results described in the can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended September 30, 2017, as filed with the Securities and Exchange Commission. Consequently, all in this release are qualified by the factors, risks and uncertainties contained therein. We assume no obligation to publicly update or revise any
Use of Non-GAAP Financial Measures
This news release and the schedules hereto include the following financial measures that have not been calculated in accordance with accounting principles generally accepted in the United States, or GAAP, and are therefore referred to as non-GAAP financial measures: (1) Adjusted EBITDA and EBITDA margin; (2) adjusted operating earnings and operating margin; (3) adjusted diluted earnings per share and (4) operating free cash flow. We have provided definitions below for these non-GAAP financial measures and have provided tables in the schedules hereto to reconcile these non-GAAP financial measures to the comparable GAAP financial measures.
Adjusted EBITDA and EBITDA Margin - We define the measure Adjusted EBITDA as GAAP net earnings before depreciation and amortization, interest expense, income taxes, share-based compensation, and costs related to the Company’s previously announced Restructuring Plans for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of net sales.
Adjusted Operating Earnings and Operating Margin – Adjusted operating earnings are GAAP operating earnings that excludes costs related to the Company’s previously announced Restructuring Plans for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted Operating Margin is Adjusted Operating Earnings as a percentage of net sales.
Adjusted Diluted Net Earnings Per Share – Adjusted diluted net earnings per share is GAAP diluted earnings per share that exclude costs related to the Company’s previously announced Restructuring Plans and loss on extinguishment of debt as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures.
Operating Free Cash Flow – We define the measure Operating Free Cash Flow as GAAP net cash provided by operating activities less capital expenditures. We believe Operating Free Cash Flow is an important liquidity measure that provides useful information to investors about the amount of cash generated from operations after taking into account capital expenditures.
We believe that these non-GAAP financial measures provide valuable information regarding our earnings and business trends by excluding specific items that we believe are not indicative of the ongoing operating results of our businesses; providing a useful way for investors to make a comparison of our performance over time and against other companies in our industry.
We have provided these non-GAAP financial measures as supplemental information to our GAAP financial measures and believe these non-GAAP measures provide investors with additional meaningful financial information regarding our operating performance and cash flows. Our management and Board of Directors also use these non-GAAP measures as supplemental measures to evaluate our businesses and the performance of management, including the determination of performance-based compensation, to make operating and strategic decisions, and to allocate financial resources. We believe that these non-GAAP measures also provide meaningful information for investors and securities analysts to evaluate our historical and prospective financial performance. These non-GAAP measures should not be considered a substitute for or superior to GAAP results. Furthermore, the non-GAAP measures presented by us may not be comparable to similarly titled measures of other companies.
Supplemental Schedules Segment Information 1 Non-GAAP Financial Measures Reconciliations 2 Non-GAAP Financial Measures Reconciliations Continued; Adjusted EBITDA and Operating Free Cash Flow
3 Store Count and Same Store Sales 4 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Consolidated Statements of Earnings (In thousands, except per share data) (Unaudited) Three Months Ended March 31, Six Months Ended March 31, 2018 2017 Percentage
Change
2018 2017 Percentage
Change
Net sales $ 975,321 $ 966,470 0.9 % $ 1,970,286 $ 1,966,080 0.2 % Cost of products sold 488,999 478,364 2.2 % 997,335 986,266 1.1 % Gross profit 486,322 488,106 -0.4 % 972,951 979,814 -0.7 % Selling, general and administrative expenses 368,461 359,857 2.4 % 739,748 734,108 0.8 % Restructuring charges 6,759 9,211 -26.6 % 11,969 9,211 29.9 % Operating earnings 111,102 119,038 -6.7 % 221,234 236,495 -6.5 % Interest expense 25,262 26,848 -5.9 % 49,277 53,646 -8.1 % Earnings before provision for income taxes 85,840 92,190 -6.9 % 171,957 182,849 -6.0 % Provision for income taxes 24,469 35,198 -30.5 % 27,322 70,031 -61.0 % Net earnings $ 61,371 $ 56,992 7.7 % $ 144,635 $ 112,818 28.2 % Earnings per share: Basic $ 0.49 $ 0.41 19.5 % $ 1.15 $ 0.79 45.6 % Diluted $ 0.49 $ 0.40 22.5 % $ 1.14 $ 0.79 44.3 % Weighted average shares: Basic 124,270 140,549 126,046 142,107 Diluted 125,057 141,325 126,834 143,047 Basis Point
Change
Basis Point
Change
Comparison as a percentage of net sales
Consolidated gross margin 49.9 % 50.5 % (60 ) 49.4 % 49.8 % (40 ) Selling, general and administrative expenses 37.8 % 37.2 % 60 37.5 % 37.3 % 20 Consolidated operating margin 11.4 % 12.3 % (90 ) 11.2 % 12.0 % (80 ) Effective tax rate
28.5 % 38.2 % (970 ) 15.9 % 38.3 % (2,240 ) SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands) (Unaudited) March 31, 2018 September 30, 2017 Cash and cash equivalents $ 68,056 $ 63,759 Trade and other accounts receivable 98,755 92,241 Inventory 935,037 930,855 Other current assets 52,313 55,223 Total current assets 1,154,161 1,142,078 Property and equipment, net 300,132 313,717 Goodwill and other intangible assets 621,978 618,096 Other assets 23,879 25,116 Total assets $ 2,100,150 $ 2,099,007 Current maturities of long-term debt $ 86,208 $ 96,082 Accounts payable 289,969 307,752 Accrued liabilities 168,074 166,527 Income taxes payable 1,577 2,233 Total current liabilities 545,828 572,594 Long-term debt, including capital leases 1,769,841 1,771,853 Other liabilities 33,346 20,140 Deferred income tax liabilities 66,164 98,036 Total liabilities 2,415,179 2,462,623 Total stockholders' deficit (315,029 ) (363,616 ) Total liabilities and stockholders' deficit $ 2,100,150 $ 2,099,007 Supplemental Schedule 1
SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Segment Information (In thousands) (Unaudited) Three Months Ended March 31, Six Months Ended March 31, 2018 2017 Percentage
Change
2018 2017 Percentage
Change
Net sales: Sally Beauty Supply ("SBS") $ 580,114 $ 575,994 0.7 % $ 1,165,689 $ 1,165,853 0.0 % Beauty Systems Group ("BSG") 395,207 390,476 1.2 % 804,597 800,227 0.5 % Total net sales $ 975,321 $ 966,470 0.9 % $ 1,970,286 $ 1,966,080 0.2 % Operating earnings: SBS $ 90,328 $ 96,839 -6.7 % $ 176,922 $ 189,365 -6.6 % BSG 59,949 62,703 -4.4 % 124,514 126,303 -1.4 % Segment operating earnings 150,277 159,542 -5.8 % 301,436 315,668 -4.5 % Unallocated expenses (1) (32,416 ) (31,293 ) 3.6 % (68,233 ) (69,962 ) -2.5 % Restructuring charges (6,759 ) (9,211 ) -26.6 % (11,969 ) (9,211 ) 29.9 % Interest expense (25,262 ) (26,848 ) -5.9 % (49,277 ) (53,646 ) -8.1 % Earnings before provision for income taxes $ 85,840 $ 92,190 -6.9 % $ 171,957 $ 182,849 -6.0 % Segment gross margin: 2018 2017 Basis Point
Change
2018 2017 Basis Point
Change
SBS 55.6 % 56.3 % (70 ) 55.1 % 55.6 % (50 ) BSG 41.4 % 41.9 % (50 ) 41.1 % 41.4 % (30 ) Segment operating margin: SBS 15.6 % 16.8 % (120 ) 15.2 % 16.2 % (100 ) BSG 15.2 % 16.1 % (90 ) 15.5 % 15.8 % (30 ) Consolidated operating margin 11.4 % 12.3 % (90 ) 11.2 % 12.0 % (80 ) (1) Unallocated expenses, including share-based compensation expense, consist of corporate and shared costs and are included in selling, general and administrative expenses.
Supplemental Schedule 2
SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures Reconciliations, Continued (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2018 As Reported Restructuring
Charges (1)
Loss on
Extinguishment
of Debt (2)
As Adjusted
(Non-GAAP)
Operating earnings $ 111,102 $ 6,759 $ 117,861 Operating margin 11.4 % 12.1 % Earnings before provision for income taxes 85,840 6,759 $ 876 93,475 Provision for income taxes (3) 24,469 1,555 254 26,278 Net earnings $ 61,371 $ 5,204 $ 622 $ 67,197 Earnings per share: Basic $ 0.49 $ 0.04 $ 0.005 $ 0.54 Diluted $ 0.49 $ 0.04 $ 0.005 $ 0.54 Three Months Ended March 31, 2017 As Reported Restructuring
Charges (1)
As Adjusted
(Non-GAAP)
Operating earnings $ 119,038 $ 9,211 $ 128,249 Operating margin 12.3 % 13.3 % Earnings before provision for income taxes 92,190 9,211 101,401 Provision for income taxes (3) 35,198 3,500 38,698 Net earnings $ 56,992 $ 5,711 $ 62,703 Earnings per share: Basic $ 0.41 $ 0.04 $ 0.45 Diluted $ 0.40 $ 0.04 $ 0.44 (1) Restructuring charges represent costs and expenses incurred in connection with the 2017 Restructuring Plan disclosed in February 2017 and the 2018 Restructuring Plan disclosed in November 2017.
(2) For the three months ended March 31, 2018, interest expense reflects a loss on extinguishment of debt in connection with a repricing of the variable-rate tranche of our term loan B, resulting in a lower effective interest.
(3) The income tax provision associated with the fiscal year 2018 restructuring charges was calculated using a 23.0% tax rate since realization of a tax benefit for portions of this expense is currently not deemed probable. The income tax provision associated with other charges and the fiscal year 2017 restructuring charges was calculated using a 29.0% and 38.0% tax rate, respectively.
Supplemental Schedule 3
SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures Reconciliations, Continued (In thousands) (Unaudited) Three Months Ended March 31, Six Months Ended March 31, Adjusted EBITDA: 2018 2017 Percentage
Change
2018 2017 Percentage
Change
Net earnings $ 61,371 $ 56,992 7.7 % $ 144,635 $ 112,818 28.2 % Add: Depreciation and amortization 26,919 27,878 -3.4 % 54,009 54,716 -1.3 % Interest expense 25,262 26,848 -5.9 % 49,277 53,646 -8.1 % Provision for income taxes 24,469 35,198 -30.5 % 27,322 70,031 -61.0 % EBITDA (non-GAAP) 138,021 146,916 -6.1 % 275,243 291,211 -5.5 % Share-based compensation 2,738 2,398 14.2 % 5,850 6,212 -5.8 % Restructuring charges 6,759 9,211 -26.6 % 11,969 9,211 29.9 % Adjusted EBITDA (non-GAAP) $ 147,518 $ 158,525 -6.9 % $ 293,062 $ 306,634 -4.4 % Basis Point
Change
Basis Point
Change
Adjusted EBITDA as a percentage of net sales
Adjusted EBITDA margin 15.1 % 16.4 % (130 ) 14.9 % 15.6 % (70 ) Operating Free Cash Flow: 2018 2017 Percentage
Change
2018 2017 Percentage
Change
Net cash provided by operating activities $ 75,246 $ 69,613 8.1 % $ 179,450 $ 159,407 12.6 % Less: Payments for property and equipment, net (16,180 ) (21,312 ) -24.1 % (38,679 ) (49,320 ) -21.6 % Operating free cash flow (non-GAAP) $ 59,066 $ 48,301 22.3 % $ 140,771 $ 110,087 27.9 % Supplemental Schedule 4
SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Store Count and Same Store Sales (Unaudited) As of March 31, 2018 2017 Change Number of stores: SBS: Company-operated stores 3,765 3,820 (55 ) Franchise stores 17 18 (1 ) Total SBS 3,782 3,838 (56 ) BSG: Company-operated stores 1,228 1,182 46 Franchise stores 165 164 1 Total BSG 1,393 1,346 47 Total consolidated 5,175 5,184 (9 ) Number of BSG distributor sales consultants 859 849 10 BSG distributor sales consultants (DSC) include 263 and 260 sales consultants employed by our franchisees at March 31, 2018 and 2017, respectively. In addition, at March 31, 2018, DSC count includes 40 sales consultants employed by Chalut, a Canadian distributor of professional beauty products, prior to the Company's acquisition of Chalut in December 2017.
Three Months Ended March 31, Six Months Ended March 31, 2018 2017 Basis Point
Change
2018 2017 Basis Point
Change
Same store sales growth (decline): SBS -1.6 % -2.4 % 80 -2.1 % -1.5 % (60 ) BSG -1.2 % -1.2 % 0 -1.2 % 0.7 % (190 ) Consolidated -1.4 % -2.0 % 60 -1.8 % -0.8 % (100 ) For the purpose of calculating our same store sales metrics, we compare the current period sales for stores open for 14 months or longer as of the last day of a month with the sales for these stores for the comparable period in the prior fiscal year. Our same store sales are calculated in constant U.S. dollars and include internet-based sales and the effect of store expansions, if applicable, but do not generally include the sales from stores relocated until 14 months after the relocation. The sales from stores acquired are excluded from our same store sales calculation until 14 months after the acquisition.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005402/en/
Sally Beauty Holdings, Inc.
Jeff Harkins, 940-297-3877
Investor Relations
Source: Sally Beauty Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-sally-beauty-holdings-inc-announces-second-quarter-results.html |
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May 18, 2018 / 12:56 AM / Updated 3 hours ago Oil prices fall, Brent set for sixth week of gains Stephanie Kelly 4 Min Read
NEW YORK (Reuters) - Oil prices fell on Friday, but Brent crude was on track for a sixth straight week of gains, boosted by plummeting Venezuelan production, strong global demand and looming U.S. sanctions on Iran. FILE PHOTO: A general view of the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014. REUTERS/Henry Romero/File Photo
Brent futures LCOc1 for July delivery fell 26 cents, 0.3 percent, to $79.04 a barrel, by 1:08 p.m. EDT (1708 GMT). The global benchmark on Thursday broke through $80 for the first time since November 2014, and investors anticipate more gains due to supply concerns, at least in the short-term. Brent has gained about 20 percent since the start of the year.
U.S. West Texas Intermediate (WTI) crude futures CLc1 for June delivery dropped 21 cents to $71.28 a barrel, a 0.3 percent loss. The contract was on track for a third straight week of gains.
“Oil prices are in overbought territory, which has prompted some profit taking in today’s trading session ahead of the weekend,” said Abhishek Kumar, senior energy analyst at Interfax Energy’s Global Gas Analytics in London.
Traders were looking ahead to Venezuela’s election on Sunday, which could then trigger additional U.S. sanctions if President Nicolas Maduro is re-elected for a six-year term, though the opposition party has largely boycotted and two of his most popular opponents have been banned from running.
The process has been has been criticized by the United States, the European Union and major Latin America countries.
Further sanctions could hurt Venezuelan oil supply further, already reeling from lack of maintenance and state-run PDVSA’s inability to pay its bills. Most recently, the company elected to close its refinery in Curacao after ConocoPhillips has seized oil as it seeks to collect on a $2 billion court award.
Barclays said output from Venezuela could fall below 1 million barrels per day. The country produced around 1.4 million bpd in April, according to OPEC secondary sources. PRODN-VE
OPEC leading producer Saudi Arabia said on Thursday it would make sure the world is adequately supplied with oil just as major consumer India expressed frustration with rising prices.
Saudi Energy Minister Khalid al-Falih called India’s Petroleum Minister Dharmendra Pradhan to assure him that supporting global economic growth was “one of the kingdom’s key goals,” the Saudi Energy Ministry said.
Crude prices have received broad support from voluntary supply cuts led by the Organization of the Petroleum Exporting Countries. Oil has also been buoyed by this month’s announcement by the United States that it would withdraw from the 2015 Iran nuclear arms treaty and renew sanctions against the OPEC member.
U.S. investment bank Jefferies said sanctions against Iran could remove more than 1 million bpd from the market.
The U.S. oil rig count held steady at 844 this week after rising for six weeks in a row, General Electric Co’s ( GE.N ) Baker Hughes energy services firm said.
BP Plc ( BP.L ), however, expects the rally to cool off. The oil major’s chief executive, Bob Dudley, told Reuters he saw the price of oil falling to between $50 and $65 a barrel due to surging shale output and OPEC’s capacity to boost production. Additional reporting by Ahmad Ghaddar in London and Henning Gloystein in Singapore; Editing by Marguerita Choy and Jon Boyle | ashraq/financial-news-articles | https://www.reuters.com/article/us-global-oil/oil-steady-on-opec-cuts-strong-demand-and-looming-iran-sanctions-idUSKCN1IJ022 |
As threats from hackers and online thieves grow apace, more companies are seeking refuge in encryption—the science of turning messages and data into gibberish for anyone who doesn’t have a key.
Once limited to the most secret of secrets, encryption increasingly is being used to secure websites, protect confidential data stored in the cloud and guard credit-card numbers as they travel over financial networks.
Locking... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/why-dont-companies-just-encrypt-all-their-data-it-isnt-so-simple-1527645900 |
Stock futures surge as concerns of a trade war ease 2 Hours Ago U.S. stock futures were sharply higher Monday morning after Treasury Secretary Steven Mnuchin said the U.S.-China trade war was "on hold," CNBC's Kate Rogers reports. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/stock-futures-surge-as-concerns-of-a-trade-war-ease.html |
BERLIN/FRANKFURT, May 15 (Reuters) - The following are some of the factors that may move German stocks on Tuesday:
ALLIANZ Q1 results due. Net profit seen down 1.6 percent at 1.79 billion euros ($2.2 billion). Poll:
COMMERZBANK Q1 results due. Net profit seen down 22 percent at 181 million euros. Poll:
DEUTSCHE BANK Deutsche Bank is buying Indian Fintech Quantiguous Solutions, Handelsblatt reported, citing Transaction Banking chief John Gibbons.
Deutsche Bank is shrinking the Executive Committee of its private and corporate client business to 16 from 24 members, according to an internal memo seen by Reuters.
DEUTSCHE TELEKOM The management of unit T-Systems and trade union Verdi due to resume labour talks.
MERCK Q1 results due. Adjusted EBITDA seen down 18 percent at 1.02 billion euros. Poll:
RWE Q1 results due. Operating profit seen down 16 percent at 1.37 billion euros. Poll:
THYSSENKRUPP Q2 results due. Adjusted EBIT seen up 22 percent at 501 million euros. Poll:
AURUBIS Full Q2 results due. The group published key figures and raised it guidance on April 26.
DEUTSCHE EUROSHOP Q1 results due. FFO seen up 7 percent at 36.8 million euros. Poll:
DEUTSCHE WOHNEN Q1 results due. Adjusted FFO up 6 percent at 120 million euros. Poll:
FRAPORT Monthly traffic figures due. The group said on May 9 that Frankfurt passenger traffic rose by 5.8 percent in April.
HELLA German automotive parts company Hella HLE.DE is holding talks with potential investors over a sale of its wholesale activities, it said on Monday.
METRO Full Q2 results due. The group published preliminary results and slashed its guidance on April 20.
PROSIEBEN The broadcaster plans to invest more in German films, series and shows, and is discussing providing more news, chairman Werner Brandt tells Sueddeutsche Zeitung in an interview.
SALZGITTER Full Q1 results due. The group publsihed preliminary results and raised its guidance on April 26.
STROEER Q1 results due.
CARL ZEISS MEDITEC Q2 results due. EBIT seen down 0.5 percent at 50.7 million euros. Poll:
NORDEX Q1 results due. EBITDA seen down 49 percent at 26.3 million euros. Poll:
BILFINGER Q1 results due.
BIOTEST Q1 results due.
CORESTATE CAPITAL Q1 results due.
HHLA Q1 results due.
INDUS HOLDING Q1 results due.
TELE COLUMBUS Q1 results due.
TLG IMMOBILIEN Q1 results due.
WUESTENROT & WUERTTEMBERGISCHE Q1 results due.
ENBW Q1 results due.
PORSCHE SE Q1 results due.
IPO Mutares said it was now expecting proceeds of up to 32 million euros from an IPO of unit STS Group, down from an initial target of 50 million.
ANNUAL GENERAL MEETINGS K+S - 0.35 eur/shr dividend proposed
LANXESS - 0.80 eur/shr dividend proposed
COMPUGROUP MEDICAL - 0.35 eur/shr dividend proposed
MEDIGENE - no dividend proposed
RIB SOFTWARE - 0.18 eur/shr dividend proposed
BILFINGER - 1.00 eur/shr dividend proposed
BIOTEST - 0.04 eur/preference shr dividend proposed, no dividend proposed for ordinary shares
PORSCHE SE - 1.76 eur/shr dividend proposed
OVERSEAS STOCK MARKETS Dow Jones +0.3 pct, S&P 500 +0.1 pct, Nasdaq +0.1 pct at close.
Nikkei -0.1 pct, Shanghai stocks -0.2 pct.
Time: 4.54 GMT.
GERMAN ECONOMIC DATA German flash GDP data due at 0600 GMT. Seen +0.4 pct q/q, +2.4 pct y/y seasonally adjusted.
ZEW German sentiment index due at 0900 GMT. Economic Sentiment seen unchanged at -8.2 points, Current Conditions at 85.8 points vs 87.9.
DIARIES REUTERS TOP NEWS ($1 = 0.8343 euros) (Reporting by Victoria Bryan and Maria Sheahan)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/germany-stocks-factors/german-stocks-factors-to-watch-on-may-15-idUSL5N1SL3H0 |
NEW YORK, May 9, 2018 /PRNewswire/ --
FIRST QUARTER HIGHLIGHTS:
Adopted ASC 606 effective January 1, 2018 using the Modified Retrospective Method, therefore reported results are not comparable with the prior period (which continues to be reported under ASC 605) Revenue of $327.0 million versus $344.7 million a year ago (as reported under ASC 605); excluding the impact of the adoption of ASC 606, revenue was $348.2 million, an increase of 1.0% Organic revenue growth of 1.0% Net loss attributable to MDC Partners common shareholders of $31.4 million versus a loss of $11.1 million a year ago (as reported under ASC 605); excluding the impact from the adoption of ASC 606, Net loss attributable to MDC Partners common shareholders was $27.0 million Adjusted EBITDA of $7.8 million versus $35.8 million a year ago (as reported under ASC 605); excluding the impact of the adoption of ASC 606, Adjusted EBITDA was $13.9 million Net New Business wins totaled $19.9 million Updating 2018 financial guidance
(NASDAQ: MDCA) – MDC Partners Inc. ("MDC Partners" or the "Company") today announced three months ended March 31, 2018.
Scott Kauffman, Chairman and Chief Executive Officer of MDC Partners, said, "While the prospects for the business in 2018 were strong coming into the year, the performance in March and April was disappointing. Apart from the impact of the new accounting rules, the combination of select client cut backs and a slower conversion of our new business pipeline has led us to update our 2018 financial targets. The pipeline of new business opportunities is substantial and our partner agencies are well positioned which we expect will support a return to better top line growth in the coming quarters."
David Doft, Chief Financial Officer of MDC Partners, said, "Given the significant costs related to the adoption of ASC 606, our investments in growth initiatives, combined with elevated severance, we expected a muted first quarter performance from a profitability standpoint. The first quarter was also impacted by a shift in timing of revenue, which had a direct impact on the bottom line. Even with this expectation, the underlying performance is leading us to update our outlook to incorporate the increased risk that has emerged. We now expect organic revenue growth of 1% to 3% and 0 to 40 basis points of margin expansion, including a 60 basis points favorable impact on our margins from the accounting change that was not in our initial expectation."
Adoption of ASC 606
Effective January 1, 2018, we adopted ASC Topic 606, "Revenue from Contracts with Customers" (ASC 606). In accordance with the new revenue accounting standard, we were required to change certain aspects of our accounting policy as it relates to performance incentives, non-refundable retainer fees, and certain third-party pass-through and out-of-pocket costs. ASC 606 was applied using the modified retrospective method, with the cumulative effect of the initial adoption being recognized as an adjustment to opening retained earnings at January 1, 2018 for contracts that were not completed as of that date, and then we report all future periods under the new policy. Comparative prior periods have not been restated and continue to be reported under the historical accounting standards and policies in effect for those periods.
As a result of the adoption of ASC 606, our first quarter 2018 financial performance is not directly comparable with last year. We have therefore provided additional disclosure to assist investors in reconciling the two accounting standards, including updating the definition of the Non-GAAP metric Organic Revenue to exclude the impact of the change in accounting standard and the provision of additional schedules which shows the impact of the adoption of ASC 606 on our GAAP and Non-GAAP performance metrics. See schedules 2 and 3.
First Quarter 2018 Financial Results
Revenue for the first quarter of 2018 was $327.0 million versus $344.7 million for the first quarter of 2017. The decline in revenue was primarily due the adoption of ASC 606, which reduced revenue by $21.3 million, or 6.2%. The effect of foreign exchange was positive 1.6%, the impact of non-GAAP acquisitions (dispositions), net was negative 1.5%, and organic revenue growth was 1.0%. Organic revenue growth was favorably impacted by 340 basis points from increased billable pass-through costs incurred on clients' behalf from certain of our partner firms acting as principal.
Net loss attributable to MDC Partners common shareholders for the first quarter of 2018 was $31.4 million versus a loss of $11.1 million for the first quarter of 2017. Diluted loss per share attributable to MDC Partners common shareholders for the first quarter of 2018 was ($0.56) versus a loss of ($0.21) per share for the first quarter of 2017. The impact of the adoption of ASC 606 was an increase in net loss attributable to MDC Partners common shareholders of $4.4 million, or $0.08 per share.
Adjusted EBITDA for the first quarter of 2018 was $7.8 million versus $35.8 million for the first quarter of 2017. The impact of the adoption of ASC 606 was a reduction of $6.1 million. Excluding the impact of the adoption of ASC 606, Adjusted EBITDA was $13.9 million with margins of 4.0%.
Financial Outlook
2018 financial guidance is revised as follows:
2018 Outlook Commentary *
Organic Revenue Growth
We expect 1-3% growth in organic revenue (versus approximately 4% growth previously), whose definition now excludes the impact of the adoption of ASC 606 in the reconciliation of reported revenue.
Pass-through and Out-of-Pocket Costs
The adoption of ASC 606 resulted in certain client contracts previously being accounted for as principal, now being accounted for as agent. This results in a reduction in full year gross revenue of approximately $65 million with a corresponding reduction in direct costs, with no impact on profit.
Foreign Exchange Impact, net
Assuming currency rates remain where they are, and based on our most recent projections, the net impact of foreign exchange is expected to be positive by approximately 50 basis points versus 100 basis points previously.
Impact of Non-GAAP Acquisitions (Dispositions), net
Our current expectations are that the impact of acquisitions, net of disposition activity, will increase revenue by approximately 80 basis points.
Adjusted EBITDA Margin
We expect margins to be flat to 40 basis points of expansion versus approximately 20 basis points expansion previously. Our revised outlook incorporates an approximately 60 basis point benefit from the shift from gross to net revenue accounting related to certain client contracts, whereas our prior outlook did not. Our revised outlook therefore implies an approximately 60 basis point reduction from our prior outlook, excluding the impact from the accounting change.
* The Company has excluded a quantitative reconciliation with respect to the Company's 2018 guidance under the "unreasonable efforts" exception in item 10(e)(1)(i)(B) of Regulation S-K.
Conference Call
Management on Wednesday, May 9, 2018, at 4:30 p.m. (ET) to discuss results. The conference call will be accessible by dialing 1-412-902-4266 or toll free 1-888-346-6216. An investor presentation has been posted on our website at www.mdc-partners.com and may be referred to during the conference call.
A recording of the conference call will be available one hour after the call until 12:00 a.m. (ET), May 16, 2018, by dialing 1-412-317-0088 or toll free 1-877-344-7529 (passcode 10118999), or by visiting our website at www.mdc-partners.com .
About MDC Partners Inc.
MDC Partners is one of the fastest-growing and most influential marketing and communications networks in the world. Its 50+ advertising, public relations, branding, digital, social and event marketing agencies are responsible for some of the most memorable and engaging campaigns for the world's most respected brands. As "The Place Where Great Talent Lives," MDC Partners is known for its unique partnership model, empowering the most entrepreneurial and innovative talent to drive competitive advantage and business growth for clients. By leveraging technology, data analytics, insights, and strategic consulting solutions, MDC Partners drives measurable results and optimizes return on marketing investment for over 1,700 clients worldwide. For more information about MDC Partners and its partner firms, visit our website at www.mdc-partners.com and follow us on Twitter at http://www.twitter.com/mdcpartners .
Non-GAAP Financial Measures
In addition to its reported results, MDC Partners has included in this earnings release certain financial results that the Securities and Exchange Commission defines as "non-GAAP financial measures." Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company's results. Such non-GAAP financial measures include the following:
(1) Organic Revenue: "Organic revenue growth" and "organic revenue decline" refer to the positive or negative results, respectively, of subtracting both the foreign exchange and acquisition (disposition) components from total revenue growth, excluding the impact of adopting ASC 606. The acquisition (disposition) component is calculated by aggregating prior period revenue for any acquired businesses, less the prior period revenue of any businesses that were disposed of during the current period. The organic revenue growth (decline) component reflects the constant currency impact of (a) the change in revenue of the partner firms which the Company has held throughout each of the comparable periods presented, and (b) "non-GAAP acquisitions (dispositions), net". Non-GAAP acquisitions (dispositions), net consists of (i) for acquisitions during the current year, the revenue effect from such acquisition as if the acquisition had been owned during the equivalent period in the prior year and (ii) for acquisitions during the previous year, the revenue effect from such acquisitions as if they had been owned during that entire year (or same period as the current reportable period), taking into account their respective pre-acquisition revenues for the applicable periods, and (iii) for dispositions, the revenue effect from such disposition as if they had been disposed of during the equivalent period in the prior year.
(2) Net New Business: Estimate of annualized revenue for new wins less annualized revenue for losses incurred in the period.
(3) Adjusted EBITDA: Adjusted EBITDA is a non-GAAP measure that represents operating profit plus depreciation and amortization, stock-based compensation, deferred acquisition consideration adjustments, distributions from non-consolidated affiliates, and other items.
Included in this earnings release are tables reconciling MDC Partners' reported results to arrive at certain of these non-GAAP financial measures. We are unable to reconcile our projected 2018 organic revenue growth to the corresponding GAAP measure because we are unable to predict the 2018 impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates and because we are unable to predict the occurrence or impact of any acquisitions, dispositions, or other potential changes. We are unable to reconcile our projected 2018 increase in Adjusted EBITDA margin to the corresponding GAAP measure because the amount and timing of many future charges that impact these measures (such as amortization of future acquired intangible assets, foreign exchange transaction gains or losses, impairment charges, provision or benefit for income taxes, and certain assumptions used in the calculation of deferred acquisition consideration) are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all. As a result, we are unable to provide reconciliations of these measures. In addition, we believe such reconciliations could imply a degree of precision that might be confusing or misleading to investors.
This press release contains within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. Statements in this press release that are not historical facts, including without limitation statements about the Company's beliefs and expectations, earnings guidance, recent business and economic trends, potential acquisitions, and estimates of amounts for redeemable noncontrolling interests and deferred acquisition consideration, constitute . Words such as "estimates", "expects", "contemplates", "will", "anticipates", "projects", "plans", "intends", "believes", "forecasts", "may", "should", and variations of such words or similar expressions are intended to identify . These statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined in this section. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events, if any.
Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any . Such risk factors include, but are not limited to, the following:
risks associated with severe effects of international, national and regional economic conditions; the Company's ability to attract new clients and retain existing clients; the spending patterns and financial success of the Company's clients; the Company's ability to retain and attract key employees; the Company's ability to remain in compliance with its debt agreements and the Company's ability to finance its contingent payment obligations when due and payable, including but not limited to those relating to redeemable noncontrolling interests and deferred acquisition consideration; the successful completion and integration of acquisitions which complement and expand the Company's business capabilities, and the potential impact of one or more asset sales; foreign currency fluctuations; and risks associated with the ongoing Canadian class litigation claim.
The Company's business strategy includes ongoing efforts to engage in acquisitions of ownership interests in entities in the marketing communications services industry. The Company intends to finance these acquisitions by using available cash from operations, from borrowings under its credit facility and through incurrence of bridge or other debt financing, any of which may increase the Company's leverage ratios, or by issuing equity, which may have a dilutive impact on existing shareholders proportionate ownership. At any given time, the Company may be engaged in a number of discussions that may result in one or more acquisitions. These opportunities require confidentiality and may involve negotiations that require quick responses by the Company. Although there is uncertainty that any of these discussions will result in definitive agreements or the completion of any transactions, the announcement of any such transaction may lead to increased volatility in the trading price of the Company's securities.
Investors should carefully consider these risk factors and the additional risk factors outlined in more detail in the Company's 2017 Annual Report on Form 10-K under the caption "Risk Factors" and in the Company's other SEC filings.
SCHEDULE 1
MDC PARTNERS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(US$ in 000s, except share and per share amounts)
Three Months Ended March 31,
2018 (1)
2017
Revenue
$ 326,968
$ 344,700
Operating expenses:
Cost of services sold
243,030
237,563
Office and general expenses
83,879
87,840
Depreciation and amortization
12,375
10,898
Other asset impairment
2,317
-
341,601
336,301
Operating profit (loss)
(14,633)
8,399
Other income (expense):
Other, net
(6,219)
2,567
Interest expense and finance charges
(16,231)
(16,768)
Interest income
148
227
(22,302)
(13,974)
Loss before income taxes and equity in earnings of non-consolidated affiliates
(36,935)
(5,575)
Income tax expense (benefit)
(8,330)
3,969
Loss before equity in earnings of non-consolidated affiliates
(28,605)
(9,544)
Equity in earings (losses) of non-consolidated affiliates
86
(139)
Net loss
(28,519)
(9,683)
Net income attributable to the noncontrolling interests
(897)
(883)
Net loss attributable to MDC Partners Inc.
(29,416)
(10,566)
Accretion on convertible preference shares
(2,027)
(507)
Net loss attributable to MDC Partners Inc. common shareholders
$ (31,443)
$ (11,073)
Loss per common share:
Basic and diluted:
Net loss attributable to MDC Partners Inc. common shareholders
$ (0.56)
$ (0.21)
Weighted average number of common shares outstanding:
Basic and diluted
56,415,042
52,998,244
(1) Effective January 1, 2018, we adopted ASC Topic 606, "Revenue from Contracts with Customers" (ASC 606). ASC 606 was applied using the modified retrospective method, with the cumulative effect of the initial adoption being recognized as an adjustment to opening retained earnings at January 1, 2018. As a result, comparative prior periods have not been adjusted and continue to be reported under ASC 605 "Revenue Recognition" (ASC 605). For the three months ended March 31, 2018, the adoption of ASC 606 reduced revenue by $21.3 million, increased operating loss by $6.1 million, and increased Net loss attributable to MDC Partners common shareholders by $4.4 million, or $0.08 per share. As required, we have provided a reconciliation of the current presentation under ASC 606 to the prior presentation under ASC 605 in this release in Schedule 2.
SCHEDULE 2
MDC PARTNERS INC.
UNAUDITED RECONCILIATION OF COMPONENTS OF NON-GAAP MEASURES
(US$ in 000s, except percentages)
For the Three Months Ended March 31, 2018
As Reported
Adjustments
Adjusted to Exclude
the Impact of
Adoption of ASC 606
Revenue
$ 326,968
$ 21,276
$ 348,244
Costs of services sold
243,030
15,197
258,227
Operating loss
(14,633)
6,079
(8,554)
Net loss attributable to MDC Partners, Inc. common shareholders
(31,443)
4,436
(27,007)
Loss per common share - basic and diluted
(0.56)
0.08
(0.48)
Organic Revenue Growth
1.0%
-
1.0%
Adjusted EBITDA
$ 7,824
$ 6,079
$ 13,903
margin
2.4%
4.0%
* The table above summarizes the impact of the adoption of ASC 606 on our US GAAP and non-GAAP performance metrics.
Note: Actuals may not foot due to rounding.
SCHEDULE 3
MDC PARTNERS INC.
UNAUDITED REVENUE RECONCILIATION
(US$ in 000s, except percentages)
Three Months Ended
Revenue $
% Change
March 31, 2017 as reported under ASC 605
$ 344,700
Organic revenue growth (1)
3,296
1.0%
Non-GAAP acquisitions (dispositions), net
(5,261)
(1.5%)
Foreign exchange impact
5,509
1.6%
Impact of adoption of ASC 606 (2)
(21,276)
(6.2%)
Total change
(17,732)
(5.1%)
March 31, 2018 as reported under ASC 606
$ 326,968
(1) "Organic revenue growth" and "organic revenue decline" refer to the positive or negative results, respectively, of subtracting both the foreign exchange and acquisition (disposition) components from total revenue growth, excluding the impact of adopting ASC 606. The acquisition (disposition) component is calculated by aggregating prior period revenue for any acquired businesses, less the prior period revenue of any businesses that were disposed of during the current period. The organic revenue growth (decline) component reflects the constant currency impact of (a) the change in revenue of the partner firms which the Company has held throughout each of the comparable periods presented, and (b) "non-GAAP acquisitions (dispositions), net". Non-GAAP acquisitions (dispositions), net consists of (i) for acquisitions during the current year, the revenue effect from such acquisition as if the acquisition had been owned during the equivalent period in the prior year and (ii) for acquisitions during the previous year, the revenue effect from such acquisitions as if they had been owned during that entire year (or same period as the current reportable period), taking into account their respective pre-acquisition revenues for the applicable periods, and (iii) for dispositions, the revenue effect from such disposition as if they had been disposed of during the equivalent period in the prior year.
(2) In accordance with the adoption of ASC 606, we were required to change certain aspects of our revenue recognition accounting policy as it relates to performance incentives, retainer fees, and certain third-party pass-through and out-of-pocket costs. Under the prior guidelines, performance incentives were recognized in revenue when specific quantitative goals were achieved, or when the Company's performance against qualitative goals was determined by the client. Under ASC 606, the Company now estimates the amount of the incentive that will be earned at the inception of the contract and recognizes such incentive over the term of the contract. Additionally, previously, fees for non-refundable retainers were generally recognized on a straight-line basis over the term of the specific customer arrangement. Under ASC 606, an input method is typically used to measure progress and recognize revenue for these types of arrangements. Finally, the adoption of ASC 606 resulted in certain client arrangements previously being accounted for as principal, now being accounted for as agent. In these instances, certain third-party pass-through and out-of-pocket costs which were billed to clients in connection with services being provided, are no longer included in revenue and therefore the revenue recorded is equal to the net amount retained.
Note: Actuals may not foot due to rounding.
SCHEDULE 4
MDC PARTNERS INC.
UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(US$ in 000s, except percentages)
For the Three Months Ended March 31, 2018, as reported under ASC 606
Global
Domestic
Advertising and
Integrated
Creative
Specialized
Media
Communications
Agencies
Agencies
Communications
Services
All Other
Corporate
Total
Revenue
$ 326,968
$ 150,355
$ 21,296
$ 43,150
$ 31,257
$ 80,910
$ -
$ 326,968
Net loss attributable to MDC Partners Inc.
$ (29,416)
Adjustments to reconcile to operating profit (loss):
Net income attributable to the noncontrolling interests
897
Equity in earnings of non-consolidated affiliates
(86)
Income tax benefit
(8,330)
Interest expense and finance charges, net
16,083
Other, net
6,219
Operating profit (loss)
$ (561)
$ (15,761)
$ 3,454
$ 4,027
$ 487
$ 7,232
$ (14,072)
$ (14,633)
margin
-0.2%
-10.5%
16.2%
9.3%
1.6%
8.9%
-4.5%
Additional adjustments to reconcile to Adjusted EBITDA:
Depreciation and amortization
12,151
8,016
353
1,002
644
2,136
224
12,375
Other asset impairment
-
-
-
-
-
-
2,317
2,317
Stock-based compensation
3,789
2,547
149
336
74
683
1,248
5,037
Deferred acquisition consideration adjustments
2,586
1,434
-
528
82
542
-
2,586
Distributions from non-consolidated affiliates **
-
-
-
-
-
-
20
20
Other items, net ***
-
-
-
-
-
-
122
122
Adjusted EBITDA *
$ 17,965
$ (3,764)
$ 3,956
$ 5,893
$ 1,287
$ 10,593
$ (10,141)
$ 7,824
margin
5.5%
-2.5%
18.6%
13.7%
4.1%
13.1%
2.4%
* Adjusted EBITDA is a non-GAAP measure, but as shown above it represents operating profit (loss) plus depreciation and amortization, stock-based compensation, deferred acquisition consideration adjustments, distributions from non-consolidated affiliates, and other items.
** Distributions from non-consolidated affiliates includes (i) cash received for profit distributions from non-consolidated affiliates, and (ii) consideration from the sale of ownership interests in non-consolidated affiliates less contributions to date plus undistributed earnings (losses).
*** Other items, net includes legal fees and related expenses, net of insurance proceeds, relating to the SEC investigation and related class action litigation claims. See Schedule 8 for reconciliation of amounts.
SCHEDULE 5
MDC PARTNERS INC.
UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(US$ in 000s, except percentages)
For the Three Months Ended March 31, 2017, as reported under ASC 605
Global
Domestic
Advertising and
Integrated
Creative
Specialized
Media
Communications
Agencies
Agencies
Communications
Services
All Other
Corporate
Total
Revenue
$ 344,700
$ 179,225
$ 20,910
$ 40,684
$ 35,244
$ 68,637
$ -
$ 344,700
Net loss attributable to MDC Partners Inc.
$ (10,566)
Adjustments to reconcile to operating profit (loss):
Net income attributable to the noncontrolling interests
883
Equity in earnings of non-consolidated affiliates
139
Income tax expense
3,969
Interest expense and finance charges, net
16,541
Other, net
(2,567)
Operating profit (loss)
$ 16,968
$ (640)
$ 3,524
$ 4,348
$ 2,642
$ 7,094
$ (8,569)
$ 8,399
margin
4.9%
-0.4%
16.9%
10.7%
7.5%
10.3%
2.4%
Additional adjustments to reconcile to Adjusted EBITDA:
Depreciation and amortization
10,589
5,961
360
1,216
1,005
2,047
309
10,898
Stock-based compensation
4,346
2,989
155
518
160
524
604
4,950
Deferred acquisition consideration adjustments
11,431
8,508
350
344
169
2,060
-
11,431
Other items, net **
-
-
-
-
-
-
135
135
Adjusted EBITDA *
$ 43,334
$ 16,818
$ 4,389
$ 6,426
$ 3,976
$ 11,725
$ (7,521)
$ 35,813
margin
12.6%
9.4%
21.0%
15.8%
11.3%
17.1%
10.4%
* Adjusted EBITDA is a non-GAAP measure, but as shown above it represents operating profit (loss) plus depreciation and amortization, stock-based compensation, deferred acquisition consideration adjustments, distributions from non-consolidated affiliates, and other items.
** Other items, net includes legal fees and related expenses, net of insurance proceeds, relating to the SEC investigation and related class action litigation claims. See Schedule 8 for reconciliation of amounts.
Note: Results for 2017 have been recasted to reflect the reclassification of one of our marketing services businesses from All Other to the Global Integrated Agencies Segment, effective January 1, 2018.
SCHEDULE 6
MDC PARTNERS INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(US$ in 000s)
March 31,
December 31,
2018
2017
(Unaudited)
Assets
Current assets:
$ 29,202
$ 46,179
Cash held in trusts
4,467
4,632
Accounts receivable, net
424,918
434,072
Expenditures billable to clients
57,885
31,146
Other current assets
36,273
26,742
Total current assets
552,745
542,771
Fixed assets, net
85,370
90,306
Investments in non-consolidated affiliates
6,442
6,307
Goodwill
832,510
835,935
Other intangible assets, net
66,353
70,605
Deferred tax assets
126,252
115,325
Other assets
31,405
37,643
Total assets
$ 1,701,077
$ 1,698,892
Liabilities, redeemable noncontrolling interests, and shareholders' deficit
Current liabilities:
Accounts payable
$ 202,724
$ 244,527
Trust liability
4,467
4,632
Accruals and other liabilities
290,003
327,812
Advance billings
210,245
148,133
Current portion of long-term debt
322
313
Current portion of deferred acquisition consideration
40,909
50,213
Total current liabilities
748,670
775,630
Long-term debt, less current portion
942,806
882,806
Long-term portion of deferred acquisition consideration
82,822
72,213
Other liabilities
55,197
54,110
Deferred tax liabilities
6,899
6,760
Total liabilities
1,836,394
1,791,519
Redeemable noncontrolling interests
54,345
62,886
Shareholders' deficit
Convertible preference shares (liquidation preference $103,379)
90,123
90,220
Common shares
353,074
352,432
Charges in excess of capital
(314,662)
(314,241)
Accumulated deficit
(370,586)
(340,000)
Accumulated other comprehensive gain (loss)
1,425
(1,954)
MDC Partners Inc. shareholders' deficit
(240,626)
(213,543)
Noncontrolling interests
50,964
58,030
Total shareholders' deficit
(189,662)
(155,513)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit
$ 1,701,077
$ 1,698,892
SCHEDULE 7
MDC PARTNERS INC.
UNAUDITED SUMMARY CASH FLOW DATA
(US$ in 000s)
Three Months Ended March 31,
2018
2017
Net cash used in operating activities
$ (61,033)
$ (33,218)
Net cash used in investing activities
(3,868)
(11,090)
Net cash provided by financing activities
47,618
39,631
Effect of exchange rate changes on cash and cash equivalents
306
(58)
Net decrease in cash and cash equivalents
$ (16,977)
$ (4,735)
Note: Effective January 1, 2018, we adopted ASU 2016-15, "Statement of Cash Flows", which clarifies how cash receipts and cash payments in certain transactions are presented and classified on the statement of cash flows. We applied ASU 2016-15 on a retrospective basis, and accordingly the prior period has been reclassified to conform to the new standard.
SCHEDULE 8
MDC PARTNERS INC.
UNAUDITED RECONCILIATION OF COMPONENTS OF NON-GAAP MEASURES
(US$ in 000s)
2017
2018
Q1
Q2
Q3
Q4
FY
Q1
NON-GAAP ACQUISITIONS (DISPOSITIONS), NET
GAAP revenue from prior year acquisitions *
$ 18,552
$ 24,983
$ -
$ -
$ 43,535
$ -
Foreign exchange impact
1,046
1,341
-
-
2,387
-
Contribution to organic revenue (growth) decline **
1,470
(6,399)
-
-
(4,929)
-
Prior year revenue from dispositions ***
(691)
(660)
(3,153)
(6,103)
(10,607)
(5,261)
Non-GAAP acquisitions (dispositions), net
$ 20,377
$ 19,265
$ (3,153)
$ (6,103)
$ 30,386
$ (5,261)
2017
2018
Q1
Q2
Q3
Q4
FY
Q1
OTHER ITEMS, NET
SEC investigation and class action litigation expenses
$ 339
$ 382
$ 330
$ 287
$ 1,338
$ 122
D&O insurance proceeds
(204)
(482)
-
(399)
(1,085)
-
Total other items, net
$ 135
$ (100)
$ 330
$ (112)
$ 253
$ 122
2017
2018
Q1
Q2
Q3
Q4
FY
Q1
CASH INTEREST, NET & OTHER
Cash interest paid
$ (999)
$ (30,567)
$ (758)
$ (30,571)
$ (62,895)
$ (649)
Bond interest accrual adjustment
(14,625)
14,625
(14,625)
14,625
-
(14,625)
Adjusted cash interest paid
(15,624)
(15,942)
(15,383)
(15,946)
(62,895)
(15,274)
Interest income
227
178
145
209
759
148
Total cash interest, net & other
$ (15,397)
$ (15,764)
$ (15,238)
$ (15,737)
$ (62,136)
$ (15,126)
2017
2018
Q1
Q2
Q3
Q4
FY
Q1
CAPITAL EXPENDITURES, NET
Capital expenditures
$ (9,413)
$ (11,743)
$ (7,149)
$ (4,653)
$ (32,958)
$ (3,799)
Landlord reimbursements
75
3,146
1,357
1,858
6,436
219
Total capital expenditures, net
$ (9,338)
$ (8,597)
$ (5,792)
$ (2,795)
$ (26,522)
$ (3,580)
2017
2018
Q1
Q2
Q3
Q4
FY
Q1
MISCELLANEOUS OTHER DISCLOSURES
Net income attributable to the noncontrolling interests
$ 883
$ 2,214
$ 3,491
$ 8,787
$ 15,375
$ 897
Cash taxes
$ 1,293
$ 2,130
$ 3,486
$ 1,191
$ 8,100
$ 1,333
* GAAP revenue from prior year acquisitions for 2018 and 2017 relates to acquisitions which occurred in 2017 and 2016, respectively.
** Contributions to organic revenue growth (decline) represents the change in revenue, measured on a constant currency basis, relative to the comparable pre-acquisition period for acquired businesses that is included in the Company's organic revenue growth (decline) calculation.
*** Prior year revenue from dispositions reflects the incremental impact on revenue for the comparable period after the Company's disposition of such disposed business, plus revenue from each business disposed of by the Company in the previous year through the twelve month anniversary of the disposition.
Note: Actuals may not foot due to rounding.
CONTACT: Matt Chesler, CFA
SVP, Investor Relations and Finance
646-412-6877
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/mdc-partners-inc-reports-results-for-the-three-months-ended-march-31-2018-300645768.html
SOURCE MDC Partners Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-mdc-partners-inc-reports-results-for-the-three-months-ended-march-31-2018.html |
May 10, 2018 / 4:00 PM / Updated an hour ago Hawaii volcano threatens power plant; mass evacuations possible Terray Sylvester 4 Min Read
PAHOA, Hawaii (Reuters) - Hawaii authorities scrambled to move tens of thousands of gallons of highly flammable chemicals from the path of lava on Thursday, and the state’s governor warned mass evacuations might be needed as the Kilauea volcano’s eruption became more violent. Deposits are seen on a road in Puna, Hawaii. Apau Hawaii Tours/via REUTERS
After a new fissure opened on Wednesday about half a mile from a geothermal power plant, Hawaii Governor David Ige set up an emergency task force to remove the pentane used in the plant’s turbines. He cited estimates that if the fluid ignites, the resulting explosion could create a blast radius of up to one mile. (1.6 km)
The Puna Geothermal Venture plant sits at the edge of the Leilani Estates residential area on Hawaii’s Big Island where lava from 15 volcanic fissures has so far destroyed 36 structures, most of them homes, and forced the evacuation of around 2,000 residents.
“As more fissures open and toxic gas exposure increases, the potential of a larger scale evacuation increases,” Ige said in a tweet on Wednesday evening.
“A mass evacuation of the lower Puna District would be beyond current county and state capabilities, and would quickly overwhelm our collective resources,” Ige tweeted, saying in a separate post that he signed a request for federal disaster assistance.
The lower part of the Puna District, of which Leilani Gardens is a part, covers dozens of square miles and is home to many thousands of residents. It has the highest possible hazard risks for lava flows, according to the U.S. Geological Survey.
Exposure to very high levels of the sulfur dioxide gas emitted from the fissures can be life-threatening, experts say.
Geologists warned on Wednesday that Kilauea may be entering a more violent phase of explosive eruptions, the likes of which Hawaii has not seen in nearly a century. Lava advances towards a metal barrier in Puna, May 6, 2018. WXCHASING via REUTERS
Steam-driven explosive eruptions could hurl “ballistic blocks” weighing several tons upwards of half a mile and dust towns as far away as Hilo, some 25 miles (40 km) distant, with volcanic ash and smog.
Hawaii Volcanoes National Park, where Kilauea is located, said on Wednesday it would close most of the park on Friday due to the threat of a possible explosive eruption.
Magma is draining out of the volcano’s sinking lava pool and flowing underground tens of miles eastward before bursting to the surface on Kilauea’s eastern flank in the lower Puna area.
“There’s still quite a fair bit of magma under the ground that’s available to erupt,” Tina Neal, the scientist in charge of the USGS Hawaiian Volcano Observatory, said in a conference call, adding that she saw no end to activity in the east rift zone.
Kilauea has been in a state of nearly constant eruption for 35 years. It predominantly oozes out lava from fissures that flows into the ocean but occasionally experiences more explosive eruptions, such as an event in 1924.
GRAPHIC: Scorched earth - tmsnrt.rs/2IldVyS
GRAPHIC: Hawaii's Kilauea volcano - tmsnrt.rs/2rmXdVZ Reporting by Terray Sylvester, writing and additional reporting by Andrew Hay in New Mexico; Editing by David Gregorio | ashraq/financial-news-articles | https://uk.reuters.com/article/us-hawaii-volcano-plant/hawaii-volcano-threatens-power-plant-mass-evacuations-possible-idUKKBN1IB2CA |
May 3, 2018 / 3:42 PM / Updated 31 minutes ago UPDATE 2-Table Tennis-Koreas form unified team at world championships Reuters Staff
* Combined women’s team to play Japan in semi-finals
* Unified Korea had won gold in world championships in 1991 (Adds Weikert comments)
May 3 (Reuters) - The two Koreas will field a combined women’s team at the table tennis world championships after the nations decided not to compete against each other in the quarter-finals, the International Table Tennis Federation (ITTF) said on Thursday.
North and South Korea asked to field a unified team for the semi-finals of the championships, which will be played against Japan on Friday in Halmstad, Sweden.
The last time that a unified Korea team played the world table tennis championships was 1991 in Chiba, Japan, where the women’s team shocked defending champions China to win the gold medal.
The decision to form a unified team was a tripartite agreement between the leaders of the North and South Korean Table Tennis teams and the ITTF.
“I’m happy. It’s a bit of a risk of course as this is not 100 percent according to the rules,” ITTF president Thomas Weikert told Reuters after a news conference.
“But there’s no disadvantage to the teams before and we informed all the (other) teams and they agreed... we all feel happy that we have a small sign in the process of the reunion of Korea.
“We respect the rules, yes we changed them, but we will never do that again, and it’s more than a sport, it’s more for the peace... I think it’s worth it.”
Japanese player Mima Ito said a unified Korea would not necessarily pose a greater challenge to them in the last four.
“It doesn’t really matter, we play our own game, we play our own system. We are looking at our own game and not our opponent,” she said.
“The other team has five players, so it’s the same. We really concentrate on our game - we will do what we want to do. That’s what we plan to do.”
The move follows the North and South Korean leaders’ pledge to work for “complete denuclearization” of the Korean peninsula last week.
The two Koreas had earlier this year joined forces to field a combined women’s ice hockey team at the Pyeongchang Winter Games after they marched together for the opening ceremony. (Reporting by Hardik Vyas in Bengaluru; Additional reporting by Phil O’Connor in Stockholm; editing by Pritha Sarkar and Christian Radnedge) | ashraq/financial-news-articles | https://uk.reuters.com/article/tabletennis-world-korea/update-2-table-tennis-koreas-form-unified-team-at-world-championships-idUKL8N1SA7HU |
22 COMMENTS New York’s Eric Schneiderman may be gone, but the threat that state attorneys general pose to free speech remains. Which is why a Congressional hearing this week offered potentially good news to nonprofits whose donors are under political threat.
At a Tuesday Senate Appropriations hearing, Montana Republican Steve Daines asked Acting IRS Commissioner David Kautter whether the agency is considering the necessity of IRS 990 Schedule B. These are the forms that nonprofits must supply to the IRS listing donors who contribute more than $5,000. Schedule Bs are supposed to remain confidential, but AGs in New York and California have sought to require nonprofits to file them at the state level. Many Democrats see the form as a gift-wrapped list of donors to target, and a way to chill donations to conservative nonprofits.
Foreign Edition Podcast
Foreign Edition podcast: The U.S.-China trade truce and the Senate’s bipartisan push to bulk up national-security reviews. Foreign Edition Podcast Former IRS Commissioner John Koskinen left office having failed to tackle this (and so many other) problems. But Mr. Kautter acknowledged that he was “actively involved” along with Treasury Secretary Steve Mnuchin at offering more donor protection. “I think for many organizations there frankly isn’t a requirement,” he said. “We don’t need that information to administer the tax laws in a fair and equitable way.”
Nonprofits would still be required to keep their donor details, and if the IRS or other authorities had valid reason to suspect fraud they could demand to see the records. But requiring nonprofits to provide names each year to partisan AGs or tax bureaucrats is an invitation to repeat the scandal of the Obama years when Lois Lerner and the IRS targeted conservative nonprofits. The sooner the end of Schedule B, the fewer assaults on free political speech. | ashraq/financial-news-articles | https://www.wsj.com/articles/protecting-nonprofit-donors-1527203597 |
SAN FRANCISCO, May 01, 2018 (GLOBE NEWSWIRE) -- ViewPoint Therapeutics, Inc., a privately-held biotechnology company pioneering the development of crystallin stabilizers to prevent and treat cataracts and presbyopia, today announced the appointment of Dr. Robert Kim as Chief Medical Officer. A board-certified ophthalmologist, Dr. Kim brings over 19 years of strategic and operational drug development expertise to Viewpoint.
“I am honored to welcome Bob to the ViewPoint team. He has been a trusted consultant and advisor to the company to date, and we’re delighted to now have his full commitment in helping to transition ViewPoint into a clinical-stage company,” said Leah Makley, Ph.D., Co-Founder and Chief Executive Officer of ViewPoint. “Bob will play an instrumental role in implementing our preclinical and clinical plans to bring VP1-001 through human proof-of-concept.”
“ViewPoint’s research into stabilizing crystallins, the predominant proteins in the lens of the eye, has the potential to result in the first pharmacologic approach to managing vision loss resulting from aging,” said Dr. Kim. “ViewPoint’s lead candidate, VP1-001, has demonstrated impressive activity to date in preclinical models of cataracts and I am eager to help advance this first-in-class product candidate into the clinic and through proof-of-concept,” added Dr. Kim. “If successful, VP1-001 could eliminate much of the need for corrective lenses and cataract surgery in the U.S., but it could also have tremendous impact in the developing world where over one hundred million people are blind or suffer from low vision due to the inaccessibility of cataract surgery.”
Dr. Kim began his industry career in medical devices, first at Zeiss Humphrey Systems (now Carl Zeiss Meditec), followed by the German venture capital firm, Earlybird. He then transitioned to drug development at Genentech, where he managed the Lucentis Phase 3 clinical program through to its first product approval in wet age related macular degeneration. After Genentech, Dr. Kim was VP of Clinical Ophthalmology at GSK and VP and Head of Pharmaceutical Product Development at Novartis/Alcon. More recently, Dr. Kim was Chief Medical Officer and Head of R&D at Vision Medicines and Apellis Pharmaceuticals. Currently, he is also an Associate Clinical Professor of Ophthalmology at UCSF, where he continues to see patients.
Dr. Kim has over 30 years of clinical experience in ophthalmology. He received his undergraduate and MD degrees from Brown University. Dr. Kim completed his residency in ophthalmology at the University of California, San Francisco (UCSF), post-doctoral training in molecular biology of lens crystallins at the National Eye Institute, and retina fellowship training at Moorfields Eye Hospital in London before joining the faculty at UCSF. Prior to transitioning to industry, Dr. Kim completed an MBA at the Haas School of Business at the University of California, Berkeley.
About Cataracts
A cataract is a clouding of the eye's natural lens. Cataracts cause vision loss or vision impairment in approximately 50 percent of people over age 70 and are the leading cause of blindness in the world. Epidemiologic models estimate that approximately 15 million people in the world are blind due to untreated cataracts, with an additional 85 million suffering from low vision.
About Presbyopia
Presbyopia is age-related farsightedness caused by the loss of lens elasticity. It first affects individuals between the ages of 40 and 50, initially causing blurred vision, difficulty seeing in dim light, and eye strain.
About ViewPoint Therapeutics
ViewPoint is a preclinical-stage biotechnology company passionately committed to the discovery, development, and commercialization of treatments for diseases of protein misfolding, which is implicated in numerous common disorders of aging including cataracts and presbyopia. The Company was founded in 2014 based on technology developed in the lab of ViewPoint co-founder, Dr. Jason Gestwicki, at the University of Michigan in collaboration with the lab of Dr. Usha Andley at Washington University in St. Louis. ViewPoint has a world-class Scientific Advisory Board with decades of experience in the fields of protein misfolding, crystallin biology, cataract etiology and medicinal chemistry. Targeting α-crystallin, a genetically validated target that drives cataract pathology and presbyopia, ViewPoint is developing VP1-001, a small molecule that is active in preclinical models of age-related cataracts. VP1-001 is the first preclinical candidate from ViewPoint’s discovery engine. For more information, please visit www.viewpointtherapeutics.com .
Source: ViewPoint Therapeutics, Inc.
ViewPoint Therapeutics Contact:
Denise Powell
[email protected]
Source:ViewPoint Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-viewpoint-appoints-dr-robert-kim-as-chief-medical-officer.html |
May 10, 2018 / 11:43 AM / in 9 minutes BRIEF-Avaya Qtrly Loss Per Share $1.18 Reuters Staff
May 10 (Reuters) - Avaya Holdings Corp:
* AVAYA REPORTS SECOND QUARTER FISCAL 2018 FINANCIAL RESULTS * Q2 REVENUE $672 MILLION
* QTRLY NON-GAAP REVENUE OF $757 MILLION
* SEES REVENUE OF $690-$705 MILLION, NON-GAAP REVENUE OF $750-$770 MILLION FOR Q3
* SEES Q3 GAAP NET LOSS $0.89-$0.97 PER DILUTED SHARE
* QTRLY LOSS PER SHARE $1.18 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-avaya-qtrly-loss-per-share-118/brief-avaya-qtrly-loss-per-share-1-18-idUSASC0A1E1 |
College administrators have barely had time to digest the full impact of tax reform, but they are already facing a new challenge as Washington weighs a major piece of legislation that could shake up the way higher education does business.
The 1965 Higher Education Act, one of the brightest stars in Lyndon B. Johnson’s Great Society constellation, is due for reauthorization this year. The legislation was intended, in Johnson’s words, “to strengthen the educational resources of our colleges and universities and to provide financial... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-gops-ambitious-college-reform-plan-1526511691 |
May 10, 2018 / 7:19 PM / in 3 minutes UPDATE 1-Brazil's Braskem to talk new naphtha contract with Petrobras- CEO Reuters Staff
(Adds details)
By Alberto Alerigi
SAO PAULO, May 10 (Reuters) - Braskem SA will soon start to negotiate a long-term contract to buy naphtha from its shareholder Petroleo Brasileiro SA, the chief executive of the Brazilian petrochemical company said on Thursday.
Braskem CEO Fernando Musa said the current five-year supply contract, which is one of the largest held by Braskem with state-controlled Petrobras, ends in 2020. Petrobras sells 7 million tonnes of naphtha to Braskem annually, Musa said.
“We don’t want to start the negotiation too close to the deadline,” he told journalists.
Musa said the company has supply contracts abroad that may reach up to 20 years.
Musa said he expects Braskem’s U.S. unit to begin operations in its new polypropylene production unit in La Porte, Texas, in 2020. The company last year said the final phase of main construction on the new unit, which will be located next to its existing production facilities, was targeted for the first quarter of 2020.
Musa said Braskem will try to lead groups vying for the two refining companies in the northeast and southern Brazil that Petrobras plans to sell.
He declined to comment on the company’s previously announced project to unify its different share classes into a single common stock. (Writing by Tatiana Bautzer Editing by Marguerita Choy) | ashraq/financial-news-articles | https://www.reuters.com/article/braskem-petrobras-naphtha/update-1-brazils-braskem-to-talk-new-naphtha-contract-with-petrobras-ceo-idUSL1N1SH1T9 |
How is the stock market set up heading into summer?
It's hard to make a confident case the summer of 2018 will either be "hot fun" or particularly cruel.
The weight of the evidence tilts toward some more aimless knocking around, punctuated by a few bursts of excitement, and probably a couple of attempts by the bears to raid investors' picnic.
Memorial Day weekend marked four months since the major indexes peaked in a crescendo of heedless optimism and maximum momentum, and the past two have seen them settle into a tight band.
Call it rediscovered stability or stalemate or indecision, but whatever the characterization, the S&P 500 has been well-anchored near the middle of its 2018 range. At Friday's close of 2721, the index was up 5.4 percent from its Feb. 8 closing low, and it would take a 5.5 percent gain from here to match the Jan. 26 all-time high.
The tape showed impressive resilience in April, refusing to buckle despite several trips toward the lower end of the 2018 range. But the thrust behind rallies has been unimpressive and the strength has been selective and shifting within the market.
The forces holding the market in this zone are well-known to the point of being taken for granted now: supported by fast-rising corporate profits, solid consumer trends and favorable credit conditions, while hampered by somewhat higher bond yields, suspense about rising inflation and persistent questions about how much profitable life is left in this cycle.
It's tough to see how any of these factors resolve themselves decisively in one direction or the other in the next couple of months. The long-term trend still favors the bulls and will continue to so long as the S&P holds within a few percent of the current level. Yet on a tactical basis in the short term, the aggressive equity optimists have a bit more to prove. Recent rallies have failed to surmount the threshold on the S&P 500 — around the 2750 mark — from which stocks fell hard two months ago on a swirl of China trade salvos, Facebook privacy scandal and the latest Federal Reserve rate hike.
The valuation of stocks relative to bond yields — to cite one big-picture relationship — has been steady at levels that seem neutral based on the past decade or so.
The 10-year Treasury hit 2.94 percent in a rush higher on Feb. 21; the yield finished Friday at 2.93 percent on a pullback. On both dates, the S&P sat a bit above 2700. There's nothing necessarily rigid about that relationship over time, but these asset classes seem engaged in a sort of uneasy equilibrium for the moment.
Back to lows? Global strategist Michael Hartnett at Bank of America Merrill Lynch has set out what would likely need to happen for the market to break one way or the other out of its sticky range.
For a drop to fresh lows, a slide in U.S. GDP and earnings forecasts and some sort of credit "contagion." (It would be a decidedly odd, though not unprecedented, year if earnings were up 15 percent or more, as now anticipated, and stocks stayed flat or fell.)
To regain the January highs, he thinks the Fed and President Trump must "blink" and cut back on rate hikes and trade aggression, respectively, while stock buybacks and perhaps a reanimated tech-stock lovefest emerges. It's quite unclear much of this would have time to develop, say, by July 4, though of course markets attempt to front-run the next economic plot point.
Researchers who study the aggregate bets of the big-money index-options traders for clues about which way the index might be pulled say the pricing of bets expiring in late August suggest a flattish summer that chops around but shouldn't be too far from 2700. (These traders' positions collectively don't always bunch together near the current index price, for those wondering.) The good news is, options dealers don't see deep and lasting damage to come in summer, but they also aren't betting on a summer surge.
The familiar seasonal patterns have not been all that helpful to traders and investors in recent years, proving that they are merely broad tendencies and not cues for action. Still, for what they're worth, this year they seem a headwind.
The hackneyed "sell in May" idea that May-October returns have been weak over the decades has failed in recent years as stocks made good headway in that half a year. But it's in years when the market was down year to date through April — as it was this year — when the historical weakness mostly shows up. In such years, the May-October S&P 500 return has averaged a 2.9 percent loss.
And Stock Trader's Almanac chimes in that June in midterm election years since 1950 ranks dead last for average returns.
2014 a guide? I've been keeping an eye on the comparison of this year's market path with that of 2014. Why? Both years were preceded by unusually strong years (2013 and 2017) with extraordinarily low volatility. Early in each 2014 and this year, there was a nasty shakeout lower amid complacent investor sentiment. In each year, too, the Fed was entering a new phase of removing "easy money" policy — ending QE in 2014 and reducing its balance sheet this year while lifting short-term rates.
As the charts show, the paths are not dissimilar, though the January run-up and February drop this year were more dramatic.
As of Memorial Day weekend in 2014, the S&P was up 2.8 percent, and now is up 1.8 percent. In 2014, credit markets stayed firm and the economy and earnings held up well, but as the highlighted box shows, the market made very little net headway through October before a strong finish to the year.
Source: Yahoo Finance
Source: Yahoo Finance
Not a prediction, just something to ponder over the long days of summer. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/santoli-choppy-sideways-trading-likely-ahead-this-summer.html |
May 23, 2018 / 1:22 AM / Updated 30 minutes ago China says eastern European summits are good for EU Reuters Staff 2 Min Read
BEIJING (Reuters) - Annual summits between China and central and eastern European countries are beneficial to the European Union as a whole, the Chinese government’s told Bulgaria’s foreign minister, brushing off concern that Beijing is seeking to divide the continent. Chinese Foreign Minister Wang Yi and Portuguese Foreign Minister Augusto Santos Silva (not pictured) attend a news conference at Necessidades Palace in Lisbon, Portugal May 18, 2018. REUTERS/Rafael Marchante
China has courted central and eastern European states, including with annual summits, which has unnerved Western European capitals who fear China wants to sow divisions in the bloc.
Reuters reported in March that China was considering paring back the summits, though China has said preparatory talks for this year’s summit in Bulgaria are continuing.
Meeting Bulgaria’s deputy prime minister and minister of foreign affairs Ekaterina Zaharieva in Argentina, Chinese State Councillor Wang Yi said the “16+1” platform had had a positive effect on economic development, referring to China’s cooperation mechanism with those countries.
“The 16+1 cooperation and China-EU cooperation are not mutually exclusive,” China’s Foreign Ministry cited Wang as telling Zaharieva on Tuesday. “Objectively, it helps with the European integration process.”
China believes that this year’s summit in Bulgaria will achieve new results and further promote mutually beneficial cooperation between China and central and eastern Europe, Wang added, according to the statement issued on Wednesday.
Zaharieva told Wang that Bulgaria will “enthusiastically welcome” Chinese leaders to attend the summit and that they are busy making preparations for it, according to China’s foreign ministry.
Cooperation between China and central and eastern Europe does not affect China’s broader cooperation with the EU, she added.
Bulgaria also supports China’s Belt and Road initiative and wants to promote more infrastructure projects under its framework, Zaharieva said, referring to Chinese President Xi Jinping’s grand plan to build a new Silk Road. Reporting by Ben Blanchard; Editing by Michael Perry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-easteurope/china-says-eastern-european-summits-are-good-for-eu-idUKKCN1IO04N |
Martin Sorrell is staging a comeback just six weeks after he was ousted from WPP, using the same formula as in the 1980s when he transformed a shell company into the world's biggest advertising group.
One of Britain's best known businessmen, Sorrell said he would invest £40 million ($53 million) of his own money into Derriston Capital while institutional investors have pledged £150 million to buy marketing companies.
The London-listed company will be renamed S4 Capital, a Sorrell entity, in a reverse takeover which is likely to be closely watched in an industry facing questions over whether the ad guru's model is still the best way to deliver adverts, marketing, research data and media buying in a digital world.
WPP competes with U.S. groups Omnicom and IPG, France's Publicis and Japan's Dentsu, while thousands of small independent companies provide everything from ads for mobile phones to creative work and data analytics.
"S4 Capital is a company that aims to build a multi-national communication services business focused on growth," the 73-year-old said. "There are significant opportunities for development in technology, data and content. I look forward to making this happen."
Derriston Capital, a little-known two-year-old listed shell company, said Sorrell would become executive chairman while the deal will lead to the issue of 591,967,000 new shares.
Taking charge of a listed shell company repeats the tactic Sorrell used in the 1980s when he took a stake in Wire and Plastics Products, a maker of shopping baskets, and used it as a vehicle to buy some of the world's most famous advertising agencies such as JWT and Ogilvy & Mather.
Over 30 years he added market research groups, media buyers, and public relations firms such as Finsbury to build a company that employed 200,000 staff in 112 countries.
Worth £16 billion, WPP returned millions of pounds to shareholders, including its CEO, and dominated the industry for decades.
But in recent years it has struggled as major consumer goods groups such as Unilever trimmed spending on marketing and took some services in house, while consultancies such as Accenture have also stepped up competition.
According to Thomson Reuters data, Sorrell is the eighth biggest investor in WPP with a 1.4 percent stake.
Sorrell quit WPP just over six weeks ago after the board opened an investigation into an allegation of personal misconduct.
The company has not given any details about the allegation, and Sorrell has denied any wrongdoing. He told staff he had stepped down because the disruption was putting too much pressure on the business. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/martin-sorrell-makes-comeback-from-wpp-blow-with-tested-tactic.html |
Unsecured creditors of the Weinstein Co launched a last-minute push on Monday to stall its sale, arguing proceeds could be used improperly to pay a secured bank lender before the film and TV studio gets its plan to emerge from bankruptcy confirmed.
The Weinstein Co’s official committee of unsecured creditors in court papers objected to the sale to an affiliate of private equity firm Lantern Capital Partners because proceeds could go to pay Bank of America after the transaction closes.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2KJY23d
Our | ashraq/financial-news-articles | https://www.reuters.com/article/bankruptcy-weinsteincompany/weinstein-co-unsecured-creditors-fight-bank-over-sale-proceeds-idUSL1N1SE1W8 |
BRUSSELS, May 17 (Reuters) - New large trucks in the European Union will have to emit at least 30 percent less CO2 by 2030 than in 2019 under the bloc’s first ever CO2 standards for trucks proposed on Thursday.
The proposal will need to be approved by EU governments and the European Parliament before becoming law.
The EU currently has no limits on the CO2 emitted from trucks, which account for a quarter of all road transport emissions.
Countries such as the United States, China, Japan and Canada have already set targets to reduce CO2 emissions from trucks.
The European Commission proposed an interim CO2 reduction target of 15 percent by 2025 for all large trucks compared to 2019 levels. By 2030 trucks will have to emit at least 30 percent less CO2 than in 2019.
The EU by 2030 wants to cut overall emissions by at least 40 percent versus 1990 levels. Thursday’s proposal follows new draft rules on CO2 standards for cars.
“All sectors must contribute to meet our climate commitments under the Paris Agreement,” said Miguel Arias Canete, EU Commissioner for climate action and energy. “That’s why, for the first time ever, we are proposing EU standards to increase fuel efficiency and reduce emissions from new heavy-duty vehicles.”
The proposed targets are likely to disappoint environmental campaigners and some EU countries who had called for a 2025 target of at least 24 percent and a 2030 target of 34-45 percent.
The Commission expects its targets to save around 54 million tonnes of CO2 from 2020 to 2030, equivalent to the total annual emissions of Sweden.
Europe’s car industry lobbied this month for a 16 percent tail-pipe CO2 reduction between 2019 and 2030, with an intermediate target of 7 percent in 2025, the ACEA industry group said in a statement.
$1 = 0.8462 euros Reporting by Julia Fioretti; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/eu-trucks-emissions/eu-sets-30-percent-co2-reduction-target-for-trucks-by-2030-idUSL5N1SO2N8 |
Tapestry hit by Kate Spade, Stuart Weitzman troubles 01:35
High-end handbag maker Tapestry reported lower third-quarter margins and a steeper-than-expected decline in same-store sales, sending its shares down. Aleksandra Michalska reports.
High-end handbag maker Tapestry reported lower third-quarter margins and a steeper-than-expected decline in same-store sales, sending its shares down. Aleksandra Michalska reports. //reut.rs/2KugUmU | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/01/tapestry-hit-by-kate-spade-stuart-weitzm?videoId=423021107 |
LOS ANGELES (AP) — The Latest on three black people who were questioned after leaving an Airbnb rental (all times local):
4:21 p.m.
A lawsuit is planned by three black people briefly detained by police in Southern California after a 911 caller wrongly reported they might be burglars.
The Rialto Police Department said Monday that it has received notice of legal action by the three, who were leaving an Airbnb rental with their luggage when a neighbor called police on April 30.
Police said they were polite during the 22-minute interaction.
But one of the renters, Kells Fyffe-Marshall, wrote on social media that they were "surrounded" by seven police cars and told to put up their hands. She says a helicopter was tracking them and an officer accused them of lying.
The encounter is the latest example of friction between law enforcement and minorities. Last month, two black men in Philadelphia were arrested after a Starbucks employee called police because they hadn't bought anything.
This story corrects ext. headline to say three black people were detained, not three black women
2:59 p.m.
A lawsuit is planned by three black people briefly detained by police in Southern California after a 911 caller wrongly reported they might be burglars.
The Rialto Police Department said Monday that it has received notice of legal action by the three, who were leaving an Airbnb rental with their luggage when a neighbor called police on April 30.
Police said they were polite during the 22-minute interaction.
But one of the renters, Kells Fyffe-Marshall, wrote on social media that they were "surrounded" by seven police cars and told to put up their hands.
The encounter is the latest example of friction between law enforcement and minorities. Last month, two black men in Philadelphia were arrested after a Starbucks employee called police because they hadn't bought anything. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/the-associated-press-the-latest-black-airbnb-guests-questioned-by-police-to-sue.html |
May 7 (Reuters) - Astrum Financial Holdings Ltd:
* BOARD DECLARED AN INTERIM DIVIDEND OF HK$0.005 PER SHARE FOR THREE MONTHS ENDED 31 MARCH 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-astrum-financial-holdings-declares/brief-astrum-financial-holdings-declares-interim-dividend-of-hk0-005-per-share-idUSFWN1SE0UG |
May 9 (Reuters) - ePlus inc:
* EPLUS EXPANDS EXECUTIVE MANAGEMENT TEAM WITH CHIEF OPERATING OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-eplus-expands-executive-management/brief-eplus-expands-executive-management-team-with-chief-operating-officer-idUSASC0A16M |
May 9, 2018 / 10:43 AM / in 36 minutes BNP Paribas cuts stake in First Hawaiian bank to below 50 percent level Reuters Staff 2 Min Read
PARIS (Reuters) - BNP Paribas ( BNPP.PA ) announced a secondary offering of shares in First Hawaiian Inc ( FHB.O ), resulting in the French bank relinquishing its majority ownership of the Hawaiian bank. FILE PHOTO: A BNP Paribas logo is seen at a bank in Paris, France, April 6, 2018. REUTERS/Benoit Tessier/File Photo
The sale of another part of its stake in First Hawaiian is expected to have a positive impact of 5 basis points on BNP Paribas’ common equity tier 1 ratio - a key financial health indicator, which last stood at 11.6 percent.
BNP Paribas will sell 15.3 million shares in First Hawaiian bank at a price of $27.75 per share.
First Hawaiian will also buy back $81.8 million worth of its own shares. As a result, BNP Paribas’ stake would fall to 48.8 percent from 61.9 percent, depending on whether underwriters exercise the option to purchase additional shares in full.
Goldman Sachs ( GS.N ), Citigroup ( C.N ), Deutsche Bank ( DBKGn.DE ) and J.P. Morgan ( JPM.N ) are acting as the underwriters for the share sale.
First Hawaiian Bank, whose roots go back to 1858, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. Reporting by Maya Nikolaeva; Editing by Sudip Kar-Gupta | ashraq/financial-news-articles | https://www.reuters.com/article/us-bnp-paribas-first-hawaiian/bnp-paribas-cuts-stake-in-first-hawaiian-bank-to-below-50-percent-level-idUSKBN1IA1EU |
May 7, 2018 / 11:43 AM / Updated 29 minutes ago Tyson Foods misses profit estimates as freight costs rise Reuters Staff 2 Min Read
(Reuters) - Tyson Foods Inc ( TSN.N ) missed Wall Street estimates for quarterly profit on Monday, as the No. 1 U.S. meat processor felt the brunt of higher freight and labour costs, sending its shares down nearly 6 percent in premarket trading. FILE PHOTO: Aidells brand chicken and apple sausage which is owned by Tyson Foods are pictured in a grocery store cooler in the Manhattan borough of New York City, U.S. May 11, 2017. REUTERS/Carlo Allegri/File Photo
Tyson, like other U.S. meat processing and packaged food companies, has been facing higher transportation costs as railroads and truck fleets have raised prices amid a shortage of drivers, reduced capacity, higher fuel prices and a strengthening U.S. economy.
Net income attributable to the maker of Ball Park hotdogs and Jimmy Dean sausages fell to $315 million (233 million pounds), or 85 cents per share, in the second quarter ended March 31, from $340 million, or 92 cents per share, a year earlier.
The company paid $109 million in one time cash bonuses to its employees across its businesses as it passed on the benefits on of the changes in the U.S. tax code.
Excluding certain items, the company earned $1.27 per share, while revenue rose 7.6 percent to $9.77 billion.
Analysts on average had expected earnings of $1.30 per share on revenue of $9.89 billion, according to Thomson Reuters I/B/E/S. Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tyson-foods-results/tyson-foods-reports-7-4-percent-fall-in-quarterly-profit-idUKKBN1I8174 |
May 2, 2018 / 1:33 PM / Updated 8 minutes ago BRIEF-Cobalt Power Group Announces The Appointment Of New President And CEO Reuters Staff
May 2 (Reuters) - Cobalt Power Group Inc:
* COBALT POWER GROUP ANNOUNCES THE APPOINTMENT OF NEW PRESIDENT AND CEO
* COBALT POWER GROUP INC - APPOINTED GREIG HUTTON AS PRESIDENT AND CEO
* COBALT POWER GROUP INC - GREIG HUTTON WILL BE REPLACING ANDREAS ROMPEL FOLLOWING HIS RESIGNATION AS CEO, PRESIDENT AND DIRECTOR Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cobalt-power-group-announces-the-a/brief-cobalt-power-group-announces-the-appointment-of-new-president-and-ceo-idUSASC09Z16 |
MILPITAS, Calif., May 3, 2018 /PRNewswire/ -- KLA-Tencor Corporation (NASDAQ: KLAC) today announced that its board of directors has declared a quarterly cash dividend of $0.75 per share on its common stock payable on June 1, 2018 to KLA-Tencor stockholders of record as of the close of business on May 15, 2018.
Logo - http://photos.prnewswire.com/prnh/20140123/SF50413LOGO
About KLA-Tencor:
KLA-Tencor Corporation, a leading provider of process control and yield management solutions, partners with customers around the world to develop state-of-the-art inspection and metrology technologies. These technologies serve the semiconductor and other related nanoelectronics industries. With a portfolio of industry-standard products and a team of world-class engineers and scientists, the company has created superior solutions for its customers for more than 40 years. Headquartered in Milpitas, Calif., KLA-Tencor has dedicated customer operations and service centers around the world. Additional information may be found at www.kla-tencor.com . (KLAC-F)
View original content: http://www.prnewswire.com/news-releases/kla-tencor-declares-regular-cash-dividend-for-the-second-quarter-of-calendar-year-2018-300640625.html
SOURCE KLA-Tencor Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-kla-tencor-declares-regular-cash-dividend-for-the-second-quarter-of-calendar-year-2018.html |
ATLANTA--(BUSINESS WIRE)-- Global Payments Inc. (NYSE: GPN) today announced results for the first quarter ended March 31, 2018.
"We delivered double digit organic growth across our markets in the first quarter of 2018, an acceleration that led to one of the strongest results we have yet achieved,” said Jeff Sloan, Chief Executive Officer. “Our integrated and vertical markets businesses and ecommerce and omnichannel offerings continue to gain share through technology enablement. Our financial and operating performance, technology and software assets and exposure to faster growth markets highlight the ongoing strengths and differentiation of our business model."
First Quarter 2018 Summary
GAAP revenues were $795.0 million, compared to $919.8 million in the first quarter of 2017; diluted earnings per share were $0.57 compared to $0.32 in the prior year; and operating margin was 19.6% compared to 11.4% in the first quarter of 2017; 2018 results reflect the adoption of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. Adjusted net revenue plus network fees grew 17% to $924.3 million, compared to $787.7 million in the first quarter of 2017. Adjusted earnings per share grew 33% to $1.13, compared to $0.85 in the first quarter of 2017. Adjusted operating margin expanded 140 basis points to 30.4%.
2018 Outlook
“As a result of our strong first quarter performance, we are increasing our outlook for 2018,” stated Cameron Bready, Senior Executive Vice President and Chief Financial Officer. “We now expect adjusted net revenue plus network fees to range from $3.90 billion to $3.975 billion, or growth of 13% to 15% over 2017 and adjusted operating margin to expand by as much as 120 basis points. Adjusted earnings per share are now expected to be in a range of $5.00 to $5.20, reflecting growth of 25% to 30% over 2017.”
Capital Allocation
Global Payments’ Board of Directors approved a dividend of $0.01 per share payable June 29, 2018 to shareholders of record as of June 15, 2018.
Conference Call
Global Payments’ management will host a conference call today, May 3, 2018 at 8:00 a.m. ET to discuss financial results and business highlights. Callers may access the conference call via the investor relations page of the company’s website at www.globalpaymentsinc.com ; or callers in North America may dial 877-674-6428 and callers outside North America may dial 970-315-0457. A replay of the call will be archived on the company's website within two hours of the live call.
Non-GAAP Financial Measures
Global Payments supplemented revenues, income and earnings per share information determined in accordance with GAAP by providing those measures on an adjusted basis, and other measures, in this earnings release to assist with evaluating performance. In addition to GAAP measures, management uses these non-GAAP measures to focus on the factors the company believes are pertinent to the daily management of our operations.
Reconciliations of the non-GAAP measures to the most directly comparable GAAP measure are included in the schedules to this release.
About Global Payments
Global Payments Inc. (NYSE: GPN) is a leading worldwide provider of payment technology and software solutions delivering innovative services driven by customer needs globally. Our technologies, solutions and employee expertise enable us to provide a broad range of products and services that allow our customers to accept all payment types and operate their businesses more efficiently across a variety of distribution channels in many markets around the world.
Headquartered in Atlanta, Georgia with more than 10,000 employees worldwide, Global Payments is a member of the S&P 500 with customers and partners in 30 countries throughout North America, Europe, the Asia-Pacific region and Brazil. For more information about Global Payments, our Service. Driven. Commerce brand and our technologies, please visit www.globalpaymentsinc.com .
Forward-Looking Statements
This announcement and comments made by Global Payments' management during the conference call may contain certain forward-looking statements within the meaning of the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including revenue, earnings estimates and management’s expectations regarding future events and developments, are forward-looking statements and are subject to significant risks and uncertainties.
Important factors that may cause actual events or results to differ materially from those anticipated by such forward-looking statements include our ability to safeguard our data; increased competition from larger companies and non-traditional competitors, our ability to update our services in a timely manner; our ability to maintain Visa and MasterCard registration and financial institution sponsorship; our reliance on financial institutions to provide clearing services in connection with our settlement activities; our potential failure to comply with card network requirements; potential systems interruptions or failures; software defects or undetected errors; increased attrition of merchants, referral partners or independent sales organizations; our ability to increase our share of existing markets and expand into new markets; a decline in the use of cards for payment generally; unanticipated increases in chargeback liability; increases in credit card network fees; change in laws, regulations or network rules or interpretations thereof; foreign currency exchange and interest rate risks; political, economic and regulatory changes in the foreign countries in which we operate; future performance, integration and conversion of acquired operations; including without limitation difficulties and delays in integrating or fully realizing cost savings and other benefits of our acquisitions at all or within the expected time period; fully realizing anticipated annual interest expense savings from refinancing our corporate debt facilities; our loss of key personnel and other risk factors presented in Item 1- Risk Factors of our Report on Form 10-K for the year ended December 31, 2017 and any subsequent SEC filings, which we advise you to review. Our forward-looking statements speak only as of the date they are made and should not be relied upon as representing our plans and expectations as of any subsequent date. We undertake no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.
SCHEDULE 1 UNAUDITED GAAP CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands, except per share data)
Three Months Ended March 31, % 2018 2017 Change Revenues $ 794,977 $ 919,762 (13.6 )% Operating expenses: Cost of service 252,386 455,936 (44.6 )% Selling, general and administrative 386,421 358,856 7.7 % 638,807 814,792 (21.6 )% Operating income 156,170 104,970 48.8 % Interest and other income 11,694 1,607 NM
Interest and other expense (45,605 ) (41,297 ) 10.4 % (33,911 ) (39,690 ) NM Income before income taxes 122,259 65,280 87.3 % Provision for income taxes (24,673 ) (12,321 ) 100.3 % Net income 97,586 52,959 84.3 % Less: Net income attributable to noncontrolling interests, net of income tax (6,187 ) (4,146 ) 49.2 % Net income attributable to Global Payments $ 91,399 $ 48,813 87.2 % Earnings per share attributable to Global Payments: Basic $ 0.57 $ 0.32 78.1 % Diluted $ 0.57 $ 0.32 78.1 % Weighted-average number of shares outstanding: Basic 159,321 152,304 Diluted 160,035 153,255 NM - Not Meaningful
SCHEDULE 2 NON-GAAP FINANCIAL MEASURES (UNAUDITED) GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands, except per share data)
Three Months Ended March 31, 2018 2017 % Change Adjusted net revenue plus network fees $ 924,280 $ 787,716 17.3 % Adjusted operating income $ 281,340 $ 228,749 23.0 % Adjusted net income attributable to Global Payments $ 180,823 $ 130,034 39.1 % Adjusted diluted earnings per share attributable to Global Payments $ 1.13 $ 0.85 32.9 % See Schedules 6 and 7 for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure and Schedule 8 for a discussion of non-GAAP financial measures.
SCHEDULE 3 SEGMENT INFORMATION (UNAUDITED) GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Three Months Ended March 31, 2018 March 31, 2017 % Change Non-GAAP Non-GAAP Non-GAAP adjusted net adjusted net adjusted net revenue revenue revenue
plus network Non-
plus network Non- plus network
GAAP Non-GAAP fees (1)
GAAP GAAP
fees (1)
GAAP (2)
GAAP (2)
fees (1)
Revenues: North America $ 594,029 $ 521,790 $ 676,506 $ 687,044 $ 597,482 $ 580,612 NM NM 16.5 % Europe 143,277 143,277 170,866 165,549 139,228 139,935 NM NM 22.1 % Asia-Pacific 57,671 57,671 76,908 67,169 67,169 67,169 NM NM 14.5 % $ 794,977 $ 722,738 $ 924,280 $ 919,762 $ 803,879 $ 787,716 NM NM 17.3 % Operating income: North America $ 125,404 $ 213,840 $ 94,083 $ 172,377 33.3 % 24.1 % Europe 70,548 77,679 54,507 63,908 29.4 % 21.5 % Asia-Pacific 23,774 25,863 19,754 20,970 20.4 % 23.3 % Corporate (63,556 ) (36,042 ) (63,374 ) (28,506 ) 0.3 % 26.4 % $ 156,170 $ 281,340 $ 104,970 $ 228,749 48.8 % 23.0 % NM - Not Meaningful
See Schedules 6 and 7 for a reconciliation of adjusted net revenue, adjusted net revenue plus network fees and adjusted operating income by segment to the most comparable GAAP measures and Schedule 8 for a discussion of non-GAAP financial measures.
(1) Global Payments adopted Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606"), on January 1, 2018. The new accounting standard changed the presentation of certain amounts that we pay to third parties, including payment networks. This change in presentation affected our reported GAAP revenues and operating expenses by the same amount and had no effect on operating income.
(2) As a result of adopting ASC 606, results for 2018 and 2017 revenues and adjusted net revenue are not comparable, thus the change from the prior year is not meaningful.
SCHEDULE 4 UNAUDITED CONSOLIDATED BALANCE SHEETS GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands, except share data)
March 31, 2018 December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 1,005,823 $ 1,335,855 Accounts receivable, net of allowances for doubtful accounts of $1,949 and $1,827, respectively 288,101 301,887 Settlement processing assets 2,650,113 2,459,292 Prepaid expenses and other current assets 213,841 206,545 Total current assets 4,157,878 4,303,579 Goodwill 5,714,945 5,703,992 Other intangible assets, net 2,096,261 2,181,707 Property and equipment, net 599,774 588,348 Deferred income taxes 11,420 13,146 Other noncurrent assets 323,019 207,297 Total assets $ 12,903,297 $ 12,998,069 LIABILITIES AND EQUITY Current liabilities: Settlement lines of credit $ 447,617 $ 635,166 Current portion of long-term debt 107,479 100,308 Accounts payable and accrued liabilities 1,039,379 1,039,607 Settlement processing obligations 2,314,444 2,040,509 Total current liabilities 3,908,919 3,815,590 Long-term debt 4,176,851 4,559,408 Deferred income taxes 452,470 436,879 Other noncurrent liabilities 225,267 220,961 Total liabilities 8,763,507 9,032,838 Commitments and contingencies Equity: Preferred stock, no par value; 5,000,000 shares authorized and none issued — — Common stock, no par value; 200,000,000 shares authorized; 159,532,631 issued and outstanding at March 31, 2018 and 159,180,317 issued and outstanding at December 31, 2017 — — Paid-in capital 2,390,022 2,379,774 Retained earnings 1,738,545 1,597,897 Accumulated other comprehensive loss (176,961 ) (183,144 ) Total Global Payments shareholders’ equity 3,951,606 3,794,527 Noncontrolling interests 188,184 170,704 Total equity 4,139,790 3,965,231 Total liabilities and equity $ 12,903,297 $ 12,998,069 SCHEDULE 5 UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Three Months Ended March 31, 2018 March 31, 2017 Cash flows from operating activities: Net income $ 97,586 $ 52,959 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of property and equipment 33,918 24,984 Amortization of acquired intangibles 87,825 84,049 Share-based compensation expense 14,898 8,816 Provision for operating losses and bad debts 9,237 13,482 Amortization of capitalized contract costs 10,213 8,948 Deferred income taxes 910 (19,391 ) Other, net (1,937 ) 4,692 Changes in operating assets and liabilities, net of the effects of acquisitions: Accounts receivable 13,050 11,929 Settlement processing assets and obligations, net 82,235 122,948 Prepaid expenses and other assets (56,906 ) (6,472 ) Accounts payable and other liabilities (6,488 ) (12,979 ) Net cash provided by operating activities 284,541 293,965 Cash flows from investing activities: Capital expenditures (43,775 ) (46,219 ) Other, net (1,586 ) (422 ) Net cash used in investing activities (45,361 ) (46,641 ) Cash flows from financing activities: Net repayments of settlement lines of credit (192,517 ) (117,789 ) Proceeds from long-term debt 309,000 149,000 Repayments of long-term debt (687,820 ) (189,732 ) Payment of debt issuance costs (586 ) (896 ) Proceeds from stock issued under share-based compensation plans 2,613 1,149 Common stock repurchased - share-based compensation plans (1,058 ) (167 ) Distributions to noncontrolling interests — (8 ) Dividends paid (1,593 ) (1,522 ) Net cash used in financing activities (571,961 ) (159,965 ) Effect of exchange rate changes on cash 2,749 11,707 Increase (decrease) in cash and cash equivalents (330,032 ) 99,066 Cash and cash equivalents, beginning of the period 1,335,855 1,162,779 Cash and cash equivalents, end of the period $ 1,005,823 $ 1,261,845 SCHEDULE 6 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (UNAUDITED) GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands, except per share data)
Three Months Ended March 31, 2018 Non-GAAP Income taxes adjusted net Net revenue Earnings on
Non-
Network revenue plus GAAP adjustments (1)
adjustments (2)
adjustments (3)
GAAP
fees (4)
network fees Revenues $ 794,977 $ (72,240 ) $ — $ — $ 722,737 $ 201,543 $ 924,280 Operating income $ 156,170 $ 3,593 $ 121,577 $ — $ 281,340 Net income attributable to Global Payments $ 91,399 $ 3,593 $ 112,142 $ (26,311 ) $ 180,823 Diluted earnings per share attributable to Global Payments $ 0.57 $ 1.13 Diluted weighted average shares outstanding 160,035 160,035 Three Months Ended March 31, 2017 Gaming Non-GAAP Income taxes cash adjusted net Net revenue Earnings on
Non-
advance / revenue plus GAAP adjustments (1)
adjustments (2)
adjustments (3)
GAAP
other (4)
network fees Revenues $ 919,762 $ (115,883 ) $ — $ — $ 803,879 $ 16,163 $ 787,716 Operating income $ 104,970 $ — $ 123,779 $ — $ 228,749 Net income attributable to Global Payments $ 48,813 $ — $ 121,992 $ (40,771 ) $ 130,034 Diluted earnings per share attributable to Global Payments $ 0.32 $ 0.85 Diluted weighted average shares outstanding 153,255 153,255
(1) Amounts represent adjustments to revenue for gross-up related payments (included in operating expense) associated with certain lines of business to reflect economic benefits to the company. Also, for the three months ended March 31, 2018, includes $3.6 million to eliminate the effect of acquisition accounting fair value adjustments for software-related contract liabilities associated with the acquisition of ACTIVE Network.
(2) For the three months ended March 31, 2018, earnings adjustments to operating income include $88.9 million in cost of service and $32.7 million in selling, general and administrative expenses. Adjustments to cost of service include amortization of acquired intangibles of $88.4 million and acquisition and integration expenses of $0.5 million. Adjustments to selling, general and administrative expenses include share-based compensation expense of $14.9 million and acquisition and integration expenses of $17.8 million.
For the three months ended March 31, 2018, earnings adjustments to net income attributable to Global Payments also include the removal of a $9.6 million gain recognized on the reorganization of Interac Association of which we were a member through one of our Canadian subsidiaries. The earnings adjustments also include the removal of $1.9 million in expense associated with the write-off of unamortized debt issuance cost related to the refinancing of a term loan.
For the three months ended March 31, 2017, earnings adjustments to operating income include $86.3 million in cost of service and $37.5 million in selling, general and administrative expenses. Adjustments to cost of service include amortization of acquired intangibles of $84.6 million and employee termination costs of $1.7 million. Adjustments to selling, general and administrative expenses include share-based compensation expense of $8.8 million, acquisition and integration expenses of $26.1 million, and employee termination costs of $2.6 million.
(3) Income taxes on adjustments reflect the tax effect of earnings adjustments to income before income taxes. The tax rate used in determining the tax impact of earnings adjustments is either the jurisdictional statutory rate in effect at the time of the adjustment or the jurisdictional expected annual effective tax rate for the period, depending on the nature and timing of the adjustment.
(4) Global Payments adopted ASC 606, on January 1, 2018. The new accounting standard changed the presentation of certain amounts that we pay to third parties, including payment networks. This change in presentation affected our reported GAAP revenues and operating expenses by the same amount and had no effect on operating income.
For 2017, payment network fees were presented within operating expenses and in 2018 payment network fees are presented as a reduction of revenues. As a result, adjusted net revenue plus network fees for the three months ended March 31, 2018 is presented on a basis that is comparable to the prior year. Adjusted net revenue plus network fees for the three months ended March 31, 2017 includes an adjustment for our gaming cash advance solutions to present it on a basis that is comparable to the current year.
SCHEDULE 7 RECONCILIATION OF SEGMENT NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (UNAUDITED) GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Three Months Ended March 31, 2018 Non-GAAP
adjusted net Net revenue
Earnings Non-
Network revenue plus GAAP adjustments (1)
adjustments (2)
GAAP
fees (3)
network fees Revenues: North America $ 594,029 $ (72,239 ) $ — $ 521,790 $ 154,716 $ 676,506 Europe 143,277 — — 143,277 27,589 170,866 Asia-Pacific 57,671 — — 57,671 19,237 76,908 $ 794,977 $ (72,239 ) $ — $ 722,738 $ 201,543 $ 924,280 Operating income: North America $ 125,404 $ 3,593 $ 84,843 $ 213,840 Europe 70,548 — 7,131 77,679 Asia-Pacific 23,774 — 2,089 25,863 Corporate (63,556 ) — 27,514 (36,042 ) $ 156,170 $ 3,593 $ 121,577 $ 281,340 Three Months Ended March 31, 2017 Gaming
Non-GAAP cash
adjusted net Net revenue Earnings Non-
advance revenue plus GAAP adjustments (1)
adjustments (2)
GAAP
/other (3)
network fees Revenues: North America $ 687,044 $ (89,562 ) $ — $ 597,482 $ 16,870 $ 580,612 Europe 165,549 (26,321 ) — 139,228 (707 ) 139,935 Asia-Pacific 67,169 — — 67,169 — 67,169 $ 919,762 $ (115,883 ) $ — $ 803,879 $ 16,163 $ 787,716 Operating income: North America $ 94,083 $ — $ 78,294 $ 172,377 Europe 54,507 — 9,401 63,908 Asia-Pacific 19,754 — 1,216 20,970 Corporate (63,374 ) — 34,868 (28,506 ) $ 104,970 $ — $ 123,779 $ 228,749 (1) Amounts represent adjustments to revenue for gross-up related payments (included in operating expense) associated with certain lines of business to reflect economic benefits to the company. Also, for the three months ended March 31, 2018, includes $3.6 million to eliminate the effect of acquisition accounting fair value adjustments for software-related contract liabilities associated with the acquisition of ACTIVE Network.
(2) For the three months ended March 31, 2018, earnings adjustments to operating income include $88.9 million in cost of service and $32.7 million in selling, general and administrative expenses. Adjustments to cost of service include amortization of acquired intangibles of $88.4 million and acquisition and integration expenses of $0.5 million. Adjustments to selling, general and administrative expenses include share-based compensation expense of $14.9 million and acquisition and integration expenses of $17.8 million.
For the three months ended March 31, 2017, earnings adjustments to operating income include $86.3 million in cost of service and $37.5 million in selling, general and administrative expenses. Adjustments to cost of service include amortization of acquired intangibles of $84.6 million and employee termination costs of $1.7 million. Adjustments to selling, general and administrative expenses include share-based compensation expense of $8.8 million, acquisition and integration expenses of $26.1 million, and employee termination costs of $2.6 million.
(3) Global Payments adopted ASC 606 on January 1, 2018. The new accounting standard changed the presentation of certain amounts that we pay to third parties, including payment networks. This change in presentation affected our reported GAAP revenues and operating expenses by the same amount and had no effect on operating income.
For 2017, payment network fees were presented within operating expenses and in 2018 payment network fees are presented as a reduction of revenues. As a result, adjusted net revenue plus network fees for the three months ended March 31, 2018 are presented on a basis that is comparable to the prior year. Adjusted net revenue plus network fees for the three months ended March 31, 2017 includes an adjustment for our gaming cash advance solutions to present it on a basis that is comparable to the current year.
SCHEDULE 8 OUTLOOK SUMMARY (UNAUDITED) GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In billions, except per share data)
2017 Actual 2018 Outlook % Change Revenues: GAAP revenues $3.98 $3.31 to $3.385 NM Adjustments (1) (0.46 ) (0.28) Adjusted net revenue $3.52 $3.03 to $3.105 NM Gaming cash advance / other (2) ($0.07 ) $— Network fees (2) — 0.87 Adjusted net revenue plus network fees $3.45 $3.90 to $3.975 13% to 15% Earnings per share ("EPS"): GAAP diluted EPS (3) $3.01 $2.99 to $3.19 Adjustments (4) 1.00 2.01 Adjusted diluted EPS $4.01 $5.00 to $5.20 25% to 30% (1) Represents adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain lines of business to reflect economic benefit to the company. As a result of the adoption of ASC 606 effective January 1, 2018, no adjustment is necessary for our European wholesale business as GAAP revenues in 2018 are presented net of these payments. The 2018 Outlook adjustment is $0.16 billion lower as a result of this change. See footnote 2.
Amounts also include adjustments to eliminate the effect of acquisition accounting fair value adjustments for software-related contract liabilities associated with the acquisition of ACTIVE Network.
(2) Global Payments adopted ASC 606, on January 1, 2018. The new accounting standard changed the presentation of certain amounts that we pay to third parties, including payment networks. This change in presentation affected our reported GAAP revenues and operating expenses by the same amount and had no effect on operating income.
For 2017, payment network fees were presented within operating expenses and in 2018 payment network fees are presented as a reduction of revenues. As a result, adjusted net revenue plus network fees for the three months ended March 31, 2018 are presented on a basis that is comparable to the prior year.
Adjusted net revenue plus network fees for the three months ended March 31, 2017 includes an adjustment for our gaming cash advance solutions to present it on a basis that is comparable to the current year.
(3) ASC 606 also changes the amount and timing of revenue and expenses to be recognized under certain of our customer arrangements, the effect of which is reflected in the outlook for GAAP diluted EPS for 2018.
(4) Adjustments to 2017 GAAP diluted EPS include the ACTIVE Network revenue adjustment described above, acquisition related amortization expense of $2.19, share-based compensation expense of $0.25 and net other items of $0.68, including acquisition and integration expense of $0.61. Adjustments to 2017 GAAP diluted EPS also includes the effect of these adjustments on noncontrolling interests and income taxes, as applicable. In addition, these adjustments reflect the removal of income tax benefit of $1.02 representing the effects of the effects of U.S. Tax Cuts and Jobs Act of 2017.
NM - Not Meaningful
NON-GAAP FINANCIAL MEASURES
Global Payments supplements revenues, income and EPS information determined in accordance with U.S. GAAP by providing these measures, and other measures, with certain adjustments (such measures being non-GAAP financial measures) in this document to assist with evaluating our performance. In addition to GAAP measures, management uses these non-GAAP financial measures to focus on the factors the company believes are pertinent to the daily management of our operations. Management believes adjusted net revenue and adjusted net revenue plus network fees more closely reflect the economic benefits to the company's core business and, in the case of adjusted net revenue, allows for better comparisons with industry peers. Management uses these non-GAAP financial measures, together with other metrics, to set goals for and measure the performance of the business and to determine incentive compensation. Adjusted net revenue, adjusted net revenue plus network fees, adjusted operating income, adjusted operating margin, adjusted net income and adjusted EPS should be considered in addition to, and not as substitutes for, revenues, operating income, net income and EPS determined in accordance with GAAP. The non-GAAP financial measures reflect management's judgment of particular items, and may not be comparable to similarly titled measures reported by other companies.
Adjusted net revenue excludes gross-up related payments associated with certain lines of business to reflect economic benefits to the company. On a GAAP basis, these payments are presented gross in both revenues and operating expenses.
Adjusted operating income, adjusted net income and adjusted EPS exclude acquisition-related amortization expense, share-based compensation and certain other items specific to each reporting period as more fully described in the accompanying reconciliations in Schedules 6 and 7. Beginning in 2018, adjusted operating margin is derived by dividing adjusted operating income by adjusted net revenue plus network fees. The tax rate used in determining the net income impact of earnings adjustments is either the jurisdictional statutory rate in effect at the time of the adjustment or the jurisdictional expected annual effective tax rate for the period, depending on the nature and timing of the adjustment.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005423/en/
Global Payments Inc.
Investor contact:
Heather Ross, 770-829-8478
[email protected]
or
Media contact:
Laura Coerper, 770-829-8755
[email protected]
Source: Global Payments Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-global-payments-reports-first-quarter-2018-earnings-and-increases-2018-outlook.html |
NEW YORK, May 18, 2018 /PRNewswire/ -- VectoIQ Acquisition Corp. (the "Company") today announced that it closed its initial public offering of 20,000,000 units at a price of $10.00 per unit, resulting in gross proceeds of $200,000,000, before deducting underwriting discounts and commissions and other offering expense payable by the Company.
The Company's units began trading on the Nasdaq Capital Market ("Nasdaq") under the ticker symbol "VTIQU" on May 16, 2018. Each unit consists of one share of the Company's common stock and one redeemable warrant. Each warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its common stock and warrants will be listed on Nasdaq under the symbols ''VTIQ'' and ''VTIQW,'' respectively.
The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more businesses. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although it intends to focus its search for a target business in the industrial technology, transportation and smart mobility industries. The proceeds of the offering will be used to fund such a business combination.
Cowen and Chardan acted as the joint book running managers. The Company has granted the underwriters a 45-day option to purchase up to 3,000,000 additional units at the initial public offering price to cover over-allotments, if any.
The public offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from Cowen, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, or by telephone at 631-274-2806, or by fax at 631-254-7140; or Chardan, 17 State Street, Suite 1600, New York, NY, 10004, Attention: Prospectus Department, or by telephone at 646-465-9000, or by email at [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds of the public offering. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the U.S. Securities and Exchange Commission (the "SEC"). Copies of these documents are available on the SEC's website, www.sec.gov . The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contacts:
Danielle Belopotosky/Josh Clarkson, Gladstone Place Partners
212-230-5930
View original content: http://www.prnewswire.com/news-releases/vectoiq-acquisition-corp-closes-200-million-initial-public-offering-300651294.html
SOURCE VectoIQ Acquisition Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-vectoiq-acquisition-corp-closes-200-million-initial-public-offering.html |
May 2, 2018 / 4:12 AM / Updated 4 hours ago France's Macron unsure whether Trump will stick to Iran deal Colin Packham 3 Min Read
SYDNEY (Reuters) - French President Emmanuel Macron on Wednesday said he did not know whether U.S. President Donald Trump would stick to the 2015 Iran nuclear deal that many in the West see as the best hope of preventing Tehran from getting a nuclear bomb. French President Emmanuel Macron gestures to onlookers after a Commemorative Service at the ANZAC war memorial in Sydney, May 2, 2018. AAP/David Moir/via REUTERS
Macron, followed by German Chancellor Angela Merkel, visited Washington last week in the hope of persuading Trump not to reimpose sanctions on Iran before a May 12 deadline and imperil the 2015 deal but the White House has sounded unconvinced.
Under the accord, Tehran agreed to limit its nuclear programme in return for relief from U.S. and other economic sanctions. The deal was struck by Britain, China, France, Germany, Russia, the United States and Iran. Related Coverage French President in 'delicious' faux pas on tour Down Under
“I don’t know what the U.S. president will decide on the 12th May,” Macron told reporters in Sydney after meeting Prime Minister Malcolm Turnbull on a rare visit by a French president to Australia. French President Emmanuel Macron (R) gestures as he stands next to Australian Prime Minister Malcolm Turnbull after a Commemorative Service at the Anzac war memorial in Sydney, May 2, 2018. AAP/David Moir/via REUTERS
On Tuesday, White House press secretary Sarah Sanders said the agreement on limiting Iran’s development of nuclear weapons was reached under false pretences because the country’s nuclear programme was more advanced than it indicated at the time.
Macron said he had pushed the idea of a much broader Iran agreement with Trump, which was received “very positively”.
“I just want to say whatever the decision will be, we will have to prepare such a broader negotiation and a broader deal because I think nobody wants a war in the region, and nobody wants an escalation in terms of tension in the region,” Macron added. Slideshow (15 Images)
Macron’s visit to Australia, only the second by a French president, comes amid heightened tensions in the Pacific where France has numerous interests.
France has five island territories spanning the Indo-Pacific: Reunion and Mayotte in the Indian Ocean, and Noumea, Wallis and Futuna and French Polynesia in the Pacific.
Australia and New Zealand have each separately warned China is seeking to exert influence in the Pacific through its international aid programme, an allegation Beijing denies.
While not naming China, Macron said France will increase its influence in the region to ensure “rules-based development”.
“It’s to preserve necessary balances in the region. And it’s important with this - precisely this new context not to have any hegemony in the region.”
Macron, speaking at Australian prime minister’s official residence in Sydney where he thanked Turnbull and his “delicious wife” for their welcome,, also condemned rioting by anarchists at Tuesday’s annual May Day rally in Paris.
Police arrested more than 200 people in the French capital after anarchists hijacked the rally by labour unions against Macron’s economic reforms. Reporting by Colin Packham and Jane Wardell; Editing by Nick Macfie | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-australia-france/frances-president-macron-does-not-know-what-trump-will-decide-on-nuclear-pact-idUKKBN1I30BI |
BARCELONA (Reuters) - Three people were killed on Saturday when a light aircraft crashed in Spain, authorities said.
The nationality of the victims was not immediately known, though the plane began its journey in Cascais, Portugal, and was headed to Reus international airport in northwest Spain, they said.
The crash occurred in the department of Tarragona in Catalonia and did not affect traffic at Reus.
Reporting by Sam Edwards, Editing by Angus MacSwan
| ashraq/financial-news-articles | https://in.reuters.com/article/spain-portugal-accident/three-killed-when-light-aircraft-crashes-in-spain-idINKCN1ID0N7 |
May 1, 2018 / 6:23 AM / Updated 3 hours ago Rebels recruit former Wallabies hooker Charles Reuters Staff 2 Min Read
MELBOURNE (Reuters) - Former Wallabies hooker Nathan Charles has returned home to take up a short-term deal with the Melbourne Rebels in Super Rugby after a year-long stint in the English Premiership.
Charles, the only known professional rugby player with cystic fibrosis, has been drafted in as injury cover for Jordan Uelese who is expected to be sidelined for a month with an arm injury.
Hooker Sama Malolo has also returned to international duties with the Junior Wallabies to compete in the Oceania U20s Championships.
Charles trained with the Rebels on Tuesday and could slot in to the side for Friday’s home match against the champion Canterbury Crusaders, a team spokesman said.
He will be contracted to the Rebels until the end of the season.
The 29-year-old takes up to 30 pills a day to treat cystic fibrosis, a genetic disorder with no known cure that causes lung infections and breathing problems.
He played 86 matches with the now-defunct Western Force and inspired his home nation in 2014 when he earned four caps for the Wallabies.
Charles took up a short-term deal with Bath last year and hinted at his departure from the Premiership side on Twitter last week.
“We are fortunate to add an experienced player like Nathan to our squad mid-season and we look forward to him adding depth and competition in our hooking ranks,” Rebels general manager of rugby Nick Ryan said in a statement on Tuesday.
“We have identified our set piece work as an area of improvement. We see Nathan being a great acquisition in support of Anaru (Rangi), and in the absence of Jordan and Sama.”
The Rebels will bid to end Australian teams’ 36-game losing streak to New Zealand opponents when they take on the eight-times champion Crusaders at Melbourne Rectangular Stadium. Reporting by Ian Ransom; Editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-rebels/rebels-recruit-former-wallabies-hooker-charles-idUKKBN1I22X7 |
–Palestinian protesters clashed with the Israeli military, leaving scores dead yesterday, when the U.S. opened an Two Questions Surrounding the U.S. Embassy Move to Jerusalem | ashraq/financial-news-articles | https://blogs.wsj.com/washwire/2018/05/15/capital-journal-191-newsletter-draft/ |
DUBAI (Reuters) - A court in Bahrain revoked the citizenship of 115 people and gave 53 of them life sentences on terrorism charges, the public prosecutor said on Tuesday, in one of the most severe rulings yet in the Gulf island kingdom.
Western-backed Bahrain, where the U.S. Fifth Fleet is based, has been cracking down on Shi’ite opposition groups and rights activists since they led pro-democracy Arab Spring protests in 2011, a crackdown that has been condemned internationally.
Authorities in Sunni Muslim-ruled Bahrain have accused scores of people of militancy in a series of mass trials, saying the defendants are backed by Shi’ite Iran. Rights activists say they have included mostly peaceful opposition members.
This case pertains to Bahrain’s allegation in 2015 that Iranian Revolutionary Guards helped Shi’ite Bahraini fugitives join forces to set up a militant group called the Zulfiqar Brigades to destabilize the kingdom.
In a statement, prosecutors said 138 people had been accused of “being behind a number of explosions, possession of explosives and training in the use of weapons and explosives and the attempted murder of police officers”.
Fifty-three defendants were sentenced to life terms and 62 others to between three and 15 years in prison, while 23 were acquitted, they said.
Bahraini activists say members of the Shi’ite majority are subjected to systematic political and economic discrimination by the government, a charge the authorities deny.
Since 2011, demonstrators have clashed frequently with security forces, who have been targeted by several bomb attacks.
Bahrain has accused the opposition of undermining security and blamed the bombings on Iran and Lebanon’s armed Shi’ite group Hezbollah. Iran and Hezbollah deny any involvement in Bahrain’s unrest.
“This outrageously harsh sentence is setting a new level of injustice in Bahrain. Rendering people stateless in a mass trial is a clear violation of international law. This is the worst verdict on the record”, said Sayed Ahmed Alwadaei, an activist with London-based Bahrain Institute for Rights and Democracy.
The latest ruling brought to 717 the number of Bahrainis stripped of their citizenship since 2012, he said in a statement, adding that there had been 213 cases this year alone.
A Bahraini court in January sentenced two people to death and 19 to life in prison on terrorism charges while stripping citizenship from 47, saying they were part of a terrorist cell trained in the use of heavy weapons and explosives.
Reporting By Noah Browning; Editing by Ghaida Ghantous and Gareth Jones
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-bahrain-security-court/bahrain-court-revokes-citizenship-of-115-people-on-terrorism-charges-idUSKCN1IG1LK |
India has ambitions to fire up its artificial intelligence capabilities — but experts say that it's unlikely to catch up with the U.S. and China , which are fiercely competing to be the world leader in the field.
An Indian government-appointed task force has released a comprehensive plan with recommendations to boost the AI sector in the country for at least the next five years — from developing AI technologies and infrastructure, to data usage and research.
The task force, appointed by India's Ministry of Commerce and Industry, proposes that the government work with the private sector to develop technologies, with a focus on smart cities and the country's power and water infrastructure.
show chapters This is how AI is changing the way you apply for jobs 2:07 PM ET Tue, 13 March 2018 | 04:40 It recommends a network of infrastructure — a testing facility, and six centers focusing on research in generating AI technologies, such as robotics, autonomous trucks and advanced financial technology.
A data center could be set up to "develop an autonomous AI machine that can work on multiple data streams in real time," the plan said. Calling data the "fuel that powers AI," the report said data marketplaces and exchanges could allow the "free flow of data."
Yet despite those aspirations, experts said that insufficient research support, poor data quality, and the lack of expertise in the field will be stumbling blocks for India.
Rishi Sharma, an associate research manager for enterprise infrastructure at research firm IDC, said: "India is lagging the global dominance presently in the AI space ... It will take time before (it) positions itself at a global standing."
India's Ministry of Commerce and Industry did not respond to a request for comment from CNBC.
India's plans to deploy A.I. From crop management to fighting terrorism, there's a plan to deploy AI in 10 sectors in Asia's third-largest economy. Those include manufacturing, health care, agriculture, education and public utilities.
Here are a few areas proposed by the task force:
National defense: Secure public and critical infrastructure by predicting terror attacks, robots for counter terrorism operations. Crop management: Using AI for crop prediction, health management and selection based on historical data and current factors. Crop monitoring and collection of data can be done by using drones and robots. Environment: To automate and control — at the source — the levels of smoke and waste being released into the air, soil and water. Can it succeed? India's efforts come as the AI competition between China and U.S. intensifies , with China aiming to be the world leader in the space by 2030 .
India, meanwhile, is late to the game, and will probably not dominate in the field except in a few areas, experts said.
IDC's Sharma said the country needs to resolve some issues first: "India stands a chance to compete at a global level, provided the hurdles are overcome." Challenges, she said, include poor data quality and integrity, as well as a lack of expertise.
Those critiques would not be news to New Delhi.
"The most important challenge in India is to collect, validate ... distribute AI-relevant data and making it accessible to organizations, people and systems without compromising privacy and ethics. Data is the bedrock of AI systems and reliability of AI systems depends primarily on quality and quantity of the data," the government report said.
Milan Sheth, a partner at EY covering intelligent automation, added: "There is a need to reskill a large number of people in a short span of time. It will take a couple of years, but tech developments will also take that same amount of time. To keep pace with adoption, that is the challenge."
While India is unlikely to be able to fully compete anytime soon, it can still aim to be a leader in a few areas such as industrial electronics, Sheth said.
"It will make a bid for dominating in a few areas but can't compete with the U.S. or China on academic investment," he said, adding that very few companies in India are getting sufficient funding for research.
India's GDP could reach $6 trillion in 2027 because of its digitization drive, according to a previous forecast by Morgan Stanley . That would make India the third-largest economy in the world — behind the U.S. and China, which recorded $18.5 trillion and $11.2 trillion in 2016 GDP, respectively.
WATCH: Why this researcher is enthusiastic about machine learning. show chapters Why this researcher is enthusiastic about machine learning 7:28 PM ET Sun, 8 April 2018 | 02:37 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/artificial-intelligence-india-wants-to-fire-up-its-a-i-industry.html |
By Alan Murray May 1, 2018
This article first appeared in Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
Good morning. Alan Murray here, filling in this week for Adam Lashinsky.
Investors yesterday prematurely threw in the towel on the T-Mobile merger with Sprint, driving both stocks down on the assumption that antitrust regulators will block the deal. Contributing to investor pessimism was the fact that the merger deal didn’t include a break up fee…suggesting the companies themselves have no great confidence in their ability to win approval in Washington. Some were also dismayed by the companies’ financial forecast for this year, distributed Sunday as part of the merger announcement.
But T-Mobile CEO John Legere clearly isn’t giving up. Sure, moving from four telecom carriers to three seems to presents a classic antitrust problem, with research showing consumers usually lose in such cases. But Legere is arguing two things make this different:
First, the battle for 5G. My colleague Aaron Pressman, who has done hands down the best coverage on this topic, has written here about how the Trump administration’s obsession with China is driving Legere’s latest urge to merge . Expect him to be in Washington arguing that AT&T (t) and Verizon (vz) have taken their eyes off the prize, with acquisitions in media, and only a combined T-Mobile (tmus) and Sprint (s) can assure that a dangerous “5G” gap doesn’t open up between China and the U.S.
Then, second, there is Legere himself. He is the “uncarrier,” champion of the consumer, and will never become a cozy oligopolistic, he insists. Giving him more market clout will increase competition and help consumers, regardless of what the models say.
I especially like the second argument. Legere has recast the role of CEO, becoming a one-man disruption band, almost Trump-like in his use of Twitter to attack his opponents. It’s worth re-reading Pressman’s February piece on him to take the measure of the man. I don’t know if passion, drive, and sheer brashness can win an antitrust battle. But if it ever can, this will be the one.
In any case, this will be fun to watch. Given his record of success, I’m inclined to give Legere better odds than the market is. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/01/why-its-tough-to-bet-against-t-mobile-ceo-john-legere/ |
(Adds details of central bank statement, analyst comment)
By Bruno Federowski
BRASILIA, May 16 (Reuters) - Brazil’s central bank unexpectedly kept interest rates unchanged on Wednesday, contradicting widespread forecasts of a cut after a selloff in emerging markets drove the Brazilian real to a two-year low.
The bank’s nine-member monetary policy committee, known as Copom, kept the benchmark Selic rate at 6.50 percent, after cutting the rate by 775 basis points since October 2016. Only two of 42 economists polled by Reuters had forecast the bank would stand pat.
The surprise move makes Brazil’s central bank the latest in emerging markets to turn hawkish as expectations of rising U.S. bond yields draw investors away from higher-yielding assets in the developing world.
Argentina’s central bank has sold reserves and hiked interest rates to 40 percent to shore up the peso, which has weakened about 15 percent this month.
The Brazilian central bank’s move marks an end to its deepest rate-cutting cycle in a decade, which dropped the benchmark rate from a nine-year high of 14.25 percent.
Policymakers have struggled to speed up a recovery in Latin America’s biggest economy after the worst downturn in decades, and inflation remains well below the official target range.
In a statement, the Copom attributed the decision to “the recent change in the balance of risks to prospective inflation.”
“The main point was the currency shock and I have no doubt that they preferred not to take a risk,” said José Francisco Gonçalves, chief economist at Banco Fator. “I still expect the Selic to begin rising only in 2019.”
A weaker currency could boost import prices and rekindle inflation, but analysts say Brazil’s weak first-quarter activity data point to a sluggish recovery that will limit passthrough of foreign inflationary pressures.
The central bank said in its decision that holding rates “is consistent with convergence of inflation to target over the relevant horizon for the conduct of monetary policy, which includes 2018 and, to a greater extent, 2019.”
The central bank targets a 4.5 percent annual inflation rate at the end of 2018 and 4.25 percent rate at the end of 2019, with a margin of 1.5 percentage points above or below. Inflation is hovering around 2.8 percent in the last 12 months.
Bank of America Merrill Lynch’s David Beker, one of the two economists who had predicted the decision, said the central bank did what “needed to be done.”
He said rates are likely to stay put until early next year, but acknowledged that could change depending on an October presidential election, one of the most unpredictable in decades.
“In terms of when they will hike, it depends both on the foreign scenario as well as the elections, but I’d say the main discussion is whether the next administration will implement an agenda of reforms,” Beker said. (Reporting by Bruno Federowski; writing by Brad Haynes; editing by Cynthia Osterman and Grant McCool)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-economy-rates/update-1-brazil-holds-rates-unexpectedly-amid-currency-selloff-idUSL2N1SN2AN |
ANKARA (Reuters) - Turkey will retaliate if the United States enacts a proposed law that would halt weapons sales to the country, Foreign Minister Mevlut Cavusoglu said on Sunday.
Turkish Foreign Minister Mevlut Cavusoglu gestures during a news conference in Ankara, Turkey April 16, 2018. REUTERS/Umit Bektas Lawmakers in the U.S. House of Representatives released details on Friday of a $717 billion annual defense policy bill, including a measure to temporarily halt weapons sales to Turkey.
In an interview with broadcaster CNN Turk, Cavusoglu said the measures in the bill were wrong, illogical and not fitting between the NATO allies.
“If the United States imposes sanctions on us or takes such a step, Turkey will absolutely retaliate,” Cavusoglu said. “What needs to be done is the U.S. needs to let go of this.”
Turkish President Tayyip Erdogan makes a speech during a ceremony in Istanbul, Turkey May 4, 2018. REUTERS/Murad Sezer The proposed U.S. National Defense Authorization Act, which is several steps from becoming law, would ask the Defense Department to provide Congress with a report on the relationship between the United States and Turkey, and would block the sale of major defense equipment until the report was complete.
Turkey plans to buy more than 100 of Lockheed Martin’s ( LMT.N ) F-35 Joint Strike Fighter jets, and is also in talks with Washington over the purchase of Patriot missiles.
Turkey signed an agreement with Russia in December to buy S-400 surface-to-air missile batteries as part of Ankara’s plans to boost its defense capabilities amid threats from Kurdish and Islamist militants at home and conflicts across its borders in Syria and Iraq.
The move to buy S-400s, which are incompatible with the NATO systems, has unnerved NATO member countries, which are already wary of Moscow’s military presence in the Middle East, prompting NATO officials to warn Turkey of unspecified consequences.
Cavusoglu dismissed the warnings, saying Turkey’s relations and agreements with Russia were not an alternative to its ties with the West and accused the United States of trying to control Turkey’s actions.
“Turkey is not a country under your orders, it is an independent country... Speaking to such a country from above, dictating what it can and cannot buy, is not a correct approach and does not fit our alliance,” he said.
Relations between Ankara and Washington have been strained over a host of issues in recent months, including U.S. policy in Syria and a number of legal cases against Turkish and U.S. nationals being held in the two countries.
Last month, U.S. Secretary of State Mike Pompeo told Cavusoglu that the United States was seriously concerned over Ankara’s decision to buy the Russian S-400 missile batteries.
Cavusoglu said he would visit the United States next week to meet Pompeo, but added a specific date had not been set yet.
Reporting by Tuvan Gumrukcu; Editing by Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-turkey-defense/turkey-says-will-retaliate-if-u-s-halts-weapons-sales-idUSKBN1I7050 |
Net Sales Increase 19.8 Percent 22 nd Consecutive Quarter with Sales Increase
SEMINOLE, Fla., May 02, 2018 (GLOBE NEWSWIRE) -- Superior Uniform Group, Inc. (NASDAQ:SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the first quarter ended March 31, 2018, net sales increased 19.8 percent to $73.1 million compared with 2017 first quarter net sales of $61.0 million. Net income for the 2018 first quarter was $2.5 million, or $0.16 per diluted share, compared with $3.8 million, or $0.26 per diluted share, reported for the quarter ended March 31, 2017. Net income for the first quarter of 2017 included a pre-tax gain of $1.0 million related to the sale of the Company’s former call center building in San Salvador. This gain resulted in an increase in earnings per share (diluted) in the first quarter of 2017 of approximately $0.05.
Michael Benstock, Chief Executive Officer, commented, “Our results for the first quarter were mixed across our various segments. Uniform segment net sales were down slightly at $48.1 million versus $48.3 million. While organic growth in our uniform segment lagged in the first quarter, our results demonstrate our diversified approach and our ability to maintain discipline while navigating a competitive market environment.
“Promotional Products net sales were up 109 percent with most of this increase coming from our two acquisitions completed in the latter part of 2017. We’re making solid progress on integration efforts, leveraging our shared services model as well as capitalizing on cross-selling opportunities across our business. The Promotional Products segment reported a pre-tax loss of approximately $0.6 million for the quarter in comparison to pre-tax income of $0.4 million in the first quarter of 2017. This loss is attributed to the December acquisition of Tangerine and the nature of their business. Tangerine generally reports lower sales in the first and fourth quarter each year with a more significant portion of their annual sales volume coming in the second and third quarters. We are still in the early stages of integrating this recent acquisition, and we still expect the results from this acquisition to be accretive for the full year in 2018.
“The Office Gurus, our Remote Staffing segment, had a tremendous quarter with net sales to outside customers increasing by $2.6 million or 68.8 percent as they continue to land new customers and to grow with existing customers.”
CONFERENCE CALL
Superior Uniform Group will hold a conference call on Wednesday, May 2, 2018 at 10:00 a.m. Eastern Time to discuss the Company’s results. Interested individuals may join the teleconference by dialing (844) 861-5505 for U.S. dialers and (412) 317-6586 for International dialers. The Canadian Toll Free number is (866) 605-3852. Please ask to be joined into the Superior Uniform Group call. The live webcast and archived replay can also be accessed in the investor information section of the Company’s website at www.superioruniformgroup.com .
A telephone replay of the teleconference will be available one hour after the end of the call through 2:00 p.m. Eastern Time on May 9, 2018. To access the replay, dial (877) 344-7529 in the United States or (412) 317-0088 from international locations. Canadian dialers can access the replay at (855) 669-9658. Please reference conference number 10119178 for all replay access.
About Superior Uniform Group, Inc.
Superior Uniform Group ® (NASDAQ:SGC), established in 1920, is a provider of a wide range of award winning products and services. It provides customized support for each of its divisions through its shared services model.
Fashion Seal Healthcare ® , Superior I.D ™ , and HPI Direct ® are signature uniform brands of Superior Uniform Group ® . Each is one of America’s foremost providers of fine uniforms and image apparel in its markets. They are leaders in innovative uniform program design, global manufacturing, and state-of-the-art distribution. These brands help their customers achieve a more professional appearance and better communicate their own brands. More than 5 million Americans are smartly outfitted with a Superior uniform each workday.
BAMKO ® is one of the nation’s largest full-service promotional products companies. It provides unique custom branding, design, sourcing, and marketing solutions to some of the world’s most successful brands.
The Office Gurus ® is a global provider of custom call and contact center support. As a true strategic partner, The Office Gurus implements customized solutions for its customers in order to accelerate their growth and improve their customers’ service experiences.
Superior’s commitment to service, technology, quality and value-added benefits, as well as its financial strength and resources, provides unparalleled support for its customers’ diverse needs while embracing a "Customer 1st, Every Time!" philosophy and culture in all of its business segments.
Forward-Looking Statements
Statements contained in this press release, which are not historical facts, such as statements with respect to the results from Superior’s recent acquisitions and its expected growth, may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties, including without limitation, those identified in the Company’s SEC filings, which could cause actual results to differ from those projected.
For more information, call (800) 727-8643 or visit www.SuperiorUniformGroup.com .
Contact:
Andrew D. Demott, Jr.
COO, CFO & Treasurer
(727) 803-7135
OR
Hala Elsherbini, Halliburton Investor Relations
(972) 458-8000
Comparative figures are as follows:
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED MARCH 31, (Unaudited) (In thousands, except shares and per share data) 2018 2017 Net sales $ 73,087 $ 60,987 Costs and expenses: Cost of goods sold 48,212 38,773 Selling and administrative expenses 21,182 17,429 Other periodic pension costs 96 214 Interest expense 277 184 69,767 56,600 Gain on sale of property, plant and equipment - 1,018 Income before taxes on income 3,320 5,405 Income tax expense 870 1,570 Net income $ 2,450 $ 3,835 Weighted average number of shares outstanding during the period (Basic) 14,821,659 14,350,721 (Diluted) 15,457,629 14,929,695 Per Share Data: Basic Net income $ 0.17 $ 0.27 Diluted Net income $ 0.16 $ 0.26 Cash dividends per common share $ 0.0950 $ 0.0875
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share and par value data) ASSETS March 31, 2018 December 31, (Unaudited) 2017 CURRENT ASSETS: Cash and cash equivalents $ 10,442 $ 8,130 Accounts receivable, less allowance for doubtful accounts of $1,510 and $1,382, respectively 48,275 50,569 Accounts receivable - other 2,107 1,848 Inventories 36,380 64,979 Contract assets 47,098 - Prepaid expenses and other current assets 10,005 11,011 TOTAL CURRENT ASSETS 154,307 136,537 PROPERTY, PLANT AND EQUIPMENT, NET 27,033 26,844 OTHER INTANGIBLE ASSETS, NET 28,302 29,061 GOODWILL 16,042 16,032 DEFERRED INCOME TAXES 215 2,900 OTHER ASSETS 9,180 7,564 $ 235,079 $ 218,938 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 19,263 $ 19,752 Other current liabilities 9,375 12,409 Current portion of long-term debt 6,000 6,000 Current portion of acquisition-related contingent liabilities 1,080 3,061 TOTAL CURRENT LIABILITIES 35,718 41,222 LONG-TERM DEBT 39,949 32,933 LONG-TERM PENSION LIABILITY 8,133 8,319 LONG-TERM ACQUISITION-RELATED CONTINGENT LIABILITIES 7,469 7,283 OTHER LONG-TERM LIABILITIES 4,744 4,213 COMMITMENTS AND CONTINGENCIES (NOTE 5) SHAREHOLDERS' EQUITY: Preferred stock, $.001 par value - authorized 300,000 shares (none issued) - - Common stock, $.001 par value - authorized 50,000,000 shares, issued and outstanding - 15,143,328 and 15,081,947, respectively. 15 15 Additional paid-in capital 50,626 49,103 Retained earnings 95,296 83,129 Accumulated other comprehensive income (loss), net of tax: Pensions (7,066 ) (7,282 ) Cash flow hedges 50 (90 ) Foreign currency translation adjustment 145 93 TOTAL SHAREHOLDERS' EQUITY 139,066 124,968 $ 235,079 $ 218,938
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS THREE MONTHS ENDED MARCH 31, (Unaudited) (In thousands) 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 2,450 $ 3,835 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 1,626 1,358 Provision for bad debts - accounts receivable 157 146 Share-based compensation expense 1,052 842 Deferred income tax provision (benefit) 162 (320 ) Gain on sale of property, plant and equipment - (1,018 ) Change in fair value of acquisition-related contingent liabilities 209 44 Changes in assets and liabilities: Accounts receivable - trade 2,147 7,164 Accounts receivable - other (259 ) 689 Contract assets (3,780 ) - Inventories 3,742 (1,078 ) Prepaid expenses and other current assets 27 (1,892 ) Other assets (1,564 ) (1,522 ) Accounts payable and other current liabilities (7,132 ) (1,016 ) Long-term pension liability 97 (920 ) Other long-term liabilities 450 696 Net cash (used in) provided by operating activities (616 ) 7,008 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (1,055 ) (930 ) Proceeds from disposals of property, plant and equipment - 2,808 Net cash (used in) provided by investing activities (1,055 ) 1,878 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt 31,657 71,209 Repayment of long-term debt (24,642 ) (71,367 ) Payment of cash dividends (1,402 ) (1,231 ) Payment of acquisition-related contingent liability (2,000 ) (1,800 ) Proceeds received on exercise of stock options 257 105 Tax benefit from vesting of acquisition-related restricted stock 105 70 Tax withholding on exercise of stock rights (17 ) (201 ) Net cash provided by (used in) financing activities 3,958 (3,215 ) Effect of currency exchange rates on cash 25 52 Net increase in cash and cash equivalents 2,312 5,723 Cash and cash equivalents balance, beginning of year 8,130 3,649 Cash and cash equivalents balance, end of period $ 10,442 $ 9,372
Source:Superior Uniform Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-superior-uniform-group-inc-reports-first-quarter-operating-results.html |
LONDON/FRANKFURT (Reuters) - An increasing number of companies are failing to get over the start line in this year’s race to the public markets in Europe, the Middle East and Africa as investors take a harder line on the price they will pay.
Traders prepare before the opening of the German stock exchange in front of the empty DAX board, at the stock exchange in Frankfurt, Germany, June 24, 2016. REUTERS/Staff/Remote/Files German publisher Springer Nature became the largest European firm to cancel its initial public offering (IPO) this year, and at least 13 others have pulled previously announced IPOs, although 52 still went ahead, an analysis of Thomson Reuters data shows.
Global IPO proceeds rose to $39 billion in the first quarter, the highest since 2014, with the proceeds from European listings more than tripling to $13 billion.
And IPOs in Europe Middle East and Africa have raised $16.5 billion, versus $11.2 billion in the same period last year.
But despite low market volatility and a broadly positive economic outlook, this flood of new listings, combined with poor stock market trading performances of several of them, has given investors pause for thought.
“The market is oversaturated and IPO investors scared off by poor after-market performance of IPOs,” an equity capital markets banker familiar with the Springer IPO said.
IPOs are historically a stop-and-start market and it is not unusual for companies and their advisers to miss the boat in terms of timing, or to have over-inflated price expectations.
Equity markets have not risen much in 2018: for example the FTSE 100 is down 0.7 percent year to date and the STOXX Europe 600, which represents 90 percent of the freefloat market of the European stock market is up 0.6 percent.
So while many companies in Europe have produced strong results, pricing for buyers and sellers has got out of kilter.
“While stock market indices are flat, good company earnings mean that companies trade on average at 15 times price to earnings, compared to 16 times last year. So investors are asking for higher discounts to buy into IPOs, something sellers are not willing to offer,” the banker said.
The aftermarket is also playing a role with Swiss-based Ceva Logistics, Deutsche Bank’s asset management unit DWS, Dutch bank NIBC and Spanish real estate company Metrovacesa trading down in the days after their debuts.
Others have fared better, but overall gains are limited.
“While overall valuations have come off recent highs due strong corporate earnings, stocks of European companies which floated this year are only up approximately 2 percent on average,” Christoph Stanger, co-head of equity capital markets in Europe Middle East and Africa at Goldman Sachs said.
Equity capital markets bankers, those who advise companies on the pricing, timing and investor appetite for their IPOs, say that the market is not shut to new issuers.
“Investors are subjecting IPOs to strict scrutiny, they are kicking the tyres and looking under the bonnet, and they want to make sure that the valuations are attractive enough for a sustainable after-market,” Craig Coben, vice chairman of global capital markets at Bank of America Merrill Lynch.
ALTERNATIVE AVENUES Flotations are not the biggest fee earners for equity capital markets bankers, but they drive secondary offerings and are often a bellwether for confidence in the market.
And listings are still being done, with software firm Avast trading lower on Thursday after pricing its IPO, the biggest by market capitalisation in London since July, at the low end of its offer range.
Others are also in the pipeline, with Blackstone’s Middle East-focused education firm GEMs expected in the coming weeks.
“The market has seen an increasing number of cancellations given higher investor scrutiny. Despite this pullback, the market is open for high quality issuers as the recent successful IPO of Siemens Healthineers, the largest year-to-date in Europe, has demonstrated,” Goldman’s Stanger said.
Healthcare unit Siemens Healthineers is trading 18 percent above its March issue price.
Meanwhile companies such as online betting firm Sky Bet have opted for a trade sale, despite lengthy preparations for a listing, while plans for a Frankfurt listing of German home shopping TV network HSE24 have also taken a back seat in favour of a sale, sources told Reuters.
The IPO market wobble has extended beyond developed markets, with cancellations in countries including Russia and Turkey, driven largely by geo-political factors.
Fresh sanctions imposed by the United States on several businessmen, politicians and related companies scuppered the flotations of Russian meat producer Cherkizovo Group and information technology firm IBS Group.
Meanwhile in Turkey, two of the three retail IPOs recently announced have been pulled, weeks before an election which may delay the next opportunity to head to the market.
Macroeconomic risks, such as the uncertainly caused by U.S.. President Donald Trump’s decision to withdraw from the Iran nuclear deal, have also weighed on IPO plans, with Turkey’s lira to hitting a record low this week.
Editing by Alexander Smith
| ashraq/financial-news-articles | https://in.reuters.com/article/europe-ipo/analysis-european-flotations-falter-as-investors-hold-line-on-price-idINKBN1IB254 |
May 5, 2018 / 4:55 AM / Updated 6 hours ago Astros' Cole fans 16 in one-hitter against Diamondbacks Reuters Staff 3 Min Read
Houston right-hander Gerrit Cole struck out a career-high 16 and gave up only one hit in his first career shutout and the Astros broke a three-game losing streak with an 8-0 victory over the Arizona Diamondbacks at Chase Field on Friday.
The top four in the Houston lineup — George Springer, Jose Altuve, Carlos Correa and Yuli Gurriel — combined for 11 hits, eight runs and seven RBIs for the Astros, who entered the series with a 28-inning scoreless drought and three losses in their past four games.
Cole has 77 strikeouts in his first seven starts with the Astros, the most for a pitcher in his first seven starts with a new team in big league history, according to Elias. Chris Sale had 73 with Boston last year. Cole struck out the side in the second, third and fourth innings and threw 114 pitches.
Correa had two doubles and drove in three runs, Gurriel had fur hits and drove in three, and Springer had three hits and scored three runs.
Cole has four double-digit strikeout games this season, and he set his previous career high with 14 in a 3-2 victory over Texas on April 13. He struck out the side in the second, third and fourth innings.
Cole retired the first nine and 12 of the first 13, giving up only a walk to David Peralta in the fourth inning until Chris Owings doubled with one out in the fifth.
Arizona right-hander Kris Medlen (0-1) gave up nine hits and seven runs in four innings in his first major league start since May 10, 2016, while with Kansas City. He was recalled from Triple-A Reno after Robbie Ray suffered an oblique strain. Medlen stuck out four and walked four.
Houston took a 2-0 lead in the first inning. Springer singled on the first pitch of the game and advanced on a wild pitch on the second. Altuve doubled to drive in Springer, and Gurriel singled to drove in Altuve.
Springer beat out an infield single and Altuve walked with two outs in the second before Correa doubled into the right field corner for a 4-0 lead.
Springer beat out another infield single in the fourth inning and scored on Correa’s two-out double. Gurriel singled in Correa, took second on a wild pitch and scored on Josh Reddick’s single. It was 7-0.
Arizona right fielder Jarrod Dyson extended his glove over the right field fence to take a home run away from Jake Marisnick in the fifth inning.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-ari-hou-recap/astros-cole-fans-16-in-one-hitter-against-diamondbacks-idUSMTZEE558NTHBM |
Student creates water-colour paints made from discarded cosmetics 7:48am EDT - 02:09
A British university student has created a range of water-colour paints made from discarded cosmetics, which she calls an example of how the so-called 'circular economy' can help improve the environment.
A British university student has created a range of water-colour paints made from discarded cosmetics, which she calls an example of how the so-called 'circular economy' can help improve the environment. //reut.rs/2KPTGqT | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/23/student-creates-water-colour-paints-made?videoId=429572129 |
An unprecedented wave of Chinese technology companies is accelerating plans to raise money from the global capital markets, hoping to leverage investors’ optimism about the sector and lock in buoyant stock valuations.
In recent months, at least a dozen Chinese companies with collective private valuations of roughly $500 billion have been in talks with bankers and potential investors about initial public offerings in the second half of this year or in early 2019, according to people familiar with the discussions.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/chinas-biggest-tech-unicorns-stampede-to-go-public-1525176003 |
Tandy Leather Factory Inc:
* TANDY LEATHER FACTORY REPORTS POSITIVE 1ST QUARTER RESULTS
* Q1 SALES $20.3 MILLION * GUIDANCE RANGE FOR FULL YEAR 2018 EPS REMAINS UNCHANGED Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tandy-leather-factory-q1-earnings/brief-tandy-leather-factory-q1-earnings-per-share-0-14-idUSASC09Z3B |
May 31, 2018 / 3:28 AM / Updated 2 hours ago Eller holds hot hand as Caps vanquish Golden Knights Reuters Staff 3 Min Read
(Reuters) - Lars Eller held all the aces in Las Vegas on Wednesday, contributing to all three goals as the Washington Capitals beat the Golden Knights 3-2 to claim their first ever Stanley Cup finals victory. May 30, 2018; Las Vegas, NV, USA; Washington Capitals center Lars Eller (20) celebrates with teammates after scoring a goal against the Vegas Golden Knights in the first period in game two of the 2018 Stanley Cup Final at T-Mobile Arena. Gary A. Vasquez-USA TODAY Sports
Eller turned the odds in Washington’s favor by scoring a goal and setting up the others to ensure the Capitals travel home to host Game Three and Four with the best-of-seven series against the first-year Golden Knights tied at 1-1.
“Every time we have faced adversity whether it is down in games or lose guys, everyone just steps up,” Eller told reporters. “We have to do the same things (going home) we did tonight, try to dictate the play, make them turn over pucks.”
The Capitals joined the NHL in 1974 and have only advanced to the Stanley Cup finals once before when they were swept in four games by the Detroit Red Wings 20 years ago.
After an extravagant pre-game show worthy of a night out on the Strip, complete with Golden Knights fighting off invading hordes of Capitals, the real battle got underway with Vegas drawing first blood as James Neal rifled a wrist shot from the left faceoff circle past Braden Holtby. May 30, 2018; Las Vegas, NV, USA; Washington Capitals center Chandler Stephenson (18) chases Vegas Golden Knights left wing James Neal (18) in the third period in game two of the 2018 Stanley Cup Final at T-Mobile Arena. Stephen R. Sylvanie-USA TODAY Sports
Getting the first goal has usually been a good omen for the Golden Knights, who boasted an 11-1 record this post-season when they opened the scoring.
However, the Capitals tore up that script by hitting back with three straight goals from Eller, Alex Ovechkin and Brooks Orpik before Shea Theodore closed out the scoring for the home team.
After falling behind, Eller struck his first blow for the Capitals with just under three minutes remaining in the opening period before setting up Washington’s go ahead power-play goal in the second. Slideshow (9 Images)
Spotting Ovechkin unmarked off the far post, Eller sent a laser feed to the brilliant Russian sniper, who made no mistake one-timing it past Marc-Andre Fleury to notch his first ever Stanley Cup Finals goal.
Orpik pushed the Washington lead to 3-1 when his shot found its way through a crowd in front of the Vegas net and clanged off both posts, but Theodore’s power-play goal wold trim the advantage to just one heading into the second intermission.
After surrendering six goals in a Game One loss, Holtby rebounded with a brilliant 37-save performance and produced his dazzling best in a scoreless third period.
With under two minutes to go, Holtby made a stunning save to deny Alex Tuch when the goalie threw himself across the goalmouth to get his stick on the puck and rob Vegas of what appeared to be a certain equalizer.
“I was just trying to get over there and I got fortunate,” offered a humble Holtby.
It was the ninth road win for the Capitals in these playoffs, one short of tying the NHL post-season record. Reporting by Steve Keating in Toronto; Editing by John O'Brien | ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-nhl-vgk-wsh/eller-powers-capitals-past-vegas-to-level-stanley-cup-idUSKCN1IW0AE |
May 9 (Reuters) - WPX Energy Inc:
* WPX ENERGY ANNOUNCES UPSIZE AND PRICING OF SENIOR NOTES * PRICED ITS PUBLIC OFFERING OF $500 MILLION OF ITS 5.750% SENIOR NOTES DUE 2026
* SAYS NOTES WERE PRICED AT 100.000% OF PAR * SAYS OFFERING WAS UPSIZED FROM PREVIOUSLY ANNOUNCED $400 MILLION AGGREGATE PRINCIPAL AMOUNT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wpx-energy-announces-upsize-and-pr/brief-wpx-energy-announces-upsize-and-pricing-of-senior-notes-idUSASC0A19C |
April 30 (Reuters) - U.S. stock indexes opened higher on Monday as strong earnings and a string of mergers lifted spirits, kicking off a busy week for inflation watchers.
The Dow Jones Industrial Average rose 99.22 points, or 0.41 percent, at the open to 24,410.41. The S&P 500 opened higher by 5.14 points, or 0.19 percent, at 2,675.05. The Nasdaq Composite gained 14.15 points, or 0.20 percent, to 7,133.95 at the opening bell. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-wall-st-opens-higher-on-robust-earnings-ma-activity-idUSL3N1S74NX |
May 4 (Reuters) - Crest Ventures Ltd:
* SAYS APPROVED PREFERENTIAL ISSUE OF SHARES WORTH UP TO 550 MILLION RUPEES ON PRIVATE PLACEMENT BASIS Source text: reut.rs/2rjgdF3 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-crest-ventures-approves-preferenti/brief-crest-ventures-approves-preferential-share-issue-worth-up-to-550-mln-rupees-idUSFWN1SB0FD |
May 18 (Reuters) - Nevada Copper Corp:
* NEVADA COPPER ANNOUNCES APPOINTMENT OF DIRECTOR * APPOINTS MATTHEW GILI TO ITS BOARD OF DIRECTORS FOLLOWING HIS APPOINTMENT AS PRESIDENT AND CEO OF COMPANY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nevada-copper-appoints-matthew-gil/brief-nevada-copper-appoints-matthew-gili-to-its-board-of-directors-idUSASC0A2W6 |
Companies overestimate the trust individuals have in them, says expert 4 Hours Ago Capgemini Global GDPR Leader Willem de Paepe discusses the implementation of the European Union's latest data protection regulation. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/companies-overestimate-the-trust-individuals-have-in-them-says-expert.html |
France: 9th round of rail strikes put reform on the line 11:27am EDT - 01:43
Rail traffic in France has been severely disrupted by strikes on the state network. As David Pollard reports, it's the ninth round of action so far, and the mood among rail workers could be hardening against President Macron's ambitious reform programme.
Rail traffic in France has been severely disrupted by strikes on the state network. As David Pollard reports, it's the ninth round of action so far, and the mood among rail workers could be hardening against President Macron's ambitious reform programme. //reut.rs/2Gft0Nk | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/france-9th-round-of-rail-strikes-put-ref?videoId=426857394 |
CLEVELAND, May 2, 2018 /PRNewswire/ --
Highlights:
Consolidated income from continuing operations of $8.2 million in Q1 2018 comparable to Q1 2017 Q1 2018 earnings of unconsolidated operations increased 4% over Q1 2017 Q1 2018 income before income tax at North American Coal increased on lower interest expense
NACCO Industries, Inc. (NYSE: NC) today announced first-quarter 2018 results. As a result of NACCO's spin-off of its housewares-related businesses in September 2017, the attached financial statements and related 2017 financial information in this news release have been reclassified to reflect the operating results of the housewares-related businesses as discontinued operations.
For the first quarter of 2018, NACCO reported consolidated revenues of $31.2 million and consolidated income from continuing operations of $8.2 million, or $1.18 per diluted share, compared with consolidated revenues of $28.3 million and consolidated income from continuing operations of $8.2 million, or $1.20 per diluted share, of 2017. For the quarter ended March 31, 2018, NACCO's effective income tax rate was 9%.
NACCO's consolidated Adjusted EBITDA from continuing operations of 2018 and the trailing twelve months ended March 31, 2018 was $12.9 million and $46.1 million, respectively. Adjusted EBITDA in this press release is provided solely as a supplemental non-GAAP disclosure of operating results as defined in the reconciliation of GAAP results to Adjusted EBITDA on page 7.
NACCO ended the first quarter of 2018 with consolidated cash on hand of $83.4 million and debt of $50.8 million, resulting in a net cash position of $32.6 million.
In February 2018, NACCO's Board of Directors authorized a stock buyback program to purchase up to $25 million of the Company's outstanding Class A common stock through December 31, 2019. The Company did not repurchase any shares during the first quarter of 2018.
Detailed Discussion of Results
North American Coal - First Quarter Results
North American Coal's deliveries of 2018 and 2017 were as follows:
2018
2017
Tons of coal delivered
(In millions)
Unconsolidated operations
8.5
9.2
Consolidated operations
0.7
0.7
Total tons delivered
9.2
9.9
2018
2017
Cubic yards of limestone delivered
(In millions)
Unconsolidated operations
1.5
0.2
Consolidated operations
7.8
7.6
Total cubic yards delivered
9.3
7.8
North American Coal reported income before income tax of $10.9 million and revenues of $31.2 million in the first quarter of 2018, compared with income before income tax of $10.6 million and revenues of $28.3 million in the first quarter of 2017. North American Coal had operating profit of $11.3 million in both the first quarter of 2018 and first quarter of 2017.
The first-quarter 2018 operating profit was comparable to 2017, as benefits from a $1.0 million reduction in the mine reclamation liability at Centennial Natural Resources and an increase in earnings at the unconsolidated operations were offset by higher operating expenses and a decrease in earnings at Mississippi Lignite Mining Company due to an increase in cost per ton delivered. The increase in earnings at the unconsolidated operations was mainly due to an increase in limestone deliveries at North American Mining's unconsolidated operations, higher compensation at Liberty Fuels during the mine reclamation period despite the customer's decision to cease deliveries in the second half of 2017 and moderately increased earnings at other unconsolidated operations. These improved earnings were partly offset by a decrease in results at Bisti due to fewer tons delivered. The increase in operating expenses was primarily the result of higher employee-related expenses, additional business development costs and an increase in professional fees. First-quarter 2018 income before income tax increased over the prior year first quarter primarily as a result of lower interest expense.
NACCO & Other - First Quarter
NACCO and Other, which includes the parent company operations and Bellaire Corporation, reported a loss from continuing operations before income taxes of $1.9 million in the first quarter of 2018 compared with a loss from continuing operations before income taxes of $1.8 million in the first quarter of 2017.
Consolidated Outlook
In 2018, NACCO expects consolidated income before income tax from continuing operations to decrease modestly compared with 2017 and expects an effective income tax rate in the range of 9% - 12%. The effective income tax rate is affected by items such as percentage depletion and the mix of earnings, including losses at entities with higher effective income tax rates.
Income before income tax in 2017 included $5.1 million of gains on sales of assets, mostly realized at Centennial. Excluding these gains, NACCO expects 2018 income before income tax to increase compared with the prior year primarily as a result of lower operating expenses, improved income at the unconsolidated operations and reduced interest expense. These improvements are expected to be partially offset by an anticipated substantial decrease in royalty and other income and a decrease in income at Mississippi Lignite Mining Company. Royalties on oil, gas and coal extracted by third parties are subject to changes in market forces and the activities of third parties, making it difficult to forecast whether recent high levels of income will continue.
Income from the unconsolidated operations is expected to be modestly higher in 2018 due in part to higher compensation at Liberty Fuels and increases at North American Mining's unconsolidated limestone operations as a result of new contracts signed in 2017 and increased customer demand.
Bisti Fuels, one of North American Coal's unconsolidated operations, operates the Navajo Mine, which supplies coal to the Four Corners Generating Station. The owners of the Four Corners Generating Station are in the process of installing additional environmental controls at the plant. This installation limited the plant's ability to take coal deliveries in the first quarter of 2018 and is expected to continue to limit deliveries in the second quarter, resulting in a reduction in coal deliveries and income in the first half of 2018 compared with 2017. Despite the anticipated lower deliveries and earnings in the first half of the year, principally in the first quarter, Bisti's full-year 2018 income is expected to be comparable to 2017, as an anticipated increase in Bisti's income in the second half of 2018 is expected to offset the decrease in the first half of the year. Once installation of this equipment is complete, this plant should enjoy the benefits of an improved environmental profile. Production at Bisti Fuels is anticipated to be 5 million to 6 million tons of coal per year when the plant is operating at expected levels, which is currently anticipated to occur in 2019.
On June 28, 2017, Southern Company and its subsidiary, Mississippi Power, suspended operations involving the coal gasifier portion of the Kemper County energy facility. Liberty Fuels, an unconsolidated operation, was the sole supplier of coal to fuel the gasifier under its contract with Mississippi Power. On February 8, 2018, Mississippi Power instructed Liberty Fuels to permanently cease all mining and delivery of lignite and to commence mine reclamation. The terms of the contract specify that Mississippi Power is responsible for all mine closure costs. Under the contract, Liberty Fuels is specified as the contractor to complete final mine closure and receives compensation for these services. The customer's decision to close the mine does not negatively impact the 2018 earnings outlook for Liberty Fuels, but it does unfavorably affect North American Coal's long-term earnings potential from this mine.
At the consolidated operations, Mississippi Lignite Mining Company's pre-tax income in the first half of 2018 is expected to decrease substantially from the first half of 2017, primarily as a result of an increase in the cost per ton delivered. In general, cost per ton delivered is lowest when the power plant requires a consistently high level of coal deliveries, primarily because costs are spread over more tons. Historically, periods of reduced or fluctuating deliveries, such as during planned or unplanned power plant outages or periods of fluctuating demand for electricity generated by the plant, have adversely affected Mississippi Lignite Mining Company's tons delivered, resulting in an increase in cost per ton delivered and reduced profitability. Pre-tax income in the second half of 2018 is expected to increase compared with the second half of 2017, but is not expected to fully offset the decrease from the first half of 2018. As a result, Mississippi Lignite Mining Company's full-year income is expected to decrease in 2018 compared with 2017. Customer demand in the second half of 2018 is expected to return to higher levels due to reduced plant outage days. If customer demand remains low at Mississippi Lignite Mining Company, it could continue to unfavorably affect North American Coal's 2018 and future earnings significantly.
Centennial's pre-tax loss in 2018 is expected to be comparable to its 2017 pre-tax loss excluding gains on sales of assets of $3.1 million. Centennial will continue to evaluate strategies to optimize cash flow, including the continued assessment of a range of strategies for its remaining Alabama mineral reserves, including holding reserves with substantial unmined coal tons for sale or contract mining when conditions permit. Cash expenditures related to mine reclamation will continue until reclamation is complete, or ownership of, or responsibility for, the remaining mines is transferred.
Cash flow before financing activities is expected to decrease substantially in 2018 compared with 2017. Capital expenditures are expected to be up to $32 million in 2018, of which $2.4 million was expended in the first quarter. Planned expenditures at Mississippi Lignite Mining Company and North American Mining include expenditures for new and replacement equipment and land required for future mining. However, the timing of spending for some items could shift to later periods as capital expenditures can vary significantly in any given year based on the type of asset needed and its relative cost.
While the current regulatory environment for development of new coal projects has improved, continued low natural gas prices and growth in renewable energy sources, such as solar and wind, could unfavorably affect the amount of electricity generation attributable to coal-fired power plants over the longer term. North American Coal continues to seek opportunities for new coal mining projects, although future opportunities are likely to be very limited. In addition, North American Coal continues to pursue additional non-coal mining opportunities, principally related to its North American Mining business and elsewhere where it might provide value-added services. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-nacco-industries-inc-announces-first-quarter-2018-results.html |
* Passenger yield NOK 0.35 vs poll NOK 0.39
* Passenger growth 44 pct vs poll 45.1 pct
* Broker sees strong summer ahead
* Shares rise 2.2 pct after Friday fall (Adds analyst, share price)
OSLO, May 7 (Reuters) - Budget airline Norwegian Air lifted passenger traffic by 44 percent year on year in April as its long-haul expansion accelerated, though tickets were sold at lower prices than analysts had expected.
Released only days after it rejected takeover proposals from British Airways owner IAG, Norwegian reported a yield — income per passenger carried and kilometre flown — of 0.35 Norwegian crowns, missing a forecast of 0.39 crowns in a Reuters poll of analysts.
“As a result of the capacity increase we have offered a high volume of low-fare tickets to attract new customers, consequently impacting the yield this month,” Chief Executive Bjoern Kjos said in a statement.
London-listed IAG last month took a 4.6 percent stake in the company, triggering interest from other suitors, Norwegian said on April 26.
Norwegian is pursuing a massive transatlantic expansion to replicate the low-cost model that worked for European flights in an effort to turn around its loss-making operation.
The airline’s capacity, known as available seat kilometres (ASK), rose by 51 percent year on year, beating a forecast of 47.7 percent, while revenue-generating kilometres flown (RPK) grew by 44 percent, lagging the 45.1 percent forecast.
Brokers Pareto Securities, which hold a “buy” recommendation on Norwegian’s shares, said the traffic data would have a negative effect on core operating earnings (EBITDA) of 400 million Norwegian crowns ($49.6 million).
Pareto said that an earlier Easter holiday period this year, finishing in March, had a negative impact on demand, but it believes that the airline is set for a strong summer season.
Shares in Norwegian Air were up 2.2 percent at 276.6 crowns by 0822 GMT, recovering some of Friday’s 10 percent decline after the rejection of IAG’s approach. ($1 = 8.0715 Norwegian crowns) (Reporting by Ole Petter Skonnord and Terje Solsvik Editing by David Goodman)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/norwegianair-traffic/update-1-norwegian-air-boosts-april-traffic-with-cheaper-tickets-idUSL8N1SE15E |
WASHINGTON, May 2 (Reuters) - The White House said on Wednesday that details about an agreement for Brazil to avoid steel and aluminum tariffs had not been finalized and that President Trump would consider re-imposing the tariffs if they were not settled shortly.
Brazil earlier contradicted a U.S. announcement that the two countries had reached a deal on a permanent exemption from steel and aluminum import tariffs, saying the Trump administration had unilaterally cut off talks.
“The United States and Brazil reached an agreement in principle on satisfactory alternative means to address the threatened impairment to our national security from steel and aluminum imports,” White House spokeswoman Lindsay Walters said in a statement.
“The details of this agreement in principle have not been finalized. Further, if the alternative means are not finalized shortly, the president will consider re-imposing the tariffs,” she said. (Reporting by Jeff Mason Editing by James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-brazil-trump/white-house-says-trump-may-reimpose-steel-aluminum-tariffs-on-brazil-idUSL1N1S9252 |
Revenue of $35.7 million compared to $7.2 million for the first quarter 2017 DOE settlement on outstanding contract issue resulted in $9.5 million revenue recognition Net loss of $25.0 million compared to net income of $7.6 million for the first quarter 2017 (after $33.6 million gain from early extinguishment of debt) Diversified long-term supply through contract with Orano Work begun on planned advanced nuclear fuel capability under contract with X-energy Reaffirming annual outlook of $175-200 million in revenue and $100-125 million cash balance for year-end 2018
BETHESDA, Md.--(BUSINESS WIRE)-- Centrus Energy Corp. (NYSE American: LEU) today reported a net loss of $25.0 million or $2.97 per common share (basic and diluted) for the quarter ended March 31, 2018, compared to net income of $7.6 million or $0.73 per common share (basic) and $0.72 per common share (diluted) for the first quarter of 2017, which included a non-recurring gain on early extinguishment of debt of $33.6 million. While revenue for the nuclear fuel segment increased compared to the first quarter of last year, the Company still anticipates generating more than half of its annual revenue in the fourth quarter.
“We are focused on growing the company in a difficult market by expanding our core business, diversifying our business offerings, and mitigating risks,” said Daniel B. Poneman, president and chief executive officer. “We have made important progress over the last several months. The long-term supply contract with Orano that we announced last week supports our commitment to supply diversity and will support new sales opportunities through 2030. Our new contract with X-energy to develop the next generation of nuclear fuel reflects our support of advanced reactor technology. At the same time, we are beginning to see the benefits of our efforts to cut costs and reduce our debt. As the world's most diversified supplier of enriched uranium and an emerging provider of advanced engineering and manufacturing solutions, our team is working hard to support the contribution nuclear power makes to building a low-carbon future for all."
Revenue and Cost of Sales
Revenue for the first quarter of 2018 totaled $35.7 million, an increase of $28.5 million from the corresponding period in 2017. Revenue from the LEU Segment increased $20.5 million in the three months ended March 31, 2018, compared to the corresponding period in 2017, reflecting the variability in timing of utility customer orders. Revenue from the Contract Services Segment increased $8.0 million in the three months ended March 31, 2018, compared to the corresponding period in 2017, reflecting $9.5 million of revenue related to the January 2018 settlement with the United States government related to past work performed for the U.S. Department of Energy (DOE), partially offset by the reduced scope of contract work for American Centrifuge technology services in the current period.
Cost of sales for the first quarter of 2018 totaled $41.3 million, an increase of $31.2 million from the corresponding period in 2017. Cost of sales for the LEU Segment increased $32.1 million in the three months ended March 31, 2018, compared to the corresponding period in 2017, due to increases in sales volumes. Cost of sales for the Contract Services Segment declined $0.9 million in the three months ended March 31, 2018, compared to the corresponding period in 2017, due to the reduced scope of contract work.
Gross Loss
Centrus realized a gross loss of $5.6 million in the three months ended March 31, 2018, an increase of $2.7 million compared to the gross loss of $2.9 million in the corresponding period in 2017. The gross loss reflects a greater concentration of deliveries in the quarter under recent contracts that incorporate lower prices.
Advanced Technology License and Decommissioning Costs
Advanced technology license and decommissioning costs consist of American Centrifuge expenses that are outside of Centrus’ contracts with UT-Battelle, including ongoing costs for work at the Piketon, Ohio, demonstration facility. Costs were $7.7 million, an increase of $1.6 million, or 26 percent, in the three months ended March 31, 2018, compared to the corresponding period in 2017. In the current period, efforts at the Piketon facility were focused on U.S. Nuclear Regulatory Commission (NRC) license termination and DOE lease turnover activities and the related costs were charged to expense. In the prior period, efforts were primarily focused on decontamination and decommissioning (D&D) of the Piketon facility and the related costs were recorded as a reduction of the D&D liability. In addition, a greater allocation of Piketon facility costs were charged to the license and lease termination effort in the current period following the relocation of certain corporate functions from the Piketon facility. The Piketon D&D effort was largely completed in 2017, with remaining estimated D&D costs of $1.0 million.
SG&A and Special Charges
Selling, general and administrative (SG&A) expenses were $11.2 million for the first quarter 2018, a decline of $1.2 million, or 10 percent, compared to the corresponding period in 2017. Allocated overhead declined $0.7 million following the relocation of certain corporate functions from the Piketon facility. Consulting costs declined $0.4 million in the more recent three-month period.
In the three months ended March 31, 2018 and 2017, special charges included estimated employee termination benefits of $0.5 million and $0.8 million, respectively, net of non-cash settlements. In the three months ended March 31, 2018 and 2017, the Company incurred advisory costs of $0.1 million and $1.6 million, respectively, related to updating its information technology systems.
Cash Flow
Centrus ended the first quarter of 2018 with a consolidated cash balance of $153.3 million. The net reduction of $55.9 million in the SWU purchase payables balance, due to the timing of purchase deliveries, was a significant use of cash in the three months ended March 31, 2018. The operating loss of $26.3 million in the three months ended March 31, 2018, net of non-cash expenses, was a use of cash. Sources of cash included the net reduction in receivables from utility customers of $29.5 million.
Settlement with U.S. Government
On January 11, 2018, Centrus entered into a settlement agreement with the United States government regarding breach of contract claims relating to work performed by the Company under contracts with DOE and subcontracts with DOE contractors. DOE agreed to settle all claims raised as part of and subsequent to the litigation for a total of $24.0 million and provide a complete close out of all such contracts and subcontracts settled under the settlement agreement without any further audit or review of the Company’s costs or incurred cost submissions, except with respect to certain claims for pension and postretirement benefits. Prior to the settlement, the Company had a receivables balance related to the claims being settled of $14.5 million. In the three months ended March 31, 2018, the Company received $4.7 million from the United States government, applied approximately $19.3 million of advance payments received from the United States government in prior years against the receivables balance, and recorded additional revenue of $9.5 million in the Contract Services Segment.
2018 Outlook
Centrus anticipates SWU and uranium revenue in 2018 in a range of $150 million to $175 million, reflecting a decline in average sales prices compared to 2017 as more sales are made under contracts that reflect more recent market conditions. The Company anticipates total revenue in a range of $175 million to $200 million. Consistent with prior years, revenue continues to be most heavily weighted to the fourth quarter; Centrus expects more than one-half of its 2018 revenue to be generated in the fourth quarter. The Company expects to end 2018 with a cash and cash equivalents balance in a range of $100 million to $125 million. The anticipated decrease in cash and cash equivalents in 2018 is driven by the expected timing of purchases under supply agreements and an increase in required cash contributions to the Company’s postretirement benefit plans.
Centrus’ financial guidance is subject to a number of assumptions and uncertainties that could affect results either positively or negatively. Variations from its expectations could cause differences between the guidance and the ultimate results. Among the factors that could affect the results are:
Additional short-term purchases or sales of SWU and uranium; Timing of customer orders, related deliveries, and purchases of LEU or components; The outcome of legal proceedings and other contingencies; Potential use of cash for strategic initiatives; Actions taken by our customers, including actions that might affect our existing contracts, as a result of market and other conditions impacting our customers and the industry; and Additional costs for decontamination and decommissioning of the Company’s facility in Ohio.
About Centrus Energy Corp.
Centrus is a trusted supplier of nuclear fuel and services for the nuclear power industry. Centrus provides value to its utility customers through the reliability and diversity of its supply sources - helping them meet the growing need for clean, affordable, carbon-free electricity. Since 1998, the Company has provided its utility customers with more than 1,750 reactor years of fuel, which is equivalent to 7 billion tons of coal.
With world-class technical capabilities, Centrus offers turnkey engineering and advanced manufacturing solutions to its customers. The company is also advancing the next generation of centrifuge technologies so that America can restore its domestic uranium enrichment capability in the future. Find out more at www.centrusenergy.com .
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) - that is, statements related to future events. In this context, forward-looking statements may address our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For Centrus Energy Corp., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include risks: related to our significant long-term liabilities, including material unfunded defined benefit pension plan obligations and postretirement health and life benefit obligations; risks relating to our outstanding 8.0% paid-in-kind (“PIK”) toggle notes (the “8% PIK Toggle Notes”) maturing in September 2019, our 8.25% notes (the “8.25% Notes”) maturing in February 2027 and our Series B Senior Preferred Stock, including the potential termination of the guarantee by United States Enrichment Corporation of the 8% PIK Toggle Notes; risks related to the use of our net operating losses (“NOLs”) and net unrealized built-in losses (“NUBILs”) to offset future taxable income and the use of the Rights Agreement (as defined herein) to prevent an “ownership change” as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”) and our ability to generate taxable income to utilize all or a portion of the NOLs and NUBILs prior to the expiration thereof; risks related to the limited trading markets in our securities; risks related to our ability to maintain the listing of our Class A Common Stock on the NYSE American LLC (the “NYSE American”); risks related to decisions made by our Class B stockholders regarding their investment in the Company based upon factors that are unrelated to the Company’s performance; the continued impact of the March 2011 earthquake and tsunami in Japan on the nuclear industry and on our business, results of operations and prospects; the impact and potential extended duration of the current supply/demand imbalance in the market for low-enriched uranium (“LEU”); our dependence on others for deliveries of LEU including deliveries from the Russian government entity Joint Stock Company “TENEX” (“TENEX”) under a commercial supply agreement with TENEX (the “Russian Supply Agreement”); risks related to our ability to sell the LEU we procure pursuant to our purchase obligations under our supply agreements, including the Russian Supply Agreement; risks relating to our sales order book, including uncertainty concerning customer actions under current contracts and in future contracting due to market conditions and lack of current production capability; risks related to financial difficulties experienced by customers, including possible bankruptcies, insolvencies or any other inability to pay for our products or services; pricing trends and demand in the uranium and enrichment markets and their impact on our profitability; movement and timing of customer orders; risks related to the value of our intangible assets related to the sales order book and customer relationships; risks associated with our reliance on third-party suppliers to provide essential services to us; risks related to existing or new trade barriers and contract terms that limit our ability to deliver LEU to customers; risks related to actions that may be taken by the U.S. government, the Russian government or other governments that could affect our ability or the ability of our sources of supply to perform under their contract obligations to us, including the imposition of sanctions, restrictions or other requirements; the impact of government regulation including by the U.S. Department of Energy and the United States Nuclear Regulatory Commission; uncertainty regarding our ability to commercially deploy competitive enrichment technology; risks and uncertainties regarding funding for the American Centrifuge project and our ability to perform under our agreement with UT-Battelle, LLC (“UT-Battelle”), the management and operating contractor for Oak Ridge National Laboratory (“ORNL”), for continued research and development of the American Centrifuge technology; the potential for further demobilization or termination of the American Centrifuge project; risks related to the current demobilization of portions of the American Centrifuge project, including risks that the schedule could be delayed and costs could be higher than expected; failures or security breaches of our information technology systems; potential strategic transactions, which could be difficult to implement, disrupt our business or change our business profile significantly; the outcome of legal proceedings and other contingencies (including lawsuits and government investigations or audits); the competitive environment for our products and services; changes in the nuclear energy industry; the impact of financial market conditions on our business, liquidity, prospects, pension assets and insurance facilities; revenue and operating results can fluctuate significantly from quarter to quarter, and in some cases, year to year; and other risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2017.
CENTRUS ENERGY CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in millions, except share and per share data) Three Months Ended
March 31, 2018 2017 Revenue: Separative work units $ 17.7 $ 0.8 Uranium 3.6 — Contract services 14.4 6.4 Total revenue 35.7 7.2 Cost of Sales: Separative work units and uranium 34.8 2.7 Contract services 6.5 7.4 Total cost of sales 41.3 10.1 Gross loss (5.6 ) (2.9 ) Advanced technology license and decommissioning costs 7.7 6.1 Selling, general and administrative 11.2 12.4 Amortization of intangible assets 1.3 1.2 Special charges for workforce reductions and advisory costs 0.6 2.4 Gains on sales of assets (0.1 ) (1.0 ) Operating loss (26.3 ) (24.0 ) Gain on early extinguishment of debt — (33.6 ) Nonoperating components of net periodic benefit expense (income) (1.6 ) (0.4 ) Interest expense 1.0 2.9 Investment income (0.6 ) (0.3 ) Income (loss) before income taxes (25.1 ) 7.4 Income tax benefit (0.1 ) (0.2 ) Net income (loss) (25.0 ) 7.6 Preferred stock dividends - undeclared and cumulative 2.0 1.0 Net income (loss) allocable to common stockholders $ (27.0 ) $ 6.6 Net income (loss) per common share: - Basic
$ (2.97 ) $ 0.73 - Diluted
$ (2.97 ) $ 0.72 Average number of common shares outstanding (in thousands): - Basic
9,103 9,063 - Diluted
9,103 9,174 CENTRUS ENERGY CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; in millions, except share and per share data) March 31,
2018 December 31,
2017 ASSETS Current assets Cash and cash equivalents $ 153.3 $ 208.8 Accounts receivable 15.0 60.2 Inventories 164.0 153.1 Deferred costs associated with deferred revenue 119.6 122.3 Other current assets 22.4 22.5 Total current assets 474.3 566.9 Property, plant and equipment, net of accumulated depreciation of $2.3 as of March 31, 2018 and $1.9 as of December 31, 2017 4.6 4.9 Deposits for financial assurance 19.8 19.7 Intangible assets, net 81.3 82.7 Other long-term assets 0.9 1.1 Total assets $ 580.9 $ 675.3 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities Accounts payable and accrued liabilities $ 57.2 $ 54.3 Payables under SWU purchase agreements 23.5 79.4 Inventories owed to customers and suppliers 93.8 77.9 Deferred revenue and advances from customers 170.2 191.8 Total current liabilities 344.7 403.4 Long-term debt 155.3 157.5 Postretirement health and life benefit obligations 153.1 154.2 Pension benefit liabilities 159.2 161.6 Other long-term liabilities 12.3 17.5 Total liabilities 824.6 894.2 Stockholders’ deficit Preferred stock, par value $1.00 per share, 20,000,000 shares authorized Series A Participating Cumulative Preferred Stock, none issued — — Series B Senior Preferred Stock, 7.5% cumulative, 104,574 shares issued and outstanding and an aggregate liquidation preference of $113.5 as of March 31, 2018 and $111.5 as of December 31, 2017 4.6 4.6 Class A Common Stock, par value $0.10 per share, 70,000,000 shares authorized, 7,632,669 shares issued and outstanding as of March 31, 2018 and December 31, 2017 0.8 0.8 Class B Common Stock, par value $0.10 per share, 30,000,000 shares authorized, 1,406,082 shares issued and outstanding as of March 31, 2018 and December 31, 2017 0.1 0.1 Excess of capital over par value 60.1 60.0 Accumulated deficit (309.4 ) (284.5 ) Accumulated other comprehensive income, net of tax 0.1 0.1 Total stockholders’ deficit (243.7 ) (218.9 ) Total liabilities and stockholders’ deficit $ 580.9 $ 675.3 CENTRUS ENERGY CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in millions) Three Months Ended
March 31, 2018 2017 Operating Activities Net income (loss) $ (25.0 ) $ 7.6 Adjustments to reconcile net income (loss) to cash used in operating activities: Depreciation and amortization 1.6 1.4 PIK interest on paid-in-kind toggle notes 0.4 0.8 Gain on early extinguishment of debt — (33.6 ) Gain on sales of assets (0.1 ) (1.0 ) Changes in operating assets and liabilities: Accounts receivable 45.2 23.0 Inventories, net 5.0 (0.9 ) Payables under SWU purchase agreements (55.9 ) (59.5 ) Deferred revenue, net of deferred costs (18.9 ) — Accounts payable and other liabilities (5.4 ) (9.4 ) Other, net 0.8 (1.4 ) Cash used in operating activities (52.3 ) (73.0 ) Investing Activities Capital expenditures (0.1 ) — Proceeds from sales of assets 0.1 0.6 Cash provided by investing activities — 0.6 Financing Activities Payment of interest classified as debt (3.0 ) — Repurchase of debt — (27.6 ) Payment of securities transaction costs — (9.0 ) Cash used in financing activities (3.0 ) (36.6 ) Decrease in cash, cash equivalents and restricted cash (55.3 ) (109.0 ) Cash, cash equivalents and restricted cash at beginning of period 244.8 296.7 Cash, cash equivalents and restricted cash at end of period $ 189.5 $ 187.7 Supplemental cash flow information: Interest paid in cash $ 0.4 $ 0.4 Non-cash activities: Conversion of interest payable-in-kind to long-term debt $ 0.9 $ 0.8 Exchange of debt for Series B preferred stock $ — $ 4.6
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006778/en/
Centrus Energy Corp.
Investors:
Don Hatcher, 301-564-3460
or
Media:
Jeremy Derryberry, 301-564-3392
Source: Centrus Energy Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-centrus-reports-first-quarter-2018-results.html |
May 17, 2018 / 7:09 AM / Updated 9 hours ago New rules on ship emissions herald sea change for oil market Libby George , Ahmad Ghaddar 7 Min Read
LONDON (Reuters) - New rules coming into force from 2020 to curb pollution produced by the world’s ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies. FILE PHOTO: Shipping vessels and oil tankers line up on the eastern coast of Singapore in this July 22, 2015. REUTERS/Edgar Su/Files
The regulations will slash emissions of sulfur, which is blamed for causing respiratory diseases and is a component of acid rain that damages vegetation and wildlife.
But the energy and shipping industries are ill-prepared, say analysts, with refiners likely to struggle to meet higher demand for cleaner fuel and few ships fitted with equipment to reduce sulfur emissions.
This raises the risk of a chaotic shift when the new rules are implemented, alongside more volatility in the oil market.
“The reality is that the industry has already passed the date beyond the smooth transition,” Neil Atkinson, head of the oil industry and market division at the International Energy Agency (IEA), said in April. WHAT ARE THE NEW RULES?
The rules, drawn up by the U.N. International Maritime Organization (IMO), will ban ships using fuel with a sulfur content higher than 0.5 percent, compared to 3.5 percent now, unless a vessel has equipment to clean up its sulfur emissions.
Any vessels failing to comply will face fines, could find their insurance stops being valid and might be declared “unseaworthy” which would bar them from sailing. HOW WILL IT AFFECT THE FUEL OIL MARKET?
The global shipping fleet now consumes about 4 million barrels per day (bpd) of high sulfur fuel oil, but about 3 million bpd of that demand will “disappear overnight”, according to the average market forecast calculated by Norway’s SEB Bank.
Most demand is expected to shift to marine gasoil, a lower sulfur distillate fuel.
Morgan Stanley predicts this will generate at least 1.5 million bpd in extra demand for distillate in the next three years, pushing up total distillate demand growth for the period to 3.2 million bpd.
That, in turn, will drive up prices. Gasoil now trades at a premium of about $250 a ton to fuel oil, but the forward curve forecasts this will balloon to $380 per ton by early 2020.
Thomson Reuters Research estimates fuel accounts for about half a ship’s daily operating cost. Based on average fuel consumption of 20 to 80 tonnes a day (MT/day), a ship using cleaner fuel faces extra daily expenses of about $6,000 to $20,000.
For example, a VLCC, one of the biggest oil tankers at sea, will pay 25 percent more for its fuel, or an extra $500,000 on top of normal bill of $2 million, for a typical 25-day voyage from the Middle East to Japan. WILL “SCRUBBERS” HELP THE SHIPPING INDUSTRY?
Shipowners can install kit called a “scrubber” that strips out sulfur emissions and allowing them to use the dirtier fuel oil. Some ships already have them. Global trading firm Trafigura has ordered scrubbers for its fleet of 32 ships.
But the equipment alone can cost $1 million to $6 million, according to manufacturer Wartsila, putting it out of reach of many operators.
By 2020, about 2,000 ships could have scrubbers, according to Wartsila, SEB Bank and industry analyst AlphaTanker.
But AlphaTankers’ Andrew Wilson called this a “drop in the ocean”, given there are about 90,000 vessels in the global fleet, of which about 60,000 ply international routes.
Based on the limited number of manufacturers and time constraints on facilities to install scrubbers, AlphaTanker estimates no more than 500 ships could be fitted each year. Wartsila puts the figure closer to 300.
So it would take more than 100 years to fit the global fleet. WILL EVERYONE FOLLOW THE RULES?
Many vessels may try to dodge the new rules, unable to afford the cost of scrubbers and reluctant to pay the premium for cleaner fuel. But how much of the industry will cheat is open to debate, with estimates ranging from 10 to 40 percent.
The IMO says it will ban ships that do not have scrubbers from carrying any fuel oil, making it easier to catch cheaters.
Oil major BP expects 10 percent of ships could cheat, while consultancy Wood Mackenzie expects a figure of about 30 percent when the rules launch in 2020. Consultant Citac says industry polls indicate cheating could be in a range of 25 to 40 percent. CAN REFINERS MEET NEW DEMAND?
The global refining industry needs to process an extra 2.5 million bpd of crude to make distillates for cleaner fuel, says Robert Herman, refining executive at Phillips 66.
Some refiners have invested in cutting sulfur in their output, but fitting hydrocracker or coker unit so that a refinery produces more distillates with lower sulfur content while reducing fuel oil output can cost about $1 billion, analysts say.
Small refineries, unable to afford the upgrade, may find they are churning out fuel oil without finding buyers.
A KBC consultancy survey showed 40 percent of Middle Eastern and European refineries are not prepared. European plants, which tend to be less complex than those in other regions, produce more fuel oil and may face the biggest challenge.
Morgan Stanley says refineries of Spain’s Repsol ( REP.MC ), Turkey’s Tupras, India’s Reliance ( RELI.NS ) and U.S. independent Valero ( VLO.N ) are among the best prepared because they already produce high middle distillate and low high-sulfur fuel oil. WHAT WILL HAPPEN TO THE CRUDE MARKET?
The simplest way for refineries to produce fuel with less sulfur is to buy and process crude that contains less sulfur, a shift that could change demand for different oil grades and lead to greater oil market volatility.
For example, processing Iraq’s Basra Heavy grade with high sulfur content produces as much as 50 percent fuel oil, while using light, sweet North Sea crude with less sulfur produces about 12 percent fuel oil.
“There will be a bidding war for sweet crude,” said Stephen George, chief economist with KBC Advanced Technologies.
This could hike the price of sweeter crudes, including several grades used to make dated Brent, the benchmark for three quarters of the world’s oil. Meanwhile, the cost of refining “sour” crudes with more sulfur, such as those from Venezuela, Mexico and Ecuador, “could be more than its value,” he said. WHO WILL PAY THE PRICE?
Energy firms and shippers may face a squeeze on margins. But, ultimately, extra costs are likely to fall on consumers of everything from household appliances to gasoline that are shipped around the world. Roughly 90 percent of world trade is by sea.
Wood Mackenzie estimates that global shipping fuel costs are likely to rise by a quarter, or $24 billion, in 2020. Others estimate extra costs for container shipping alone will be $35 billion to $40 billion.
In addition, a surge in distillate demand by shippers could push up prices of other products, such as jet fuel and diesel.
“It’s going to make moving anything more expensive,” said AlphaTanker’s Wilson. Additional reporting by Devika Krishna Kumar in New York and Ron Bousso in London; Editing by Edmund Blair | ashraq/financial-news-articles | https://www.reuters.com/article/us-shipping-fuel-sulphur/new-rules-on-ship-emissions-herald-sea-change-for-oil-market-idUSKCN1II0PP |
STAMFORD, Conn., Chief Executive magazine announced today that Marillyn A. Hewson, chairman, president and CEO of Lockheed Martin Corp., has been named 2018 Chief Executive of the Year, an honor bestowed upon an outstanding corporate leader, nominated and selected by peer CEOs.
Ms. Hewson joined Lockheed Martin more than 30 years ago as an industrial engineer and has led the company as CEO since January 2013. Headquartered in Bethesda, Maryland, Lockheed Martin is a $51 billion (sales) global security and aerospace giant. "It is a tremendous honor to be named Chief Executive of the Year," said Hewson. "This honor is ultimately a tribute to the 100,000 women and men of Lockheed Martin—and all they do each day to protect lives, drive innovation and press forward the frontiers of human knowledge and understanding."
The selection committee cited her performance leading the company through an era of profound political and technological change—which has had an outsized impact on Lockheed's operations. They also highlighted her work to improve STEM education, grow the nation's pipeline of highly skilled labor and improve diversity in the technology industry.
"It's been a year of strong candidates," said Mark Weinberger, CEO of EY and a member of the selection committee, "but Marilyn has demonstrated exceptional leadership, proving to be an exceptional role model and exceptional person—something we need in business, especially today."
Tamara Lundgren, CEO, Schnitzer Steel, added: "Marillyn has led her company with tremendous vision and integrity, and the results have shown through both financial and operation performance as well as the diversity and loyalty of the people she leads."
"She is absolutely a beacon of excellence in an industry that hasn't had many good stories," said Fred Hassan, former chairman, Bausch & Lomb, and partner, Warburg Pincus. "She has displayed a lot of courage in dealing with the many complexities in running a business of Lockheed's size and scope."
Prior Chief Executive of the Year winners represent a who's who of American business leaders, including Bill Gates, Jack Welch, Michael Dell, A.G. Lafley, John Chambers, Bob Iger, Anne Mulcahy, Larry Bossidy, Andy Grove and Herb Kelleher, among others.
Judging and selection of a winner is done by a committee of distinguished peer CEOs in a meeting held in March at the Nasdaq MarketSite. The 2018 committee consists of Stanley Bergman (CEO, Henry Schein and 2017 CEO of the Year), Dan Glaser (CEO, Marsh & McLennan), Fred Hassan (former chairman, Bausch & Lomb; partner, Warburg Pincus), Tamara Lundgren (CEO, Schnitzer Steel), Bob Nardelli (CEO, XLR-8), Tom Quinlan III (CEO, RR Donnelley), Jeffrey Sonnenfeld (CEO, The Yale Chief Executive Leadership Institute) and Mark Weinberger (CEO, EY). Ted Bililies, Ph.D., chief talent officer, managing director, AlixPartners, is the exclusive advisor to the 2018 Selection Committee.
Hewson's selection as 2018 CEO of the Year will be celebrated at an invitation-only event hosted by the Chief Executive Group at the United Nations building in New York in late July.
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Chief Executive Group is the leading community for business leaders worldwide. It publishes Chief Executive magazine (published since 1977), chiefexecutive.net , Corporate Board Member and boardmember.com , as well as conferences and roundtables that enable CEOs to discuss key subjects and share their experiences with their peers. The Group also runs the Chief Executive Network, the leading CEO membership organization arranged by industry, and facilitates the annual "CEO of the Year," a prestigious honor bestowed upon an outstanding corporate leader, nominated and selected by a group of peers. Visit www.chiefexecutive.net for more information.
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SOURCE Chief Executive | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-lockheed-martins-marillyn-hewson-named-chief-executives-2018-ceo-of-the-year.html |
May 21, 2018 / 2:05 PM / Updated an hour ago Super Rugby Fixtures Reuters Staff 1 Min Read May 21 (OPTA) - Super Rugby fixtures for this week Friday, May 25 fixtures (GMT) Crusaders v Hurricanes (06:35) Rebels v Sunwolves (08:45) Jaguares v Sharks (18:40) Saturday, May 26 fixtures (GMT) Chiefs v Waratahs (06:35) Reds v Highlanders (08:45) Bulls v Brumbies (12:05) Stormers v Lions (14:15) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugbyunion-super-fixtures/super-rugby-fixtures-idUKMTZXEE5L30EWMS |
May 10, 2018 / 11:18 AM / in 4 minutes BRIEF-Medical Facilities Qtrly Earnings Per Share $0.12 Reuters Staff
May 10 (Reuters) - Medical Facilities Corp: * ORATION REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* QTRLY REVENUE INCREASED BY 9.7% TO $97.6 MILLION FROM $89.0 MILLION * QTRLY EARNINGS PER SHARE $0.12
* Q1 EARNINGS PER SHARE VIEW $0.15, REVENUE VIEW $95.8 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-medical-facilities-qtrly-earnings/brief-medical-facilities-qtrly-earnings-per-share-0-12-idUSASC0A1D7 |
ENCINITAS, Calif. & NEW YORK--(BUSINESS WIRE)-- Manna Development Group (“Manna”) announced today that it has acquired 38 Panera Bread cafés in Colorado, expanding Manna’s operating footprint to over 130 Panera Bread cafés across 7 states. CapitalSpring, a leading private investment firm focused exclusively on the branded restaurant industry, structured and led the acquisition financing and recapitalization. Owl Rock Capital served as co‐lender and lead arranger.
Manna has grown continually from its inception in 2003 when Paul Saber and Patrick Rogers opened their first Panera café in San Diego. Through aggressive new store development and the successful integration of 6 additional acquisitions, Manna has grown to become one of the largest Panera Bread franchisees. Manna’s mission statement is built on the Golden Rule, to treat others as we ourselves would want to be treated, and a heart of service and a desire for excellence, all deeply rooted in everything Manna does.
“Paul and Patrick have built an amazing culture and tremendous operational discipline throughout their organization,” said Chad Spaulding, a Managing Director at CapitalSpring, and “we are thrilled with the opportunity to invest in one of the best franchise operators in an industry‐leading fast casual restaurant brand.” Jason Ruiz, a Vice President at CapitalSpring, added “We have grown to admire and respect the entire leadership team and look forward to supporting Manna’s continued expansion.”
“CapitalSpring delivered a unique financing solution that allowed us to achieve our strategic goals, while maintaining ownership and control of our company,” said Paul Saber, President & CEO of Manna. “We have enjoyed building our relationship with CapitalSpring in recent years and have been impressed not only by their ability to deliver on promises, but also their tremendous restaurant perspective and resources. We look forward to a long relationship with CapitalSpring and appreciate their support to date.”
Trinity Capital LLC served as financial advisor, and Snell & Wilmer L.L.P. served as legal advisor to Manna in connection with the transaction. CapitalSpring was represented by Chapman & Cutler L.L.P.
About CapitalSpring
Founded in 2005, CapitalSpring is a private investment firm focused exclusively on the restaurant industry. The Firm currently manages assets of approximately $1.3 billion and has completed investments in over 50 different restaurant brands and more than 4,000 restaurant locations. CapitalSpring focuses on supporting proven restaurant operators with a range of structured credit and private equity solutions and has offices in Nashville, Los Angeles, Atlanta, and New York. For more information about CapitalSpring, please visit www.capitalspring.com .
About Owl Rock Capital
Owl Rock Capital is a direct lending platform focused on middle-market businesses across a variety of industries. Partnering with financial sponsors and private companies, Owl Rock Capital can lead or anchor highly customized financings. Formed in 2016, Owl Rock Capital has raised $5.5 billion of equity commitments to date and currently has $6.2 billion in assets under management. Owl Rock Capital is based in New York City. For more information, please go to www.owlrock.com .
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Source: CapitalSpring | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-manna-development-group-completes-acquisition-of-38-cafas-to-become-one-of-panera-breadas-largest-franchisees.html |
BERLIN (Reuters) - Germany will use higher-than-expected tax revenues to boost investment in digitalization this year and lower the tax burden for workers on small and medium incomes next year, Finance Minister Olaf Scholz said on Wednesday.
Presenting updated tax estimates for federal, regional and municipal authorities, Scholz said the room for further spending hikes was limited and that the federal government would have 10.8 billion euros available for additional measures until 2022.
“I want to say that we have to continue to calculate cautiously,” Scholz said, pointing to downside risks for the budget such as the trade dispute with the United States and differing views about how to curb Iran’s nuclear program.
Scholz said the government would use the extra tax revenues to kick-start the creation of a digitalization fund into which the finance ministry will transfer 2.4 billion euros this year.
The fund will later be increased by revenues generated through the auction of G5 mobile licenses, Scholz added.
From 2019, Scholz wants to lower income taxes for workers on small and medium incomes by countering the ‘cold progression effect’ in Germany’s tax system. This means tax brackets are not adjusted for inflation.
Unlike in many other major economies such as the United States, Britain and France, thresholds in Germany’s progressive tax system are not automatically adjusted. The OECD has urged Germany and others to introduce index-linked tax brackets.
SPENDING SQUEEZE Scholz said that any further fiscal room in the future would be used to finance the projects agreed in the coalition deal, such as increasing defense spending and development aid.
Last week Scholz presented spending plans that envisage public investment falling from 2020 and advised ministries seeking more funds to live within their means.[L8N1SG6QU]
Germany’s defense and development ministries have already objected to Scholz’s budget plans, saying they violate the coalition pact between Chancellor Angela Merkel’s conservatives and their junior partner, the Social Democrats (SPD).
Defence Minister Ursula von der Leyen and Development Minister Gerd Mueller - both conservatives - have met Merkel to demand more funds for their ministries.
They said the budget plans submitted by Scholz flouted pledges to ensure that Germany’s development aid and defense spending as a percentage of economic output did not shrink in the coming years.
The lack of a more pronounced increase in military spending has drawn the ire of U.S. officials, who have been pressing Germany to move more rapidly toward a NATO target of spending 2 percent of economic output on defense.
Germany has had a “debt brake” law in place since 2011 that forces the federal and state governments to virtually eliminate any budget deficits by 2020. This means any spending must be financed by additional tax revenues or cuts in other areas.
The German economy has been enjoying an unusually prolonged upswing since 2010 and the federal government has kept a balanced budget since 2014.
Reporting by Michael Nienaber; Editing by Madeline Chambers and Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-economy-scholz/germanys-scholz-eyes-lower-taxes-digitalization-investment-idUSKBN1IA22U |
By David Meyer 4:59 AM EDT
Seattle is introducing a new tax on large employers that will help fund homelessness and affordable housing programs—despite opposition from companies such as Amazon .
However, the version of the tax that the City Council agreed to on Monday will be far less onerous than the draft that led Amazon to suspend construction on a new office tower in a not-so-subtle threat over providing further employment in Seattle.
“We are disappointed by today’s City Council decision to introduce a tax on jobs,” Amazon said in a statement . “While we have resumed construction planning for Block 18, we remain very apprehensive about the future created by the council’s hostile approach and rhetoric toward larger businesses, which forces us to question our growth here.”
Seattle has a serious homelessness problem that has been exacerbated by the growth in high-paying jobs there, thanks to big employers such as Amazon, Microsoft and Boeing .
So, at the end of April, the Seattle City Council released draft legislation that would force companies with revenues of over $20 million in the city to pay 26 cents for each hour worked by a Seattle-based employee, or roughly $540 per head per year. This “head tax” was to apply over 2019 and 2020, generating $86 million a year for social programs, before turning into a 0.7% payroll tax. (The annual proceeds of the tax were originally calculated at $75 million before the council revised its estimates.)
However, with Mayor Jenny Durkan threatening to veto the tax because she was concerned about its impact on employment, the measure had to be watered down to pass.
In the end, the version that passed—unanimously—will see large employers pay 14 cents per head per hour, or $275 per head per year. The tax will now generate $47 million a year , and it will run for five years, rather than turning into a payroll tax after a two-year run.
“This legislation will help us address our homelessness crisis without jeopardizing critical jobs. Because this ordinance represents a true shared solution, and because it lifts up those who have been left behind while also ensuring accountability and transparency, I plan to sign this legislation into law,” said Durkan.
Three-fifths of the money raised will go to building new, affordable housing, while the rest will fund emergency services for the homeless.
Amazon wasn’t the only company left grumbling. Starbucks also responded, with public affairs chief John Kelley saying Seattle “continues to spend without reforming and fail without accountability, while ignoring the plight of hundreds of children sleeping outside.”
“If they cannot provide a warm meal and safe bed to a five year-old child, no one believes they will be able to make housing affordable or address opiate addiction,” Kelley said . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/amazon-seattle-homeless-tax-passed/ |
Blood-bearing drones zipping through the sky sounds something like a scene from apocalyptic science fiction. But for doctors in Rwanda, it's the default method of lifesaving medical-supply delivery.
That's because of drone start-up Zipline International , a delivery and logistics company that launched in 2016 and operates the only autonomous drone system for delivering blood to remote hospitals in the African country.
Blood is "expensive, lifesaving but doesn't last very long," Zipline co-founder and CEO Keller Rinaudo said. "So traditional supply chains do a very poor job of distributing it. Using drones, we can deliver blood 10 times as quickly as cars, on demand."
Zipline has completed 300,000 km of autonomous flight across Rwanda — a nation known for its mountainous geography, difficult weather and poor infrastructure — delivering 7,000 units of blood over 5,000 flights.
A doctor in Rwanda with a patient in need and too little blood on hand can send a text to Zipline with the blood type and number of units needed. The blood is loaded into a box with a parachute and onto an autonomous plane — which drops the package at the designated hospital in 30 minutes or less.
Zipline doesn't disclose operational costs but said the cost to deliver by drone is on par with traditional methods of delivery, like car or motorcycle.
It can already reach more than 10 million people in Rwanda, and it's rapidly expanding.
"By virtue of being the only company doing this, we're also learning faster," said Rinaudo, whose vision is to lead the logistics industry into an instant, automated drone-delivery future. "Everything about the service we provide is improving on a monthly basis."
"It's very easy to do a demonstration flight over a few kilometers in perfect weather once, but very hard to run a fully automated system operating at national scale, capable of doing hundreds of flights a day in any weather, that people can rely on with their lives," Rinaudo said.
Racing ahead of tech giants in drone-flying That experience puts Zipline well ahead of some of the largest tech companies in the world that are also exploring drone technology. It also earned it the No. 25 spot on the 2018 CNBC Disruptor 50 list.
"The key competitive advantage Zipline has is the real production-scale experience with the parcel delivery. And whether the parcel contains blood or any other more (iPhone) or less (book) fragile product, from the technological and operational perspective it does not matter so much," said Michael Mazur, partner in PwC's Drone Powered Solutions practice, which estimates the size of the potential drone market at $127 billion.
Mazur said the number of drone flights that Zipline conducts daily is likely more than all of the registered flights in the history of Amazon and Google's proof-of-concept efforts.
Meet the 2018 CNBC Disruptor 50 companies Zipline has already increased its distribution center daily capacity from 50 to as high as 500 drone flights out of its first base in western Rwanda. It's also preparing to launch a second flight base in the coming months in the eastern half of the Central African country. That goal is tied to its recent launch of the world's fastest commercial drone, with a top speed of 128 km/h and a cruising speed of more than 101 km/h.
"I don't think there are any U.S. or European companies that run as many flights as them," said Timothy Reuter, who heads the World Economic Forum's San Francisco-based drones project.
Amazon has been experimenting with drone delivery for a small group of customers in Cambridge, England, where it also has a drone research lab. Alphabet 's Google has started drone tests in Australia, but the experts say these efforts are nowhere near as evolved as Zipline's effort.
"They didn't have the luxury of waiting around for years to launch their product and generate revenue," Reuter said.
Zipline has been designing and building "from scratch" the relevant technology — from flight computers, to the aircraft themselves, to the software to keep them on track — for five years, Rinaudo said.
The company recently redesigned its aircraft and autonomous systems to allow the planes to fly further with heavier cargo on board. The firm already has increased its delivery capacity 10-fold and has plans to launch in new countries "on a pretty consistent basis" starting later this year.
SOURCE: Magdalena Petrova CNBC The company has set up its launchers and landing rigs next to medical-supply warehouses in Rwanda, which serve as a central distribution point to reach the nation’s clinics and hospitals. A 15-ft-long cord wired between two robotic arms on the ground snags the drone's hook to capture it out of the sky. Designing the technology is the easy part, according to the company — it's integrating with national health systems that poses a challenge.
Drone experts say, in fact, that Zipline's biggest advantage may not be in the drone itself but in the logistics knowledge that it's amassing.
Reuter said Zipline is communicating with blood banks, health systems and clinics and learning how to most effectively communicate with clients. "It's difficult to do that at scale," he said. "The hard part of drone delivery is not making a drone that can carry something. It's building a service that can run every day, making thousands of deliveries in a reliable manner, and do so in an economically sustainable way," said Reuter, who has been to Zipline's first distribution center in Rwanda. "We believe Rwanda can serve as a model for the rest of the world in how to enable drone delivery."
A goal of making all logistics instant and automated Zipline currently delivers blood only to hospitals in Rwanda, but it has much bigger plans. Zipline will start delivering vaccines, other medications and general medical supplies in the coming months.
"In the long run, we think that all logistics will be instant and automated," Rinaudo said. "In the same way that the internet made moving information around the world very fast and very low cost, robotics can transform the way that we move around products."
That carries implications for "the billions of people on the planet today who are largely cut off from global markets and e-commerce," he said.
The firm has raised more than $114 million to date, according to PitchBook, from major backers like Sequoia Capital, Andreessen Horowitz and Visionnaire Ventures. It's currently valued at over $500 million.
As Zipline continues to expand, and as companies like Amazon push communities' comfort level with drones, venture investor and Zipline board member Susan Choe said she expects Zipline to enter into large-scale global partnerships.
"I saw Zipline as a globally impacting — and now we're often hearing socially impacting — type of a play, backed up by a world-class tech team," said Choe, who was a co-founder of VC firm Visionnaire Ventures and recently founded Katalyst Ventures to focus on impact investing.
"Instant delivery will enable us to achieve 100 percent access to health care for every human on the planet," Rinaudo said. "It's not a complicated idea, and it's something that every family wants, no matter where you live."
Zipline's logistics model could eventually make the leap from rural health care to the internet retail or freight sector, but that isn't critical to its success.
"[Zipline] can perform 50 flights a day without a crash and on time, with a package untouched," PwC partner Mazur said. The number of drone flights it is able to successfully pilot on a daily basis already leads one to think of the opportunity in what's called "the last mile" of delivery: parcels sent by internet retailers and freight companies within metro areas of large cities. Mazur added, "That's why it is so interesting to think not only about how much this company can earn from health care but other sectors that can be promising."
To date, Zipline's model in Rwanda is medium- to long-term flights, which might be most easily extended to oil rig and industrial site deliveries. Other drone start-ups have focused specifically on the urban delivery market, such as Menlo Park, California-based Matternet, which is currently delivering blood samples at hospitals over densely populated streets in Lugano, Switzerland.
"If these start-ups will prove that their technology and solution operates equally well in the U.S., for sure they will become interesting acquisition targets." -Michal Mazur, PwC partner There is plenty of money to be made in health care. "Lifesaving medical delivery is a legitimate business in and of itself," Reuter said. "African governments are already spending billions on medical-supply chains, so if [Zipline] can lower cost and improve service, its not a philanthropic endeavor but a real business, and they are gaining experience running a real logistics operation."
Colin Snow, an analyst at Skylogic Research, said he doesn't believe Zipline's drones, which require a fixed platform and plenty of room for launch, would ever work for a company like Amazon's delivery needs — namely, vertical launch to accommodate urban areas.
"It's a bigger operation than is required. ... It's sort of old-school," Snow said. "You need to have a launching device, and launching devices are not portable."
Navigating the US skies for the first time The reason Zipline has raced ahead in Rwanda is because the government has been more flexible than many other regulatory regimes around the world. That's also why Google is piloting drones in Australia and Amazon is working in the U.K. But the United States is finally taking steps to allow drone business models to experiment and develop on a local level around the country.
Earlier this month, the Federal Aviation Administration approved the first-ever pilot programs for drone flights and, more important, flights that are allowed to go beyond an operator's "line of sight," which is critical to developing commercially viable drone businesses.
Zipline is part of one of the proposals that won a coveted green light in the nationwide contest launched by the Trump administration. Another 2018 CNBC Disruptor 50 company, Flirtey , was also included in winning proposals, including one in Reno, Nevada, to deliver defibrillators. Amazon, though it submitted proposals, was shut out. Google's Project Wing will be part of a drone-delivery pilot program to be conducted in Virginia.
show chapters Flirtey drones will deliver defibrillators to 911 callers 21 Hours Ago | 01:55 Zipline is part of North Carolina's winning transportation department proposal, which intends to bring a similar medical-supply delivery system to the state, with delivery bases like Zipline has in Rwanda. North Carolina has a large rural population , as high as 40 percent, and these communities have more difficulty accessing health care. Matternet is also among the drone companies working with Zipline on this project.
Reuter at the WEC said that Zipline, Flirtey and Matternet are "the big three" in terms of the start-ups really pushing the drone business model forward, but getting regulations right are critical to giving drone companies a chance to develop a viable business model. "Medical delivery is easier to convince governments to be flexible about and accept risk, because they understand the technology is saving lives rather than just a method of convenience," Reuter said.
He thinks the drone market isn't going to go the way of most tech niches, where the giants devour the start-ups and it quickly becomes "a winner-take-all industry."
"Amazon and Google are committed to launching services around drone delivery, but that doesn't mean we will see huge consolidation of this market. ... The economics of logistics aren't the same as the economics of computational technology. Logistics is an easy space to enter but a hard space to make money, so learning how to be operationally efficient is the key to long-term sustainability."
A look back at the CNBC Disruptor 50: 6 years, 167 companies Snow doesn't think Zipline would be the right play for an internet retailer like Amazon, anyway. He said it's "quite possible" that Zipline could be a takeout candidate for a larger company, but it would be for their medical expertise, not their drones.
Zipline's vertically integrated model makes it a more defensible business than many start-ups at which venture capitalists throw money, but its logistics expertise will keep it on the radar of larger companies.
"Internet retailers want to keep that last-mile delivery cost as low as possible," Mazur said. It's not yet proved that the drone start-ups will be cheaper, but if lots of autonomous, inexpensive drones are allowed by regulators to be flown by computers rather than individual pilots, the market opportunities may develop rapidly. "If these start-ups will prove that their technology and solution operates equally well in the U.S., for sure they will become interesting acquisition targets," Mazur said.
— Additional reporting by CNBC.com editor Eric Rosenbaum | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/biggest-delivery-breakthrough-since-amazon-prime.html |
May 23 (Reuters) - Sonae Capital SGPS SA:
* REPORTED ON TUESDAY Q1 TURNOVER UP 31.0 PERCENT AT 39.1 MILLION EUROS VERSUS YEAR AGO
* Q1 CONSOLIDATED EBITDA INCREASED TO 2.1 MILLION EUROS FROM 0.38 MILLION EUROS YEAR AGO
* Q1 NET LOSS WIDENED TO 7.5 MILLION EUROS VERSUS LOSS OF 5.1 MILLION EUROS YEAR AGO
* Q1 NET RESULT WAS HIT BY RECOGNITION NON-RECURRENT OPERATION ON BRAZILIAN RACE AMOUNTING TO 2.0 MILLION EUROS
Source text: bit.ly/2GGww3y
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SU0LT |
May 19, 2018 / 3:21 PM / Updated 17 hours ago Britons celebrate royal wedding with picnics and street parties Reuters Staff 1 Min Read
WINDSOR, England (Reuters) - Thousands of people across Britain gathered at street parties and picnics in the sunshine to celebrate the royal wedding on Saturday, and festivities were expected to continue into the night as pubs were permitted to stay open longer.
Residents hosting parties on their streets put up bunting and served tea and cakes on tables decorated with British flags. Others came together in local parks, pitching tents and marquees decked with balloons and flags.
Large crowds watched live broadcasts of the wedding ceremony on big screens around Britain, including in St Andrews in Scotland, at Winchester Cathedral and in Cambridge.
In Greenwich, London, people watching the wedding on a big screen whooped and cheered when the bride and groom kissed, and sang along to the hymns.
Some revelers wore masks depicting the faces of Meghan Markle and members of the British royal family.
Pub opening hours were extended to 1 a.m., instead of the usual 11 p.m. People gather ahead of the wedding of Britain’s Prince Harry to Meghan Markle in Windsor, Britain, May 19, 2018. REUTERS/Damir Sagolj Reporting By Raissa Kasolowsky; Editing by Giles Elgood | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-royals-wedding-streetparties/britons-celebrate-royal-wedding-with-picnics-and-street-parties-idUKKCN1IK0L4 |
May 1, 2018 / 12:03 AM / Updated 7 hours ago American actress Ashley Judd sues Harvey Weinstein for defamation, sexual harassment Jill Serjeant 3 Min Read
LOS ANGELES (Reuters) - Hollywood actress Ashley Judd on Monday filed a defamation and sexual harassment lawsuit against film producer Harvey Weinstein, alleging that he damaged her movie career after she refused his sexual advances. Actress Ashley Judd speaks at the Milken Institute's 21st Global Conference in Beverly Hills, California, U.S. April 30, 2018. REUTERS/Lucy Nicholson
The civil lawsuit, filed in Los Angeles Superior Court in Santa Monica, accuses Weinstein of causing Judd to lose a part in 1998 in the film “The Lord of the Rings” by making “baseless smears” against her.
The lawsuit, reviewed by Reuters, alleges that Weinstein “was retaliating against Ms Judd for rejecting his sexual demands approximately one year earlier, when he cornered her in a hotel room under the guise of discussing business.”
“Weinstein used his power in the entertainment industry to damage Ms. Judd’s reputation and limit her ability to find work,” the lawsuit added.
A representative for Weinstein issued a statement hours later saying the onetime film studio chieftain had “neither defamed Ms Judd nor ever interfered with Ms Judd’s career.”
Instead, the statement said, Weinstein “championed” Judd’s work and “repeatedly approved her casting for two of his movies” - “Frida” in 2002 starring Salma Hayek, and “Crossing Over” with Harrison Ford in 2009. It also said he had “fought for Ms Judd as his first choice for a lead role in “Good Will Hunting.” FILE PHOTO: 90th Academy Awards - Oscars Arrivals - Hollywood, California, U.S., 04/03/2018 - Ashley Judd. REUTERS/Carlo Allegri/File Photo
The statement did not address Judd’s allegations that she was sexually harassed by Weinstein.
Judd was one of the first women in October 2017 to make an on-the-record allegation of sexual misconduct against Weinstein, which soon afterward evolved into the social media #MeToo movement against sexual harassment and assault. The Oscar-winning producer has since been accused of sexual impropriety by more than 70 women.
He has denied having non-consensual sex with anyone.
Judd, a leading member of the “Time’s Up” movement against sexual harassment in the workplace, is seeking unspecified damages and a jury trial. Actress Ashley Judd speaks at the Milken Institute's 21st Global Conference in Beverly Hills, California, U.S. April 30, 2018. REUTERS/Lucy Nicholson
Judd’s representative did not immediately return a call for comment.
The actress said in a statement to the New York Times that any financial recuperation from the lawsuit would be donated to Time’s Up “so that women and men in all professions may have legal redress for sexual harassment, economic retaliation and damage to their careers.” Reporting by Jill Serjeant; Additional reporting by Steve Gorman in Los Angeles; Editing by Bill Tarrant, Robert Birsel | ashraq/financial-news-articles | https://in.reuters.com/article/us-people-ashley-judd-weinstein/american-actress-ashley-judd-sues-harvey-weinstein-for-defamation-sexual-harassment-idINKBN1I12GQ |
May 23, 2018 / 11:09 PM / Updated 34 minutes ago Concrete and coral - Beijing's South China Sea building boom fuels concerns Greg Torode , Simon Scarr 9 Min Read
HONG KONG/SINGAPORE (Reuters) - At first glance from above it looks like any clean and neatly planned small town, complete with sports grounds, neat roads and large civic buildings. Satellite photo dated March 28, 2018 shows Woody Island. Planet Labs Inc/Handout via REUTERS
But the town is on Subi reef in the Spratlys archipelago of the hotly contested South China Sea and, regional security experts believe, could soon be home to China’s first troops based in the maritime heart of Southeast Asia.
Private sector data analysis reviewed by Reuters shows Subi, some 1,200 km (750 miles) from China’s coast, is now home to nearly 400 individual buildings – far more than other Chinese islands.
Subi could be the future location of hundreds of People’s Liberation Army marines, as well as a possible administrative hub as China cements its claim with a civilian presence, security analysts and diplomatic sources say.
The data from Earthrise Media, a non-profit group supporting independent media with imagery research, was based on surveys of high-resolution images obtained by DigitalGlobe satellites, dating back to when China started dredging reefs in early 2014.
The images show neat rows of basketball courts, parade grounds and a wide variety of buildings, some flanked by radar equipment.
Earthrise founder Dan Hammer said his team’s count included only free-standing, permanent and recognisable structures.
“When I look at these pictures I see a standard PLA base on the mainland – it is incredible, right down to the basketball courts,” Singapore-based security analyst Collin Koh said after reviewing the data and images.
“Any deployment of troops will be a huge step, however – and then they will need to secure and sustain them, so the military presence will have to only grow from where it is now.”
Senior Western diplomats describe the placement of troops or jet fighters on the islands as a looming test of international efforts to curb China’s determination to dominate the vital trade waterway.
Subi is the largest of China’s seven man-made outposts in the Spratlys. The so-called “Big Three” of Subi, Mischief and Fiery Cross reefs all share similar infrastructure – including emplacements for missiles, 3km runways, extensive storage facilities and a range of installations that can track satellites, foreign military activity and communications.
Mischief and Fiery Cross each house almost 190 individual buildings and structures, according to the Earthrise analysis. The previously unpublished data details the building count on more than 60 South China Sea features, including those occupied by Vietnam, Malaysia, Taiwan and the Philippines.
While the data shows well developed infrastructure on some on islands such as Vietnam's Spratly Island, the Philippines' Thitu Island and Taiwan's Itu Aba, the scale and development by Beijing dwarfs its rivals. (For a multimedia package on the data, click tmsnrt.rs/2J3cWne )
The number of buildings on Subi makes it similar in size to Woody Island in the Paracels, a Beijing-controlled group much closer to China also claimed by Vietnam. Satellite photo dated March 19, 2018 shows Fiery Cross Reef. Planet Labs Inc/Handout via REUTERS
Woody is the base and surveillance post which foreign military attaches say is the headquarters of the military division across the South China Sea, reporting to the PLA’s southern theatre command.
Koh and other analysts said the facilities on Subi, Mischief and Fiery Cross could each hold a regiment - between 1,500 to 2,400 troops.
China’s precise intentions remain unclear and Chinese experts say much will depend on whether Beijing feels threatened by regional security trends, particularly U.S. activity such as its so-called “freedom of navigation patrols”.
China’s defence ministry did not respond to Reuters questions about the build-up on Subi or what the facilities could be used for.
Beijing has consistently said the facilities on its reclaimed islands are for civilian use and necessary self-defence purposes. China blames Washington for militarising the region with their freedom of navigation patrols.
Ding Duo, a researcher at the Chinese government-backed National Institute for South China Sea Studies, said Beijing needs a military presence in the Spratlys to protect its civilian infrastructure.
“As for how big that presence is depends on the threat assessment China has going forward for the Nansha Islands,” he said, using the Chinese name for the Spratlys.
“The Nansha region faces severe military pressure, especially since Trump took office and increased freedom of navigation patrols. So China has raised its threat assessment.” LOOMING TEST
The White House said this month it had raised concerns with China about its latest militarisation after CNBC reported anti-ship cruise missiles and surface-to-air missile systems had been installed on Subi, Mischief and Fiery Cross.
This weekend, China revealed bombers had conducted take-off and landing training on some of its islands and reefs in preparation for what it called “the battle for the South China Sea”.
Some U.S. analysts noted PLA photographs appeared to show a bomber landing on Woody Island in the Paracels, and the Chinese military has yet to confirm planes actually landed on its Spratlys holdings. Slideshow (4 Images)
On Wednesday, the Pentagon withdrew an invitation for China to join a major naval drill because of Beijing’s continued militarisation of its islands in the South China Sea.
Admiral Philip Davidson, the nominee to be the next commander of all U.S. forces in the Pacific, said last month the bases were now complete and lacked only deployed forces.
“Any forces deployed to the islands would easily overwhelm the military forces of any other South China Sea-claimants,” Davidson told a congressional panel.
So far, repeated U.S. naval patrols close to Chinese features and growing international naval deployments through the region have had little obvious impact on Beijing’s plans.
“There is a real sense among Western nations that a new strategy is needed, but there is little sign anything meaningful coalescing,” said one senior Western diplomat familiar with discussions across several countries. “The deployment of jet fighters – even temporarily – will sorely test that lack of a cohesive response.”
Already large Chinese amphibious landing vessels and other ships have used the full-scale naval wharves at Fiery Cross, Subi and Mischief – pointing to what foreign naval officers describe as virtually a permanent presence throughout hotly contested waters.
Chinese forces are using their island holdings to police of what Chinese naval officers tell other navies is a “military alert zone” – an ambiguous term that both Asian and Western military officials say holds no basis in international law.
People briefed on recent Western intelligence reports describe an intensifying pattern of radio challenges to foreign military ships and aircraft delivered from Chinese naval ships and monitoring stations on Fiery Cross.
Australian officials recently publicised a “robust but polite” Chinese challenge to three of its naval ships plying the South China Sea en route to Vietnam.
Sources say such exchanges between Chinese and foreign militaries are far more frequent than is widely known.
“They have become the rule rather than the exception across significant areas of the South China Sea,” one person familiar with recent Western security reports told Reuters.
Ships and aircraft from India, France, Japan, New Zealand and rival claimants Vietnam, Malaysia and the Philippines have also been similarly warned, according to regional military officials and analysts.
With the claimed “military alert zone” having no basis in international law or military practice, foreign naval officials routinely stress they are in international waters and continue on their way.
Zhang Baohui, a Chinese security expert at Hong Kong’s Lingnan University, said Beijing was likely to be cautious about any offensive moves, such as the stationing of combat aircraft.
“Now the islands are complete, I think we will see a degree of caution in Beijing’s next moves,” he said. “Sustaining that presence so far from the Chinese coast is a massive undertaking, and I think the deployment of troops and jet fighters would really cross a threshold for China’s neighbours.”
U.S. military officials insist they are leaving little to chance, warning the bases are already helping China project military power into areas once dominated by its neighbours.
“In short, China is now capable of controlling the South China Sea in scenarios short of war with the United States,” Davidson said in his testimony last month. Reporting by Greg Torode and Simon Scarr; Additional reporting by Ben Blanchard, Gao Liangping and Michael Martina in BEIJING; Writing by Greg Torode; Editing by Lincoln Feast | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-southchinasea-insight/concrete-and-coral-beijings-south-china-sea-building-boom-fuels-concerns-idUKKCN1IO3GL |
Johnson & Johnson Chairman and CEO Alex Gorsky told CNBC on Wednesday he expects the company's pharmaceutical business will be able to successfully navigate any changes in health care as a result of President Donald Trump 's new plan aimed a reducing drug prices.
At the same time, Gorsky warned the Trump administration to be careful not to impose "unintended consequences" on the U.S. health-care system, which is incredibly complex. He did not elaborate.
"We know there are going to be changes in the pricing system. That's why we have to continually innovate," Gorsky said in a " Squawk Box " interview with CNBC's Meg Tirrell. He added that J&J, whose pharma unit accounted for 47 percent of 2017 net sales, is still analyzing Trump's plan, which was unveiled on Friday .
Trump's plan, among other changes, will consider an alternative system for buying Medicare Part B drugs, including many cancer treatments and infused biotech drugs.
J&J's top-selling arthritis drug Remicade, which is covered under Part B, could be affected by Trump's plan. Gorsky said the company has looked at its entire portfolio and it's reinventing it. He said two other drugs — Simponi and Stelara, designed to treat autoimmune diseases — have actually exceeded sales of Remicade.
Earlier Wednesday, J&J announced it would relaunch its baby-care products , which saw a 20 percent sales decline since 2011 to $1.9 billion.
Speaking just hours before the company's every-other-year consumer products and medical devices analyst meeting, Gorsky said J&J is trying to be more like a "start-up" with its baby brand, focusing on the changing needs of "millennial moms," who favor baby products with more natural ingredients.
"We realize that over the past few years that we probably got a little bit behind the curve," he said. "But what you're going to hear about today is that we totally reformulated the brand where we're changing and making sure we're using more natural ingredients."
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/jj-ceo-warns-of-unintended-consequences-of-trumps-drug-price-plan.html |
May 7 (Reuters) - Royal Group Co Ltd:
* SAYS IT PLANS TO SELL ITS FOOD UNIT FOR AT LEAST 144.7 MILLION YUAN ($22.74 million) Source text in Chinese: bit.ly/2FQHQK8 ($1 = 6.3640 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-royal-group-to-sell-food-unit-for/brief-royal-group-to-sell-food-unit-for-at-least-144-7-mln-yuan-idUSH9N1S9024 |
WINDSOR, England (Reuters) - A group of crafty commoners are going to great lengths to send their best wishes to Meghan Markle and Britain’s Prince Harry on their wedding day - by trying to make the world’s longest congratulations card.
Well-wishers at home and abroad have been decorating individual cards for weeks and handing them over to staff at the Busy Buttons creative learning center near the wedding venue in the English town of Windsor.
“We join them together and then we give it as a wedding gift,” said Lautaro Lempiainen, Busy Buttons educational coordinator.
The cards show local landmarks that the newly-weds will drive past, with personal messages from participants.
The have already collected 3,000 of them and need 2,630 more by Saturday to reach their target of a mile-long card.
A royal fan waves flags near Windsor Castle on the day before the wedding of Britain's Prince Harry and Meghan Markle in Windsor, Britain, May 18, 2018. REUTERS/Damir Sagolj Reporting By Ilze Filks; Editing by Andrew Heavens
| ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-royals-wedding-longestcard/well-wishers-make-worlds-longest-card-for-royal-couple-idINKCN1IJ1KE |
May 3 (Reuters) - Wynn Resorts Ltd:
* ELAINE WYNN'S COUNSEL SENDS LETTER TO WYNN RESORTS' COUNSEL SAYING ELAINE WYNN WILL DISMISS HER SUIT - "THOUGH SHE IS SEVERELY AND UNFAIRLY DISADVANTAGED" Source text for Eikon: ( bit.ly/2KyWngR )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-elaine-wynns-counsel-sends-letter/brief-elaine-wynns-counsel-sends-letter-to-wynn-resorts-counsel-saying-elaine-wynn-will-dismiss-her-suit-idUSFWN1SA1B3 |
(In 2nd paragraph, corrects year-ago net income per share to 85 Canadian cents, not 77 Canadian cents)
May 9 (Reuters) - Canada’s biggest stock exchange operator, TMX Group Ltd, said on Wednesday its first quarter profit rose 33 percent, driven by strong performance of its global solutions, insights and analytics business.
Net income rose to C$63.1 million ($43.10 million), or C$1.13 per share, for the quarter ended Mar. 31, from C$47.3 million, or 85 Canadian cents per share, a year earlier.
Revenue rose 21 percent to C$207.2 million.
1$= 1.29 Canadian dollars Reporting by Vibhuti Sharma in Bengaluru; Editing by Sandra Maler
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL1N1SG2NV |
WASHINGTON (Reuters) - President Donald Trump’s nominee to lead the CIA, Gina Haspel, sought to withdraw over concerns about her role in the agency’s interrogation program, two sources familiar with the matter told Reuters on Sunday.
U.S. Central Intelligence Agency (CIA) director nominee Gina Haspel (C) attends Secretary of State Mike Pompeo's ceremonial swearing-in at the State Department in Washington, U.S. May 2, 2018. REUTERS/Jonathan Ernst Haspel’s offer to withdraw on Friday was prompted by growing concern among her supporters that White House staff were becoming nervous that the nomination was in trouble, the sources said.
The Washington Post first reported her offer to withdraw.
Haspel was summoned to the White House on Friday for a meeting to discuss her history in the interrogation program that employed techniques, including waterboarding, widely condemned as torture, the Post reported, citing four unidentified senior U.S. officials.
She told the White House she would step aside to avoid a brutal Senate Intelligence Committee confirmation hearing on Wednesday that might damage the CIA, the officials told the Post. She then returned to agency headquarters in Langley, Virginia.
Gina Haspel, a veteran CIA clandestine officer picked by U.S. President Donald Trump to head the Central Intelligence Agency, is shown in this handout photograph released on March 13, 2018. CIA/Handout via Reuters White House aides including legislative affairs liaison Marc Short and spokeswoman Sarah Sanders then rushed to Langley for discussions on Friday that lasted several hours but did not secure a commitment from her to stick with the nomination, the paper said.
Only on Saturday afternoon was the White House assured she would not withdraw, the Post Quote: d the officials as saying.
“Acting Director Haspel is a highly qualified nominee who has dedicated over three decades of service to her country,” White House spokesman Raj Shah said in response to a request for White House comment.
U.S. Central Intelligence Agency (CIA) director nominee Gina Haspel (R) attends Secretary of State Mike Pompeo's ceremonial swearing-in at the State Department in Washington, U.S. May 2, 2018. REUTERS/Jonathan Ernst “Her nomination will not be derailed by partisan critics who side with the ACLU (rights organization) over the CIA on how to keep the American people safe,” he added.
Trump named Haspel, the first woman tapped to head the Central Intelligence Agency, to succeed Mike Pompeo, who became secretary of state last month.
Haspel’s nomination has encountered opposition over her role in a defunct program in which the agency detained and interrogated al Qaeda suspects in secret prisons overseas using techniques widely condemned as torture.
Former President George W. Bush authorized the Rendition, Detention and Interrogation Program after the Sept. 11, 2001, attacks.
Many details of Haspel’s work remain classified. Sources familiar with her career who requested anonymity said that at one point she was the chief of the CIA station in a country where harsh interrogations were used on at least one terrorism suspect.
Later, she served as chief of staff to Jose Rodriguez, the head of CIA undercover operations. In consultation with Rodriguez in 2005, Haspel drafted a cable ordering CIA officers to destroy videotapes of al Qaeda suspects being tortured.
Haspel’s supporters argue that while she drafted the cable, Rodriguez sent it without the approval of CIA Director Porter Goss and without informing Haspel that he would do so.
The destruction of the tapes is a key issue for Senate critics of Haspel, who complin that public agency disclosures regarding its interrogation programs have been inadequate.
Additional reporting by Doina and Roberta Rampton; Editing by Sandra Maler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-haspel/trump-cia-nominee-sought-to-withdraw-over-interrogation-role-report-idUSKBN1I70RR |
Tom Coyne has a knack for setting impossible tasks for himself. In “Paper Tiger” (2006), he hit 100,000 golf shots and lost 38 pounds in an unsuccessful, yearlong quest to qualify for a professional golf tour. In “A Course Called Ireland” (2009), he played 56 coastal courses and hoisted a pint in 196 pubs in an effort to get to know his ancestral land better. Why is that so tough? Because Mr. Coyne carried his clubs and his backpack between courses, circumnavigating the entire country on foot, a distance of more than 1,000 miles.
Apparently... | ashraq/financial-news-articles | https://www.wsj.com/articles/summer-books-golf-1527111584 |
May 7, 2018 / 9:16 AM / Updated 8 hours ago Siemens plans Power & Gas shutdowns due to power weakness Alexander Hübner 2 Min Read
MUNICH (Reuters) - Siemens said on Monday weakness in the power generation market is forcing it to temporarily shut down its Power & Gas (PG) sites around the world. A logo of Siemens is pictured on a building in Mexico City, Mexico, May 16, 2017. REUTERS/Edgard Garrido/File Photo
Large gas turbines are increasingly unloved as the world shifts to renewable energy, which is weighing on Siemens’ earnings and prompting the group to restructure the PG business.
In November, Siemens said it would cut 6,900 jobs, mainly at the PG division, which once thrived on supplying turbines for electricity generation. Excluding its services business, the PG division has around 30,000 employees worldwide, of which 12,000 are based in Germany.
“The shutdowns are part of a comprehensive package of measures, which also includes issues such as travel costs, sponsoring, participation in trade fairs and investments,” Siemens said in a statement on Monday.
Siemens said it aimed to temporarily shut down all of its PG sites after the Pentecost holiday later in May, depending on local regulation. It did not say how long each site would be closed for.
In Siemens’ fiscal first quarter through end-December, the division’s profit nearly halved and its profit margin shrank from 12 percent to 7.6 percent, well below the target range of 11 to 15 percent.
Analysts on average expect this to have accelerated in the second quarter, with the division’s profit seen down 62 percent from the year-earlier period, according to a Reuters poll.
Siemens is due to publish second-quarter results on Wednesday. Reporting by Alexander Huebner; Writing by Maria Sheahan; Editing by Victoria Bryan and Alexander Smith | ashraq/financial-news-articles | https://in.reuters.com/article/siemens-restructuring/siemens-plans-power-gas-shutdowns-due-to-power-weakness-idINKBN1I80RY |
May 22, 2018 / 9:01 AM / Updated an hour ago M&S to close 100 UK stores by 2022 Reuters Staff 1 Min Read
LONDON, May 22 (Reuters) - British retailer Marks & Spencer said on Tuesday it plans to close over 100 stores in its home market by 2022, accelerating a programme to re-shape its store estate as more sales move online.
M&S has so far closed 21 stores in a store estate restructuring programme to reduce space devoted to clothing and home it first outlined in 2016
It said it had identified a further 14 stores for closure.
M&S also said 15 fewer owned Simply Food stores would open this year as its food opening programme is scaled back. (Reporting by James Davey, Editing by Paul Sandle) | ashraq/financial-news-articles | https://www.reuters.com/article/ms-stores/ms-to-close-100-uk-stores-by-2022-idUSL5N1SS3W4 |
The Supreme Court last week struck down the federal ban on legalized sports gambling as a violation of states’ rights—and that’s bad news for the gun lobby. In Murphy v. NCAA, the justices ruled that since Congress had declined to establish a national standard for sports betting, the federal government had no power to “command” states to prohibit it. “Conspicuously absent from the list of powers given to Congress,” Justice Samuel Alito wrote for the majority, “is the power to issue direct orders to the governments of the States.”
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-nra-versus-the-constitution-1526841395 |
(Reuters Health) - Most states don’t require suicide prevention training for healthcare professionals and those that do vary widely in the scope of their policies, U.S. researchers say.
Despite national recommendations in place since 2012, researchers found that as of 2017, only 10 states - California, Indiana, Kentucky, Nevada, New Hampshire, Pennsylvania, Tennessee, Utah, Washington and West Virginia - required mental and behavioral healthcare professionals to complete training in how to spot someone at risk for suicide and take preventive action.
Only three of these states - Nevada, Washington and West Virginia - include other types of healthcare professionals like nurses and physicians in mandated training. In Indiana, only emergency medical providers are required to have the training.
The notions that healthcare professionals are uniquely placed to help head off a suicide and that training to prepare them for that role should be mandatory date to the U.S. Surgeon General’s 2001 National Strategy for Suicide Prevention report, which urged states to develop comprehensive suicide prevention plans.
A subsequent report in 2012 recommended that credentialing agencies make sure new healthcare professionals achieve core competencies in suicide prevention appropriate for their respective disciplines, the study team notes in the American Journal of Public Health.
“Our hope is that by providing a snapshot of the current state of suicide prevention policies across the nation it will hopefully encourage other states to consider developing policies of this nature and will promote a greater consistency of training of providers,” said one of the study’s authors, Jessica Mackelprang, a lecturer in psychology at Swineburne University of Technology in Melbourne, Australia.
Suicide is the 10th leading cause of death in the U.S., according to the Centers for Disease Control and Prevention, claiming the lives of nearly 45,000 people in 2016.
Some past research has found that most people who attempt suicide have seen a healthcare professional in the weeks or months before their suicide attempt, the study team notes.
The researchers searched state databases and legislation tracking services to identity state policies related to suicide prevention and training for healthcare providers.
As of October 2017, they found, all 50 states had a suicide prevention plan, and 43 had one that had been issued or revised since 2012.
Five states: Missouri, Texas, New Jersey, Virginia and North Carolina, have suicide training bills under consideration. Connecticut, Maine and Minnesota had bills that failed to pass.
Researchers also found that the duration and frequency of training required under state policies varies widely, from one or more hours of training upon license renewal to six hours every six years.
Policies in seven states - Colorado, Hawaii, Illinois, Indiana, Louisiana, Michigan and Montana - just encourage training, but don’t require it.
The results provide a roadmap for what should be done, said Jane Pearson, chair of the National Institute of Mental Health Suicide Research Consortium, who wasn’t involved in the study.
“When there’s someone in crisis you have to gather information very quickly and if you’re not asking the exact right questions you can miss someone’s intentions,” she said in a telephone interview.
“You don’t have to be a perfect interviewer to save someone’s life, but you have to listen, respect and try to understand what got that person to view suicide as a solution. The most pressing goal is to increase the person’s will to live so it’s greater than their will to die, and buy time to get past the crisis so they have a chance to work on problem solving,” Pearson added.
“We need to train our clinicians better. People are still doing things that don’t work at all, like no-suicide contracts,” said Julie Cerel, president of the American Association of Suicidology and a psychologist at the University of Kentucky College of Social Work in Lexington who wasn’t involved in the study.
“It’s much better if people have access to evidence-based treatment that addresses suicide,” Cerel said in a telephone interview.
Washington was the first state to mandate suicide assessment, treatment and management training for all healthcare providers after Jennifer Stuber spear-headed the Matt Adler Suicide Assessment, Treatment and Management Act of 2012, named for her husband who died by suicide in 2011.
“I absolutely believe that if I had a better education and his providers had been better trained he might still be alive today,” said Stuber, an associate professor of public policy at the University of Washington School of Social Work in Seattle and faculty director of the suicide center she co-founded, Forefront.
SOURCE: bit.ly/2I1tbS0 Journal of Public Health, online April 19, 2018.
| ashraq/financial-news-articles | https://in.reuters.com/article/us-health-suicide-prevention/gaps-remain-in-u-s-state-policies-on-suicide-prevention-training-idINKBN1IA2VU |
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