text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
This economist says China's exports are 'going strong' 5 Hours Ago With continued strength in its exports, China's economy still has "pretty good momentum," says Andy Xie, an independent economist. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/this-economist-says-chinas-exports-are-going-strong.html |
MIAMI--(BUSINESS WIRE)-- World Fuel Services Corporation (NYSE:INT) announced today that its board of directors has declared a quarterly cash dividend of $0.06 per share payable on July 6, 2018 to shareholders of record on June 8, 2018.
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing energy procurement advisory services, supply fulfillment and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.
For more information, call 305-428-8000 or visit www.wfscorp.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524006378/en/
World Fuel Services Corporation
Ira M. Birns, Executive Vice President & Chief Financial Officer
or
Glenn Klevitz, Vice President, Assistant Treasurer
305-428-8000
Source: World Fuel Services Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-world-fuel-services-corporation-declares-regular-quarterly-cash-dividend.html |
Cramer: Trump's Iran deal announcement showed just how 'stupid' this market is 8 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/cramer-trumps-iran-deal-move-showed-just-how-stupid-this-market-is.html |
TORONTO, May 29, 2018 (GLOBE NEWSWIRE) -- Route1 Inc. (OTCQB:ROIUF) (TSXV:ROI) (the “Company” or “Route1”), a leading technology solutions innovator dedicated to delivering secure data protection technologies and mobility solutions for government and the enterprise sector, earlier today announced its first quarter (Q1) financial results for the period ended March 31, 2018.
The Company’s Q1 results include results from Group Mobile Int’l, LLC (“Group Mobile”) for the nine days from March 22 to March 31, 2018.
Statement of operations
In 000s of CAD dollars Q1
2018 Q4
2017 Q3
2017 Q2
2017 Q1
2017 Revenue Subscription revenue and services 1,264 1,263 1,177 1,347 1,911 Devices and appliances 388 109 159 24 30 Other 32 48 2 - - Total revenue 1,684 1,420 1,338 1,371 1,941 Cost of revenue 585 331 362 298 335 Gross profit 1,100 1,089 976 1,073 1,606 Operating expenses 1,136 1,164 1,131 1,151 1,289 Operating (loss) profit 1 (36 ) (75 ) (155 ) (78 ) 317 Total other expenses 2 (24 ) 170 183 157 109 Comprehensive net (loss) gain (60 ) (245 ) (338 ) (235 ) 208 1 Before stock based compensation and patent litigation
2 Includes stock based compensation, AirWatch litigation, gain on acquisition and foreign exchange
Subscription revenue and services by quarter
in 000s of CAD dollars Q1
2018 Q4
2017 Q3
2017 Q2
2017 Q1
2017 Application software 1,260 1,263 1,177 1,347 1,759 Appliance licensing or yearly maintenance - - - - 152 Technology as a service (TaaS) - - - - - Other services 4 - - - - Total 1,264 1,263 1,177 1,347 1,911
Adjusted EBITDA reconciliation
in 000s of CAD dollars Q1
2018 Q4
2017 Q3
2017 Q2
2017 Q1
2017 Gross Profit 1,100 1,089 976 1,073 1,606 Adjusted EBITDA 3 46 24 (46 ) 16 406 Amortization 82 99 109 94 89 Operating (loss) profit (36 ) (75 ) (155 ) (78 ) 317 3 Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, stock-based compensation, patent litigation, restructuring and other costs. Adjusted EBITDA does not have any standardized meaning prescribed under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Adjusted EBITDA allows Route1 to compare its operating performance over time on a consistent basis.
Route1 used cash in operating activities of approximately $0.2 million during Q1 2018 compared with cash generated from operating activities of $0.4 million in Q1 2017. Non-cash working capital used was $0.4 million in Q1 2018 compared to $1.6 million used in the same period a year earlier. Net cash used in the day–to-day operations for the three months ended March 31, 2018 was $0.6 million compared to $1.2 million in Q1 2017, a decrease of $0.6 million. The decrease in net cash used was a result of an increase in deferred revenue for the three months ended March 31, 2018 and the working capital balances acquired with the acquisition of Group Mobile.
Balance sheet extracts
In 000s of CAD dollars Mar 31
2018 Dec 31
2017 Sep 30
2017 Jun 30
2017 Mar 31
2017 Cash 600 1,037 1,408 2,080 704 Total current assets 6,292 2,035 2,856 2,924 1,890 Total current liabilities 6,292 1,829 2,534 2,396 1,113 Net working capital - 206 322 528 777 Total assets 8,646 3,171 4,081 4,213 3,114 Bank debt - - - - - Total shareholders’ equity 2,256 1,236 1,432 1,720 1,904 Route1’s cash position historically has been at its highest level during the second quarter of the fiscal year as a direct result of the timing of annual MobiKEY subscription renewal payments. With the closing of the Group Mobile acquisition, this likely will change and the highest level of cash on Route1’s balance sheet will be tied to the timing of payments related to Group Mobile sales.
The following table summarizes the estimated fair value of the consideration transferred and the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date of for Group Mobile . Route1 may adjust the preliminary purchase price allocation up to one year after the acquisition closing date.
Assets acquired (in 000s of US Dollars ) Liabilities assumed (in 000s of US Dollars) Cash and cash equivalents $ 246 Trade and other payables $ 1,724 Trade and other receivables $ 1,233 Employee liabilities $ 80 Inventory $ 590 Sales tax payable $ 51 Prepaid expenses $ 3 Contract liability $ 85 Current assets $ 2,072 Total liabilities $ 1,940 Furniture and fixtures (net) $ 47 Fair value of net assets acquired $ 1,039 TaaS assets (net) $ 860 Fixed assets $ 907 Total assets $ 2,979 in 000s of CAD Dollars Fair value of net assets acquired $ 1,341 Less: Consideration paid $ 1,034 Gain on acquisition $ 307 Less: Acquisition costs $ 200 Net purchase gain on acquisition $ 107 Investor Conference Call and Webcast
Route1 will hold a conference call and web cast to discuss the Company’s financial results and provide a business update on Tuesday, May 29, 2018 at 4 p.m. eastern. Participants should dial Toll-Free: 1-800-263-0877 or Toll/International: 1-646-828-8143 at least 10 minutes prior to the conference, pass code 7132615. For those unable to attend the call, a replay will be available on May 29, 2018 after 7 p.m. at Toll-Free 1-844-512-2921 or Toll/International 1-412-317-6671, pass code 7132615 until 11:59 am on June 12, 2018.
The webcast will be presented live at http://public.viavid.com/index.php?id=129861 .
About Route1 Inc.
Route1 Inc. is a leading technology solutions innovator dedicated to enabling mobility for government and focused enterprise vertical markets by delivering secure data protection technologies and mobility solutions. The Company’s suite of patented enterprise security solutions, which includes MobiKEY, ActionPLAN, Powered by MobiNET , MobiENCRYPT and DerivID, delivers best-in-class authentication, data security, data analytics and secure remote access, running on a proven, trusted infrastructure, which meets or exceeds the highest security standards for government and industry. Route1 has earned a Full Authority to Operate from the U.S. Department of Defense, the U.S. Department of the Navy, the U.S. Department of the Interior, and other government agencies. The Company is proud to be a trusted solutions partner in the banking, healthcare, legal, education, public sector, manufacturing, logistics, field service and warehousing industries.
Through Route1’s wholly owned subsidiary, Group Mobile Int’l, LLC, the Company is a trendsetter in the enterprise technology space by providing expertise in building mobility solutions and deploying complete offerings into vertical markets through specialized hardware, software and our expanding services capabilities. Route1 is a pioneer in IIoT (Industrial Internet of Things) through the delivery of our ActionPLAN, Powered by MobiNET technology, which not only captures data from electrical inputs including sensor data but takes it to the next level by interpreting, analyzing, transforming the data to deliver strategic business intelligence.
The diverse but complimentary technologies our Company provides, along with the level of experience and expertise of our team, uniquely positions us as the pre-emptive leader in secure and complete mobile technology solutions. Route1 remains focused and dedicated to serving the needs of our business partners; to positively influence their profitability, contribute to their longevity and share in their success. With offices and staff in Washington, D.C., Boca Raton, FL, Phoenix AZ, Chattanooga TN and Toronto, Canada, Route1 provides leading-edge solutions to public and private sector clients around the world. Route1 is listed on the OTCQB in the United States under the symbol ROIUF and in Canada on the TSX Venture Exchange under the symbol ROI. For more information, visit: www.route1.com .
For More Information Contact:
Tony Busseri
CEO, Route1 Inc.
+1 416 814-2635
[email protected]
This news release, required by applicable Canadian laws, does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
© 2018 Route1 Inc. All rights reserved. No part of this document may be reproduced, transmitted or otherwise used in whole or in part or by any means without prior written consent of Route1 Inc. See https://www.route1.com/terms-of-use/ for notice of Route1’s intellectual property.
Source: Route1 Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-route1-reports-2018-first-quarter-financial-results.html |
May 24, 2018 / 1:23 PM / Updated 2 hours ago U.S. House starts recess as immigration battle rages Richard Cowan , Susan Cornwell 4 Min Read
WASHINGTON (Reuters) - The U.S. House of Representatives broke on Thursday for an 11-day recess with majority Republicans deadlocked over legislation to protect “Dreamer” immigrants from deportation while President Donald Trump insisted that Congress meet all his hard-line immigration demands. FILE PHOTO: U.S. President Donald Trump speaks during a roundtable on immigration and the gang MS-13 at the Morrelly Homeland Security Center in Bethpage, New York, U.S., May 23, 2018. REUTERS/Kevin Lamarque/File Photo
Republicans have been deeply divided for years over immigration. The conservative base has been pushing to tighten the borders even as the party, hoping to keep its majority in Congress in November’s election, has been trying to reach out to Hispanic voters who are a growing force in American politics.
The issue has House Speaker Paul Ryan in one of the toughest struggles of his career.
On one side, Trump and conservatives in Congress insist on construction of a wall along the U.S.-Mexico border and a clampdown on both legal and illegal immigration. Centrist Republicans, meanwhile, are pressing for permanent protections that could lead to citizenship for the “Dreamers,” immigrants who were brought illegally as children to the United States.
Trump has signaled he would favor some steps to protect Dreamers, but has not specified how, and he also insists on a border wall.
Ryan has said he is working with the White House on a plan that Trump would sign into law, but after weeks of intense negotiations, he has not yet forged a deal. He told reporters on Thursday that members were still seeking a consensus but gave no timeline for action.
“It’s in complete flux,” said Republican Representative Patrick McHenry, a member of his party’s House leadership team.
Representative Carlos Curbelo, one centrist trying to force Republican leaders to hold votes on a bipartisan Dreamer bill along with more conservative immigration legislation, told reporters: “For us, a permanent fair solution, a bridge into the legal immigration system, is critical.” U.S. Speaker of the House Paul Ryan speaks to reporters at an enrollment ceremony for several House bills on Capitol Hill in Washington, U.S., May 24, 2018. REUTERS/Toya Sarno Jordan
He added that he did not know whether conservatives in his party would move his way. Trump has rejected a push by Curbelo and other moderate Republicans for a “Dreamer” deal, saying he would only back sweeping immigration legislation that met all his demands, including a border wall.
“Unless it includes a wall, and I mean a wall, a real wall, and unless it includes very strong border security, there’ll be no approvals from me,” Trump told Fox News. Any bill would also have to end a visa lottery program and curb visas for legal immigrants’ relatives, he added.
Ryan, who plans to retire from Congress at the end of this year, has so far avoided pressure from both sides of his caucus to take up the contentious issue ahead of the November election.
As of Thursday, 23 House Republicans had signed a petition to force a wide-ranging debate and votes as soon as next month on a series of immigration bills. Signatures from two more Republicans along with support from most or all House Democrats would be enough to bring legislation to the House floor.
“What’s not going to happen is we’re not going to just spend time talking with no results. We have some deadlines,” said Republican Representative Mario Diaz-Balart, an early signer of the petition.
Democratic Representative Pete Aguilar, also a leader in the fight for a bipartisan Dreamer bill, said Republicans are arguing over whether Dreamers should win a pathway to citizenship, a key demand of Democrats and centrist Republicans.
“It doesn’t seem like they’re (Republicans) ever going to get to a bill in their caucus that gets to 218” votes needed for passage, Aguilar told reporters. Reporting by Susan Cornwell, Susan Heavey and Richard Cowan; additional reporting by Lisa Lambert; editing by Jeffrey Benkoe, Jonathan Oatis and David Gregorio | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-immigration-congress/trump-rejects-push-for-moderate-immigration-deal-wants-whole-package-idUSKCN1IP24T |
U.S. technology companies generate roughly $100 billion to $150 billion in revenues from China annually, Jefferies analysts estimate.
As a result, the Trump administration will likely pursue concessions from Beijing, rather than cut off all tech trade, analysts Edison Lee and Timothy Chau said in a note Monday. " We continue to believe the US will make only highly calculated moves, by factoring in the commercial interest of US tech firms."
Apple and Intel are on a list of 16 U.S. companies that made a total $105.5 billion from China last year, or 23 percent of overall revenues, the analysts said.
Other names include Microsoft and Qualcomm . Including HP, Dell and other companies that don't break out their China revenues brings the total estimate to around $150 billion, the analysts said.
The U.S.-China trade dispute has increasingly focused on technology and intellectual property rights.
In mid-April, the U.S. Commerce Department banned American companies from selling components to Chinese telecom equipment giant ZTE for seven years. The decision was a response to ZTE's violation of U.S. sanctions against Iran and North Korea, to which the Chinese company pleaded guilty last year. Trading in its Hong Kong and Shenzhen-listed shares was halted after the ban , and last week the company said its main business operations have ceased.
However, President Donald Trump unexpectedly said Sunday that he is working with Chinese President Xi Jinping to help ZTE "get back into business, fast."
Shares of optical component makers working directly or indirectly with ZTE rose in Monday morning trading:
Acacia Communications received 30 percent of 2017 total revenue from the Chinese telecom company. Shares jumped more than 16 percent. Oclaro generated 18 percent of fiscal year 2017 revenue from ZTE. Shares rose about 7.5 percent. Lumentum , which has agreed to acquire Oclaro for $1.8 billion, saw its shares rise more than 5.5 percent. Finisar also counts ZTE as a customer. Its shares climbed about 3.5 percent in morning trading. All four stocks are on the Jefferies analysts' list. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/as-much-as-150-billion-annually-at-stake-us-tech-in-china-us-fight.html |
Startup culture emerges from Greek economy woes 8:29am EDT - 01:56
Greece is a place where roughly one-in-five people are unemployed. It's left many with few options: think outside the box to pay the bills, or immigrate to richer shores. Matthew Larotonda reports.
Greece is a place where roughly one-in-five people are unemployed. It's left many with few options: think outside the box to pay the bills, or immigrate to richer shores. Matthew Larotonda reports. //reut.rs/2FGhIBF | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/04/startup-culture-emerges-from-greek-econo?videoId=423793398 |
Senior Executive with Global Pharmaceutical Development and Manufacturing Experience
WALTHAM, Mass.--(BUSINESS WIRE)-- Deciphera Pharmaceuticals, Inc. (NASDAQ:DCPH), a clinical-stage biopharmaceutical company focused on addressing key mechanisms of tumor drug resistance, today announced that it has appointed Stephen B. Ruddy, Ph.D. as Chief Technical Officer. In this newly created role, Dr. Ruddy will be responsible for establishing and leading a world-class manufacturing and supply chain organization at Deciphera.
“We are pleased to add Steve to our leadership team at this strategically important time in the evolution of Deciphera," said Michael D. Taylor, Ph.D., President and Chief Executive Officer of Deciphera Pharmaceuticals. "Steve brings extensive pharmaceutical manufacturing and supply chain expertise, which will be invaluable as we plan for the potential registration and commercialization of DCC-2618 and the further development of Deciphera’s clinical-stage pipeline.”
“I am delighted to be joining Deciphera Pharmaceuticals at such an exciting time in the advancement of the company’s proprietary kinase switch control inhibitor pipeline,” said Dr. Ruddy. “I look forward to working with the highly talented and passionate team at Deciphera in continuing to build and scale its product development and manufacturing capabilities and helping to bring promising new treatment options to patients with cancer.”
Stephen B. Ruddy, Ph.D. has more than 25 years of global pharmaceutical management and leadership experience in small-molecule and biologics development and manufacturing. Prior to joining Deciphera, Dr. Ruddy served as Vice President of Pharmaceutical Development at TESARO, Inc., an oncology-focused biopharmaceutical company, where he built and led a CMC organization that enabled multiple small-molecule NDA and MAA approvals and advanced multiple immuno-oncology product candidates from discovery into clinical development. Before joining TESARO, Dr. Ruddy served as Senior Director, Technology Development & Operations at ViroPharma Inc., prior to and following its acquisition by Shire plc. Prior to joining ViroPharma, he served in CMC leadership roles of increasing responsibility at Elan Corporation plc, Merck & Co., Inc., NanoSystems LLC and Sterling Winthrop Pharmaceuticals. Dr. Ruddy earned a B.S. in Pharmacy and a Ph.D. in Pharmaceutics, both from The University of North Carolina at Chapel Hill.
About Deciphera Pharmaceuticals
Deciphera Pharmaceuticals is a clinical-stage biopharmaceutical company focused on improving the lives of cancer patients by tackling key mechanisms of drug resistance that limit the rate and/or durability of response to existing cancer therapies. Our small molecule drug candidates are directed against an important family of enzymes called kinases, known to be directly involved in the growth and spread of many cancers. We use our deep understanding of kinase biology together with a proprietary chemistry library to purposefully design compounds that maintain kinases in a “switched off” or inactivated conformation. These investigational therapies comprise tumor-targeted agents designed to address therapeutic resistance causing mutations and immuno-targeted agents designed to control the activation of immunokinases that suppress critical immune system regulators, such as macrophages. We have used our platform to develop a diverse pipeline of tumor-targeted and immuno-targeted drug candidates designed to improve outcomes for patients with cancer by improving the quality, rate and/or durability of their responses to treatment.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005176/en/
Media:
The Yates Network
Gina Nugent, 617-460-3579
[email protected]
or
Investor Relations:
Argot Partners
Laura Perry or Sam Martin, 212-600-1902
[email protected] or [email protected]
or
Company:
Deciphera Pharmaceuticals, LLC
Christopher J. Morl, 781-209-6418
Chief Business Officer
[email protected]
Source: Deciphera Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-deciphera-pharmaceuticals-appoints-stephen-b-ruddy-ph-d-as-chief-technical-officer.html |
May 21, 2018 / 9:39 AM / in 33 minutes European shares rise on easing trade worries; Italy stocks slide Danilo Masoni , Kit Rees 3 Min Read
MILAN (Reuters) - European shares rose on Monday as easing trade war worries lifted the dollar, supporting exporters, while Italian stocks came under renewed pressure as markets awaited developments in the creation of a new government. FILE PHOTO: The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, April 6, 2018. REUTERS/Ralph Orlowski
The pan-European STOXX 600 index closed up 0.3 percent, holding at its highest level since the beginning of February, while the FTSE 100 .FTSE hit a new record high, up 1 percent as strength in the dollar supported the internationally-exposed index.
“The feel-good factor from the trade war truce bolstered risk sentiment and a weaker pound delivered the usual shot of adrenalin for the blue chips,” said Neil Wilson, chief market analyst at Markets.com.
The dollar hit a fresh five-month high on relief that U.S. Treasury Secretary Steven Mnuchin declared the U.S.-China trade war “on hold” following their agreement to suspend the tariff threats.
While activity was reduced by the closure of some markets, including Germany, for Whit Monday, Italian stocks were notable underperformers.
Italy’s anti-establishment 5-Star Movement and League parties are seeking presidential approval for a prime minister to lead a government whose plans to raise spending have upset financial markets.
Italy's FTSE MIB .FTMIB benchmark index saw losses widen throughout the session and ended down 1.5 percent as any bargain-hunting was outweighed by a number of stocks going ex-dividend, including heavyweight bank Intesa Sanpaolo ( ISP.MI ).
“I would wait before considering the current phase of widening (debt) spreads and stock losses as an interesting buying opportunity,” said JCI Capital portfolio manager Alessandro Balsotti.
Italian equities suffered their biggest one-week loss since early March on Friday on worries the new government could relax fiscal discipline.
Elsewhere, it was a bumpy ride for Ryanair ( RYA.I ) shares which fell around 3 percent at the open before springing back to end more than 5 percent higher.
The Irish airline reported a record annual profit as it brushed off a rostering mess-up that forced it to cancel flights and sparked a dispute with pilots, but warned that profits would fall back in the coming year due to higher costs and no fare growth.
“Despite all this pessimism (zero H2 fare visibility), investors are taking the news in their stride. Perhaps because none of this is actually news: oil prices continue to rise and staff talks are ongoing,” said Artjom Hatsaturjants, research analyst at Accendo Markets. Reporting by Danilo Masoni and Kit Rees; editing by David Stamp | ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-stocks/european-shares-rise-on-easing-trade-worries-italian-bargain-hunting-idUSKCN1IM0V3 |
HOUSTON, May 15, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("American Midstream" or the "Partnership") today reported financial results for the three months ended March 31, 2018.
In the first quarter of 2018, American Midstream produced strong results, driven by meaningful growth across its core segments. The Partnership continues to focus on simplifying the business while providing a platform to participate in future growth projects across the midstream value chain.
Highlights
Financial
Net loss attributable to the Partnership was $13.9 million for the three months ended March 31, 2018 as compared to net loss of $30.2 million for the same period in 2017. Adjusted EBITDA of $52.4 million for the three months ended March 31, 2018, an increase of 12% compared to the first quarter of 2017. Total segment gross margin was $64.0 million for the three months ended March 31, 2018, an increase of 5% compared to the first quarter of 2017. The Partnership maintained a quarterly distribution of $0.4125 per common unit, or $1.65 per common unit on an annualized basis, representing distribution coverage of approximately 1.0x. The first quarter 2018 distribution represents the Partnership's twenty-seventh consecutive quarterly distribution since its initial public offering.
Operational
Record throughput of over 835 MMcf/d drove 75% gross margin growth across the Partnership's natural gas transmission assets compared to the first quarter of 2017, supported by record demand and the acquisition of Trans-Union, further solidifying the Partnership's core Southeast transmission asset footprint. Increased activity in the deepwater Gulf of Mexico drove a 10% increase in throughput volumes on the Okeanos pipeline. Continued increases in producer activity and operational efficiencies contributed to 12% gross margin growth across the gathering and processing segment compared to the first quarter of 2017. Commenced deliveries on the Cayenne pipeline, which coupled with increased producer activity drove 10% gross margin growth across the liquids pipeline segment compared to the first quarter of 2017. Successfully completed the extension of the Silver Dollar pipeline, providing the ability to add 10,000 Bbl/d of new throughput to the system. Continuing to organically grow American Midstream through systematic capital redeployment to facilitate additional cash flow.
EXECUTIVE COMMENTARY
"We had a tremendous first quarter, with strong Adjusted EBITDA and meaningful gross margin growth across our core operating segments, which will provide positive momentum as we progress through 2018. We continue to witness significant increases in producer activity across our systems and combined with the Southcross assets, have identified numerous commercial opportunities that we expect to further drive both volume and EBITDA growth in 2018 and 2019. Positive drilling trends in our key Eagle Ford and Permian Basins translates directly into growth for our demand driven position along the Gulf Coast and specifically Corpus Christi. We remain focused on prudently growing the business by redeploying capital and aligning assets that connect supply with demand, allowing us to focus on developing higher return projects that will create additional scale along the Gulf Coast," stated Lynn Bordon III, President and Chief Executive Officer.
SEGMENT PERFORMANCE
Segment Gross Margin
(In thousands)
Three months ended March 31,
2018
2017
Offshore Pipelines and Services
$
25,316
$
25,802
Gas Gathering and Processing Services
12,652
11,251
Liquid Pipelines and Services
7,271
6,634
Natural Gas Transportation Services
10,688
6,119
Terminalling Services
8,053
11,160
Total (1)
$
63,980
$
60,966
(1) Non-GAAP supplemental financial measure. Please read "Note About Non-GAAP Financial Measures" in Appendix A.
Offshore Pipelines and Services
Segment gross margin was $25.3 million for the three months ended March 31, 2018, a decrease of 2% compared to the same period in 2017. Quarterly cash distributions were $21.6 million for the three months ended March 31, 2018, a 6% increase compared to the same period in 2017 primarily related to additional equity ownership interests in Delta House to 35.7% and Destin to 66.7%. The Partnership also benefited from the acquisition and consolidation of Main Pass Oil Gathering and Panther Operating in the third quarter of 2017.
In the fourth quarter of 2017, the Partnership was notified by the operator of the Delta House FPS that certain third-party owned upstream infrastructure would require remedial work, resulting in a temporary delay of production volumes flowing into Delta House. This work is progressing ahead of schedule and is expected to be completed in the coming weeks, at which time full production is anticipated to resume flowing into Delta House. To offset the impact to cash distributions from Delta House resulting from the delay in volumes, the Partnership and an affiliate of ArcLight entered into an agreement providing for the contribution of additional capital to the Partnership. For the first quarter of 2018, the Partnership received a $9.4 million contribution to offset the reduced Delta House distributions.
Once full production resumes, along with four new well tie backs planned for connection to Delta House in the second half of 2018, the Partnership anticipates Delta House to run near nameplate capacity into 2019 and beyond.
Gas Gathering and Processing Services
Segment gross margin was $12.7 million for the three months ended March 31, 2018, an increase of 12% compared to the same period in 2017. The increase reflected additional NGL volumes and higher prices on the Partnership's East Texas and Permian Basin assets, continued increase in producer development activity and improved operational efficiencies across the segment. In the first quarter the Partnership's anchor producer in the Eagle Ford brought on line 13 new wells, with plans to bring on line an additional 40-45 wells in the remainder of 2018, which is expected to drive volume growth by 125% over 2017. The Partnership anticipates further growth across its entire Gas Gathering and Processing Services segment throughout 2018 as producer activity is forecast to continue increasing, primarily in the Permian and Eagle Ford Basins.
Liquid Pipelines and Services
Segment gross margin was $7.3 million for the three months ended March 31, 2018, an increase of 10% as compared to the same period in 2017. Quarterly cash distributions were $2.2 million, a 67% increase compared to the same period in 2017. The increase was driven by increased distribution from the Partnership's Tri-States and Wilprise equity investments, along with slightly higher volumes on these assets. The Partnership's interest in the Cayenne pipeline, which commenced operation in January of 2018, will provide additional growth for this segment in 2018 and beyond. Producer activity continues to increase around the Partnership's Permian Basin and Bakken assets and the Partnership is currently evaluating organic growth projects which would add incremental volumes across these assets.
Natural Gas Transportation Services
Segment gross margin was $10.7 million for the three months ended March 31, 2018, a 75% increase compared to the same period in 2017. The increase was primarily attributable to the acquisition of Trans-Union pipeline in November 2017 that further strengthened the Partnership's growing Southeast gas transmission assets. First quarter throughput volumes grew 115% to set a record, surpassing 835 MMcf/d, supported by the acquisition of Trans-Union, continued strong industrial and residential demand within the rapidly growing Southeast markets as well as significantly colder weather driving regional demand.
Terminalling Services
Segment gross margin was $8.1 million for the three months ended March 31, 2018, a decrease of 28% compared to the same period in 2017. The decrease in gross margin was primarily attributable to reduced market rates for storage and utilization at the Partnership's Cushing terminal, as well as required tank inspections. This decline was partially offset by an increase in throughput revenue at the Partnership's refined products terminals as a result of facility enhancements.
CAPITAL MANAGEMENT
As of March 31, 2018, the Partnership had approximately $1.2 billion of total debt outstanding, comprising of $713 million outstanding under its revolving credit facility, $418 million outstanding under its 8.50% senior unsecured notes and $85 million outstanding in non-recourse senior secured notes. The Partnership had a consolidated total leverage ratio of approximately 5.2 times at March 31, 2018. The Partnership is focused on long-term deleveraging by prudently managing the balance sheet through the evaluation of additional non-core asset sales. The Partnership expects to deploy proceeds from these asset sales towards accretive capital projects.
To mitigate the potential negative impact of rising interest rates and promote more predictable and stable cash flow, the Partnership has a series of interest rate swap agreements for approximately $550 million at an average rate of LIBOR plus 130 basis points extending through 2022.
For the three months ended March 31, 2018, capital expenditures totaled approximately $25.9 million, including approximately $4.5 million of maintenance capital expenditures.
CONFERENCE CALL INFORMATION
The Partnership will host a conference call at 10:00 AM Eastern Time on Tuesday, May 15, 2018 to discuss these results. The call will be webcast and archived on the Partnership's website for a limited time.
Date:
Tuesday, May 15, 2018
Time:
10:00 AM ET / 9:00 AM CT
Dial-In Numbers:
(888) 317-6003 (Domestic toll-free)
(412) 317-6061 (International)
Conference ID:
9574074
Webcast URL:
www.AmericanMidstream.com/investor-relations
Non-GAAP Financial Measures
This press release and the accompanying tables include supplemental non-GAAP financial measures, including "Adjusted EBITDA," "Total Segment Gross Margin," "Operating Margin," and "Distributable Cash Flow." For definitions and required reconciliations of supplemental non-GAAP financial measures to the nearest comparable GAAP financial measures, please read a "Note About Non-GAAP Financial Measures" set forth in a later section of this press release.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com . The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing of the proposed offering and use of proceeds. We have used the words "could," "expect," "intend," "may," "will," "poised," "potential," "promote," "would" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 9, 2018, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
The preliminary financial results for the Partnership's first quarter ended March 31, 2018 included in this press release represent the most current information available to management. The Partnership's actual results when disclosed in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 may differ from these preliminary results as a result of the completion of the Partnership's financial statement closing procedures, final adjustments, completion of the independent registered public accounting firm's review, and other developments that may arise between now and the disclosure of the final results and audited financials.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
[email protected]
American Midstream Partners, LP and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
March 31,
2018
December 31,
2017
Assets
Cash and cash equivalents
$
8,191
$
8,782
Restricted cash
18,269
20,352
Accounts receivable, net of allowance for doubtful accounts of $312 and $225 as of March 31, 2018 and December 31, 2017, respectively
87,418
98,132
Inventory and other current assets
30,060
26,386
Assets held for sale
129,247
—
Total current assets
273,185
153,652
Property, plant and equipment, net
1,080,897
1,095,585
Restricted cash - long term
5,048
5,045
Other assets, net
25,249
17,874
Investment in unconsolidated affiliates
339,271
348,434
Intangible and other assets, net
141,627
174,010
Goodwill
67,985
128,866
Total assets
$
1,933,262
$
1,923,466
Liabilities, Equity and Partners' Capital
Total current liabilities
164,128
137,493
Revolving credit facility
712,600
697,900
3.77% Senior notes (non-recourse)
54,682
55,198
3.97% Senior notes (non-recourse)
29,486
29,937
8.50% Senior notes
418,078
418,421
Asset retirement obligations
66,894
66,194
Other liabilities
15,542
2,080
Deferred tax liability
8,274
8,123
Total liabilities
1,469,684
1,415,346
Convertible preferred units
317,180
317,180
Equity and partners' capital
146,398
190,940
Total liabilities, equity and partners' capital
$
1,933,262
$
1,923,466
American Midstream Partners, LP and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except for per unit amounts)
Three Months ended March 31,
2018
2017
Revenues
$
205,829
$
164,078
Operating expenses:
Cost of sales
150,166
115,468
Direct operating expenses
23,446
17,405
Corporate expenses
22,692
30,113
Depreciation, amortization and accretion expense
21,997
25,570
Gain on sale of assets, net
(95)
(21)
Total operating expenses
218,206
188,535
Operating Loss
(12,377)
(24,457)
Other income (expense):
Interest expense
(13,876)
(17,956)
Other income (expense), net
22
(37)
Earnings in unconsolidated affiliates
12,673
15,402
Loss from continuing operations before income taxes
(13,558)
(27,048)
Income tax expense
(280)
(1,123)
Loss from continuing operations
(13,838)
(28,171)
Discontinued operations:
Loss from discontinued operations, net of tax
—
(710)
Net loss
(13,838)
(28,881)
Net income attributable to noncontrolling interests
45
1,303
Net loss attributable to the Partnership
$
(13,883)
$
(30,184)
Distribution declared per common unit
$
0.4125
$
0.4125
Basic and diluted:
Loss from continuing operations
$
(0.42)
$
(0.74)
Income (loss) from discontinued operations
—
(0.01)
Net loss
$
(0.42)
$
(0.75)
Weighted average number of common units outstanding
Basic and diluted
52,769
51,451
American Midstream Partners, LP and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Three Months ended March 31,
2018
2017
Net cash provided by operating activities
$
14,847
$
8,847
Net cash used in investing activities
(15,744)
(12,928)
Net cash used in financing activities
(1,774)
(280,899)
Net decrease in Cash, Cash equivalents, and Restricted cash
(2,671)
(284,980)
Cash, Cash equivalents and Restricted cash
Beginning of period
34,179
329,230
End of period
$
31,508
$
44,250
American Midstream Partners, LP and Subsidiaries
Reconciliation of Net income (loss) attributable to the Partnership to
Adjusted EBITDA and Distributable Cash Flow
(Unaudited, in thousands)
Three Months ended March 31,
2018
2017
Reconciliation of Net loss attributable to the Partnership to Adjusted EBITDA:
Net loss attributable to the Partnership
$
(13,883)
$
(30,184)
Add backs and net impact of discontinued operations
Depreciation, amortization and accretion
21,997
25,290
Interest expense
17,731
14,925
Debt issuance costs paid
1,085
1,402
Unrealized (gain) loss on derivatives, net
(5,112)
372
Non-cash equity compensation expense
1,014
4,038
Transaction expenses
8,877
8,614
Income tax expense
280
1,123
Discontinued operations
—
4,489
Distributions from unconsolidated affiliates
23,853
22,494
General Partner contribution
9,417
9,614
Deductions
Earnings in unconsolidated affiliates
12,673
15,402
Other
170
49
Adjusted EBITDA
$
52,416
$
46,726
Deduct:
Cash interest expense
17,689
14,898
Maintenance capital
4,502
2,008
Preferred distribution
8,354
6,707
Distributable Cash Flow
$
21,871
$
23,113
Limited Partner Distributions
$
21,745
$
21,339
Distribution Coverage
1.0
x
1.1
x
American Midstream Partners, LP and Subsidiaries
Reconciliation of Total Gross Margin to Net loss attributable to the Partnership
(Unaudited, in thousands)
Three Months ended March 31,
2018
2017
Reconciliation of Gross Margin to Net loss attributable to the Partnership
Total Segment Gross Margin
$
63,980
$
60,966
Less:
Direct operating expenses
19,124
14,332
Add backs
Gains on commodity derivatives, net
60
365
Deducts
Corporate expenses
22,692
30,113
Depreciation, amortization and accretion
21,997
25,570
Gain on sale of assets, net
(95)
(21)
Interest expense
13,876
17,956
Other (income) expense
(22)
37
Other, net
26
392
Income tax expense
280
1,123
Loss from discontinued operations, net of tax
—
710
Net income attributable to noncontrolling interest
45
1,303
Net loss attributable to the Partnership
$
(13,883)
$
(30,184)
American Midstream Partners, LP and Subsidiaries
Segment Financial and Operating Data
(Unaudited, in thousands, except for operating and pricing data)
Three Months ended March 31,
2018
2017
Segment Financial and Operating Data:
Offshore Pipelines and Services Segment
Financial data:
Segment gross margin
$
25,316
$
25,802
Less: Direct operating expenses
7,795
2,579
Segment operating margin
17,521
23,223
Distributions:
Destin/Okeanos
$
15,113
$
9,925
Delta House
6,524
10,541
Total
21,637
20,466
Operating data:
Average throughput (MMcf/d)
274.0
404.0
Average Destin/Okeanos throughput (MMcf/d)
982.8
1,082.0
Average Delta House throughput (MBoe/d)
60.1
107.0
Average Other throughput (MBbls/d)
24.0
26.6
Gas Gathering and Processing Services Segment
Financial data:
Segment gross margin
$
12,652
$
11,251
Less: Direct operating expenses
6,680
8,065
Segment operating margin
5,972
3,186
Operating data:
Average throughput (MMcf/d)
160.5
207.6
Liquid Pipelines & Services
Financial data:
Segment gross margin
$
7,271
$
6,634
Less: Direct operating expenses
2,976
2,453
Segment operating margin
4,295
4,181
Distributions:
Tri-States/Wilprise
$
2,217
$
1,328
Operating data:
Average Tri-States/Wilprise throughput (MBbls/d)
83.6
80.8
Average Cayenne throughput (MBbls/d)
20.4
—
Average Other Liquid Pipelines throughput (MBbls/d)
35.1
33.1
Natural Gas Transportation Services Segment
Financial data:
Segment gross margin
$
10,688
$
6,119
Less: Direct operating expenses
1,673
1,235
Segment operating margin
9,015
4,884
Operating data:
Average throughput (MMcf/d)
839.0
390.0
Terminalling Services Segment
Financial data:
Segment revenue
$
8,053
$
11,160
Less: Cost of sales
5,023
4,393
Direct operating expenses
4,322
3,073
Segment operating margin
(1,292)
3,694
Operating data:
Contracted Capacity (Bbls)
4,574,767
5,299,667
Design Capacity (Bbls)
5,400,800
5,400,800
Storage Utilization
84.7
%
98.1
%
Terminalling and storage throughput (Bbls/d)
56,768
56,279
Appendix A
Note About Non-GAAP Financial Measures
Total segment gross margin, operating margin and Adjusted EBITDA are performance measures that are non-GAAP financial measures. Each has important limitations as an analytical tool because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. Management compensates for the limitations of these non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these data points into management's decision-making process.
You should not consider total segment gross margin, operating margin, or Adjusted EBITDA in isolation or as a substitute for, or more meaningful than analysis of, our results as reported under GAAP. Total segment gross margin, operating margin and Adjusted EBITDA may be defined differently by other companies in our industry. Our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Adjusted EBITDA is a supplemental non-GAAP financial measure used by our management and external users of our financial statements, such as investors, commercial banks, research analysts and others, to assess: the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate cash flow to make cash distributions to our unitholders and our General Partner; our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing or capital structure; and the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.
We define Adjusted EBITDA as net income (loss) attributable to the Partnership, plus depreciation, amortization and accretion expense, interest expense, debt issuance costs, unrealized (gains) losses on derivatives, non-cash charges such as non-cash equity compensation expense, and charges that are unusual such as transaction expenses primarily associated with our acquisitions, income tax expense, distributions from unconsolidated affiliates and general partner's contribution, less earnings in unconsolidated affiliates, gains (losses) that are unusual such as gain on revaluation of equity interest, and gain on sale of the Propane Business, other, net, and gain (loss) on sale of assets, net.
Distributable cash flow ("DCF") is a significant performance metric used by us and by external users of the Partnership's financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions we expect to pay the Partnership's unitholders. Using this metric, management and external users of the Partnership's financial statements can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. DCF is also an important financial measure for the Partnership's unitholders since it serves as an indicator of the Partnership's success in providing a cash return on investment. Specifically, this financial measure may indicate to investors whether we are generating cash flow at a level that can sustain or support an increase in the Partnership's quarterly distribution rates. DCF is also a quantitative standard used throughout the investment community with respect to publicly traded partnerships and limited liability companies because the value of a unit of such an entity is generally determined by the unit's yield (which in turn is based on the amount of cash distributions the entity pays to a unitholder). DCF will not reflect changes in working capital balances.
We define DCF as Adjusted EBITDA, less interest expense, normalized maintenance capital expenditures, and distributions related to the Series A and Series C convertible preferred units. The GAAP financial measure most comparable to DCF is Net income (loss) attributable to the Partnership.
Segment gross margin and total segment gross margin are metrics that we use to evaluate our performance.
We define segment gross margin in our Gas Gathering and Processing Services segment as total revenue plus unconsolidated affiliate earnings less unrealized gains or plus unrealized losses on commodity derivatives, construction and operating management agreement income and the cost of natural gas, and NGLs and condensate purchased.
We define segment gross margin in our Liquid Pipelines and Services segment as total revenue plus unconsolidated affiliate earnings less unrealized gains or plus unrealized losses on commodity derivatives and the cost of crude oil purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Natural Gas Transportation Services segment as total revenue plus unconsolidated affiliate earnings less the cost of natural gas purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Offshore Pipelines and Services segment as total revenue plus unconsolidated affiliate earnings less the cost of natural gas purchased in connection with fixed-margin arrangements. Substantially all of our gross margin in this segment is fee-based or fixed-margin, with little to no direct commodity price risk.
We define segment gross margin in our Terminalling Services segment as total revenue less direct operating expense which includes direct labor, general materials and supplies and direct overhead.
Total segment gross margin is a supplemental non-GAAP financial measure that we use to evaluate our performance. We define total segment gross margin as the sum of the segment gross margins for our Gas Gathering and Processing Services, Liquid Pipelines and Services, Natural Gas Transportation Services, Offshore Pipelines and Services and Terminalling Services segments. The GAAP measure most directly comparable to total segment gross margin is Net income (loss) attributable to the Partnership.
View original content: http://www.prnewswire.com/news-releases/american-midstream-reports-first-quarter-2018-results-300648439.html
SOURCE American Midstream Partners, LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-american-midstream-reports-first-quarter-2018-results.html |
LOS ANGELES (AP) — After breaking opening weekend records, "Avengers: Infinity War" continued to dominate in its second weekend in theaters, but alternative programming like the romantic comedy "Overboard" also found an audience in what has historically been considered the "official" kick-off to the summer movie season.
The Walt Disney Co. said Sunday that "Avengers: Infinity War" will gross an estimated $112.5 million from North American theaters over the weekend, becoming the second highest grossing film in weekend two behind "Star Wars: The Force Awakens'" $149.2 million and just slightly ahead of "Black Panther" ($111.7 million).
It's a 56 percent drop from its first weekend in theaters — less steep than the second weekend fall of "Avengers: Age of Ultron" (59.4 percent) or "Captain America: Civil War" (59.5 percent), but more than "Black Panther's" uniquely soft 44.7 percent sophomore weekend decline.
"We're in uncharted territory again," said comScore senior media analyst Paul Dergarabedian. "This is a second weekend number that many films would aspire to have on opening weekend."
Globally, "Avengers: Infinity War" has now grossed over $1.2 billion and become the first film ever to cross the $1 billion mark in 11 days of release, and it has yet to even open in China.
There was little new competition this weekend in the blockbuster space, although there were a handful of other options, like "Overboard," which came in a very distant second to "Avengers," but still made a notable splash for a film its size.
MGM and Lionsgate's Pantelion Films' gender-swapped remake of Garry Marshall's 1987 comedy, "Overboard" scored the highest-grossing opening weekend for Pantelion Films with a better-than-expected $14.8 million from 1,623 theaters. It's already surpassed its modest mid-teens production budget.
Pantelion Films CEO Paul Presburger and Jonathan Glickman, president of the Motion Picture Group at MGM, both attribute the success to the star-power of Eugenio Derbez ("Instructions Not Included," ''How to be a Latin Lover") who helped developed the bilingual remake with an American star (Anna Faris) to appeal not just to his Hispanic fan base but all audiences.
The cast, including Derbez and Eva Longoria, helped promote the film on their social media accounts too.
"It's great to have a large base especially in the wake of 'Avengers,'" Presburger said. "We have a movie out there that plays to families and all audiences that should have success into Mother's Day and onwards."
Although critics were not especially won over by "Overboard," audiences gave the film a more favorable A- CinemaScore.
Third place went to "A Quiet Place," which has grossed $159.9 million in five weeks in theaters, and fourth place to "I Feel Pretty," now up to $37.8 million in weekend three. "Rampage" rounded out the top five with $4.6 million, bumping its domestic total to $84.8 million.
In sixth place, "Tully," starring Charlize Theron, launched on 1,353 screens with $3.2 million. It's the third collaboration between director Jason Reitman and screenwriter Diablo Cody, the team behind "Juno," and their second with Theron, who also starred in their film "Young Adult."
Hollywood's summer movie season typically runs from the first weekend in May through Labor Day, but this year got a jump-start with the late April release of "Avengers: Infinity War."
"This was not the strongest weekend ever in terms of the official kick-off of the summer season, but we could be looking at a record May ultimately," Dergarabedian said, noting upcoming releases like "Deadpool 2" (May 18) and "Solo: A Star Wars Story" (May 25). "This weekend just shows how the strategy of release dates is changing how the box office plays out."
Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included. Final domestic figures will be released Monday.
1. "Avengers: Infinity War," $112.5 million ($162.6 million international).
2. "Overboard," $14.8 million.
3. "A Quiet Place," $7.6 million ($4.1 million international).
4. "I Feel Pretty," $4.9 million ($3.2 million international).
5. "Rampage," $4.6 million ($13.7 million international).
6. "Tully," $3.2 million ($200,000 international).
7. "Black Panther," $3.1 million ($390,000 international).
8. "Truth or Dare," $1.9 million ($5.7 million international).
9. "Super Troopers 2," $1.8 million ($90,000 international).
10. "Bad Samaritan," $1.8 million.
Estimated ticket sales for Friday through Sunday at international theaters (excluding the U.S. and Canada), according to comScore:
1."Avengers: Infinity War," $162.6 million.
2."Us And Them," $27 million.
3."Rampage," $13.7 million.
4."A or B," $11.1 million.
5."Baahubali: The Conclusion," $7.9 million.
6."Ready Player One," $6.3 million.
7."Truth or Dare," $5.7 million.
8."Champion," $5.5 million.
9."102 Not Out," $3.4 million.
10."I Feel Pretty," $3.2 million.
Universal and Focus are owned by NBC Universal, a unit of Comcast Corp.; Sony, Columbia, Sony Screen Gems and Sony Pictures Classics are units of Sony Corp.; Paramount is owned by Viacom Inc.; Disney, Pixar and Marvel are owned by The Walt Disney Co.; Miramax is owned by Filmyard Holdings LLC; 20th Century Fox and Fox Searchlight are owned by 21st Century Fox; Warner Bros. and New Line are units of Time Warner Inc.; MGM is owned by a group of former creditors including Highland Capital, Anchorage Advisors and Carl Icahn; Lionsgate is owned by Lions Gate Entertainment Corp.; IFC is owned by AMC Networks Inc.; Rogue is owned by Relativity Media LLC.
Follow AP Film Writer Lindsey Bahr on Twitter at: http://twitter.com/ldbahr | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/the-associated-press-avengers-infinity-war-scores-second-best-weekend-2-ever.html |
2 Hours Ago | 03:39
President Donald Trump said Thursday that he doubts high-stakes trade negotiations with China will succeed.
"Will that be successful? I tend to doubt it," the president told reporters during an appearance with NATO Secretary-General Jens Stoltenberg. "The reason I doubt it is because China has become very spoiled. The European Union has become very spoiled. Other countries have become very spoiled, because they always got 100 percent of whatever they wanted from the United States."
"But we can't allow that to happen anymore," Trump added.
A Chinese delegation is currently in Washington taking part in talks with top Trump administration officials. The meetings follow a separate round of negotiations in Beijing earlier in the month.
The U.S. and China hope to bring down escalating tensions that threaten to start a trade war and damage the world's two largest economies. U.S. stock markets dipped after Trump's comments Thursday, as traders and investors hope talks will avoid major tariffs proposed by both countries. Qilai Shen | Bloomberg | Getty Images U.S. President Donald Trump, left, and Xi Jinping, China's president, shake hands during a news conference at the Great Hall of the People in Beijing, China, on Thursday, Nov. 9, 2017.
On Thursday, the president contended China "ripped off" the U.S. with its trade practices. He claimed Beijing's trade tactics sparked "an evacuation of wealth like nobody has ever seen before."
The president has long argued that China's massive trade surplus with the U.S. constitutes a trade abuse. He has also sought to punish Beijing for alleged intellectual property theft by Chinese companies.
Earlier this year, Trump proposed tariffs on $50 billion worth of Chinese goods such as electronics and machinery in response to alleged intellectual property abuses. He floated an additional $100 billion in tariffs on other Chinese goods.
China proposed retaliatory tariffs on a variety of U.S. goods such as crops and aircraft. The possible Chinese measures sparked concerns about damage to the U.S. agricultural industry.
Tensions within the Trump administration have threatened to complicate this week's talks. Peter Navarro, Trump's trade advisor and a China hawk, and Treasury Secretary Steven Mnuchin have bumped heads recently .
Navarro has sought a tough response to China, which has led him to disagree with some colleagues in the Trump administration.
Both sides have sought concessions during the trade talks. Washington and Beijing have reportedly discussed China dropping tariffs on U.S. agricultural products in exchange for the U.S. lifting a ban on American companies selling to Chinese telecommunications company ZTE.
The ban came in response to the company's shipping of American goods to Iran and North Korea in violation of sanctions. It effectively crippled ZTE.
On Thursday, Trump said Chinese President Xi Jinping "asked me if I would take a look at" helping ZTE.
"I certainly said I would," Trump said.
On Wednesday, Trump contended his decision to ask his Commerce Department to find a way to aid ZTE did not constitute "folding" to China's suggestions. He tweeted that "we have not seen China's demands yet."
Chinese Vice Premier Liu He, Xi's top economic advisor, told U.S. lawmakers Wednesday that he planned to work hard to address the countries' trade imbalance and other trade issues. show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/trump-says-he-doubts-china-trade-negotiations-will-succeed.html |
PARIS, May 2 (Reuters) - The European Commission on Wednesday proposed to reduce farm subsidies and leave more latitude to member states under the bloc’s Common Agriculture Policy (CAP), drawing swift condemnation from France, which called the move “unthinkable”.
The CAP proposal comes as part of a bigger, new, multi-year EU budget set to trigger battles among member states over how to fill the funding gap left by Britain’s exit next year.
In an effort to cut costs and promote other policies, farmers will see aid shrink in the 2021-2027 period to 365 billion euros ($438 billion), down 5 percent from the current CAP, the Commission said.
This would represent a share of less than 30 percent of the total budget of 1.279 trillion euros, down from more than 45 percent 20 years earlier.
“Against the backdrop of Brexit and demands to fund new and emerging priorities, the CAP budget is being reduced by a modest 5 percent,” European Commissioner for Agriculture and Rural Development Phil Hogan said in a statement.
France, by far the largest beneficiary of the CAP, said the proposals were unacceptable.
“For Stephane Travert, the Agriculture and Food Minister, such a drastic, massive and blind cut is simply unthinkable,” the ministry said in a statement.
“It poses an unprecedented risk to farms’ viability by seriously impacting farmers’ incomes, for whom direct aid is an essential safety net. France cannot accept any decline in direct income for farmers.”
In the proposals, which need to be approved by member states, EU countries will have to cap subsidies for large farms or impose degressive payments depending on farm size, with the rest redistributed to small and medium-sized ones.
“Direct payments to farmers will remain an essential part of the policy, but will be streamlined and better targeted,” the Commission wrote in its proposal.
Direct payment levels per hectare among member states will also continue to converge towards the EU average, it said.
The Commission also aims to introduce greater conditionality to direct payments with a significant part of funding to be ring-fenced for actions beneficial to the climate, the environment and rural development.
“This system will provide greater flexibility for member states, allowing them to better target environmental objectives and be more ambitious,” it said.
The proposal to give member states more room to maneuver has been criticised by farm unions as a Commission attempt to go back on the CAP’s initial idea of a common policy.
The Commission also proposed a new reserve to address crises linked notably by unforeseeable developments in international markets.
Farmers across the agriculture sector, from milk to grains and sugar, have suffered sharp drops in revenues in recent years due to hefty global supplies.
EU farmers group COPA-COGECA, reacting on Twitter, expressed “strong disappointment with the cuts”.
“A strong budget is needed for a sustainable, modern EU agriculture sector delivering on various fronts,” it said. ($1 = 0.8331 euros) (Reporting by Sybille de La Hamaide; Editing by Dale Hudson)
| ashraq/financial-news-articles | https://www.reuters.com/article/eu-budget-agriculture/eu-reduces-farm-aid-to-cut-costs-france-says-unacceptable-idUSL8N1S94E2 |
SAO PAULO, May 23 (Reuters) - Singapore group Royal Golden Eagle said on Wednesday it had reached a deal to acquire Brazilian pulp maker Lwarcel Celulose Ltda for an undisclosed amount.
Royal Golden Eagle owns pulp and paper maker Asia Pacific Resources Group, known as April Group, among other assets. In Brazil, the Singapore group is the owner of the pulp producer Bracell.
Reuters reported earlier this month that April Group had made the highest bid in the sale process.
The closing of the deal still depends on antitrust approval, Royal Golden Eagle said in a written statement.
Lwarcel’s sale is the latest move in Brazil’s busy pulp and paper sector.
In March, Suzano Papel e Celulose SA announced the acquisition of larger rival Fibria SA, creating the world’s biggest wood pulp producer. (Reporting by Carolina Mandl Editing by Tom Brown)
| ashraq/financial-news-articles | https://www.reuters.com/article/lwarcel-ma/singapore-group-royal-golden-eagle-acquires-brazils-lwarcel-idUSL2N1SU1JE |
May 30, 2018 / 4:41 AM / Updated 7 hours ago Soccer: South Americans enjoy warm-up wins over Haiti, Scotland Andrew Downie 3 Min Read
SAO PAULO (Reuters) - Two South American sides warmed up for next month’s World Cup in Russia with easy wins on Tuesday as Argentina hammered Haiti 4-0 in Buenos Aires and Peru overcame Scotland 2-0 in Lima. Soccer Football - International Friendly - Argentina vs Haiti - La Bombonera, Buenos Aires, Argentina - May 29, 2018 Argentina's Lionel Messi REUTERS/Marcos Brindicci
Beaten finalists four years ago in Brazil, Argentina struggled in the qualifiers, only securing their ticket with a win in their final match, but they were far too strong for a Haiti side 103 places below them in the FIFA rankings.
Lionel Messi took on his usual role as the star of the show, scoring a hat-trick and setting up the fourth for Sergio Aguero, who came off the bench to combine well with the Barcelona striker and Christian Pavon, another second half substitute.
Messi opened the scoring from the penalty spot after 17 minutes before doubling Argentina’s lead 12 minutes into the second half with a simple tap-in after the keeper could only parry a header.
He scored his third after 65 minutes and set up Aguero two minutes later to slot home a fourth as Argentina ran amok at Boca Juniors’ home stadium in the country’s capital. Soccer Football - International Friendly - Argentina vs Haiti - La Bombonera, Buenos Aires, Argentina - May 29, 2018 Argentina's Lionel Messi takes a freekick REUTERS/Marcos Brindicci
Peru, meanwhile, out-thought, outplayed and out-muscled an understrength Scotland, who rarely threatened at the Estadio Nacional in a rematch of a famous 1978 World Cup encounter between the sides that the South Americans won 3-1.
Christian Cueva put Peru 1-0 ahead after 36 minutes from the penalty spot before Jefferson Farfan took advantage of slack defending just seconds after the break to complete the scoring.
The victory was Peru’s third in a row against European opposition following friendly wins over Croatia and Iceland, and fills them with optimism as they head to their first World Cup since 1982. Slideshow (5 Images)
“Peru is ready to face any team in the world,” Peru coach Ricardo Gareca told reporters. “This team is prepared to resolve problems that come our way.”
Peru are now unbeaten in 13 games but have been drawn in one of the most difficult pools in Russia, alongside France, Denmark and Australia in Group C.
Argentina, meanwhile, are in Group D with Iceland, Croatia and Nigeria.
In another game in Panama City, the hosts prepared for their first ever World Cup with a 0-0 draw against Northern Ireland.
Panama, who are in Group G with England, Belgium and Tunisia, have one final friendly against Norway in Oslo scheduled for next week.
Argentina play Israel before heading to Russia and Peru face fellow finalists Sweden in Gothenburg. Reporting by Andrew Downie; Editing by John O'Brien | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-wrap/soccer-south-americans-enjoy-warm-up-wins-over-haiti-scotland-idUSKCN1IV0BT |
ADNOC CEO: We see huge investment opportunities in downstream 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/adnoc-ceo-we-see-huge-investment-opportunities-in-downstream.html |
SANTIAGO, May 3 (Reuters) - Chile’s central bank voted unanimously to keep its benchmark interest rate unchanged at 2.5 percent at its policy meeting on Thursday, in line with market expectations. (Reporting by Santiago Newsroom, editing by G Crosse)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/chile-rates/chile-central-bank-holds-benchmark-interest-rate-steady-at-2-5-pct-idUSEMNI4R0SQ |
U.S. to impose tariffs on EU steel, aluminium - sources 2:11pm BST - 01:40
Washington will announce plans to impose tariffs on EU steel and aluminum imports as early as Thursday, two sources said, while a magazine reported President Donald Trump was now focused on pushing German cars from the country. Laura Frykberg reports. ▲ Hide Transcript ▶ View Transcript
Washington will announce plans to impose tariffs on EU steel and aluminum imports as early as Thursday, two sources said, while a magazine reported President Donald Trump was now focused on pushing German cars from the country. Laura Frykberg reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2J0eWO9 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/31/us-to-impose-tariffs-on-eu-steel-alumini?videoId=431914545 |
May 28 (Reuters) - Sika AG:
* SAYS AS OF MAY 28, 2018, 12:00 NOON CET, 2,917,820 ADVANCE SUBSCRIPTION RIGHTS, CORRESPONDING TO 15,772 BONDS (19.12% OF TOTAL ISSUE SIZE OF CHF 1,650 MILLION), WERE EXERCISED.
* SAYS PROVISIONAL ALLOCATIONS TO INSTITUTIONAL INVESTORS WHO PARTICIPATED IN BOOKBUILDING ON MAY 15, 2018 WILL BE REDUCED ON A PRO RATA BASIS (“CLAWBACK”)
* SIKA SAYS BONDS WORTH AROUND CHF 1,335 MILLION HAVE BEEN FINALLY ALLOCATED TO SUCH INSTITUTIONAL INVESTORS AND BONDS IN AGGREGATE AMOUNT OF APPROXIMATELY CHF 315 MILLION HAVE BEEN FINALLY ALLOCATED TO INVESTORS WHO EXERCISED THEIR ADVANCE SUBSCRIPTION RIGHTS
* SAYS ISSUER HAS AGREED TO A 90-DAY LOCK-UP PERIOD FROM SETTLEMENT DATE Source text for Eikon: Further company coverage: (Reporting By Zurich newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sika-ag-details-convertible-bond-a/brief-sika-ag-details-convertible-bond-allocation-idUSFWN1SZ0H3 |
Targeting DEXTENZA™ NDA Resubmission in the Second Quarter of 2018
BEDFORD, Mass.--(BUSINESS WIRE)-- Ocular Therapeutix™, Inc. (NASDAQ: OCUL), a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, today announced financial results for the first quarter ended March 31, 2018 and provided a business update.
“We entered 2018 with an exciting set of opportunities that include a number of regulatory and clinical milestones,” said Antony Mattessich, President and Chief Executive Officer. “With the right strategy, objectives and leadership in place, we are able to turn our full attention to execution and, most importantly, to the demonstration of our ability to deliver on the immense promise of our platform technology. Top among our objectives is the continued advancement of our product pipeline and the re-submission of DEXTENZA which we continue to target for the second quarter of 2018.”
Key Highlights and Upcoming Events
DEXTENZA™ New Drug Application (NDA) resubmission to the U.S. Food and Drug Administration (FDA) remains on track for the second quarter of 2018. DEXTENZA is a long-acting, preservative-free formulation of dexamethasone that uses Ocular Therapeutix’s proprietary hydrogel technology and offers a full course of steroid treatment to treat post-surgical ocular pain in a single administration. The Company has made significant progress addressing not only the specific issues raised by the FDA in its most recent Complete Response Letter, but also the implementation of upgrades to the overall quality systems and key operating procedures necessary to reach GMP compliance. Based on the progress, Ocular Therapeutix is reiterating prior guidance that it is targeting resubmission of the NDA in the second quarter of 2018. OTX-TP (travoprost insert) Phase 3 topline efficacy data for the treatment of glaucoma now expected in the first half of 2019. OTX-TP is a long-acting, preservative-free formulation of travoprost for patients with primary open-angle glaucoma and ocular hypertension. While enrollment in this large trial has continued steadily, it has proceeded more slowly than projected. Therefore, the Company is adjusting guidance that topline data will now be available in the first half of 2019 rather than the second half of 2018. To address this enrollment issue, the Company is intensifying efforts with current sites to identify eligible patients and continues to add new sites to help complete enrollment. Plans to initiate an open label one-year safety extension study for OTX-TP (travoprost insert) for glaucoma in the second quarter 2018. The Company will initiate an open-label, one-year safety extension study with its first Phase 3 study. This study will contribute to the safety data to support OTX-TP’s eventual product registration. First patient dosed in OTX-TIC (travoprost implant) U.S. Phase 1 clinical trial with plans to report clinical data in the first half of 2019. OTX-TIC is Ocular Therapeutix’s second glaucoma program targeting patients needing a higher level of intraocular pressure reduction. The product is a bioresorbable, travoprost-containing hydrogel implant delivered via intracameral injection. The U.S. Phase 1 trial is a multi-center, open-label, proof-of-concept clinical trial to evaluate the safety, efficacy, durability, and tolerability of OTX-TIC in patients with primary open-angle glaucoma and ocular hypertension. Plans to initiate ex-U.S. Phase 1 clinical trial for OTX-TKI (tyrosine kinase inhibitor implant) in the second quarter of 2018. OTX-TKI is a bioresorbable, hydrogel fiber implant with anti-angiogenic properties, delivered by intravitreal injection. Preclinical data have demonstrated the ability to deliver an efficacious dose of OTX-TKI to the posterior segment of the eye for the treatment of VEGF-induced retinal leakage for an extended duration of up to twelve months. The study will be a multi-center, open-label, dose escalation study to test the safety, durability, and tolerability of OTX-TKI. The Company also plans to evaluate biological activity by following visual acuity over time and measuring retinal thickness using standard optical coherence tomography (OCT). Regeneron collaboration continues for the development of OTX-IVT (aflibercept implant). The Company, along with Regeneron, continues to progress on the development of an extended-delivery formulation of the VEGF trap aflibercept(EYLEA®), delivered by intravitreal injection, for the treatment of retinal diseases such as wet Age-Related Macular Degeneration (AMD). The Company remains encouraged by the engagement of both teams and the multiple possibilities to which this partnership could lead.
First Quarter 2018 Financial Results
As of March 31, 2018, cash and cash equivalents totaled $62.9 million. Cash used in operating activities was $12.5 million in the first quarter of 2018, compared to $14.6 million for the first quarter of 2017. The decrease of $2.1 million was due to a savings in operating expenses as a result of the restructuring in the third quarter of 2017. Ocular Therapeutix reported a net loss of approximately $(13.8) million, or $(0.40) per share, for the quarter ended March 31, 2018, compared to a net loss of $(16.0) million, or $(0.58) per share, for the comparable quarter in 2017. The net loss for the first quarter of 2018 included $2.4 million in non-cash charges for stock-based compensation and depreciation compared to $2.0 million in similar non-cash charges for the first quarter of 2017. Total costs and operating expenses for the three-month period ended March 31, 2018 were $13.8 million, as compared to $16.1 million for the comparable period in 2017. Increases in (i) Research and Development expenses to advance the clinical and preclinical development of the Company’s hydrogel platform technology and its portfolio of drug product candidates and (ii) General and Administrative expenses driven by increased professional fees primarily from higher litigation expenses were more than offset by significant savings in Selling and Marketing expenses due to the restructuring in the third quarter of 2017. Ocular Therapeutix generated $340 thousand in revenue during the three-month period ended March 31, 2018 from product sales of ReSure ® Sealant, as compared to $475 thousand during the three-month period ended March 31, 2017. As of May 1, 2018, there were approximately 37.3 million shares issued and outstanding. Based on the Company’s current plans and forecasted expenses, Ocular Therapeutix believes that existing cash and cash equivalents, will fund operating expenses, debt service obligations, and capital expenditure requirements through the first quarter of 2019, exclusive of any potential payment under the Regeneron partnership. This is of course subject to a number of assumptions about the Company’s clinical development programs and other aspects of our business.
Conference Call & Webcast Information
Members of the Ocular Therapeutix management team will host a live conference call and webcast today at 4:30 pm Eastern Time to review the Company's financial results and provide a general business update. The live webcast can be accessed by visiting the Investors section of the Company’s website at investors.ocutx.com. Please connect at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast. Alternatively, please call (844) 464-3934 (U.S.) or (765) 507-2620 (International) to listen to the live conference call. The conference ID number for the live call will be 3148379. An archive of the webcast will be available until August 8, 2018 on the Company’s website.
About Ocular Therapeutix, Inc.
Ocular Therapeutix, Inc. is a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary bioresorbable hydrogel-based formulation technology. Ocular Therapeutix’s lead product candidate, DEXTENZA™ (dexamethasone insert), has completed Phase 3 clinical development for the treatment of ocular pain and inflammation following ophthalmic surgery. OTX-TP (travoprost insert) is in Phase 3 clinical development for the reduction of intraocular pressure in patients with primary open-angle glaucoma and ocular hypertension. The Company’s earlier stage assets include OTX-TIC, an extended-delivery travoprost intracameral implant for the reduction of intraocular pressure in patients with glaucoma and ocular hypertension, as well as sustained release intravitreal implants for the treatment of retinal diseases. These intravitreal implants include the development of OTX-TKI, a tyrosine kinase inhibitor (TKI), and, in collaboration with Regeneron, OTX-IVT, an extended-delivery protein-based anti-vascular endothelial growth factor (VEGF) trap. Ocular Therapeutix's first product, ReSure® Sealant, is FDA-approved to seal corneal incisions following cataract surgery.
Forward Looking Statements
Any statements in this press release about future expectations, plans and prospects for the Company, including the development and regulatory status of the Company’s product candidates, such as the Company’s regulatory submissions for and the timing and conduct of, or implications of results from, clinical trials of DEXTENZA™ for the treatment of post-surgical ocular pain and inflammation, including with respect to manufacturing deficiencies identified by the FDA, the Company’s expectations regarding resubmitting its NDA to the FDA and the prospects for approvability of DEXTENZA for these indications, OTX-TP for the treatment of primary open-angle glaucoma and ocular hypertension, OTX-TIC for the treatment of primary open-angle glaucoma and ocular hypertension, OTX-TKI for the treatment of retinal diseases including wet AMD, and OTX-IVT as an extended-delivery formulation of the VEGF trap aflibercept for the treatment of retinal diseases including wet AMD; the ongoing development of the Company’s extended-delivery hydrogel depot technology; the potential utility of any of the Company’s product candidates; potential commercialization of the Company’s product candidates; the potential benefits and future operation of the collaboration with Regeneron Pharmaceuticals, including any potential future payments thereunder; the sufficiency of the Company’s cash resources and other statements containing the words "anticipate," "believe," "estimate," "expect," "intend", "goal," "may", "might," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Such forward-looking statements involve substantial risks and uncertainties that could cause the Company’s clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, those related to the timing and costs involved in commercializing ReSure® Sealant or any product candidate that receives regulatory approval, the initiation, timing and conduct of clinical trials, availability of data from clinical trials and expectations for regulatory submissions and approvals, the Company’s scientific approach and general development progress, the availability or commercial potential of the Company’s product candidates, the sufficiency of cash resources, the outcome of the Company’s ongoing legal proceedings and need for additional financing or other actions and other factors discussed in the “Risk Factors” section contained in the Company’s quarterly and annual reports on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this release. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this release.
Ocular Therapeutix, Inc.
Statements of Operations and Comprehensive Loss
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended March 31, 2018 2017 Revenue: Product revenue $ 340 $ 475 Total revenue 340 475 Costs and operating expenses: Cost of product revenue 80 115 Research and development 8,227 6,729 Selling and marketing 717 6,027 General and administrative 4,771 3,276 Total costs and operating expenses 13,795 16,147 Loss from operations (13,455) (15,672) Other income (expense): Interest income 176 92 Interest expense (486) (443) Total other expense, net (310) (351) Net loss $ (13,765) $ (16,023) Net loss per share, basic and diluted $ (0.40) $ (0.58) Weighted average common shares outstanding, basic and diluted 34,792,848 27,643,746 Comprehensive loss: Net loss $ (13,765) $ (16,023) Other comprehensive loss: Unrealized loss on marketable securities — (4) Total other comprehensive loss — (4) Total comprehensive loss $ (13,765) $ (16,027) Ocular Therapeutix, Inc.
Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
March 31, December 31, 2018 2017 Assets Current assets: Cash and cash equivalents $ 62,911 $ 41,538 Accounts receivable 170 226 Inventory 139 122 Prepaid expenses and other current assets 1,256 1,453 Total current assets 64,476 43,339 Property and equipment, net 10,595 10,478 Restricted cash 1,614 1,614 Total assets $ 76,685 $ 55,431 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 3,477 $ 3,571 Accrued expenses and deferred rent 3,603 4,310 Notes payable, net of discount, current 6,071 5,545 Total current liabilities 13,151 13,426 Deferred rent, long-term 3,336 3,387 Notes payable, net of discount, long-term 11,014 12,471 Total liabilities 27,501 29,284 Commitments and contingencies (Note 10) Stockholders’ equity: Preferred stock, $0.0001 par value; 5,000,000 shares authorized and no shares issued or outstanding at March 31, 2018 and December 31, 2017, respectively — — Common stock, $0.0001 par value; 100,000,000 shares authorized and 37,280,054 and 29,658,202 shares issued and outstanding at March 31, 2018 and December 31, 2017 4 3 Additional paid-in capital 300,210 263,409 Accumulated deficit (251,030) (237,265) Total stockholders’ equity 49,184 26,147 Total liabilities and stockholders’ equity $ 76,685 $ 55,431
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006395/en/
Investors
Ocular Therapeutix
Donald Notman
Chief Financial Officer
[email protected]
or
Westwicke Partners
Chris Brinzey
Managing Director
[email protected]
or
Media
Ocular Therapeutix
Scott Corning
Senior Vice President, Commercial
[email protected]
Source: Ocular Therapeutix, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-ocular-therapeutixa-reports-first-quarter-2018-financial-results-and-business-update.html |
Scott Mlyn | CNBC Sarah Friar, CFO, Square
Square Cash, the mobile payment app developed by Square, is growing faster than PayPal's Venmo, according to Nomura Instinet.
Since early 2016, Square Cash app downloads have averaged 128 percent year-over-year growth each month versus Venmo's 74 percent, according to a Nomura analysis.
With roughly 28 million cumulative downloads, the number of Square Cash downloads is just 1 million below Venmo's levels, analyst Dan Dolev said.
"Historically, Venmo saw more downloads versus Square, but the gap appears to have peaked in July 2017," Dolev said in a note to clients Wednesday, reiterating his buy rating on the stock.
The app appears to be getting an added boost because it allows transactions in bitcoin, the analyst noted.
"With Square Cash App now open for Bitcoin trading in most states, comparing its growth versus the popular Coinbase app is noteworthy," he added. "Here, while Coinbase saw growth peak around the holiday time — as Bitcoin prices spiked — Coinbase's growth has slowed from record levels, whereas Square Cash App experienced more balanced growth."
Dolev has consistently lauded Square Cash as a potential revenue driver for the payment company. His 12-month stock price target of $65 implies more than 18 percent upside over the next year.
Though Square said it sold a total of $34.1 million in bitcoin in the first quarter, it initially spent $33.9 million to purchase the cryptocurrency, netting a final adjusted revenue of just $200,000.
Shares of Square were up 1.9 percent Wednesday morning.
Despite issuing guidance that fell short of Wall Street's expectations earlier this month, Square has outperformed the broader stock market over the past year, up 57 percent since January and 168 percent year over year.
In its first-quarter earnings report earlier in May, the payments company said it will continue to reinvest, focusing on revenue growth over profit expansion.
"Given the significant market opportunity ahead of us, we will continue to reinvest in our business to drive future growth," it said in a statement this month.
Gross payment volume grew 31 percent to $17.8 billion for the quarter, in line with the growth rate seen in the fourth quarter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/nomura-instinet-square-cash-app-is-growing-faster-than-venmo.html |
May 18, 2018 / 4:38 PM / Updated 11 minutes ago Germany's AfD confirms politicians exchanged racist, anti-Semitic messages in group chat Reuters Staff 2 Min Read
BERLIN (Reuters) - Several local politicians from Germany’s far-right Alternative for Germany (AfD) exchanged racist, anti-Semitic and potentially criminal messages in a private group chat, according to an internal party report, a party spokesman confirmed on Friday.
At least nine politicians in the state of Saxony, an AfD stronghold, were members of the group chat that existed from December to March, according to local media, which first reported the incident.
The WhatsApp group chat, called “AfD Fun”, was discontinued after members reported it in March. Following the incident, the party disciplined chat members and commissioned an internal report about the hardline content of the messages.
The 93-page report showed that members exchanged messages and pictures containing Nazi imagery, jokes about murdering migrants and foreigners, and incitement to violence, for example against German Chancellor Angela Merkel, the Sueddeutsche Zeitung newspaper and the NDR and WDR broadcasters reported.
They said the report concluded that the messages had “crossed the line of criminal content.”
“This behavior is grossly damaging for our party and has nothing to do with the values of the Alternative for Germany”, the party’s secretary general Jan Zwerg said in a statement.
The AfD said it was considering expelling some chat members.
The anti-immigrant party was voted into the German lower house of parliament for the first time in September national elections and is the largest opposition party. Reporting by Laura Dubois; editing by Andrea Shalal | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-afd/germanys-afd-confirms-politicians-exchanged-racist-anti-semitic-messages-in-group-chat-idUSKCN1IJ299 |
STAMFORD, Conn., May 11, 2018 /PRNewswire/ -- Atlantic Street Capital , a private equity firm targeting entrepreneurial businesses poised for the next level of growth, announced today that its portfolio company Uniguest, a leading provider of managed technology solutions for the hospitality, office retail, and community living industries, has acquired ONELAN Limited, a U.K.-based digital signage and visual communications company.
Headquartered in Reading, U.K., ONELAN is a global leader in developing and managing visual applications such as digital signage, wayfinding, and meeting space bookings. Its footprint spans across 6,000 projects in 50 countries and operates across multiple end markets in the education, corporate, retail, hospitality, hotel & casino, restaurant, and transportation sectors.
"ONELAN helps us to quickly diversify our presence outside of the hospitality industry and offer our complementary products around the world," said Uniguest CEO Jeff Hiscox. "ONELAN's solutions are best in class and our combined solutions will drive a new "digital infusion" in the public use space of our customers."
ONELAN is the fifth add-on acquisition by Uniguest since the company was acquired by Atlantic Street Capital II, LP in 2015.
Andy Wilkins, Managing Partner at Atlantic Street Capital, said, "ONELAN's comprehensive suite of solutions – from hardware, to software, to content management – reach across multiple end markets and solidifies Uniguest as a global competitor. The combination of our businesses provides Uniguest with new product offerings, access to new end markets beyond hospitality, and international cross-selling opportunities."
About Uniguest
Uniguest is the leading provider of secure fully managed technology solutions to the hospitality industry, backed by world-class service delivery and 24/7/365 support. Uniguest's solutions include secure public-use computers, static and interactive digital signage, kiosks and purposed tablets. Uniguest manages more than 28,500 guest-facing technology devices in over 15,000 client locations across more than 65 countries for many of the world's most recognizable brands. For more information, visit www.uniguest.com .
About Atlantic Street Capital
Atlantic Street Capital is a private equity firm that invests in middle market companies with between $4 million and $15 million in EBITDA. The firm invests in fundamentally sound companies that will benefit from capital investment and value-adding strategic and operational initiatives. Atlantic Street Capital's investment team are hands-on investors who work closely with management to unlock their business' underlying value and help them succeed. The firm is currently making investments in Atlantic Street Capital III, LP. For more information, visit www.atlanticstreetcapital.com .
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
View original content with multimedia: http://www.prnewswire.com/news-releases/atlantic-street-capital-portfolio-company-uniguest-acquires-onelan-limited-300646777.html
SOURCE Atlantic Street Capital | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-atlantic-street-capital-portfolio-company-uniguest-acquires-onelan-limited.html |
May 8, 2018 / 11:05 PM / in 14 hours Major review backs cervical cancer shots, especially for teens Kate Kelland 3 Min Read
(Reuters) - Vaccines designed to prevent infection with human papillomavirus (HPV) are effective in protecting against pre-cancerous cervical lesions in women, particularly in those vaccinated between age 15 and 26, according to a large international evidence review.
The research by scientists at the respected scientific network the Cochrane Review also found no increase in the risk of serious side effects, with rates of around 7 percent reported by both HPV-vaccinated and control groups.
“This review should reassure people that HPV vaccination is effective,” Jo Morrison, a consultant in gynecological oncology at Britain’s Musgrove Park Hospital, told reporters at a briefing about the review’s findings.
She noted that some campaign groups have expressed concern about HPV vaccines, but said this review had found no evidence to support claims of increased risk of harm.
HPV is one of the common sexually transmitted diseases. Most infections do not cause symptoms and go away on their own, but when the immune system does not clear the virus, persistent HPV infection can cause abnormal cervical cells.
These pre-cancerous lesions can progress to cervical cancer if left untreated. HPV is a leading cause of cancer deaths among women worldwide, according to the World Health Organization.
Drugmakers GlaxoSmithKline and Merck & Co make vaccines that protect against HPV.
The Cochrane research pooled data and results from 26 studies involving more than 73,000 women across all continents over the last eight years.
The researchers found that in young women who tested negative for HPV, vaccination reduced the risk of developing precancer. About 164 out of every 10,000 women who got placebo developed cervical pre-cancerous lesions, compared with two out of every 10,000 who were vaccinated.
Looking more broadly across all women in the studies, regardless of whether they had previously had HPV or not, the vaccines were found to be slightly less effective, but still reduced the risk of cervical precancer from 559 per 10,000 to 391 per 10,000.
Experts not directly involved in the review said its findings were robust and important.
“This intensive and rigorous Cochrane analysis ... provides reassuring and solid evidence of the safety of these vaccines in young women,” said Margaret Stanley, a specialist in the pathology department at Cambridge University.
“It reinforces the evidence that preventing infection by vaccination in young women ... reduces cervical precancers dramatically.” Reporting by Kate Kelland, Editing by Catherine Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-vaccines-cervicalcancer/major-review-backs-cervical-cancer-shots-especially-for-teens-idUSKBN1I93G4 |
NEW YORK (Reuters) - The number of Americans sickened each year by bites from infected mosquitoes, ticks or fleas tripled from 2004 through 2016, with infection rates spiking sharply in 2016 as a result of a Zika outbreak, U.S. health officials said on Tuesday.
FILE PHOTO - A sign is displayed as San Diego County officials hand spray a two block area to help prevent the mosquito-borne transmission of the Zika virus in San Diego, California, U.S. August 19, 2016. REUTERS/Earnie Grafton The U.S. Centers for Disease Control and Prevention said that some 96,075 diseases caused by bites by mosquitoes, ticks and fleas were reported in 2016, up from 27,388 in 2004, in an analysis of data from the CDC’s National Notifiable Diseases Surveillance System.
Infections in 2016 went up 73 percent from 2015, reflecting the emergence of Zika, which is transmitted by mosquitoes and can cause severe birth defects. Zika was the most common disease borne by ticks, mosquitoes and fleas reported in 2016, with 41,680 cases reported, followed by Lyme disease, with 36,429 cases, almost double the number in 2004.
The increases may be a result of climate change, with increased temperatures and shorter winters boosting populations of ticks, mosquitoes and other disease-carrying creatures known as “vectors.”
“It enables these ticks to expand to new areas. Where there are ticks, there comes diseases,” said Lyle Petersen, director of the CDC’s Division of Vector-Borne Diseases.
Warmer summer temperatures also tend to bring outbreaks of mosquito-borne illnesses, Petersen said.
While Zika stood out as the latest emerging threat in the report, it also showed a long-term increase in cases of tick-borne Lyme disease, which can attack the heart and nervous system if left untreated.
Researchers warned that their numbers likely do not include every case as many infections are not reported.
These increases are due to many factors, including growing populations of the insects that transmit them and increased exposure outside of the United States by travelers who unknowingly transport diseases back home.
The CDC said more than 80 percent of vector-control organizations across the United States lack the capacity to prevent and control these fast-spreading, demanding illnesses. Petersen said that federal programs are increasing funding for those organizations.
Reporting by Gina Cherelus; editing by Scott Malone and Grant McCool
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-health-insectillness/tick-mosquito-borne-infections-surge-in-united-states-cdc-idUSKBN1I2423 |
TORONTO, May 29, 2018 (GLOBE NEWSWIRE) -- In connection with the filing today by Avante Logixx Inc. (TSXV:XX) (“ Avante ” or the “ Company ”) of a preliminary short form prospectus in respect of the bought deal public offering previously announced on May 23, 2018, the Company has announced that it will re-file its unaudited interim consolidated financial statements for the three and nine month periods ended December 31, 2017, together with the notes thereto (the “ Fiscal 2018 Q3 Financial Statements ”) and the applicable management’s discussion and analysis of the financial condition and results of operations of the Company, as the previously filed Fiscal 2018 Q3 Financial Statements had not been reviewed by the auditors of the Company, as permitted by applicable securities law.
In connection with the review engagement with its auditors, the Company will be restating the Fiscal 2018 Q3 Financial Statements, including certain note disclosure to (i) reflect a revision to the allocation of the purchase price allocation from the acquisition of City Wide Locksmiths Ltd.; and (ii) recapture into net income the previously expensed stock options granted to the former chief executive officer that expired upon his resignation. The Company anticipates filing the restated Fiscal 2018 Q3 Financial Statements and the applicable management’s discussion and analysis as soon as possible. The Company does not consider these adjustments, individually or in the aggregate, to be material.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.
About Avante Logixx Inc.
Avante Logixx Inc. (TSXV:XX) is a Toronto based provider of high end security services. We acquire, manage and build industry leading businesses which provide specialized, mission-critical solutions that address the needs of our customers. Our businesses continuously develop innovative solutions that enable our customers to achieve their objectives. With an experienced team and a proven track record of solid growth, we are taking steps to establish a broad portfolio of security businesses to provide our customers and shareholders with exceptional returns. Please visit our website at www.avantelogixx.com and consider joining our investor email list.
Avante Logixx Inc.
Craig Campbell
CEO
(416) 923-6984
[email protected]
Forward-Looking Information
All statements in this press release, other than statements of historical fact, are “forward looking information” with respect to Avante within the meaning of applicable securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “planned”, “expect”, “project”, “predict”, “potential”, “targeting”, “intends”, “believe”, “potential”, and similar expressions, or describes a “goal”, or a variation of such words and phrases or state that certain actions, events or results “may”, “should”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward looking information, including, without limitation, the list of risk factors identified in Avante’s Management Discussion & Analysis (MD&A), Annual Information Form (AIF) and other continuous disclosure, which list is not exhaustive of the factors that may affect any of Avante’s forward-looking information. In connection with the forward-looking statements contained in this and subsequent press releases, Avante has made certain assumptions about its business and the industry in which it operates and has also assumed that no significant events occur outside of Avante’s normal course of business. Although management believes that the assumptions inherent in the forward-looking statements are reasonable as of the date the statements are made, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein. Avante’s forward-looking information is based on the beliefs, expectations and opinions of management on the date the statements are made, and Avante does not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, readers should not place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Avante Logixx Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-avante-logixx-announces-q3-2018-financials-and-mda-to-be-restated-in-connection-with-filing-of-preliminary-short-form.html |
LONDON (Reuters) - A 70,000 pound ($95,000) fine for campaign group Leave.EU is a politically motivated attack on Brexit by people who don’t want it to happen, the group’s founder said on Friday.
FILE PHOTO: British businessman Arron Banks, who has funded the Leave.EU campaign, is seen during the opening day of the United Kingdom Independence Party (UKIP) annual conference at Doncaster Racecourse in Doncaster, northern Britain September 25, 2015. REUTERS/Andrew Yates/File Photo The Electoral Commission fined Leave.EU for breaking campaign spending rules in the 2016 campaign but said that it found no evidence the group had used controversial political consultancy Cambridge Analytica.
“The Electoral Commission is a ‘Blairite Swamp Creation’ packed full of establishment ‘Remoaners’,” Leave.EU founder Arron Banks said, using a derogatory slang term for “remain” voters.
“We view the Electoral Commission announcement as a politically motivated attack on Brexit and the 17.4 million people who defied the establishment to vote for an independent Britain.”
Reporting by Alistair Smout; editing by Guy Faulconbridge
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-spending-banks/leave-eu-founder-says-uk-electoral-fine-is-a-part-of-plot-by-enemies-of-brexit-idUSKBN1IC0KA |
Michigan State to pay $500 million to Nassar victims 2:50pm EDT - 00:56
Hundreds of women sexually abused by disgraced gymnastics doctor Larry Nassar have tentatively agreed to a $500 million settlement with Michigan State University, Nassar’s former employer, attorneys for both sides said on Wednesday.
Hundreds of women sexually abused by disgraced gymnastics doctor Larry Nassar have tentatively agreed to a $500 million settlement with Michigan State University, Nassar’s former employer, attorneys for both sides said on Wednesday. //reut.rs/2L7RoEk | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/michigan-state-to-pay-500-million-to-nas?videoId=427495899 |
Brazil's Temer says no threat of coup amid truckers protest Published 25 Mins Ago Reuters
SAO PAULO, May 29 (Reuters) - Brazilian President Michel Temer said on Tuesday that there is no chance that a nationwide truckers' protest that has paralyzed Latin America's biggest economy will spark a military coup that would topple his government, despite some calls from Brazil's fringes to do just that.
Temer, speaking with a small group of foreign journalists at an investment forum in Sao Paulo, also said that concessions made to the striking truckers to lower diesel prices would not undo reforms made to state-led oil company Petroleo Brasileiro SA to lessen government intervention. The president added that his government would go to the Supreme Court to have an oil workers strike planned for Wednesday declared illegal. (Reporting by Simon Webb Writing by Brad Brooks Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-brazils-temer-says-no-threat-of-coup-amid-truckers-protest.html |
(Adds U.S. market open, byline, dateline; previous LONDON)
* Brent drops ahead of news on U.S. sanctions on Iran
* Italian shares, bonds drop on election uncertainty
By Herbert Lash
NEW YORK, May 8 (Reuters) - The U.S. dollar hit fresh 2018 highs on Tuesday on safe-haven demand amid expectations President Donald Trump will pull out of a key nuclear accord with Iran, while oil prices slumped ahead of news on whether the U.S. will reinstate sanctions on Iran.
U.S. officials indicated late Monday that Trump would withdraw from the deal but it was unclear on what terms and whether sanctions would be announced, said a senior European official closely involved in Iran diplomacy.
Brent crude futures dropped 3.1 percent to $73.82 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 3.2 percent at $68.45.
Equity markets in the U.S. and Europe edged lower, weighed by technology and consumer discretionary stocks, as investors awaited Trump’s decision at 2:00 p.m. ET (1800 GMT).
A U.S. withdrawal from the multination accord could impact Iranian crude exports and also fan geopolitical tensions in the Middle East, home to one-third of the world’s daily oil supply.
The possibility of Trump walking away from the Iran deal has been widely telegraphed, said Jack Ablin, chief investment officer and founding partner at Cresset Wealth Advisors in Chicago.
“A lot of strength in oil has already occurred, this could be just buy-the-rumor sell-the-news with oil,” Ablin said. If (Trump) decides to keep the deal and negotiate you could see oil prices fall.”
The dollar index, tracking it against a group of six major currencies, has surged about 4.5 percent in three weeks as hopes were dashed that other major central banks would follow the U.S. Federal Reserve in normalizing monetary policy.
The euro and sterling fell under renewed pressure, the former on prospects of early elections in Italy and the latter as hopes waned of a Bank of England rate increase this week.
“The dollar reflects the incremental economic strength of the U.S. versus Europe and other places,” Ablin said. “The dollar is somewhat undervalued relative to the euro and the pound but it is very overvalued relative to the Japan yen.”
The euro fell 0.55 percent against the dollar to $1.1854 , the lowest since December. Against the yen, the dollar gained 0.11 percent to 109.19 per $1.
The Dow Jones Industrial Average fell 49.96 points, or 0.21 percent, to 24,307.36. The S&P 500 lost 7.53 points, or 0.28 percent, to 2,665.1 and the Nasdaq Composite dropped 18.77 points, or 0.26 percent, to 7,246.45.
MSCI’s gauge of global equity markets fell 0.09 percent while the pan-European FTSEurofirst 300 index lost 0.02 percent.
Italian government bond yields jumped, lifting southern European peers, as the possibility of an early election increased with the largest anti-establishment parties polling strongly.
The Italy/Germany 10-year government bond yield spread hit its widest in three weeks at 128 basis points, while Italian 10-year yields shot up to yield 1.863 percent.
Benchmark U.S. Treasury 10-year notes last fell 7/32 in price to yield 2.9779 percent.
Reporting by Herbert Lash; Editing by Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-dollar-hits-2018-high-amid-iran-pact-worry-crude-slumps-idUSL8N1SF5U7 |
JOHANNESBURG (Reuters) - Africa’s biggest securities exchange, the JSE Ltd ( JSEJ.J ), is crafting tighter disclosure rules for companies with listed debt instruments, combined with a greater focus on corporate governance to increase transparency.
South Africa's stock exchange CEO Nicky Newton-King poses for a photograph at the JSE offices in Sandton, South Africa, May 3, 2018. Picture taken May 3, 2018. REUTERS/Tiisetso Motsoeneng South African state-owned companies, which are some of the biggest debt issuers, are overhauling their corporate governance after some were caught up in a recent influence-peddling scandal that rocked business and politics in Africa’s biggest economy.
“Commentators are often are critical why exchanges don’t catch or stop a fraud etc ... what they (regulators) do is they require disclosures so people are informed before they make a decision to invest,” JSE Chief Executive Nicky Newton-King said in an interview with Reuters.
“That’s why we are looking at disclosures for non-listed companies with debt securities as a means for investors, the media and interested shareholders to ask difficult questions.”
The new regulations, which are expected to be finalised by the end of the year, would have a strong focus on corporate governance, Andre Visser, head of regulation at JSE, added.
“If you make an appointment to board of a company with debt instrument on the JSE, there’s no specific requirement to disclose that. You will see a lot more disclosures coming up from companies with debt instruments,” Visser said.
South African state-owned companies, such as power utility Eskom and trains operator Transnet, are some of the country’s biggest issuers of debt.
TRANSFORMATION At the helm since 2012, Newton-King was an instrumental figure in the transformation of the stock exchange in the early 2000s with the acquisitions of the derivatives market SAFEX and debt exchange Bond Exchange of South Africa.
She joined JSE in 1996 from a law firm and wants to make Africa’s oldest stock exchange the best in emerging markets.
“We’re on a very clear path to become the best global platform in emerging markets,” she said. “When you talk about emerging markets’ financial markets, you will say, jeez the best one is the JSE,” she said.
The JSE is already the top-20 capital market in the world with more than 160 companies listed on the its main JSE All-share index. It has a market capitalisation of 11.7 trillion rand ($930 billion).
The bourse has been cutting transaction prices in a bid to compete with the London Stock Exchange and the Australian Stock Exchange abroad and with newer entrants at home such as ZAR X and Equity Express Securities Exchange, Newton-King said.
It has cut prices by at least 20 percent over the last years and expects more in equity market transactions in the coming months.
“The competitive landscape, the sweet spot in which a competitor can get to us is much smaller than it was three years ago,” she said “We are a different shop today, far more client focused, making strides in pricing far faster than we used to.”
($1 = 12.5800 rand)
(This version of the story refiles to fix typo in paragraph 8.)
Editing by Alexander Smith
| ashraq/financial-news-articles | https://www.reuters.com/article/us-jse-interview/south-africas-jse-to-tighten-disclosure-for-debt-issuers-idUSKBN1I51HO |
SCOTUS rejects Arkansas abortion law challenge Tuesday, May 29, 2018 - 01:24
In a setback to abortion rights advocates, the U.S. Supreme Court on Tuesday paved the way for Republican-backed restrictions on medication-induced abortions to take effect in Arkansas that could lead to the shuttering of two of the state's three abortion clinics. Colette Luke has more. ▲ Hide Transcript ▶ View Transcript
In a setback to abortion rights advocates, the U.S. Supreme Court on Tuesday paved the way for Republican-backed restrictions on medication-induced abortions to take effect in Arkansas that could lead to the shuttering of two of the state's three abortion clinics. Colette Luke has more. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2H14Bvs | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/29/scotus-rejects-arkansas-abortion-law-cha?videoId=431509731 |
TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Tuesday that U.S. and most European central banks are “extremely cautious” of the idea of issuing digital currencies as substitutes for cash.
FILE PHOTO: Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan, in this photo taken by Kyodo April 27, 2018. Mandatory credit Kyodo/via REUTERS “Sweden is an exceptional case,” where use of cash has dwindled so much that the central bank had to consider issuing digital currencies, Kuroda said.
The BOJ itself has no plans to issue digital currencies that can replace cash for use by the general public, he added.
Reporting by Leika Kihara; Editing by Chris Gallagher
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cryptocurrency-cenbank-boj/boj-kuroda-says-major-central-banks-cautious-of-issuing-digital-currencies-idUSKCN1IN0BJ |
NAIROBI, May 24 (Reuters) - Kenya plans to make a “green” bond issue in the 2018/19 (July-June) fiscal year, senior government officials said on Thursday, as the country diversifies its borrowing on financial markets.
The proceeds from green bonds help to finance projects in the renewable energy, energy-efficiency, green transport and wastewater treatment sectors.
Kamau Thugge, Principal Secretary at the Finance Ministry, said that with a budget deficit of about 575 billion shillings ($5.7 billion) - equal to 5.7 percent of annual gross domestic product - there was room to raise funds using green bonds for existing infrastructure projects.
“It is not going to be new projects that are put into the budget,” Thugge told reporters. “We would like to move as quickly as possible.”
Geoffrey Mwau, director general of budget, fiscal and economic affairs at the finance ministry, said the initial amount the government aimed to raise would be about $50 million.
Like other African nations, Kenya needs to raise billions of dollars to invest in infrastructure projects including roads, water and irrigation, railways and power generation.
Last month, privately-run non-profit Kenya Pooled Water Fund said it planned to issue a 1.5 billion shilling bond and to have it certified as a green bond, with its proceeds expected to fund water utilities. ($1 = 100.9500 Kenyan shillings) (Reporting by George Obulutsa; editing by Elias Biryabarema and David Stamp)
| ashraq/financial-news-articles | https://www.reuters.com/article/kenya-bonds/kenya-aims-to-issue-green-sovereign-bond-in-2018-19-idUSL5N1SU4WJ |
NEW DELHI/MUMBAI(Thomson Reuters Foundation) - India’s government must explain its stand on consensual sexual relations between same sex adults, the Supreme Court said on Tuesday, setting a July deadline for a response.
The court had heard petitions demanding the abolition of Section 377 - a colonial-era law that prohibits “carnal intercourse against the order of nature with any man, woman or animal” - widely interpreted to refer to homosexual sex.
The court’s notice to the government “is a watershed in the whole fight against Section 377,” said petitioner Ashok Row Kavi, chairperson of Humsafar Trust, a charity that works with India’s LGBT community.
“The government will have to decide whether this colonial law should still stand relevant in a country that has its own constitution that protects fundamental rights of its citizens,” he told the Thomson Reuters Foundation.
The Supreme Court had in a surprise ruling in 2013 reinstated a ban on gay sex after a four-year period of decriminalization, but it announced in January this year that it would reconsider the 2013 decision.
Those who submitted petitions to the court in the past couple months said they were living in constant fear of police due to their sexual orientations, and argued that the ban was unconstitutional.
Among the petitions the judges considered on Tuesday was that of Arif Jafar, who was arrested under Section 377 in 2001 and was released after 49 days. His case is still pending.
Although the law banning homosexuality is rarely enforced in India, it is used to intimidate, harass, blackmail and extort money from gay people, activists say.
All forms of non-penile vaginal sex are also criminalized under Section 377. Gay sex is punishable by up to 10 years jail under the law.
There is no official data on the LGBT population in India, but the government estimates there are 2.5 million gay people, reflecting those who have declared their sexuality to the health ministry.
Campaigners say real numbers are far higher, as many conceal their identities fearing discrimination in a country where most marriages still take place within the boundaries of caste and religion.
Reporting by Roli Srivastava @Rolionaroll; Editing by Jared Ferrie. Please credit Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women’s rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-india-lgbt-courtlawmaking/explain-stand-on-gay-sex-indias-top-court-issues-notice-to-government-idUSKBN1I23GQ |
BANGKOK (Reuters) - Thai Prime Minister Prayuth Chan-ocha reiterated on Tuesday that a general election will take place in “early 2019 and no sooner” as hundreds of protesters gathered in Bangkok to demand that a vote be held in November.
FILE PHOTO: Thailand's Prime Minister Prayuth Chan-ocha gestures during a news conference after a weekly cabinet meeting at Government House in Bangkok, Thailand, January 9, 2018. REUTERS/Athit Perawongmetha/FIle Photo Protesters hoping to march to the prime minister’s offices, Government House, set off from Thammasat University early in the day but were blocked by rows of police in black uniforms.
The rare protest is also marking four years since Prayuth, then army chief, overthrew an elected government in a May 22, 2014, coup.
The military government initially promised to hold a general election in 2015 but has pushed back the date several times.
Reporting by Pracha Hariraksapitak; Writing by Amy Sawitta Lefevre; Editing by Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-thailand-politics/thai-pm-reiterates-no-vote-until-early-2019-as-protesters-gather-idUSKCN1IN0PW |
MOSCOW (Reuters) - Russian Deputy Foreign Minister Sergei Ryabkov urged the United States on Tuesday not to take any rash steps against Iran that would spoil the nuclear deal, the Tass news agency reported.
U.S President Donald Trump is expected to announce a decision on Tuesday on whether to withdraw from the Iran pact, which lifted economic sanctions on Iran in exchange for Tehran limiting its nuclear ambitions.
Ryabkov said there were no grounds to believe Iran is on the path to creating a nuclear bomb, and that it would be impossible to pressure Tehran into make unilateral concessions, Tass reported.
Reporting by Katya Golubkova; Editing by Andrew Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-ryabkov/russias-ryabkov-urges-u-s-to-avoid-rash-steps-against-iran-tass-idUSKBN1I91OM |
U.S. Vice President Mike Pence is set to announce new sanctions on Venezuela in a speech to the Organization of American States on Monday, an aide to Pence said.
The aide, who spoke on condition of anonymity, declined to provide details about the sanctions ahead of the speech, which was schedule to begin at 1:25 pm ET.
Pence also is expected to call for a delay in Venezuela's presidential election, set for May 20, in his speech, the aide said.
Pence previously has urged the international community to increase pressure on Venezuela's socialist President Nicolas Maduro , who the United States blames for the deep recession and hyperinflation that has caused shortages of food and medicine and a flood of migrants into neighboring countries.
President Donald Trump 's administration already has imposed some financial and individual sanctions on Maduro's government, accusing senior officials of rights abuses and corruption.
The Trump administration also has been weighing new oil-related sanctions on a Venezuelan oil services company and on insurance coverage for tankers carrying Venezuelan oil.
The announcement comes as oil prices rose to their highest levels since late 2014 on Monday, boosted by fresh troubles for Venezuelan oil company PDVSA and a looming decision on whether the United States will re-impose sanctions on Iran over its nuclear program. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/pence-to-announce-new-venezuela-sanctions-in-speech-on-monday.html |
May 19, 2018 / 12:19 AM / Updated 41 minutes ago Two weeks on, Hawaii residents look for 'normalcy' amid ash, lava Terray Sylvester 4 Min Read
PAHOA, Hawaii (Reuters) - Two weeks after fountains of lava and poisonous gas from Hawaii’s Kilauea volcano forced hundreds of people to flee their homes in the middle of the night, things were only getting worse for residents on Friday after another eruption. Journalists and soldiers of the Hawaii National Guard document road damage in Leilani Estates during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 18, 2018. REUTERS/Terray Sylvester
As Kilauea oozed lava from 22 fissures on its eastern flank, residents of Pahoa on the Big Island, some wearing ash masks, hunkered down in shelters and waited for an expected resumption of major eruptions.
The first evacuations came before dawn on May 3, when the volcano began its current cycle of eruptions and earthquakes.
“We’re all trying to establish or find some normalcy in our lives knowing that we’re on an active volcano that’s very active right now,” said Cindy Hartman, a dietician at Hilo Medical Center.
She packed up and left her home in the Kalapana-Seaview neighbourhood on Sunday, after a fissure opened just two miles(3.2 km) from the last road out.
Hartman has been staying with a friend but is looking for temporary housing, faced with the possibility that lava could flow for months. Old-timers have reminded her that a similar event in 1955 lasted for 88 days. Soldiers of the Hawaii National Guard drive through Leilani Estates during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 18, 2018. REUTERS/Terray Sylvester
Four people were rescued by helicopter after a fast moving lava flow crossed Pohoiki Road, one of the main arteries in and out of the area, isolating about 40 homes.
“People still in that area are asked to stay in a safe place and wait for further instructions,” the county said in an alert.
Kilauea spewed ash nearly six miles (9 km) into the sky on Thursday in what scientists warned could be the first in a string of even more violent explosive eruptions.
Residents were warned to take shelter from the ash as toxic gas levels spiked in a small southeast area where lava has burst from the ground during the two-week eruption. Slideshow (4 Images)
The mouth of the summit crater vent has nearly tripled in size during the past couple of days from about 12 acres (4.9 hectares) in area to 34 acres (13.8 hectares), according to USGS geophysicist Mike Poland.
While this widening coincided with back-to-back explosive, steam-driven eruptions from the crater this week, Poland said, the enlargement was caused primarily by the interior walls of the crater vent collapsing, as the magma continues to drop through the throat of the volcano.
Geologists say it remains unlikely Kilauea will have a massive eruption like that of 1790, which killed dozens of people in the deadliest such event to occur in what is now the United States.
Kilauea’s falling lava lake has likely descended to a level at or below the water table, allowing water to run on to the top of its lava column and create steam-driven blasts, they said.
A spike in toxic sulphur dioxide gas levels has closed schools around the town of Pahoa, 25 miles (40 km) east of the volcano, where lava from giant cracks has destroyed 40 homes and other structures, and forced about 2,000 residents to flee.
A change in wind direction caused volcanic gas to drift northwest towards Pahoa, prompting National Guard troops to don gas masks at a nearby road intersection.
The Pahoa fire station recorded a “red level” of sulphur dioxide, meaning the gas could cause choking and an inability to breathe, Fenix Grange of the Hawaii Department of Health told a news conference in Hilo.
There have been no deaths or serious injuries reported during the current eruption.
An aviation red alert was in effect due to risks ash could be carried into aircraft routes and damage jet engines. Additional reporting by Jolyn Rosa in Honolulu and Steve Gorman in Los Angeles; Writing by Dan Whitcomb; Editing by Bill Tarrant, Sandra Maler, Kim Coghill, William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-hawaii-volcano/two-weeks-on-hawaii-residents-look-for-normalcy-amid-ash-lava-idUKKCN1IK005 |
TORONTO (Reuters) - Canada wants to change a bilateral agreement to allow it to turn back thousands of asylum seekers walking across the border but the United States is not cooperating, according to a Canadian official with knowledge of the discussions.
FILE PHOTO: A group of migrants who said they were from Djibouti and Somalia walk along railway tracks after crossing the Canada-U.S. border in Emerson, Manitoba, Canada, March 27, 2017. REUTERS/Chris Wattie/File Photo Under the Safe Third Country Agreement, or STCA, asylum seekers who arrive at a formal Canada-U.S. border crossing going in either direction are turned back and told to apply for asylum in the first country they arrived in.
Canada wants the agreement rewritten to apply to the entire border.
More than 26,000 people have illegally crossed the Canada-U.S. border to file refugee claims in the past 15 months, walking over ditches and on empty roads along the world’s longest undefended border. Many have told Reuters they might have stayed in the United States were it not for President Donald Trump’s immigration rhetoric and policies.
Canadian officials first discussed changing the pact with U.S. Department of Homeland Security officials last September, shortly after more than 5,700 asylum seekers walked into Canada in August.
“We’d like to be able to get them to agree that we can, if somebody comes across, we just send them back,” the official told Reuters on Friday, adding Canada had raised the issue “at least a dozen” times since.
“I wouldn’t say they’ve been objecting or saying: ‘No, we won’t do it,’ but it’s been not responding rapidly.”
The Department of Homeland Security is reviewing Canada’s proposal and has not yet made a decision, a spokeswoman said.
The Canadian official compared Canada’s position to U.S. requests that Mexico prevent migrants traversing its territory from entering the United States
“We’ve got a problem, here. We’ve got to fix it,” the official added. “And we need the Americans’ cooperation.”
For now, another official said, Canada would keep doing what it is doing: Managing the influx of refugee claimants in a strained system, while seeking to dissuade would-be crossers through outreach efforts.
Even if the United States agreed to take back anyone trying to cross into Canada, keeping people out between all ports of entry would be a challenge and could result in asylum seekers taking potentially deadly risks to avoid detection, said University of Toronto law and human rights professor Audrey Macklin.
The STCA already faces a Canadian court challenge that argues the agreement is discriminatory and violates Canada’s Charter of Rights and Freedoms.
Canada has also urged U.S. officials to crack down on visas, saying many of the asylum seekers had valid U.S. visas and used the United States merely as a transit point.
Earlier this year, Canadian officials traveled to Nigeria, the source of a significant number of asylum seekers, to speak with Nigerian government officials and U.S. embassy staff.
The number of U.S. visas being issued to Nigerians has since dropped, said Mathieu Genest, a spokesman for Canadian Immigration and Refugee Minister Ahmed Hussen.
Reporting by Anna Mehler Paperny; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-canada-immigration-border/canada-wants-u-s-cooperation-in-turning-back-asylum-seekers-idUSKBN1I12AR |
in 7 minutes BRIEF-SG Blocks Q1 Loss Per Share $0.18 Reuters Staff
May 9 (Reuters) - SG Blocks Inc: * SEES Q2 2018 REVENUE $3.5 MILLION TO $4.5 MILLION
* SG BLOCKS ANTICIPATES IT WILL RECOGNIZE A MAJOR PART OF RESIDUAL CONTRACT OF $1.9 MILLION FROM LOS ANGELES PROJECT IN Q2 OF 2018
* ON $15.0 MILLION CONTRACT, MANAGEMENT EXPECTS TO RECOGNIZE APPROXIMATELY 30% OF PROJECT REVENUE IN 2018 AND BALANCE IN 2019
* SG BLOCKS- ON $55.0 MILLION CONTRACT, EXPECTS TO REALIZE ABOUT 10% OF PROJECT REVENUE IN 2018 AND REMAINING BALANCE EQUALLY IN EACH OF 2019 AND 2020
* ON $27.5 MILLION CONTRACT, EXPECT TO START DESIGN AND ENGINEERING SERVICES IN Q4 OF 2018 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sg-blocks-q1-loss-per-share-018/brief-sg-blocks-q1-loss-per-share-0-18-idUSASC0A11U |
North Korea says it may reconsider Trump summit 9:36am EDT - 02:08
North Korea throws next month’s summit between Kim Jong Un and U.S. President Donald Trump into doubt by threatening to pull out of the meeting if Washington continues to push it for denuclearization.
North Korea throws next month’s summit between Kim Jong Un and U.S. President Donald Trump into doubt by threatening to pull out of the meeting if Washington continues to push it for denuclearization. //www.reuters.com/video/2018/05/16/north-korea-says-it-may-reconsider-trump?videoId=427410192&videoChannel=13421 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/north-korea-says-it-may-reconsider-trump?videoId=427410192 |
May 15, 2018 / 2:11 PM / Updated 42 minutes ago Kenya police mistake teenager for wanted man, shoot him dead-boy's father Reuters Staff 2 Min Read
NAIROBI (Reuters) - Kenyan police on the trail of one of the country’s most wanted criminals shot dead a 17-year-old boy after mistaking him for their suspect, the boy’s father said on Tuesday, in the latest accusation of wrongful killing to be levelled at the force.
Kenyan police face frequent allegations of brutality and extrajudicial killings from civilians and rights groups, but officers are rarely charged and almost never convicted.
The police service was not available immediately for comment on the accusation by the boy’s father, Thomas Okong’o, who told Reuters his son, Arnold Mudanya, was shot dead as he left a shop in Nairobi’s Eastlands area on Friday morning.
Okong’o said the police had mistaken his son for Shimoli Junior, described by local media as one of the country’s most wanted men.
“Police have killed my son due to mistaken identity. They should not take the law into their hands... they should have arrested him if he was a suspect,” he said. Mudanya was working as a tout on public minibuses in the area before he was killed, his father said.
Local media quoted the police as saying they had shot dead a suspect identified as Shimoli Junior soon after Mudanya was killed. Police had accused Shimoli of attacking sports men and fans in a stadium in the area.
Okong’o said he had reported the killing at a police station and with the Independent policing oversight authority (IPOA). IPOA was not immediately available for comment.
State-funded IPOA was established by the government in 2011, after police were blamed for the deaths of dozens of protesters in violent following a disputed presidential election in 2007.
But it has only managed to secure a handful of convictions against accused policemen despite numerous complaints against the police from the public. Reporting by Humphrey MalaloEditing by | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-kenya-police/kenya-police-mistake-teenager-for-wanted-man-shoot-him-dead-boys-father-idUKKCN1IG247 |
May 19, 2018 / 12:50 PM / in 8 hours Haunted by Don Quixote for 25 years, Terry Gilliam finally gets his epic out Robin Pomeroy 4 Min Read
CANNES, France (Reuters) - Terry Gilliam finally brought his epic “The Man Who Killed Don Quixote” to the screen on Saturday, after a 25-year struggle to make a film afflicted by financial, legal and logistical obstacles, illness and death. 71st Cannes Film Festival - Conference for the film "The Man Who Killed Don Quixote" out of competition - Cannes, France, May 19, 2018 – Director Terry Gilliam. REUTERS/Stephane Mahe
Dedicated to the memory of John Hurt and Jean Rochefort, two deceased actors who starred in earlier, abandoned versions, the movie has long-time Gilliam collaborator Jonathan Pryce as Quixote, alongside Star Wars’ actor Adam Driver.
“I was the victim of Don Quixote, he wouldn’t leave me alone. He stalked me for 24, 25 years,” Gilliam told Reuters in at the Cannes Film Festival.
“It’s not the film I set out to make, it’s a much better film. The film I set out (to make) was just not a patch on what this film is. It’s taken all those years of marinating in my life to get there,” he said ahead of the world premiere.
A version starring Johnny Depp and Vanessa Paradis made it to the screen only in a 2002 documentary, “Lost In La Mancha” which charts the film’s descent into oblivion.
Initially, the plot was about a man who wakes up in the 17th century, believing he is the hero of Miguel de Cervantes’ novel.
In the final version, Driver plays an obnoxious director of TV adverts who realizes the Spanish location he is filming in is near where he made his film-school movie, “The Man Who Killed Don Quixote”, a decade earlier. 71st Cannes Film Festival - Photocall for the film "The Man Who Killed Don Quixote" out of competition - Cannes, France, May 19, 2018 - Director Terry Gilliam, cast members Rossy de Palma and Sergi Lopez. REUTERS/Regis Duvignau
He tracks down the man he cast as the lead, now a deluded geriatric convinced he really is Don Quixote living in the age of chivalry. “SURREAL”
Driver, who stars in another prominent Cannes movie, Spike Lee’s “BlacKkKlansman”, said it was “surreal” to be working with directors whose work he grew up watching.
Having acted in Martin Scorsese’s 2016 “Silence”, which also took decades to make, he was not daunted about joining “Quixote”, in the shoes of Johnny Depp.
“Any movie that actually comes together is always a miracle,” Driver said. Slideshow (8 Images)
“If anyone’s been living with something for that long and they have that strong a will to get it done, then it inevitably will be interesting.”
Pryce, 70, whose breakthrough movie was Gilliam’s 1985 dystopian classic “Brazil”, said he had watched “Lost In La Mancha” in tears while the audience of non-filmmakers in the cinema laughed at the tragi-comedy.
“It was a bit scary that the two guys who made the documentary were there on the first day of this film, waiting for it to burst into flames,” he said.
The makers of “Lost In La Mancha” are working on a sequel, about the continued problems of the film which was subject to legal challenges that almost prevented it playing in Cannes.
Pryce said the real reason it took Gilliam so long to make “The Man Who Killed Don Quixote” was that he was waiting for his lead actor to be old enough for the part.
Gilliam, who chuckled his way through the interview, has another story.
“(Pryce) used to come knocking on the door every few weeks saying: ‘I’m still available.’ It was always embarrassing trying to say: ‘Jon, I’ve got John Hurt,’ or somebody else. Until, basically, he got the part because finally his eyebrows got so bushy we didn’t have to have extra makeup for them.”
“The Man Who Killed Don Quixote” is playing, out-of-competition, as the closing film of the Cannes Film Festival which ends on Saturday. Reporting by Robin Pomeroy; Editing by Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-filmfestival-cannes-don-quixote/haunted-by-don-quixote-for-25-years-terry-gilliam-finally-gets-his-epic-out-idUSKCN1IK0GJ |
Roseanne Barr apologizes for racist tweet 43 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/roseanne-barr-apologizes-for-racist-tweet.html |
May 24, 2018 / 5:10 AM / Updated 5 minutes ago Argentines brace for crisis as nation again seeks IMF help Eliana Raszewski 6 Min Read
BUENOS AIRES (Reuters) - Maria Florencia Humano opened a clothing store in 2016, convinced that Argentina’s long history of economic crises had ended under pro-business President Mauricio Macri. People walk by a currency exchange store that is out of business, in Buenos Aires, Argentina May 4, 2018. REUTERS/Marcos Brindicci
She will shutter it later this month, unable to make rent or loan payments. Soaring interest rates and a plunging currency have upended her dream and returned Argentina to a familiar place: asking the International Monetary Fund for a lifeline.
Humano’s decision comes just weeks after a sombre Macri announced in a televised May 8 speech that Argentina would start talks with the IMF. He is seeking a credit line worth at least $19.7 billion (14.7 billion pounds) to fund the government through the end of his first term in late 2019.
The unexpected move surprised investors and stoked Argentines’ fears of a repeat of the nation’s devastating 2001-2002 economic collapse. Many here blame IMF-imposed austerity measures for worsening that crisis, which impoverished millions and turned Argentina into a global pariah after the government defaulted on a record $100 billion in debt.
Word of a potential bailout sent thousands of angry Argentines into the streets this month, some with signs declaring “enough of the IMF.”
As recently as a few months ago, analysts were hailing Argentina as an emerging-market success story. Now some are predicting recession. Macri’s popularity has plummeted. Supporters such as business owner Humano say they feel swindled.
“I voted for him. I made a bet and believed in him,” said Humano, 46, who recently moved in with her sister to save money. “Now I don’t believe anyone.” SHOW OF SWAGGER
It was not supposed to be this way. Macri, a business tycoon, rose to power in 2015 vowing to end capital controls and reincorporate Argentina into the global economy.
He settled with the nation’s remaining creditors and vowed to unwind big-spending policies of his populist predecessor, Cristina Fernandez. The economy grew and unemployment fell. In a show of swagger, Argentina last year issued $2.75 billion of dollar-denominated bonds with a 100-year maturity; investors snapped them up.
Macri’s free-market credentials earned him a 2017 invitation to the White House to meet U.S. President Donald Trump, who just last week on Twitter hailed the Argentine leader’s “vision for transforming his country’s economy.”
But economists say Macri badly damaged his credibility in December when his administration weakened tough inflation targets. The central bank followed with a January rate cut to goose growth, even as consumer prices kept galloping.
Rising U.S. interest rates did not help. Argentina is saddled with more than $320 billion in external debt, equivalent to 57.1 percent of GDP, much of it denominated in dollars. Jittery investors hit the exits. The peso swooned. The central bank sold $10 billion in reserves trying to prop up the peso, forcing Macri to seek assistance from the IMF.
Marcos Pena, Macri’s cabinet chief, said this week that changing the inflation targets “may have damaged the perception of an autonomous central bank.”
Macri, meanwhile, has defended his quick outreach to the IMF as a way to head off a crisis like those of the past. Market response has generally been positive. After shedding a quarter of its value this year, the peso has stabilized at around 25 per dollar.
Still, the fallout is hitting Argentina’s economy hard. The central bank has hiked its benchmark rate to 40 percent, the highest in the world. Even so, inflation is still running at an annual rate of around 25 percent.
Businesses are already hunkering down. French Supermarket chain Carrefour, which employs 19,000 people in Argentina, said last month it will lay off an unspecified number of workers as part of a “crisis prevention plan.”
Small businesses, too, are preparing for the worst, said Eduardo Fernandez, head of APYME, which represents about 10,000 small firms nationwide. The group says Argentina’s return to the IMF represents a failure of Macri’s economic policies, which are now clobbering mom-and-pop operators.
“With this rate increase we can’t request credit, we are in a very difficult situation,” Fernandez said.
A few consultancies, including London-based Capital Economics, predict high interest rates will tip Argentina into a recession this year. DOLLARS IN MATTRESSES
That remains to be seen. Still, economic cracks are showing. Retail sales contracted 3 percent in April as Argentine consumers curbed spending due to the shaky peso. Consumer confidence fell 8.5 percent in April from March and 13.5 percent from a year ago to its lowest level in four years, according to an index from Torcuato Di Tella University in Buenos Aires.
Some nervous Argentines have returned to an old habit of hiding greenbacks under their mattresses. Dollar deposits in Argentine banks fell 2 percent between April 27 and May 14, according to Reuters data.
Dollar-denominated accounts are a popular hedge against inflation in Argentina. But the government froze these instruments during the 2001-2002 crisis, forcing millions of savers to accept devalued pesos instead. Some are not taking any chances this time around.
Fabian Castillo, owner of a Buenos Aires shoe factory, is holding out hope the peso will recover some value. Still, he is struggling mightily with soaring prices for rent, utilities, labour, leather and glue. Meanwhile, cautious consumers are paring extras from their budgets, including his wares.
“Anyone selling perfume, clothes or shoes is having a hard time getting to the end of the month,” Castillo said. Reporting by Eliana Raszewski; Additional reporting by Rodrigo Campos and Luc Cohen; Writing by Caroline Stauffer; Editing by Marla Dickerson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-argentina-economy/argentines-brace-for-crisis-as-nation-again-seeks-imf-help-idUKKCN1IP0L4 |
Asian markets closed moderately higher on Monday, with weekend developments in U.S.-China talks, regarded as positive by analysts on the whole, in the spotlight.
Japan's Nikkei 225 edged up by 0.31 percent, or 72.01 points, to 23,002.37, crossing the 23,000 mark for the first time since February as the dollar firmed against the yen. The Topix dipped in and out of negative territory before finishing lower by 0.08 percent, with declines seen in insurers and steelmakers while machinery sector stocks climbed.
Over in South Korea, the Kospi reversed early losses, advancing 0.2 percent to close at 2,465.57.
Greater China markets got a lift following positive trade developments at the weekend. Hong Kong's Hang Seng Index advanced 0.68 percent by 3:22 p.m. HK/SIN, but was below its intraday high. Utilities and industrials led the climb ahead of the market close.
Symbol Name Price Change %Change NIKKEI --- HSI --- ASX 200 --- SHANGHAI --- KOSPI --- CNBC 100 --- On the mainland, the Shanghai composite edged up by 0.66 percent to 3,214.36 and the Shenzhen composite added 1.05 percent to end at 1,848.06. Logistics firms were given a boost as U.S.-China trade concerns abated, with Cosco Shipping Holding s jumping 7.39 percent.
Stocks Down Under bucked the trend, with the S&P/ASX 200 slipping 0.05 percent to close at 6,084.50 as materials and financials weighed.
On the whole, MSCI's index of shares in Asia Pacific excluding Japan edged higher by 0.1 percent in Asia afternoon trade.
U.S. puts 'trade war on hold' Developments in the U.S.-China trade relationship were digested by investors as markets opened for trade this week. In particular, immediate fears of a trade war were likely put to rest after U.S. Secretary Steven Mnuchin said Sunday that the countries were "putting the trade war on hold" as they worked out an agreement.
Both countries said they had agreed to "substantially reduce" the U.S. trade deficit with China in a joint statement on Saturday. According to the statement, China would significantly increase its purchases of U.S. goods and services, although it remained unclear how much that would amount to.
"Overall, markets should view this positively at the open this week, but will continue to be attentive to further developments," ANZ analysts said in a morning note.
Although Mnuchin's pronouncement was an incremental positive, there were also other moving parts at play in markets, said Jonathan Garner, chief Asia and emerging markets equity strategist at Morgan Stanley.
Higher oil prices were "negative for most of Asia, which is a large oil importer ... We also have a situation where monetary policy continues to tighten in the U.S. and China simultaneously, and that's an issue that's certainly causing pressure on valuations, particularly in equities," Garner told CNBC's "Squawk Box."
U.S. stock index futures, meanwhile, were higher on Monday following Mnuchin's comments, with the implied open for the Dow Jones industrial average more than 200 points higher during Asia morning trade. S&P 500 and Nasdaq futures also pointed to gains.
Stock indexes stateside had closed mostly lower on Friday as investors digested trade-related headlines ahead of the joint statement issued at the weekend. The declines also came as U.S. Treasury yields rose to multiyear highs last week.
On Monday, the yield on the benchmark 10-year U.S. Treasury note edged up to 3.07 percent after easing slightly in the Friday session. The 10-year yield had surpassed 3.1 percent for the first time in around seven years last week.
The dollar index , which tracks the U.S. currency against its peers, stood at 94.021, compared to levels around the 93.7 handle seen on Friday. Against the yen, the greenback traded at 111.30 at 3:17 p.m. HK/SIN as U.S.-China trade tensions were seen to have abated slightly.
In individual movers, shares of LG Electronics closed higher by 0.71 percent following news on Sunday that the chairman of LG Group, Koo Bon-moo, had passed away . Koo's son is expected to be nominated to the company's board as part of succession plans, Reuters said. Other LG affiliates traded lower, with LG Display declining 1.1 percent and LG Chem down 1.6 percent. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/20/asia-markets-us-china-trade-stocks-currencies-and-oil-in-focus.html |
LONDON (Reuters) - Oil prices are at more than three-year highs, driven by an expectation that renewed U.S. sanctions on Tehran over the country’s nuclear program will disrupt Iranian crude flows.
An Iranian man works on an oil production platform at the Soroush oil fields in the Persian Gulf, south of the capital Tehran, July 25, 2005. REUTERS/File Photo But without the Europe Union, or Iran’s other big crude customers, joining the effort, as the EU did in 2012, it will be harder for Washington to hit Iran where it really hurts.
U.S. President Donald Trump has given Britain, France and Germany a May 12 deadline to fix what he views as the flaws of the 2015 nuclear deal, or he will reimpose sanctions. (OPEC Gulf producers' fiscal breakeven oil price: reut.rs/2rj0Wnu )
Trump has all but decided to withdraw from the agreement, sources said, though exactly how he will do so remains unclear.
Europe now buys close to a quarter of all Iranian oil exports, yet it is still the Asian heavyweights -- China, India, Korea and Japan -- that take the bulk of the shipments.(Iranian crude exports by destination: reut.rs/2rig2K1 )
Turkey is Iran’s other major non-Asian buyer and flows there have nearly trebled since January 2016, rising by 170,000 bpd.
Since January 2016, Iran's crude output has risen by around a quarter, or 800,000 bpd, to 3.82 million bpd, making it the sixth largest oil producer in the world. (China and India's appetite for Iranian crude oil: reut.rs/2In5u68 )
Exports meanwhile, have more than doubled to record highs of 2.6 million bpd this April, up around 1.5 million bpd in the same time, most of which has been driven by shipments to refineries in the European Union.
France, Italy, Spain and Greece are Iran's biggest EU customers and Europe's share of the pie is a full 600,000 bpd larger now than it was in early 2016.(Iran's crude oil trade: reut.rs/2Im15k1 )
Over the three years of record global surplus of oil and refined products and rock-bottom prices, Iran has learned to do more with less.
According to the IMF, Iran will need an average oil price of $58.80 a barrel in 2018 to balance its budget, down from $100 back in 2014.
Reporting by Amanda Cooper; Editing by Christopher Johnson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-oil-iran-exports/could-u-s-sanctions-hit-iranian-crude-exports-idUSKBN1I91A5 |
May 18 (Reuters) - Deere & Co:
* DEERE SAYS REPLACEMENT DEMAND CONTINUES TO DRIVE FARM EQUIPMENT SALES - CONF CALL
* DEERE SAYS WHILE GLOBAL TRADE CONCERNS WEIGH ON FARMERS, OVERALL SENTIMENT IS HOLDING AS COMMODITY PRICES MOVE UP, EQUIPMENT DEMAND SHOWS IMPROVEMENT
* DEERE SAYS WIRTGEN’S CURRENT ORDER BOOK “VERY STRONG”, WIRTGEN WILL CONTRIBUTE $100 MILLION IN OPERATING PROFIT IN FISCAL YEAR 2018
* DEERE SAYS WIRTGEN IS GENERATING “STRONG” POSITIVE CASH FLOW IN CURRENT FISCAL YEAR
* DEERE SAYS BEYOND 2018, WIRTGEN OPERATING MARGINS ARE EXPECTED TO BE 13-14 PERCENT
* DEERE SAYS EXPECT “STRONG” MARGINS IN AGRICULTURE AND TURF BUSINESS GOING FORWARD
* DEERE SAYS MATERIAL AND FREIGHT COSTS HAVE EXCEEDED FORECAST FOR THE YEAR, DUE LARGELY TO INFLATION IN U.S. STEEL PRICES AND TIGHT MARKET FOR LOGISTICS
* DEERE SAYS WE ARE EXECUTING PRICING ACTIONS FOR CONSTRUCTION & FORESTRY BUSINESS THAT WILL TAKE EFFECT OVER THE REMAINDER OF THE YEAR
* DEERE SAYS AT THIS TIME, WE ARE CONFIDENT THAT OUR ACTIONS WILL MORE THAN OFFSET INFLATION THROUGH 2019
* DEERE SAYS SUPPLY CONSTRAINTS ISSUES HAVE IMPROVED VERY NICELY Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-deere-says-replacement-demand-cont/brief-deere-says-replacement-demand-continues-to-drive-farm-equipment-sales-idUSFWN1SP0SW |
Carl Icahn typically works alone. The dark prince of corporate raiders shuns the usual clutch of outside attorneys, investment bankers, and PR firms that rival activists assemble for their assaults. Instead, Icahn relies on an in-house team of fewer than a dozen financial analysts and lawyers, a brain trust that toils alongside their controversial, 82-year-old boss on the 47th floor of Manhattan’s General Motors Building. But that’s just his support staff. As for partners, well, what’s the point?
Icahn, whose Icahn Enterprises ranks No. 136 on this year’s Fortune 500, hardly needs any financial backing. He commands a war chest in cash and securities of more than $30 billion. Neither does he crave any counsel from peers on strategy. Icahn prides himself on personally composing the notorious attack letters he sends to boards of directors, piling on outraged barbs to skewer “ostrich” directors “with their heads in the sand” or those who’ve agreed to sell their companies “for a bowl of porridge.”
Photo Illustration by Iamalwayshungry; Icahn: Neilson Barnard—Getty Images for The New York Times; Komori: Akio Kon—Bloomberg via Getty Images It was certainly Icahn’s intention to go it alone again when, in late 2015, he identified Xerox as a target. The once-great company was an ideal candidate for Icahn. It consisted of two divergent businesses, both of which were performing poorly—its traditional office products franchise, and a large division that provided back-office bill-paying and data processing services to companies and governments, a field called business process outsourcing (BPO). Icahn reckoned that he could clean up by prodding Xerox to spin off its BPO arm. Instead of a muddled mass no one wanted to buy, Xerox would split into two pure-play companies—either of which could be a takeover target at a fat premium. If buyers didn’t show up right away, Icahn figured he could improve performance by installing new management and profit by driving up each company’s stock price.
“Xerox was one of the worst-run companies I ever saw,” Icahn tells Fortune . “Both sides of the business were being mismanaged. It was a no-brainer to split it up and bring in new management. Xerox was doing nothing with a great brand—how many companies have a name that doubles as a famous verb?”
Icahn got his way when, at the beginning of 2017, Xerox spun off the BPO business as a new company called Conduent. And so far that half of the deal has proved a winner: Conduent has flourished, and its solid stock performance has generated a return of more than $100 million for Icahn.
Fujifilm chairman and CEO Shigetaka Komori has hungered to buy Xerox for decades. Akio Kon—Bloomberg via Getty Images But Icahn’s crusade to cash in on Xerox, where he’s the largest individual shareholder with 9.2% of the stock, has proved to be one of the most complicated of his half-century career. It’s been so challenging, in fact, that Icahn has made an exception to his usual rule and teamed up with a partner: Darwin Deason, a feisty 78-year-old who sold the outsourcing business that now constitutes most of Conduent to Xerox in 2010 for $6.4 billion and remains Xerox’s third largest shareholder. Except in age and wealth, the two men are the oddest of pairings. The 6-foot-4 Icahn, who’s never lost his thick Queens accent despite a Princeton education, is a creature of Wall Street, and the quintessential deal junkie. The compact Deason—who in both tenacity and appearance resembles a bulldog—is a business builder who grew up on a farm in Arkansas. With a combined age of 160 and combined Xerox holdings of 15.2%, they make a formidable duo.
Icahn and Deason joined forces to block what each regarded as a terrible deal: the planned $6.1 billion acquisition of Xerox by Japan’s Fujifilm. And on May 13, they won a significant victory in their battle when the Xerox board announced that it was pulling out of the agreed-upon merger with Fuji. In blocking the purchase, they appear to have outmaneuvered a foe whose power and savvy rivals theirs—Shigetaka Komori, Fujifilm’s CEO and chairman. Until Icahn and Deason teamed up, it appeared that Komori, 78, would cap his career by capturing an American icon on the cheap. Komori, who played American-style football at the University of Tokyo, is a self-described business “warrior” who’s one of Prime Minister Shinzo Abe’s closest friends and favorite golfing companions.
The Xerox board’s decision to back out of the merger—a move that Fujifilm says it will contest—is just the latest twist in one of the wildest, most unpredictable Wall Street showdowns in years. And the anatomy of the conflict, extensively revealed in court records as well as testimony at trial by the main participants, exposes one of the most naked accounts of governance gone awry in corporate history. This two-year melodrama features a bitterly divided board and a former CEO who, days before he was scheduled to be fired, appeared to have saved his job by delivering a deal so favorable to Fuji that the Japanese giant could hardly say no—only to see the agreement fall apart under pressure from Icahn and Deason.
Carl Icahn insisted any purchase had to come with a premium for shareholders. Brendan McDermid—Reuters “The stuff that went on behind the scenes at Xerox is so crazy you’d be amazed to see it on [the TV series] Billions, ” says Icahn. “If it hadn’t actually happened, I wouldn’t have thought it was possible.”
I t might seem ironic that Xerox, an American icon that time forgot, stands at the center of one of the most contentious takeover battles of the current millennium. But Xerox remains a big player in a giant industry—the $180 billion worldwide printing and documents field. Even after spinning off Conduent, Xerox is still big enough to rank No. 291 on this year’s Fortune 500 list with $10.3 billion in sales. And its still-powerful brand and potential to expand into the fast-growing business of industrial printing give Xerox viable turnaround prospects.
The deal for the company nixed by Icahn and Deason amounted to the sale of the majority ownership in Xerox to an existing joint venture with FujiFilm called Fuji Xerox—a business that exclusively makes and sells Xerox products in Asia, and manufactures most of the office copiers that Xerox sells in the rest of the world. Xerox shareholders would have held 49.9% of the new Fuji Xerox, and Fuji would have held the controlling 50.1% stake. Fuji would have put none of its own cash into the deal. Rather, it would have merely contributed its majority share in the existing joint venture. Xerox shareholders would have received a $2.5 billion one-time dividend—not paid by Fuji, but financed by adding the equivalent amount of debt to the new Fuji Xerox.
Icahn and Deason charged, correctly, that this complex transaction would have enabled Fuji to take full control of Xerox while paying little or no premium. Great for Fuji—not so great for Xerox shareholders. Most takeovers include a “control premium” of at least 20% to 30%. And ceding control to Fuji meant that Xerox’s owners would have no sway over management decisions—an unacceptable outcome for Icahn. “It was not just a sweetheart deal for Fuji,” says Icahn. “You’d be trading full ownership of this great company to be in the minority forever. No matter what Fuji did with the business, your 49.9% is going to be completely powerless.”
Billionaire Darwin Deason, Xerox's third-largest shareholder, filed a pair of lawsuits to stop the merger with Fujifilm, and won both. Courtesy of Darwin Deason The two angry billionaires fought the deal in their own ways. Icahn deployed his preferred plan of attack, the proxy battle. Deason pledged to back Icahn’s slate of four new directors, but also went his own way by fighting in the courts. He brought two sweeping lawsuits through his attorneys at King & Spalding, unveiled in February and March. The first claimed that because Xerox had concealed a poison pill provision, the company was obligated to grant Deason’s demand to extend the nominating deadline so that he could replace the entire board. The second, brought against both Xerox and Fuji, charged that Xerox’s board and CEO blatantly violated their fiduciary duties by negotiating a deal that promoted their own interests, while sticking Xerox shareholders with a bad deal, and accused Fuji of conspiring in a quid pro quo—the CEO delivers a bargain price, and Fuji puts him in charge of the new Fuji Xerox.
Icahn didn’t join Deason’s suits. “I find suing boards distasteful,” he tells Fortune . “Once we’re inside the boardroom, we try to work collaboratively with other directors.” But it was his partner’s assault in the New York courts that laid bare the inside story. The court records exposed a trove of frequently shocking emails, texts, depositions, and internal reports from executives, directors, and financial advisers at Xerox, and top managers at Fuji.
At a trial in Manhattan over two days in late April—the two lawsuits were consolidated and decided together—Xerox’s then-CEO Jeff Jacobson, its chairman Robert Keegan, a dissident director, and its investment banker all gave extensive testimony under oath. This reporter attended the trial and reviewed the more than 700 exhibits, all unsealed by the judge. Fortune also talked extensively with Icahn and representatives for Deason. Xerox and Fuji both declined to make any of their executives or directors available for interviews, citing the litigation. But the testimony, depositions, and emails provide a rare window into the motives and thinking of all the players.
At the conclusion of the trial, Judge Barry Ostrager—himself an esteemed former M&A litigator with more than 40 years in private practice—issued a scalding opinion that granted Deason big wins on both of his suits. He also delivered a stinging condemnation of the role of Jacobson, Keegan, and Xerox’s directors, stating that Jacobson was “massively conflicted” in his negotiations with Fuji because delivering a sweetheart deal promised to save his job. As a result, Ostrager wrote, Jacobson was “in breach of his fiduciary duties,” as was Keegan.
In their legal filings, Xerox and Fuji present a righteous scenario that echoed in the testimony from Jacobson and Keegan. Their attorneys argue that Jacobson, Keegan, and the board pursued a deal with the only logical buyer, when no other acquirers were interested. Fuji argues that Jacobson wasn’t promised the CEO job—a view contradicted by directors—but was simply its top choice as “a talented executive well-suited to achieving the synergies that will benefit shareholders of Fuji and Xerox alike.” Keegan was fully justified in assigning the CEO to negotiate a deal without the full board’s approval, argued Xerox’s attorneys, and Keegan testified that he encouraged the board to reverse its decision to fire Jacobson because his performance suddenly improved in late 2017. In his testimony, Jacobson called the suggestion that he put his or Fujifilm’s interests before those of his shareholders “reprehensible and unconscionable.”
The overwhelmingly pro-Deason decisions kicked off a tumultuous two-week period of reckoning: Xerox first announced a settlement with Icahn and Deason, then withdrew from it and engaged in talks with Fujifilm that turned acrimonious. Then, on May 13, Xerox’s board reversed itself again—coming to terms with Icahn and Deason and announcing that the merger was terminated and Jacobson was out as CEO. Keegan and four other directors also departed, to be replaced with execs chosen by Icahn and Deason. The new CEO is John Visentin, a well-regarded turnaround expert in data processing.
Xerox now says it will field offers from all interested bidders. Meanwhile, Fuji is still battling to revive the original deal and released a defiant statement after Xerox pulled out: “We do not believe that Xerox has the legal right to terminate our agreement, and we are reviewing all of our available options, including bringing a legal action to seek damages.” To understand how the two companies reached such an impasse, it helps to review the history between them.
B y the time Icahn zeroed in on Xerox in late 2015, the company had been shrinking for decades. Started as a photographic-paper maker in Rochester, N.Y., in 1906, the company introduced the world’s first high-speed copiers in the late 1940s, and thrived as its hardware formed the essential engine room for document production inside big companies, law firms, and government agencies. But starting in the 1980s, mass adoption of the personal computer sharply curtailed the need for paper printing and copying. As its key patents expired, Xerox faced stiff competition from Japanese rivals Ricoh and Canon, as well as Hewlett-Packard in the U.S.
To counteract flagging sales in its core franchise, Xerox (now based in Norwalk, Conn.) diversified into such fields as financial services, and most recently, the 2010 purchase of Affiliated Computer Services, the outsourcing outfit founded by Deason. Those businesses fit poorly with making and selling printers and copiers, and Xerox exited most of them—while at the same time engaging in round after round of restructuring. Remarkably, Xerox’s highly lucrative, if shrinking, managed print services franchise—in which it furnishes a full package of hardware, supplies, and maintenance to big companies—combined with constant cost-cutting have kept free cash flow at healthy levels. Hence, Xerox is today a gradually melting iceberg, but far from a catastrophe.
Xerox’s partnership with Fujifilm dates to 1962, when Xerox and Fuji formed an alliance to manufacture and sell Xerox office products in Fuji’s home market of Japan. For 39 years, Xerox and Fuji were equal partners, each holding 50% of the shares. Then came a pivotal moment in the year 2000. A botched restructuring of its sales force hammered Xerox’s revenues, and it was drowning in debt. As Xerox stood on the brink of bankruptcy, CEO Paul Allaire rushed to raise cash by selling assets. First, Xerox sold its China franchise, which it owned independently, to Fuji Xerox for $550 million. Then in early 2001, it pocketed $1.3 billion in exchange for 25% of Fuji Xerox—giving Fuji a 75%, controlling stake in the joint venture. As a result, Xerox now owns just one-fourth of the vehicle with exclusive rights to make and sell its products in the $35 billion Asia and the Pacific Rim markets. And as Xerox weakened, Fuji got stronger. Under Komori, it avoided Kodak’s fate by successfully diversifying from photographic film into such growth fields as medical equipment and cosmetics. The sales assured that Fuji would benefit disproportionately from growth in Asia, even though Fuji Xerox relied heavily on Xerox’s patents and engineering.
The damage to Xerox, however, extended far beyond its diminished share of sales and profits. The 2001 transaction included a new agreement called the Joint Enterprise Contract or JEC, that outlined the governance rights of the two partners, and established severe penalties that would be triggered by a sale of Xerox. It’s the combination of the JEC, and a second pact—the Technology Agreement or TA—that puts Xerox in a real bind. Each TA runs for five years; the current one, approved by former CEO Ursula Burns in 2016, expires in March 2021. Under the two agreements, if Xerox is sold, it not only loses its governance rights, it can’t regain its brand name in Asia until the TA expires, and doesn’t get it back exclusively for another two years.
Icahn pressured Xerox CEO Ursula Burns to split the company and spin off its outsourcing business. She did at the beginning of 2017 and stepped down as chief executive. Eric Piermont—AFP/Getty Images What would this mean for a potential buyer? If the JEC and TA went unchallenged, a rival or private equity firm that buys Xerox would have no say in running Fuji Xerox and would be unable to independently and exclusively make and sell Xerox products in Asia until early 2023.
Together, the two agreements add up to a crippling so-called poison pill for Xerox—making a sale to a partner other than Fuji extremely difficult. Incredibly, the existence of the provisions was never disclosed publicly until Xerox and Fujifilm announced that they were merging on Jan. 31. By that time, Icahn and Deason were already fuming.
I cahn had been trying to install new leadership since he first got into Xerox’s stock. “I wanted new, competent management at both Conduent and Xerox,” says Icahn. “I told Burns I didn’t believe she should run either one.” (Burns declined to comment for this story.) In mid-2016, Icahn reached an agreement with the Xerox board that he reckoned would smooth the way to naming an outside CEO. He signed both a “standstill” pact, under which he pledged not to challenge the Xerox board in a proxy fight, and a nondisclosure document that entitled him to inside information that he was obligated to keep secret. In exchange for those concessions, Xerox agreed to name an Icahn lieutenant, Jonathan Christodoro, first as an observer to the board, then as a full member starting in mid-2016. But in June, Burns announced that her No. 2, Jeff Jacobson, would succeed her as CEO. He was exactly what Icahn didn’t want. “Jacobson was an acolyte of Burns,” says Icahn. “He was part of the team that badly hurt Xerox.”
At first, however, it appeared that Jacobson, who took over for Burns on Jan. 1, 2017, might deliver the kind of deal that Icahn wanted. The following account is extensively documented in the court records. During Jacobson’s first visit to Fuji’s Tokyo headquarters in early March, Komori and president Kenji Sukeno expressed interest in purchasing 100% of Xerox in an all-cash transaction, and noted that they understood that a typical premium would amount to 30% over Xerox’s current price of $30. On March 16, Jacobson, after consulting with the board, wrote a letter to Fuji confirming that Xerox wanted only an all-cash transaction at an “appropriate premium,” and had no need to do a deal since it was pursuing a highly promising standalone plan that would “drive growth well above our peers.”
Why did Fuji suddenly suggest a 100% deal when it already got most of the benefits from Fuji Xerox, and had never before proposed buying all of Xerox? The answer is probably that Fuji was concerned that, with Xerox now a pure-play in document management post-split, other suitors might pounce. The joint venture agreements provided protection, but it was also possible that they could be circumvented.
But the deal talks were soon derailed by controversy. On April 20, 2017, Fujifilm publicly disclosed a gigantic accounting scandal at Fuji Xerox that, it revealed, would saddle Fuji and Xerox with big losses (although it didn’t disclose an amount at the time). Fuji, who controlled management of Fuji Xerox, delayed filing its quarterly statements for the first time in its 83-year history. Because of the scandal, Fuji informed Xerox that it needed to concentrate on fixing Fuji Xerox and couldn’t proceed with an acquisition.
Meanwhile, Xerox’s board was facing another crisis—of leadership. The directors were already losing confidence in the company’s new CEO. At a board meeting the day the scandal broke, held on the phone, a number of directors skewered Jacobson’s early performance. In his handwritten notes from the meeting that were later submitted to the court, Keegan, soon to replace Burns as chairman, recorded complaints that Jacobson was “too slow on the learning curve,” “a whiner,” “overconfident,” and exhibited “poor listening skills.” Keegan also jotted down a prophetic question, “Do we need him to complete ‘Juice’?” referring to the code name for a Fuji-Xerox transaction.
M onitoring the situation from his sumptuous 203-foot, Italian-built yacht in the Caribbean, Deason was getting worried. He didn’t know about the poison pill provisions, but he was suspicious that Fuji had some kind of a string on Xerox. Deason is every bit Icahn’s match in grit. The day after his high school graduation, he left the farm where he was raised for a job in the mailroom at Gulf Oil in Tulsa. There he hung out with the data processing folks. Moving to Texas, he pioneered the processing of ATM transactions for banks. In 1988 he founded Affiliated Computer Services—a major customer was E-ZPass. He describes the way he ran things thusly: “You’re on a treadmill going 100 mph, so if you’re just going 80, you get thrown off. It’s self-policing.”
In late May, Deason wrote a private letter to Xerox expressing alarm that conditions hidden in the agreements threaten “a potentially major loss in value for Xerox in any change in control of the company.” In response to Deason’s request, Xerox stated that it would only release the agreements if Deason would sign his own NDA. Deason refused, and had little contact with Xerox until January when reports of a possible Fuji deal broke in the Wall Street Journal .
Jacobson claimed in his testimony at trial that, until mid-May, he had no idea the board was dissatisfied with his performance. But he soon learned where he stood with Icahn. The activist invited Jacobson to his penthouse apartment adjacent to Manhattan’s Museum of Modern Art for dinner and some frank talk. According to both Fortune ’s interviews with Icahn and Jacobson’s notes and testimony, Icahn told Jacobson that he wanted Xerox sold—and if Jacobson couldn’t sell it, Icahn would push to have him replaced. Jacobson took umbrage with the threat. “I told him the worst thing you can do to me is that I go back to my beautiful wife and beautiful family,” Jacobson testified. (Jacobson declined to be interviewed for this story.) Icahn also expressed extreme disappointment in Jacobson’s “Long Range Plan” for growth, which was targeted at raising EPS by a mere 8% over five years. “I told him, ‘We understand numbers,’ ” says Icahn. “This plan produces no value for shareholders.”
Icahn shared his dim view of Jacobson and his strategy with Keegan. And soon after Keegan decided, according to his testimony, that only one path remained for the board. Xerox “needed to sell post haste.”
Jacobson grabbed the baton, and pushed hard with Fuji to restart talks. To ratchet up the pressure, he invoked the looming threat of Icahn—especially the idea that Icahn might try to end the joint venture, using the accounting scandal as an out. In late June, Jacobson emailed Keegan, “I did play the Icahn card as a reason we need a sense of urgency and they [Fuji] appreciate this.”
Jeff Jacobson took over as CEO of Xerox in 2017 and quickly lost the confidence of both Icahn and the board. He took the lead in negotiating the merger deal with Fujifilm. Imago—ZumaPress Also in June, Fuji released an independent report on the Fuji Xerox accounting scandal that put the total losses at $360 million, including a $90 million hit to Xerox. The report also assailed a “culture of concealment” at Fuji Xerox, and slammed Fuji for lax oversight. At an earnings briefing on June 12, Komori bowed and apologized for the scandal.
T wo watershed moments came in July. The first was a meeting on July 10 at the Manhattan offices of Centerview Partners, Xerox’s bankers, between Jacobson and two leading executives from Fuji. The Fuji camp dropped what should have been a bombshell, stating that a deal for 100% of Xerox was now impossible because Xerox was too expensive—a puzzling assertion, since its stock price was 3% lower than when Fuji expressed interest in a 100% acquisition in March. But instead of maintaining its long-held position that only a 100%, all-cash transaction would work, the Xerox camp voluntarily advanced an extraordinary proposal: Centerview suggested that Fuji purchase just over 50% of Xerox in a deal that, the bankers said, would require no cash outlay.
Centerview had used a similar formula in H.J. Heinz–Kraft Foods merger under which Heinz shareholders owned 51% of the new company, Kraft Heinz . It’s not clear if the idea came from Centerview or Jacobson; Jacobson claims that Centerview introduced the concept. But Jacobson embraced it. The same day, he texted Keegan and director Ann Reese that “I threw a Hail Mary pass. The door is open and we may have a chance.” But he had effectively taken the all-cash buyout proposal off the table.
Because he’d signed an NDA, and could get reports from Christodoro, Icahn soon learned about the 49.9% minority proposal, and he was anything but happy. Icahn’s position was that either Fuji paid what he called “real money,” or as Icahn puts it, “We’d gradually take business away from Fuji Xerox and eventually terminate the joint venture and take back the Xerox name in Asia,” a prospect Fuji obviously dreaded.
Despite Icahn’s constant demands, it wasn’t until mid-October that talks resumed in earnest. At Jacobson’s prodding, Fuji finally hired a financial adviser, Morgan Stanley . Although Jacobson had been Xerox’s sole face in the negotiations, the board made a pivotal decision in late October: It would replace Jacobson with John Visentin, an IBM veteran who’d revitalized document outsourcer Novitex, and whom Icahn strongly endorsed. Vistentin, in fact, was to start work on Dec. 11, the deadline for Icahn to file for a proxy fight.
The board also unanimously decided that Jacobson should halt all negotiations with Fuji. According to testimony from two directors, the board determined that talks should be conducted by Visentin when he took charge. On Nov. 10, Keegan, who’d just recovered from foot surgery, met with Jacobson at Westchester County Airport and told him that the board was seriously considering replacing him. According to both parties, Keegan told Jacobson that no final decision had been made. Christodoro and director Cheryl Krongard, however, insist that the board had indeed spoken.
B ut Jacobson had an ace to play. Top executives from Fuji were scheduled for a meeting to discuss a deal on Nov. 14 in New York, and Jacobson was slated to meet with Komori in Japan on Nov. 21. When Jacobson informed Takashi Kawamura, Fujifilm’s chief of planning, that the meetings had to be canceled, Kawamura texted back that CEO Komori ”would be very disappointed” if the meetings didn’t go forward, and that the two sides “may lose the momentum of the deal.” Jacobson relayed the news to Keegan.
Then came another shocking twist: Keegan reversed the unanimous decision of the board and allowed Jacobson to keep talking to Fuji. “I made a battlefield decision,” said Keegan in his testimony. Keegan’s notes show that he clearly believed that, whatever his weaknesses, Jacobson was critical to clinching the merger. Keegan told only the bankers from Centerview and one director, Ann Reese, that he’d allowed the soon-to-be-fired Jacobson to remain point man on the deal.
Given a reprieve by his chairman, Jacobson was getting support and encouragement from Fujifilm. Kawamura sent chummy messages to the CEO touting their alliance against Icahn. “We should be the one team to fight against our mutual enemy,” Kawamura texted to Jacobson on Nov. 12. “We are aligned my friend,” replied Jacobson. The day before Jacobson’s meeting Komuri, Kawamura sent Jacobson a text strongly implying that Komori wanted to help protect Jacobson’s job—writing that Komori “would focus on hearing current situation surrounding you and what we can do.” Jacobson then texted Centerview’s Hess, “Kawamura told me that there is no deal without me.” At his meeting with Komori on Nov. 21, Jacobson proposed that Fuji offer a one-time dividend of $2 billion as part of the deal, hardly a big number.
By keeping Jacobson, Keegan was severely antagonizing his biggest individual shareholder. Icahn was constantly calling Keegan to deliver on installing Visentin as CEO, and according to Icahn, Keegan kept saying the change was imminent. “Keegan talked and talked,” says Icahn. “He kept saying that Visentin was about to take over, but he was just stalling. Meanwhile, Jacobson is conniving behind the scenes. I wish he were half as good at running the company as he was at conniving. I’d have made a lot of money.”
On Nov. 30, Fuji sent Xerox its formal offer, echoing the structure proposed in July, giving Xerox 49.9% of Fuji Xerox, and in addition, the $2 billion dividend Jacobson had suggested. Keegan presented the offer at a board meeting on Dec. 4. Most—if not all—of the directors besides Keegan and Reese were unaware that Jacobson had been meeting with Fujifilm. Several expressed shock that Jacobson had negotiated a transaction when the board had unanimously barred him from even talking to Fuji three weeks before.
Because of his NDA, Icahn was cleared to track board deliberations and he quickly learned of the proposed terms of the deal Jacobson had negotiated with Fujifilm. “That’s when I blew up,” says Icahn. “Keegan keeps saying, ‘Trust me.’ Then I see the deal and say, ‘You came up with this? Are you crazy?’ He tried to flimflam me! We all agreed Jacobson couldn’t run Xerox. How’s he going to run a company twice that size?”
Christodoro resigned from the board in protest on Friday, Dec. 8. His departure freed Icahn from his standstill agreement, and allowed Icahn to name a slate of four directors, which he did on Monday, Dec. 11. According to court documents, Jacobson, Keegan, and executives at Fuji were hoping that the terms would satisfy Icahn, but were also keenly aware he might bolt and launch a proxy battle.
In its presentations to the board, Centerview argued that the transaction presented an excellent opportunity for Xerox to rid itself of Icahn. That’s because transactions recommended by a board almost never lose a shareholder vote. The plan was to hold both the election for directors and the vote on the deal back-to-back at the annual meeting. Shareholders would only support the Icahn slate if they opposed the deal, and according to Centerview, that was highly unlikely. Hence, the best bet was that Icahn would sell his shares before the vote, or face defeat at the annual meeting.
A s the proposed transaction careened forward in January, Jacobson appeared to cement his hold on the CEO post of the new Fuji Xerox. On Jan. 16, Kawamura texted Jacobson, “I clearly told Komori to tell Keegan that he wants Jeff to be CEO.” In reality, that’s not quite what Komori requested. Komori had suggested co-CEOs, one to be named by Fuji. But when Keegan demurred, Komori dropped the request. Jacobson maintains that his becoming CEO was not a condition of the deal. But in her testimony, board member Krongard stated that both Centerview and outside counsel Paul Weiss Rifkind Wharton & Garrison told the board that making Jacobson CEO was indeed a requirement. On the witness stand on April 27, Centerview’s David Hess, when he was asked “whether it’s correct Centerview advised the board about whether Mr. Jacobson had to be CEO of the combined company for the deal to proceed,” answered simply, “Yes.”
Xerox and Fujifilm announced the merger on Jan. 31. After last-minute lobbying by Keegan, Komori had agreed to raise the dividend modestly, to $2.5 billion. Xerox’s stock traded up modestly at first, then drifted back down as investors drilled into the details. As part of the deal disclosures, Xerox for the first time published the full joint venture agreements—the poison pill. Deason went ballistic and began preparing his lawsuits.
Another disclosure, too, would come back to undermine the merger. In the mad rush to complete the deal, Xerox and Fuji decided not to wait until Fuji Xerox submitted audited financial statements that put a final number on its losses from the accounting scandal. According to Xerox, the transaction’s terms stipulated that if the losses far exceeded those in the unaudited statements, Xerox could cancel the merger. On April 24, Fuji Xerox finally unveiled the audited numbers—and they showed that the losses had jumped from a preliminary estimate of $360 million to a definitive $470 million, a difference of 31%. Xerox’s loss ballooned from $90 million to $118 million. And indeed, Xerox ultimately cited the accounting imbroglio as the basis for nixing the deal. | ashraq/financial-news-articles | http://fortune.com/2018/05/21/carl-icahn-blocked-xerox-merger-fujifilm/?iid=recirc_f500landing-zone2 |
J. Countess | Getty Images Ray Dalio, founder of investment firm Bridgewater Associates
Ray Dalio founded Bridgewater Associates out of his two-bedroom apartment in New York City in 1975, right after he earned his MBA from Harvard Business School. Bridgewater is now the largest hedge fund in the world, managing around $160 billion for more than 350 clients.
Although Dalio himself has seen massive success — and has become a billionaire in the process — he says he never set out to get rich.
"When I look back on whatever my past has been and the successes, my greatest rewards have been the people and the relationships that I've had," he tells Stephen J. Dubner on an episode of the Freakonomics Radio podcast. "The money has been an accident. I mean, it's a good accident, but I happened to be playing a game that I love."
Dalio built his company from the ground up by focusing on relationships with his peers and employees, which he considers fundamental to success. show chapters 9:12 AM ET Wed, 13 Sept 2017 | 01:18
He describes Bridgewater as "an idea meritocracy in which the goals are meaningful work and meaningful relationships — they're equally important and they're self-reinforcing." To foster these kind of relationships, the company operates on a system of "radical truthfulness and radical transparency."
Dalio calls this "the magic formula for success," because telling the truth is a form of "tough love" that lets people know that you genuinely care about them.
That said, he realized the negative effect a policy of honesty could have in 1993 when three of Bridgewater's senior executives invited him to dinner. They wanted to discuss how the way he treated employees was affecting company morale, he explains in his book, " Principles: Life and Work ."
They brought up a few of Dalio's shortcomings, noting that he had a habit of saying things that made employees feel incompetent and belittled and that brought pessimistic energy into the company.
"That hurt and surprised me," he writes. "I never imagined that I was having that sort of effect." show chapters 12:00 PM ET Sat, 30 Sept 2017 | 01:24
From that point on, Dalio decided to put some work into figuring out how transparency can be both productive and encouraging. By 2006, he had pieced together a list of around 60 "work principles" that would help managers successfully employ this system on their own teams.
But the motivation behind pushing for transparency never changed: "The more caring we gave each other, the tougher we could be on each other, and the tougher we were on each other, the better we performed and the more rewards there were for us to share," he writes.
From there, Bridgewater continued to grow and thrive as Dalio worked to refine the company's unique culture. And, as he sees it, the money followed. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/self-made-billionaire-ray-dalio-shares-the-secret-to-his-success.html |
ISTANBUL (Reuters) - Turkey’s central bank hiked interest rates by 300 basis points on Wednesday, taking decisive action to put a floor under the cratering lira currency and win back investor confidence shaken by interventions from President Tayyip Erdogan.
The central bank, which was due to hold its next policy-setting meeting on June 7, said it had met as an emergency measure and lifted its top interest rate to 16.5 percent from 13.5 percent.
Investors had been betting the sharp selloff in the lira - it has fallen some 20 percent so far this year and touched a series of record lows - would force the bank into making such a move.
Related Coverage Turkish govenrment spokesman says lira 'game' will not change election outcome: Anadolu The lira reversed course after the decision and was some 2 percent firmer on the day at 4.5717 at 1637 GMT. Earlier it had tumbled to a record low of 4.9290.
Slideshow (3 Images) “It is high time to restore monetary policy credibility and regain investor confidence,” Deputy Prime Minister Mehmet Simsek said on Twitter, shortly before the central bank’s announcement.
Investors have lashed the lira on concerns about monetary policy after Erdogan, a self-described “enemy of interest rates”, said last week he expected to assert greater control over policy after elections on June 24, deepening worries about the central bank’s ability to tame double-digit inflation.
Additional reporting by Orhan Coskun and Claire Milhench; writing by Daren Butler and David Dolan; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-currency/turkish-lira-hits-record-low-down-20-percent-against-dollar-this-year-idUSKCN1IO0WX |
(Recasts with CEO, CFO comment, detail, share price, analyst)
LONDON, May 10 (Reuters) - Bad weather in RSA’s key markets are likely to hit first-half profits, the British insurer’s chief financial officer said on Thursday, as the firm reported a 2 percent rise in net written premiums in the three months to end-March.
RSA, best known in Britain for its More Than brand, also has major businesses in Canada, Ireland and Scandinavia.
Storm Emma, which hit Britain and Ireland in March, will cost RSA 40 million pounds ($54.23 million) on a pre-tax basis, Scott Egan told a media call.
“All regions were impacted...in Canada, poor weather has continued into April and early May,” Egan said.
“Weather costs are likely to impact our H1 performance.”
RSA did not give profit numbers in its first-quarter statement, but said that underlying profits were lower than a year earlier due to the higher bad weather costs.
Net written premiums rose to 1.52 billion pounds, however, helped by a move away from business where profitability was threatened, RSA said.
“We can’t control the weather but most things we can control,” Chief Executive Stephen Hester told the call.
Bad weather costs were 5.1 percent of net earned premiums, 3.1 points higher than a year earlier.
KBW analysts calculated the weather costs at 85 million pounds, below their 90 million estimate. They reiterated their outperform rating on the stock.
RSA’s shares rose 2.55 percent to 652 pence at 0748 GMT, outperforming a steady FTSE 100 index.
$1 = 0.7376 pounds Reporting by Carolyn Cohn, Editing by Lawrence White and Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/rsa-ins-grp-results/update-1-bad-weather-may-hit-rsa-h1-performance-cfo-idUSL8N1SH1EC |
By Chris Morris 9:26 AM EDT
Fortnite is a phenomenon in the video game world—and its player base can be rabid at times.
Unfortunately, that enthusiasm sometimes spills over, especially when players have a grievance with the game, as one Ohio hobby shop owner has found out over the last few months . Epic Loot Games, a small business in Springfield, has been inundated with angry calls from players who think they’re reaching Epic Games, the game’s North Carolina-based developer.
The confusion is due to a number of factors. Epic, for example, only handles customer complaints via email and responses aren’t quick enough for some Fortnite players’ tastes. Finding the company’s phone number isn’t a painless process. And since players collect ‘loot’ in the game (supply boxes that contain weapons and other useful items), it’s not hard to confuse the developer’s name when searching “ Fortnite loot” on Google .
Epic Loot Games is the first search result for epic loot and it has a phone number. That’s all some players need to vent.
“There are so many calls—pranks, angry gamers, kids who don’t understand why the support doesn’t have a readily available method of contact,” store owner Hunter Davies told gaming news site Kotaku. “We started telling them to use the website because they can’t actually talk to anyone on the phone.”
The calls are often angry, according to the report. Davies said the first time a player confused his store with the game developer “a kid between nine and 16 screamed expletives at me. … Then he just hung up on me.” To date, more than 130 calls from players were reported to have come in from confused players.
Fortnite , a multiplayer action shooter, pits players against each other in groups of up to 100 in fast-paced short games that keep things moving by regularly shrinking the size of the playing field. It’s similar in scope to Player Unknown’s Battleground , but has surpassed that game in popularity. In March, the game saw 3.4 million Fortnite fans playing at the same time.
The game has become so popular that it’s becoming a problem for Major League Baseball , as one Boston Red Sox pitcher had to miss a scheduled start after contracting a mild case of carpal tunnel syndrome, which could be tied to his regular playing of the game. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/16/fortnite-epic-loot-games-confusion/ |
RIO DE JANEIRO (Reuters) - Profit at Brazil’s Petróleo Brasileiro SA ( PETR4.SA ) rose by more than a half in the first quarter to a five-year high, in a sign the state-controlled oil company may be moving past a massive corruption scandal.
The logo of Petrobras, state-controlled Petroleo Brasileiro SA, is seen at their President Bernardes Refinery in Cubatao, Brazil June 8, 2017. REUTERS/Paulo Whitaker Petrobras, as the company is known, posted a net profit of 6.961 billion reais ($1.96 billion) on Tuesday, a 56.5 percent rise over the same period last year, helped by asset sales and a pickup in oil prices.
Adjusted earnings before interest, taxes, depreciation and amortization, a gauge of operational profit known as EBITDA, hit 25.669 billion reais, a 2 percent increase over the same period last year.
Petrobras, which still holds the dubious title of the world’s most indebted oil company, said it generated 3.223 billion reais from the sale of stakes in assets like the Lapa field, and the Iara area in the offshore Santos basin.
Results were helped by rising international oil prices, which increased from an average $54.04 per barrel in the fourth quarter to $60.18 per barrel in the first three months of the year, the company said.
The cheery figures come after a massive probe begun in 2014 showed construction companies bribed company officials and politicians to win inflated contracts from Petrobras, shaking investor confidence and sending its share price tumbling.
On Tuesday, Petrobras said net debt fell more than 3 percent to 270.712 billion reais ($76.23 billion) in the quarter from the previous quarter.
Free cash flow was positive for the second quarter in a row but down 3 percent year-on-year as the result of the first payment to U.S. investors who won a class action against the company in January tied to the graft scandal.
Revenue from sales reached 74.461 billion reais ($20.97 billion) in the quarter, up 9 percent from the same period last year.
($1 = 3.5512 reais)
Reporting by Alexandra Alper and Roberto Samora; Editing by Chizu Nomiyama and Steve Orlofsky
| ashraq/financial-news-articles | https://www.reuters.com/article/us-petrobras-results/asset-sales-help-boost-petrobras-profit-by-over-half-in-1st-quarter-idUSKBN1I91HR |
May 9 (Reuters) - General Mills Inc:
* GENERAL MILLS ELECTS MARIA SASTRE TO BOARD OF DIRECTORS * GENERAL MILLS INC - SASTRE WAS MOST RECENTLY PRESIDENT AND CHIEF OPERATING OFFICER OF SIGNATURE FLIGHT SUPPORT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-general-mills-elects-maria-sastre/brief-general-mills-elects-maria-sastre-to-board-of-directors-idUSASC0A18L |
VANCOUVER, British Columbia, May 10, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : COLLINGWOOD RESOURCES CORP.
TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : COLL.P Reason / Motif : Pending Closing / En attente
Halt Time (ET) / Heure de la suspension (HE) 8:00 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/2018/05/10/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--coll-p.html |
Regarding your editorial “One More Immigration Try” (May 11) and Sen. Pat Toomey’s same-day op-ed “Don’t Try to Blackmail Us on Nafta, Mr. President”: President Obama could count on 100% Democratic support in the House and Senate on major policy matters. President Trump can count only on 100% Democratic opposition to anything he proposes. Democrats hashed out policy differences behind closed doors. GOP voters may be less inclined to rally around a party that has three or four distinct ideological factions lobbing missiles at each other in public.
Mr.... | ashraq/financial-news-articles | https://www.wsj.com/articles/republican-disunity-threatens-good-policy-1526580739 |
Luis Valbuena homered twice, and Ian Kinsler and Martin Maldonado also went deep as the visiting Los Angeles Angels pounded the Detroit Tigers 9-2 on Tuesday.
The Angels’ Mike Scioscia collected his 1,600th career managerial victory. He passed former Los Angeles Dodgers manager and mentor Tommy Lasorda for 20th on the all-time managerial wins list.
Valbuena and Kinsler each had three hits, three runs and three RBIs. Maldonado had two hits and drove in three runs.
Winning pitcher Nick Tropeano (3-3) gave up two runs on seven hits while striking out five and walking none in 5 1/3 innings.
JaCoby Jones and Jeimer Candelario homered for the Tigers. Michael Fulmer (2-4) gave up five runs on six hits and four walks in 3 1/3 innings. He struck out one.
Fulmer retired the side in order in the first, but the second inning was a different story. Albert Pujols led off with a single, advanced on a walk and scored on Valbuena’s single. Kinsler then battled through an eight-pitch at-bat before depositing the ball over the left field wall for a 4-0 Angels lead.
The Angels squandered an opportunity the next inning. With runners on first and second and no outs, Pujols singled to left. Mike Trout was held at third, but Justin Upton got caught between second and third and was tagged out. Andrelton Simmons then hit into a double play.
Fulmer’s night ended soon after Valbuena drilled his homer over the right-center-field wall in the fourth.
Jones put the Tigers on the board with his homer to left in the fifth, cutting the deficit to 5-1. Leonys Martin just missed a homer later in the inning, sending right fielder Kole Calhoun to the wall in right-center.
Los Angeles scratched out a run in the sixth when Kinsler reached on infield single and advanced to second on a throwing error. Maldonado knocked him in with a single.
Candelario’s solo blast in the bottom of the inning made it 6-2. The Tigers loaded the bases with two outs against Noe Ramirez, but Jose Iglesias popped out on a 3-1 pitch.
Homers by Valbuena and Maldonado in the eighth increased the Angels’ lead to 9-2.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-det-laa-recap/angels-belt-four-homers-rout-tigers-idUSMTZEE5UIT1A1I |
May 4, 2018 / 6:33 PM / Updated 10 minutes ago BRIEF-KBS Says ISS Recommends Whitestone Shareholders Vote "For" KBS Nominees Reuters Staff 1 Min Read
May 4 (Reuters) - KBS Strategic Opportunity REIT Inc:
* INSTITUTIONAL SHAREHOLDER SERVICES RECOMMENDS WHITESTONE REIT SHAREHOLDERS VOTE “FOR” KBS NOMINEES KENNETH FEARN AND DAVID SNYDER AND “FOR” THE PROPOSAL TO DECLASSIFY THE BOARD OF TRUSTEES Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-kbs-says-iss-recommends-whitestone/brief-kbs-says-iss-recommends-whitestone-shareholders-vote-for-kbs-nominees-idUSFWN1SB19P |
(Updates with closing CBOT prices, USDA crop progress figures) By Julie Ingwersen CHICAGO, May 29 (Reuters) - U.S. corn futures fell about 1.5 percent on Tuesday, with the front contract at times dropping below $4 a bushel as U.S. trade tensions with China re-emerged, analysts said. Wheat turned lower after climbing to multi-month highs, and soybeans also slipped. Chicago Board of Trade July corn settled down 6 cents at $4.00 per bushel after dipping to $3.97-1/2, its lowest since May 18. July wheat ended down 6-1/2 cents at $5.36-1/2 a bushel and July soybeans fell 11 cents at $10.30-1/2 a bushel. Corn tumbled after the United States said it will continue pursuing action on trade with China, days after Washington and Beijing announced a tentative solution to their dispute and suggested that tensions had cooled. China is the world's biggest soybean importer and the top buyer of U.S. sorghum, a feed grain that competes with corn. The news appeared to trigger long liquidation in corn and soybeans, markets in which commodity funds hold net long positions. A stronger dollar added to the negative tone, making U.S. grains less competitive on the world market. "The dollar strength is a real anchor for all the trade. Then you get kicked with the China trade headlines," said Don Roose, president of Iowa-based U.S. Commodities. Also, traders believe the U.S. corn crop is off to a good start, overcoming early planting delays in April. After the CBOT close, the U.S. Department of Agriculture rated 79 percent of the U.S. corn crop as good to excellent, topping a range of analyst expectations and the year-ago rating of 65 percent. Wheat futures followed corn and soy lower, retreating after the CBOT July contract hit a 10-month high on concerns about dry weather in Russia and elsewhere. Forecasts for beneficial rains in the northern U.S. Plains spring wheat belt and possibly Canada added pressure. Soybeans declined but drew underlying support from transport problems in Brazil, where a truckers' strike has been slow to unwind, even after the government agreed to subsidize diesel prices in a bid to end protests. Soybean exporters are considering declaring force majeure on shipments, a contractual clause that releases them from obligations because of events beyond their control, according to Anec, a trade group representing grains exporters such as Archer Daniels Midland Co and Louis Dreyfus Co. "If it were not for the Brazilian strike woes going on, beans could be much lower than they are," Futures International analyst Terry Reilly said. CBOT settlement prices: Last Net Pct Volume change change CBOT wheat WN8 536.50 -6.50 -1.2 132759 CBOT corn CN8 400.00 -6.00 -1.5 223187 CBOT soybeans SN8 1030.50 -11.00 -1.1 108111 CBOT soymeal SMN8 380.20 -0.10 0.0 55257 CBOT soyoil BON8 31.21 -0.13 -0.4 44117 NOTE: CBOT July wheat, corn and soybeans shown in cents per bushel, soymeal in dollars per short ton and soyoil in cents per lb. (Additional reporting by Michael Hogan in Hamburg and Colin Packham in Sydney; editing by Chizu Nomiyama and James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-grains/grains-corn-soybeans-sag-on-renewed-u-s-china-trade-tension-idUSL2N1T01VZ |
KUALA LUMPUR, May 12 (Reuters) - Dozens of people gathered at a small airport just outside Kuala Lumpur on Saturday after reports that ousted Malaysian Prime Minister Najib Razak was scheduled to fly from there to Jakarta with his wife.
The drama came after the scandal-plagued former premier, whose ruling coalition was ousted in a general election this week, said in a Twitter message earlier on Saturday that he planned to take a short break with his family.
Two sources told Reuters on Friday that new Prime Minister Mahathir Mohamad planned to reopen investigations into a massive graft scandal that had plagued Najib since 2015.
The crowd at the airport tried to block cars entering the Sultan Abdul Aziz Shah Airport near the Malaysian capital, but were held back by guards.
Riot police were posted, but there was no violence.
Nearly 30,000 people were watching the event on Facebook Live, until the feed was interrupted.
There was no sign that Najib or his wife, Rosmah Mansor, were at the airport.
Mahathir, sworn in as prime minister on Thursday, has vowed to investigate a multi-billion-dollar graft scandal at state fund 1Malaysia Development Berhad (1MDB), which was founded by Najib. Najib has consistently denied any wrongdoing in connection with 1MDB. (Writing by Raju Gopalakrishnan Editing by John Chalmers)
| ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-politics-airport/crowd-gathers-at-malaysia-airport-after-ousted-pm-announces-short-break-idUSL3N1SJ01G |
May 15 (Reuters) - Intec Pharma Ltd:
* INTEC PHARMA SAYS BOARD DECIDED TO TAKE STEPS TO VOLUNTARILY DELIST CO’S ORDINARY SHARES FROM TRADING ON THE TEL AVIV STOCK EXCHANGE LTD - SEC FILING
* FOLLOWING DELISTING IN ISRAEL, CO’S ORDINARY SHARES WILL CONTINUE TO TRADE ON THE NASDAQ CAPITAL MARKET IN THE UNITED STATES Source text :( bit.ly/2rERYRV ) Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-intec-pharma-to-voluntarily-delist/brief-intec-pharma-to-voluntarily-delist-from-trading-on-the-tel-aviv-stock-exchange-idUSFWN1SM1FS |
Venture Capital Morgan Stanley says we're in a bear market but investors just don't realize it yet "I think we're in a rolling bear market," said Mike Wilson, Morgan Stanley's chief U.S. equity strategist. "It's fooling everybody at the index level, but there's a lot of pain out there." The strategist's comment came as the S&P 500 fell 0.3 percent and the Dow Jones industrial average slipped nearly 1.2 percent. The most bearish strategist tracked by CNBC, Wilson has consistently forecasted that the S&P 500 will finish the year at 2,750, implying less than 1 percent upside for the rest of the year. CNBC.com Getty Images
Morgan Stanley's chief U.S. equity strategist believes the stock market is in the midst of a cyclical bear market that could last through the end of next year.
"I think we're in a rolling bear market. Every sector has gone down at least 11 or 12 percent at least once this year. Some were down 18, 19, 20 percent," Mike Wilson, Morgan Stanley's chief U.S. equity strategist, said on CNBC's " Halftime Report " on Thursday. "It's fooling everybody at the index level, but there's a lot of pain out there: Staples, homebuilders, some of these semiconductor stocks that are more cyclical are having problems."
The strategist's comment came as the major market indexes added to their weekly losses, with the S&P 500 down 0.3 percent and the Dow Jones industrial average down nearly 1.2 percent since Tuesday. Markets were closed Monday for the Memorial Day holiday.
But while stocks were poised for a positive return for the month of May, volatility has plagued markets since the beginning of the year, with the Dow and S&P 500 both falling more than 10 percent from their highs at one point. In turn, the bumpy trading has signaled to many market gurus that aged bull market could finally be taking a breather.
While stocks remain above their lows notched earlier this year, Wilson explained his definition of a bear market varies from traditional Wall Street wisdom.
"A bear market to me doesn't [necessarily] mean the market has to go down 20 percent," he said. "A bear market is a tougher environment, it's hard to make money. Volatility is a lot higher, so I don't care what kind of portfolio you're running, you can't run as much risk anymore, you just can't do it."
The most bearish strategist tracked by CNBC , Wilson has consistently forecasted that the S&P 500 will finish the year at 2,750, implying less than 1 percent upside for the broad market index over the remaining seven months. But the sluggish returns aren't likely to abate anytime soon, Wilson warned, telling CNBC that the cyclical bear market "could last through the end of 2019."
Many of Wilson's comments Thursday echoed Morgan Stanley analysis earlier this month, when the bank told clients in a note that the "end of easy" investing was over.
"We think it's pretty obvious that the market had discounted the news on tax cuts, global growth and still supportive financial conditions," Wilson wrote. "In many ways a correction or consolidation was overdue and makes perfect sense. The question is whether or not this turns into something more sinister."
Chief among Morgan Stanley worries have been a return of inflation, uncertain political outlook and tightening monetary policy, the lack of which helped fuel the unprecedented run in the U.S. stock market over the past nine years.
The firm lowered its global equity allocation from overweight to equal weight in the note. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/morgan-stanley-says-were-in-a-bear-market-but-investors-just-dont-realize-it-yet.html |
ETA: Western Europe's last guerrillas disband 6:47pm BST - 02:05
Basque separatist group ETA has announced its dissolution, ending Western Europe's last major armed insurgency. It was formed to fight the Fascist dictator Franco, but over the years its campaigns of bombing earned revulsion. Reuters' Isla Binnie reports.
Basque separatist group ETA has announced its dissolution, ending Western Europe's last major armed insurgency. It was formed to fight the Fascist dictator Franco, but over the years its campaigns of bombing earned revulsion. Reuters' Isla Binnie reports. //reut.rs/2KxLeNt | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/eta-western-europes-last-guerrillas-disb?videoId=423568850 |
Yadier Molina drilled a walk-off single to deep left field as the St. Louis Cardinals scored twice in the ninth inning to rally for a 3-2 win over the Chicago White Sox on Tuesday night at Busch Stadium.
Matt Carpenter led off the ninth inning with a home run for the Cardinals, who snapped a three-game losing streak. Marcell Ozuna doubled and scored the winning run on Molina’s drive that bounced off the left field wall.
St. Louis trailed 2-1 heading to the bottom of the ninth against White Sox closer Joakim Soria (0-1). Carpenter erased the deficit with a blast to right-center field for his third home run of the season and the 100th of his career.
Soria remained in the game, but a mound visit did little to slow the Cardinals’ surge. Teammates sprinted from the dugout to swarm Molina after his game-winning hit.
Yoan Moncada finished 2-for-5 with a double and two RBIs for the White Sox, who have dropped three straight.
The loss spoiled a strong outing by White Sox starter James Shields, who allowed one run on two hits in six innings.
Cardinals reliever Bud Norris (1-0) earned the victory with a scoreless inning of relief.
The Cardinals jumped to a 1-0 lead in the first thanks to a leadoff home run by Tommy Pham. He drove a full-count fastball deep into the left field bleachers for his fourth home run.
The White Sox answered with a pair of runs in the fourth to grab a 2-1 advantage. After Trayce Thompson and Adam Engel each drew a walk, Moncada drilled a two-out double to left-center field to score both.
Shields preserved Chicago’s narrow lead as he retired 15 consecutive batters between the second and sixth innings. Kolten Wong finally ended the streak with an infield single in the sixth, but White Sox catcher Welington Castillo promptly threw him out at second base on a stolen base attempt.
The contest marked a milestone for Mike Matheny, who became the fourth skipper in Cardinals history to manage in 1,000 games. The other three are Tony La Russa (2,591), Red Schoendienst (1,999) and Whitey Herzog (1,553).
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-stl-chw-recap/carpenter-molina-rally-cards-in-9th-idUSMTZEE5230C1BZ |
Bonds and cash are starting to compete with stocks, says expert 1 Hour Ago Keith Banks, Bank of America Merrill Lynch vice chairman of global wealth and investment management, and Jason Trennert, Strategas Research Partners managing partner, discuss this earnings season and what investors are doing with their money. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/bonds-and-cash-are-starting-to-compete-with-stocks-says-expert.html |
PARIS, May 18 (Reuters) - Natixis outgoing chief executive Laurent Mignon said on Friday the bank had continued to gain market share in fixed income trading in the first quarter and he was confident on long-term revenue targets for corporate and investment bank.
“If you take clear numbers, you take away the CVA/DVA and the exchange rate...the activity is up 5 percent for CIB, 5 percent is higher than our target for the plan. And what we have said is 3 percent,” Mignon told analysts during a call, speaking of CIB annual revenue growth targets for 2018-2020.
“I’m pretty confident, and I think it’s a good start,” he added.
Natixis shares were up 3.5 percent and on course for best day in three months after it reported a 15 percent rise in quarterly profits.
Revenue at its corporate and investment bank was down 3 percent, weighed by a fall in equity trading revenue and historically high results a year ago.
Reporting by Maya Nikolaeva
| ashraq/financial-news-articles | https://www.reuters.com/article/natixis-ceo/natixis-says-confident-in-cib-revenue-growth-targets-idUSP6N1SA005 |
JERSEY, Channel Islands, Serinus Energy Inc. (“ Serinus ”, “ SEN ” or the “ Company ”) (TSX:SEN)(WARSAW:SEN), is pleased to announce that it has successfully completed the continuance of the Company into Jersey, Channel Islands (the “ Continuance ”). In connection with the Continuance, the Company has changed its name to ‘Serinus Energy Plc’ and adopted new charter documents, the specifics of which are set forth in the Company’s management information circular dated February 5, 2018 and available on www.sedar.com .
Shareholders of the Company (the “ Shareholders ”) need not take any action in connection with the Continuance. The Company has today applied for a new ISIN/CUSIP number to be assigned to the shares of the continued Company. Upon receipt and eligibility of the new ISIN/CUSIP number, Shareholders who hold shares through the Canadian Depositary for Securities in book-entry form will have the name change and ISIN/CUSIP automatically updated on the systems of Computershare Trust Company of Canada (“ Computershare ”). Shareholders who hold their shares in certificated form or as direct registration statements (“ Physical Holders ”) will be deemed to hold shares reflecting the name change and new ISIN/CUSIP. Physical Holders may obtain new certificates reflecting the name change and change in the ISIN/CUSIP number by either: (a) mailing their old certificates to Computershare at Computershare, 530 – 8th Avenue SW, Suite 600, Calgary, Alberta T2P 3S8, c/o Christopher Parsons; or (b) waiting until Serinus’ Canadian branch register closes, expected to occur in late June 2018, at which point new certificates will be mailed to them.
For further information, please refer the section “ Effect of the Transactions on Shareholders” in the Company’s management information circular dated February 5, 2018 available on www.sedar.com and to Serinus’ website ( www.serinusenergy.com ).
About Serinus
Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.
For further information, please refer to the Serinus website ( www.serinusenergy.com ) or contact the following:
Serinus Energy Inc.
Calvin Brackman
Vice President, External Relations & Strategy
Tel.: +1-403-264-8877
[email protected] Serinus Energy Inc.
Jeffrey Auld
Chief Executive Officer
Tel.: +1-403-264-8877
[email protected] Translation : This news release has been translated into Polish from the English original.
Forward-looking Statements This release may contain forward-looking statements made as of the date of this announcement with respect to future activities that either are not or may not be historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable as of the date hereof, any potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors that could impair or prevent the Company from completing the expected activities on its projects include that the Company's projects experience technical and mechanical problems, there are changes in product prices, failure to obtain regulatory approvals, the state of the national or international monetary, oil and gas, financial , political and economic markets in the jurisdictions where the Company operates and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties and actual results may vary materially from those expressed in the forward-looking statement. The Company undertakes no obligation to revise or update any forward-looking statements in this announcement to reflect events or circumstances after the date of this announcement, unless required by law.
Source:Serinus Energy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-completion-of-continuance-into-jersey-channel-islands.html |
Gold slipped slightly on Monday, snapping three days of gains as the U.S. dollar index strengthened after last week's soft U.S. jobs data did little to dampen optimism about the world's largest economy.
That left traders betting the U.S. Federal Reserve would proceed with lifting interest rates this year. Higher rates typically weigh on gold, as they increase the opportunity cost of holding non-yielding assets such as bullion.
"The dollar in the immediate term is overbought and gold is oversold today. (Gold) needs to recapture $1,322 to increase," said John Caruso, senior commodity strategist at RJO Futures.
Spot gold was down 0.1 percent at $1,313.70 an ounce at 3:25 p.m. ET. U.S. gold futures for June delivery settled down $0.60 at $1,314.10.
The market was thinned by a national holiday in Britain, which closed trading desks in London.
"The dollar's strength, driven by a less hawkish European Central Bank and a disparity in bond yields (between the United States and Europe), has kept gold lower today," said TD Securities head of commodity strategy Bart Melek.
Investors were therefore tempering bets on higher gold prices, said Commerzbank analyst Carsten Fritsch, with speculators cutting their net long positions on Comex gold contracts to the lowest since July 2017 with a "massive reduction" in the last few trading weeks.
"Most speculative investors have thrown in the towel already," he said.
Government bond yields in the euro area rose in late Monday trading after the European Central Bank's chief economist, Peter Praet, said an earlier unexpected drop in euro zone core inflation may be a one-off.Initially dropping, bond yields in the single currency bloc rose after his remarks.
The U.S. dollar index hit a 2018 peak against a commodity basket after U.S. jobs and wages data did little to alter perceptions of strength in the U.S. economy and consequently expectations for more Fed rate hikes.
Meanwhile, silver lost 0.1 percent to $16.47. Palladium was up 0.25 percent at $969.50, earlier hitting its highest level since April 27 at $980.
Platinum gained 0.4 percent to $909.50, having earlier hit its highest price since April 25 at $918.70. Friday's positioning data from the CFTC suggests the metal may be due for a bounce, analysts said
"With prices near the bottom of the recent one-year range, platinum is now in the oversold box," Societe Generale said in a note. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/gold-prices-crawl-up-as-dollar-pauses-rally.html |
Signs of confidence return to UK households 10:42am EDT - 01:58
British consumers and businesses turned more confident in May, a sign that the economy is starting to recover after a weak start to the year. Kate King reports.
British consumers and businesses turned more confident in May, a sign that the economy is starting to recover after a weak start to the year. Kate King reports. //reut.rs/2H85XEL | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/signs-of-confidence-return-to-uk-househo?videoId=431939354 |
College Game Plan Trump is targeting Medicare drug prices. Here's what Part D coverage costs The Trump administration wants to let Medicare Part D prescription drug plans more easily negotiate prices with manufacturers. Officials also want to require plans to pass on a portion of any drugmaker rebates they get to their enrollees. Among the 10 most-utilized standalone plans, the average premium ranges from $20.21 to $83.68 per month, according to the Kaiser Family Foundation. Published 25 Mins Ago CNBC.com
With President Trump expected to unveil his plan Friday to lower prescription drug prices for Medicare recipients, you might wonder if it means other costs related to your coverage will come down.
Don't count on it.
As it stands, exactly what Medicare beneficiaries pay for prescription drug coverage depends on the specifics of the plan they choose and their income. And while some drugs could cost less under Trump's plan — which is expected to echo proposals already floated in the administration's proposed fiscal year 2019 budget — there's a chance insurers could react to any reduced revenue by eyeing their customers' wallets.
"They might shift costs to plan enrollees through higher premiums and deductibles, or shifting drugs to higher [cost] tiers," said Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League. Photo by LWA via Getty Images
One of Trump's anticipated proposals is to give Medicare Part D prescription plans more negotiating power with drugmakers. Medicare itself cannot negotiate drug prices, and apparently Trump's plan wouldn't change that.
Trump also is expected to propose requiring plans to pass on part of the savings they yield through drug manufacturer rebates. The administration's proposed 2019 budget also included this point, pushing for plans to share at least one-third of those discounts.
"That's good, but it also would codify in law that [insurers] are allowed to pocket two-thirds of the rebates as profits," Johnson said.
Here's what people already pay for Part D coverage. The basics
Getting prescription drug coverage through Medicare is optional. You choose to get it as a standalone Part D plan that serves as a supplement to original Medicare (Parts A and B) or as part of a Medicare Advantage Plan (Part C).
However, if you fail to sign up when you first qualify for coverage and change your mind later, you'll face a life-lasting penalty unless you meet certain exclusions (i.e., you receive acceptable coverage through a union or employer).
If you have Original Medicare and are looking for a standalone drug plan, the average monthly premium paid for 2018 is an estimated $43.48, according to the Kaiser Family Foundation.
This is a 9 percent increase from the $39.90 in 2017, and a 68 percent increase from $25.89 in 2006. Exactly how much you pay depends partly on the plan you choose and your income. Higher earners pay a surcharge in addition to their plan's premium (see chart). What Medicare Part D costs you Individual tax return* | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/trump-is-targeting-medicare-drug-prices-heres-what-part-d-coverage-costs.html |
May 2 (Reuters) - CDW Corp:
* CDW REPORTS RECORD FIRST QUARTER NET SALES * Q1 NON-GAAP EARNINGS PER SHARE $1.05
* Q1 EARNINGS PER SHARE $0.82 * Q1 SALES $3.606 BILLION VERSUS I/B/E/S VIEW $3.45 BILLION
* Q1 EARNINGS PER SHARE VIEW $0.92 — THOMSON REUTERS I/B/E/S
* NOW TARGETING 2018 CONSTANT CURRENCY NON-GAAP NET INCOME PER DILUTED SHARE GROWTH IN MID-TO-HIGH TWENTY PERCENT RANGE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cdw-reports-q1-earnings-per-share/brief-cdw-reports-q1-earnings-per-share-0-82-idUSASC09YXI |
This CIO says 'a happy ending' for Tesla's stock is unlikely 2 Hours Ago Jim Lowell of Adviser Investments says he is not "a bull in any way, shape or form when it comes to Tesla." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/this-cio-says-a-happy-ending-for-teslas-stock-is-unlikely.html |
Atlanta, May 30, 2018 (GLOBE NEWSWIRE) -- Incumaker, Inc. (OTC Pink: QMKR) provided a shareholder update on the progress of the Agreement and Plan of Merger with uBid Holdings Inc. (“UBID”). As previously announced, UBID would merge with and into Incumaker and Incumaker would be the surviving corporation. Under this Alternative Public Offering, or “APO” transaction, shareholders of UBID would own 90% of the issued and outstanding shares of the newly combined company. Incumaker will seek to change its name to “uBid Holdings Inc.” as well as its ticker symbol post-merger to better reflect the company’s new technology related business model. Under the terms of the merger agreement, UBID’s current officers and directors would become the officers and directors of the newly combined company.
Ketan Thakker, UBID’s Chief Executive Officer, stated: “Due to the complexity and the magnitude of this type of merger, the financial audit is taking a bit longer to complete than anticipated. Accordingly, both companies have mutually agreed to extend the merger timeline through July.”
“We remain excited about the planned merger, and our focus continues to be taking the necessary steps to close the contemplated transaction,” Darren Bankston, CEO of Incumaker, commented.
Under the initial terms of the Agreement and Plan of Merger, Incumaker and UBID were to close the merger by May 31, 2018. This has now been extended to July 31, 2018. The closing of the transaction is subject to UBID completing the acquisition of Sky Auction and having the financing to consummate a second acquisition, and other customary conditions, including approval by the shareholders of both companies.
..
About uBid Holdings, Inc.
uBid Holdings, Inc. (“uBid” or the “Company”) is an e-commerce company focused on operating a growing number of online auction and bargain-sale e-commerce marketplaces offering thousands of products to both consumers and businesses. uBid provides a unique shopping experience that offers buyers the opportunity to either set their own prices or receive competitive fixed prices on popular, brand name products at a significant discount to prices found at bricks-and-mortar stores and large internet retailers. The Company’s online marketplaces provide manufacturers, retailers, distributors and other suppliers with an efficient and economical channel for maximizing revenue on their merchandise while at the same time moving new, overstock, close-out and recertified products and providing consumers and businesses with a convenient method for obtaining this merchandise virtually anytime and anywhere at substantial savings. uBid currently operates through its internet site, uBid.com , which the Company’s management believes was one of the first and remains one of the most recognized names among auction sites and currently features a rotating selection of computer products, consumer electronics, watches, jewelry and gifts, sporting goods, collectibles, home goods, travel and fashion products, which typically sell at significant discounts to prices found through traditional retailers. The Company operates its online auction and bargain-sale marketplace 24 hours a day, seven days a week, 365 days a year, currently offering unique merchandise on its sites.
About Incumaker
Incumaker, Inc. (QMKR: OTC PINK) is a diversified holding company whose strategic plan is to acquire interests in young businesses, and provide financing, advice and guidance to assist them in realizing their potential. Incumaker continues to identify and evaluate other potential acquisitions to create shareholder value and return. Additional information about Incumaker is available in its filings on otcmarkets.com . For additional information please email [email protected] .
Press Releases may include forward-looking statements. In particular, the words “believe,” “may,” “could,” “should,” “expect,” “anticipate,” “estimate,” “project," "propose," "plan," "intend," and similar conditional words and expressions are intended to identify forward-looking statements. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company.
Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although Incumaker, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Incumaker, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company’s ability identify a suitable business model for the corporation.
Contact: Incumaker Inc. [email protected]
Source:Incumaker Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-incumaker-and-ubid-holdings-extend-closing-date.html |
NEW DELHI (Reuters) - India’s ruling party was on Wednesday asked to form a government in the southern state of Karnataka, sparking criticism from the opposition who said Prime Minister Narendra Modi’s party did not win enough seats to take power.
India's ruling Bharatiya Janata Party (BJP) leader and former Chief Minister of the southern state of Karnataka B. S. Yeddyurappa leaves to meet the state governor to stake claim to form the government, in Bengaluru, India, May 16, 2018. REUTERS/Abhishek N. Chinnappa Modi’s Bharatiya Janata Party (BJP) emerged as the single largest party in state elections in Karnataka, winning 104 seats in the 225-member assembly but falling short of an outright majority.
The main opposition Congress party forged a post-poll alliance with a regional party and told the state governor it had a combined tally of at least 117 seats and should be allowed to form the government in the state.
On Wednesday, the governor sided with the BJP however, asking it to form a government and prove its majority within 15 days in the assembly, according to a copy of a letter posted by the party on Twitter.
Congress spokesman Randeep Singh Surjewala criticized the governor’s decision, saying it “cannot sustain the scrutiny of the constitution or the test of law”. Indian television channels reported that Congress was planning to approach the Supreme Court late in the night to challenge the governor’s decision.
India's ruling Bharatiya Janata Party (BJP) leader and former Chief Minister of the southern state of Karnataka B. S. Yeddyurappa speaks with the media after meeting with the state governor to stake claim to form the government, outside the governor's house in Bengaluru, India, May 16, 2018. REUTERS/Abhishek N. Chinnappa Karnataka, with a population of 66 million, is home to the technology hub of Bengaluru. It is the first major state electing an assembly this year, and will be followed by three more.
A strong showing by Modi’s BJP in Karnataka has given him momentum for a re-election bid in next year’s national polls and opened a path for more reforms, analysts say.
A BJP government in Karnataka will also help Modi silence critics who said his popularity had waned after the implementation of a nationwide sales tax and a ban on high-value bank notes late in 2016.
If it succeeds, the BJP and its allies would govern 22 of India’s 29 states.
Reporting by Aditi Shah and Sudarshan Varadhan in New Delhi; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-india-election/indias-ruling-party-asked-to-form-government-in-southern-state-despite-lack-of-majority-idUSKCN1IH2N5 |
Environmental Protection Agency boss Scott Pruitt has a few issues hanging over him: the controversial use of first class flights, lavish office renovations, unauthorized raises to key aides, trips of a questionable nature on taxpayers’ dime and efforts to quash scientific research into the environment – his agency’s remit. If those issues don’t cost Mr. City PM: US Companies Ramp Up Capex, Skittish Investors Remain Bullish, Why High CEO Pay Is Money for Nothing | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/15/has-epas-pruitt-finally-gone-too-far/ |
SARAJEVO, May 15 (Reuters) - The Montenegrin government on Tuesday paid a first tranche of 68.9 million euros ($81.6 million) to buy Italian company A2A’s stake in the Balkan country’s power utility EPCG.
EPCG has been jointly managed by A2A and the Montenegrin government, but the two have been at odds for years because A2A opposed the government’s plans to add a new coal-fired power plant, while Montenegro complained of low investment by A2A.
A2A said last June it planned to sell its entire 41.7 percent holding in EPCG for 250 million euros.
However, the Montenegrin government said on Tuesday the total amount it would pay had been trimmed “from 250 million euros to 230.6 million euros, at a discount rate that corresponds to Montenegro’s borrowing parameters and the corresponding maturity”.
Following the initial payment, the government will hold a 70.16 percent stake in EPCG, up from 57.01 percent previously.
It was initially envisaged the government would pay for A2A’s stake in seven annual instalments, to ease the burden on the state budget.
However, the government said it would pay the remaining amount in three tranches due in July 2018, May 2019 and July 2019.
A2A, controlled by the Italian cities of Milan and Brescia, spent around 436 million euros on buying a 43.7 percent holding in EPCG, which it later cut to 41.7 percent.
$1 = 0.8441 euros Reporting by Maja Zuvela; Editing by Mark Potter
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/montenegro-a2a-energy/montenegro-buys-first-part-of-a2as-stake-in-utility-epcg-idUSL5N1SM6SQ |
HOUSTON, May 03, 2018 (GLOBE NEWSWIRE) -- LINN Energy, Inc. (OTCQB:LNGG) (“LINN” or the “Company”) announces financial and operating results for the first quarter 2018 and highlights the following:
Announced strategic plan to separate into two public companies, Roan Resources (“Roan”) and Riviera Resources (“Riviera”) during mid-summer 2018 Completed strategic divesture program resulting in approximately $2 billion of closed asset sales Strong balance sheet with no debt and a first quarter ending cash balance of approximately $227 million Returned more than $600 million of capital to LINN shareholders through share repurchases Blue Mountain Midstream (“Blue Mountain”) anticipates commissioning the Chisholm Trail cryogenic plant by the end of the second quarter 2018 Outperformed guidance on production, operating expenses and adjusted EBITDAX for the quarter
"We achieved several key strategic milestones in our mission to maximize value for our shareholders. First, we continue to perform exceptionally well operationally, meeting or exceeding guidance each of the past five quarters. Second, we completed our strategic divestiture program of ~$2 billion, allowing us to continue to repurchase shares including the $325 million tender offer completed in January. Third, we believe our shares are trading at a significant discount and are in progress to execute our separation plan this summer to unlock this value. Fourth, Blue Mountain is nearing the completion of its Chisholm Trail cryogenic plant in the Merge. It is truly impressive the amount of progress our organization and Board has accomplished this past year. I would like to thank our employees for their hard work in executing our vision and look forward to the bright futures of Roan and Riviera,” said Mark E. Ellis, LINN’s President and Chief Executive Officer.
Key Financial Results (1)
First Quarter $ in millions 2018 2017 Average daily production (MMcfe/d) 401 750 Oil, natural gas and NGL sales $137 $269 Income from continuing operations $71 $2,390 Loss from discontinued operations, net of income taxes $0 $(0.5) Net income $71 $2,390 Adjusted EBITDAX (a non-GAAP financial measure) (2) $40 $114 LINN Adjusted EBITDAX for Roan (a non-GAAP financial measure) (3) $37 N/A Net cash provided by operating activities $48 $65 Oil and natural gas capital $10 $56 Total capital $67 $64 (1) All amounts reflect continuing operations with the exception of net income.
(2) Excludes Adjusted EBITDAX from discontinued operations of approximately $15 million for the three months ended March 31, 2017.
(3) Represents the Adjusted EBITDAX for LINN’s 50% equity interest in Roan for the period from January 1, 2018, to March 31, 2018. See Schedule 1 below for a reconciliation of Adjusted EBITDA
Strategic Update on the Separation
As previously announced, Company’s Board of Directors (“the Board”) believes the Company trades at a discount to its sum of the parts value and therefore determined to break the Company into separate stand-alone publically traded businesses to unlock this value. To execute this plan in a timely and tax efficient manner, the Board has decided to separate into two public companies, Roan Resources and Riviera Resources. The Board and management are focused on executing this value maximizing plan for shareholders by mid-summer 2018 and expect to provide financial and operational updates at or prior to the separation.
The Company has formed Riviera Resources, which will hold the following upstream assets: Hugoton, Michigan/Illinois, Arkoma, East Texas, North Louisiana, Drunkards Wash as well the assets of Blue Mountain and more than 100,000 net acres in the prospective NW Stack play. Riviera, upon completion of the separation, is expected to be an unlevered upstream and midstream business with highly economic organic investment opportunities. Riviera will be listed for trading on the OTC market under the ticker RVRA.
Following the separation, LINN Energy, Inc., which currently trades on the OTC market under the ticker LNGG, will solely serve as a holding company for its 50 percent equity interest in Roan. The Company has executed a term sheet with Roan Holdings, LLC (the successor to Citizen Energy II, LLC) which is expected to result in the combination of LNGG’s 50 percent equity interest with Roan Holdings, LLC’s 50 percent equity interest. This will allow for the consolidation of 100 percent of the equity in Roan under LNGG, subject to due diligence and execution of definitive documentation, during the third quarter of this year. Roan Resources is preparing to up list to the NYSE or NASDAQ during 2018 under the ticker ROAN.
Completion of $2 Billion Strategic Divestiture Program
The Company successfully completed more than 20 separate divestitures this past year resulting in approximately $2 billion of closed asset sales. The sales far exceeded expectations with a significant premium to proved developed PV-10 value. In addition, the Company has elected to retain the previously marketed Drunkards Wash properties in Utah and those assets will become part of Riviera Resources.
Strong Balance Sheet
From its successful divestiture program in 2017 and 2018, the Company extinguished all outstanding debt. As of March 31, 2018, the Company had no borrowings outstanding under its $390 million revolving credit facility and had approximately $343 million available borrowing capacity inclusive of outstanding letters of credit. LINN has a first quarter ending cash balance of approximately $227 million and pending the closing of previously announced asset sales, forecasts to have approximately $330 million of cash on its balance sheet at the end of the second quarter of 2018. Additionally, on April 30, 2018, the Company’s borrowing base was increased to $425 million.
Share Repurchase Update
The Board continues to focus on returning capital to its shareholders and since our financial reorganization has repurchased approximately $605 million of its outstanding Class A common stock through the share repurchase program, recent tender offer and the employee liquidity program. The Company has also retired approximately $20 million of its Class A-2 shares related to the HoldCo profits interest.
Roan Resources Update
Roan Resources was formed in the second quarter of 2017 and is focused on the accelerated development of approximately 150,000 net acres in the prolific Merge/SCOOP/STACK play of Oklahoma.
During the first quarter, Roan operated six drilling rigs in the Merge and drilled 13 operated wells with lateral lengths ranging between one-to-two miles. Completion activity in the first quarter slowed from the fourth quarter 2017 pace while awaiting the start-up of Blue Mountain’s Chisholm Trail cryogenic plant. Net production averaged approximately 38,000 BOE/d and Roan ended the quarter with 11 drilled but uncompleted (“DUC”) wells. Roan expects the inventory of DUC wells to increase until processing capacity is expanded. Once the new plant is commissioned at the end of second quarter, Roan will fully resume completion activity to work down its DUC inventory and expects significant growth in the second half of 2018.
Roan was successful in reducing drill-times and improving geo-steering efforts during the quarter. An example of this includes the one-mile Orange Sherbet 17-10-6-2H well, which was drilled spud-to-TD in approximately 11 days, an improvement of seven days compared to its closest one-mile offset well drilled in 2017. Geo-steering improved Roan’s in-zone ratio to approximately 95% during the quarter.
Roan had impressive results in the quarter and highlights two of its pads in Grady County. On the Collins pad, the Collins 11-2-9-5-1XH had an initial production 30-day rate of 3,548 BOE/d and a 90-day rate of 2,544 BOE/d (74% liquids). A second well, the Collins 10-3-9-5-1XH, had an initial production 30-day rate of 3,228 BOE/d and a 90-day rate of 2,486 BOE/d (77% liquids) while producing more than 132,000 barrels of oil during its first 90 days. Both Collins wells are targeting the Mississippian formation from two-mile laterals. On the Griffin pad, the Griffin 26-23-10-5-1XH had an initial production 30-day rate of 2,478 BOE/d and a 90-day rate of 1,917 BOE/d (82% liquids) and the Griffin 26-35-10-5-1XH had an initial production 30-day rate of 1,812 BOE/d and a 90-day rate of 1,544 BOE/d (65% liquids). Both Griffin wells are targeting the Mississippian formation from 1.5-mile laterals.
In early April, Roan completed its spring 2018 borrowing base redetermination process for its senior secured revolving credit facility. All participating lenders consented to a borrowing base increase from $275 million to $425 million. As of March 31, 2018, approximately $205 million had been drawn on the revolver. Roan has no other outstanding debt.
Additional information on Roan can be found in the supplemental presentation located on LINN's website.
Riviera Resources
Once formed, Riviera’s primary focus will be the development of its growth-oriented assets and efficiently operating more than 1.7 Tcfe of high quality producing assets, including sizable positions in Hugoton and Michigan. Its growth assets include more than 100,000 net acres in the prospective NW Stack play of Oklahoma with additional horizontal potential in East Texas, North Louisiana and Arkoma.
Non-operated horizontal development has significantly increased in the NW STACK where Riviera plans to commit additional non-operated capital and is evaluating deploying an operated drilling rig later this year. Building on the successful 2017 East Texas drilling program, the Company is conducting an in-depth resource assessment incorporating its recently acquired 3-D seismic data and Riviera plans to resume its drilling program in 2019. The Company estimates 2018 oil and gas capital for Riviera to be approximately $35 million.
Riviera’s midstream subsidiary, Blue Mountain, has more than 80,000 dedicated net acres in the heart of the liquids-rich Merge play. Blue Mountain is constructing a state-of-the-art, highly efficient cryogenic plant to expand its existing midstream business and anticipates the new plant to be operational by the end of the second quarter of 2018. Once at full capacity, Chisholm Trail and its related gathering is forecasted to generate annualized EBITDAX between $100 million and $125 million. With significant growth forecasted from Roan and other producers in the second half of 2018, Blue Mountain estimates a 2018 exit-rate throughput for the plant of 150 MMcf/d to 200 MMcf/d and expects to reach full capacity in 2019. With the forecasted growth from its currently dedicated acreage position, Blue Mountain anticipates the need to expand the cryogenic plant and continues to pursue additional producer dedications.
In connection with the separation, the Company will have a reduction in its workforce that will include approximately $35 million of severance expenses and will reduce the general and administrative run rate for Riviera to approximately $25 million to $30 million per year beginning in 2019, not including Blue Mountain Midstream.
First Quarter Actuals versus Guidance
Q1 Actuals Q1 Guidance Net Production (MMcfe/d) 401 375 – 415 Natural gas (MMcf/d) 266 257 – 284 Oil (Bbls/d) 8,481 7,327 – 8,098 NGL (Bbls/d) 14,124 12,426 – 13,734 Other revenues, net (in thousands) (1) $10,406 $ 13,000 - $ 15,000 Operating Costs (in thousands) $ 75,430 $ 72,000 – $ 81,000 Lease operating expenses $47,884 $ 43,000 – $ 48,000 Transportation expenses $19,094 $ 20,000 – $ 23,000 Taxes, other than income taxes $8,452 $ 9,000 – $ 10,000 General and administrative expenses (2) $23,697 $ 24,000 – $ 27,000 General and administrative severance expenses $4,045 $5,000 Targets (Mid-Point) (in thousands) Adjusted EBITDAX (3) $40,044 $39,000 Interest expense $404 $ 0 (4) Oil and natural gas capital $10,064 $7,000 Total capital $66,928 $60,000 Weighted Average NYMEX Differentials Natural gas (MMBtu) ($0.35) ($ 0.33) – ($ 0.29) Oil (Bbl) ($3.00) ($ 3.45) – ($ 3.12) NGL price as a % of NYMEX oil price 35% 39% – 43% (1) Includes other revenues and margin on marketing activities
(2) Excludes share-based compensation expenses and severance expenses
(3) Includes a reduction to EBITDAX for estimated severance expenses, costs associated with managing assets divested during 2018, associated divestment costs, required transition services under purchase and sale agreements and estimated separation costs
(4) Excludes non cash amortization of deferred financing costs
Second Quarter and Revised Full Year 2018 Guidance
Guidance estimates have been revised to include the previously marketed Drunkards Wash properties, and increased capital budget. The 2018 capital budget has been increased to $160 million, primarily driven by a $24 million increase at Blue Mountain Midstream for additional capital needed for incremental gathering related to third party dedications and pipeline interconnects.
The guidance provided below excludes LINN’s 50 percent equity interest in Roan and has been adjusted for the timing of the previously announced asset sales that closed in the second quarter.
Q2 2018E Revised Guidance
FY 2018E
Net Production (MMcfe/d) 295 – 325 310 – 350 Natural gas (MMcf/d) 230 – 255 230 – 260 Oil (Bbls/d) 1,650 – 1,750 3,000 – 3,500 NGL (Bbls/d) 9,250 – 10,000 10,200 – 11,300 Other revenues, net (in thousands) (1) $ 10,000 - $ 12,000 $ 68,000 – $ 75,000 Costs (in thousands) $ 48,000 – $ 54,000 $ 215,000 – $ 238,000 Lease operating expenses $ 24,000 – $ 27,000 $ 115,000 – $ 127,000 Transportation expenses $ 17,000 – $ 19,000 $ 70,000 – $ 77,000 Taxes, other than income taxes $ 7,000 – $ 8,000 $ 30,000 – $ 34,000 General and administrative expenses (2) $ 20,000 – $ 22,000 $ 75,000 – $ 82,000 General and administrative severance expenses $ 11,000 – $ 14,000 $ 33,000 – $ 37,000 Costs per Mcfe (Mid-Point) $ 1.81 $ 1.89 Lease operating expenses $0.90 $1.01 Transportation expenses $0.64 $0.61 Taxes, other than income taxes $0.27 $0.27 Targets (Mid-Point) (in thousands) Adjusted EBITDAX (3) $6,000 $108,000 Interest expense (4) $— $— Oil and natural gas capital $9,000 $35,000 Total capital $54,000 $160,000 Weighted Average NYMEX Differentials Natural gas (MMBtu) ($ 0.52) – ($ 0.43) ($ 0.50) – ($ 0.40) Oil (Bbl) ($ 2.90) – ($ 2.50) ($ 3.10) – ($ 2.50) NGL price as a % of crude oil price 30% – 34% 32% – 36%
Unhedged Commodity Price Assumptions Apr May Jun 2018E Natural gas (MMBtu) $2.69 $2.74 $2.77 $2.85 Oil (Bbl) $65.56 $68.38 $68.40 $65.97 NGL (Bbl) $21.02 $22.15 $22.14 $22.53 (1) Includes other revenues and margin on marketing activities
(2) Excludes share-based compensation expenses and severance expenses
(3) Includes a reduction to EBITDAX for estimated severance expenses, costs associated with managing assets divested during 2018, associated divestment costs, required transition services under purchase and sale agreements and estimated separation costs
(4) Excludes non cash amortization of deferred financing costs
Hedging Update
In April 2018, in connection with closing of the Altamont Bluebell sale, the Company unwound all 2018 and 2019 oil collars at a cost of approximately $20 million.
2018 2019 Natural Gas Volume
(MMMBtu/d) Average Price
(per MMBtu) Volume
(MMMBtu/d) Average Price
(per MMBtu) Swaps 191 $3.02 51 $2.91 Oil Volume
(Bbls/d) Average Price
(per Bbl) Volume
(Bbls/d) Average Price
(per Bbl) Swaps 1,500 $54.07 - - Natural Gas Basis Differential Volume
(MMMBtu/d) Average Price
(per MMBtu) Volume
(MMMBtu/d) Average Price
(per MMBtu) NGPL TX-OK Basis Swaps 10 ($0.19) - - Earnings Call / Form 10‑Q
The Company will host a conference call Thursday, May 3, 2018 at 10 a.m. (Central) to discuss this strategic update and the Company’s first quarter 2018 results. There will be prepared remarks by Mark E. Ellis, President and Chief Executive Officer, David Rottino, LINN’s Executive Vice President and Chief Financial Officer and President and Chief Executive Officer of Riviera Resources, and Greg Harper, the President and Chief Executive Officer of Blue Mountain Midstream.
Investors and analysts are invited to participate in the call by dialing (844) 625-4392, or (409) 497-0988 for international calls using Conference ID: 7288377. Interested parties may also listen over the internet at www.linnenergy.com . A replay of the call will be available on the company’s website or by phone until May 17, 2018. The number for the replay is (855) 859-2056 or (404) 537-3406 for international calls using Conference ID: 7288377.
Supplemental information can be found at the following link on our website: http://ir.linnenergy.com/presentations.cfm
About LINN Energy
LINN Energy, Inc. was formed in February 2017 as the reorganized successor to LINN Energy, LLC. Headquartered in Houston, Texas, the Company’s current focus is the development of the Merge/SCOOP/STACK in Oklahoma through its equity interest in Roan Resources LLC, as well as through its midstream operations in that area. Additionally, the Company is pursuing emerging horizontal opportunities in Oklahoma, North Louisiana and East Texas, while continuing to add value by efficiently operating and applying new technology to a diverse set of long-life producing assets.
Forward-Looking Statements
Statements made in this press release that are not historical facts are “ .” These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to those implied or anticipated in the . These include risks relating to financial and operational performance and results of the Company and Roan Resources LLC, timing of and ability to execute planned separation transactions and asset sales, continued low or further declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to hedge future production, ability to replace reserves and efficiently develop current reserves, the capacity and utilization of midstream facilities and the regulatory environment. These and other important factors could cause actual results to those anticipated or implied in the . Please read “Risk Factors” in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other public filings. We undertake no obligation to publicly update any , whether as a result of new information or future events.
CONTACTS: LINN Energy, Inc.
Investors:
Jim Frew — Investor Relations
(281) 840-4110
[email protected]
Consolidated Balance Sheets (Unaudited)
March 31,
2018 December 31,
2017 (in thousands) ASSETS Current assets: Cash and cash equivalents $ 227,196 $ 464,508 Accounts receivable – trade, net 130,527 140,485 Derivative instruments 7,287 9,629 Restricted cash 77,263 56,445 Other current assets 65,213 79,771 Assets held for sale 92,492 106,963 Total current assets 599,978 857,801 Noncurrent assets: Oil and natural gas properties (successful efforts method) 778,091 950,083 Less accumulated depletion and amortization (48,142 ) (49,619 ) 729,949 900,464 Other property and equipment 533,078 480,729 Less accumulated depreciation (36,326 ) (28,658 ) 496,752 452,071 Derivative instruments 936 469 Deferred income taxes 162,709 198,417 Equity method investments 490,503 464,926 Other noncurrent assets 5,983 6,975 660,131 670,787 Total noncurrent assets 1,886,832 2,023,322 Total assets $ 2,486,810 $ 2,881,123 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued expenses $ 264,973 $ 253,975 Derivative instruments 16,931 10,103 Other accrued liabilities 38,948 58,617 Liabilities held for sale 42,891 43,302 Total current liabilities 363,743 365,997 Noncurrent liabilities: Derivative instruments 4,682 2,849 Asset retirement obligations and other noncurrent liabilities 104,730 160,720 Total noncurrent liabilities 109,412 163,569 Equity: Class A common stock 76 84 Additional paid-in capital 1,478,365 1,899,642 Retained earnings 502,684 432,860 Total common stockholders’ equity 1,981,125 2,332,586 Noncontrolling interests 32,530 18,971 Total equity 2,013,655 2,351,557 Total liabilities and equity $ 2,486,810 $ 2,881,123 Consolidated Statements of Operations (Unaudited )
Successor Predecessor Three Months
Ended March 31,
2018 One Month
Ended March 31,
2017 Two Months
Ended
February 28,
2017 (in thousands, except per share and per unit amounts) Revenues and other: Oil, natural gas and natural gas liquids sales $ 136,876 $ 80,325 $ 188,885 Gains (losses) on oil and natural gas derivatives (15,030 ) (11,959 ) 92,691 Marketing revenues 46,267 2,914 6,636 Other revenues 5,894 2,028 9,915 174,007 73,308 298,127 Expenses: Lease operating expenses 47,884 24,630 49,665 Transportation expenses 19,094 13,723 25,972 Marketing expenses 41,755 2,539 4,820 General and administrative expenses 44,779 10,411 71,745 Exploration costs 1,202 55 93 Depreciation, depletion and amortization 28,465 19,914 47,155 Taxes, other than income taxes 8,452 7,077 14,877 (Gains) losses on sale of assets and other, net (106,075 ) 484 829 85,556 78,833 215,156 Other income and (expenses): Interest expense, net of amounts capitalized (404 ) (4,200 ) (16,725 ) Earnings from equity method investments 25,345 39 157 Other, net (169 ) (388 ) (149 ) 24,772 (4,549 ) (16,717 ) Reorganization items, net (1,951 ) (2,565 ) 2,331,189 Income (loss) from continuing operations before income taxes 111,272 (12,639 ) 2,397,443 Income tax expense (benefit) 40,174 (5,315 ) (166 ) Income (loss) from continuing operations 71,098 (7,324 ) 2,397,609 Income (loss) from discontinued operations, net of income taxes — 68 (548 ) Net income (loss) 71,098 (7,256 ) 2,397,061 Net noncontrolling interests 1,274 — — Net income (loss) attributable to common stockholders/unitholders $ 69,824 $ (7,256 ) $ 2,397,061 Income (loss) per share/unit attributable to common stockholders/unitholders: Income (loss) from continuing operations per share/unit – Basic $ 0.88 $ (0.08 ) $ 6.80 Income (loss) from continuing operations per share/unit – Diluted $ 0.86 $ (0.08 ) $ 6.80 Income (loss) from discontinued operations per share/unit – Basic $ — $ — $ (0.01 ) Income (loss) from discontinued operations per share/unit – Diluted $ — $ — $ (0.01 ) Net income (loss) per share/unit – Basic $ 0.88 $ (0.08 ) $ 6.79 Net income (loss) per share/unit – Diluted $ 0.86 $ (0.08 ) $ 6.79 Weighted average shares/units outstanding – Basic 78,975 89,848 352,792 Weighted average shares/units outstanding – Diluted 80,332 89,848 352,792 Consolidated Statements of Cash Flows (Unaudited)
Successor Predecessor Three Months
Ended March 31,
2018 One Month
Ended March 31,
2017 Two Months
Ended
February 28,
2017 (in thousands) Cash flow from operating activities: Net income (loss) $ 71,098 $ (7,256 ) $ 2,397,061 Adjustments to reconcile net income (loss) to net cash provided by operating activities: (Income) loss from discontinued operations — (68 ) 548 Depreciation, depletion and amortization 28,465 19,914 47,155 Deferred income taxes 40,660 (5,034 ) (166 ) Total (gains) losses on derivatives, net 15,030 11,959 (92,691 ) Cash settlements on derivatives (4,494 ) 5,782 (11,572 ) Share-based compensation expenses 17,037 4,177 50,255 Amortization and write-off of deferred financing fees 404 3 1,338 (Gains) losses on sale of assets and other, net (131,330 ) 345 1,069 Reorganization items, net — — (2,359,364 ) Changes in assets and liabilities: (Increase) decrease in accounts receivable – trade, net 5,415 26,614 (7,216 ) (Increase) decrease in other assets 14,176 (2,553 ) 528 Increase (decrease) in accounts payable and accrued expenses 15,711 (43,476 ) 20,949 Increase (decrease) in other liabilities (24,362 ) 4,187 2,801 Net cash provided by operating activities – continuing operations 47,810 14,594 50,695 Net cash provided by operating activities – discontinued operations — 3,166 8,781 Net cash provided by operating activities 47,810 17,760 59,476 Cash flow from investing activities: Development of oil and natural gas properties (26,024 ) (19,779 ) (50,597 ) Purchases of other property and equipment (46,110 ) (2,466 ) (7,409 ) Proceeds from sale of properties and equipment and other 232,394 326 (166 ) Net cash provided by (used in) investing activities – continuing operations 160,260 (21,919 ) (58,172 ) Net cash used in investing activities – discontinued operations — (465 ) (584 ) Net cash provided by (used in) investing activities 160,260 (22,384 ) (58,756 ) Cash flow from financing activities: Proceeds from rights offerings, net — — 514,069 Repurchases of shares (367,830 ) — — Proceeds from borrowings — 30,000 — Repayments of debt — (96,250 ) (1,038,986 ) Payment to holders of claims under the Predecessor’s second lien notes — — (30,000 ) Distributions to noncontrolling interests (8,007 ) — — Cash settlements of RSUs (48,701 ) — — Other (26 ) 17,658 (6,015 ) Net cash used in financing activities – continuing operations (424,564 ) (48,592 ) (560,932 ) Net cash used in financing activities – discontinued operations — — — Net cash used in financing activities (424,564 ) (48,592 ) (560,932 ) Net decrease in cash, cash equivalents and restricted cash (216,494 ) (53,216 ) (560,212 ) Cash, cash equivalents and restricted cash: Beginning 520,953 144,022 704,234 Ending $ 304,459 $ 90,806 $ 144,022 Schedule 1 - Adjusted EBITDAX (Non-GAAP Measure)
The non-GAAP financial measure of adjusted EBITDAX, as defined by the Company, may not be comparable to similarly titled measures used by other companies. Therefore, this non-GAAP measure should be considered in conjunction with net income (loss) and other performance measures prepared in accordance with GAAP. Adjusted EBITDAX should not be considered in isolation or as a substitute for GAAP.
Adjusted EBITDAX is a measure used by Company management to evaluate the Company’s operational performance and for comparisons to the Company’s industry peers. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s financial results.
The following presents a reconciliation of net income (loss) to adjusted EBITDAX:
Three Months Ended March 31, 2018 2017 (in thousands) Net income $ 71,098 $ 2,389,805 Plus (less): Income from discontinued operations ― 480 Interest expense 404 20,925 Income tax expense (benefit) 40,174 (5,481 ) Depreciation, depletion and amortization 28,465 67,069 Exploration costs 1,202 148 EBITDAX 141,343 2,472,946 Plus (less): Noncash (gains) losses on oil and natural gas derivatives 10,536 (86,522 ) Accrued settlements on oil derivative contracts related to current production period (1) 633 1,302 Share-based compensation expenses 17,037 54,432 Earnings from equity method investments (25,345 ) (196 ) (Gains) losses on sale of assets and other, net (2) (106,111 ) 170 Reorganization items, net (3) 1,951 (2,328,624 ) Adjusted EBITDAX $ 40,044 $ 113,508 (1) Represent amounts related to oil derivative contracts that settled during the respective period (contract terms had expired) but cash had not been received as of the end of the period.
(2) Primarily represent gains or losses on the sales of assets and gains or losses on inventory valuation.
(3) Represent costs and income directly associated with the Company’s filing for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code since the petition date, and also include adjustments to reflect the carrying value of certain liabilities subject to compromise at their estimated allowed claim amounts, as such adjustments are determined.
Roan Resources LLC Adjusted EBITDAX
Three Months ended
March 31, 2018 (in thousands) Net income $ 20,688 Plus (less): Interest expense 900 Depreciation, depletion and amortization 11,773 Exploration costs 250 EBITDAX 33,611 Noncash losses on oil and natural gas derivatives 2,738 Share-based compensation expenses 1,146 Adjusted EBITDAX $ 37,495
Source:LINN Energy, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-linn-energy-reports-first-quarter-2018-results.html |
May 2 (Reuters) - Triplepoint Venture Growth BDC Corp :
* TRIPLEPOINT VENTURE GROWTH BDC CORP. ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* TRIPLEPOINT VENTURE GROWTH BDC CORP QTRLY NET INVESTMENT INCOME OF $0.34 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-triplepoint-venture-growth-reports/brief-triplepoint-venture-growth-reports-qtrly-net-investment-income-of-0-34-per-share-idUSASC09Z62 |
May 28, 2018 / 9:06 AM / Updated 8 hours ago Cricket: England drop Stoneman for Jennings against Pakistan Reuters Staff 2 Min Read
LONDON (Reuters) - England dropped Mark Stoneman and replaced the opening batsman with Keaton Jennings for the second and final test against Pakistan after the hosts were thrashed by nine wickets in the series opener at Lord’s on Sunday. Cricket - England vs Pakistan - First Test - Lord's Cricket Ground, London, Britain - May 26, 2018 England's Mark Stoneman walks off after losing his wicket Action Images via Reuters/John Sibley
Jennings’ recall is the only change in the 12-man squad for the second test at Headingley, that starts on Friday, which the hosts must win to level the two-match series. Stoneman was clean bowled in both innings at Lord’s, scoring four and nine.
The 25-year-old Jennings has played six tests for England, the last of them in August 2017 against South Africa.
“Keaton Jennings showed a strong temperament in scoring a hundred on his test match debut against India in December 2016,” national selector Ed Smith said in a statement on Monday.
“Keaton has found good form in county cricket this season, including three centuries in his last seven innings (two in the First Division of the County Championship, one in the Royal London One-Day Cup).
“Mark Stoneman misses out at Headingley. Mark has experienced a disappointing start to the 2018 season and had a difficult test match at Lord’s.”
Fast-bowling all-rounder Chris Woakes was part of the 12-man squad at Lord’s but missed out on selection for the starting XI.
Meanwhile, opening batsman Alastair Cook is set to overtake former Australia captain Alan Border as the player with the most consecutive tests with the Headingley match set to be his 154th contest without a break.
Squad: Alastair Cook, Keaton Jennings, Joe Root, Dawid Malan, Jonny Bairstow (wicketkeeper), Ben Stokes, Jos Buttler, Dominic Bess, Mark Wood, Stuart Broad, James Anderson, Chris Woakes. Cricket - England Nets - London, Britain - July 4, 2017 England's Keaton Jennings during nets Action Images via Reuters/Peter Cziborra/Files Reporting by Sudipto Ganguly in Mumbai; Editing by John O'Brien | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-test-eng-pak-squad/cricket-england-drop-stoneman-for-jennings-against-pakistan-idINKCN1IT0OE |
NAIROBI (Reuters) - Kenya’s government is pushing ahead with a plan to hire 100 Cuban doctors despite opposition from a doctors’ union that says the money could be used to employ local physicians instead.
FILE PHOTO: Kenya's President Uhuru Kenyatta arrives to attend The Queen's Dinner during The Commonwealth Heads of Government Meeting (CHOGM), at Buckingham Palace in London on April 19, 2018. Daniel Leal-Olivas/Pool via Reuters President Uhuru Kenyatta agreed the deal last year and the plan was accelerated after his state visit to Cuba in March.
But Ouma Oluga, secretary general of Kenya Medical Practitioners, Pharmacists and Dentists Union (KMPDU), told Reuters the decision is unethical because there are enough doctors locally.
“There are 2,000 Kenyan doctors that require employment and 170 specialists ... have not been deployed by the Ministry of health,” he said. “We do not understand why a government would be creating employment for another country and not their own.”
The dispute reflects an attempt by the government to resolve the problem of inadequate healthcare provision that many medical professionals say has been left to fester by successive administrations.
Kenya’s doctor-to-patient ratio is one to 16,000, according to official data, far below a recommendation of the U.N. World Health Organization of one to 1,000.
The government says doctors in far-flung hospitals lack specialized skills, forcing patients to pay to travel to the capital Nairobi or abroad for treatment.
Doctors say they are underpaid and lack equipment. In March, four members of staff at Kenya’s largest referral hospital were suspended for starting brain surgery on the wrong patient.
Last year the government granted doctors a pay rise promised in 2013 after a three-month strike. Oluga said KMPDU will not interfere with the government plan of importing doctors.
“If the Kenyan government wants to bring Cuban doctors, that’s up to them,” he said.
The doctors are expected to arrive in June and each county should get at least two. They will work in a country where medical provision is split between central government and 47 county governments.
Reporting by John Ndiso; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-kenya-healthcare-cuba/kenyan-doctors-angered-by-move-to-hire-cuban-doctors-idUSKCN1IF24B |
BOSTON, May 10 (Reuters) - Wells Fargo & Co investors are hoping for updates on how long the bank will stay in the regulatory doghouse, and will be looking for details about costs on Thursday while the lender’s ability to grow its balance sheet remains a question mark.
San Francisco-based Wells Fargo’s series of sales and lending practices scandals have cast a dark cloud on a bank that had previously been known for its ability to consistently grow revenue and earnings in the post-crisis era.
It is now under orders by the Federal Reserve to keep assets below $1.95 trillion until governance and controls improve, which has complicated matters at it tries to improve its closely watched efficiency ratio measuring costs per dollar of revenue.
Ahead of the bank’s investor day presentation on Thursday morning, several shareholders said they are keen to hear the latest on oversight by regulators and details on nuts-and-bolts matters like its outlook on financial targets and loan growth.
Greg Donaldson, chairman of Donaldson Capital Management in Indiana, which has about 50,000 Wells Fargo shares, said he hopes to hear costs are under control but worries the resources needed to answer bank examiners’ questions could be a problem.
“The thing that could move the needle in the short run is expense control,” Donaldson said. He added that “the real issue everyone will be listening for is when will the Fed cut them loose.”
Wells Fargo executives have said they plan to provide a dollar range for 2019 expenses, set an efficiency ratio target for the next couple of years and be transparent about various revenue drivers at this year’s investor day.
Last month Wells Fargo agreed to pay $1 billion to settle with U.S. regulators who said it wrongly layered insurance on hundreds of thousands of drivers and hit homebuyers with excessive fees. It also has paid millions after admitting it opened sham accounts for customers, a practice that likely ensnared millions.
Wells Fargo has revamped its leadership since the scandal erupted in 2016 and got a boost on April 24 when directors including Chief Executive Tim Sloan and Chair Elizabeth Duke handily won shareholder support. Michael Kon, director of research for Golub Group of San Mateo, California, said it sold its Wells Fargo position last summer but holds stakes in other banks and will keep an eye on Wells Fargo’s outlook.
“We will be watching loan growth commentary for any signs of a slowdown,” Kon said. “Any update on the regulatory issues will also be helpful,” he said. (Reporting by Ross Kerber; Editing by Meredith Mazzilli)
| ashraq/financial-news-articles | https://www.reuters.com/article/wells-fargo-investors/expectations-capped-wells-fargo-investors-await-details-on-costs-idUSL1N1SG2BW |
BOCA RATON, Fla., May 21, 2018 (GLOBE NEWSWIRE) -- Grom Social Enterprises (OTCQB:GRMM) ("Grom" or the "Company"), an innovative leader and pioneer in providing original social media content to children between the ages of five and 16, www.gromsocial.com ; today reported financial results for the first quarter ended March 31, 2018.
First Quarter March 31, 2018 Results
For the first quarter ended March 31, 2018, the Company reported operating revenues of $2,032,672 compared to $1,708,681 for the same period in 2017, an increase of approximately 19%. Operating expenses decreased from $3,802,008 for the period ended March 31, 2017 to $2,083,307 compared to the same period ended in 2018, a decrease of approximately 62.7% Net loss for the first quarter in 2018 was $1,091,122 or $(0.01) per share, compared to $2,922,234 or $(0.03) per share in the comparable 2017 period.
The increase in revenues was attributable to increased animation revenues at the Company’s Top Draw animation division offset by a decline in revenues at Netspective webfiltering. Subscription and advertising revenue generated by our gromsocial.com website and from our “MamaBear” mobile software safety application for the period ended March 31, 2018 was nominal. The Company expects to start generating increasing levels of revenue from these sources in the second half of 2018. Additionally, the Company expects to generate revenues from its new nutritional product supplement for children that the Company expects to launch in the second half of 2018.
The decrease in operating expenses during the first quarter of 2018 is primarily attributable to a reduction of approximately $1,478,000 in stock-based compensation, and due to a reduction of approximately $352,000 in professional fees, offset by an increase in general and administrative expense of approximately $180,000.
Darren Marks, Grom Chairman and CEO stated, "We remain strongly focused on our strategy which is growing our user base both organically and through synergistic acquisitions which also generate positive cash flow; and in developing original content, technology, branding and marketing the “Grom” name”. Mr. Marks further stated, “We recently launched an upgrade version of our acclaimed MamaBear app. The early results are very promising. Although we have yet to generate meaningful revenue from our base, we are getting much closer to achieving our goals. We appreciate the efforts of the Grom team and the support of our shareholder base who have enabled us to get to this stage without having to enter into expensive financings that could have negatively impacted our cap structure.
About Grom Social Enterprises, Inc.
Grom Social Enterprises, Inc. owns five separate subsidiaries, including Grom Social, a safe social media platform for kids between the ages of five and 16. Since its beginnings in 2012, Grom Social has attracted kids and parents with the promise of a safe and secure environment where their kids can be entertained and can interact with their peers while learning good digital citizenship. The Company also owns and operates Top Draw Animation, Inc., an award-winning animation company which produces animated content for Grom Social and other high-profile media properties such as Tom and Jerry, My Little Pony and Disney Animation's Penn Zero: Part-Time Hero. In addition, Grom Educational Services provides web filtering services up to an additional two million children across 3,700 schools, and Grom Nutritional Services is in the process of creating a line of healthy nutritional supplements for children. For more information please visit Grom's website at www.gromsocial.com .
Safe Harbor Statement
This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including, but not limited to general stock market conditions. We have incurred and will continue to incur significant expenses in our expansion of our existing and new service lines, noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations where we will be providing services, the impact of which cannot be predicted at this time. All forward-looking statements speak only as of the date of this press release. We undertake no obligation to update any forward-looking statements or other information contained herein. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.
Grom Social Enterprises, Inc. Financial Tables for the Three-Month Period Ended March 31, 2018 and 2017 Operating metrics for the three-month periods ended March 31, 2018 March 31, 2017 Revenues $ 2,032,672 $ 1,708,681 Gross margin $ 1,254,933 $ 970,818 Gross margin % 61.7 % 56.8 % Total operating expenses $ 2,083,307 $ 3,802,008 Stock-based compensation included in operating expenses $ 76,193 $ 1,554,831 Net (Loss) $ (1,091,122 ) $ (2,922,234 ) Basic and diluted (loss) per common share $ (0.01 ) $ (0.03 ) Weighted-average number of common shares outstanding 125,643,201 102,753,883 Net cash (used in) operating activities $ (500,673 ) $ (24,928 ) Net cash (used in) investing activities for the purchase of fixed assets $ (170,921 ) $ (56,678 ) Net cash provided by financing activities $ 683,260 $ 65,000 Balance sheet metrics as of March 31, 2018 March 31, 2017 Cash on hand $ 406,850 $ 436,869 Current assets $ 2,389,104 $ 2,344,634 Current liabilities $ 5,771,086 $ 5,858,457 Related party payables included in current liabilities $ 2,463,962 $ 2,076,640 Current liabilities excluding related party payables $ 3,307,124 $ 3,781,817 Short-term debt $ 63,128 $ 75,000 Long-term debt $ 5,612,724 $ 5,416,934 Shares outstanding 126,115,017 103,400,179
Contacts:
Darren Marks
President & CEO
561-287-5776 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-grom-social-enterprises-q-1-loss-narrows-from-0-point-03-to-0-point-01-per-share.html |
May 24, 2018 / 1:19 AM / Updated 2 hours ago Gatlin out with hamstring injury, Coleman skips 200 Gene Cherry 3 Min Read
EUGENE, Oregon (Reuters) - World champion Justin Gatlin has withdrawn from Saturday’s Prefontaine Classic with a hamstring injury and chief rival Christian Coleman will only race in the 100 metres, their managers said on Wednesday. Apr 28, 2018; Philadelphia, PA, USA; Justin Gatlin runs the second leg on the USA Red 4 x 100m relay that won the USA vs. the World race in 38.39 during the 124th Penn Relays at Franklin Field. Mandatory Credit: Kirby Lee-USA TODAY Sports
A tight right hamstring led Gatlin to pull out of the Eugene meet, wiping out a chance of facing Coleman in a high-calibre 100m that also includes China’s world indoor silver medallist Su Bingtian, 2017 British Diamond League 100m winner CJ Ujah and American Ronnie Baker, the year’s fastest man at 9.97 seconds.
Coleman’s management company later announced that the young American would not attempt a 100-200 metres double on what will be his Diamond League debut, opting instead to just run the shorter sprint.
“Earlier mgmt considered a 100/200m double, being his first race of the season, it is more prudent to only contest the 100m. His opening 200m will occur in @BislettGames (on June 7 in Oslo),” Coleman’s agency said on Twitter.
Gatlin, 36 experienced tightness in his hamstring during a 4x100m relay in Japan last weekend and while the leg was better, “the consensus was that Justin will not run at Pre”, his agent Renaldo Nehemiah said in an email to meeting organisers.
“At this stage of Justin’s career, we must err on the side of caution.”
Gatlin won his individual 100m race in Osaka last weekend in 10.06 seconds after finishing seventh in the rain at the Shanghai Diamond League meeting.
His next race, if the leg continued to improve, would be a 100m at Ostrava, Czech Republic on June 13, Nehemiah told Reuters.
Coleman had also been scheduled to run in Shanghai but withdrew for what his coach said were precautionary reasons.
Saturday will be his first individual race since setting the world indoor 60m record and winning the global title at the distance in March.
Even without him, the Eugene 200m field will be an impressive one with Turkish world champion Ramil Guliyev, U.S. 300m world record holder Noah Lyles and Botswana’s Isaac Makwala, the world’s fastest man at the distance last year. Reporting by Gene Cherry in Eugene, Oregon; Editing by Ian Ransom/John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-athletics-diamond-eugene-gatlin/gatlin-out-of-oregon-meeting-with-hamstring-injury-idUKKCN1IP053 |
May 17, 2018 / 4:15 PM / Updated 43 minutes ago Explosive eruption rocks Hawaii's Kilauea volcano -USGS Reuters Staff 1 Min Read
May 17 (Reuters) - An explosive eruption rocked Hawaii’s Kilaueau volcano on Thursday sending an ash plume thousands of feet into the air, according to tweets from the U.S. Geological Survey.
The powerful, steam-driven blast was expected to spew large amounts of volcanic ash and smoke from Kilauea’s crater on Hawaii’s Big Island. The eruption has destroyed 37 homes and other structures in a small southeast area of the island and forced around 2,000 people to evacuate their homes. (Reporting By Andrew Hay in Taos, New Mexico; Editing by Tom Brown) | ashraq/financial-news-articles | https://www.reuters.com/article/hawaii-volcano-blast/explosive-eruption-rocks-hawaiis-kilauea-volcano-usgs-idUSL2N1SO01Y |
Company to host conference call on May 4, 2018 at 9:00 AM ET
KOKOMO, Ind., May 01, 2018 (GLOBE NEWSWIRE) -- Haynes International, Inc. (NASDAQ GM:HAYN) a leading developer, manufacturer and marketer of technologically advanced high performance alloys, announced today that it will host a conference call on Friday, May 4, 2018 to discuss its second quarter financial results for the period A press release announcing the results will be issued after market close on May 3, 2018. Mark Comerford, President and Chief Executive Officer, and Daniel Maudlin, Vice President of Finance and Chief Financial Officer, will host the call and be available to answer questions. To participate, please dial the teleconferencing number shown below five minutes prior to the scheduled conference time.
Date: Friday, May 4, 2018 Time: 9:00 a.m. Eastern Time
Dial-In Numbers: 877-407-8033 (Domestic) 201-689-8033 (International) A live Webcast of the conference call will be available at www.haynesintl.com .
For those unable to participate a teleconference replay will be available from Friday, May 4, 2018 at 11:00 a.m. Eastern Time, through 11:59 p.m. Eastern Time on Monday, June 4, 2018. To listen to the replay, please dial:
Domestic: 877-481-4010 Replay Access: Conference: 28589 A replay of the Webcast will also be available at www.haynesintl.com .
About Haynes International
Haynes International, Inc. is one of the world’s largest producers of high-performance nickel‑ and cobalt‑based alloys in flat product form such as sheet, coil and plate forms. The Company is focused on developing, manufacturing, marketing and distributing technologically advanced, high-performance alloys, which are sold primarily in the aerospace, chemical processing and industrial gas turbine industries.
Contact:
Daniel Maudlin
Vice President of Finance and Chief Financial Officer
Haynes International, Inc.
765-456-6102
Source:Haynes International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-haynes-international-inc-to-host-second-quarter-conference-call.html |
SINGAPORE, May 15, 2018 /PRNewswire/ -- Sea Limited (NYSE: SE) ("Sea" or the "Company") today announced its financial results for the quarter ended March 31, 2018.
"We again saw healthy growth in our digital entertainment revenue in the first quarter of 2018, and have several new games in the pipeline for launch this year. Meanwhile, Shopee continues to grow ahead of expectations as we capture a larger share of our region's e-commerce market, and the virtuous cycle created by that accelerated scaling is driving ever-improving economics on our platform," said Forrest Li, Chairman and Group Chief Executive Officer of Sea. "We will continue to invest in growth, and to focus on improving our services to our platform users, as well as the infrastructure supporting our core businesses."
First Quarter 2018 Key Metrics
-Group
Total adjusted revenue was US$197.0 million, up 81.2% year-on-year from US$108.8 million for the first quarter of 2017 and up 19.8% quarter-on-quarter from US$164.5 million for the fourth quarter of 2017. Total adjusted EBITDA was US$(144.7) million, compared to US$(41.4) million for the first quarter of 2017 and US$(140.2) million for the fourth quarter of 2017.
-Digital Entertainment
Adjusted revenue was US$146.0 million, up 42.6% year-on-year from US$102.4 million for the first quarter of 2017 and up 2.9% quarter-on-quarter from US$141.9 million for the fourth quarter of 2017. Adjusted EBITDA was US$55.0 million, an increase of 48.6% year-on-year from US$37.0 million for the first quarter of 2017 and up 4.6% quarter-on-quarter from $52.6 million for the fourth quarter of 2017. Quarterly active users ("QAUs") reached 126.7 million, an increase of 124.6% year-on-year from 56.4 million for the first quarter of 2017 and up 44.3% quarter-on-quarter from 87.8 million for the fourth quarter of 2017.
Average revenue per user ("ARPU") was US$1.2 compared to US$1.8 for the first quarter of 2017 and US$1.6 for the fourth quarter of 2017.
-E-commerce
Gross merchandise value ("GMV") was US$1.9 billion, an increase of 199.5% year-on-year from US$648.3 million for the first quarter of 2017 and up 23.0% quarter-on-quarter from US$1.6 billion for the fourth quarter of 2017. Gross orders for the quarter totaled 111.4 million, an increase of 217.4% year-on-year from 35.1 million for the first quarter of 2017 and up 13.3% quarter-on-quarter from 98.3 million for the fourth quarter of 2017. Adjusted revenue was US$33.7 million, up 262.1% quarter-on-quarter from US$9.3 million for the fourth quarter of 2017. Adjusted revenue included US$22.0 million of marketplace revenue [1] and US$11.7 million of product revenue [2] . There was negligible e-commerce adjusted revenue for the first quarter of 2017. Adjusted EBITDA was US$(179.6) million, compared to US$(62.7) million for the first quarter of 2017 and US$(175.4) million for the fourth quarter of 2017. Sales and marketing as a percentage of GMV stood at 6.6%, and improved from 7.1% for the first quarter of 2017 and 8.5% for the fourth quarter of 2017.
- Digital Financial Services
Gross transaction value of our digital financial services as a whole ("GTV") was US$1.7 billion, an increase of 428.6% year-on-year from US$322.0 million for the first quarter of 2017 and up 65.7% quarter-on-quarter from US$1.0 billion for the fourth quarter of 2017. The growth was attributable to the payment processing services provided by AirPay to Shopee in most of our markets, which, depending on the operational arrangement in each relevant market, may include payments from buyers to Shopee accounts under Shopee Guarantee as well as outgoing payments from Shopee accounts to Shopee seller accounts that are operationally handled by AirPay.
[1] Marketplace revenue mainly consists of commission and advertising income and revenue generated from other value-added services.
[2] Product revenue mainly consists of revenue generated from direct sales.
Strategic Business Updates
Digital Entertainment
Garena enjoyed healthy growth this quarter, buoyed by factors including the continued expansion of our leading mobile games in the region, Arena of Valor and Free Fire. Free Fire recently achieved 13 million daily active users, placing it amongst the world's most popular mobile battle royale titles. We continue to complement our leading franchises through growing e-sports leagues, video streaming options, and other ancillary services.
We held Garena World 2018, our region's largest eSports event, from March 31 to April 1, 2018 in Bangkok, Thailand. We had an attendance of approximately 240 thousand and attracted over 10.6 million views online for the various tournaments at Garena World. In total, over 11,000 teams participated in the tournaments leading up to the event in Bangkok. Garena is well-positioned to ride on the wave of eSports growth as one of the region's leading game platforms. We continue to invest in our eSports operations to generate user engagement for our games and to promote user acquisition and retention.
Our pipeline of games for release in 2018 features a series of highly anticipated PC and mobile titles. These include both classic and new franchises in different genres.
E-commerce
Shopee achieved robust growth in both GMV and gross orders in each of our markets in the first quarter of 2018 and saw a decrease in sales and marketing expenses from US$135.0 million in the fourth quarter of 2017 to US$127.2 million in the first quarter of 2018. This was driven primarily by our continuous efforts to attract new buyers and sellers in our focus categories while improving our cost efficiency.
Shopee has focused much of its innovation on launching value-added services to our ever-expanding seller base. We continue to broaden our 'Service by Shopee' offering in select markets, where we offer sellers a number of value-added services, such as inventory management, online store operations, and fulfilment services. We also provide 'Shopee Logistics Service' to create a seamless logistics experience for sellers and buyers. In addition, we conduct direct sales of certain products. With this diverse portfolio of services and offerings, depending on the needs and preferences of our sellers, we can help them manage inventory and fulfil orders from warehouses leased and operated by us, operate their stores on our platform, or purchase products from them for resale on our platform.
Other Development
Appointment of Group Chief Economist
The Company also announced that Santitarn Sathirathai is expected to join the Company as Group Chief Economist in June 2018. Mr. Sathirathai will focus on establishing Sea as a key thought leader in the digital economy and work with policy makers to promote digital transformation in the region. He will report to Forrest Li, Chairman and Group Chief Executive Officer.
Mr. Sathirathai will be joining the Company from Credit Suisse, where he is the head of Emerging Asia Economics Research. He won the award for best economic forecaster for Indonesia by Consensus Economics for each of 2013, 2014 and 2015, the very first economist in Asia to receive such award for three consecutive years, and was selected as one of Asia's 21 young leaders in 2017 by Asia Society. He is a highly ranked economist for ASEAN and was also rated the best economist for Thailand by Asia Money. Prior to joining Credit Suisse, Mr. Sathirathai worked at the Ministry of Finance of Thailand and Government of Singapore Investment Corporation, and taught macroeconomic courses at Chulalongkorn University in Thailand. Mr. Sathirathai holds a doctorate degree in Public Policy and a master's degree in Public Administration from Harvard University, as well as a bachelor's degree in Economics and a master's degree in Public Policy from the London School of Economics and Political Science.
Summary of Financial Results
(Amounts are expressed in thousands of US dollars "$")
For the Three Months
ended March 31,
2017
2018
$
$
YOY%
(unaudited)
(unaudited)
Revenue
Digital Entertainment
87,586
110,658
26.3%
Others
6,359
44,386
598.0%
93,945
155,044
65.0%
Cost of revenue
Digital Entertainment
(49,277)
(63,572)
29.0%
Others
(17,561)
(82,947)
372.3%
(66,838)
(146,519)
119.2%
Gross profit
27,107
8,525
(68.6)%
Other operating income
218
729
234.4%
Sales and marketing expenses
(63,898)
(152,149)
138.1%
General and administrative expenses
(25,208)
(44,487)
76.5%
Research and development expenses
(6,252)
(10,712)
71.3%
Total operating expenses
(95,140)
(206,619)
117.2%
Operating loss
(68,033)
(198,094)
191.2%
Non-operating loss, net
(2,479)
(18,247)
636.1%
Income tax (expense) credit
(1,932)
755
(139.1)%
Share of results of equity investees
(632)
(583)
(7.8)%
Net loss
(73,076)
(216,169)
195.8%
Adjusted net loss (1)
(66,963)
(205,498)
206.9%
Adjusted revenue of Digital Entertainment (1)
102,396
146,030
42.6%
Adjusted revenue of E-commerce (1)
34
33,744
99,147.1%
Adjusted revenue of Digital Financial Services (1)
2,034
3,923
92.9%
Revenue of Other Services
4,291
13,342
210.9%
Total adjusted revenue (1)
108,755
197,039
81.2%
Adjusted EBITDA for Digital Entertainment (1)
37,006
55,004
48.6%
Adjusted EBITDA for E-commerce (1)
(62,669)
(179,649)
(186.7)%
Adjusted EBITDA for Digital Financial Services (1)
(9,904)
(8,570)
13.5%
Adjusted EBITDA for Other Services (1)
(2,923)
(9,868)
(237.6)%
Unallocated expenses (2)
(2,867)
(1,591)
44.5%
Total adjusted EBITDA (1)
(41,357)
(144,674)
(249.8)%
(1) For a discussion of the use of non-GAAP financial measures, see "Non-GAAP Financial Measures."
(2) Unallocated expenses are mainly related to share-based compensation and general and corporate administrative
costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are
excluded from segment results as they are not reviewed by the Chief Operation Decision Maker ("CODM") as part
of segment performance.
Three Months Ended March 31, 2018 Compared to Three Months Ended March 31, 2017
Revenue
The table below sets forth revenue and adjusted revenue generated from our reported segments. Amounts are expressed in thousands of US dollars ("$").
For the Three Months ended March 31,
2017
2018
$
% of
revenue
$
% of
revenue
YOY%
(unaudited)
(unaudited)
Revenue
Digital Entertainment
87,586
93.2
110,658
71.4
26.3%
E-commerce
34
-
27,344
17.6
80,323.5%
Digital Financial Services
2,034
2.2
3,700
2.4
81.9%
Other Services
4,291
4.6
13,342
8.6
210.9%
93,945
100.0
155,044
100.0
65.0%
2017
2018
$
% of total
adjusted
revenue
$
% of total
adjusted
revenue
YOY%
(unaudited)
(unaudited)
Adjusted revenue of Digital Entertainment
102,396
94.2
146,030
74.1
42.6%
Adjusted revenue of E-commerce
34
-
33,744
17.1
99,147.1%
Adjusted revenue of Digital Financial Services
2,034
1.9
3,923
2.0
92.9%
Revenue of Other Services
4,291
3.9
13,342
6.8
210.9%
Total a djusted revenue
108,755
100.0
197,039
100.0
81.2%
Our total revenue increased by 65.0% to US$155.0 million in the first quarter of 2018 from US$93.9 million in the first quarter of 2017. Our total adjusted revenue increased by 81.2% to US$197.0 million in the first quarter of 2018 from US$108.8 million in the first quarter of 2017. These increases were mainly driven by the growth in each of the segments detailed as follows:
Digital Entertainment: Revenue increased by 26.3% to US$110.7 million in the first quarter of 2018 from US$87.6 million in the first quarter of 2017. Adjusted revenue increased by 42.6% to US$146.0 million in the first quarter of 2018 from US$102.4 million in the first quarter of 2017. This increase was primarily due to the growth of our QAUs to 126.7 million in the first quarter of 2018 from 56.4 million in the first quarter of 2017, as we launched new games and expanded our existing games into new markets, which in turn increased the number of our paying users. E-commerce: We began monetizing our e-commerce business in 2017. In the first quarter of 2018, our e-commerce revenue was US$27.3 million, including US$15.6 million of marketplace revenue and US$11.7 million of product revenue. Our e-commerce adjusted revenue was US$33.7 million in the same period. There was negligible e-commerce revenue for the first quarter of 2017. The additional services and product offerings we introduced to sellers under 'Service by Shopee,' 'Shopee Logistics Service,' as well as the other value-added services we recently started to offer created additional income streams for our e-commerce business. Digital Financial Services: Revenue increased by 81.9% to US$3.7 million in the first quarter of 2018 from US$2.0 million in the first quarter of 2017. Adjusted revenue increased by 92.9% to US$3.9 million in the first quarter of 2018 from US$2.0 million in the first quarter of 2017. The increase was primarily attributable to the addition of use cases to our AirPay platform and a further deepening of our market penetration. Other Services: Revenue increased by 210.9% to US$13.3 million in the first quarter of 2018 from US$4.3 million in the first quarter of 2017. The increase was primarily due to ancillary services we provide to our e-commerce platform users.
Cost of Revenue
Our total cost of revenue increased by 119.2% to US$146.5 million in the first quarter of 2018 from US$66.8 million in the first quarter of 2017.
Digital Entertainment: Cost of revenue increased by 29.0% to US$63.6 million in the first quarter of 2018 from US$49.3 million in the first quarter of 2017. The increase was primarily due to the increase in royalty payments to game developers as well as other costs directly associated with our digital entertainment segment which were largely in line with the revenue growth of our business. Others: Cost of revenue for our other segments combined increased by 372.3% to US$82.9 million in the first quarter of 2018 from US$17.6 million in the first quarter of 2017. The increase was primarily due to the costs incurred following the launch of 'Service by Shopee,' 'Shopee Logistics Service,' and direct sales at the end of 2017; higher bank transaction fees driven by GMV growth from our e-commerce business; higher costs associated with other ancillary services we provided to our e-commerce platform users; as well as higher staff compensation and benefit costs.
Sales and Marketing Expenses
Our total sales and marketing expenses increased by 138.1% to US$152.1 million in the first quarter of 2018 from US$63.9 million in the first quarter of 2017. The table below sets forth the breakdown of the sales and marketing expenses of our two major reporting segments. Amounts are expressed in thousands of US dollars ("$").
For the Three Months
ended March 31,
2017
2018
YOY%
Sales and Marketing Expenses
$
(unaudited)
$
(unaudited)
Digital Entertainment
11,036
16,243
47.2%
E-commerce
45,905
127,198
177.1%
Digital Entertainment: Sales and marketing expenses increased by 47.2% to US$16.2 million in the first quarter of 2018 from US$11.0 million in the first quarter of 2017. The increase was primarily due to the launch of new games and our continued efforts to expand our existing games into new markets, which in turn enlarged our user base and increased the number of our paying users.
For the Three Months
ended March 31,
2017
2018
Digital Entertainment
$
(unaudited)
$
(unaudited)
Sales and marketing expenses
11,036
16,243
Adjusted revenue
102,396
146,030
Sales and marketing expenses as a percentage of adjusted revenue
10.8%
11.1%
Sales and marketing expenses as a percentage of adjusted revenue of 11.1% in the first quarter of 2018 was comparable to the first quarter of 2017.
E-commerce: Sales and marketing expenses increased by 177.1% to US$127.2 million in the first quarter of 2018 from US$45.9 million in the first quarter of 2017. The increase in marketing efforts was aligned with our strategy to fully capture the market growth opportunity and was primarily in connection with shipping and other promotions on our platform in order to increase our user base and enhance user engagement.
For the Three Months
ended March 31,
2017
2018
E-commerce
$
(unaudited)
$
(unaudited)
Sales and marketing expenses
45,905
127,198
GMV
648,285
1,941,403
Sales and marketing expenses as a percentage of GMV
7.1%
6.6%
Sales and marketing expenses as a percentage of GMV was 6.6% in the first quarter of 2018 and improved from 7.1% in the first quarter of 2017.
General and Administrative Expenses
Our general and administrative expenses increased by 76.5% to US$44.5 million in the first quarter of 2018 from US$25.2 million in the first quarter of 2017. This increase was primarily due to the expansion of our staff force, the increase in office facilities and related expenses, as well as the increase in other expenses.
Research and Development Expenses
Our research and development expenses increased by 71.3% to US$10.7 million in the first quarter of 2018 from US$6.3 million in the first quarter of 2017, primarily due to the increase in research and development staff force as we expanded and enriched our product offerings.
Non-operating Income or Losses, Net
Non-operating income or losses consist of interest income, interest expense, investment gain (loss), fair value change for convertible promissory notes and foreign exchange gain (loss). We recorded a net non-operating loss of US$18.2 million in the first quarter of 2018, compared to a net non-operating loss of US$2.5 million in the first quarter of 2017. This was primarily due to fair value loss of US$18.8 million recognized in the quarter arising from the fair value accounting treatment for convertible promissory notes and interest expenses on those promissory notes, partially offset by an investment gain arising from the disposal of an equity security investment.
Income Tax Expense
We had a net income tax benefit of US$0.8 million in the first quarter of 2018 which was primarily due to the higher deferred tax assets we recognized as a result of change in statutory tax rate in one of the markets we operate in and the increase in deferred revenue in our digital entertainment segment in the first quarter of 2018.
Share of Results of Equity Investees
We had share of losses of equity investees of US$0.6 million in the first quarter of 2018, compared with US$0.6 million in the first quarter of 2017.
Net Loss
As a result of the foregoing, we had net losses of US$216.2 million and US$73.1 million in the first quarter of 2018 and 2017, respectively.
Adjusted Net Loss
Adjusted net loss, which is net loss adjusted to remove share-based compensation expenses, was US$205.5 million and US$67.0 million in the first quarter of 2018 and 2017, respectively.
Updated Guidance
For the full year of 2018, we now expect total adjusted revenue to be between US$780 million and US$820 million, representing 40.9% to 48.1% growth from 2017. This compares to the previously disclosed guidance of between US$730 million and US$770 million, representing 31.9% to 39.1% growth.
We are also revising our e-commerce GMV guidance for the full year of 2018. We now expect e-commerce GMV for the full year of 2018 to be between US$8.2 billion and US$8.7 billion, representing 99.4% to 111.5% growth from 2017. This compares to the previously disclosed guidance of between US$7.5 billion and US$8.0 billion, representing 82.4% to 94.5% growth.
Webcast and Conference Call Information
Mr. Forrest Li, Founder, Chairman and Group Chief Executive Officer; Mr. Tony Hou, Group Chief Financial Officer; and Mr. Alan Hellawell, Group Chief Strategy Officer, will host a conference call today to review Sea's business and financial performance.
Details of the conference call and webcast are as follows:
Date and time:
8:00 PM U.S. Eastern Time on 15 May 2018
8:00 AM Singapore / Hong Kong Time on 16 May 2018
Webcast link:
http://mms.prnasia.com/se/20180515/default.aspx
Dial in numbers:
US Toll Free: 1-888-317-6003
Hong Kong: 800-963-976
International: 1-412-317-6061
Singapore: 800-120-5863
United Kingdom: 08-082-389-063
Passcode for participants: 7961550
A replay of the conference call will be available at the Company's investor relations website ( http://www.seagroup.com/investor/financials ). An archived webcast will be available at the same link above.
For enquiries, please contact:
Investors / analysts: [email protected]
Media: [email protected] or [email protected]
About Sea Limited
Sea's mission is to better the lives of the consumers and small businesses of our region with technology. Our region includes the key markets of Indonesia, Taiwan, Vietnam, Thailand, the Philippines, Malaysia and Singapore. Sea operates three platforms across digital entertainment, e-commerce, and digital financial services, known as Garena, Shopee, and AirPay, respectively.
Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," "guidance" and similar statements. Among other things, statements that are not historical facts, including statements about Sea's beliefs and expectations, the business, financial and market outlook and projections from its management in this announcement, as well as Sea's strategic and operational plans, contain forward-looking statements. Sea may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Sea's goals and strategies; its future business development, financial condition, financial results, and results of operations; the growth in, and market size of, the digital entertainment, e-commerce and digital financial services industries in the region, including segments within those industries; changes in its revenue, costs or expenditures; its ability to continue to source, develop and offer new and attractive online games and to offer other engaging digital entertainment content; the growth of its digital entertainment, e-commerce and digital financial services platforms; the growth in its user base, level of user engagement, and monetization; its ability to continue to develop new technologies and/or upgrade its existing technologies; growth and trends of its markets and competition in its industries; government policies and regulations relating to its industries; and general economic and business conditions in the region. Further information regarding these and other risks is included in Sea's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following non-GAAP financial measures to help evaluate our operating performance:
"Adjusted revenue" of our digital entertainment segment represents revenue of the digital entertainment segment plus change in digital entertainment deferred revenue. This financial measure is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment. Although other companies may present such measures related to gross billings differently or not at all, we believe that the adjusted revenue of our digital entertainment segment provides useful information to investors about the segment's core operating results, enhancing their understanding of our past performance and future prospects. "Adjusted revenue" of our e-commerce segment represents revenue of the e-commerce segment (currently consisting of marketplace revenue and product revenue) plus commission income that were net-off against sales incentives. This financial measure enables our investors to follow trends in our e-commerce monetization capability over time and is a useful performance measure. "Adjusted revenue" of our digital financial services segment represents revenue of the digital financial services segment plus service revenue that were net-off against sales incentives. "Total adjusted revenue" represents the sum of the adjusted revenue of our digital entertainment segment, the adjusted revenue of our e-commerce segment, the adjusted revenue of our digital financial services segment, and the revenue of our other services. This financial measure enables our investors to follow trends in our overall group monetization capability over time and is a useful performance measure. "Adjusted net loss" represents net loss excluding share-based compensation expense. We believe that the adjusted net loss helps to identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that are included in net loss. The use of adjusted net loss has its limitations in that it does not include all items that impact the net loss or income for the period, and share-based compensation is a recurring significant expense. "Adjusted EBITDA" for our digital entertainment segment represents operating income (loss) before share-based compensation plus (a) depreciation and amortization expenses, and (b) the net effect of changes in deferred revenue and its related cost for our digital entertainment segment. Although other companies may calculate adjusted EBITDA differently or not present it at all, we believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects. "Adjusted EBITDA" for our e-commerce segment, digital financial services segment and other services segment represents operating income (loss) before share-based compensation plus depreciation and amortization expenses. Although other companies may calculate adjusted EBITDA differently or not present it at all, we believe that the segment adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects. "Total adjusted EBITDA" represents the sum of adjusted EBITDA of all our segments combined, plus unallocated expenses. Although other companies may calculate adjusted EBITDA differently or not present it at all, we believe that the total adjusted EBITDA helps to identify underlying trends in our operating results, enhancing their understanding of the past performance and future prospects.
These non-GAAP financial measures have limitations as analytical tools. None of the above financial measures should be considered in isolation or construed as an alternative to revenue, net loss/income, or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to Sea's data. We compensate for these limitations by reconciling the non-GAAP financial measures to their nearest U.S. GAAP financial measures, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on any single financial measure.
The tables below present selected financial information of our reporting segments, the non-GAAP financial measures that are most directly comparable to GAAP financial measures, and the related reconciliations between the financial measures . Amounts are expressed in thousands of US dollars ("$").
For the Three Months ended March 31, 2018
Digital
Entertainment
E-commerce
Digital
Financial
Services
Other
Services (3)
Unallocated
expenses (4)
Consolidated
$
$
$
$
$
$
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue
110,658
27,344 (1)
3,700
13,342
-
155,044
Changes in deferred revenue
35,372
-
-
-
-
35,372
Sales incentives net-off
-
6,400
223
-
-
6,623
Adjusted revenue
146,030
33,744 (2)
3,923
13,342
-
197,039
Operating income (loss)
18,788
(184,052)
(9,058)
(11,510)
(12,262)
(198,094)
Net effect of changes in deferred
revenue and its related cost
28,195
-
-
-
-
28,195
Depreciation and Amortization
8,021
4,403
488
1,642
-
14,554
Share-based compensation
-
-
-
-
10,671
10,671
Adjusted EBITDA
55,004
(179,649)
(8,570)
(9,868)
(1,591)
(144,674)
For the Three Months ended March 31, 2017
Digital
Entertainment
E-commerce
Digital
Financial
Services
Other
Services (3)
Unallocated
expenses (4)
Consolidated
$
$
$
$
$
$
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue
87,586
34
2,034
4,291
-
93,945
Changes in deferred revenue
14,810
-
-
-
-
14,810
Sales incentives net-off
-
-
-
-
-
-
Adjusted revenue
102,396
34
2,034
4,291
-
108,755
Operating income (loss)
18,389
(63,723)
(10,130)
(3,589)
(8,980)
(68,033)
Net effect of changes in deferred
revenue and its related cost
11,745
-
-
-
-
11,745
Depreciation and Amortization
6,872
1,054
226
666
-
8,818
Share-based compensation
-
-
-
-
6,113
6,113
Adjusted EBITDA
37,006
(62,669)
(9,904)
(2,923)
(2,867)
(41,357)
(1) Revenue of $27,344 includes marketplace revenue of $15,644 and product revenue of $11,700, net of sales incentives.
(2) Adjusted revenue of $33,744 includes marketplace revenue of $22,044 and product revenue of $11,700.
(3) A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable
segments are grouped together as "Other Services".
(4) Unallocated expenses are mainly related to share-based compensation and general and corporate administrative costs
such as professional fees and other miscellaneous items that are not allocated to segments. The expenses are excluded
from segment results as they are not reviewed by the CODM as part of segment performance.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Amounts expressed in thousands of US dollars ("$") except for number of shares & per share data
For the Three Months ended March 31,
2017
2018
$
$
(unaudited)
(unaudited)
Revenue
Digital entertainment
87,586
110,658
Others
6,359
44,386
Total revenue
93,945
155,044
Cost of revenue
Digital entertainment
(49,277)
(63,572)
Others
(17,561)
(82,947)
Total cost of revenue
(66,838)
(146,519)
Gross profit
27,107
8,525
Operating income (expenses):
Other operating income
218
729
Sales and marketing expenses
(63,898)
(152,149)
General and administrative expenses
(25,208)
(44,487)
Research and development expenses
(6,252)
(10,712)
Total operating expenses
(95,140)
(206,619)
Operating loss
(68,033)
(198,094)
Interest income
144
3,091
Interest expense
(2,250)
(8,582)
Investment (loss) gain
(225)
7,515
Changes in fair value of convertible promissory notes
–
(18,796)
Foreign exchange loss
(148)
(1,475)
Loss before income tax and share of results of equity investees
(70,512)
(216,341)
Income tax (expense) credit
(1,932)
755
Share of results of equity investees
(632)
(583)
Net loss
(73,076)
(216,169)
Net (gain) loss attributable to non-controlling interests
(10)
556
Net loss attributable to Sea Limited's ordinary shareholders
(73,086)
(215,613)
Adjusted net loss (1)
(66,963)
(205,498)
Loss per share:
Basic and diluted
(0.42)
(0.64)
Shares used in loss per share computation:
Basic and diluted
172,896,906
335,147,405
(1) For a discussion of the use of non-GAAP financial measures, see "Non-GAAP Financial Measures."
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
Amounts expressed in thousands of US dollars ("$")
As of
December 31,
As of
March 31,
2017
2018
$
$
(unaudited)
ASSETS
Current assets
Cash and cash equivalents
1,347,361
1,172,426
Restricted cash
95,300
159,521
Accounts receivable, net
61,846
70,899
Prepaid expenses and other assets
186,181
223,849
Inventories, net
9,790
13,382
Short-term investment
18,000
−
Amounts due from related parties
2,235
2,244
Total current assets
1,720,713
1,642,321
Non-current assets
Property and equipment, net
74,348
93,939
Intangible assets, net
37,333
33,614
Long-term investments
28,216
58,514
Prepaid expenses and other assets
46,297
53,587
Restricted cash
2,317
2,455
Deferred tax assets
48,104
55,070
Goodwill
30,952
30,952
Total non-current assets
267,567
328,131
Total assets
1,988,280
1,970,452
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
Amounts expressed in thousands of US dollars ("$")
As of
December 31,
As of
March 31,
2017
2018
$
$
(unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable
8,644
13,937
Accrued expenses and other payables
285,248
375,466
Advances from customers
27,155
30,450
Amount due to related parties
36,790
39,381
Short-term bank borrowings
2,013
−
Deferred revenue
268,241
283,538
Income tax payable
9,614
9,523
Total current liabilities
637,705
752,295
Non-current liabilities
Accrued expenses and other payables
7,547
7,860
Deferred revenue
133,481
162,909
Convertible promissory notes
726,950
745,746
Deferred tax liabilities
4,378
4,104
Unrecognized tax benefits
3,088
2,985
Total non-current liabilities
875,444
923,604
Total liabilities
1,513,149
1,675,899
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
Amounts expressed in thousands of US dollars ("$")
As of
December 31,
As of
March 31,
2017
2018
$
$
(unaudited)
Shareholders' equity
Class A Ordinary shares
91
91
Class B Ordinary shares
76
76
Additional paid-in capital
1,564,656
1,575,078
Accumulated other comprehensive income
10,701
35,919
Statutory reserves
46
46
Accumulated deficit
(1,106,545)
(1,322,158)
Total Sea Limited shareholders' equity
469,025
289,052
Non-controlling interests
6,106
5,501
Total shareholders' equity
475,131
294,553
Total liabilities and shareholders' equity
1,988,280
1,970,452
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Amounts expressed in thousands of US dollars ("$")
For the Three Months ended
March 31,
2017
2018
$
$
(unaudited)
Net cash used in operating activities
(59,271)
(94,360)
Net cash used in investing activities
(6,697)
(21,837)
Net cash generated from (used in) financing activities
356,953
(545)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
3,052
6,166
Net increase (decrease) in cash, cash equivalents and restricted cash
294,037
(110,576)
Cash, cash equivalents and restricted cash at beginning of the period
190,824
1,444,978
Cash, cash equivalents and restricted cash at end of the period
484,861
1,334,402
1 SEGMENT INFORMATION
The Company has three reportable segments, namely digital entertainment, e-commerce and digital financial services. The Chief Operation Decision Maker ("CODM") reviews the performance of each segment based on revenue and certain key operating metrics of the operations and uses these results for the purposes of allocating resources to and evaluating the financial performance of each segment. Amounts are expressed in thousands of US dollars ("$").
For the Three Months ended March 31, 2018
Digital
Entertainment
E-commerce
Digital
Financial
Services
Other
Services (1)
Unallocated
expenses (2)
Consolidated
$
$
$
$
$
$
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue
110,658
27,344
3,700
13,342
-
155,044
Operating income (loss)
18,788
(184,052)
(9,058)
(11,510)
(12,262)
(198,094)
Non-operating loss, net
(18,247)
Income tax expense
755
Share of results of equity investees
(583)
Net loss
(216,169)
For the Three Months ended March 31, 2017
Digital
Entertainment
E-commerce
Digital
Financial
Services
Other
Services (1)
Unallocated
expenses (2)
Consolidated
$
$
$
$
$
$
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue
87,586
34
2,034
4,291
-
93,945
Operating income (loss)
18,389
(63,723)
(10,130)
(3,589)
(8,980)
(68,033)
Non-operating loss, net
(2,479)
Income tax expense
(1,932)
Share of results of equity investees
(632)
Net loss
(73,076)
(1) A combination of multiple business activities that does not meet the quantitative thresholds to qualify as reportable
segments are grouped together as "Other Services".
(2) Unallocated expenses are mainly related to share-based compensation and general and corporate administrative
costs such as professional fees and other miscellaneous items that are not allocated to segments. The expenses are
excluded from segment results as they are not reviewed by the CODM as part of segment performance.
SUPPLEMENTAL OPERATIONAL METRICS
For the Three Months
ended December 31,
2017
For the Three Months
ended March 31,
2018
Digital Entertainment
Unit
Quarterly active users
millions
87.8
126.7
Monthly active users (last month)
millions
59.5
77.4
Quarterly paying users
millions
7.2
7.2
Average revenue per user
US$
1.6
1.2
Average revenue per paying user
US$
19.7
20.3
E-commerce
Gross GMV
US$ millions
1,578.6
1,941.4
Gross orders
millions
98.3
111.4
Digital Financial Services
GTV
US$ millions
1,027.5
1,702.2
View original content: http://www.prnewswire.com/news-releases/sea-limited-reports-first-quarter-2018-results-300648781.html
SOURCE Sea Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-sea-limited-reports-first-quarter-2018-results.html |
Pelosi denounces intel briefings on Russia Thursday, May 24, 2018 - 01:18
The top Democrat in the U.S. House of Representatives said on Thursday the classified briefings for lawmakers by the FBI and intelligence officials on the Russia election probe were inappropriate, even though one has been opened to members of both parties. Rough Cut (no reporter narration).
The top Democrat in the U.S. House of Representatives said on Thursday the classified briefings for lawmakers by the FBI and intelligence officials on the Russia election probe were inappropriate, even though one has been opened to members of both parties. Rough Cut (no reporter narration). //reut.rs/2IHd7p3 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/24/pelosi-denounces-intel-briefings-on-russ?videoId=429953201 |
May 14, 2018 / 7:13 PM / Updated 6 minutes ago Soccer: Turkey says patience will pay off with Euro 2024 bid Martyn Herman 3 Min Read
LONDON (Reuters) - Turkey does not regret turning down hosting the final week of Euro 2020 and its decision can be vindicated by earning the right to stage the 2024 tournament, said the vice-president of the country’s football federation (TFF).
The gateway nation between Europe and Asia has never hosted a major soccer tournament, bidding unsuccessfully to jointly stage Euro 2008 with Greece and the 2012 and 2016 tournaments which were went to Poland/Ukraine and France.
After losing to France by one vote, Turkey was offered the semi-finals and final of Euro 2020 — a tournament which will be staged across 12 cities in 12 nations — says TFF vice-president Servet Yardimci, a UEFA Executive Committee member.
Instead they told then UEFA president Michel Platini, who backed Turkey’s 2016 bid, they would rather hold out for 2024.
The Turkish bid, based in nine cities from Istanbul in the west to Trabzon in the east and Gaziantep in the south, is up against Germany with the decision on Sept. 27.
“We were given the semis and final (of 2020) but we said no because Turkey is ready and able to do the whole tournament rather than just a week,” Yardimci told reporters at a briefing in London to outline the bid.
“We were offered it first instead of England. We were upset we lost 2016 and we said we deserve to be able to have the whole tournament and we would wait, we would be patient.”
The multi-nation 2020 structure was Platini’s brainchild but Yardimci believes it will be a one-off.
“The 2020 concept has some pluses and minuses but I think at the end of the day you will have more minuses than pluses,” he said. “After 2020 we’ll go back to a normal level.
“There are question marks. It will have some logistical and planning complications. It will be successful but not as successful as organizing in one country.”
Germany withdrew from bidding for the Euro 2020 semi-finals and final to concentrate on a 2024 bid — allowing England to host the tournament’s climax at Wembley.
While Germany’s slickly-organised 2006 World Cup finals will stand in its favor, Yardimci says Turkey is ready to host the tournament ‘today’ if it needed to.
“Turkey is a new frontier for UEFA, it can take it to places it has never been before,” he said. “It will be a ‘global’ Euro 2024 because of our unique location.”
Yardimci said eight stadiums are already complete with work beginning on the Ankara stadium set to commence next week.
“When we handed in our bid in 2010 (for 2016) we gave our promises and commitments to UEFA about what we would deliver. Eight years past we have exceeded our promises.
“We are ready to host 2024 today.”
He also allayed security fears after Turkey’s failed coup in 2016 and host city Gaziantep’s close proximity to Syria.
“The Turkish Government is tackling the safety issues very well and are very experienced,” he said. Reporting by Martyn Herman, editing by Pritha Sarkar | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-turkey-bid/soccer-turkey-says-patience-will-pay-off-with-euro-2024-bid-idUSKCN1IF2OT |
April 30 (Reuters) - Easy Software AG:
* FY EBITDA OF EUR 3.0 MILLION (2016: EUR 2.0 MILLION) * OUTLOOK 2018: SALES GROWTH OF 5-10% AND EBITDA MARGIN IN HIGH SINGLE-DIGIT PERCENT RANGE
* FY CONSOLIDATED NET INCOME OF EUR 1.9 MILLION (2016: EUR 0.6 MILLION)
* OUTLOOK 2018: ORGANIC GROWTH IN SALES TO EUR 45 MILLION TO EUR 47 MILLION
* OUTLOOK 2018: GROUP EBITDA OF EUR 3.5 MILLION TO EUR 4.3 MILLION Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-easy-software-fy-ebitda-up-at-eur/brief-easy-software-fy-ebitda-up-at-eur-3-0-mln-idUSFWN1S712Y |
SAN DIEGO & UNION CITY, Calif.--(BUSINESS WIRE)-- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the proposed acquisition of Abaxis, Inc. (NASDAQ: ABAX) by Zoetis Inc. (NYSE: ZTS). On May 16, 2018, the two companies announced the signing of a definitive merger agreement pursuant to which Zoetis will acquire Abaxis. Under the terms of the agreement, Abaxis shareholders will receive $83.00 in cash for each share of Abaxis common stock.
View this information on the law firm's Shareholder Rights Blog: http://www.robbinsarroyo.com/abaxis-inc
Is the Proposed Acquisition Best for Abaxis and Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board of directors at Abaxis is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.
As an initial matter, the $83.00 merger consideration represents a premium of only 18.1% based on Abaxis' average closing price for the month prior to the announcement of the acquisition. This premium is significantly below the average 1-month premium of nearly 34.35% for comparable transactions within the past five years. Further, the $83.00 merger consideration is significantly below the target price of $90.00 initially set by an analyst at Northcoast Research on January 29, 2018 and reiterated as recently as April 27, 2018, and $87.00 set by an analyst at Sidoti & Company LLC on January 26, 2018.
On April 26, 2018, Abaxis reported strong earnings results for its fourth quarter and full year 2018. Diluted net income per share was $0.43 for its fourth quarter 2018, an increase from $0.33 in the same period for the previous year. Furthermore, in its fourth quarter 2018 Abaxis recorded revenues of $67.9 million, a 17% increase from the same period in the previous year, as well as full year 2018 revenues of $244.7 million, up 8% from the prior fiscal year. Additionally, Abaxis beat analyst estimates for adjusted EPS and adjusted net income in three of its last four quarters. In commenting on these results, Abaxis Chairman & CEO, Clint Severson, remarked, "This is our second consecutive quarter of double-digit revenue growth and we are pleased with the momentum in our business…[w]e look forward to strong growth in fiscal 2019 and we are optimistic about our future."
In light of these facts, Robbins Arroyo LLP is examining Abaxis' board of directors' decision to sell the company now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.
Abaxis shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information. Abaxis shareholders interested in information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, [email protected] , or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The law firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005793/en/
Robbins Arroyo LLP
Leonid Kandinov
[email protected]
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
Source: Robbins Arroyo LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-robbins-arroyo-llp-acquisition-of-abaxis-inc-abax-by-zoetis-inc-zts-may-not-be-in-shareholders-best-interests.html |
April 30 (Reuters) - Instructure Inc:
* INSTRUCTURE REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * SEES FY 2018 REVENUE ABOUT $204.5 MILLION TO $209.5 MILLION
* SEES Q2 2018 NON-GAAP LOSS PER SHARE $0.25 TO $0.27
* SEES Q2 2018 REVENUE ABOUT $49.1 MILLION TO $49.7 MILLION
* QTRLY GAAP LOSS PER SHARE $0.37 * QTRLY NON- GAAP LOSS PER SHARE $0.21
* SEES FY 2018 NON-GAAP NET LOSS PER COMMON SHARE OF $0.94 TO $0.88
* Q2 EARNINGS PER SHARE VIEW $-0.26, REVENUE VIEW $50.1 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $-0.98, REVENUE VIEW $207.5 MILLION — THOMSON REUTERS I/B/E/S
* Q1 EARNINGS PER SHARE VIEW $-0.23 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-instructure-inc-reports-quarterly/brief-instructure-inc-reports-quarterly-gaap-loss-per-share-of-0-37-idUSASC09YB7 |
WASHINGTON (Reuters) - U.S. trade officials had candid trade discussions with their Chinese counterparts, the White House said in statement on Friday following a two-day bilateral meeting in Beijing, adding that President Donald Trump will decide the next steps.
U.S. President Donald Trump speaks to the news media before boarding Marine One to depart for travel to Texas from the South Lawn of the White House in Washington, U.S., May 4, 2018. REUTERS/Leah Millis “The delegation held frank discussions with Chinese officials on rebalancing the United States–China bilateral economic relationship, improving China’s protection of intellectual property, and identifying policies that unfairly enforce technology transfers,” the White House statement said.
Reporting by Susan Heavey; Editing by David Alexander
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-whitehouse/trump-to-decide-next-steps-after-frank-u-s-china-trade-talks-white-house-idUSKBN1I528C |
May 20, 2018 / 9:05 AM / Updated 4 hours ago EU could compensate firms hit by U.S. sanctions over Iran - French minister Reuters Staff 2 Min Read
PARIS (Reuters) - France is looking to see if the European Union could compensate European companies that might be facing sanctions by the United States for doing business with Iran, said French finance minister Bruno Le Maire on Sunday. French Minister for the Economy and Finance Bruno Le Maire arrives for the Informal meeting of economic and financial affairs ministers (ECOFIN) in Sofia, Bulgaria, April 27, 2018. REUTERS/Stoyan Nenov
Le Maire referred to EU rules going back to 1996 which he said could allow the EU to intervene in this manner to protect European companies against any U.S. sanctions, adding that France wanted the EU to toughen its stance in this area.
In 1996, when the United States tried to penalise foreign companies trading with Cuba, the EU forced Washington to back down by threatening retaliatory sanctions.
European firms doing business in Iran face sanctions from the United States after President Donald Trump withdrew from a 2015 nuclear deal with Iran.
“Are we going to allow the United States to be the economic policeman of the world? The answer is no,” Le Maire told C News TV and Europe 1 radio on Sunday.
Le Maire added it was important Italy kept its EU budget commitments, in light of plans by Italy’s new coalition government to ramp up spending - which could put Rome at odds with the EU. Reporting by Emmanuel Jarry and Sudip Kar-Gupta; Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-france/eu-could-compensate-firms-hit-by-u-s-sanctions-over-iran-french-minister-idUKKCN1IL09P |
May 25, 2018 / 8:17 PM / Updated 8 minutes ago 'We got you': Weinstein accusers relieved, elated at rape charges Jill Serjeant , Eric Kelsey 3 Min Read
LOS ANGELES (Reuters) - Women in Hollywood expressed relief, hope and vindication on Friday as movie producer Harvey Weinstein was charged with rape after decades of alleged sexual misconduct. FILE PHOTO: Actor Rose McGowan addresses the audience during the opening session of the three-day Women's Convention at Cobo Center in Detroit, Michigan, U.S., October 27, 2017. REUTERS/Rebecca Cook
Weinstein was met by dozens of photographers and camera crews as he walked into a New York City police station to be charged with two counts of rape and one count of a criminal sexual act involving two unidentified women. He was later released on a $1 million cash bond.
Weinstein, 66, denies having nonconsensual sex with anyone, and his attorney said his client would plead not guilty.
Italian actress Asia Argento, one of more than 70 women who have accused Weinstein of sexual misconduct, live-tweeted his surrender.
“This is the only movie Harvey Weinstein will be remembered for #perpwalk,” Argento wrote. “Today Harvey Weinstein will take his first step on his inevitable descent to hell.”
Weinstein was charged after a seven-month investigation in New York and more than 20 years of alleged misconduct.
Actress Rose McGowan, who has accused Weinstein of raping her in 1997, said on NBC’s “Megyn Kelly Today” program that she never believed this day would come.
“We got you, Harvey Weinstein, we got you,” McGowan later tweeted.
The accusations against the co-founder of the Miramax film studio helped give rise to the #MeToo movement, in which people shared stories of sexual abuse, and the Time’s Up campaign against workplace sexual harassment.
In a statement, the Time’s Up campaign welcomed the charges against “a man whose actions were so egregious that they spawned a global reckoning.”
“Boogie Nights” actress Heather Graham, who has spoken of unsettling encounters with Weinstein in the early 2000s, wrote on Twitter that, instead of focusing on him, she would be celebrating powerful women.
“This is just the beginning #TheFutureIsFemale,” Graham tweeted.
Among others weighing in: “Mighty Aphrodite” star Mira Sorvino, who tweeted “#Justice” next to a news report about Weinstein.
Louisette Geiss, another of Weinstein’s accusers, tweeted that it was about time. “Elated and so proud to stand next to the brave women & men who are creating a new normal.”
There was no immediate public reaction from other stars who have spoken of being harassed by Weinstein, including Gwyneth Paltrow, Angelina Jolie, Ashley Judd and Salma Hayek.
New York Times journalist Jodi Kantor, who shared a Pulitzer Prize for her reporting on the Weinstein allegations, on Twitter listed the reactions she had heard from victims. They included tears of relief and irreparable loss, outright joy and nausea.
“The common denominator: trouble sleeping last night,” Kantor wrote. Reporting by Eric Kelsey and Jill Serjeant; editing by Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/us-people-harvey-weinstein-reaction-elat/we-got-you-weinstein-accusers-relieved-elated-at-rape-charges-idUSKCN1IQ2YF |
May 2, 2018 / 11:03 PM / in 14 hours U.S. safety agency says 'did not assess' Tesla Autopilot effectiveness David Shepardson 4 Min Read
WASHINGTON (Reuters) - A U.S. traffic safety regulator on Wednesday contradicted Tesla Inc’s claim that the agency had found that its Autopilot technology significantly reduced crashes, saying that regulators “did not assess” the system’s effectiveness in a 2017 report. Charging stations for Tesla electric cars are seen near Estavayer-le-Lac, Switzerland April 27, 2018. REUTERS/Denis Balibouse
Autopilot, a form of advanced cruise control, handles some driving tasks and warns those behind the wheel they are always responsible for the vehicle’s safe operation, Tesla has said.
The U.S. National Highway Traffic Safety Administration, which issued the statement, and National Transportation Safety Board are investigating a fatal crash in March in which the driver was using Autopilot.
Following that fatality, Tesla pointed to a 2017 NHTSA report on a May 2016 fatality involving a driver using Autopilot. The report said crash rates fell by 40 percent after installation of Autopilot’s Autosteer function, and noted that this number was derived from Tesla airbag deployment data.
The agency said on Wednesday its crash rate comparison “did not evaluate whether Autosteer was engaged” and “did not assess the effectiveness of this technology.”
The agency described the Autopilot analysis in the 2017 report as a “cursory comparison” of airbag deployment rates before and after installation of the feature to determine whether models with Autosteer had higher crash rates. Such a finding “could have indicated that further investigation was necessary,” the agency said.
Tesla declined to comment.
In March, Tesla said that over a year ago, the U.S. government found that its first iteration of Autopilot reduced crash rates by as much as 40 percent. “Internal data confirms that recent updates to Autopilot have improved system reliability,” it added.
On Jan. 19, 2017, Musk tweeted: “The data show that the Tesla vehicles crash rate dropped by almost 40 percent after Autosteer installation.” Autosteer, a system that automatically keeps the vehicle in the center of a lane, is part of the Autopilot technology package.
The 2017 NHTSA probe found no evidence of a defect. Investigations into the death of Walter Huang, the driver in the March 23 Tesla car crash, are ongoing.
The NTSB confirmed last month it had two other pending investigations of incidents involving Tesla vehicles, including an August 2017 Tesla battery fire in Lake Forest, California, after an owner lost control and ran the vehicle into his garage.
The NTSB previously faulted Tesla in a 2016 fatal crash in Florida in which Autopilot was engaged. NTSB Chairman Robert Sumwalt said in 2017 that “system safeguards were lacking.”
He also noted that “Tesla allowed the driver to use the system outside of the environment for which it was designed and the system gave far too much leeway to the driver to divert his attention.”
Tesla said it had improved the system since the crash.
Tesla on Wednesday told investors in its quarterly financial report that on March 15 it released a “significant Autopilot update” that has been well received by its customers. Reporting by David Shepardson and Alexandria Sage; Editing by Joseph White and Richard Chang | ashraq/financial-news-articles | https://www.reuters.com/article/us-tesla-autopilot/u-s-safety-agency-says-did-not-assess-tesla-autopilot-effectiveness-idUSKBN1I334A |
Intel, Qualcomm & Ross Stores. Plus, the play on M&A 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/final-trades-intel-qualcomm-ross-stores-mna-etf.html |
0 COMMENTS Companies are spending millions on their security infrastructure ahead of new European data protection rules , but some worry that the law’s lack of clear technical guidelines may mean that these steps aren’t enough.
The EU’s General Data Protection Regulation, or GDPR, aims to safeguard data-privacy rights by requiring companies to get consent before using personal data and requiring them to store it safely. The law, which goes into effect on Friday, also forces firms to report a security breach within 72 hours and penalizes noncompliance with hefty fines.
One of the challenges for executives is that the legislation doesn’t specify how regulators will assess compliance, making it difficult for companies to decide if they have made sufficient changes to their data policies or invested enough in upgrading their systems.
The European Union's General Data Protection Regulation on data privacy will come into force on May 25, 2018. This video explains how it could affect you, even if you don't live in the EU. German sportswear maker Adidas AG ADDYY 0.08% , U.K. recruiting firm Hays HAYPY -0.89% PLC and French building materials maker Compagnie de Saint-Gobain SA are among the firms wrangling investments to comply with the new laws. Around 60% of companies surveyed by PricewaterhouseCoopers LLP in the fall of 2017 said they would spend more than $1 million on preparing for GDPR, while 12% reported allocating more than $10 million. PwC questioned 300 executives at U.S., U.K. and Japanese firms with a presence in Europe.
Adidas’ digital presence, whether on its online storefront or on social-media platforms such as Facebook Inc.’s Instagram, is key to building a stronger relationship with consumers, said finance chief Harm Ohlmeyer. The company began making changes to comply with GDPR in 2016. The shoe maker, which already records personal data such as names, partial credit card details and addresses from customers who buy goods on its website, plans to sell more products directly through its own online retail channels; potentially resulting in more personal data held by the company.
“You cannot spend enough to protect yourself,” Mr. Ohlmeyer said, declining to provide a figure for the company’s GDPR budget. “We have been taking it very seriously,” Mr. Ohlmeyer said.
Newsletter Sign-up Forrester Research Inc., a research company, said it had anecdotal evidence that large firms allocate on average $20 million to $25 million to become GDPR-compliant, while smaller companies budget $4 to $5 million.
At Saint-Gobain, the French building-materials maker, the cost of becoming GDPR-compliant was “significant,” according to Claude Imauven, its chief operating officer.
Saint-Gobain introduced a new data-privacy management platform, overhauled its data-processing procedures and held training sessions for employees, Mr. Imauven said.
The company also deployed 400 so-called privacy correspondents to ensure that data is handled correctly. The company forecasts “additional ongoing costs” because of GDPR, the COO said.
More on GDPR
U.S. Websites Go Dark in Europe as GDPR Data Rules Kick In What Data You Agree to Surrender From Restaurants to Insurers, the Race to Comply With New Privacy Rules How to Read Those Privacy Policies Flooding Your Inbox Companies must maintain an updated record of all the EU-based personal information they collect, and incorporate privacy and data-protection controls into their system design. Standard clauses in contracts and other legal documents need to be rewritten, adding to the administrative burden.
Firms have to respond to individual data requests in a timely manner, requiring some of them to hire additional employees, said Russell Marsh, a managing director at Accenture PLC.
Recruiter Hays spent between £2 million ($2.7 million) and £3 million to become compliant, said Chief Financial Officer Paul Venables. The recruiter started making changes about a year ago to account for how it would handle the more than 10 million individual résumés on file.
“We had to go through our database and sort out those candidates we didn’t have meaningful exchange with in the past two years,” Mr. Venables said.
What Data You Agree to Surrender Illustration: Gabriel Gianordoli The stakes for getting it right are high. Companies which fail to report breaches face a fine of up to 2% of global annual revenue or €10 million ($11.7 million), whichever is higher. Firms that process personal data without consent could be fined up to 4% of annual revenue or €20 million, whichever is higher.
“It is really hard for companies to forecast how much they should budget for this,” said Laura Jehl, a partner at Baker & Hostetler LLP. Some of her clients up until a few weeks ago didn’t have a budget for GDPR, she said
Making sure that third-party suppliers conform to GDPR adds another layer of complexity. “We have seen companies ask their business partners and suppliers to demonstrate their GDPR practices,” said Enza Iannopollo, a security and risk analyst at Forrester.
Write to Nina Trentmann at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/companies-worry-that-spending-on-gdpr-may-not-be-over-1527236586 |
BOSTON--(BUSINESS WIRE)-- Civitas Solutions, Inc. (NYSE: CIVI) today reported financial results for the fiscal second 2018.
Second Quarter Fiscal 2018 At A Glance
Second quarter net revenue increased 8.4% to $392.8 million Second quarter net loss was $2.5 million, compared to net income of $5.5 million in the second quarter of fiscal 2017 Second quarter Adjusted EBITDA was $40.5 million, an increase of 2.9% compared to the second quarter of fiscal 2017
“Revenue growth in the quarter was driven by strong volume growth from acquisitions in our I/DD, SRS and ADH service lines, as well as from higher average rates across all service lines,” stated Bruce Nardella, president and chief executive officer. “We remain squarely focused on improving our operating performance and are encouraged by the progress we made this quarter to mitigate margin pressure created by increasing labor and healthcare costs.
“During the fiscal second quarter we identified for closure or consolidation several underperforming and non-strategic programs, while continuing our cost-containment initiatives,” Nardella added. “The program closures and consolidations are important initiatives because, in addition to reducing expenses and improving margin, they will give management more time to focus on strategic, more productive programs and execute our growth strategy. We believe that these actions will strengthen our company and help us create long-term value for stockholders.”
Second Quarter Fiscal 2018 Financial Results
GAAP Results
Net revenue for the second quarter of fiscal 2018 was $392.8 million, an increase of $30.4 million, or 8.4%, over net revenue for the same period of the prior year. Net revenue increased $28.1 million from acquisitions that closed during and after the second quarter of the prior year and $2.3 million from organic growth. Net revenue growth was negatively impacted by a $1.6 million increase in sales adjustments compared to the second quarter of the prior year.
Net revenue consisted of:
Intellectual and Developmental Disabilities ("I/DD") services net revenue of $252.1 million, an increase of 6.1% compared to the second quarter of fiscal 2017. Post-Acute Specialty Rehabilitation Services ("SRS") net revenue of $87.8 million, an increase of 13.7% compared to the second quarter of fiscal 2017. At-risk youth ("ARY") services net revenue of $36.6 million, an increase of 2.6% compared to the second quarter of fiscal 2017. Adult Day Health ("ADH") services net revenue of $16.3 million, an increase of 35.8% compared to the second quarter of fiscal 2017.
Income from operations for the second quarter of fiscal 2018 was $6.5 million, or 1.6% of net revenue, compared to $16.3 million, or 4.5% of net revenue, for the second quarter of the prior year. The majority of the decrease was due to $9.2 million of exit costs and other charges related to completed and planned program closures, primarily within our SRS and I/DD segments. These closures were identified through an ongoing comprehensive, top-to-bottom examination of each program's performance across all of our service lines. This comprehensive examination, which applied a higher program performance standard than in the past, is part of a larger, multi-year, multi-pronged effort to improve efficiency of our operations and mitigate margin erosion created by increasing labor and healthcare costs. In addition to these costs, our operating margin was negatively impacted by an increase in direct occupancy costs due to higher levels of open occupancy and an increase in rent expense, particularly in our SRS segment. Direct labor costs were relatively flat compared to the second quarter of fiscal 2017 as the impact of increases in both overtime and health insurance expense were offset by a decrease in therapist and nursing consultant costs compared to the second quarter of fiscal 2017. The decrease in our operating margin was partially offset by reductions in our employment practices liability and workers compensation expenses due to favorable claims experience, and a decrease in general and administrative expense due to our cost containment efforts and continued focus on optimizing our cost structure, as compared to the second quarter of the prior year.
Net loss for the second quarter of fiscal 2018 was $2.5 million compared to net income of $5.5 million for the same period of the prior year. Net loss for the second quarter of fiscal 2018 was due to the decrease in our income from operations described above.
Basic and diluted net loss per common share was $0.07 for the fiscal second quarter of fiscal 2018, compared to basic and diluted net income of $0.15 for the same period of the prior year.
Non-GAAP Results
Adjusted EBITDA for the second quarter of fiscal 2018 was $40.5 million, or 10.3% of net revenue, compared to Adjusted EBITDA of $39.4 million, or 10.9% of net revenue, for the second quarter of the prior year. The decrease in our Adjusted EBITDA margin was primarily attributable to the increase in direct occupancy costs described above. The decrease was partially offset by reductions in our employment practices liability and workers compensation expenses, and a decrease in general and administrative expense.
Adjusted net income per diluted common share was $0.37 for the second quarter of fiscal 2018 compared to $0.35 for the second quarter of the prior year.
First Half Fiscal 2018 Financial Results
Net revenue for the six months ended March 31, 2018 was $788.2 million, an increase of $66.4 million, or 9.2%, over net revenue for the same period of the prior year. Net revenue increased $54.7 million for acquisitions that closed during and after the six months ended March 31, 2017 and $11.7 million from organic growth. Net revenue growth was negatively impacted by a $2.1 million increase in sales adjustments compared to the six months ended March 31, 2017.
Net revenue consisted of:
I/DD services net revenue of $507.9 million, an increase of 6.8% compared to the first half of fiscal 2017. SRS net revenue of $173.8 million, an increase of 14.7% compared to the first half of fiscal 2017. ARY service net revenue of $72.5 million, an increase of 1.5% compared to the first half of fiscal 2017. ADH services net revenue of $34.0 million, an increase of 47.0% compared to the first half of fiscal 2017.
Income from operations for the six months ended March 31, 2018 was $19.3 million, or 2.4% of net revenue, compared to $31.7 million, or 4.4% of net revenue, for the same period of the prior year. The decrease in our operating margin was primarily due to $9.2 million of exit costs and other charges related to the closures described above, as well as increases in direct occupancy and direct labor costs compared to the six months ended March 31, 2017. The increase in occupancy costs was primarily due to higher levels of open occupancy and an increase in rent expense, particularly within our SRS segment. The increase in direct labor costs was primarily due to an increase in salary expense and overtime compared to the six months ended March 31, 2017.
Net income for the six months ended March 31, 2018 was $6.9 million compared to $9.7 million for the same period of the prior year. In addition to the factors impacting income from operations described above, net income for the six months ended March 31, 2018 included a $7.0 million tax benefit that was recorded in connection with revaluing of the Company’s deferred tax liabilities as a result of the lower corporate tax rate established by the Tax Cuts and Jobs Act (the “Tax Act”) enacted in the first quarter of fiscal 2018.
Basic and diluted net income per common share was $0.18 for the six months ended March 31, 2018, compared to $0.26 for the same period of the prior year.
Non-GAAP Results
Adjusted EBITDA for the six months ended March 31, 2018 was $78.5 million, or 10.0% of net revenue, compared to Adjusted EBITDA of $77.0 million, or 10.7% of net revenue, for the same period of the prior year. The decrease in our Adjusted EBITDA margin was primarily attributable to the increases in direct occupancy and direct labor costs described above. The decrease was partially offset by lower general and administrative expense as a percentage of revenue due to our cost containment efforts and continued focus on optimizing our cost structure.
Adjusted net income per diluted common share was $0.70 for the six months ended March 31, 2018 compared to $0.67 for the same period of the prior year.
Stock Repurchase Program
On February 8, 2018, we announced that our Board of Directors approved a stock repurchase program under which we are authorized to repurchase up to $25.0 million of the Company’s outstanding common stock from time to time in the open market, through negotiated transactions or otherwise (including, without limitation, the use of Rule 10b5-1 plans). The stock repurchase program will expire on August 12, 2018 or the date on which the total repurchase amount has been spent, whichever occurs first. We intend to conduct any open market stock repurchase activities in compliance with the safe harbor provisions of Rule 10b-18 of the Exchange Act. During the second quarter of fiscal 2018, we repurchased 539,315 shares for $7.5 million under the plan which we have implemented through a 10b5-1 program.
Fiscal 2018 Outlook and Guidance
The Company is updating its fiscal 2018 net revenue and Adjusted EBITDA guidance that it communicated on February 8, 2018 during the release of fiscal first quarter results.
For fiscal 2018, the Company is narrowing its net revenue guidance range and reducing the top-end of its Adjusted EBITDA guidance range. The Company now expects fiscal 2018 net revenue in the range of $1.58 billion to $1.61 billion and fiscal 2018 Adjusted EBITDA in the range of $168 million to $171 million. This compared to our previous ranges of $1.57 billion to $1.62 billion and $168 million to $173 million, respectively. The revised adjusted EBITDA range includes the full fiscal 2018 impact of investing $4 million to support employee recruitment and retention from a portion of the cash tax savings the Company is receiving under the Tax Act.
A reconciliation of the low-end and high-end of the Adjusted EBITDA guidance to net income is as follows:
Fiscal Year Ending September 30, 2018 (In millions) Low-end High-end Net income $ 18 $ 21 Provision for income taxes 3 3 Interest expense, net (a) 38 38 Depreciation and amortization 92 92 Stock-based compensation 8 8 Expense reduction project costs 2 2 Exit costs 6 6 Acquisition-related transaction costs 1 1 Adjusted EBITDA $ 168 $ 171 Modeling guidelines for the current fiscal year are as follows:
Average basic and diluted shares outstanding for the year: 37 million
Capital expenditures: 3.3% of net revenue
Annual tax rate: 32% (b)
(a) Interest expense, net as presented in the reconciliation of Adjusted EBITDA guidance to net income does not give effect to any future borrowings to fund repurchases under the stock repurchase program.
(b) The modeling guideline for our annual tax rate excludes the impact of the $7.0 million non-cash benefit recognized during the six months ended March 31, 2018. This benefit primarily relates to remeasuring the Company's deferred tax liabilities at the newly enacted federal tax rate. Including the $7.0 million benefit the annual tax rate is estimated to be approximately 13%.
Net income as presented in the reconciliation of Adjusted EBITDA guidance to net income may be further impacted by potential future non-operating charges that would impact net income without affecting Adjusted EBITDA.
Conference Call
This afternoon, Thursday, May 10, 2018, Civitas Solutions management will host a conference call at 5:00 pm (Eastern Time) to discuss the fiscal 2018 second quarter operating results.
Conference Call Dial-in #:
Domestic U.S. Toll Free: 877-255-4315 International: 412-317-5467 Replay Details (available 1 hour after conclusion of the conference call through 5/17/18):
Domestic U.S. Toll Free: 877-344-7529 International: 412-317-0088 Canada Toll Free: 855-669-9658 Replay Access Code: 10120038 A live webcast of the conference call will be available via the investor relations section of the Company’s website: www.civitas-solutions.com . Following the call, an archived replay of the webcast will be available on this website through August 10, 2018.
Non-GAAP Financial Information
This earnings release includes a discussion of Adjusted EBITDA, Adjusted net income per diluted common share and net debt, which are non-GAAP financial measures. Adjusted EBITDA is presented because it is an important measure used by management to assess financial performance, and management believes it provides a more transparent view of the Company’s underlying operating performance and operating trends. In addition, the Company believes this measurement is important because securities analysts, investors and lenders use this measurement to compare the Company’s performance to other companies in our industry. Adjusted net income per diluted share is presented to exclude non-recurring costs and other expenses incurred in connection with acquisitions that are not reflective of the Company's continuing operating performance. Net debt is presented because it is useful for lenders, securities analysts, and investors in determining the Company's net debt leverage ratio.
The non-GAAP financial measures are not determined in accordance with GAAP and should not be considered in isolation or as alternatives to net income, net income per diluted share, revenues or total debt or other financial statement data presented as indicators of financial performance or liquidity, each as presented in accordance with GAAP. Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business. Similarly, Adjusted net income per diluted share should not be considered a measure of cash flow per common share but rather a performance metric that presents our operating performance taking into account certain of the same adjustments in Adjusted EBITDA and does so on a per share basis. While we and other companies in our industry frequently use Adjusted EBITDA and Adjusted net income per diluted share as measures of operating performance and the ability to meet debt service requirements, they are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. All non-GAAP financial measures should be reviewed in conjunction with the Company’s financial statements filed with the SEC.
For a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure, please see “Reconciliation of Non-GAAP Financial Measures” on pages 9 and 10 of this press release.
Forward-Looking Statements
This press release contains statements about future events and expectations that constitute forward-looking statements, including our guidance, outlook and statements about our expectations for future financial performance. Forward-looking statements are based on our beliefs, assumptions and expectations of industry trends, our future financial and operating performance, our growth, and effects of the Tax Act on the Company, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements and you should not place undue reliance on such statements. Factors that could contribute to these differences include, but are not limited to: reductions or changes in Medicaid or other funding; changes in budgetary priorities by federal, state and local governments; substantial claims, litigation and governmental proceedings; reductions in reimbursement rates or changes in policies or payment practices by the Company’s payors; increases in labor costs; matters involving employees that may expose the Company to potential liability; the Company’s substantial amount of debt; the Company’s ability to comply with billing and collection rules and regulations; changes in economic conditions; increases in insurance costs; increases in workers compensation-related liability; the Company’s ability to maintain relationships with government agencies and advocacy groups; negative publicity; the Company’s ability to maintain existing service contracts and licenses; the Company’s ability to implement its growth strategies successfully; the Company’s financial performance; and other factors described in “Risk Factors” in Civitas’ Form 10-K. Words such as “anticipates”, “believes”, “continues”, "positions", “estimates”, “expects”, “goal”, "aspiration", “objectives”, “intends”, “may”, “hope”, “opportunity”, “plans”, “potential”, “near-term”, “long-term”, “projections”, “assumptions”, “projects”, “guidance”, “forecasts”, “outlook”, “target”, “trends”, “should”, “could”, “would”, “will” and similar expressions are intended to identify such forward-looking statements. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
Select Financial Highlights ($ in thousands, except share and per share data) (unaudited) Three Months Ended Six Months Ended March 31, March 31, 2018 2017 2018 2017 Net revenue $ 392,801 $ 362,399 $ 788,219 $ 721,793 Cost of revenue (exclusive of depreciation expense shown below) 316,612 285,518 632,869 569,494 Operating expenses: General and administrative 43,766 41,787 88,300 83,579 Depreciation and amortization 25,971 18,830 47,768 36,985 Total operating expenses 69,737 60,617 136,068 120,564 Income from operations 6,452 16,264 19,282 31,735 Other income (expense): Other income (expense), net (1,259 ) 855 (813 ) 911 Interest expense (9,577 ) (8,293 ) (18,586 ) (16,778 ) Income (loss) before income taxes (4,384 ) 8,826 (117 ) 15,868 Provision (benefit) for income taxes (1,896 ) 3,347 (7,023 ) 6,210 Net income (loss) $ (2,488 ) $ 5,479 $ 6,906 $ 9,658 Basic and diluted income (loss) per common share $ (0.07 ) $ 0.15 $ 0.18 $ 0.26 Weighted average number of common shares outstanding, basic 37,433,513 37,282,320 37,452,977 37,256,412 Weighted average number of common shares outstanding, diluted 37,433,513 37,416,635 37,577,963 37,372,153 Additional financial data: Program rent expense $ 21,751 $ 14,844 $ 38,945 $ 29,079 Selected Balance Sheet and Cash Flow Highlights ($ in thousands) (unaudited) As of March 31, 2018 September 30, 2017 Cash and cash equivalents $ — $ 7,297 Working capital (a) $ 40,110 $ 30,740 Total assets $ 1,126,337 $ 1,049,382 Total debt (b) $ 718,375 $ 637,488 Net debt (c) $ 668,375 $ 580,191 Stockholders' equity $ 168,871 $ 162,917 Six Months Ended March 31, 2018 2017 Cash flows provided by (used in): Operating activities $ 25,644 $ 23,012 Investing activities (d) $ (104,390 ) $ (46,424 ) Financing activities (e) $ 71,449 $ (10,090 ) Purchases of property and equipment $ (22,950 ) $ (20,795 ) Acquisition of businesses, net of cash acquired $ (84,008 ) $ (27,356 ) (a) Calculated as current assets minus current liabilities.
(b) Total debt includes obligations under capital leases and excludes deferred financing costs and original issue discount on the term loan.
(c) Represents net debt as defined in our senior credit agreement (total debt, net of cash and cash equivalents and restricted cash). See Reconciliation of Non-GAAP Financial Measures for a reconciliation of total debt to net debt.
(d) Cash used in investing activities during the six months ended March 31, 2018 includes $74.7 million paid for the acquisition of Mentis Neuro Rehabilitation, LLC ("Mentis").
(e) Cash provided by financing activities for the six months ended March 31, 2018 includes an incremental term loan of $75.0 million, the net proceeds of which were used for the acquisition of Mentis.
Reconciliation of Non-GAAP Financial Measures (Amounts in thousands except per share data) (unaudited) Three Months Ended
March 31,
Six Months Ended
March 31,
Reconciliation of Net Income (Loss) to Adjusted EBITDA: 2018 2017 2018 2017 Net income (loss) $ (2,488 ) $ 5,479 $ 6,906 $ 9,658 Provision (benefit) for income taxes (1,896 ) 3,347 (7,023 ) 6,210 Interest expense, net 9,498 8,291 18,423 16,773 Depreciation and amortization 25,971 18,830 47,768 36,985 Adjustments: Stock-based compensation (a) 2,165 2,294 3,816 4,373 Contingent consideration adjustment (b) — — — 375 Expense reduction project costs (c) 1,226 375 1,948 1,750 Exit costs (d) 5,822 — 5,822 — Acquisition-related transaction costs (e) 186 746 888 856 Adjusted EBITDA $ 40,484 $ 39,362 $ 78,548 $ 76,980 Three Months Ended
March 31, Six Months Ended
March 31, Reconciliation of Net Income (Loss) per Diluted Share to Adjusted Net Income per Diluted Share: 2018 2017 2018 2017 Net income (loss) per diluted share $ (0.07 ) $ 0.15 $ 0.18 $ 0.26 Adjustments: Stock-based compensation (a) 0.06 0.06 0.10 0.12 Contingent consideration adjustment (b) — — — 0.01 Expense reduction project costs (c) 0.03 0.01 0.05 0.05 Exit costs (d) 0.16 — 0.16 — Acquisition-related transaction costs (e) 0.01 0.02 0.02 0.02 Intangible asset amortization expense (f) 0.40 0.24 0.71 0.48 Impact of non-cash discrete tax benefit (g) (0.01 ) — (0.19 ) — Income tax effect of adjustments to net income (loss) per diluted common share (h) (0.21 ) (0.13 ) (0.33 ) (0.27 ) Adjusted net income per diluted common share $ 0.37 $ 0.35 $ 0.70 $ 0.67 (a) Represents non-cash stock-based compensation expense.
(b) Represents the fair value adjustment associated with acquisition related contingent consideration liabilities.
(c) Represents consulting, severance and other costs incurred in connection with the Company's project to optimize business operations and reduce company-wide expenses.
(d) For the three and six months ended March 31, 2018, represents expenses of $4.4 million for lease termination costs, $0.6 million for severance costs, and $0.8 million of non-cash losses on the disposition of fixed assets related to the completed and planned closures described above.
(e) Represents external transaction costs incurred by the Company for acquisitions. The Company has not historically excluded these costs but began excluding them in the first quarter of fiscal 2018. The Company believes that excluding these costs will provide the Company and its investors with a more transparent view of the Company's underlying operating performance because these expenses can vary significantly from quarter to quarter and the timing is difficult to predict. Prior period Adjusted EBITDA has been recast to conform to this presentation.
Reconciliation of Non-GAAP Financial Measures (continued)
(Amounts in thousands)
(unaudited)
(f) Represents amortization expense on intangible assets acquired in business combinations. For the three and six months ended March 31, 2018, this includes $4.2 million of accelerated amortization related to definite-lived intangible assets associated with the completed and planned closures described above.
(g) Represents the non-cash benefit of $0.5 million and $7.0 million recorded during the three and six months ended March 31, 2018, respectively, related to the remeasurement of the Company's net deferred tax liabilities at the newly enacted federal tax rate.
(h) The income tax effect was calculated using a tax rate of approximately 32% for the three and six months ended March 31, 2018 and 39% for the three and six months ended March 31, 2017. The tax rate for each respective period represents the Company's estimated effective tax rate for the year as of the second quarter, excluding the impact of any non-cash discrete tax expenses or benefits, such as the tax benefit described in footnote (g).
A reconciliation of reported debt to net debt is as follows:
As of March 31, 2018 September 30, 2017 Reported Debt (1) $ 712,648 $ 631,465 Original issue discount on term loan, net of accumulated amortization 1,240 901 Deferred financing costs, net of accumulated amortization 4,487 5,122 Total debt $ 718,375 $ 637,488 Cash and cash equivalents — 7,297 Restricted cash 50,000 50,000 Net debt $ 668,375 $ 580,191 (1) Reported debt includes obligations under capital leases.
About Civitas
Civitas Solutions, Inc. is the leading national provider of home- and community-based health and human services to must-serve individuals with intellectual, developmental, physical or behavioral disabilities and other special needs. Since our founding in 1980, we have evolved from a single residential program to a diversified national network offering an array of quality services in 36 states.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006201/en/
Civitas Solutions, Inc.
Dwight Robson, 617-790-4800
Chief Public Strategy and Marketing Officer
[email protected]
Source: Civitas Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-civitas-solutions-reports-fiscal-2018-second-quarter-financial-results.html |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.