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LONDON, May 24, 2018 /PRNewswire/ --
Funds advised and managed by YFM Equity Partners ("YFM"), the specialist private equity fund manager have backed a £3m investment into Arcus Global Limited ("Arcus"), a provider of cloud-based software solutions to local and national public sector organisations.
YFM's investment comes from its two advised VCTs, British Smaller Companies VCT plc and British Smaller Companies VCT2 plc.
Founded in 2009 by Denis Kaminskiy (CEO) and Lars Malmqvist (CTO), Arcus has experienced rapid growth as a result of a shift towards cloud-based solutions for software and infrastructure requirements. Arcus has developed a proprietary Software-as-a-Service (SaaS) platform that enables Local Authorities and other Public Sector organisations to transform end to end service delivery in areas such as Digital Transactions, Planning, Building Control, Regulatory Services and Waste Management.
Arcus is also a specialist Public Sector Advanced Consulting Partner for Amazon Web Services and provides unique cloud hosting and managed services to a number of public sector bodies, using their expertise to deliver solutions that are resilient, secure, and cost effective. In the public sector space, the company is using the latest AWS services such as AI and Alexa Skills.
Arcus is based in Cambridge, where it employs over 100 staff, and expects to generate revenue in excess of £13m this year. Their client base includes over 30 UK Local Authorities such as Eastleigh Borough Council, Mid-Sussex District Council and Aylesbury Vale District Council. The infrastructure team serves over 100 Public and Private Sector clients, including Central Government, Universities and large businesses.
YFM's funds will be used to support the continued growth of the business, building resource in technology development, sales and customer services. Together, this will enable Arcus to further expand its range of software solutions to help the public sector to increase its use of digital technologies and transform services.
Charlie Robinson and Andy Thomas led the investment for YFM. Charlie Robinson commented:
"Denis and his team have done a fantastic job in building the company and we are delighted to be working with Arcus to support their continued growth over the coming years. They have developed an enviable reputation for their innovative approach and we believe their solutions will fulfil an important role in helping public sector organisations drive efficiencies and to adapt to the changing digital landscape."
Denis Kaminskiy, co-founder of Arcus, added:
"I am incredibly pleased do have raised this growth investment from YFM. We ran a thorough and competitive process, and they have been a joy to work with so far. Of course, our exciting journey is just beginning, and I am looking forward to YFM's expertise, advice and support. Our customers desperately need help, and this funding will allow us to improve and accelerate every part of our business."
Marc Shaw, Principal, RPL Mergers, also added:
"Arcus and YFM are committed to a strategy of growth and development and we are confident that they will make excellent partners."
YFM's legal advice was provided by Chris Reed at Gateley plc, Commercial Due Diligence by Matt McNally of Armstrong TS, and Organisational Review by Anna Cornwallis of Stratton HR.
Marc Shaw of RPL Mergers acted as financial advisor to Arcus, and Allison Keyse of Mischon de Reya provided legal advice.
Contact information: Marc Shaw, [email protected]
SOURCE RPL Mergers Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-rpl-mergers-advises-arcus-global-as-it-raises-a3m-series-a-supported-by-yfm-equity-partners.html |
TOKYO (Reuters) - Japan’s SoftBank Group Corp ( 9984.T ) said on Wednesday it plans to transfer its stakes in ride-sharing firms to the SoftBank Vision Fund, a move which if approved would make the fund one of the world’s biggest investors in the fast-changing industry.
FILE PHOTO: Shop employees of SoftBank Corp work outside its branch in Tokyo, Japan, August 6, 2015. REUTERS/Yuya Shino/File Photo SoftBank plans to transfer, subject to approval, its combined $12.9 billion stake in Uber Technologies Inc [UBER.UL] and Didi Chuxing. It also aims to transfer its stakes in Grab and Ola, SoftBank Chief Executive Masayoshi Son told a news conference.
The move would provide the fund’s investors - which include Apple Inc ( AAPL.O ), Hon Hai Precision Industry Co Ltd (Foxconn) ( 2317.TW ) and the sovereign wealth funds of Saudi Arabia and Abu Dhabi - significant exposure to the ride-sharing industry, which is being shaken up by consolidation in which SoftBank is playing a role.
In March, Uber said it would sell its Southeast Asian business to bigger regional rival Grab, with the U.S. ride-sharing firm focusing on a battle with Ola in India.
Son’s reputation as a visionary investor has attracted enough money to create the world’s largest private equity fund which, as of last May, stood at over $93 billion.
When combined with SoftBank’s smaller Delta Fund, SoftBank’s private equity arm had at the end of March invested $29.7 billion in 25 technology firms, with investments this year including dog-walking app Wag and construction startup Katerra.
Steered by founder and CEO Son, SoftBank has become a major global technology investor as it looks to create a group of leading tech companies powered by interconnected devices and artificial intelligence.
The company’s growing technology investments saw it post record operating profit for the year ended March, rising 27 percent to 1.3 trillion yen ($11.86 billion).
Son recently decided to let go of one of SoftBank’s biggest overseas bets, U.S. wireless carrier Sprint Corp ( S.N ), which will merge with T-Mobile US Inc ( TMUS.O ) after struggling to compete with bigger rivals.
Faced with investor confusion over how mutually supportive SoftBank’s array of investments are, Sprint’s outgoing CEO Marcelo Claure will become SoftBank’s chief operating officer, pledging to enhance cooperation between the portfolio companies.
Also at the news conference on Wednesday, Son let slip that U.S. retail giant Walmart Inc ( WMT.N ) would acquire Indian e-commerce player Flipkart, ahead of an expected announcement by Walmart-Flipkart later on Wednesday.
Vision Fund invested in Flipkart last year, with its $2.5 billion stake now worth $4 billion, Son said.
SoftBank will consider relisting British chip designer ARM Holdings in five to seven years, Son also said. The $32 billion 2016 acquisition was Japan’s largest-ever outbound deal, though it looks set to be dwarfed by Takeda Pharmaceutical Co Ltd’s ( 4502.T ) $62 billion purchase of Britain’s Shire PLC ( SHP.L ).
SoftBank shares closed up about 1 percent in a wider market .N225 that was down half a percent. However, SoftBank shares are down 4 percent so far this year.
($1 = 109.6200 yen)
Reporting by Sam Nussey and Thomas Wilson; Editing by Himani Sarkar and Christopher Cushing
| ashraq/financial-news-articles | https://www.reuters.com/article/us-softbank-group-results/japans-softbank-posts-27-percent-rise-in-annual-profit-idUSKBN1IA0N7 |
WASHINGTON (Reuters) - U.S. President Donald Trump on Thursday called off a historic summit with North Korean leader Kim Jong Un scheduled for next month, citing Pyongyang’s “open hostility,” and warned that the U.S. military was ready in the event of any reckless acts by North Korea.
Trump wrote a letter to Kim to announce his abrupt withdrawal from what would have been a first-ever meeting between a serving U.S. president and a North Korean leader in Singapore on June 12.
“Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it would be inappropriate, at this time, to have this long-planned meeting,” Trump wrote. “Please let this letter serve to represent that the Singapore summit, for the good of both parties, but to the detriment of the world, will not take place.”
Earlier on Thursday, North Korea had repeated its threat to pull out of the summit, which was intended to address concerns about its nuclear weapons program, and warned it was prepared for a nuclear showdown with Washington if necessary.
A White House official said a North Korean official’s condemnation of U.S. Vice President Mike Pence as a “political dummy” was “the last straw” that led to cancelling the summit.
A second White House official said a major factor in Trump walking away was the possibility of a nuclear conflict raised by a North Korean official if diplomacy failed.
“The North Koreans literally threatened nuclear war in the statement released last night,” she said. “No summit could be successful under these circumstances.”
In a statement at the White House, Trump said he remained open to dialogue but had spoken to Defense Secretary Jim Mattis and warned North Korea against any “reckless act.”
“We are more ready than we have ever been before,” Trump said.
He said U.S. allies South Korea and Japan also were ready to shoulder much of the financial burden “if an unfortunate situation is forced upon us” by North Korea.
“WE’LL SEE” “While many things can happen and a great opportunity lies ahead potentially, I believe that this is a tremendous setback for North Korea and indeed a setback for the world.”
Asked if cancellation of the summit increased the risk of war, Trump replied: “We’ll see what happens.”
U.S. stocks were down in afternoon trading but were well off the session lows hit after Trump canceled the summit and threatened to impose tariffs on auto imports.
Trump said the United States would continue its “maximum pressure” campaign of sanctions to press North Korea to give up its nuclear weapons.
“North Korea has opportunity to end decades of poverty and oppression by following the path of denuclearization, and joining the community of nations,” he said.
Last month Trump had praised the authoritarian Kim as “very honorable” while preparing for the summit but the outlook for the meeting suffered a setback this month after North Korea angrily rejected the notion that it would agree to unilateral nuclear disarmament as the United States has demanded.
Trump cancelled the summit just a few hours after North Korea followed through on a pledge to blow up tunnels at its main nuclear test site, which Pyongyang said was proof of its commitment to end nuclear testing.
A small group of international media selected by North Korea witnessed the demolition of tunnels at the Punggye-ri site on Thursday.
The apparent destruction of what North Korea said was its only nuclear test site had been widely welcomed as a positive, if largely symbolic, step. Kim has declared his nuclear force complete, amid speculation the site was obsolete anyway.
The Pentagon said it was too early to give an assessment of the action at Punggye-ri but the site could be put back into service or re-established elsewhere.
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 MOON PERPLEXED South Korean President Moon Jae-in, whose government had helped set up the summit, said he was “perplexed” by the cancellation and urged Trump and Kim to talk directly to each other.
Moon had met with Trump at the White House on Tuesday and urged him not to let a rare opportunity for a meeting with reclusive North Korea slip away.
The reference to Pence that offended the White House came in a statement released by North Korean media and citing Vice Foreign Minister Choe Son Hui. She had called Pence a “political dummy” for comparing North Korea - a “nuclear weapons state” - to Libya, where Muammar Gaddafi gave up his unfinished nuclear development programme, only to be later killed by NATO-backed fighters.
“Whether the U.S. will meet us at a meeting room or encounter us at nuclear-to-nuclear showdown is entirely dependent upon the decision and behavior of the United States,” Choe said.
U.S. national security adviser John Bolton first advocated a Libya as a model of North Korea’s disarmament. That incensed North Korea, which said the reason it had its nuclear arms was to ensure it did not end up like Libya and Gaddafi.
Trump had raised expectations for a successful summit after North Korea released three Americans this month, which Trump in his latter called “a beautiful gesture” by Kim.
While Trump’s letter left the door open for talks with Kim, chances for a quick rescheduling appear remote and cancellation of the meeting will renew fears of a return to conflict on the Korean peninsula.
Trump’s letter also referred to the possibility of war.
“You talk about your nuclear capabilities, but ours are so massive and powerful that I pray to God that they will never have to be used,” he said.
North Korea’s pursuit of nuclear weapons has been a source of tension on the Korean peninsula for decades, as well as antagonism with Washington, but escalated into fears of war last year after North Korea said it had tested an H-bomb and developed a missile capable of hitting the United States.
The rhetoric reached new heights under Trump as he mocked Kim as “little rocket man” and in address at the United Nations threatened to “totally destroy” North Korea if necessary. Kim had called Trump mentally deranged and threatened to “tame” him with fire.
NO RESPONSE U.S. Secretary of State Mike Pompeo, who travelled to North Korea twice to prepare the summit, meeting Kim both times, said Pyongyang had not responded in recent days to queries about the meeting.
Cancellation of the summit denies Trump what supporters hoped could have been the biggest diplomatic achievement of his presidency, and one worthy of a Nobel Peace Prize.
It comes at a time when Trump’s withdrawal from the Iran nuclear deal has drawn criticism internationally, his moving of the U.S. embassy to Jerusalem has fueled violence on the Israel-Gaza border and he is on the defensive over an investigation into alleged Russian meddling in the 2016 election.
Senator Bob Menendez, the top Democrat on the Foreign Relations Committee, said he had not had a sense that the administration had engaged in the detailed preparations necessary for a successful summit with Kim. He also suggested that rhetoric from top administration officials might not have been appropriate ahead of the meeting.
Robert Einhorn, a non-proliferation expert at the Brookings Institution, said it seemed Trump had realized he was not going to be able to get an assurance from Kim of North Korea’s willingness to give up its nuclear weapons.
“He was, I think, reluctant to go to Singapore and come up short,” he said.
Slideshow (5 Images) “This probably was the best choice he could make - much better than having a meeting that would deepen the divisions, lead to angry recriminations and set back any prospect for getting back on track.”
Additional reporting by Ben Blanchard in Beijing; Joyce Lee and Hyonhee Shin in Seoul; Jeff Mason, Lesley Wroughton, Doina Chiacu, Patricia Zengerle, Justin Mitchell and Arshad Mohammed in Washington; and Michelle Nichols at the United Nations; Writing by David Brunnstrom and Matt Spetalnick Editing by Robert Birsel and Bill Trott
| ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-missiles-tunnels/north-korea-collapses-tunnels-at-nuclear-test-site-media-reports-idINKCN1IP1KY |
UPDATE 1-Brazil's truckers protest drags on despite dispatch of military Flavia Bohone and Marcelo Teixeira Published 13 Hours Ago Reuters
(Updates with police, federal forces actions to clear roads)
SAO PAULO, May 26 (Reuters) - A truckers protest over diesel prices in Brazil that is hurting supplies of fuel, food and medicines continued for the sixth day on Saturday despite President Michel Temer ordering the military to clear blocked roads the day before.
Major cities have declared a state of emergency as gas stations and airports ran out of fuel, supermarket shelves went bare and hospitals said they were running out of supplies. Public transport and trash collection were reduced or halted across the country and prices for some food items jumped.
The government said there were fewer blockades on major highways across the country on Saturday compared to Friday. However, the main entity representing truckers, ABCAM, said they have not changed their main argument that they will call off protests only when federal taxes over diesel are scrapped.
Later on Saturday, federal forces and police appeared to be gaining an edge on clearing some roads. They were escorting convoys with fuel and other products in some areas in the country, including the airport in the capital Brasilia.
Negotiators for several trucker groups initially agreed on Thursday to suspend the protests as the government promised to subsidize and stabilize diesel prices, which may cost 5 billion reais ($1.4 billion) this year.
But truckers say they want a definitive solution, that they will end the protest only when a decision to eliminate federal diesel taxes is published in the official gazette.
Local TV showed footage overnight of federal forces being deployed to some critical areas to help police remove trucks from highways. There were no reports of violence, but main roads remained blocked in the morning.
Some business sectors that depend on daily supplies were suffering.
Lack of animal feed may cause the deaths of one billion birds and 20 million hogs, Brazilian meat group ABPA said, adding that more than 150 poultry and pork processing plants had indefinitely suspended production.
Brazil's sugar industry, the world's largest, is slowly halting cane harvest operations as machines ran out of fuel.
Blockades continue to prevent trucks from entering the port of Santos, Latin America's largest, and oilseeds crushing group Abiove said soy exports would halt on Saturday if truckers did not allow access to major ports.
Auto production, which contributes about a quarter of Brazil's industrial output, ground to a halt on Friday.
Authorities said even after roads are completely cleared, it would still take several days to normalize supplies. (Reporting by Flavia Bohone and Marcelo Teixeira Editing by Chizu Nomiyama and Susan Thomas) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/26/reuters-america-update-1-brazils-truckers-protest-drags-on-despite-dispatch-of-military.html |
SANTIAGO, Chile, May 7, 2018 /PRNewswire/ -- Celulosa Arauco y Constitución S.A. ("Arauco") today announced that, effective at 4:00 PM New York City time on Friday, May 4, 2018, the Securities Exchange Commission declared effective its previously filed Form F-4 Registration Statement for the exchange of U.S.$500,000,000 aggregate principal amount of its newly issued 3.875% Notes due 2027 (the "2027 Exchange Notes"), for an equal principal amount of its unregistered outstanding 3.875% Notes due 2027 (the "2027 Existing Notes"), issued on November 2, 2017, and U.S.$400,000,000 aggregate principal amount of its newly issued 5.500% Notes due 2047 (the "2047 Exchange Notes", and together with the 2027 Exchange Notes, the "Exchange Notes"), for an equal principal amount of its unregistered outstanding 5.500% Notes due 2047 (the "2047 Existing Notes", and together with the 2027 Existing Notes, the " Existing Notes"), issued on November 2, 2017. The Exchange Notes have now been registered under the Securities Act of 1933, as amended.
Accordingly, Arauco announced that, effective May 7, 2018, it will launch its offer to exchange its registered Exchange Notes for any and all of its outstanding unregistered Existing Notes. This offer will expire at midnight, New York City time on June 4, 2018, unless otherwise extended. Arauco does not currently plan to extend the exchange offer.
This press release is not an offer to exchange the Exchange Notes for the Existing Notes, nor is it the solicitation of an offer to exchange, which Arauco is making only through the exchange offer prospectus, dated as of May 7, 2018, together with the related letter of transmittal. There will not be any offer or sale of the Exchange Notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Copies of the exchange offer prospectus and related documents may be obtained from Bank of New York Mellon, the exchange agent for the exchange offer, at the following address:
c/o The Bank of New York Mellon Corporation
111 Sanders Creek Parkway
East Syracuse, NY 13057
Attention: Pamela Adamo
By Facsimile Transmission (for Eligible Institutions Only): 732-667-9408
Confirm by Telephone: 315-414-3317
Email: [email protected]
About Arauco
We are a corporation (sociedad anónima) organized under the laws of Chile. Our principal executive offices are located at Avenida El Golf 150, 14th Floor, Las Condes, Santiago, Chile. Our telephone number is +562-2461-7200, and our facsimile number is +562-2461-7541.
Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to risks and uncertainties. Other than statements of historical fact, information regarding activities, events and developments that we expect or anticipate will or may occur in the future, including, but not limited to, information relating to our future growth and profitability targets and strategies designed to increase total shareholder value, are forward-looking statements based on management's estimates, assumptions and projections. Forward-looking statements also include, but are not limited to, statements regarding our future economic and financial condition and results of operations, the plans and objectives of management and our assumptions regarding our performance and such plans and objectives. Many forward-looking statements may be identified by the use of words such as "intend," "believe," "expect," "anticipate," "should," "planned," "projected," "estimated" and "potential," among others. Forward-looking statements contained in this press release are predictions only and actual results could differ materially from management's expectations due to a variety of factors, including those described the section titled "Risk Factors" in our Annual Report on Form 20-F. All forward-looking statements attributable to us or persons working on our behalf are expressly qualified in their entirety by such risk factors. The forward-looking statements that we make in this press release are based on management's current views and assumptions regarding future events and speak only as of their dates. We assume no obligation to update developments of these risk factors or to announce publicly any revisions to any of the forward-looking statements that we make, or to make corrections to reflect future events or developments, except as required by the federal securities laws.
View original content: http://www.prnewswire.com/news-releases/celulosa-arauco-y-constitucion-sa-launches-exchange-offer-for-3-875-notes-due-2027-and-5-500-notes-due-2047--300643650.html
SOURCE Celulosa Arauco y Constitucion S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-celulosa-arauco-y-constitucian-s-a-launches-exchange-offer-for-3-point-875-percent-notes-due-2027-and-5-point-500-percent.html |
ROME (Reuters) - Italy’s Prime Minister-designate Carlo Cottarelli said on Monday that he will put together a government “very quickly” to accompany the country to fresh elections, to be held in the fall or early next year.
Former senior International Monetary Fund (IMF) official Carlo Cottarelli arrives before a meeting with the Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, May 28, 2018. REUTERS/Tony Gentile “I’ll present myself to parliament with a program which - if it wins the backing of parliament - would include the approval of the 2019 budget. Then parliament would be dissolved with elections at the beginning of 2019,” Cottarelli said shortly after being named interim prime minister by Italy’s president.
“In the absence of (parliament’s) confidence, the government would resign immediately and its main function would be the management of ordinary affairs until elections are held after the month of August,” Cottarelli added.
Reporting by Steve Scherer, editing by Giulia Segreti
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-cottarelli/italys-pm-designate-says-he-will-accompany-country-to-new-vote-idUSKCN1IT0YT |
NEW YORK--(BUSINESS WIRE)-- Accenture (NYSE: ACN) has completed the acquisition of New York-based digital agency, Meredith Xcelerated Marketing (MXM), a content-focused leader in integrated marketing, cross-channel strategy development and creative execution.
The acquisition, first announced in March , will add superior data and analytics skills, strong content creation and customer engagement capabilities in direct-to-consumer marketing, particularly in the automotive, consumer brands and financial services industries. MXM has broad experience bringing together high-performing content, customer data, marketing strategy and creative development to drive business impact for highly recognizable brands.
Formerly owned by Meredith Corporation – one of the leading media companies in the United States – MXM employs more than 450 people across the U.S. and Canada. MXM has a strong team of creatives, technologists, and performance marketing professionals delivering digital excellence to clients.
“The award-winning digital marketing agency will bring together a strong combination of data-led strategy, creative and technology expertise to bolster Accenture Interactive’s existing capabilities,” said Jeannine Falcone, marketing offering lead, North America, Accenture Interactive. “MXM has a blend of creative talent, marketing savvy and technology roots to solve today’s complex creative and business challenges. We are looking forward to seeing what this depth of expertise will mean for our clients.”
MXM is an award-wining agency with 27 Content Council Awards and a Gold Effie Award for its work with the FDA. Additionally, it was awarded Content Marketing Agency of the Year by the Content Marketing Institute and has been recognized by Forrester and Gartner for its superior digital and content capabilities.
About Accenture
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 442,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com .
Accenture Interactive helps the world’s leading brands transform their customer experiences across the entire customer journey. Through our connected offerings in design, marketing, content and commerce, we create new ways to win in today’s experience-led economy. Accenture Interactive is ranked the world’s largest digital agency in the latest Ad Age Agency Report. To learn more, follow us @AccentureACTIVE and visit www.accentureinteractive.com .
Forward-Looking Statements
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These include, without limitation, risks that: the transaction might not achieve the anticipated benefits for the company; the company’s results of operations could be adversely affected by volatile, negative or uncertain economic conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; the company’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions, including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the changing technological environment could materially affect the company’s results of operations; if the company is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; the markets in which the company competes are highly competitive, and the company might not be able to compete effectively; the company could have liability or the company’s reputation could be damaged if the company fails to protect client and/or company data from security breaches or cyberattacks; the company’s profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies; changes in the company’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; the company’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; the company’s business could be materially adversely affected if the company incurs legal liability; the company’s work with government clients exposes the company to additional risks inherent in the government contracting environment; the company might not be successful at identifying, acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; the company’s Global Delivery Network is increasingly concentrated in India and the Philippines, which may expose it to operational risks; as a result of the company’s geographically diverse operations and its growth strategy to continue geographic expansion, the company is more susceptible to certain risks; adverse changes to the company’s relationships with key alliance partners or in the business of its key alliance partners could adversely affect the company’s results of operations; the company’s services or solutions could infringe upon the intellectual property rights of others or the company might lose its ability to utilize the intellectual property of others; if the company is unable to protect its intellectual property rights from unauthorized use or infringement by third parties, its business could be adversely affected; the company’s ability to attract and retain business and employees may depend on its reputation in the marketplace; if the company is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; any changes to the estimates and assumptions that the company makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; many of the company’s contracts include payments that link some of its fees to the attainment of performance or business targets and/or require the company to meet specific service levels, which could increase the variability of the company’s revenues and impact its margins; the company’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; the company may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent annual report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.
This document makes descriptive reference to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Accenture and is not intended to represent or imply the existence of an association between Accenture and the lawful owners of such trademarks.
Copyright © 2018 Accenture. All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005436/en/
Accenture
Kelly Coffed, +1 404-219-3100
[email protected]
Source: Accenture | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-accenture-completes-acquisition-of-mxm-bolsters-capabilities-in-creative-services-data-led-marketing-execution-content.html |
LONDON (Reuters) - The U.S. dollar’s unexpected surge over the past month is encouraging currency traders to pray for a return of lucrative but long-dormant price volatility on the main foreign exchanges, although early signs on that are strangely subdued.
An employee shows U.S. dollars banknotes at a money changer in Jakarta, Indonesia, April 24, 2018. Pictures taken April 24, 2018. Antara Foto/Hafidz Mubarak/via REUTERS/Files Extra volatility - how much markets fluctuate up or down - opens up pricing gaps and anomalies that give traders more opportunities to make money, brokers more volume, and seeds greater demand for hedging services from multinational companies and cross-border investors.
But recent years have seen big currency swings evaporate as record-low interest rates converged toward zero and central bank money-printing weakened the cues exchange rates take from monetary policy trends and economic divergence.
That in turn has hammered profits at hedge funds and banks’ FX trading divisions, though some are asking whether the dollar’s blistering 5 percent rally since mid-April will mark a turn for vol, as known in market parlance.
“FX is back to life. We will have to wait through a few more months of low volatility but the time will come and it is getting more attractive,” said Andreas Koenig, head of global FX at Amundi Asset Management.
So far there is little sign of this. Markets broadly look at two gauges of currency volatility — a daily swing in actual spot prices and an implied gauge derived from options markets on what traders expect volatility to be.
Three-month implied volatility in the euro has completely unwound its February surge and is heading back below 6, levels not seen since 2014, while actual currency market swings remain comparatively elevated.
Realised moves in the euro remain elevated with daily volatility creeping up to around 5.5 and nearly doubling from the start of the year, a function of the dollar’s rally that has taken currency markets by surprise.
And there lies the rub. Despite the dollar’s rise, which has drawn comparisons with earlier cycles of a surging dollar and increased volatility in early 2015 and late 2016, traders remain sceptical this move signals the return to more volatile markets.
“It doesn’t feel at this stage like the beginning of a larger structural move higher,” said Richard Bibbey, HSBC’s global head of FX cash trading, while adding that quiet currency markets were a “cyclical” rather than structural issue.
There are many in the market who say the recent dollar spike may be temporary, because it has been caused by speculators unwinding record bets against the greenback rather than a structural shift in the global economy. What about volatility in other asset classes? U.S. Treasury bond volatility is back towards record lows. In contrast, the S&P 500’s volatility in the first 90 trading days of 2018 was the highest start to a year since 2009, while price swings of crude oil and metals are far higher than for the dollar.
ANAESTHESIA Even major events in the $5 trillion-a-day foreign exchange markets, still the world’s biggest, in the last three years including the Brexit referendum and the removal of the cap on the Swiss franc, have failed to inject meaningful volatility.
Broader FX volatility indicators also remain subdued - Deutsche Bank’s Currencies Volatility Index has ticked higher but remains near January’s record lows, thanks to the anaesthetising effect on markets from unconventional easing pursued by global central banks.
JP Morgan said the world’s top three central banks pumped in a record $2 trillion last year as part of its policy support to markets. This year, injections are set to drop to a quarter of that amount, followed by net withdrawals from 2019.
“Implied currency market volatility has dropped as traders are comfortable collecting premiums from selling options in the knowledge that central banks will provide a backstop to markets,” said Neil Mellor, a senior strategist at BNY Mellon. “That may be changing.”
WASTED CAPITAL Rock-bottom volatility has seen revenues from trading currencies at the 12 biggest banks fall last year to a decade low of $7 billion, industry analytics firm Coalition says. At its peak in 2008, revenues were double those levels.
Bank forex trading desk heads say investor activity has retreated in recent weeks after a first-quarter bump. Cash currency trading volumes were down 30 percent in April compared with January this year, one head of trading at a U.S. bank in London said on the condition of anonymity.
In comparison, FX trading volumes surged in the first quarter, according to data from various sources, including Thomson Reuters and EBS.
As volatility has subsided, so has the ability of large speculators to profit from betting on currency moves. Hedge funds trading currencies have made 1 percent each year since 2013 - just a quarter of the average of overall hedge fund returns of 4.15 percent, according to Hedge Fund Research.
Even big investors who would have taken a punt on the yen or euro a decade ago now avoid direct currency investments, seeing them only as an asset class to hedge against, said Bob Michele, JP Morgan Asset Management’s fixed income chief investment officer.
“Because these are low-volatility markets you might sit on stuff a long period of time and the valuations never change. It’s effectively wasted capital,” Michele said. “We don’t see a lot of business coming into our FX group.”
DISCONNECTED What markets really need is a shake up in the consensus view of a long cycle of benign economic conditions consisting of synchronised growth, limited inflation risks and a slow tightening of monetary policy for volatility to return.
Others see a return of volatility as a matter of time as interest rate differentials between the U.S. and the rest of the developed world widen further.
“The question is: have currencies returned to focus on interest rates? I am not sure we are confident of that yet, but there is a very clear interest rate advantage in holding dollars,” said James Binny, global head of currency at State Street Global Advisors.
Tom Finn; Editing by Mike Dolan and Larry King
| ashraq/financial-news-articles | https://in.reuters.com/article/global-forex-volatility/analysis-coming-back-to-life-dollar-surge-raises-hopes-for-volatile-fx-idINKCN1IO1EI |
May 1 (Reuters) - Beijing WKW Automotive Parts Co Ltd :
* SAYS IT SCRAPS ASSET RESTRUCTURING, SHARE TRADE TO RESUME ON MAY 2
* SAYS SHAREHOLDER PLANS TO BUY 5.0 PERCENT STAKE IN THE COMPANY AT 8.0 YUAN PER SHARE FOR UP TO 600.0 MILLION YUAN ($94.75 million) Source text in Chinese: bit.ly/2JIdeg3 ; bit.ly/2w0eR71 Further company coverage: ($1 = 6.3325 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-beijing-wkw-automotive-parts-scrap/brief-beijing-wkw-automotive-parts-scraps-restructuring-shareholder-to-buy-cos-shares-idUSL3N1S82XU |
May 6, 2018 / 3:39 PM / Updated an hour ago Viviani races to second consecutive stage win at Giro Reuters Staff 2 Min Read
(Reuters) - Elia Viviani, of Quick-Step Floors, sealed his second consecutive Giro d’Italia win as the Italian was the fastest in a bunch sprint finish in the third stage on Sunday. Cycling – the 101st Giro d'Italia cycling race – The 167-km Stage 2 from Haifa to Tel Aviv, Israel - May 5, 2018 - Team Quick-Step rider Elia Viviani of Italy celebrates winning the 2nd stage in Tel Aviv, Israel. REUTERS/Nir Keidar
Sam Bennett, of Bora-Hansgrohe, was in the lead with a kilometre to go but Viviani showcased his impressive power once again to close in on the Irishman before the final corner and crossed the finish line first.
Viviani, who won the second stage after a similar comeback on Saturday, finished ahead of Sacha Modolo (Cannondale-Drapac) and Bennett had to settle for third.
Jakub Mareczko (Wilier Triestina-Selle Italia) and Danny van Poppel (Lotto NL - Jumbo) rounded out the top five. Slideshow (2 Images)
Israel Cycling Academy’s Guillaume Boivin was cheered on by the home crowd as the Canadian, along with Marco Frapporti (Androni Giocattoli-Sidermec) and Enrico Barbin (Bardiani-CSF), led the race from the start.
The trio were swept up by the peloton in the closing stages and finished well behind the top 10 in the last stage to be held in Israel.
Rohan Dennis retains the overall leader’s pink jersey while Barbin retains the blue jersey after he was second-fastest to reach the summit of this stage’s Cat 4 climb. Reporting by Aditi Prakash in Bengaluru, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cycling-giro/viviani-races-to-second-consecutive-stage-win-at-giro-idUKKBN1I70M2 |
WASHINGTON—President Donald Trump on Thursday called off the planned summit with North Korea, writing in a letter to the country’s leader that he didn’t want to go forward with the meeting because of “tremendous anger and open hostility displayed in your most recent statement.”
Mr. Trump had hoped to use the meeting, set for June 12 in Singapore, to end North Korea’s nuclear program in return for rolling back sanctions.
In... | ashraq/financial-news-articles | https://www.wsj.com/articles/president-donald-trump-cancels-north-korea-summit-1527169994 |
May 15, 2018 / 1:05 PM / Updated an hour ago British bookmakers odds on to unlock U.S. sports after legal ruling Rahul B 3 Min Read
(Reuters) - GVC Holdings ( GVC.L ), Britain’s largest gambling firm, expects to grow significantly in the United States after the Supreme Court paved the way to legalise sports betting. FILE PHOTO: A retired slot machine used for decoration is seen in Vienna, Austria February 27, 2018. REUTERS/Heinz-Peter Bader/File Photo
The U.S. court overturned a 1992 federal law had effectively prohibited sports gambling except in Nevada and, to a limited extent, Delaware, Montana and Oregon.
GVC joined other British-based firms, whose margins are being hit by tighter regulations and higher taxation in the UK, in welcoming Monday’s verdict. FILE PHOTO: The side of Harrah's Resort Atlantic City advertises for new slot machines in Atlantic City, New Jersey, January 20, 2016. REUTERS/Shannon Stapleton/File Photo
“We continue to work with a number of leading U.S. partners ... to develop mutual opportunities and view the U.S. as a significant opportunity for growth in a newly regulating market,” a GVC spokesman said in an email on Tuesday.
GVC, which already has state licences in New Jersey, Nevada and Delaware and is working with U.S.-listed casino and resorts operator MGM ( MGM.N ), said it was “very well-placed” to benefit from the U.S. ruling.
Shares in GVC, which acquired Ladbrokes for close to 4 billion pounds late last year, and other British bookmakers have been weighed down by uncertainty over a review to decide the new top stake for slot machines.
William Hill, which is among those most exposed to a regulatory crackdown in Britain, said the U.S. verdict was a “landmark” for the sports betting industry and the company itself.
“States will benefit from the raising of taxes and there is the potential for over 100,000 jobs to be created,” William Hill’s chief executive Philip Bowcock said in a statement on Monday, adding that it expects to operate in New Jersey “as soon as responsibly possible”.
UBS analysts identified William Hill ( WMH.L ) as a beneficiary in the U.S. given its established business in Nevada, while Goldman Sachs analysts said William Hill and Paddy Power Betfair ( PPB.I ) were best poised to capitalise.
Shares in Paddy Power Betfair were down close to 1 percent while GVC shares were 2.5 percent lower at 1215 GMT on Tuesday. They had gained between 17 to 11 percent on the news of the ruling on Monday. Reporting by Rahul B in Bengaluru; Editing by Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-gambling-britain/british-bookmakers-odds-on-to-unlock-u-s-sports-after-legal-ruling-idUKKCN1IG1S9 |
May 9 (Reuters) - ANGI Homeservices Inc:
* QTRLY GAAP LOSS PER SHARE $0.02 * Q1 EARNINGS PER SHARE VIEW $0.02 — THOMSON REUTERS I/B/E/S
* QTRLY PRO FORMA BASIS, REVENUE OF $258.2 MILLION, UP 15% YEAR-OVER-YEAR
* Q1 REVENUE VIEW $254.6 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-angi-homeservices-inc-reports-qtrl/brief-angi-homeservices-inc-reports-qtrly-loss-per-share-0-02-idUSFWN1SG1J7 |
SAN JOSE, Calif.--(BUSINESS WIRE)-- Cypress Semiconductor Corp. (NASDAQ: CY) today announced that its Board of Directors has approved a quarterly cash distribution of $0.11 per share payable to holders of record of the Company's common stock at the close of business on June 28, 2018. This dividend will be paid on July 19, 2018.
Cypress’ distribution policy and the payment of cash distributions under that policy are subject to the Board's continuing determination that the distribution policy and the declaration of dividends are in the best interests of Cypress’ stockholders and are in compliance with all laws and agreements of Cypress applicable to the declaration and payment of cash distributions. This policy may be changed or cancelled at the Company’s discretion at any time.
About Cypress
Cypress is a leader in advanced embedded system solutions for the world’s most innovative automotive, industrial, home automation and appliances, consumer electronics and medical products. Cypress’ microcontrollers, analog ICs, wireless and USB-based connectivity solutions and reliable, high-performance memories help engineers design differentiated products and get them to market first. Cypress is committed to providing customers with support and engineering resources that enable innovators and out-of-the-box thinkers to disrupt markets and create new product categories. To learn more, go to www.cypress.com .
Forward-Looking Statements
This release may be deemed to contain , which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, among other things, statements regarding the Company’s adoption of a cash dividend policy, any future payments made under that policy, any decision to cancel or change the cash dividend policy, and the judgment as to the tax treatment of such dividends, each of which involve risks and uncertainties. Readers are cautioned that these are only predictions and may differ materially from actual future events or results due to a variety of factors, including: the discretion of management and the board as to whether declaring a cash dividend is in the best interests of the Company; the business and economic conditions and growth trends in the semiconductor industry and in various geographic regions; our ability to manage financial risk; our financial results; and other risks and uncertainties listed in Cypress’s most recent Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission. The information above speaks only as of the date of this release and the Company assumes no responsibility to update any such .
IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication, unless expressly stated otherwise, was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matter(s) addressed herein.
Cypress and the Cypress logo are registered trademarks of Cypress Semiconductor Corp. All other trademarks are property of their owners.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006609/en/
Cypress Semiconductor Corp.
Thad Trent, 408-943-2925
EVP Finance & Administration and CFO
or
Ann Minooka, 408-456-1962
Vice President, Corporate Communications
Source: Cypress Semiconductor Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-cypress-announces-quarterly-cash-dividend.html |
May 20, 2018 / 1:58 PM / Updated an hour ago UPDATE 3-Super League results Reuters Staff 1 Min Read May 20 (OPTA) - results from the Super League matches on Sunday Hull Kingston Rovers (10) 22 Hull (24) 34 Salford (6) 12 Catalans (10) 26 Wakefield (6) 22 Huddersfield (19) 25 Thursday, May 24 fixtures (GMT) Castleford v St Helens (17:45) Friday, May 25 fixtures (GMT) Warrington v Hull (17:45) Hull Kingston Rovers v Wigan (18:00) Salford v Huddersfield (18:00) Widnes v Wakefield (18:00) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugbyleague-super-results/super-league-results-idUKMTZXEE5K15BYH5 |
April 30 (Reuters) - Synacor Inc:
* SYNACOR INC - ON APRIL 24, CO AND GOOGLE INC ENTERED INTO AN EXTENSION AMENDMENT TO GOOGLE SERVICES AGREEMENT, EFFECTIVE AS OF APRIL 29 - SEC FILING
* SYNACOR-AMENDMENT EXTENDS TERM OF CERTAIN GOOGLE SERVICES AGREEMENT BETWEEN CO, GOOGLE FOR ADDITIONAL 1 MONTH FROM CURRENT EXPIRATION DATE OF APRIL 28, 2018 Source text: ( bit.ly/2FsDZ5z ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-synacor-inc-on-april-24-co-and-goo/brief-synacor-inc-on-april-24-co-and-google-entered-into-an-extension-amendment-to-google-services-agreement-sec-filing-idUSFWN1S71CX |
Not even durian pizzas are helping Pizza Hut in China.
The U.S. restaurant chain’s same-store sales in China dropped 5% year-over-year last quarter, according to Yum China, the New York-listed company that owns the exclusive rights for Pizza Hut there and also operates KFC. Yum China was spun off from Yum Brands in late 2016: The former parent still collects 3% of its sales as royalties.
Pizza... | ashraq/financial-news-articles | https://www.wsj.com/articles/pizza-hut-needs-more-than-a-slice-of-help-from-kfc-in-china-1525246336 |
PARIS, May 17 (Reuters) - French waste and water group Suez said first-quarter core earnings rose 3.4 percent due to a sharp improvement in the volumes of waste treated in Europe, and despite lower paper prices caused by a Chinese ban on imports.
Suez’S first-quarter revenues rose 9.1 percent to 4.06 billion euros ($4.80 billion).
On an organic basis, before the integration of its GE Water acquisition, revenues were up 1.7 percent, while at constant exchange rates, they were up by 13.8 percent.
Core earnings before interest, tax, depreciation and amortisation (EBITDA) were up 3.4 percent to 635 million euros while EBIT (earnings before interest and tax) climbed by 2.8 percent to 289 million euros.
Suez also confirmed its 2018 earnings guidance for revenue growth of about nine percent and EBIT growth of about 10 percent, both at constant exchange rates.
$1 = 0.8462 euros Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta
| ashraq/financial-news-articles | https://www.reuters.com/article/suez-results/higher-waste-volumes-boost-suezs-q1-core-earnings-idUSL5N1SO0GV |
clean energy How Relying on Oil Makes Us More Vulnerable to Cyberattacks Power transmission lines are suspended from electricity pylons in Kearny, New Jersey, U.S., on Thursday, Aug. 26, 2010. Bloomberg Bloomberg via Getty Images By Nathan Sproul 2:51 PM EDT
What’s the difference between a major American city and a wartorn country? Besides the matters of development, peace, and affluence, unobstructed access to resources may come to mind. The contrast is stark, but an American city could become like a war zone quicker than you’d imagine. All it would take is a successfully hacked electrical grid.
This type of event may seem inconceivable, but the concern is grounded in a painfully real threat that is only mounting in severity. According to U.S. officials, Russian hackers have targeted the U.S. energy grid as part of ongoing operations to penetrate our economy. “Since at least March 2016, Russian government cyber actors … targeted government entities and multiple U.S. critical infrastructure sectors, including the energy, nuclear, commercial facilities, water, aviation, and critical manufacturing sectors,” according to an alert issued by the Department of Homeland Security and the FBI.
According to Energy Secretary Rick Perry , these cyberattacks are “literally happening hundreds of thousands of times a day.” Bloomberg reports the group responsible has been known to breach systems to gather information that would allow “for a more advanced wave of attacks targeting industrial control systems that, if disabled, leave millions without power or water.”
That’s not to mention the extraordinary financial burden such an incident would create. According to a report by Lloyd’s and the University of Cambridge’s Centre for Risk Studies, a major attack on the U.S. electric grid could quickly cost the economy between $243 billion and $1 trillion dollars, which is equivalent to 40 to 50 major hurricanes.
When critical infrastructure is vulnerable to foreign influence, as it clearly is, better protection is not an option, but an imperative. But what is the bigger picture? Cyber attacks are only becoming more advanced and security is not keeping up. According to GovTech , “CEOs, CIOs, and CISOs pay billions for cybersecurity solutions only to discover that, at best, these technologies solely help in gathering information after an attack rather than stopping the attack from occurring.” Some call this approach “patch and pray,” a term that speaks soberly to the system’s inadequacies. We need a more proactive approach, and yet we’re still reliant on largely post-factum solutions.
At the same time, the electrical grid is becoming less reliable and less prudent—and not just because of vulnerability to hacking. As innovation spurs the development of renewable energy in America, consumers have more choice in how they power their lives than ever before. The rise of distributed energy sources (DES) like solar panels, home batteries, and electric vehicles has some questioning whether we ought to reimagine the grid all together.
Renewable energy’s implications for national security would be extraordinarily beneficial. Advanced battery power, for instance, could take homes off the grid, blunting the potential harm of cyber attacks and minimizing risks to America’s security. Renewable energy would also reduce our dependence on foreign energy sources: a boon to America’s economic and geopolitical stability.
Would it be better to become energy independent and secure through renewable energy, or stay embroiled in conflict overseas due to oil dependency? The answer seems clear, and though there are sure to be skeptics, experts on both sides of the political aisle have seen the metaphorical light.
According to a military advisory board, America’s reliance on foreign sources of oil constitute a “ national vulnerability ” for the economy as well as our armed forces, both of which depend on fossil fuels. The volatility of oil prices can negatively impact security, causing groups such as the Young Conservatives for Energy Reform to push for greater energy independence through renewable energy sources.
Renewables that decentralize energy consumption would decrease reliance on a grid that is outdated and increasingly unstable. The U.S. military is already transitioning to renewable power to prevent blackouts at its bases, and the logic of their shift applies on a grander scale.
Microgrids have risen to the forefront of the conversation as an attractive alternative to the traditional power grid. Microgrids are smart, efficient, self-contained power systems fueled primarily by renewable energy to serve one or more nearby buildings—most commonly hospitals, military bases, and other critical facilities. Because they’re local and can operate even when the main grid is down, they are far less susceptible to attacks like those attempted by Russia, in addition to outages caused by bad weather.
According to Boston’s NPR news station WBUR , “Advocates say the microgrid transformation of our electric infrastructure would make it more resilient to cyberattacks…and better able to handle electricity generated by renewable resources, such as wind and solar.” All signs point to decentralization for improved security, and renewable energy as the facilitator of this shift.
I would not be surprised if the grid as we know it goes the way of the horse and buggy before long, and I hope it does for the sake of our national security. There’s no reason to cling to relics of the past when innovation is a hallmark of our national identity. Politicians, citizens, and companies that support this shift will be on the brighter side of history, instead of left in the shadows.
Nathan Sproul is the founder and managing director of Lincoln Strategy Group. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/10/cyberattacks-electrical-grid-russia-oil/ |
ATLANTA, May 3, 2018 /PRNewswire/ -- In line with expectations, CatchMark Timber Trust, Inc. (NYSE: CTT) reported higher revenue, an increase in GAAP net loss, and an increase in Adjusted EBITDA for the quarter ended March 31, 2018 compared to the three-month period ended March 31, 2017. Results were driven by a year-over-year increase in harvest volume, higher pulpwood pricing and the strong financial performance of the Dawsonville Bluffs joint venture.
CatchMark today also declared a cash dividend of $0.135 per share for its common stockholders of record on May 31, 2018, payable on June 15, 2018.
Jerry Barag, CatchMark's President and CEO said, "We had another solid operating quarter benefiting from increased harvest volume fueled by last year's acquisitions and robust returns on our investment in the Dawsonville Bluffs joint venture. We adjusted our harvest mix to take advantage of increased pulpwood pricing and we continued to increase our delivered sales. Overall, we remain very much on track to meet our 2018 operating plan and maintain a healthy dividend."
Results Overview
First quarter 2018 operating results included:
Generated revenues of $24.1 million, compared to $23.1 million in first quarter 2017, a 4% increase. Incurred a net loss of $3.4 million in accordance with GAAP, compared to $2.0 million in the first quarter 2017, an increase primarily resulting from a non-recurring, non-cash write-off of deferred financing costs. Realized Adjusted EBITDA of $14.9 million, compared to $10.6 million in the first quarter 2017, a 40% increase. Increased timber sales volume by 12% to 574,785 tons, primarily from properties acquired in 2017. Recognized $1.8 million in income from the unconsolidated Dawsonville Bluffs joint venture. Completed timberland sales of approximately 2,200 acres for $4.3 million. Paid a dividend of $0.135 per share to stockholders of record on March 16, 2018.
CatchMark continued to strengthen its balance sheet and maximize available capital to execute its growth strategy. In March 2018, the company completed a successful public capital raise of $72.5 million to pursue acquisitions and investments from its robust investment pipeline. In addition, CatchMark mitigated exposure to rising interest rates by converting $50 million of outstanding debt from floating to fixed rate through executing two interest rate swap transactions in February 2018. As of March 31, 2018, $300.0 million remained available under the company's multi-draw term and revolving credit facilities for direct acquisitions of timberland properties, joint venture investments and working capital needs.
Barag said: "We continue to defer some harvests to future periods when we expect to capture better pricing. Pent-up demand for housing continues to build from sustained below-average new U.S. home construction. But recent activity suggests the start of a turnaround and at some point the demand surge will encourage greater homebuilding activity especially given current positive economic drivers. Our timberland sales completed and under contract remain on target to meet plan for the year and we are very encouraged by opportunities presenting themselves in the acquisition market given our very active current pipeline."
Results for Three Months Ended March 31, 2018
CatchMark's revenues increased to $24.1 million for the three months ended March 31, 2018 from $23.1 million for the three months ended March 31, 2017 primarily due to an increase in timber sales revenue of $2.2 million. Gross timber sales revenue increased 13% primarily as a result of a 12% increase in harvest volume as well as an increase in delivered sales as a percentage of total volume. Timberland sales revenue decreased to $4.3 million for the three months ended March 31, 2018 from $5.5 million for the three months ended March 31, 2017 as a result of fewer acres sold during the quarter. Income from unconsolidated joint venture was $1.8 million reflecting CatchMark's execution of its investment strategy in Dawsonville Bluffs. Net loss increased to $3.4 million for the three months ended March 31, 2018 from $2.0 million for the three months ended March 31, 2017 primarily due to an increase in interest expense caused by a one-time, non-cash write-off of deferred financing costs.
Three Months
Ended
March 31, 2017
Changes attributable to:
Three Months
Ended
March 31, 2018
(in thousands)
Price/Mix
Volume
Timber sales (1)
Pulpwood
$
8,273
$
90
$
2,013
$
10,376
Sawtimber (2)
8,219
28
30
8,277
$
16,492
$
118
$
2,043
$
18,653
(1) Timber sales are presented on a gross basis.
(2) Includes chip-n-saw and sawtimber.
Adjusted EBITDA
The discussion below is intended to enhance the reader's understanding of our operating performance and our ability to satisfy lender requirements. Earnings before Interest, Taxes, Depletion, and Amortization ("EBITDA") is a non-GAAP measure of operating performance. EBITDA is defined by the SEC; however, we have excluded certain other expenses which we believe are not indicative of the ongoing operating results of our timberland portfolio, and we refer to this measure as "Adjusted EBITDA." As such, our Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies and should not be viewed as an alternative to net income, cash from operations, or other financial statement data present in our consolidated financial statements as indicators of our operating performance. Due to the significant amount of timber assets subject to depletion and the significant amount of financing subject to interest and amortization expense, management considers Adjusted EBITDA to be an important measure of our financial condition and performance. By providing this non-GAAP financial measure, together with the reconciliation below, we believe we are enhancing investors' understanding of our business and our ongoing results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. Items excluded from Adjusted EBITDA are significant components in understanding and assessing financial performance. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of the limitations are:
Adjusted EBITDA does not reflect our capital expenditures, or our future requirements for capital expenditures; Adjusted EBITDA does not reflect changes in, or our interest expense or the cash requirements necessary to service interest or principal payments on, our debt; and Although depletion is a non-cash charge, we will incur expenses to replace the timber being depleted in the future, and Adjusted EBITDA does not reflect all cash requirements for such expenses.
Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business. We further believe that our presentation of this non-GAAP financial measurement provides information that is useful to analysts and investors because they are important indicators of the strength of our operations and the performance of our business. Our credit agreement contains a minimum debt service coverage ratio based, in part, on Adjusted EBITDA since this measure is representative of adjusted income available for interest payments.
For the three months ended March 31, 2018, Adjusted EBITDA was $14.9 million, a $4.3 million increase from the three months ended March 31, 2017, primarily due to contributions from the Dawsonville Bluffs Joint Venture and an increase in net timber sales.
Our reconciliation of net loss to Adjusted EBITDA for the quarters ended March 30, 2018 and 2017 follows:
Three Months Ended
March 31,
(in thousands)
2018
2017
Net loss
$
(3,385)
$
(1,978)
Add:
Depletion
7,062
6,057
Basis of timberland sold, lease terminations and other (1)
2,856
3,517
Amortization (2)
1,725
304
Depletion, amortization, and basis of timberland and mitigation credits sold included in income from unconsolidated joint venture (3)
3,256
—
Stock-based compensation expense
765
420
Interest expense (2)
2,581
2,294
Other (4)
35
3
Adjusted EBITDA
$
14,895
$
10,617
(1)
Includes non-cash basis of timber and timberland assets written-off related to timberland sold, terminations of timberland leases and casualty losses.
(2)
For the purpose of the above reconciliation, amortization includes amortization of deferred financing costs, amortization of intangible lease assets, and amortization of mainline road costs, which are included in either interest expense, land rent expense, or other operating expenses in the accompanying consolidated statements of operations.
(3)
Reflects our share of depletion, amortization, and basis of timberland and mitigation credits sold of the unconsolidated joint venture.
(4)
Includes certain cash expenses that management believes do not directly reflect the core business operations of our timberland portfolio on an on-going basis, including costs required to be expensed by GAAP related to acquisitions transactions, joint ventures or new business initiatives.
Conference Call/Webcast
The company will host a conference call and live webcast at 10 a.m. ET on Friday, May 4, 2018 to discuss these results. Investors may listen to the conference call by dialing 1-888-347-1165 for U.S/Canada and 1-412-902-4276 for international callers. Participants should ask to be joined into the CatchMark call. Access to the live webcast will be available at www.catchmark.com . A replay of this webcast will be archived on the company's website shortly after the call.
About CatchMark
CatchMark Timber Trust, Inc. (NYSE: CTT) is a self-administered and self-managed, publicly-traded REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests and well-timed sales. Headquartered in Atlanta and focused exclusively on timberland ownership, CatchMark began operations in 2007 and owns interests in approximately 514,100 acres* of timberlands located in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas. For more information, visit www.catchmark.com .
*As of March 31, 2018.
Forward-Looking Statements
This press release contains within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Such statements include references to being on track to meet our operating plan and timberland sales target, execution of our growth strategy and maintenance of a healthy dividend; possible future direct acquisitions of timberland properties and joint venture investments; deferral of some harvests to future periods when we expect to capture better pricing; and the start of a home-building turnaround and greater homebuilding activity. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by our including, but not limited to: (i) we may not generate the harvest volumes from our timberlands that we currently anticipate; (ii) the demand for our timber may not increase at the rate we currently anticipate or at all due to changes in general economic and business conditions in the geographic regions where our timberlands are located; (iii) the cyclical nature of the real estate market generally, including fluctuations in demand and valuations, may adversely impact our ability to generate income and cash flow from sales of higher-and-better use properties; (iv) timber prices may not increase at the rate we currently anticipate or could decline, which would negatively impact our revenues; (v) the supply of timberlands available for acquisition that meet our investment criteria may be less than we currently anticipate; (vi) we may be unsuccessful in winning bids for timberland that are sold through an auction process; (vii) we may not be able to access external sources of capital at attractive rates or at all; (viii) potential increases in interest rates could have a negative impact on our business; (ix) our share repurchase program may not be successful in improving stockholder value over the long-term; (x) our joint venture strategy may not enable us to access non-dilutive capital and enhance our ability to make acquisitions; and (xi) the factors described in Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and our other filings with Commission. Accordingly, readers are cautioned not to place undue reliance on these , which speak only as of the date of this press release. We undertake no obligation to update our , except as required by law.
CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except for per-share amounts)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Revenues:
Timber sales
$
18,653
$
16,492
Timberland sales
4,252
5,450
Other revenues
1,199
1,183
24,104
23,125
Expenses:
Contract logging and hauling costs
8,582
7,421
Depletion
7,062
6,038
Cost of timberland sales
3,147
3,863
Forestry management expenses
1,830
1,413
General and administrative expenses
2,945
2,478
Land rent expense
161
150
Other operating expenses
1,396
1,195
25,123
22,558
Operating (loss) income
(1,019)
567
Other income (expense):
Interest income
64
11
Interest expense
(4,251)
(2,556)
(4,187)
(2,545)
Net loss before unconsolidated joint venture
(5,206)
(1,978)
Income from unconsolidated joint venture
1,821
—
Net loss
$
(3,385)
$
(1,978)
Weighted-average common shares outstanding - basic and diluted
44,380
38,769
Net loss per share - basic and diluted
$
(0.08)
$
(0.05)
CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except for per-share amounts)
(Unaudited)
March 31, 2018
December 31, 2017
Assets:
Cash and cash equivalents
$
8,087
$
7,805
Accounts receivable
2,576
4,575
Prepaid expenses and other assets
10,342
5,436
Deferred financing costs
389
403
Timber assets:
Timber and timberlands, net
701,836
710,246
Intangible lease assets, less accumulated amortization of $942 and $941 as of March 31, 2018 and December 31, 2017, respectively
15
16
Investment in unconsolidated joint venture
11,311
11,677
Total assets
$
734,556
$
740,158
Liabilities:
Accounts payable and accrued expenses
$
5,887
$
4,721
Other liabilities
1,919
2,969
Notes payable and lines of credit, less net deferred financing costs
262,765
330,088
Total liabilities
270,571
337,778
Commitments and Contingencies
—
—
Stockholders' Equity:
Class A Common stock, $0.01 par value; 900,000 shares authorized; 49,129 and 43,425 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively
491
434
Additional paid-in capital
730,039
661,222
Accumulated deficit and distributions
(270,852)
(261,652)
Accumulated other comprehensive income
4,307
2,376
Total stockholders' equity
463,985
402,380
Total liabilities and stockholders' equity
$
734,556
$
740,158
CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Cash Flows from Operating Activities:
Net loss
$
(3,385)
$
(1,978)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depletion
7,062
6,038
Basis of timberland sold, lease terminations and other
2,856
3,536
Stock-based compensation expense
765
420
Noncash interest expense
1,671
262
Other amortization
54
42
Income from unconsolidated joint venture
(1,821)
—
Operating distribution from unconsolidated joint venture
2,188
—
Changes in assets and liabilities:
Accounts receivable
1,330
1,483
Prepaid expenses and other assets
76
(398)
Accounts payable and accrued expenses
1,284
(193)
Other liabilities
(1,133)
(906)
Net cash provided by operating activities
10,947
8,306
Cash Flows from Investing Activities:
Timberland acquisitions, earnest money paid and other
(2,319)
(979)
Capital expenditures (excluding timberland acquisitions)
(1,545)
(2,195)
Net cash used in investing activities
(3,864)
(3,174)
Cash Flows from Financing Activities:
Repayments of note payable
(69,000)
—
Financing costs paid
(95)
(30)
Issuance of common stock
72,450
—
Other offering costs paid
(3,490)
—
Dividends paid to common stockholders
(5,815)
(5,183)
Repurchase of common shares under the share repurchase program
—
(1,036)
Repurchase of common shares for minimum tax withholdings
(851)
(252)
Net cash used in financing activities
(6,801)
(6,501)
Net increase (decrease) in cash and cash equivalents
282
(1,369)
Cash and cash equivalents, beginning of period
7,805
9,108
Cash and cash equivalents, end of period
$
8,087
$
7,739
CATCHMARK TIMBER TRUST, INC. AND SUBSIDIARIES
SELECTED DATA (UNAUDITED)
2018
2017
Q1
Q1
Timber Sales Volume ('000 tons)
Pulpwood
354
291
Sawtimber
221
220
Total
575
511
Delivered % as of Total Volume
83
%
81
%
Stumpage % as of Total Volume
17
%
19
%
Net Timber Sales Price ($ per ton)
Pulpwood
$
14
$
13
Sawtimber
$
23
$
24
Timberland Sales
Gross Sales ('000)
$
4,252
$
5,450
Acres Sold
2,200
2,800
Price per Acre
$
1,955
$
1,930
Timberland Acquisitions, Exclusive of Transaction Costs
Gross Acquisitions ('000)
$
—
$
—
Acres Acquired
—
—
Price per acre ($/acre)
$
—
$
—
Period End Acres ('000)
Fee
477
465
Lease
31
32
Wholly-owned Total
508
497
Joint Venture Interest (1)
6
—
Total
514
497
(1) Includes property owned by Dawsonville Bluffs, LLC, a joint venture in which CatchMark Timber Trust owns a 50% membership interest and serves as the sole manager.
View original content with multimedia: http://www.prnewswire.com/news-releases/catchmark-reports-first-quarter-2018-results-and-declares-dividend-300642471.html
SOURCE CatchMark Timber Trust, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-catchmark-reports-first-quarter-2018-results-and-declares-dividend.html |
April 30 (Reuters) - ERSU MEYVE VE GIDA SANAYI AS:
* Q1 NET PROFIT OF 146,554 LIRA VERSUS 357,813 LIRA YEAR AGO
* Q1 REVENUE OF 2.0 MILLION LIRA VERSUS 2.3 MILLION LIRA YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ersu-meyve-q1-net-profit-down-at-1/brief-ersu-meyve-q1-net-profit-down-at-146554-lira-idUSFWN1S712A |
NEWARK, Calif. (AP) _ Depomed Inc. (DEPO) on Thursday reported first-quarter net income of $33.8 million, after reporting a loss in the same period a year earlier.
The Newark, California-based company said it had net income of 48 cents per share. Earnings, adjusted for non-recurring gains, were 28 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.
The drugmaker posted revenue of $128.4 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $62.5 million.
Depomed shares have decreased 26 percent since the beginning of the year. The stock has fallen 46 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on DEPO at https://www.zacks.com/ap/DEPO | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-associated-press-depomed-1q-earnings-snapshot.html |
PHILADELPHIA, May 30, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that Sara Ponessa has been appointed general counsel for FMC Lithium, effective June 1, 2018. She will report to Paul Graves, who previously was announced CEO of the new Lithium business upon its planned IPO in October.
Logo - http://mma.prnewswire.com/media/331912/fmc_corporation_logo.jpg
Ponessa will be responsible for all legal affairs, as well as oversee government relations for the new company. She will serve as corporate secretary, and will lead compliance, ethics, securities law and other legal matters.
She brings nearly 20 years of experience in corporate law, including mergers and acquisitions, licensing, compliance, and legal requirements associated with commercial operations and business development. Ponessa was most recently senior business counsel for FMC Lithium. Earlier in her career, she was senior counsel for AstraZeneca, vice president and risk management and compliance section manager for Wilmington Trust Company, and a legal associate with Saul Ewing LLP. Ponessa is a former commissioner with the Philadelphia Human Relations Commission, and currently serves on the board of Philadelphia VIP, which provides volunteer legal services for low-income families.
She is a member of the Hispanic National Bar Association and Hispanic Bar Association of Pennsylvania. Ponessa earned her Juris Doctorate degree from the University of Pennsylvania Law School.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC employs approximately 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com .
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2017 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
View original content: http://www.prnewswire.com/news-releases/fmc-announces-appointment-of-sara-ponessa-as-general-counsel-for-fmc-lithium-300656788.html
SOURCE FMC Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-fmc-announces-appointment-of-sara-ponessa-as-general-counsel-for-fmc-lithium.html |
May 7 (Reuters) - Huatai Securities Co Ltd :
* SAYS APRIL NET PROFIT AT 164.5 MILLION YUAN ($25.85 million) Source text in Chinese: bit.ly/2jAA2mR ($1 = 6.3633 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-huatai-securities-april-net-profit/brief-huatai-securities-april-net-profit-at-164-5-mln-yuan-idUSH9N1S9015 |
PAHOA, Hawaii, May 21 (Reuters) - Deadly white clouds of acid and fine shards of glass boiled into the sky over Hawaii on Monday as lava from the Kilauea volcano flowed into the ocean, creating a new hazard from a more than two-week eruption.
Hawaii’s Civil Defense agency warned motorists, boaters and beachgoers to beware of toxic clouds of so-called “laze” — a combination of “lava” and “haze” — which formed as two streams of hot lava poured into sea water.
The caustic plume, which can be fatal if inhaled, was the latest danger in an eruption that shows no signs of stopping, Since it started on May 3. It has already produced around two dozen lava-spewing cracks, the same number as a previous 88-day event in 1955.
The eruption has entered a more violent phase, in which large volumes of rich, orange molten rock, hotter and faster than older magma, are streaming out of fissures in the ground that have erupted around a small area of rural communities.
“We’ve seen Phase 1. We’ve seen the clearing out of the system. We call that the ‘throat-clearing’ phase,” Carolyn Pearcheta, operational geologist at the Hawaiian Volcano Observatory, told reporters on a conference call.
Lava has destroyed at least 44 homes and other structures in the Leilani Estates and Laipuna Gardens area of the Puna district.
A “lava bomb”, a plate-sized chunk of lava that flew horizontally out of a fissure, seriously injured one man on Saturday.
Two thousand people have been ordered from their homes due to lava flows and toxic sulfur dioxide gas, levels of which have tripled in the last two days, according to the County of Hawaii Civil Defense. Hawaii National Guard has warned of more mandatory evacuations if further highways are blocked.
Flows of molten rock are traveling at around 400 yards (meters) per hour, twice as fast as earlier streams, Pearcheta said. Lava is expected to begin sending fountains of lava up to 600 feet (183 meters) into the air, three times as high as before, she added.
The new laze threat, which killed two people when a lava flow reached the coast in 2000, is a mix of hydrochloric acid fumes, steam and fine volcanic glass specks created when erupting lava, which can reach 2,000 degrees Fahrenheit (1,093 degrees Celsius), reacts with sea water.
The cloud could extend as far as 15 miles (24 km), mostly along the coast and offshore, geologists said on Sunday. Even a wisp can cause eye and respiratory irritation, and it causes acid rain that has corrosive properties equivalent to diluted battery acid, the U.S. Geological Survey said.
An air quality index for Kona, about 40 miles (64 km) northwest of the eruption site, was at “orange,” meaning older individuals and those with lung problems could be affected. (Reporting by Terray Sylvester, additional reporting by Jolyn Rosa in Honolulu; Writing by Andrew Hay; Editing by Bill Tarrant and Sandra Maler)
| ashraq/financial-news-articles | https://www.reuters.com/article/hawaii-volcano/deadly-acid-cloud-rises-over-hawaii-as-lava-streams-into-ocean-idUSL2N1SS147 |
May 1 (Reuters) - Paratek Pharmaceuticals Inc:
* PARATEK ANNOUNCES INDUCEMENT GRANTS UNDER NASDAQ LISTING RULE 5635(C)(4) Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-paratek-announces-inducement-grant/brief-paratek-announces-inducement-grants-under-nasdaq-listing-rule-5635-idUSFWN1S80KZ |
Stocks rose on Wednesday as retail shares jumped on the back of strong quarterly earnings from retailer Macy's.
The Dow Jones industrial average traded 75 points higher, with Nike as the best-performing stock in the index. The S&P 500 gained 0.5 percent as the consumer discretionary sector climbed 0.9 percent. The Nasdaq composite advanced 0.7 percent.
Macy's shares rallied 11.3 percent on stronger-than-expected quarterly earnings. The company's same-store sales, a key metric for retailers, rose 4.2 percent last quarter versus an estimate of 1.4 percent.
The retailer's surge boosted the broader retail sector. The SPDR S&P Retail ETF (XRT) jumped 2 percent on Macy's move, and was on pace for its best day since April 10.
Macy's CEO Jeff Gennette said Wednesday in a statement the company saw "continued healthy consumer spending," noting it contributed to the company raising its fiscal full-year guidance for earnings and revenue.
Brendan McDermid | Reuters Trader Peter Tuchman works on the floor of the New York Stock Exchange, (NYSE) as the Dow Jones Industrial Average crosses 24,000, in New York, U.S., November 30, 2017. The major averages looked to rebound from losses seen in the previous session. The S&P 500 and Nasdaq dropped 0.7 percent and 0.8 percent, respectively, on Tuesday, while the Dow snapped an eight-day winning streak.
Pressuring equities on Tuesday was a surge in interest rates. The benchmark 10-year note yield hit 3.095 percent on Tuesday, its highest level since 2011, while the two-year note yield traded around levels not seen in a decade.
Tom Essaye, founder of The Sevens Report, said in a note that the rise in yields coupled with a surging dollar caused "causing a natural digestion given the near-6% straight-line rally in stocks over the past two weeks."
The major indexes are up sharply this month, with the S&P 500 and Dow having gained more than 2 percent through Tuesday's close. The Nasdaq, meanwhile, was up 4 percent in that period.
Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, said the market's bias remains flat-to-higher, but it will be a choppier ride for investors as inflationary pressures have become "more prevalent."
Elsewhere in corporate news, Teva Pharmaceutical rose more than 3 percent after Warren Buffett's Berkshire Hathaway revealed it increased its stake in the company. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/futures-point-to-a-slightly-lower-open-as-us-yields-climb.html |
Amazon has made it possible for coders to embed eight different computerized voices into their skills for the company’s Alexa voice-activated digital assistant.
The online retail giant said Wednesday that developers can now apply to test the voices, which were built to sound like U.S. English speakers. The point of having access to multiple Alexa voices is so developers can build skills (apps) in which users interact with a variety of voices instead of just one.
For instance, if coders were to create interactive audio stories for Alexa, they could use the new voices to represent different characters, Amazon said.
The new Alexa voices are part of the company’s Polly service , which developers use to build skills (apps) for Alexa that can recognize text and convert it to a voice that can beam out of an Alexa-powered device like the Amazon Echo smart speaker .
Amazon (amzn) said that developers who are accepted to test the voices will be able to use them for free, but that will likely change when the voices are available to the general public to be used outside of a preview.
It should be noted that developers can already add multiple voices to their skills, but it’s a more complex process that involves recording a voice as an audio file.
Amazon currently has a number of different voices with different dialects and accents developers can currently bundle into their skills, according to the company’s website.
Some of the voices include: Ivy, a female voice that speaks in mannerisms akin to U.S. English speakers; Hans, a male voice that speaks in German; and Naja, a female voice that speaks Danish. It’s unclear when developers will be able to embed eight non-U.S. English speaking voices into their skills.
Get Data Sheet , Fortune’s technology newsletter.
Last week, Google (goog) unveiled at its annual developer conference six new voices for the company’s competing Google Assistant, including a forthcoming voice that’s based on audio recordings from musician John Legend. | ashraq/financial-news-articles | http://fortune.com/2018/05/16/amazon-alexa-voices-developers/ |
May 12, 2018 / 12:30 AM / Updated 33 minutes ago 'Solo' lands in 'Star Wars' galaxy and cast puts drama behind Rollo Ross 3 Min Read
LOS ANGELES (Reuters) - The latest “Star Wars” movie did not have a smooth flight to the screen, but the director and cast of “Solo” say the scramble to remake the movie ultimately paid off, with early reaction ahead of the May 25 launch largely positive.
Original directors Phil Lord and Chris Miller were fired from “Solo: A Star Wars Story” midway through production, and Walt Disney Co asked Ron Howard to come in to oversee extensive reshoots.
The film, which tells the origin story of Han Solo, premiered in Hollywood on Thursday and drew cheers and applause throughout from the crowds in two historic theaters, the first large audiences to see the finished product.
“We went so fast to get the movie ready,” Howard said in an interview with Reuters on Friday. “I was really on pins and needles, and I was so gratified to hear laughs and hear cheers in all the places I hoped and I dreamed that they would be. It was a good night. I slept well last night.”
Alden Ehrenreich, 28, stepped into the role of cowboy smuggler Han Solo, made famous by Harrison Ford in the original “Star Wars” trilogy that began in 1977. Ehrenreich plays a younger Solo just beginning his pilot training and seeking his own spaceship when he becomes involved in a dangerous mission in the galaxy far, far away. Director of the movie Ron Howard (2nd L) poses with cast members (L-R) Clint Howard, Joonas Suotamo, Woody Harrelson, Emilia Clarke, Thandie Newton, Alden Ehrenreich, Phoebe Waller-Bridge, Paul Bettany, Donald Glover and Jon Favreau at the premiere for the movie "Solo: A Star Wars Story" in Los Angeles, California, U.S., May 10, 2018. REUTERS/Mario Anzuoni
“Game of Thrones” star Emilia Clarke, who portrays Solo’s childhood friend Qi’ra, said the change of directors produced less drama than people may think.
“Something that on paper sounds horrific was not in reality at all for someone who was in it and experienced and was living through it,” Clarke said. “Everyone who handled it was seamless and graceful.”
Fans around the world have debated how Ehrenreich, little known beyond a well-received performance in quirky 2016 comedy “Hail, Caesar,” would handle one of cinema’s most loved characters. Slideshow (5 Images)
Ehrenreich confirmed he had signed a contract to play Solo in three movies and said he was anxious to step into the role again in future installments.
“By the end of the movie, he’s more like the guy we know, and that’s fun,” Ehrenreich said. Reporting by Rollo Ross, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/us-film-starwars-solo/solo-lands-in-star-wars-galaxy-and-cast-puts-drama-behind-idUKKBN1IC2Q6 |
Wildfire Judge Orders Teen to Pay Damages for Starting Oregon Wildfire. It Cost $37 Million People at a viewpoint overlooking the Columbia River watching the Eagle Creek wildfire burning in the Columbia River Gorge east of Portland, Ore. Inciweb via AP By Aric Jenkins May 21, 2018
A judge ordered a Vancouver teenager to pay nearly $37 million in restitution for at least 10 years after he started a major wildfire last year.
Circuit Judge John A. Olson of Hood River, Ore. issued the opinion Monday, with the restitution damages totaling $36,618,330.24, according to the Associated Press. The payment covers costs for firefighting, repair and restoration of the affected area, Columbia River Gorge , though it’s unlikely the boy will fully payback the total bill.
Olson’s opinion states the 15-year-old can set up a payment plan that can be halted after 10 years if he makes steady payments, finishes probation and doesn’t commit any more crimes. The boy’s lawyer at a hearing last week called for a “reasonable and rational” punishment, saying the demanded $37 million was an “absurd” amount for a child. No one else is legally responsible for the penalty, including his parents, who came to the U.S. from Ukraine.
The boy’s identity is being withheld by authorities due to extreme public anger over the wildfire, which was set off after the boy tossed two fireworks into Eagle Creek Canyon last September. The fire resulted in evacuations, a lengthy shutdown of an interstate highway, and severe damage to a popular tourist attraction. The boy has since acknowledged his actions and was ordered to write more than 150 apology letters to those who were affected.
In February, the teen pleaded guilty to reckless burning of public and private property and other charges. He was sentenced to probation and community service.
In his opinion, Olson said that the biggest fine who could find for an Oregon juvenile restitution case in the past was $114,000. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/21/vancouver-oregon-wildfire-eagle-creek/ |
May 1 (Reuters) - K2M Group Holdings Inc:
* K2M GROUP HOLDINGS INC REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND UPDATES FISCAL YEAR 2018 OUTLOOK
* Q1 LOSS PER SHARE $0.26 * Q1 REVENUE $67.9 MILLION VERSUS I/B/E/S VIEW $65.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.22 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 REVENUE $283 MILLION TO $287 MILLION * CONTINUES TO EXPECT 2018 TOTAL NET LOSS OF $34.0 MILLION TO $30.0 MILLION
* COMPANY NOW EXPECTS GROWTH IN ITS INTERNATIONAL BUSINESS OF APPROXIMATELY 11% TO 12% YEAR-OVER-YEAR IN 2018
* COMPANY CONTINUES TO EXPECT GROWTH IN ITS U.S. BUSINESS OF APPROXIMATELY 10% TO 11% YEAR-OVER-YEAR IN 2018
* COMPANY CONTINUES TO EXPECT CURRENCY TO HAVE A POSITIVE IMPACT ON TOTAL REVENUE IN 2018 OF APPROXIMATELY $2 MILLION
* FY2018 REVENUE VIEW $282.0 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-k2m-group-holdings-q1-revenue-679/brief-k2m-group-holdings-q1-revenue-67-9-million-idUSASC09YR1 |
Wall St ends choppy day lower Thursday, May 03, 2018 - 01:14
Stocks ended lower on Thursday after a choppy session as strong economic data offset disapointing earnings reports. Fred Katayama reports.
Stocks ended lower on Thursday after a choppy session as strong economic data offset disapointing earnings reports. Fred Katayama reports. //reut.rs/2rjTh7F | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/wall-st-ends-choppy-day-lower?videoId=423612031 |
MIAMI, May 01, 2018 (GLOBE NEWSWIRE) -- OPKO Health, Inc. (NASDAQ:OPK) today announced the appointment of Geoff Monk as General Manager with overall responsibility for BioReference Laboratories (BRL), an OPKO Health company and the third largest clinical laboratory in the United States. Mr. Monk brings to BRL more than 20 years of operational, business strategy and technical experience. Previously, Mr. Monk worked as Managing Director of the New York and New Jersey unit of Quest Diagnostics, with P&L responsibility for Quest’s largest and most profitable business unit.
“Geoff has built an enviable track record of operational excellence and has delivered consistently impressive results. We are delighted to have Geoff join our team,” stated Phillip Frost, Chairman and Chief Executive Officer of OPKO Health.
Mr. Monk holds an MA in engineering from Cambridge University.
About OPKO Health, Inc.
OPKO Health is a diversified healthcare company that seeks to establish industry leading positions in large, rapidly growing markets. Our diagnostics business includes Bio-Reference Laboratories, the nation's third largest clinical laboratory with a core genetic testing business and a 400-person sales and marketing team to drive growth and leverage new products, including the 4Kscore® prostate cancer test and the Claros® 1 in-office immunoassay platform. Our pharmaceutical business features RAYALDEE, an FDA-approved treatment for secondary hyperparathyroidism in stage 3 and 4 chronic kidney disease patients with vitamin D insufficiency (launched in November 2016), OPK88003, a once or twice weekly oxyntomodulin for type 2 diabetes and obesity which is a clinically advanced drug candidate among the new class of GLP-1 glucagon receptor dual agonists, OPK88004, a SARM (Selective Androgen Receptor Modulator) for treating BPH (Benign Prostatic Hypertrophy), OPK88002, a NK-1 antagonist to treat pruritus (itching) in dialysis patients, and OPK88001, a proprietary oligonucleotide to treat Dravet Syndrome. In addition, the Company is advancing its CTP technology, which includes a long acting hGH-CTP, a once weekly human growth hormone injection (in phase 3 and partnered with Pfizer). OPKO also has production and distribution assets worldwide, multiple strategic investments and an active business development strategy. More information is available at www.opko.com .
CONTACTS:
Company
OPKO Health, Inc.
David Malina, 305-575-4100
Investor Relations
Investors
LHA Investor Relations
Miriam Weber Miller, 212-838-3777
[email protected]
or
Bruce Voss, 310-691-7100
[email protected]
Source:OPKO Health, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-opko-health-appoints-geoff-monk-general-manager-at-bioreference-laboratories.html |
In a series of Twitter posts late Tuesday evening and early Wednesday, Roseanne Barr apologized for a racist tweet that led to the cancellation of her hit television show .
In a statement Barr acknowledged as her own, she said: "I deeply regret my comments from late last night on Twitter. Above all, I want to apologize to Valerie Jarrett, as well as to ABC and the cast and crew of the Roseanne show. I am sorry for making a thoughtless joke that does not reflect my values - I love all people and am very sorry. Today my words caused hundreds of hardworking people to lose their jobs. I also sincerely apologize to the audience that has embraced my work for decades. I apologize from the bottom of my heart and hope you can find it in your hearts to forgive me."
Roseanne Barr tweet
The comedian then retweeted messages from supporters who defend the tweet that got her show canceled.
Barr tweeted: "hey guys, don't defend me, it's sweet of you 2 try, but...losing my show is 0 compared 2 being labelled a racist over one tweet-that I regret even more."
Barr tweet: hey guys, don't defend me, it's sweet of you 2 try, but...losing my show is 0 compared 2 being labelled a racist over one tweet-that I regret even more.
Barr tweet: guys I did something unforgiveable so do not defend me. It was 2 in the morning and I was ambien tweeting-it was memorial day too-i went 2 far & do not want it defended-it was egregious Indefensible. I made a mistake I wish I hadn't but...don't defend it please. ty
But that sentiment contrasted with many retweets from the comedian. Her Twitter timeline shows that , before and after asking fans not to defend her, she retweeted messages suggesting Barr's critics are hypocritical or otherwise defending her original, racist remarks.
Barr also retweeted a post from a user who said her "apology is not sincere."
ABC scraps a hit show ABC on Tuesday announced the cancellation of the hit sitcom "Roseanne" following "abhorrent" comments from the show's star. Just an hour later, Barr's talent agency ICM Partners dropped her as a client, the firm confirmed to CNBC.
Barr's abrupt downfall comes after a year of successes, including record ratings for her show's debut and a congratulatory call from the president. Throughout, however, Barr has attracted criticism for her use of social media to provoke, attack, and spread conspiracy theories.
According to consulting firm Kantar Media, "Roseanne" generated revenue of $45 million between March and May of this year.
"Roseanne's Twitter statement is abhorrent, repugnant and inconsistent with our values, and we have decided to cancel her show," Channing Dungey, president of ABC Entertainment, said in a statement Tuesday.
After controversy erupted about her tweet, Barr posted this message: "I apologize to Valerie Jarrett and to all Americans. I am truly sorry for making a bad joke about her politics and her looks. I should have known better. Forgive me-my joke was in bad taste."
tweet
—CNBC's Craig Dale, Tucker Higgins, and Kevin Breuninger contributed to this report.
WATCH: Five outrageous things Roseanne Barr has done over the years show chapters Roseanne Bar twitter racist tweet13:31 PM Tue, 29 May 2018 Five outrageous things Roseanne Barr has done over the years 16 Hours Ago | 02:21 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/roseanne-barr-apologizes-for-racist-comment-but-retweets-supporters.html |
May 17 (Reuters) - Provi:
* PROVI ANNOUNCES $3.5 MILLION IN SEED FUNDING * PROVI - ANNOUNCED $3.5 MILLION ROUND OF FUNDING LED BY HYDE PARK ANGELS, HYDE PARK VENTURE PARTNERS, LUDLOW VENTURES, SANDALPHON CAPITAL, AND OTHERS Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-provi-announces-35-million-in-seed/brief-provi-announces-3-5-million-in-seed-funding-idUSFWN1SO0IV |
(Reuters) - Goldman Sachs Group Inc ( GS.N ) Chief Executive Lloyd Blankfein is expected to step down by December, the New York Times reported on Friday, citing people familiar with the bank’s plan.
FILE PHOTO: Lloyd Blankfein, CEO of Goldman Sachs, speaks at the Boston College Chief Executives Club luncheon in Boston, MA, U.S., March 22, 2018. REUTERS/Brian Snyder/File Photo Blankfein, 63, one of the longest-serving CEOs on Wall Street, has led what is viewed as the most powerful U.S. investment bank for nearly 12 years. He has outlasted calls for his departure in the aftermath of the 2007-2009 financial crisis and stayed in the job even as he battled cancer.
Blankfein is likely to be replaced by Goldman President David Solomon, the newspaper reported.
The Wall Street Journal had reported in March that Blankfein plans to depart by the end of the year.
Goldman was not immediately available for comment.
Reporting by Nikhil Subba and Parikshit Mishra in Bengaluru; Editing by Maju Samuel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-goldman-sachs-ceo/goldman-ceo-blankfein-likely-to-step-down-by-december-nyt-idUSKCN1IJ2IX |
ROME, May 9 (Reuters) - Italian retail sales fell a seasonally adjusted 0.2 percent in March from the previous month, following an upwardly revised gain of 0.7 percent in February, data showed on Wednesday.
National statistics institute Istat reported that sales rose 2.9 percent in unadjusted year-on-year terms, following on from an upwardly revised 0.1 percent increase in February.
The data are expressed in value terms and are not adjusted for consumer prices, which rose 0.9 percent in March from the year earlier, based on Italy’s EU-harmonised index.
ISTAT gave the following data:
March Feb Jan
Mth/Mth change* -0.2 0.7r -0.5
Yr/yr change** 2.9 0.1r -0.6r
Food sales (m/m) 0.6 1.0r 0.2
Non-food sales (m/m) -0.7 0.4r -1.0r
*seasonally adjusted
**unadjusted
r=revised (Reporting by Crispian Balmer)
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-economy-retail/italy-march-retail-sales-fall-0-2-pct-m-m-istat-idUSR1N1R501X |
British gaming firm enlists army of players to create Worlds Adrift 8:02am BST - 01:41
British game maker Bossa Studios releases Worlds Adrift, an ambitious adventure game designed that has taken three years and the up-front involvement of 50,000 gamers to create. Stuart McDill was at the launch. ▲ Hide Transcript ▶ View Transcript
British game maker Bossa Studios releases Worlds Adrift, an ambitious adventure game designed that has taken three years and the up-front involvement of 50,000 gamers to create. Stuart McDill was at the launch. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Gv7Iv8 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/18/british-gaming-firm-enlists-army-of-play?videoId=427802695 |
May 16, 2018 / 3:55 PM / Updated 20 minutes ago Russian bikers, Crimeans cross 'Putin's bridge' in inaugural drive Reuters Staff 2 Min Read
KERCH (Reuters) - Leather-clad bikers with Russian national flags joined motorists driving for the first time across a newly-opened bridge linking Crimea with Russia on Wednesday.
President Vladimir Putin on Tuesday unveiled the new bridge to the Crimean peninsula, which Russia annexed from Ukraine in 2014. He chatted to workmen in overalls and drove a heavy, orange truck across the bridge’s 19 km (12 miles) length.
On Wednesday, the road was open to the public. Some local residents on the Crimean side of the bridge waved from the roadside as a convoy of bikers, among them the leader of a pro-Kremlin biker group, tooted their horns on their way onto the peninsula.
Some Russians have dubbed the road-and-rail bridge designed to link Crimea into Russia’s transport network “Putin’s bridge”.
Russia’s annexation of Crimea from Ukraine in 2014, drew sanctions and prompted a deterioration in ties with the West. Many in Russia saw the move as restoring Moscow’s rule over a historically Russian region. Vehicles drive along a bridge, which was constructed to connect the Russian mainland with the Crimean Peninsula across the Kerch Strait, May 16, 2018. REUTERS/Pavel Rebrov
“The Crimea bridge is a link,” said Andrey Merkulov, a resident from Sevastopol at the bridge on the Crimean side. “It is the greatness and might of my country. It’s yet more proof of this might and greatness.”
Some Crimean residents said they had driven through the night from the peninsula’s biggest city, Sevastopol, to attend what they described as a historic moment.
“We came to participate in the opening (of the bridge), to drive on it for the first time,” said Aleksandr Karavayev, a resident of Sevastopol. Slideshow (6 Images)
In Kiev, Ukrainian President Petro Poroshenko said on Tuesday the bridge was illegal. The European Union and the United States also used the opening of the bridge to condemn the annexation of Crimea. Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://in.reuters.com/article/ukraine-crisis-crimea-bridge/russian-bikers-crimeans-cross-putins-bridge-in-inaugural-drive-idINKCN1IH27W |
May 9 (Reuters) - e.l.f. Beauty Inc:
* COMPANY REAFFIRMED ITS OUTLOOK FOR 2018 * Q1 EARNINGS PER SHARE VIEW $0.09, REVENUE VIEW $63.5 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $0.59, REVENUE VIEW $288.5 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-elf-beauty-reports-q1-gaap-earning/brief-e-l-f-beauty-reports-q1-gaap-earnings-per-share-0-01-idUSASC0A13A |
TORONTO, May 14, 2018 /PRNewswire/ - Metro Supply Chain Group ("Metro") announced today that Metro company, Pivot Logistics Inc. , has acquired the Ontario warehousing and distribution operations of Van De Water-Raymond Ltd. Van De Water-Raymond provides comprehensive distribution and marketing solutions to the Canadian consumer packaged goods (CPG) industry with a strong focus on grocery and pharmaceuticals. This acquisition further expands Metro's Canadian footprint and builds on its CPG expertise which includes specialist markets such as pet care.
"This company is a very good fit for the Metro family," says founder and CEO, Chiko Nanji. "Much of Van De Water-Raymond's operation runs parallel to our existing competencies in the consumer packaged goods industry, so this builds onto our infrastructure nicely."
Metro Group President, Graham Martin, views this as an opportunity to further cement the company's leadership position in the Canadian market: "This acquisition reinforces our intention to be experts in the markets and services we offer."
"Metro is focused on excellence in the industry and has a strong reputation for customer satisfaction," says Van De Water-Raymond owner, Yves Raymond. "We are very confident that this acquisition will bring value to our customers served by the Ontario facilities."
About Metro Supply Chain Group
The Metro Supply Chain Group of Companies is the leading Canadian-owned provider of third-party logistics (3PL) services across North America and Europe with more than 6,000 associates on the team. It supplies customized services in the consumer-packaged goods, retail, automotive / specialist products, fashion and e-commerce sectors. The Group manages over 12 million sq. ft. of strategically located warehousing and co-pack centers and has transportation solutions that include managed transport services, dedicated fleet management, last mile solutions and global time critical logistics response. For more information, visit metroscg.com .
About Van de Water-Raymond
Van de Water-Raymond is a family-owned business, established in 1960, with an excellent reputation in sales, marketing, warehousing and distribution. More than 140 employees, active mainly in Quebec, Ontario, and the Maritimes, meet the needs of businesses at all levels of trade in the food and pharmaceutical industries, as well as supermarkets and small retailers.
View original content with multimedia: http://www.prnewswire.com/news-releases/metro-supply-chain-group-acquires-ontario-operations-of-van-de-water-raymond-ltd-300647764.html
SOURCE Metro Supply Chain Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-metro-supply-chain-group-acquires-ontario-operations-of-van-de-water-raymond-ltd.html |
NEW YORK (Reuters) - Allergan Plc ( AGN.N ) Chief Executive Brent Saunders said on Monday that while the company is considering large, transformational deals as part of a strategic review, they are a “very low priority and a very unlikely outcome” of the process.
Saunders said in an interview that the five options considered in the drug company’s review are deploying capital to buy back shares, doing divestitures, splitting the company, making acquisitions, or continuing to operate Allergan as is.
He said of all the options breaking up the company would take the longest and be the most disruptive. Still, he said its something the company has to seriously consider if they determine it will create shareholder value over the long term.
Earlier this month, the company confirmed it was considering a bid for rare disease drug maker Shire Plc ( SHP.L ) after Reuters reported on its interest. However, the company put out a second statement hours later stating it did not intend to make an offer.
Reporting by Michael Erman, Editing by Franklin Paul
| ashraq/financial-news-articles | https://www.reuters.com/article/us-allergan-m-a/allergan-ceo-large-deal-would-be-an-unlikely-outcome-of-review-idUSKBN1I11BB |
May 7 (Reuters) - USD Partners LP:
* USD PARTNERS LP ANNOUNCES FIRST QUARTER 2018 RESULTS * USD PARTNERS LP QTRLY TOTAL REVENUES $29.7 MILLION VERSUS $27.9 MILLION
* USD PARTNERS-SEES DEMAND FOR RAIL CAPACITY AT ITS TERMINALS TO INCREASE OVER NEXT SEVERAL YRS IF PROPOSED PIPELINE DEVELOPMENTS DO NOT MEET TIMELINES
* USD PARTNERS LP - DESPITE GROWING RAILROAD CAPABILITY, EXPECT SPREADS TO AGAIN DISCOUNT TO LEVELS REACHED EARLIER IN YEAR Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-usd-partners-reports-qtrly-total-r/brief-usd-partners-reports-qtrly-total-revenues-29-7-mln-vs-27-9-mln-idUSASC0A08X |
CHINA’S SHANGHAI CRUDE FUTURES RISE TO RECORD DOLLAR-LEVEL OF OVER $72.50/BBL AS GLOBAL MARKETS ON EDGE OVER VENEZUELA, IRAN WORRIES
| ashraq/financial-news-articles | https://www.reuters.com/article/chinas-shanghai-crude-futures-rise-to-re/chinas-shanghai-crude-futures-rise-to-record-dollar-level-of-over-72-50-bbl-as-global-markets-on-edge-over-venezuela-iran-worries-idUSMT1ALTL3N1SE2AZ1 |
May 9, 2018 / 9:31 PM / Updated a day ago Golf: Scott uses long putter again, Kim brimming with confidence Andrew Both 3 Min Read
PONTE VEDRA BEACH, Fla. (Reuters) - Adam Scott and Kim Si-woo, the youngest two players to win the Players Championship, will tee off in the same group in Thursday’s first round with contrasting levels of confidence. Apr 19, 2018; San Antonio, TX, USA; Adam Scott adjusts his sunglasses on the 16th green during the first round of the Valero Texas Open golf tournament at TPC San Antonio - AT&T Oaks Course. Mandatory Credit: Soobum Im-USA TODAY Sports
Scott, who was 23 when he won the event in 2004, is searching for a good result at a happy hunting ground and has reverted to a long putter in an effort to resurrect his game and extend his major championship streak to 68 consecutive starts.
Kim, on the other hand, is brimming with confidence after a playoff runner-up finish three weeks ago in nearby Hilton Head Island.
Scott is not setting his sights on becoming the best putter in the world. Rather, he reckons he needs only to become average on the greens to start contending again.
The 37-year-old, who in 2013 became the first Australian to win the U.S. Masters, is not currently exempt for next month’s U.S. Open at Shinnecock Hills.
If the worst comes to the worst, he can take his chances at sectional qualifying, but he can avoid that 36-hole lottery by jumping back into the top 60 in the world rankings.
A strong performance this week would be a huge step in the right direction for the ex world number one, who has slipped to 71st.
Scott was in an upbeat mood after a practice round with current world number one Dustin Johnson at TPC Sawgrass on Wednesday.
“I need to be average putting to be competing, which doesn’t sound that hard to do. I should be able to do that,” Scott, the 2004 champion, told reporters next to the 18th green.
“I feel I have got my best golf ahead of me. I just played with the best player in the world, and I know I can play at that level still.
“I’m feeling really comfortable after last week. It’s interesting as soon as you put a bit better how much more freedom you feel everywhere else.
“So I’m excited about this week. I still feel I can have a good year.”
Scott has played every major since the 2001 British Open. He was one of the biggest sufferers from the 2016 ban that outlawed golfers from anchoring their putters against their chests.
Scott reverted to a regular putter, with limited success, and has now gone back to the one that he first used when he originally switched to the long putter in 2011.
To adhere with the rules, he no longer anchors the club against his chest.
South Korean Kim, meanwhile, shocked the golf world when he won the tournament last year at age 22 despite suffering from a back injury.
He is in fine fettle on his return.
“My body feels great. I’m in great condition heading into this week with no pain,” he said.
“I worked really hard to get my body into the best shape possible, so I think that has led to a lot of the consistency that you have seen this season.” Apr 20, 2018; San Antonio, TX, USA; Si Woo Kim watches his drive on the 10th hole during the second round of the Valero Texas Open golf tournament at TPC San Antonio - AT&T Oaks Course. Mandatory Credit: Soobum Im-USA TODAY Sports Reporting by Andrew Both, editing by Ed Osmond | ashraq/financial-news-articles | https://in.reuters.com/article/golf-players/golf-scott-uses-long-putter-again-kim-brimming-with-confidence-idINKBN1IA3C4 |
As of May 2018, the Star Wars franchise has grossed over $8 billion worldwide, making it one of the most lucrative franchises in movie history. Now with "Solo: A Star Wars Story," that total is poised to continue to grow.
"Solo" follows the early days of on one of the Star Wars' most iconic characters, Han Solo, first played by Harrison Ford in 1977. The new film's original directors, Phil Lord and Chris Miller (the pair were fired mid-production), considered over 3,000 actors for the titular role, but none could beat Alden Ehrenreich.
Ehrenreich was the very the first person to audition but still managed to make himself stand out.
Dominique Charriau/WireImage | Getty Images Emilia Clarke, Chewbacca and Alden Ehrenreich attend the photocall for 'Solo: A Star Wars Story.' To find the perfect man for the job, Lord and Miller worked with multiple casting agencies and toured acting schools across the U.S. and U.K., and even checked out some cowboy bars.
"We wanted to make sure we turned over every rock to find someone who has the sort of charisma and the sort of maverick sort of swagger," explained Miller.
"Turns out that, that was a total waste of money," Lord interjected. "Because the person who got the part was the first person to audition."
Ehrenreich, 28, performed a total of six auditions for the role which were designed to test his understanding of the character, his chemistry with other actors and his improvisational skills.
"My second [audition] I did with a dog puppet," Ehrenreich told USA Today at the "Solo" premiere. "So they would have a little machine [that would bark] and I would talk to the dog."
Another audition required that Ehrenreich perform scenes with a stand-in for Chewbacca, for which he had to learn to speak the Wookiee language, Shyriiwook .
The rising star also demonstrated a thoughtful understanding of Han Solo's complex, rebellious and charismatic persona and his unique blend of optimism and cynicism — earning himself a nod of approval from Harrison Ford.
Mike Marsland/WireImage | Getty Images Donald Glover and Alden Ehrenreich attend the screening of 'Solo: A Star Wars Story' during the 71st annual Cannes Film Festival. "I think his performance in these movies is not just a performance: He really filled this role and created this role," Ehrenreich said on the carpet to USA Today . "And it was really great walking out of [my meeting] with him and feeling he was really supportive and kind of gave us his blessing."
Since the film's release, the actor has received positive reviews for his nuanced and well-researched portrayal of the beloved character. "That performance wasn't created out of thin air," writes the Hollywood Reporter . "Ehrenreich did his research. He watched the films. He studied Ford's performances."
While Ehrenreich's audition process was undeniably difficult, his co-star Donald Glover, who plays Lando Calrissian, might have had an even more challenging process. In an interview with Ellen DeGeneres , Glover and Ehrenreich talked about their auditions.
"I think I auditioned like way less than you. I think I auditioned seven times," Glover originally said to Ehrenreich."
"No, I auditioned six times," responded Ehrenreich.
Glover's eyes widened before he turned to the audience and said, "Oh, they weren't sure about me!"
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"Black ops" at Cambridge Analytica: witness Wednesday, May 16, 2018 - 01:46
Christopher Wylie, a former Cambridge Analytica staffer-turned-whistle-blower, testified before the Senate Judiciary Committee on Wednesday that users’ data from Facebook was exploited by Cambridge Analytica to help elect U.S. President Donald Trump. Rough Cut
Christopher Wylie, a former Cambridge Analytica staffer-turned-whistle-blower, testified before the Senate Judiciary Committee on Wednesday that users’ data from Facebook was exploited by Cambridge Analytica to help elect U.S. President Donald Trump. Rough Cut //reut.rs/2GnH5Z3 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/black-ops-at-cambridge-analytica-witness?videoId=427465419 |
VANCOUVER, Wash., April 30, 2018 (GLOBE NEWSWIRE) -- nLIGHT, Inc. (Nasdaq:LASR) today announced the closing of its initial public offering of 6,900,000 shares of common stock at a price to the public of $16.00 per share, which includes the full exercise of the underwriters’ option to purchase 900,000 additional shares. The company estimates net proceeds from the offering to be approximately $100.7 million, after deducting underwriting discounts and commissions and estimated offering expenses. The shares began trading on The Nasdaq Global Select Market under the ticker symbol “LASR” on April 26, 2018.
Stifel and Raymond James acted as lead book-running managers for the offering. Needham & Company, Canaccord Genuity and D.A. Davidson & Co. acted as co-managers for the offering.
The offering was made only by means of a prospectus forming part of the effective registration statement filed with the Securities and Exchange Commission on Form S-1. Copies of the final prospectus relating to this offering may be obtained from Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at 415-364-2720 or by email at [email protected] , or by contacting Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, FL 33716, by telephone at 800-248-8863 or by email at [email protected] .
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and was declared effective on April 25, 2018. Copies of the registration statement, as amended, can be accessed through the SEC’s website at www.sec.gov . This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About nLIGHT, Inc.
nLIGHT is a leading provider of high-power semiconductor and fiber lasers used in a broad range of applications in the industrial, microfabrication, and aerospace and defense markets.
CONTACT:
[email protected]
(866) 329-2314
Source: nLIGHT, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-nlight-inc-announces-closing-of-initial-public-offering-and-full-exercise-of-the-underwritersa-option-to-purchase.html |
HOUSTON, May 01, 2018 (GLOBE NEWSWIRE) -- Noble Energy, Inc. (NYSE:NBL) (“Noble Energy” or the "Company”) today announced first quarter 2018 financial and operating results. Highlights include:
Delivered quarterly sales volumes of 361 MBoe/d (1) up 18 percent (2) from first quarter 2017 on organic capital expenditures of $781 million. Increased U.S. onshore oil production over 30 percent (2) compared to the first quarter of 2017 driven by Delaware Basin growth. Completed the Company’s third central gathering facility in the Delaware Basin. Established a record for first quarter gross sales volumes in Israel of 959 MMcfe/d. Secured contracts totaling up to an additional 740 MMcf/d of natural gas sales to customers in Egypt and Israel from Tamar and Leviathan. Closed the divestments of the General Partner of CONE Gathering and a 7.5 percent working interest in the Tamar field, and announced the sale of the Gulf of Mexico business. Reduced Noble Energy debt by $230 million and increased total financial liquidity to more than $5 billion at the end of the first quarter. Announced $750 million share repurchase program and repurchased approximately $67.5 million of Noble Energy stock during late February and March.
David L. Stover, Noble Energy’s Chairman, President and CEO, commented, “Noble Energy is off to a fast start in 2018, building on our successes in 2017. In the first quarter, we accomplished numerous strategic objectives. Our portfolio transformation and superior execution capabilities have positioned us to continue driving improved capital efficiency and corporate returns. Our core positions in the U.S. onshore business provide a great foundation for high-return, high-margin growth. Offshore, we are maximizing cash flow from our assets, while progressing our world-class Leviathan development. Growing our cash flows enables us to accelerate direct return to shareholders through our buyback program and our recent dividend increase."
Accounting Standard Implementation
Beginning January 1, 2018, the Company modified the presentation of revenue and certain gathering and transportation expenses based on the timing of transfer of ownership of produced commodities in accordance with the implementation of FASB Accounting Standards Codification Standard 606 ("ASC 606"). In addition, the new standard impacted the presentation of natural gas and natural gas liquids (NGL) volumes sold under certain contracts, primarily in the DJ Basin. There was no impact on the Company's operating cash flows or net income.
First Quarter 2018 Results
First quarter net income attributable to Noble Energy totaled $554 million, or $1.14 per diluted share. The Company reported adjusted net income (3) and adjusted net income per share (3) attributable to Noble Energy for the quarter of $172 million, or $0.35 per diluted share, which excludes the impact of certain items typically not considered by analysts in formulating estimates. Adjusted EBITDAX (3) was $797 million.
During the first quarter, the Company invested $671 million in its upstream operations, with approximately 75 percent deployed to the Company's U.S. onshore plays and 22 percent spent in Israel primarily for Leviathan development. The Company also funded $110 million for U.S. onshore midstream assets. Consolidated capital included $139 million organic expenditures and $206 million for a pipeline acquisition, related to Noble Midstream Partners LP ("Noble Midstream").
Prior to the implementation of ASC 606, total company sales volumes for the first quarter 2018 were 361 thousand barrels of oil equivalent per day (1) (MBoe/d). Compared to the first quarter of 2017, sales volume increased by approximately 18 percent (2) driven by growth from the Company's U.S. onshore assets. Reflecting the implementation of ASC 606, first quarter 2018 sales volumes totaled 370 MBoe/d.
Unit operating expenses for the first quarter 2018 totaled $10.06 per barrel of oil equivalent (BOE) (1) , including lease operating expenses (LOE), production and ad valorem taxes, gathering and transportation expenses, other royalty expense and marketing costs. In the U.S. onshore, slightly higher LOE was more than offset by lower gathering and transportation expenses.
Income from equity method investees for the quarter of $47 million was greater than expected, primarily due to the strength of liquids prices at the methanol and LPG plants in Equatorial Guinea. Midstream services revenue totaled $13 million for the quarter, primarily comprised of consolidated Noble Midstream third-party gathering revenue.
Further Strengthened the Balance Sheet
As part of the Company's long-term strategic plan and multi-year outlook, Noble Energy has prioritized the direct return of capital to shareholders. During the first quarter, Noble Energy repurchased nine percent of its announced $750 million share repurchase program. On April 23, 2018, Noble Energy increased its quarterly dividend 10 percent to $0.11 per share.
During the first quarter, the Company completed an amendment to its $4 billion revolving credit facility which extended the maturity date by two years to March 2023. Noble Midstream also completed a credit facility amendment, extending the maturity date of its revolver to March 2023 and increasing the facility size to $800 million.
The Company paid down $230 million of Noble Energy debt during the first quarter. Total financial liquidity increased to more than $5 billion, comprised of cash and Noble Energy's undrawn credit facility borrowing capacity. Subsequent to quarter-end, the Company issued an early call for $379 million of legacy Rosetta Resources Inc. notes, set to mature in May 2021 with a settlement date of May 1, 2018. Noble Midstream's outstanding debt at the end of the first quarter increased by $350 million, primarily as a result of the acquisition of the Saddle Butte pipeline.
Noble Energy's Investment Grade credit rating was reaffirmed during the first quarter. In addition, S&P revised its outlook for Noble Energy to stable from negative, while Fitch revised its outlook to positive from stable.
Solid U.S. Onshore Operations
Total sales volumes across the Company’s U.S. onshore assets averaged 237 MBoe/d (1) in the first quarter 2018, up approximately 40 percent (2) from the first quarter 2017. U.S. onshore oil volumes totaled 103 thousand barrels per day (MBbl/d), up over 30 percent (2) from the first quarter of 2017, with the increase primarily driven by the Company’s Delaware Basin assets. Reflecting the implementation of ASC 606, first quarter 2018 U.S. onshore sales volumes totaled 246 MBoe/d.
The DJ Basin averaged 111 MBoe/d (1) , up seven percent (2) from the first quarter of last year, with the oil mix increased to a record of 56 percent (1) . Reflecting the implementation of ASC 606, first quarter 2018 DJ Basin sales volumes totaled 120 MBoe/d, with an oil mix of 52 percent. DJ Basin sales volumes were driven by continued strong well performance in the Company’s Wells Ranch and East Pony areas. The Company brought online 31 wells within the first quarter, consisting of 15 wells in Wells Ranch and 16 wells in East Pony. Late in the quarter, completion activity moved to the Mustang IDP area.
Sales volumes from the Company's Delaware Basin assets totaled 45 MBoe/d, with an oil mix of 69 percent. Compared to the first quarter of last year, sales volumes increased by over 85 percent (2) . The Company brought online 13 wells in the first quarter, all of which were located on multi-well pads. The majority were landed within the Wolfcamp A Upper and Lower zones as well as one well in the Third Bone Spring and one well in the Wolfcamp C. Within the quarter, the Company expanded its produced water management program, with nearly 10 percent of water used in completions being recycled produced water.
In late March, the Company completed its third central gathering facility ("CGF") in the Delaware Basin operated by Noble Midstream. The facility represents the Company's first CGF in the southern portion of the Company's acreage. The Company commenced operations from its fourth CGF in late April, and expects one additional CGF online by the end of the second quarter.
Sales volumes from the Eagle Ford totaled 81 MBoe/d, and were impacted approximately 3 MBoe/d in the first quarter due to facility downtime impacts. Activity in the Eagle Ford focused on completions for wells expected online in the second quarter of 2018.
During the first quarter, Noble Energy averaged nine operated drilling rigs (one DJ, six Delaware and two Eagle Ford). The Company improved drilled footage per day in the first quarter compared to the 2017 average by three percent, 10 percent and seven percent in the DJ, Delaware and Eagle Ford, respectively.
Significant Milestones in the Eastern Mediterranean
March 2018 marked the five-year anniversary of first production from Tamar, offshore Israel. During the quarter, the field reached cumulative production of 1.5 Tcf since start-up. A record was established for first quarter gross sales volumes of 959 million cubic feet of natural gas equivalent per day (MMcfe/d). Net sales volumes totaled 263 MMcfe/d during the first quarter of 2018. On March 14, 2018, the Company closed the divestment of a 7.5 percent working interest in the Tamar field. Also during the first quarter, the Company exceeded more than three million man hours and one year of performance without a recordable safety incident.
Currently, development of the Leviathan project is approximately 45 percent complete and construction of the production platform continues to progress. A drilling rig arrived in March and commenced operations of the Leviathan-3 well in early April. The pipe lay vessel is on-site, installing infield flowlines and gas gathering pipelines which will connect to the platform. The project remains on budget and on schedule with first gas sales anticipated by the end of 2019.
Since year-end 2017, the Company has executed several natural gas contracts with customers in Egypt and Israel bringing total volumes under contract for Leviathan to over 900 MMcf/d. Included in this amount is a new agreement with an existing customer to provide approximately 40 MMcf/d beginning in the second quarter 2018 from Tamar, which will then transfer to Leviathan upon field start-up.
Continued Reliable Offshore Performance
Sales volumes for West Africa in the first quarter 2018 were 56 MBoe/d (30 percent oil), which were less than produced volumes by 2 MBoe/d. The difference in sales and produced volumes was due to the lifting schedule for the Aseng and Alen fields. Also during the first quarter, the Company achieved more than two years without a recordable safety incident at Aseng and almost four years without a recordable safety incident at Alen.
Quarterly sales volumes in the Gulf of Mexico averaged 24 MBoe/d. The Company closed the sale of the U.S. Gulf of Mexico business on April 12, 2018.
Updated Guidance for ASC 606 and Timing of Portfolio Transactions
The Company's guidance has been updated to reflect the adoption of ASC 606 and the timing of the closing of the Gulf of Mexico transaction. The close of the Gulf of Mexico transaction, which occurred one month earlier than anticipated, impacted prior second quarter expectations by an estimated 7 MBoe/d and full year expectations by nearly 2 MBoe/d. The implementation of ASC 606 resulted in an uplift to second quarter and full year volumes of approximately 9 MBoe/d compared to prior estimates. Accounting for only these specific items, full year 2018 sales volumes have been increased to range between 350 and 360 MBoe/d.
The Company's unit operating expense guidance has been updated to reflect the increase in sales volumes. Compared to the Company's previously issued guidance, LOE per BOE and gathering and transportation expenses per BOE have each been reduced by ten cents.
Sales volumes for the second quarter of 2018 are expected to range between 340 and 350 MBoe/d (post ASC 606). The divestitures of the Gulf of Mexico and the 7.5 percent Tamar interest in Israel account for nearly 30 MBoe/d reduction (20 MBoe/d Gulf of Mexico and 10 MBoe/d Israel) from the first quarter 2018 to the second quarter. Gulf of Mexico sales volumes are included through the April 12, 2018 closing date. West Africa sales volumes are expected to be slightly higher than the first quarter as a result of lifting schedules. U.S. onshore oil volumes are expected to be higher than the first quarter, driven by the Delaware Basin.
The Company's full year capital expenditure range of $2.7 to $2.9 billion remains unchanged. For the second quarter, Noble Energy expects organic capital expenditures between $750 million and $850 million, with the majority to be spent in the DJ and Delaware basins and to progress Leviathan development. Second half of 2018 capital expenditures are expected to be lower than the first half reflecting front-end loaded infrastructure spend in the Mustang IDP and the Delaware Basin.
Additional details for first quarter results and guidance can be found in the quarterly supplement on the Company’s website, www.nblenergy.com .
(1) Reflects historical presentation of sales volume, pre-implementation of ASC 606 accounting standard.
(2) Pro forma for asset acquisitions and divestitures.
(3) A Non-GAAP measure, please see the respective earnings release schedules included herein for reconciliations.
Webcast and Conference Call Information
Noble Energy, Inc. will host a live audio webcast and conference call at 8:00 a.m. Central Time on May 1, 2018. The webcast link is accessible on the 'Investors' page at www.nblenergy.com . A replay will be available on the website. Conference call numbers for participation during the question and answer session are:
Toll Free Dial in: 888-882-4478
International Dial in: 323-794-2149
Conference ID: 4898384
Noble Energy (NYSE:NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets. Founded more than 85 years ago, the Company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People’s Lives ®. For more information, visit www.nblenergy.com .
This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "believes", "expects", "intends", "will", "should", "may", and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. Such forward-looking statements may include, but are not limited to, future financial and operating results, and other statements that are not historical facts, including estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual report on Form 10-K, and in other Noble Energy reports on file with the Securities and Exchange Commission (the "SEC"). These reports are also available from the sources described above. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change.
This news release also contains certain historical non-GAAP measures of financial performance that management believes are good tools for internal use and the investment community in evaluating Noble Energy’s overall financial performance. These non-GAAP measures are broadly used to value and compare companies in the crude oil and natural gas industry. Please see Noble Energy’s respective earnings release for reconciliations of the differences between any historical non-GAAP measures used in this news release and the most directly comparable GAAP financial measures.
Schedule 1 Noble Energy, Inc. Summary Statement of Operations (in millions, except per share amounts, unaudited) Three Months
Ended March 31, 2018 (1) 2017 Revenues Oil, NGL and Gas Sales $ 1,173 $ 994 Sale of Purchased Oil and Gas 53 — Income from Equity Method Investees 47 42 Midstream Services Revenues – Third Party 13 — Total Revenues 1,286 1,036 Operating Expenses Lease Operating Expense 155 139 Production and Ad Valorem Taxes 54 41 Gathering, Transportation and Processing Expense 95 119 Other Royalty Expense 17 4 Marketing Expense 5 19 Exploration Expense 35 42 Depreciation, Depletion and Amortization 468 528 Purchased Oil and Gas 57 — General and Administrative 104 99 (Gain) on Divestitures (588 ) — Asset Impairments 168 — Other Operating Expense, Net 8 10 Total Operating Expenses 578 1,001 Operating Income 708 35 Other Income Loss (Gain) on Commodity Derivative Instruments 79 (110 ) Interest, Net of Amount Capitalized 73 87 Other Non-Operating Expense (Income), Net 13 (1 ) Total Other Expense (Income) 165 (24 ) Income Before Income Taxes 543 59 Income Tax (Benefit) Expense (31 ) 12 Net Income and Comprehensive Income Including Noncontrolling Interests 574 47 Less: Net Income & Comprehensive Income Attributable to Noncontrolling Interests (2) 20 11 Net Income & Comprehensive Income Attributable to Noble Energy $ 554 $ 36 Net Income Attributable to Noble Energy Per Share of Common Stock Income Per Share, Basic $ 1.14 $ 0.08 Income Per Share, Diluted $ 1.14 $ 0.08 Weighted Average Number of Shares Outstanding Basic 487 431 Diluted 488 434 (1) On January 1, 2018, we adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective method. As a result of adoption, we have changed the 2018 presentation of certain sales volumes, revenues and expenses related to sales of natural gas and NGLs based on the control model under ASC 606. 2017 information has not been recast to reflect this impact. See Schedule 4.
(2) The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. The public's ownership interest in NBLX is reflected as a noncontrolling interest in the financial statements.
These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on May 1, 2018.
Schedule 2 Noble Energy, Inc. Condensed Balance Sheets (in millions, unaudited)
March 31, 2018 December 31, 2017 Assets Current Assets Cash and Cash Equivalents $ 992 $ 675 Accounts Receivable, Net 707 748 Other Current Assets 895 780 Total Current Assets 2,594 2,203 Net Property, Plant and Equipment 17,431 17,502 Other Noncurrent Assets 1,021 461 Goodwill 1,402 1,310 Total Assets $ 22,448 $ 21,476 Liabilities and Shareholders' Equity Current Liabilities Accounts Payable - Trade $ 1,423 $ 1,161 Other Current Liabilities 791 578 Total Current Liabilities 2,214 1,739 Long-Term Debt 6,858 6,746 Deferred Income Taxes 976 1,127 Other Noncurrent Liabilities 1,013 1,245 Total Liabilities 11,061 10,857 Total Shareholders' Equity 10,362 9,936 Noncontrolling Interests (1) 1,025 683 Total Equity 11,387 10,619 Total Liabilities and Equity $ 22,448 $ 21,476 (1) The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. The public's ownership interest in NBLX is reflected as a noncontrolling interest in the financial statements.
These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on May 1, 2018.
Schedule 3 Noble Energy, Inc. Condensed Statement of Cash Flows (in millions, unaudited)
Three Months Ended
March 31, 2018 2017 Cash Flows From Operating Activities Net Income Including Noncontrolling Interests (1) $ 574 $ 47 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation, Depletion and Amortization 468 528 Asset Impairments 168 — Deferred Income Tax Benefit (157 ) — Loss (Gain) on Commodity Derivative Instruments 79 (110 ) Net Cash Received in Settlement of Commodity Derivative Instruments (28 ) 3 Gain on Divestitures (588 ) — Other Adjustments for Noncash Items Included in Income (2 ) 20 Net Changes in Working Capital 69 48 Net Cash Provided by Operating Activities 583 536 Cash Flows From Investing Activities Additions to Property, Plant and Equipment (787 ) (587 ) Acquisitions, Net of Cash Acquired (2) (650 ) (346 ) Proceeds from Sale of 7.5% Interest in Tamar and Dalit Fields 487 — Proceeds from Sale of CONE Gathering LLC 308 — Proceeds from Divestitures and Other 70 40 Net Cash Used in Investing Activities (572 ) (893 ) Cash Flows From Financing Activities Dividends Paid, Common Stock (48 ) (44 ) Purchase and Retirement of Common Stock (67 ) — Proceeds from Noble Midstream Services Revolving Credit Facility 405 — Contributions from Noncontrolling Interest and Other 333 — Repayment of Revolving Credit Facility (475 ) — Other (40 ) (22 ) Net Cash Provided by (Used in) Financing Activities 298 (66 ) Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 309 (423 ) Cash, Cash Equivalents, and Restricted Cash at Beginning of Period (3) 713 1,210 Cash, Cash Equivalents, and Restricted Cash at End of Period (4) $ 1,022 $ 787 (1) The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. For the three months ended March 31, 2018 and 2017, Net Income includes Net Income Attributable to Noncontrolling Interests in NBLX.
(2) For the three months ended March 31, 2018, acquisitions, net of cash acquired relates to 100 percent of the acquisition of Saddle Butte Rockies Midstream, LLC.
(3) As of the beginning of the periods presented, includes $38 million and $30 million of restricted cash, respectively.
(4) Includes $30 million of restricted cash as of March 31, 2018.
These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on May 1, 2018.
Schedule 4 Noble Energy, Inc. Volume and Price Statistics (unaudited)
Three Months Ended March 31, Sales Volumes 2018 (1)
Post
ASC 606
Adoption 2018 (1)
Pre ASC
606
Adoption 2017
As
Reported Crude Oil and Condensate (MBbl/d) United States Onshore 103 103 75 United States Gulf of Mexico 19 19 24 Equatorial Guinea 15 15 18 Equity Method Investee - Equatorial Guinea 2 2 2 Total 139 139 119 Natural Gas Liquids (MBbl/d) United States Onshore (1) 63 59 47 United States Gulf of Mexico 1 1 2 Equity Method Investee - Equatorial Guinea 5 5 6 Total 69 65 55 Natural Gas (MMcf/d) United States Onshore (1) 482 451 707 United States Gulf of Mexico 22 22 23 Israel 261 261 271 Equatorial Guinea 206 206 244 Total 971 940 1,245 Total Sales Volumes (MBoe/d) United States Onshore 246 237 240 United States Gulf of Mexico 24 24 30 Israel 44 44 46 Equatorial Guinea 49 49 58 Equity Method Investee - Equatorial Guinea 7 7 8 Total Sales Volumes (MBoe/d) 370 361 382 Total Sales Volumes (MBoe) 33,252 32,413 34,334 Price Statistics - Realized Prices (2) Crude Oil and Condensate ($/Bbl) United States Onshore $ 61.50 $ 61.50 $ 48.88 United States Gulf of Mexico 64.55 64.55 49.49 Equatorial Guinea 68.14 68.14 53.42 Natural Gas Liquids ($/Bbl) United States Onshore (1) $ 25.47 $ 26.33 $ 23.85 United States Gulf of Mexico 28.41 29.51 27.05 Natural Gas ($/Mcf) United States Onshore (1) $ 2.60 $ 2.77 $ 3.45 United States Gulf of Mexico 3.54 3.54 3.14 Israel 5.48 5.48 5.32 Equatorial Guinea 0.27 0.27 0.27 (1) On January 1, 2018, we adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective method. As a result of adoption, and effective first quarter 2018, we have changed the presentation of certain sales volumes, revenues and expenses related to sales of natural gas and NGLs based on the control model under ASC 606. For comparability purposes, we have presented revenues, expenses and volumes under the new guidance per ASC 606 as well as under the pre ASC 606 for first quarter 2018. 2017 information has not been recast to reflect this impact.
(2) Average realized prices do not include gains or losses on commodity derivative instruments.
Schedule 5
Noble Energy, Inc.
Reconciliation of Net Income Attributable to Noble Energy and Per Share (GAAP) to
Adjusted Income (Loss) Attributable to Noble Energy and Per Share (Non-GAAP)
(in millions, except per share amounts, unaudited)
Adjusted income (loss) attributable to Noble Energy and per share (Non-GAAP) should not be considered an alternative to, or more meaningful than, net income attributable to Noble Energy and per share (GAAP) or any other measure as reported in accordance with GAAP. Our management believes, and certain investors may find, that adjusted income (loss) attributable to Noble Energy and per share (Non-GAAP) is beneficial in evaluating our operating and financial performance because it eliminates the impact of certain noncash and/or nonrecurring items that management does not consider to be indicative of our performance from period to period. We believe this Non-GAAP measure is used by analysts and investors to evaluate and compare our operating and financial performance across periods. As a performance measure, adjusted income (loss) attributable to Noble Energy and per share (Non-GAAP) may be useful for comparison of earnings and per share to forecasts prepared by analysts and other third parties. However, our presentation of adjusted income (loss) attributable to Noble Energy and per share (Non-GAAP), may not be comparable to similar measures of other companies in our industry.
Three Months Ended
March 31, 2018 2017 Net Income Attributable to Noble Energy (GAAP) $ 554 $ 36 Adjustments to Net Income Gain on Divestitures (588 ) — Loss (Gain) on Commodity Derivative Instruments, Net of Cash Settlements 51 (107 ) Undeveloped Leasehold Impairment — 18 Loss on Investment in Tamar Petroleum Ltd., Net 29 — Asset Impairments 168 — Other Adjustments 18 2 Total Adjustments Before Tax (322 ) (87 ) Current Income Tax Effect of Adjustments (1) 113 (2 ) Deferred Income Tax Effect of Adjustments (1) (173 ) 30 Adjustments to Net Income, After Tax $ (382 ) $ (59 ) Adjusted Net Income (Loss) Attributable to Noble Energy (Non-GAAP) $ 172 $ (23 ) Net Income Attributable to Noble Energy Per Share, Basic and Diluted (GAAP) $ 1.14 $ 0.08 Gain on Divestitures (1.21 ) — Loss (Gain) on Commodity Derivative Instruments, Net of Cash Settlements 0.10 (0.25 ) Undeveloped Leasehold Impairment — 0.04 Loss on Investment in Tamar Petroleum Ltd., Net 0.06 — Asset Impairments 0.34 — Other Adjustments 0.05 0.01 Current Income Tax Effect of Adjustments (1) 0.23 — Deferred Income Tax Effect of Adjustments (1) (0.36 ) 0.07 Adjusted Net Income (Loss) Attributable to Noble Energy Per Share, Diluted (Non-GAAP) $ 0.35 $ (0.05 ) Weighted Average Number of Shares Outstanding, Basic 487 431 Weighted Average Number of Shares Outstanding, Diluted 488 434 (1) Amount represents the income tax effect of adjustments, determined for each major tax jurisdiction for each adjusting item, including the impact of timing and magnitude of divestiture activities.
Schedule 6
Noble Energy, Inc.
Reconciliation of Net Income Including Noncontrolling Interest (GAAP) to Adjusted EBITDAX (Non-GAAP)
(in millions, unaudited)
Adjusted Earnings Before Interest Expense, Income Taxes, Depreciation, Depletion and Amortization, and Exploration Expenses (Adjusted EBITDAX) (Non-GAAP) should not be considered an alternative to, or more meaningful than, net income including noncontrolling interest (GAAP) or any other measure as reported in accordance with GAAP. Our management believes, and certain investors may find, that Adjusted EBITDAX (Non-GAAP) is beneficial in evaluating our operating and financial performance because it eliminates the impact of certain noncash and/or nonrecurring items that management does not consider to be indicative of our performance from period to period. We believe these Non-GAAP measures are used by analysts and investors to evaluate and compare our operating and financial performance across periods. As a performance measure, Adjusted EBITDAX (Non-GAAP) may be useful for comparison to forecasts prepared by analysts and other third parties. However, our presentation of Adjusted EBITDAX (Non-GAAP) may not be comparable to similar measures of other companies in our industry.
Three Months Ended
March 31, 2018 2017 Net Income Including Noncontrolling Interest (GAAP) $ 574 $ 47 Adjustments to Net Income, After Tax (1) (382 ) (59 ) Depreciation, Depletion, and Amortization 468 528 Exploration Expense (2) 35 24 Interest, Net of Amount Capitalized 73 87 Current Income Tax Expense (3) 13 14 Deferred Income Tax Expense (Benefit) (3) 16 (30 ) Adjusted EBITDAX (Non-GAAP) $ 797 $ 611 (1) See Schedule 5: Reconciliation of Net Income (Loss) Attributable to Noble Energy (GAAP) to Adjusted Income (Loss) Attributable to Noble Energy (Non-GAAP).
(2) Represents remaining Exploration Expense after reversal of Adjustments to Net Income, After Tax, above.
(3) Represents remaining Income Tax Expense (Benefit) after reversal of Adjustments to Net Income, After Tax, above.
Capital Expenditures
(in millions, unaudited)
Three Months Ended
March 31, 2018 2017 Organic Capital Expenditures, Attributable to Noble Energy (Accrual Based) $ 781 $ 616 Acquisition Capital Attributable to Noble Energy — 323 NBLX Capital Expenditures (4) 345 60 Total Reported Capital Expenditures (Accrual Based) $ 1,126 $ 999 (4) NBLX Capital Expenditures for the three months ended March 31, 2018 includes $206 million related to the acquisition of Saddle Butte Rockies Midstream, LLC.
Investor Contacts Brad Whitmarsh (281) 943-1670 [email protected] Megan Dolezal (281) 943-1861 [email protected] Lauren Brown (281) 872-3208 [email protected] Media Contacts Reba Reid (713) 412-8441 [email protected] Paula Beasley (281) 876-6133 [email protected]
Source:Noble Energy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-noble-energy-announces-first-quarter-2018-results.html |
JERUSALEM, May 21 (Reuters) - Israel’s Space Communications said on Monday it signed an agreement with a foreign company for satellite communications services from its Amos-17 satellite that is slated to be launched in the second quarter of 2019.
The four-year deal to supply communications services mainly to Africa is worth $55 million and is expected to begin on either July 1, 2019 or at the start of operations of Amos-17, Spacecom said.
If regulatory approvals required are not received by July 15, 2018, either side may terminate the agreement and neither will have any liabilities towards the other.
Amos-17, being manufactured by Boeing and scheduled to be launched by Elon Musk’s SpaceX, is designed to meet the growing communication demands in Africa.
In September 2016, Amos-6 was destroyed days before its scheduled launch when a SpaceX launcher exploded. Spacecom also lost contact with another satellite in 2015.
Spacecom is 64 percent owned by Eurocom Holdings. (Reporting by Steven Scheer; editing by Tova Cohen)
| ashraq/financial-news-articles | https://www.reuters.com/article/space-com-satellite/israels-spacecom-gets-55-mln-deal-for-african-comms-services-idUSL5N1SS0Y3 |
BERLIN (Reuters) - Volkswagen AG’s ( VOWG_p.DE ) Czech division Skoda said it will shift some production of sport-utility vehicles (SUVs) to Germany to meet growing demand for its models.
FILE PHOTO: A car with the Volkswagen VW logo badge is seen on display at the North American International Auto Show in Detroit, Michigan, U.S., January 16, 2018. REUTERS/Jonathan Ernst/File Photo Executives at Europe’s largest automotive group and its Czech subsidiary have been looking at ways to boost output at Skoda, including building a new factory outside the brand’s Czech home, to help it keep up with booming demand, company sources told Reuters in March. [nL8N1R01PN]
On Monday, Skoda said it will assign some production of its latest Karoq SUV to a Volkswagen (VW) plant in Germany’s northwestern town of Osnabrueck starting at the end of this year and in 2019 to meet high demand for the model.
The VW factory in Osnabrueck, which also builds the Porsche Cayenne SUV, will paint and assemble the Skoda Karoq, but the move will only be temporary with the bulk of Karoq production set to remain in the Czech Republic, Skoda said.
Volume brand Skoda has blossomed under nearly 30 years of VW ownership to become one of the German group’s profit drivers, even beating luxury brand Audi’s ( NSUG.DE ) operating margin, thanks to cheap labour and to VW’s cost-saving modular platforms.
Skoda’s superior car reviews and profitability repeatedly caused tensions within the VW group as the core namesake brand grapples with costs for the “Dieselgate” scandal while pushing painful restructuring involving thousands of job cuts.
Last year, VW managers and labour representatives were seeking to curb competition from Skoda by moving some of its production to Germany and make the Czech unit pay more for shared technology, sources told Reuters. [nL8N1MF54T]
Reporting by Andreas Cremer; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://in.reuters.com/article/volkswagen-skoda/vws-skoda-shifts-some-suv-production-to-germany-idINKBN1I129P |
WASHINGTON, May 15 (Reuters) - The United States is not seeking a trade war with China and top U.S. officials are looking to make a deal with Beijing, White House economic adviser Larry Kudlow said on Tuesday as talks between the two nations were set to resume.
Kudlow also said that the United States and China should both take down trade barriers as part of any agreement. “Everyone is looking for some kind of deal,” he told Politico in an interview, adding that no agreement had been reached yet. (Reporting by Susan Heavey and Doina Chiacu)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-kudlow/white-house-adviser-u-s-wants-china-trade-deal-as-talks-resume-idUSS0N1QH00J |
A stone's throw from London's busiest shopping district lies the Great Britain (GB) headquarters of one of the world's most recognized brands: Coca-Cola.
Situated above a disused underground railway station on Wimpole Street near Oxford Circus, more than 200 Coca-Cola employees gather inside the renovated 1920s building each weekday.
Courtesy of Coca-Cola GB (Credit: Gilbert McCarragher) Welcome to Coca-Cola's reception at its London offices. Fun fact, the light sculpture by Stuart Haygarth, features over 80,000 acrylic ice chunks and are suspended on ultra fine wires and illuminated by LEDs. Spanning four floors, the London bureau of one of the world's largest beverage makers is teeming with cultural references to the Coca-Cola brand, from the Coke bottle light bulbs and tabletop figurines made from aluminum cans, to a heritage wall that has memorabilia stretched over three storys.
And that's exactly what the company's architects wanted to achieve when designing the office.
"It reflects our culture and brand, while celebrating our heritage as well as our future — so it shows where we've been over the past 130 years and where we're going to be," Sean Kellett, online content editor at Coca-Cola Great Britain, told CNBC Make It.
He added that it was a "vibrant, modern office" that reflected the essence of London.
Credit: Nikhilesh Haval (Courtesy of MoreySmith) The three-storey Heritage Wall at Coca-Cola's GB HQ in London contains memorabilia from many decades — both old and new. The drinks conglomerate dates back to 1886 — the GB headquarters' heritage wall includes advertisements from the 1940s and beverage-themed album covers, alongside recently-commissioned art installations. A dose of daily inspiration for workers, if you will.
Coca-Cola London has 21 meeting rooms, each kitted out with the latest technology for employees to get in touch with colleagues based around the globe. The office also features quiet rooms to large collaborative spaces.
"The open plan makes it more collaborative. So, I think the idea is actually that you can go up and speak to your colleagues rather than just sending loads of emails. It's brought different teams together as well," Charlotte Davies, communications manager at Coca-Cola Great Britain, said.
Courtesy of Coca-Cola GB An open-office plan layout at Coca-Cola's GB HQ in London "We are now in the West End, which means that you feel that there's a real buzz, so staff feel like they're in the thick of it. It's where a lot of big brands are, a lot of major agencies," she added, saying that after moving offices in 2014 from Hammersmith in west London, Wimpole Street feels like "the right place for a brand like Coca-Cola."
With the London team responsible for more than 80 drinks across 20 brands , it's useful to receive input from colleagues before products go onto supermarket shelves.
The London marketing team displays digital adverts in the office to get feedback from other members of staff. And there's even a fridge tucked away that contains yet-to-be-released, secret beverages.
Credit: Brown Brogue (Courtesy of MoreySmith) An open-office plan layout at Coca-Cola's GB HQ in London Staff have access to an array of facilities that help promote a healthy lifestyle. The Wimpole Street office has changing rooms so those who cycle to work, or use one of the subsidized gym memberships nearby, can freshen up on-site.
Also, its Contour Theater space has stepped-seating that can be used for exercises classes, presentations, watching movies or just having a conversation.
The cafeteria offers a range of foods, from salads and sandwiches, to hot dishes — all at an affordable price. In fact, being a major consumer group, coffee, tea, fresh fruit and Coca-Cola's beverage brands are on every floor — a fingertip away for employees, and all of which are free.
Courtesy of Coca-Cola GB At Coca-Cola's GB HQ, there's always time to sit down and chat with colleagues at lunchtime. Coca-Cola is one of many companies doing its bit to promote conservation, with sustainability a paramount responsibility for its London team.
At Wimpole Street, the beverage giant has a number of features demonstrating its commitment to the environment, including floors made of reclaimed timber, electricity generated from solar panels and rainwater that's harvested.
The office also has a rooftop terrace, that all employees can walk around and which features a living wall and bee-friendly plants dotted around, along with seating areas that have chairs made from recycled bottles.
Courtesy of Coca-Cola GB At Coca-Cola's GB HQ, staff can relax out in the open on the roof terrace There's even an apple orchard so once the fruit is ripe, chefs in the cafe can make all sorts of treats, including jams, chutneys and pies.
It offers stunning views across central London and plays host to events from drinking receptions and barbecues, to staging the annual Christmas party.
—CNBC's Tom Chitty contributed to this report
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May 17 (Reuters) - Rush Enterprises Inc:
* RUSH ENTERPRISES, INC. REPORTS THE PASSING OF ITS FOUNDER W. MARVIN RUSH Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rush-enterprises-reports-the-passi/brief-rush-enterprises-reports-the-passing-of-its-founder-w-marvin-rush-idUSFWN1SO0YA |
May 9, 2018 / 12:34 PM / in 23 minutes Russia's Putin held brief meeting with Iraqi Kurdistan PM: TASS Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russian President Vladimir Putin held a brief meeting with the prime minister of Iraq’s semi-autonomous Kurdistan region, Nechirvan Barzani, in Moscow on Wednesday, a Kremlin spokesman is quoted as saying by TASS news agency. FILE PHOTO: Russian President Vladimir Putin takes the oath during an inauguration ceremony at the Kremlin in Moscow, Russia May 7, 2018. Sputnik/Ekaterina Shtukina/Pool via REUTERS
On Tuesday, a Kurdistan regional government official said that Barzani would travel to Moscow at the request of Rosneft chief Igor Sechin.
Rosneft is a major investor in Iraqi Kurdistan and controls its oil pipelines. The company did not immediately respond to a request for comment. Reporting by Vladimir Soldatkin; Editing by Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-kurdistan/russias-putin-held-brief-meeting-with-iraqi-kurdistan-pm-tass-idUSKBN1IA1UO |
DENVER, May 14, 2018 /PRNewswire/ -- Cologix , a network neutral interconnection and data center company, announced today that Lisa Guillaume has joined the company as Chief Marketing Officer. In this role, she will lead the global product and marketing strategy for the Company.
For the past two decades, Lisa has been on the forefront of the communications and technology industries with a strong background in networking, colocation, cloud, and SaaS. Her core responsibilities will include brand and corporate communications, go-to-market strategy, product portfolio management, and sales & channel enablement.
"As we continue to focus on driving more growth and expansion throughout our business, there is not a more qualified leader than Lisa to lead product strategy and elevate our brand, and I am thrilled that she has joined our team," stated Grant van Rooyen, Chairman & CEO of Cologix. "Her impressive track record of building high-impact products coupled with her passion for the customer experience will play a critical role in our next step of innovation and growth."
Prior to joining Cologix, Lisa served as Chief Product Officer for Relay Network, an enterprise SaaS provider for B2C mobile communications. Lisa has also held key leadership roles in product and marketing at Digital Globe, Level 3 Communications (now Century Link), Sterling Rice Group and operated a marketing and strategy consultancy firm primarily focused on the data center and colocation provider brand transformation.
"Cologix has a uniquely compelling network and cloud connectivity story and a distinct competitive advantage in the markets we operate in," said Guillaume. "I look forward to working with our experienced team and driving product and marketing initiatives in order to continue the support and growth of our customers as well as continuing to build the robust ecosystems within our data centers."
About Cologix Inc.
Cologix provides reliable, secure, scalable data center and interconnection solutions from 25 prime interconnection locations across 9 strategic North American edge markets. Over 1,600 leading network, managed services, cloud, media, content, financial services and enterprise customers trust Cologix to support their business critical infrastructure and connect them to customers, vendors and partners. Our dedicated, experienced local teams and scalable solutions enable us to provide industry-leading customer service and the ability to successfully support customers at the Internet's new edge. For a tour of one of our data centers in Columbus, Dallas, Jacksonville, Lakeland, Minneapolis, Montreal, New Jersey, Toronto or Vancouver visit www.cologix.com or email [email protected] . Follow Cologix on LinkedIn and Twitter .
View original content with multimedia: http://www.prnewswire.com/news-releases/cologix-appoints-industry-veteran-lisa-guillaume-as-chief-marketing-officer-300647577.html
SOURCE Cologix | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-cologix-appoints-industry-veteran-lisa-guillaume-as-chief-marketing-officer.html |
(Repeats with no changes to text. The opinions expressed here are those of the author, a columnist for Reuters.)
By Clyde Russell
LAUNCESTON, Australia, May 30 (Reuters) - Next month’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) is being touted as key to the outlook for crude oil prices, but a strong indication of what’s likely will come next week.
Saudi Aramco, the state-owned producer of the world’s largest crude exporter, will release its official selling prices (OSPs) for July-loading cargoes, and these in turn largely set the prices for much of the exports from the Middle East.
The problem with set-piece meetings like the OPEC gathering on June 22 in Vienna is that they focus tremendously on what is said, rather than what is actually done.
The OSPs, on the other hand, show exactly what the Saudis are doing in the oil market, and in some ways are a more important signal.
The Saudis have an opportunity with the July OSPs, likely to be released next week, to show they are serious about two issues currently dominating crude oil markets.
These are concerns about the tightness of global supply, especially in light of Venezuela’s woes and the possible curtailment of Iranian exports, and the rising importance of the United States as an exporter, particularly to the major consuming region of Asia.
In recent months, Saudi Aramco has been lifting its OSPs to Asia, with the price for its benchmark Arab Light grade being set for June cargoes at a premium of $1.90 a barrel to the Oman/Dubai average, the highest since August 2014.
This increase was viewed by several refining customers as unexpectedly large, with Sinopec, Asia’s largest refiner, showing its displeasure by cutting the volumes of Saudi crude it would lift in June, the second month in a row it decided against taking its normal allocation.
If Saudi Arabia is serious about raising crude output and boosting supply, one sure way of signalling this would be a sharp lowering in the OSP for July cargoes, with the cut being bigger than what would be justified by market fundamentals.
Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak met last week in St. Petersburg and discussed a gradual easing of the output curbs OPEC and its allies agreed to in November 2016, according to sources.
This led to crude prices stumbling, with Brent dropping 4.3 percent from $78.79 a barrel at the close on May 24 to $75.39 at the finish on Tuesday.
BALANCING ACT The trick for the Saudis, the rest of OPEC and their Russian allies, is to ensure that crude prices remain anchored as close to $80 a barrel as possible, which seems to be a level that is a good compromise between meeting the fiscal needs of the producers without being high enough to prompt too much demand destruction.
The Saudis also have to balance the geopolitics of oil, striking a balance between their need for relatively high prices against the support of U.S. President Donald Trump in their struggle against regional rival Iran.
In some ways the wild card for the oil markets currently is the United States, which is becoming an increasingly important player in Asian markets.
Record U.S. crude shipments to Asia are expected in the coming months, with a senior executive at a U.S. oil company estimating that the country will ship some 2.3 million barrels per day (bpd) in June, of which 1.3 million bpd will head to Asia.
Vessel-tracking and port data compiled by Thomson Reuters Oil Research and Forecasts show that about 620,000 bpd of U.S. crude headed to Asia in the first five months of 2018, up from just 259,000 bpd in the same period last year.
However, if U.S. crude exports to Asia do surge to more than 1 million bpd in coming months, this could provide the Saudis and the Russians with an added incentive to make more oil available to the market, and at a more competitive price.
Again, there is a geopolitical angle, with China, the world’s biggest crude importer, under political pressure by President Trump pressure to buy more from the United States in order to lower the U.S. trade deficit with China.
At the same time the Chinese have made their unhappiness with the recent Saudi price increases quite clear, meaning they would most likely want to see a substantial reduction before boosting their volumes from the kingdom.
Editing by Joseph Radford
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/column-russell-crude-asia/rpt-column-saudis-can-take-action-on-crude-prices-us-exports-ahead-of-opec-words-russell-idUSL3N1T12E0 |
AUSTIN, Texas, May 17, 2018 /PRNewswire/ -- Quantum Retail Technology, Inc. announced today the acquisition of San Francisco-based, leading Commerce-as-a-Service provider, Symphony Commerce, Inc.
Quantum Retail is an affiliate of Versata, which is part of the ESW Capital group of companies, one of the largest privately held enterprise software companies in the world. ESW Capital's strategy is to acquire best-of-breed software solutions, which possess the potential for further growth through increased investment and an obsessive focus on Customer Success.
Symphony Commerce is the leading provider of Commerce as a Service and was created by the visionary and technical team behind Amazon's ordering and fulfillment systems.
Trusted by enterprise and mid-size brands in the fashion and apparel, durables and consumer packaged goods segments, its cloud platform orchestrates commerce across multi-channel storefronts, orders, inventory and fulfillment. With Symphony Commerce, brands are free from the burden of infrastructure management and gain the data and services needed to operate and grow their business.
"I am excited about the opportunity to integrate Symphony's commerce platform with Quantum Retail's supply chain and inventory optimization. Our brands will benefit from the end-to-end intelligent commerce," said Ken Fine, Symphony Commerce CEO.
Leela Kaza, CEO of Quantum Retail and longtime veteran of Versata and its parent company, ESW Capital, will assume the role of CEO for Symphony Commerce. "I am pleased to welcome the Symphony Commerce brand into the Versata family and broader ESW Capital group of companies. We are confident that the addition of Quantum's advanced retail science to the Symphony Platform will offer our customers unprecedented value and competitive advantage," said Kaza.
About Quantum Retail Technology, Inc.:
Quantum Retail Technology is the industry's leading innovator of retail-focused supply chain management and inventory optimization solutions. Our retail platform software is designed to increase retailer's profitability in an increasingly dynamic marketplace. Quantum clients include many of the world's top retailers. For more information, visit www.quantumretail.com .
About Versata:
With a global presence covering 45 countries, Versata solves complex business problems for the world's largest organizations. Versata distinguishes itself in the software industry by focusing on customer priorities as driven by value delivered. Our market-leading Customer Success program ensures customer involvement in product decisions and business priorities and provides opportunities for customers to score Versata's performance against commitments. Versata's world-class engineering capability ensures substantive and valuable product releases, continuous innovation and repeatable value propositions. For more information, visit www.versata.com .
About ESW Capital, LLC:
Based in Austin, Texas, Enterprise Software (ESW) Capital has honed a finely-tuned methodology focused on buying, strengthening and growing mature business software companies. By taking advantage of its unique operating and development platforms, ESW revitalizes its acquisitions for sustainable success while making customer satisfaction a top priority. ESW and its affiliated companies have been in the enterprise software space since 1988, and the group includes notable brands such as Aurea, Trilogy, Versata and Ignite Technologies. For more information, visit www.eswcapital.com .
View original content: http://www.prnewswire.com/news-releases/quantum-retail-technology-inc-announces-acquisition-of-symphony-commerce-300650817.html
SOURCE Quantum Retail Technology, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-quantum-retail-technology-inc-announces-acquisition-of-symphony-commerce.html |
May 23, 2018 / 11:09 AM / Updated 7 minutes ago Consumer groups asks U.S. agency to probe Tesla 'Autopilot' ads David Shepardson , Alexandria Sage 3 Min Read
SAN FRANCISCO (Reuters) - Two U.S. consumer advocacy groups urged the Federal Trade Commission on Wednesday to investigate what they called Tesla Inc’s ( TSLA.O ) “deceptive and misleading” use of the name Autopilot for its assisted-driving technology. FILE PHOTO: A Tesla logo is seen in Los Angeles, California U.S. January 12, 2018. REUTERS/Lucy Nicholson
The Center for Auto Safety and Consumer Watchdog, both non-profit groups, sent a letter to the FTC saying that consumers could be misled into thinking, based on Tesla’s marketing and advertising, that Autopilot makes a Tesla vehicle self-driving.
Autopilot, released in 2015, is an enhanced cruise-control system that partially automates steering and braking. Tesla states in its owner’s manual and in disclaimers that when the system is engaged, a driver must keep hands on the wheel at all times while using Autopilot.
But in the letter, the groups said that a series of ads and press releases from Tesla as well as statements by the company’s chief executive, Elon Musk, “mislead and deceive customers into believing that Autopilot is safer and more capable than it is known to be.”
“Tesla is the only automaker to market its Level 2 vehicles as ‘self-driving’, and the name of its driver assistance suite of features, Autopilot, connotes full autonomy,” the letter read.
“The burden now falls on the FTC to investigate Tesla’s unfair and deceptive practices so that consumers have accurate information, understand the limitations of Autopilot, and conduct themselves appropriately and safely,” it read.
Tesla was not immediately available for comment.
Two U.S. Tesla drivers have died in crashes in which Autopilot was engaged. The most recent crash, in March, is being investigated by safety regulators.
Tesla has said the use of Autopilot results in 40 percent fewer crashes, a claim the U.S. National Highway Traffic Safety Administration repeated in a 2017 report on the first fatality, which occurred in May 2016. Earlier this month, however, the agency said regulators had not assessed the effectiveness of the technology.
Last month, another group, Consumers Union, the advocacy division of Consumer Reports, called on Tesla to improve the safety of its Autopilot system.
Shares of Tesla fell nearly 1 percent to $273.40 (205.2 pounds) premarket on Wednesday. Writing by Alexandria Sage; Editing by Leslie Adler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tesla-autopilot/consumer-groups-asks-u-s-agency-to-probe-tesla-autopilot-ads-idUKKCN1IO1IY |
NEW YORK, May 1, 2018 /PRNewswire/ -- Her Justice, a nonprofit organization that this year celebrates 25 years of providing free legal help to women living in poverty in NYC, is thrilled to honor Kelley A. Cornish, Partner in the Bankruptcy and Corporate Reorganization Department at Paul, Weiss, Rifkind, Wharton & Garrison LLP, at its Annual Photography Auction & Benefit on May 3 rd .
Recently named "Woman of the Year in Restructuring" by the International Women's Insolvency and Restructuring Confederation, Kelley has been a stalwart supporter of Her Justice for many years. Hosted by MSNBC anchor and political analyst Nicolle Wallace , the event also features special guest Billie Jean King .
"I am deeply touched to have been selected as this year's Honoree," said Kelley Cornish . "I've supported the work of Her Justice since its inception, and am proud to partner with my colleagues at Paul, Weiss to provide assistance to, and protect the rights of, women living in poverty in NYC."
Photographs by many renowned artists are up for auction this year. From a portrait by Bob Gruen of rocker Tina Turner, and a haunting cloudscape by Tabitha Soren, to Gillian Laub's uncommon portrait of the Obamas, it's a stunning collection.
"The work of Her Justice is crucial because without us, our clients would be on their own, trying to navigate the courts and legal systems. And when they go it alone, they come up short," said Executive Director, Amy Barasch. "Her Justice connects committed professionals to women facing incredible barriers. When we shift our power to our clients, it is transformative. Our 25th anniversary is a time to take pride in how our innovative approach to addressing women's legal needs has not only endured but flourished, and challenge ourselves to be as innovative for the next 25 years."
About Her Justice
Her Justice is a nonprofit organization that takes a 'pro bono first' approach to the provision of free legal services to women living in poverty in all five boroughs of New York City. The staff of 20 lawyers, legal assistants, and other non-legal professionals, along with hundreds of volunteer attorneys, ensure that more than 3,000 women every year receive free legal help in family, divorce and immigration matters.
Contact: Sharon Rainey, [email protected] , 646 442-1160
View original content with multimedia: http://www.prnewswire.com/news-releases/her-justice-honors-kelley-cornish-at-its-annual-photography-auction--benefit-300639515.html
SOURCE Her Justice | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-her-justice-honors-kelley-cornish-at-its-annual-photography-auction-benefit.html |
What do the #MeToo movement and the election of Donald Trump have in common? Both are the result of a powerful emotional response. In the first case, women have sought retribution for being harassed or abused. In the second, a bloc of white working-class male voters have expressed anger at the direction of America’s economy and culture.
Both groups feel injured or overlooked—often in mutually exclusive ways. Indeed, that is the point. Strong feelings bring people into conflict. Rational discussion and institutions like the... | ashraq/financial-news-articles | https://www.wsj.com/articles/its-the-era-of-feelings-and-not-necessarily-good-ones-1525472266 |
May 27, 2018 / 7:19 PM / Updated 29 minutes ago Leaders of Spain's Podemos win confidence vote after house purchase queried Reuters Staff 2 Min Read
BARCELONA (Reuters) - Two leaders of Spain’s left-wing Podemos party, which was born out of opposition to austerity during the financial crisis, won on Sunday a confidence vote called after they bought a house for over 600,000 euros (525,287.44 pounds) near Madrid. Podemos (We can) party members Pablo Iglesias and Irene Montero attend a press conference regarding the purchase of a house for over 600,000 euros (525,336 pounds) in Madrid, Spain, May 19, 2018. REUTERS/Stringer
Party leader Pablo Iglesias and his partner, Podemos’ spokesperson Irene Montero, won 68 percent of almost 190,000 votes cast. Respondents were asked: “Do you think Pablo Iglesias and Irene Montero should continue as party leader and party spokesperson?”
Podemos called the vote last week after critics accused Iglesias and Montero of hypocrisy and betraying their left-wing principles by purchasing the property. The couple, defending the purchase, said the home was for their own use and was not a speculative move into real estate.
Pablo Echenique, Podemos’s secretary of organisation, described the result as “historic” in a post on Facebook on Sunday, saying the party would continue working to challenge Spain’s conservative government. Reporting by Sam Edwards; Writing By Richard Balmforth; Editing by Susan Fenton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-spain-politics-podemos/leaders-of-spains-podemos-win-confidence-vote-after-house-purchase-queried-idUKKCN1IS0QW |
Shortly after Justify splashed home in the mud to win the Kentucky Derby on May 5, there weren’t many trainers anxious to run against the undefeated colt in Saturday’s $1.5 million Preakness Stakes.
Kieran McLaughlin, trainer of 14th place Derby finisher Enticed, called Justify “a freak,” while Dale Romans, trainer of 15th place Promises Fulfilled, said the Derby winner was a “super horse.”
But... | ashraq/financial-news-articles | https://www.wsj.com/articles/derby-winner-justify-is-back-on-track-for-the-preakness-1526643446 |
Ironwood Shareholders Re-Elect All Three Ironwood Director Nominees
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Ironwood Pharmaceuticals , Inc. (NASDAQ: IRWD), a commercial biotech company, today announced that, based on the vote count following the 2018 Annual Meeting of Shareholders, shareholders voted to re-elect all three of Ironwood’s director nominees: Lawrence Olanoff, M.D., Ph.D., Amy Schulman and Douglas Williams, Ph.D.
Commenting on the results, Ironwood issued the following statement:
On behalf of the entire Ironwood Board of Directors and management team, we thank our shareholders for their valuable insights and support over these past several weeks. We look forward to continuing to engage with our shareholders as we seek to deliver on our 2018 goals and to execute on our intent to separate Ironwood into two focused and durable businesses each with substantial opportunity for long-term growth and value creation.
About Ironwood Pharmaceuticals
Ironwood Pharmaceuticals (NASDAQ: IRWD) is a commercial biotechnology company focused on creating medicines that make a difference for patients, building value for our fellow shareholders, and empowering our passionate team. We are commercializing two innovative primary care products: linaclotide, the U.S. branded prescription market leader for adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC), and lesinurad, which is approved to be taken with a xanthine oxidase inhibitor (XOI), or as a fixed-dose combination with allopurinol, for the treatment of hyperuricemia associated with gout. We are also advancing a pipeline of innovative product candidates in areas of significant unmet need, including uncontrolled gastroesophageal reflux disease, diabetic nephropathy, heart failure with preserved ejection fraction, achalasia and sickle cell disease. Ironwood was founded in 1998 and is headquartered in Cambridge, Mass. For more information, please visit www.ironwoodpharma.com or www.twitter.com/ironwoodpharma ; information that may be important to investors will be routinely posted in both these locations.
Forward-Looking Statements
This press release contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about delivering on Ironwood’s 2018 goals, and execution on and benefits of a separation. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include those related to the possibility that we may not complete the separation on the terms or timeline currently contemplated if at all, achieve the expected benefits of a separation, and that a separation could harm our business, results of operations and financial condition; the risk that the transaction might not be tax-free; the risk that we may be unable to make, on a timely or cost-effective basis, the changes necessary to operate as independent companies; R&D Co.'s lack of independent operating history and the risk that its accounting and other management systems may not be prepared to meet the financial reporting and other requirements of operating as an independent public company; the risk that a separation may adversely impact our ability to attract or retain key personnel; the effectiveness of development and commercialization efforts by us and our partners; preclinical and clinical development, manufacturing and formulation development; the risk that findings from our completed nonclinical and clinical studies may not be replicated in later studies; efficacy, safety and tolerability of our products and product candidates; decisions by regulatory and judicial authorities; the risk that we are unable to successfully commercialize lesinurad or realize the anticipated benefits of the lesinurad transaction; the risk that we may never get sufficient patent protection for our products and product candidates or that we are not able to successfully protect such patents; the outcomes in legal proceedings to protect or enforce the patents relating to our products and product candidates, including ANDA litigation; developments in the intellectual property landscape; challenges from and rights of competitors or potential competitors; the risk that our planned investments do not have the anticipated effect on our company revenues, our products and product candidates; the risk that we are unable to manage our operating expenses or cash use for operations, or are unable to commercialize our products, within the guided ranges or otherwise as expected; and the risks listed under the heading "Risk Factors" and elsewhere in Ironwood's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, and in our subsequent SEC filings. These forward-looking statements (except as otherwise noted) speak only as of the date of this press release, and Ironwood undertakes no obligation to update these forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005763/en/
Investors:
Meredith Kaya, 617-374-5082
Vice President, Investor Relations and Corporate Communications
[email protected]
or
Media:
Joele Frank, Wilkinson Brimmer Katcher
Andi Rose / Mahmoud Siddig
212-355-4449
Source: Ironwood Pharmaceuticals | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-ironwood-pharmaceuticals-announces-results-of-2018-annual-meeting-of-shareholders.html |
Consumer Reports: Tesla Model 3 has "big flaws" Monday, May 21, 2018 - 01:54
Consumer Report on Monday gave Tesla's Model 3 a crushing review saying it was a thrill to drive but had ''big flaws''.
Consumer Report on Monday gave Tesla's Model 3 a crushing review saying it was a thrill to drive but had "big flaws". //reut.rs/2IEwQWc | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/21/consumer-reports-tesla-model-3-has-big-f?videoId=429146268 |
NEW YORK, May 21, 2018 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Limited Duration Preferred and Income Fund, Inc. (NYSE: LDP) (the "Fund") with information regarding the sources of the distribution to be paid on May 31, 2018 and cumulative distributions paid fiscal year-to-date.
In December 2016, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares.
The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.
At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.
DISTRIBUTION ESTIMATES
May 2018
YEAR-TO-DATE (YTD)
May 31, 2018*
Source
Per Share
Amount
% of Current
Distribution
Per Share
Amount
% of 2018
Distributions
Net Investment Income
$0.1301
83.40%
$0.5762
73.87%
Net Realized Short-Term Capital Gains
$0.0000
0.00%
$0.0000
0.00%
Net Realized Long-Term Capital Gains
$0.0053
3.40%
$0.0907
11.63%
Return of Capital (or other Capital Source)
$0.0206
13.20%
$0.1131
14.50%
Total Current Distribution
$0.1560
100.00%
$0.7800
100.00%
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.
* THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES
The Fund's Year-to-date Cumulative Total Return for fiscal year 2018 (January 1, 2018 through April 30, 2018) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2018. In addition, the Fund's Average Annual Total Return for the five-year period ending April 30, 2018 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2018. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV). The Fund's NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's individual investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.
Fund Performance and Distribution Rate Information:
Year-to-date January 1, 2018 to April 30, 2018
Year-to-date Cumulative Total Return 1
–0.82%
Cumulative Distribution Rate 2
2.97%
Five-year period ending April 30, 2018
Average Annual Total Return 3
8.12%
Current Annualized Distribution Rate 4
7.12%
1.
Year-to-date Cumulative Total Return is the percentage change in the Fund's NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.
2.
Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2018 through May 31, 2018) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of April 30, 2018.
3.
Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending April 30, 2018. Annual NAV Total Return is the percentage change in the Fund's NAV over a year including distributions paid and assuming reinvestment of those distributions.
4.
The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV as of April 30, 2018.
Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com . These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.
Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.
Website: http://www.cohenandsteers.com
Symbol: (NYSE: CNS)
About Cohen & Steers. Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle.
View original content: http://www.prnewswire.com/news-releases/cohen--steers-limited-duration-preferred-and-income-fund-inc-ldp-notification-of-sources-of-distribution-under-section-19a-300652226.html
SOURCE Cohen & Steers | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-cohen-steers-limited-duration-preferred-and-income-fund-inc-ldp-notification-of-sources-of-distribution-under-section-19a.html |
May 3 (Reuters) - Tesla Inc Chief Executive Elon Musk’s refusal to take questions from analysts about the electric car maker’s financial condition drew sharp criticism from Wall Street analysts and investors on Thursday, pushing its stock down 7 percent.
In a conference call on Wednesday, Musk refused to answer questions from analysts on Tesla’s capital requirements, saying “boring questions are not cool.”
Cowen analyst Jeffrey Osborne dubbed Wednesday’s call, in which Musk talked of “barnacles, flufferbots, and bonehead bears”, surreal. Morgan Stanley’s Adam Jonas said it was the most unusual call he had heard in 20 years in the business.
At least three brokerages lowered their price targets on the stock. Of 27 brokerages covering the stock, nine have a “buy” or higher rating, 10 “hold” and eight have “sell” or lower.
“Tesla refused to address analyst questions on capex, cash burn and other ‘boring bonehead questions,’” Osborne said.
The call came after Tesla forecast a reduction of capital expenses for the year and affirmed that it will turn a profit in the second half of the year.
The company’s shares were down $19 at $282 in premarket trading. The stock has lost more than a quarter of its value since touching a high of $389.61 in September, mainly due to reports of bottlenecks around its Model 3 production.
“Investor feedback to the call was shock that a CEO would be dismissive and the general sentiment was that the defensiveness spoke volumes,” said RBC Capital Markets analyst Joseph Spak, who lowered his price target on Tesla shares 8 percent to $280.
In a note titled “The Importance of ‘Boring’ Questions,” Morgan Stanley’s Jonas called into question Tesla’s financial standing.
“While they may be ‘dry’ in nature, we argue such questions are extremely important for a highly-levered and cash-hungry company,” Jonas said.
Tesla is burning cash as it tries to ramp up production of its Model 3 electric car that is seen as crucial to the company’s growth and future profits.
Free cash flow, a key metric of financial health, widened to negative $1 billion in the first quarter from negative $277 million in the fourth quarter, excluding costs of systems for its solar business.
Musk had said Tesla does not need to raise cash this year.
Tesla has raised capital each year since its initial public. offering and issued debts twice in 2017.
The company plans to reach its weekly goal of producing 5,000 Model 3 cars in two months, after revising the target several times.
Tesla’s use of robots to assemble Model 3s has led to more complexity and delays, which Musk acknowledged last month.
“We believe that Tesla is essentially learning how to become a manufacturing company on the fly,” said Spak. “While we don’t have meaningful reason to doubt that Tesla can eventually achieve its targets, doing so in a timely manner without some growing pains could prove challenging.” (Reporting by Supantha Mukherjee in Bengaluru; Editing by Anna Driver)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/tesla-results-research/tesla-faces-angry-wall-street-as-ceo-musk-snubs-analysts-on-call-idUSL3N1SA4B3 |
May 3, 2018 / 1:56 PM / Updated 6 minutes ago Afghan forces say foil attacks on government building, hospital Reuters Staff 2 Min Read
KABUL (Reuters) - Afghan security forces arrested seven suspected militants who were planning to attack a government-run hospital and an interior ministry office in the capital Kabul on Thursday, officials said.
The arrests come two days after twin blasts near government buildings in Kabul killed at least 26 people including nine journalists.
Hundreds of people have been killed and wounded in a series of high profile attacks in Kabul in recent months, exposing the inability of security officials and the government to pre-empt or prevent them.
Last month, the Taliban announced the start of its annual spring offensive or the fighting season, saying it will target U.S. forces in Afghanistan.
On Thursday, officials at the National Directorate of Security (NDS) said the seven alleged militants were interrogated and confessed plans to attack an old compound of the interior ministry and the Ghazi Amanullah Khan hospital that provides treatment to Afghan security forces.
The arrested men, according to the NDS statement, were brought to Kabul by a facilitator after they were equipped to mount attacks and become suicide bombers.
An NDS official said the seven youths were trained in different madrassas (religious schools) located in Chaman district, situated on the Afghanistan-Pakistan border.
Afghanistan’s Western-backed government has long accused Pakistan of harboring Afghan Taliban insurgents, a charge that Islamabad denies.
Islamabad, in turn, accuses Afghanistan of not doing enough to eradicate Pakistani Taliban militants, many of whom are based in Afghanistan and mostly carry out attacks inside Pakistan. Reporting by Qadir Sediqi; Writing by Rupam Jain; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://www.reuters.com/article/us-afghanistan-security/afghan-forces-say-foil-attacks-on-government-building-hospital-idUSKBN1I41PM |
Futures Now, May 15, 2018 14 Hours Ago Hedge fund manager Dan Niles warns bull market's on borrowed time. Wells Fargo's Michael Schumacher says the 10-year at a 7-year high is a 'call to action.' And gold just hit its lowest level of the year. With CNBC's Jackie DeAngelis and the Futures Now Traders, Jim Iuorio and Brian Stutland, both at the CME. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/futures-now-may-15-2018.html |
Dow slips as Cisco and Walmart shares slide, rates rise 4 Hours Ago 01:07 01:07 | 2 Mins Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/dow-slips-as-cisco-and-walmart-shares-slide-rates-rise.html |
SANTA FE, Texas—If the bullet that passed through the back of Rome Shubert’s head had taken a different trajectory of even a millimeter, he would have been paralyzed or killed, the doctors told him. Mr. Shubert, 16 years old, was shot in the head by the gunman who opened fire at Santa Fe High School—and he lived to talk about it.
“The doctors said it was the perfect shot,” Mr. Shubert said from his home here Friday afternoon. “I’m just glad I’m alive.”
... RELATED VIDEO A shooting at a high school in Santa Fe, Texas, Friday morning left at least 10 dead and others injured. The suspect identified as 17-year-old Dimitrios Pagourtzis, a student at the high school, is in custody. Photo: Associated Press. | ashraq/financial-news-articles | https://www.wsj.com/articles/a-miracle-in-texas-star-high-school-baseball-player-survives-gunshot-to-the-head-1526688764 |
May 27, 2018 / 5:59 PM / Updated 43 minutes ago Trump's 'Spygate' is a 'diversion tactic': Senator Flake Reuters Staff 4 Min Read
WASHINGTON (Reuters) - Republican U.S. Senator Jeff Flake, who has not ruled out running against Donald Trump for the White House, on Sunday criticized as a “diversion tactic” the president’s unsubstantiated allegation last week of an FBI “spy” being planted in his election campaign. U.S. Senator Jeff Flake (R-AZ) speaks with a reporter as he arrives for the weekly Senate Republican caucus luncheon at the U.S. Capitol in Washington, U.S., May 22, 2018. REUTERS/Jonathan Ernst
Flake’s comments, on NBC’s “Meet the Press,” put him again at the forefront of very few Republican lawmakers willing to openly challenge Trump over his attacks on law enforcement officials who are investigating Russian meddling in the 2016 U.S. election and possible collusion by the Trump campaign.
The investigation was begun by the FBI in July 2016, but handed over by the Justice Department to Special Counsel Robert Mueller in May 2017 after Trump fired FBI Director James Comey.
Flake said Trump’s unfounded allegations about FBI spying on his campaign, which the president has called “Spygate,” came amid escalating, behind-the-scenes concern in the U.S. Senate that the president may try to stop the probe by firing Mueller or the person who appointed him, Deputy Attorney General Rod Rosenstein.
“The president had this diversion tactic, obviously, with so-called Spygate,” Flake said of Trump’s assertions last week. “There is concern that the president is laying the groundwork to move on Bob Mueller or Rosenstein. If that were to happen, obviously, that would cause a constitutional crisis.”
Some senior Republicans, including Flake, have sounded similar warnings in recent weeks as the Mueller investigation has plowed forward, drawing frequent denunciations from Trump.
Mueller is also investigating any possible obstruction of justice by Trump. Trump and the White House have repeatedly denied any collusion by the campaign, or any other wrongdoing.
The White House has also said it is not considering firing Mueller. FILE PHOTO: U.S. President Donald Trump look on as he welcomes South Korea's President Moon Jae-In in the Oval Office of the White House in Washington, U.S., May 22, 2018. REUTERS/Kevin Lamarque /File Photo
In a tweet on Sunday, Trump called the investigation a “phony Russia Collusion Witch Hunt” - reiterating his oft-stated resentment at the probe that has clouded his presidency.
After Trump demanded an inquiry into his “spy” claim, the current FBI Director Christopher Wray and Rosenstein, who oversees Mueller’s probe, held two classified briefings on Thursday for senior lawmakers of both parties on the matter.
Democratic Representative Adam Schiff was among those briefed. Speaking on ABC’s “This Week” on Sunday, he said, “There is no evidence to support that spy theory. This is just a piece of propaganda the president wants to put out and repeat.”
Republican Senator Marco Rubio told the same program that so far he has seen no evidence to support the president’s assertions about a campaign “spy.”
“What I have seen so far is an FBI effort to learn more about individuals with a history of bragging about links to Russia that pre-exist the campaign. If those people were operating near my office or my campaign, I’d want them investigated,” said Rubio, who ran unsuccessfully against Trump in the 2016 Republican presidential primary campaign.
“If it turns out to be something different, we want to know about it. But it is the FBI’s job to investigate counterintelligence,” Rubio said.
U.S. intelligence agencies concluded in January 2017 that Russian President Vladimir Putin ordered an effort to meddle in the U.S. election campaign, included seeking to help Trump win. Moscow has denied the charge.
Flake delivered a blistering attack on the president when he announced last October he would not run this year for re-election to the Senate. Asked if would run for the White House in 2020, he said: “It’s not in my plans, but I’ve not ruled anything out. I do hope that somebody runs on the Republican side other than the president, if nothing else simply to remind Republicans what conservatism is and what Republicans have traditionally stood for.” Reporting by Kevin Drawbaugh; Editing by Frances Kerry | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia-flake/trumps-spygate-is-a-diversion-tactic-senator-flake-idUSKCN1IS0OQ |
May 8, 2018 / 1:18 PM / Updated 5 hours ago UPDATE 1-Cricket-Rahane to lead India against Afghanistan in Kohli's absence Reuters Staff
* Kohli to play for Surrey to prepare for England tests
* Rohit, Kumar and Bumrah also missing from test squad (Adds details)
MUMBAI, May 8 (Reuters) - Ajinkya Rahane will lead India against Afghanistan, who play their maiden test in Bengaluru in June, in the absence of regular captain Virat Kohli, the country’s cricket board (BCCI) said on Tuesday.
Kohli will represent Surrey in June after signing a one-month contract with the English county side to prepare for the test series against England later this year.
He will return to lead India in the limited-overs series in Ireland in June before they head to England for three T20 internationals, three ODIs and a five-test series starting in August.
Afghanistan will play their inaugural test match from June 14 in Bengaluru’s M Chinnaswamy Stadium.
The South Asian country and Ireland joined the ranks of full member nations of the International Cricket Council last year, taking the total number of test-playing countries to 12.
India also decided to manage the workloads of other test regulars, opting to rest batsman Rohit Sharma and pace duo Bhuvneshwar Kumar and Jasprit Bumrah for the Afghanistan test.
Batsman Karun Nair, seamer Shardul Thakur and left-arm wrist-spinner Kuldeep Yadav were drafted in. Thakur is yet to play in the five-day format for India.
The world’s top-ranked test side last played the longest format in January in South Africa, where they lost a hard-fought three-test series 2-1.
Uncapped medium-pacer Siddarth Kaul made it into both India’s T20 and 50-over sides for the tour of Ireland and England after impressive performances for Sunrisers Hyderabad in the Indian Premier League.
Batsmen Lokesh Rahul and Ambati Rayudu were also rewarded with spots in the ODI side after strong showings in the IPL.
India test squad against Afghanistan: Ajinkya Rahane (captain), Shikhar Dhawan, Murali Vijay, Lokesh Rahul, Cheteshwar Pujara, Karun Nair, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Umesh Yadav, Mohammed Shami, Hardik Pandya, Ishant Sharma, Shardul Thakur
India T20 squad against Ireland and England: Virat Kohli (captain), Shikhar Dhawan, Rohit Sharma, Lokesh Rahul, Suresh Raina, Manish Pandey, MS Dhoni, Dinesh Karthik, Yuzvendra Chahal, Kuldeep Yadav, Washington Sundar, Bhuvneshwar Kumar, Jasprit Bumrah, Hardik Pandya, Siddarth Kaul, Umesh Yadav
India ODI squad against England: Virat Kohli (captain), Shikhar Dhawan, Rohit Sharma, Lokesh Rahul, Shreyas Iyer, Ambati Rayudu, MS Dhoni, Dinesh Karthik, Yuzvendra Chahal, Kuldeep Yadav, Washington Sundar, Bhuvneshwar Kumar, Jasprit Bumrah, Hardik Pandya, Siddarth Kaul, Umesh Yadav (Reporting by Sudipto Ganguly; editing by Ed Osmond) | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-india-squads/update-1-cricket-rahane-to-lead-india-against-afghanistan-in-kohlis-absence-idINL8N1SF5PP |
May 14 (Reuters) - Corium International Inc:
* CORIUM REPORTS SECOND QUARTER FISCAL 2018 FINANCIAL RESULTS AND CORPORATE HIGHLIGHTS
* Q2 REVENUE VIEW $6.7 MILLION — THOMSON REUTERS I/B/E/S * Q2 EARNINGS PER SHARE VIEW $-0.39 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-corium-international-reports-q2-re/brief-corium-international-reports-q2-revenue-10-1-mln-idUSASC0A21O |
May 9 (Reuters) - Ten Peaks Coffee Company Inc:
* QTRLY SALES $21.2 MILLION VERSUS $19.2 MILLION * EXPECTS TO RECORD DOUBLE-DIGIT VOLUME INCREASES IN 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ten-peaks-coffee-co-reports-qtrly/brief-ten-peaks-coffee-co-reports-qtrly-net-income-per-diluted-eps-0-03-idUSASC0A17L |
European markets finished the week higher on average to secure the longest weekly winning streak in three years.
Symbol Name Price Change %Change Volume FTSE --- DAX --- CAC --- IBEX 35 --- The pan-European Stoxx 600 ended Friday 0.38 percent higher with the different sectors moving in opposite directions.
Basic resources led the gains, up by 1.7 percent, on earnings. The world's largest steelmaker ArcelorMittal jumped 2.3 percent after beating first-quarter expectations.
Looking at individual stocks, Sika shares finished up by 8.33 percent, putting among the top-performing companies across Europe. This was after news that the autos parts company struck an agreement with Saint-Gobain to end a legal dispute.
Shares of Daily Mail General Group have traded higher Friday, closing up by 1.34 percent. Its shares jumped following news that property portal Zoopla had agreed to be bought by Silver Lake. The Daily Mail has a large stake in the U.K. property firm. The deal has also driven higher the shares of other U.K. property firms, including Rightmove, which jumped 3.8 percent.
Meanwhile, oil prices have come off slightly after consecutive increases. By evening trade in Europe, Brent hovered at around $77.25 per barrel, while U.S. crude sat around the $71.01 mark.
European Central Bank President Mario Draghi addressed an audience in Florence, Italy, in the early afternoon. Markets remained unmoved by his call to increase fiscal powers for the euro zone.
Daniel Roland | AFP | Getty Images Mario Draghi, President of the European Central Bank (ECB) addresses a press conference following the meeting of the ECB's Governing Council in Frankfurt am Main, western Germany, on January 25, 2018. In the United States, equities rose slightly Friday, as Wall Street looked to book a week of solid gains led by energy stocks. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/european-markets-look-to-markets-overseas-and-politics.html |
Pentagon disinvites China from major U.S. military exercise 9:16pm EDT - 01:21
The Pentagon on Wednesday disinvited China from a major U.S.-hosted naval drill in response to what it sees as Beijing's militarization of islands in the South China Sea, a decision China's top diplomat Wang Yi called an ''unconstructive move''.
The Pentagon on Wednesday disinvited China from a major U.S.-hosted naval drill in response to what it sees as Beijing's militarization of islands in the South China Sea, a decision China's top diplomat Wang Yi called an "unconstructive move". //reut.rs/2KRr9Bd | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/23/pentagon-disinvites-china-from-major-us?videoId=429715958 |
May 10, 2018 / 12:23 PM / Updated 10 minutes ago BRIEF-Reshape Lifesciences Announces Submission For Approval Of Reshape Balloon In Canada Reuters Staff 1 Min Read
May 10 (Reuters) - ReShape Lifesciences Inc:
* RESHAPE LIFESCIENCES ANNOUNCES SUBMISSION FOR APPROVAL OF RESHAPE BALLOON™ IN CANADA Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-reshape-lifesciences-announces-sub/brief-reshape-lifesciences-announces-submission-for-approval-of-reshape-balloon-in-canada-idUSFWN1SH0TV |
LONDON (Reuters) - After the near collapse of his company following the 2010 Gulf of Mexico disaster and a three-year slump in oil prices, BP Chief Executive Officer Bob Dudley is hardly relaxed.
Group Chief Executive of BP Bob Dudley poses for a photograph at the BP International Headquarters in central London, Britain, May 16, 2018. REUTERS/Henry Nicholls “It doesn’t feel like we are in a serene time for any energy company,” Dudley told Reuters in an interview.
BP is stronger today than at any other time since the 2010 Deepwater Horizon rig accident.
With oil prices at their highest since late 2014 and BP shares back to levels not seen in more than 8 years, it is once again in a position to contemplate boosting dividends and acquiring, Dudley said.
Sitting in his office in BP’s central London headquarters in St James Square, Dudley, 62, said he intends to carry on leading the company into 2020 and navigate it through a phase of expansion and new uncertainty following a tumultuous eight years at the helm.
The oil and gas sector is looking to retain its relevance as economies battle climate change by weaning themselves from their dependence on fossil fuels, a major source of greenhouse gas emissions.
For BP, it is a two-speed race.
The 110-year old company is undergoing its fastest growth in recent history with new oil and gas fields from Egypt and Oman to the U.S. Gulf of Mexico, riding a tide of higher oil prices following the 2014 downturn.
It is gradually paying off more than $65 billion in penalties and clean-up costs for the Deepwater Horizon accident which left 10 employees dead.
Regarding the danger of the company going bankrupt at the time, Dudley said: “The worst moment was when I heard that our debt was untradable back in the summer of 2010... To me that was a moment of the unthinkable was possible.”
Dudley says he no longer sees BP as an acquisition target after facing years of speculation it could be bought out.
The company is focused on increasing production and cash flow while reducing its large debt pile, after which it will consider boosting shareholder returns such as dividends although “we’re not at that point yet”, Dudley said.
Longer-term challenges also loom.
Investors are increasingly pressing energy companies to find ways to adapt to the energy transition, and Dudley is looking to strike a balance between reducing a large carbon footprint while securing revenue.
“This is the great dual challenge that the industry and BP faces: how to supply the world’s energy on multiple fronts of growing population and doing it with less emissions,” said Dudley, who was appointed to the helm of BP months after the April 2010 spill.
BP, like rivals such as Royal Dutch Shell, is betting on natural gas, the least polluting hydrocarbon, to sustain an expected surge in demand for electricity as economies grow and transportation is electrified.
Gas is also playing a key role as a back-up to renewable energy such as wind and solar in power generation.
To that end, BP is expanding its gas production through new projects in Oman, Egypt and Trinidad and Tobago.
Gas already accounts for over 55 percent of its production.
“I am optimistic about the climate change if you can combine renewables wind and solar and natural gas. To me that’s part of the big answer,” Dudley said in an interview with Reuters.
In the early 2000s BP introduced the slogan “Beyond Petroleum” and adopted a sunburst logo after launching an $8 billion expansion into renewables. The company was forced to write off its solar business 10 years later, but still retains a large U.S. onshore wind business and biofuels plants.
Now, Dudley is taking a cautious approach, investing in smaller start-up companies in renewables, clean fuels and battery charging docks.
“We have to go slow and pick the right low carbon fuels,” he said. BP “will be a broad-based company that supplies all forms of energy that are needed that can be done economically.”
The company will invest $500 million per year in low-carbon energy and technology in the coming years out of a total spending of $15 to $17 billion, a range which Dudley said the company could stay within.
“If a shareholder or someone else came to BP tomorrow and said here is $10 billion to invest in low carbon energies for us, we would not know how to do that yet.”
BP is also expanding its vast global network of petrol stations and investing in convenience stores and charging spots, hoping to retain its dominant brand as electric vehicles become more popular.
“I’m not worried about BP in this area. The most strategic thing we can do is to get our balance sheet strong so that when we have the firepower we can do anything in these areas.”
LESSONS BP expects demand for oil to peak in the late 2030s, after which it will plateau and gradually decline.
For BP, whose roots go back to 1908 with the discovery of Iran’s first oil field, the days of the black gold are far from dead.
While oil prices in recent weeks have hit their highest levels since late 2014 at $80 a barrel, BP are working on an assumption that prices will remain at a range of $50-$65 per barrel due to surging U.S. shale output and OPEC’s ability to crank up output.
Mega projects involving complex, multi-billion facilities such as huge offshore platforms that came to symbolise the technological prowess of the world’s top oil companies are most likely a thing of the past, Dudley said.
Instead, BP is opting for phased developments that require less capital and less time to construct, which make them easier to control at a time of uncertainty over oil prices.
“Many of the companies in the industry are remembering the lesson learnt during the $100 oil era (which) is take it in phases,” Dudley said.
BP is applying this approach in many of its main production hubs such as Egypt and Gulf of Mexico, where it can continue raising production into the early 2020s, Dudley said.
BP’s oil and gas output is set to reach around 4 million bpd by the end of the decade, a level last seen in 2009, with more than a fifth of that coming from projects started since 2016.
It is partnering with top oil producing nations which have some of the lowest costs of extraction such as Oman, Azerbaijan and most importantly Russia, where BP has a 19.75 percent stake in Rosneft and where it draws one third of its production.
BP has a relatively small shale business, focused mostly on gas, but Dudley is considering growing in the sector, which has attracted billions of dollars in investments in recent years.
“(Shale) comes down to economics and competitiveness on what is on offer. So far they feel overheated... it is not a burning need to fill that in the portfolio, but if it is attractive, we will.”
BP could place a bid for BHP Billiton’s shale assets, Dudley said.
RUSSIA BP’s position in Russia has put the firm in the spotlight as the United States and Europe tighten sanctions on Moscow.
Dudley, who sits on the board of Rosneft, believes BP can continue there and act as a bridge between countries.
“We don’t apologise for doing business in Russia,” said Dudley. “Certainly today within the boundaries of the sanctions we can and do operate without issues.”
BP will continue to operate in Russia and expand projects with Rosneft even though the company has had to turn down certain offers to develop projects offshore or in the Arctic, he said.
Dudley also said BP remained committed to its stake in Rosneft, which it received following the 2013 sale of TNK-BP.
Reporting by Ron Bousso and Dmitry Zhdannikov
| ashraq/financial-news-articles | https://in.reuters.com/article/bp-ceo/exclusive-bp-back-on-its-feet-but-ceo-senses-no-respite-idINKCN1IM0FQ |
May 15 (Reuters) - IMPLENIA AG:
* WINS MAJOR CONTRACT IN GERMANY * ADMINISTRATION BUILDING WITH UNDERGROUND PARKING IN MANNHEIM
* CONTRACT VOLUME OF EUR 83 MILLION (AROUND CHF 100 MILLION) Source text for Eikon: Further company coverage: (Gdynia Newsroom)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-implenia-wins-contract-in-germany/brief-implenia-wins-contract-in-germany-with-volume-of-eur-83-mln-idUSFWN1SL1D5 |
May 1, 2018 / 11:11 AM / a minute ago BRIEF-Thermo Fisher Scientific Signs New Agreements To Expand Oncomine Dx Target Test Reuters Staff
May 1 (Reuters) - Thermo Fisher Scientific Inc:
* THERMO FISHER SCIENTIFIC SIGNS NEW AGREEMENTS TO EXPAND ONCOMINE DX TARGET TEST
* THERMO FISHER SCIENTIFIC - WILL RETAIN GLOBAL COMMERCIALIZATION RIGHTS FOR TEST, WILL LEAD ALL FILINGS OF SPMA IN ORDER TO SEEK APPROVAL FROM FDA Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-thermo-fisher-scientific-signs-new/brief-thermo-fisher-scientific-signs-new-agreements-to-expand-oncomine-dx-target-test-idUSFWN1S8070 |
April 30 (Reuters) - DSP Group Inc:
* Q1 REVENUE $28.1 MILLION VERSUS I/B/E/S VIEW $28 MILLION * Q1 NON-GAAP EARNINGS PER SHARE $0.01
* Q1 EARNINGS PER SHARE VIEW $-0.02 — THOMSON REUTERS I/B/E/S
* Q1 GAAP LOSS PER SHARE $0.08 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dsp-group-reports-reports-q1-non-g/brief-dsp-group-reports-reports-q1-non-gaap-earnings-per-share-0-01-idUSASC09Y6I |
MIAMI, May 08, 2018 (GLOBE NEWSWIRE) -- OPKO Health, Inc. (NASDAQ:OPK) reports financial results and business highlights for the three months ended March 31, 2018.
Financial Highlights
Consolidated revenues for the three months ended March 31, 2018 were $254.9 million compared with $266.4 million for the comparable period of 2017. Revenue from services were $211.3 million for the three months ended March 31, 2018 compared with $228.6 million for the comparable 2017 period. While not directly comparable, this represents a marked improvement from the most recently completed quarter ended December 31, 2017. Revenue from products included $3.7 million of revenue from RAYALDEE during the first quarter of 2018. Revenues from RAYALDEE were deferred during the initial launch period so there is no prior-year comparison.
During the three months ended March 31, 2018, operating expenses included investment in commercial activities supporting the launch of RAYALDEE of $7.3 million and continued investment in our pharmaceutical pipeline, with R&D expense increasing $6.3 million to $32.9 million compared with $26.6 million for the 2017 period.
Net loss of $43.1 million or $0.08 per share during the three months ended March 31, 2018 compares with a net loss of $34.5 million or $0.06 per share for the comparable period of 2017.
Cash, cash equivalents and marketable securities were $99.9 million as of March 31, 2018.
“ We are pleased to report steady sequential-quarter growth for RAYALDEE and 4Kscore, as well as improvement in our lab business from Q4 of last year,” said Phillip Frost, Chairman and Chief Executive Officer of OPKO Health. “The improved first quarter results were in line with our expectations, starting 2018 positively coming off challenging fourth quarter 2017 results. These factors, taken together, reflect progress across the breadth of our commercial and laboratory services.”
Business Highlights
RAYALDEE total prescriptions reported by IMS for Q1 2018 increased 730% compared with Q1 2017 and 38% compared with Q4 2017 : As of May 1, 2018, more than 79% of patients had access to RAYALDEE under their insurance plans.
4Kscore utilization in Q1 2018 increased 13% compared with Q1 2017 : Five abstracts of studies further demonstrating the utility of the 4Kscore test in the management of prostate cancer are to be presented at the American Urological Association meeting May 18-21.
Appointed Geoff Monk as General Manager, BioReference Laboratories : Mr. Monk is well prepared to lead BRL with more than 20 years of management experience in the diagnostic laboratory business. Mr. Monk was previously Managing Director of the New York and New Jersey unit of Quest Diagnostics.
Advanced the Phase 2b trial for our SARM (selective androgen receptor modulator) to treat benign prostatic hyperplasia (BPH) : Enrollment is ongoing in this dose-ranging study for our orally administered SARM. This medicine is expected to improve the symptoms of BPH by reducing prostate size and, on the basis of data from a previous trial in 350 men, increase muscle mass and bone strength and decrease body fat. BPH affects approximately 50 million men in the U.S.
Initiated a Phase 2b clinical trial for OPK88003, our once-weekly oxyntomodulin dual GLP1-Glucagon agonist to treat type 2 diabetes and obesity : In a previous Phase 2 trial in 420 overweight patients with type 2 diabetes, the drug was shown to be safe and effective. The current trial is to study a new dosing schedule to achieve even greater weight loss. Premarket Approval (PMA) application for Claros ® point-of-care PSA test under review by FDA : OPKO has submitted a PMA for a PSA test utilizing the Claros 1 immunoassay analyzer, a novel diagnostic instrument that can provide rapid, quantitative blood test results in 10 minutes in the physician’s office with only a finger stick drop of whole blood. A second product utilizing the Claros platform to measure testosterone is advancing toward a 510(k) submission to the FDA later this year. Global and Japanese Phase 3 registration trials for hGH-CTP in pediatric growth hormone deficient children are continuing to enroll patients : The global pediatric study compares a single weekly administration with daily injections of a currently marketed growth hormone product. The global and Japanese pediatric studies utilize the pen device and formulation that will be launched commercially upon approval. The pediatric segment represents more than 80% of the market for treatment of hGH deficiency.
Initiation of three additional Phase 2 clinical trials are anticipated in 2018 : RAYALDEE line extension in dialysis patients with secondary hyperparathyroidism (SHPT) : Together with our partners, Vifor Fresenius and Japan Tobacco, OPKO is developing RAYALDEE for Stage 5 chronic kidney disease (CKD) patients with SHPT undergoing dialysis and anticipates initiating a global Phase 2 trial during Q3 of this year. OPKO’s NK-1 antagonist to treat pruritus (itching) in Stage 5 CKD patients undergoing dialysis : An Investigational New Drug application was submitted to the FDA and plans are being finalized to begin a single-dose Phase 2a trial in dialysis patients to treat severe itching. Approximately 50% of renal dialysis patients experience pruritus. OPKO’s AntagoNAT oligonucleotide OPK88001 to treat Dravet’s syndrome : Three clinical research centers in the United States are expected to participate in this first-in-human trial of OPKO’s AntagoNAT to treat Dravet’s syndrome.
Conference Call & Webcast Information
OPKO’s senior management will provide a business update and discuss results in greater detail in a conference call and live audio webcast at 4:30 p.m. Eastern time today. The conference call dial-in and webcast information is as follows:
WHEN: Tuesday, May 8, 2018 at 4:30 p.m. Eastern time.
DOMESTIC DIAL-IN: 866-634-2258
INTERNATIONAL DIAL-IN: 330-863-3454
PASSCODE: 5976529
WEBCAST: http://investor.opko.com/events
For those unable to participate in the live conference call or webcast, a replay will be available beginning May 8, 2018 two hours after the close of the conference call. To access the replay, dial (855) 859-2056 or (404) 537-3406. The replay passcode is: 5976529. The replay can be accessed for a period of time on OPKO’s website at http://investor.opko.com/events .
About OPKO Health, Inc.
OPKO Health is a diversified healthcare company that seeks to establish industry leading positions in large, rapidly growing markets. Our diagnostics business includes BioReference Laboratories, the nation's third largest clinical laboratory with a core genetic testing business and a 400-person sales and marketing team to drive growth and leverage new products, including the 4Kscore ® prostate cancer test and the Claros ® 1 in-office immunoassay platform. Our pharmaceutical business features RAYALDEE, an FDA-approved treatment for secondary hyperparathyroidism in stage 3 and 4 chronic kidney disease patients with vitamin D insufficiency (launched in November 2016), OPK88003, a once- or twice-weekly oxyntomodulin for type 2 diabetes and obesity which is a clinically advanced drug candidate among the new class of GLP-1 glucagon receptor dual agonists, OPK88004, a SARM (Selective Androgen Receptor Modulator) for treating BPH (Benign Prostatic Hypertrophy), OPK88002, an NK-1 antagonist to treat pruritus (itching) in dialysis patients, and OPK88001, a proprietary oligonucleotide to treat Dravet syndrome. In addition, the Company is advancing its CTP technology, which includes a long-acting hGH-CTP, a once-weekly human growth hormone injection (in Phase 3 and partnered with Pfizer). OPKO also has production and distribution assets worldwide, multiple strategic investments and an active business development strategy. More information is available at www.opko.com .
Cautionary Statement Regarding Forward-Looking Statements
This press release contains " ," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning, including statements regarding expected financial performance and expectations regarding the market for and sales of our products, whether 4Kscore test utilization and prescriptions for RAYALDEE will continue to increase, our product development efforts and the expected benefits of our products, including whether our ongoing and future clinical trials will be successfully enrolled or completed on a timely basis or at all and whether the data from any of our trials will support submission or approval, validation and/or reimbursement for our products, whether OPK88004 will improve the symptoms of BPH by reducing prostate size and increase muscle mass and bone strength and decrease body fat, the expected timing for launch of our products in development, the expected timing of commencing and concluding our clinical trials, including studies for OPK88001, OPK88002, OPK88003, and OPK88004, expected enrollment in clinical trials, the timing of our regulatory submissions, our ability to market and sell any of our products in development, and expectations about developing RAYALDEE for dialysis patients, as well as other non-historical statements about our expectations, beliefs or intentions regarding our business, technologies and products, financial condition, strategies or prospects. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in . These factors include those described in our Annual Reports on Form 10-K filed and to be filed with the Securities and Exchange Commission and in our other filings with the Securities and Exchange Commission, as well as integration challenges for Bio-Reference, EirGen, Transition, and other acquired businesses, liquidity issues and the risks inherent in funding, developing and obtaining regulatory approvals of new, commercially-viable and competitive products and treatments, that earlier clinical results of effectiveness and safety may not be reproducible or indicative of future results, that the 4Kscore, RAYALDEE, hGH-CTP, OPK88003, OPK88004, and/or any of our compounds or diagnostic products under development may fail, may not achieve the expected results or effectiveness and may not generate data that would support the approval or marketing of products for the indications being studied or for other indications, that currently available over-the-counter and prescription products, as well as products under development by others, may prove to be as or more effective than our products for the indications being studied. In addition, may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new products and indications, manufacturing issues that may arise, patent positions and litigation, among other factors. The contained in this press release speak only as of the date the statements were made, and we do not undertake any obligation to update . We intend that all be subject to the safe-harbor provisions of the PSLRA.
CONTACTS:
Investors
LHA Investor Relations
Miriam W. Miller, 212-838-3777
[email protected]
or
Bruce Voss, 310-691-7100
[email protected]
—Tables to Follow—
OPKO Health, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions) As of March 31,
2018 December 31,
2017 Assets: Cash, cash equivalents and marketable securities $ 99.9 $ 91.5 Other current assets 249.4 257.4 Total Current Assets 349.3 348.9 In-process Research and Development and Goodwill 1,366.3 1,364.4 Other assets 863.3 876.7 Total Assets $ 2,578.9 $ 2,590.0 Liabilities and Equity: Current liabilities $ 288.4 $ 316.5 2033 Senior Notes and 5% Convertible Notes 84.9 29.2 Deferred tax liabilities 148.7 148.7 Other long-term liabilities, principally deferred revenue, contingent
consideration and lines of credit 233.6 240.0 Total Liabilities 755.6 734.4 Equity 1,823.3 1,855.6 Total Liabilities and Equity $ 2,578.9 $ 2,590.0
OPKO Health, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in millions, except share and per share data) For the three months ended March 31, 2018 2017 Revenues Revenue from services $ 211.3 $ 228.6 Revenue from products 27.9 22.2 Revenue from transfer of intellectual property 15.7 15.6 Total revenues 254.9 266.4 Costs and expenses Cost of revenues 154.1 154.8 Selling, general and administrative 91.5 109.9 Research and development 32.9 26.6 Contingent consideration 1.7 2.4 Amortization of intangible assets 17.3 17.9 Total Costs and expenses 297.5 311.6 Operating loss (42.6 ) (45.2 ) Other income and (expense), net 1.0 5.9 Loss before income taxes and investment losses (41.6 ) (39.3 ) Income tax benefit (provision) 1.0 6.9 Loss before investment losses (40.6 ) (32.4 ) Loss from investments in investees (2.5 ) (2.1 ) Net loss $ (43.1 ) $ (34.5 ) Basic and diluted loss per share $ (0.08 ) $ (0.06 )
Source:OPKO Health, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-opko-health-reports-first-quarter-2018-financial-results.html |
MILPITAS, Calif.--(BUSINESS WIRE)-- Aerohive Networks™ (NYSE: HIVE), a Cloud Networking Leader, today announced financial results for its first quarter ended March 31, 2018.
“Our first quarter results, at the high end of our guidance, demonstrate the improvements in our product offering, sales execution and enterprise business contribution, and provide a strong foundation for the rest of the year,” stated David Flynn, President and Chief Executive Officer. “We are committed to delivering innovative solutions and look forward to continuing to ramp our new products throughout 2018.”
Financial Summary
Total revenue for fiscal year 2018 was $35.8 million, compared with $36.3 million for 2017. Subscription and support revenue was $10.7 million, or 30% of total revenue for 2018, compared with $9.4 million, or 26% of total revenue, for 2017.
On a GAAP basis, net loss was $7.3 million for fiscal year 2018, compared with a net loss of $9.1 million for 2017. GAAP gross margin was 66.2% for fiscal year 2018, compared with 67.0% for 2017.
On a non-GAAP basis, net loss was $3.5 million for fiscal year 2018, compared with a net loss of $4.2 million for 2017. Non-GAAP gross margin was 67% for fiscal year 2018, compared with 68% for 2017.
New Accounting Standard
The Company adopted ASC 606, the new accounting standard related to revenue recognition effective January 1, 2018. The Company has adjusted prior-period information to reflect the adoption of this new standard.
Conference Call Information
Aerohive Networks will host a conference call and webcast for analysts and investors to discuss its first quarter 2018 results and outlook for its second quarter of fiscal year 2018 at 2:00 pm Pacific Time today, May 2, 2018. The call may be accessed by dialing 719-457-2642 and providing the passcode 1935059. A live and archived audio webcast of the conference call will be accessible from the “Investor Relations” section of the Company’s website at http://ir.aerohive.com .
Safe Harbor Statement
This press release contains forward-looking statements, including statements regarding Aerohive Networks’ financial expectations and operating performance and expectations for continued momentum, including statements regarding the progress we are making to address challenges in our business, including sales execution issues, our ability to deliver innovative solutions as a full-stack cloud networking company, and our ability to strengthen our financial position. These forward-looking statements are based on current expectations and are subject to inherent uncertainties, risks and changes in circumstances that are difficult or impossible to predict. The actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of these uncertainties, risk and changes in circumstances, including, but not limited to, risks and uncertainties related to: our ability to continue to attract, integrate, retain and train skilled personnel, especially skilled R&D and sales personnel, in general and in specific regions, our ability to develop and expand our revenue opportunities and sales capacity and improve the effectiveness of our channel, our ability to resolve challenges related to sales execution and improve our operating and sales execution, general demand for wireless networking in the industry verticals we target or demand for Aerohive® products in particular, our ability to benefit from our participation in the E-Rate program, unpredictable and changing market conditions, risks associated with the deployment, performance and adoption of our new products and services, risks associated with our growth, competitive pressures from existing and new companies, including pricing pressures, changes in the mix and selling prices of Aerohive products, technological change, product development delays, reliance on third parties to manufacture, warehouse and timely deliver Aerohive products, our inability to protect Aerohive intellectual property or to predict or limit exposure to third-party claims relating to its or Aerohive’s intellectual property, Aerohive’s limited operating history, particularly as a public company, uses of Aerohive’s capital and general market, political, regulatory, economic and business conditions in the United States and internationally.
Additional risks and uncertainties that could affect Aerohive’s financial and operating results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Company’s recent annual report on Form 10-K and quarterly report on Form 10-Q. Aerohive’s SEC filings are available on the Investor Relations section of the Company’s website at http://ir.aerohive.com and on the SEC's website at www.sec.gov . All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Aerohive Networks disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Non-GAAP Financial Measures
Aerohive’s results for its first quarter of fiscal year 2018 reported in this press release and the related earnings conference call include certain non-GAAP financial measures, including:
non-GAAP gross profit and non-GAAP gross margin; non-GAAP product gross profit and non-GAAP product gross margin; non-GAAP subscription and support gross profit and non-GAAP subscription and support gross margin; non-GAAP operating income (loss) and non-GAAP operating margin; non-GAAP net income (loss) and non-GAAP net income (loss) per share; non-GAAP operating expenses and non-GAAP functional expenses; and non-GAAP operating expense percentage and non-GAAP functional expense percentage.
The Company defines non-GAAP financial measures to exclude share-based compensation, adjustments to internal-use software amortization, and certain charges related to litigation and restructuring.
The Company has included certain non-GAAP financial measures in this press release because the Company believes they are key measures which can be used to evaluate the business, measure performance, identify trends affecting the business, formulate financial projections and make strategic decisions. In particular, the exclusion of certain expenses in calculating these non-GAAP financial measures can provide a useful measure for period-to-period comparisons of the Company’s core business.
Although investors frequently use non-GAAP financial measures in their evaluations of companies, these non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations, as determined in accordance with GAAP. Some of these limitations are:
the non-GAAP measures do not consider the expense related to stock-based compensation, which is an ongoing expense for the Company; although amortization of internal-use software is a non-cash charge, the assets being amortized often will have to be replaced in the future, and non-GAAP net income (loss) and non-GAAP income (loss) per share do not reflect any cash requirement for such replacements; excluding certain expenses associated with litigation in the quarter or fiscal year does not reflect the impact on our ongoing operations over this period of the cash requirement to defend such or other litigation; excluding restructuring charges in the quarter or fiscal year does not reflect the cash requirement relating to the costs associated with restructuring and primarily relates to employee termination costs and benefits; and other companies, including companies in our industry, may calculate these non-GAAP financial measures differently, which reduces their usefulness as a comparative measure.
Because of these and other limitations, you should consider non-GAAP financial measures only together with other financial performance measures, including various cash flow metrics, net loss and other GAAP results.
We have provided a description of these non-GAAP financial measures and a reconciliation of the Company’s historical non-GAAP financial measures to their most directly comparable GAAP measures in the financial statement tables included in this press release, and we encourage investors to review the reconciliation.
A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis due to the high variability and low visibility with respect to the charges that we exclude from these non-GAAP measures.
About Aerohive Networks
Aerohive (NYSE: HIVE) enables our customers to simply and confidently connect to the information, applications, and insights they need to thrive. Our simple, scalable, and secure platform delivers mobility without limitations. For our customers worldwide, every access point is a starting point. Aerohive was founded in 2006 and is headquartered in Milpitas, CA. For more information, please visit www.aerohive.com , call us at 408-510-6100, follow us on Twitter @Aerohive , subscribe to our blog , or become a fan on our Facebook page .
“Aerohive” is a registered trademark and “Aerohive Networks” a trademark of Aerohive Networks, Inc. All product and company names used herein are trademarks or registered trademarks of their respective owners. All rights reserved.
AEROHIVE NETWORKS, INC.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except share and per share amounts)
Three Months Ended March 31, 2018 2017 Revenue: (As Adjusted*) Product $ 25,066 $ 26,967 Subscription and support 10,701 9,362 Total revenue 35,767 36,329 Cost of revenue (1) : Product 8,671 8,815 Subscription and support 3,404 3,176 Total cost of revenue 12,075 11,991 Gross profit 23,692 24,338 Operating expenses: Research and development (1) 9,279 9,550 Sales and marketing (1) 15,670 17,437 General and administrative (1) 5,954 6,297 Total operating expenses 30,903 33,284 Operating loss (7,211 ) (8,946 ) Interest income 289 140 Interest expense (164 ) (130 ) Other expense, net (173 ) (85 ) Loss before income taxes (7,259 ) (9,021 ) Provision for income taxes 58 97 Net loss $ (7,317 ) $ (9,118 ) Net loss per share, basic and diluted $ (0.13 ) $ (0.17 ) Weighted-average shares used in computing net loss per share, basic and diluted 54,332,767 52,439,039 (1) Includes stock-based compensation as follows: Cost of revenue $ 246 $ 271 Research and development 1,046 688 Sales and marketing 997 1,294 General and administrative 1,382 1,300 Total stock-based compensation $ 3,671 $ 3,553 * The Company has adjusted certain amounts for the retrospective change in accounting policy for revenue recognition.
AEROHIVE NETWORKS, INC.
Condensed Consolidated Balance Sheets
(unaudited, in thousands, except share and per share amounts)
March 31, December 31, 2018 2017 (As Adjusted*) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 21,484 $ 27,249 Short-term investments 56,388 57,675 Accounts receivable, net 19,474 17,662 Inventories 13,558 13,495 Prepaid expenses and other current assets 6,205 6,396 Total current assets 117,109 122,477 Property and equipment, net 6,988 6,381 Goodwill 513 513 Other assets 5,009 4,900 Total assets $ 129,619 $ 134,271 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 12,020 $ 11,946 Accrued liabilities 7,811 8,602 Debt, current 20,000 — Deferred revenue, current 33,885 33,279 Total current liabilities 73,716 53,827 Debt, non-current — 20,000 Deferred revenue, non-current 33,993 33,761 Other liabilities 1,734 1,769 Total liabilities 109,443 109,357 Stockholders’ equity: Preferred stock — — Common stock 55 55 Additional paid–in capital 281,146 278,528 Treasury stock (6,216 ) (6,216 ) Accumulated other comprehensive loss (69 ) (30 ) Accumulated deficit (254,740 ) (247,423 ) Total stockholders’ equity 20,176 24,914 Total liabilities and stockholders’ equity $ 129,619 $ 134,271 * The Company has adjusted certain amounts for the retrospective change in accounting policy for revenue recognition.
AEROHIVE NETWORKS, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
Three Months Ended March 31, 2018 2017 (As Adjusted*) Cash flows from operating activities Net loss $ (7,317 ) $ (9,118 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 708 842 Stock-based compensation 3,671 3,553 Other (116 ) (15 ) Changes in operating assets and liabilities: Accounts receivable, net (1,812 ) 4,562 Inventories (63 ) 961 Prepaid expenses and other current assets 191 (562 ) Other assets (109 ) (57 ) Accounts payable (56 ) (885 ) Accrued liabilities (792 ) 144 Other liabilities 12 (6 ) Deferred revenue 838 (975 ) Net cash used in operating activities (4,845 ) (1,556 ) Cash flows from investing activities Purchases of property and equipment (1,185 ) (223 ) Maturities of short-term investments 22,950 4,200 Purchases of short-term investments (21,587 ) (7,709 ) Net cash provided by (used in) investing activities 178 (3,732 ) Cash flows from financing activities Proceeds from exercise of vested stock options and employee stock purchase plan 28 218 Payment for shares withheld for tax withholdings on vesting of restricted stock units (1,080 ) (326 ) Payment on capital lease obligations (46 ) (43 ) Net cash used in financing activities (1,098 ) (151 ) Net decrease in cash and cash equivalents (5,765 ) (5,439 ) Cash and cash equivalents at beginning of period 27,249 34,346 Cash and cash equivalents at end of period $ 21,484 $ 28,907 * The Company has adjusted certain amounts for the retrospective change in accounting policy for revenue recognition.
AEROHIVE NETWORKS, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited, in thousands, except share and per share amounts)
Three Months Ended March 31, 2018 2017 (As Adjusted*) Amount
Margin
Amount
Margin
Gross Profit and Gross Margin Reconciliations:
GAAP gross profit $ 23,692 66.2 % $ 24,338 67.0 % Stock-based compensation 246 0.7 % 271 0.8 % Amortization of internal-use software 35 0.1 % 35 0.1 % Restructuring charges — — % 51 0.1 % Non-GAAP gross profit $ 23,973 67.0 % $ 24,695 68.0 % Product Gross Profit and Product Gross Margin Reconciliations:
GAAP product gross margin $ 16,395 65.4 % $ 18,1529 67.3 % Stock-based compensation 30 0.1 % 51 0.2 % Restructuring charges — — % 51 0.2 % Non-GAAP product gross margin $ 16,425 65.5 % $ 18,2541 67.7 % Subscription and Support Gross Profit and Subscription and Support Gross Margin Reconciliations:
GAAP subscription and support gross margin $ 7,297 68.2 % $ 6,186 66.1 % Stock-based compensation 216 2.0 % 220 2.3 % Amortization of internal-use software 35 0.3 % 35 0.4 % Non-GAAP software subscription and support gross margin $ 7,548 70.5 % $ 6,441 68.8 % Operating Loss and Operating Margin Reconciliations:
GAAP operating loss $ (7,211 ) (20.2 ) % $ (8,946 ) (24.6 )%% Stock-based compensation 3,671 10.3 % 3,553 9.8 % Amortization of internal-use software 35 0.1 % 35 0.1 % Restructuring charges — — % 1,327 3.6 % Charges related to securities litigation 89 0.2 % — — % Non-GAAP operating loss $ (3,416 ) (9.6 )% $ (4,031 ) (11.1 )% * The Company has adjusted certain amounts for the retrospective change in accounting policy for revenue recognition. AEROHIVE NETWORKS, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited, in thousands, except share and per share amounts)
Three Months Ended March 31, 2018 2017 (As Adjusted*) Amount
Margin
Amount
Margin
Net Loss and Net Loss per Share Reconciliations:
GAAP net loss $ (7,317 ) $ (0.13 ) $ (9,118 ) $ (0.17 ) Stock-based compensation 3,671 0.07 3,553 0.07 Amortization of internal-use software 35 0.00 35 0.00 Restructuring charges — — 1,327 0.02 Charges related to securities litigation 89 0.00 — — Non-GAAP net loss, basic and diluted $ (3,522 ) $ (0.06 ) $ (4,203 ) $ (0.08 ) Shares Used in Computing non-GAAP Basic and Diluted Net Loss per Share:
Weighted average shares used in computing net loss per share, basic and diluted 54,332,767 52,439,039 Amount
% of Revenue
Amount
% of Revenue
Operating and Functional Expenses and Expenses Percentages Reconciliations:
GAAP research and development $ 9,279 25.9 % $ 9,550 26.3 % Stock-based compensation 1,046 2.9 % 688 1.9 % Restructuring charges — — % 838 2.3 % Non-GAAP research and development $ 8,233 23.0 % $ 8,024 22.1 % GAAP sales and marketing $ 15,670 43.8 % $ 17,437 48.0 % Stock-based compensation 997 2.8 % 1,294 3.5 % Restructuring charges — — % 243 0.7 % Non-GAAP sales and marketing $ 14,673 41.0 % $ 15,900 43.8 % GAAP general and administrative $ 5,954 16.6 % $ 6,297 17.3 % Stock-based compensation 1,382 3.9 % 1,300 3.6 % Restructuring charges — — % 195 0.5 % Charges related to securities litigation 89 0.2 % — — % Non-GAAP general and administrative $ 4,483 12.5 % $ 4,802 13.2 % GAAP operating expenses $ 30,903 86.4 % $ 33,284 91.6 % Stock-based compensation 3,425 9.6 % 3,282 9.0 % Restructuring charges — — % 1,276 3.5 % Charges related to securities litigation 89 0.2 % — — % Non-GAAP operating expenses $ 27,389 76.6 % $ 28,726 79.1 % * The Company has adjusted certain amounts for the retrospective change in accounting policy for revenue recognition.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006701/en/
Investor Relations Contact:
The Blueshirt Group
Melanie Solomon, 408-769-6720
[email protected]
Source: Aerohive Networks | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-aerohive-networksa-reports-q1-2018-results-at-the-high-end-of-guidance.html |
Materials and Metals Tesla seeks to dismiss securities fraud lawsuit: US court document In a filing in federal court in San Francisco, Tesla said that its statements about the challenges the company faced with Model 3 were "frank and in plain language." Tesla did not seek to hide the truth, its motion to dismiss said. Published 7 Hours Ago Sean Gallup | Staff | Getty Images A Tesla electric-powered sedan stands at a Tesla charging station at a highway rest stop
Tesla Inc on Friday asked a court to dismiss a securities fraud lawsuit by shareholders who said the electric vehicle maker gave false public statements about the progress of producing its new Model 3 sedan.
In a filing in federal court in San Francisco, Tesla said that its statements about the challenges the company faced with Model 3 were "frank and in plain language," including repeated disclosures by Chief Executive Elon Musk of "production hell."
Tesla did not seek to hide the truth, its motion to dismiss said.
The company says its Model 3 has experienced numerous "bottlenecks" from problems with Tesla's battery module process at its Nevada Gigafactory to general assembly at its Fremont plant.
Tesla is under pressure to deliver the Model 3 to reap revenue and stem massive spending that has put Tesla's finances in the red. The ramp of the Model 3, Tesla said in the court filing, was "the first of its kind," with difficulties likely to crop up after it got underway.
The lawsuit filed last October seeks class action status for shareholders who bought Tesla stock between May 4, 2016 through October 6, 2017, inclusive. It said shareholders bought "artificially inflated" shares because Musk and other executives misled them with their statements.
Tesla made such statements during the lead-up to, and early production of, its Model 3 sedan and failed to disclose that the company was "woefully unprepared" for the vehicle's production, the lawsuit said.
A hearing is scheduled for August.
The Tesla response chronicled disclosures of production bottlenecks the company faced in its third quarter of 2017 when it fell short of its targets.
Tesla's statements that its Model 3 production was "on track" in May and August of 2017 - which plaintiffs argue were false - were made before production problems began to surface, Tesla argued.
Tesla said its "good faith belief" in the Model 3 program is reflected in everything it has done: a $4 billion investment, the build-out of its Gigafactory battery factory in Nevada and the high-volume equipment it commissioned. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/26/tesla-seeks-to-dismiss-securities-fraud-lawsuit-us-court-document.html |
May 28, 2018 / 9:15 AM / Updated an hour ago Malaysia axes project to build high-speed rail link with Singapore Liz Lee , John Geddie 3 Min Read
KUALA LUMPUR (Reuters) - Malaysia is cancelling a project to build a high-speed rail link between its capital, Kuala Lumpur, and Singapore, and will talk with its southern neighbour about any compensation Malaysia has to pay, Prime Minister Mahathir Mohamad said on Monday. FILE PHOTO - Malaysia's newly elected Prime Minister Mahathir Mohamad attends a news conference in Menara Yayasan Selangor, Pataling Jaya, Malaysia May 12, 2018. REUTERS/Stringer
Mahathir, the 92-year-old who triumphed in a general election this month, has made it a priority to cut the national debt and pledged to review big projects agreed by his predecessor that he says are expensive and have no financial benefit.
“It is a final decision, but it will take time because we have an agreement with Singapore,” Mahathir told a news conference referring to his scrapping of the project, valued by analysts at about $17 billion.
The project is out for tender and was scheduled to be completed by 2026.
Mahathir said Malaysia may have to pay about 500 million ringgit ($125.63 million) to Singapore to get out of the deal.
Singapore’s government did not immediately have any comment on Mahathir’s vow to scrap the project.
Companies from China, Japan, South Korea and Europe were eyeing a contract to build, operate and finance the trains and the rail assets, sources close to the bidding process had told Reuters.
Even picking a winner was expected to test ties between Malaysia and Singapore, which have been frosty since the end of the colonial era in the 1960s, against the backdrop of broader tension over China’s growing influence in the region.
About 90 percent of the rail network was set to be in Malaysia, including a terminal in Bandar Malaysia, a big property development owned by scandal-hit state fund 1Malaysia Development Berhad (1MDB).
A $1.7 billion deal to sell a majority stake in Bandar Malaysia to a Malaysian-Chinese consortium fell through in May 2017. A year on, the project has failed to attract any buyers.
Mahathir has reopened an investigation into 1MDB following his election victory. It is being investigated in other countries, including the United States.
Properties linked to former prime minister Najib Razak have been searched as part of the investigation, and Najib has given statements to an anti-graft agency.
Najib has long denied any wrongdoing.
Mahathir said his government was also in the process of renegotiating with Chinese partners over the terms of a $14 billion rail deal aimed at connecting the South China Sea at the Thai border in the east with the strategic shipping routes of the Straits of Malacca in the west.
He estimates that Malaysia could cut almost a fifth of its $250 billion national debt and liabilities by scrapping such big projects. Reporting by Liz Lee, John Geddie and A. Ananthalakshmi in KUALA LUMPUR and Fathin Ungku in SINGAPORE; Editing by Clarence Fernandez, Robert Birsel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-politics-rail-singapore/malaysia-pm-to-drop-high-speed-rail-project-with-singapore-ft-idUKKCN1IT0PV |
MIAMI and MEXICO CITY and MADRID, Spain, May 15, 2018 (GLOBE NEWSWIRE) -- Dopamine, the new audiovisual content company focused on story development and production for global platforms, announced today the appointment of Miguel Ángel Oliva as Chief Marketing Officer.
Miguel Ángel Oliva will be responsible for global positioning of the company and its premium contents in markets including the US, Europe, and Latin America. “Multi-platforms, original series and new audiences are calling for unique promotional strategies, along with a very particular type of storytelling that is both creative and enticing. Miguel Angel brings that experience and the necessary dopamine to provide our partners and clients services and solutions that are optimal to face those challenges,” said Dopamine CEO Fidela Navarro. “He is an entrepreneurial professional, modern and passionate.”
The new Dopamine team member has worked in leading global companies including Pfizer, American Express, and Eli Lilly & Co. He spent the greater part of his professional career in the audiovisual industry, as Public Relations and Corporate Communications Vice President at HBO LATAM, where he oversaw all internal and external communications, in addition to promoting original series including Game of Thrones, Trueblood, and Girls, to list a few. In 2014 he founded his own marketing and public relations firm, The Olive Tree PR , where he currently serves as a board member.
About Dopamine
Dopamine is an audiovisual company property of Grupo Salinas focused on creation, development, and production of original content for global platforms, under a diversity of management, business, and third-party agreement models.
Dopamine is a one-stop-shop curating the best stories, working with leading producers, and providing the financial capabilities required to position it as a unique offering in the Americas.
Press Relations
Yazmín Rojas
Dextera Comunicación
[email protected]
Source: Dopamine | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-dopamine-appoints-miguel-angel-oliva-as-chief-marketing-officer.html |
May 2, 2018 / 5:46 AM / Updated 9 hours ago Fujifilm says to file objection against Xerox settlement with shareholders Reuters Staff 1 Min Read
TOKYO (Reuters) - Japan’s Fujifilm Holdings Corp said it would file an objection with a U.S. court over a settlement announced earlier between Xerox Corp and activist shareholders who oppose a $6.1 billion deal between the two companies. FILE PHOTO: The Fuji Xerox logo is seen on a photocopier in this illustration photo January 19, 2018. REUTERS/Thomas White/Illustration/File Photo
“We have serious concerns about the announced settlement and we intend to file our objections with the Court shortly,” Fujifilm said in a statement on Wednesday.
“We believe the combination of Xerox and Fuji Xerox is the best option to provide exceptional value to shareholders of both companies.”
Fujifilm also said in its statement that it would appeal an April 27 U.S. court ruling temporarily blocking the Xerox deal. Reporting by Sam Nussey and Chang-Ran Kim; Editing by Edwina Gibbs | ashraq/financial-news-articles | https://in.reuters.com/article/xerox-m-a-fujifilm-objection/fujifilm-says-to-file-objection-against-xerox-settlement-with-shareholders-idINKBN1I30HX |
ROCHESTER, N.H.--(BUSINESS WIRE)-- The Board of Directors of Albany International Corp. (NYSE: AIN) today declared a quarterly dividend of $0.17 per share on the Company’s Class A and Class B Common Stock, payable on July 9, 2018, to shareholders of record on June 7, 2018.
Albany International Corp. is a global advanced textiles and materials processing company, with two core businesses. Machine Clothing is the world's leading producer of custom-designed fabrics and belts essential to production in the paper, nonwovens, and other process industries. Albany Engineered Composites is a rapidly growing supplier of highly engineered composite parts for the aerospace industry. Albany International is headquartered in Rochester, New Hampshire, operates 23 plants in 10 countries, employs 4,400 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005336/en/
Albany International Corp.
Investors
John Cozzolino, 518-445-2281
[email protected]
or
Media
Heather Kralik, 801-505-7001
[email protected]
Source: Albany International Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-albany-international-declares-dividend.html |
May 17 (Reuters) - Blackwells Capital LLC:
* BLACKWELLS CAPITAL LLC - ISSUES OPEN LETTER TO SUPERVALU INC’S BOARD OF DIRECTORS
* BLACKWELLS CAPITAL LLC SAYS HAS APPROXIMATELY 5.2% OWNERSHIP INTEREST IN SUPERVALU INC Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-blackwells-capital-issues-open-let/brief-blackwells-capital-issues-open-letter-to-supervalus-board-of-directors-idUSFWN1SO0US |
FREEHOLD, N.J., May 9, 2018 /PRNewswire/ -- UMH Properties, Inc. (NYSE: UMH) reported Total Income for the quarter ended March 31, 2018 of $29,796,000 as compared to $26,449,000 for the quarter ended March 31, 2017, representing an increase of 13%. Net Loss Attributable to Common Shareholders amounted to $27,155,000 or $0.76 per diluted share for the quarter ended March 31, 2018 as compared to $1,504,000 or $0.05 per diluted share for the quarter ended March 31, 2017. This increase was due to the change in fair value of our marketable securities. Starting in 2018, unrealized gains or losses in value on securities holding are included in our operating numbers. Previously, these unrealized gains or losses were recognized in "Accumulated Other Comprehensive Income" on our Balance Sheet. At quarter end, the Company had net unrealized losses of $14,379,000 in its securities portfolio, resulting in a $25,899,000 total decrease in fair value for the quarter.
Core Funds from Operations ("Core FFO"), was $6,355,000 or $0.18 per diluted share for the quarter ended March 31, 2018 as compared to $5,061,000 or $0.17 per diluted share for the quarter ended March 31, 2017, representing an increase in Core FFO per diluted share of 6%. Normalized Funds from Operations ("Normalized FFO"), was $6,335,000 or $0.18 per diluted share for the quarter ended March 31, 2018, as compared to $5,029,000 or $0.17 per diluted share for the quarter ended March 31, 2017, representing an increase in Normalized FFO per diluted share of 6%.
A summary of significant financial information for the three months ended March 31, 2018 and 2017 is as follows:
For the Three Months Ended
March 31,
2018
2017
Total Income
$
29,796,000
$
26,449,000
Total Expenses
$
25,492,000
$
22,485,000
Dividend and Other Investment Income (Loss), net
$
(23,454,000)
$
1,883,000
Net Loss Attributable to Common Shareholders
$
(27,155,000)
$
(1,504,000)
Net Loss Attributable to Common
Shareholders per Diluted Common Share
$
(0.76)
$
(0.05)
Core FFO (1)
$
6,355,000
$
5,061,000
Core FFO (1) per Diluted Common Share
$
0.18
$
0.17
Normalized FFO (1)
$
6,335,000
$
5,029,000
Normalized FFO (1) per Diluted Common Share
$
0.18
$
0.17
Weighted Average Shares Outstanding
35,907,000
29,955,000
A summary of significant balance sheet information as of March 31, 2018 and December 31, 2017 is as follows:
March 31,
2018
December 31,
2017
Gross Real Estate Investments
$ 773,642,000
$ 764,439,000
Marketable Securities at Fair Value
$ 113,344,000
$ 132,964,000
Total Assets
$ 813,387,000
$ 823,881,000
Mortgages Payable, net
$ 303,317,000
$ 304,895,000
Loans Payable, net
$ 50,383,000
$ 84,704,000
Total Shareholders' Equity
$ 446,549,000
$ 421,215,000
Samuel A. Landy, President and CEO, commented on the results of the first quarter of 2018.
"We are pleased to announce another solid quarter of operating results and an excellent start to 2018. Our Normalized FFO for the quarter of $0.18 per diluted share fully covered our dividend. During the quarter, we:
Increased Rental and Related Income by 11.2%; Increased Community Net Operating Income ("NOI") by 11.2%; Increased Same Property NOI by 5.4% Increased Same Property Occupancy by 140 basis points from 81.8% to 83.2%; Increased home sales by 31.7%; Increased our rental home portfolio by 165 homes to approximately 5,800 total rental homes, representing an increase of 17.7%; Increased rental home occupancy by 100 basis points from 93.7% to 94.7%; Reduced the weighted average interest rate on our mortgage debt from 4.4% to 4.2%; Maintained the weighted average interest rate on our total debt at 4.1%; Issued 2,000,000 shares of a new 6.375% Series D Cumulative Redeemable Preferred Stock, for net proceeds after deducting the underwriting discount and other estimated offering expenses, of approximately $48 million; Raised $10.1 million through our Dividend Reinvestment and Stock Purchase Plan; Reduced our Net Debt to Total Market Capitalization from 36.4% to 29.0% and our Net Debt Less Securities to Total Market Capitalization from 26.1% to 19.0%; and, Increased our total market capitalization to $1.1 billion, representing an increase of 8.5%."
Mr. Landy stated, "Our positive results were driven by strong operating metrics. Our rental program remains the most efficient way to drive occupancy and earnings growth. During the quarter we added 165 rental homes to our communities. Our rental home portfolio now contains 5,772 homes with an occupancy rate of 94.7%."
"Home sales have been improving and increased 32% this year. The positive demographic trends and robust labor market, combined with rising conventional home prices, should favor our industry and drive further demand for our homes."
"Same Property NOI increased by 5.4% this year, driven by a 140 basis point increase in the occupancy rate and a 3.3% increase in our weighted average monthly site rent."
"During the quarter, we also enhanced our liquidity by issuing 2,000,000 shares of a new 6.375% Series D Cumulative Redeemable Preferred Stock, for net proceeds, after deducting the underwriting discount and other estimated offering expenses, of approximately $48 million. We anticipate continued per share earnings accretion once this capital is fully deployed."
"Starting in 2018, unrealized gains or losses in value on securities holding are included in our operating numbers. The REIT market has been under pressure thus far in 2018 losing approximately 10% in value. We view this as temporary and expect the value of the companies to better reflect their earnings and underlying property values."
"We continue to execute on our business plan. We have a robust acquisition pipeline of approximately $75 million. We anticipate completing the acquisition of two of these communities, with a total of approximately 670 sites at a purchase price of $20 million, within the next few weeks. We look forward to building on the substantial progress we have made thus far."
UMH Properties, Inc. will host its First Quarter 2018 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Thursday, May 10, 2018 at 10:00 a.m. Eastern Time.
The Company's 2018 first quarter financial results being released herein will be available on the Company's website at www.umh.reit in the "Financial Information and Filings" section.
To participate in the webcast , select the microphone icon found on the homepage www.umh.reit to access the call. Interested parties can also participate via conference call by calling toll free 877-513-1898 (domestically) or 412-902-4147 (internationally).
The replay of the conference call will be available at 12:00 p.m. Eastern Time on Thursday, May 10, 2018. It will be available until August 1, 2018 and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 10118610. A transcript of the call and the webcast replay will be available at the Company's website, www.umh.reit .
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 112 manufactured home communities containing approximately 20,000 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. In addition, the Company owns a portfolio of REIT securities.
Certain statements included in this press release which are not historical facts may be deemed within the meaning of the Private Securities Litigation Reform Act of 1995. Any such are based on the Company's current expectations and involve various risks and uncertainties. Although the Company believes the expectations reflected in any are based on reasonable assumptions, the Company can provide no assurance those expectations will be achieved. The risks and uncertainties that could cause actual results or events to differ materially from expectations are contained in the Company's annual report on Form 10-K and described from time to time in the Company's other filings with the SEC. The Company undertakes no obligation to publicly update or revise any whether as a result of new information, future events, or otherwise.
Note:
(1)
Non-GAAP Information: We assess and measure our overall operating results based upon an industry performance measure referred to as Funds From Operations ("FFO"), which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by The National Association of Real Estate Investment Trusts ("NAREIT"), represents Net Income (Loss) Attributable to Common Shareholders, as defined by accounting principles generally accepted in the United States of America ("U.S. GAAP"), excluding extraordinary items, as defined under U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. NAREIT created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Core Funds From Operations ("Core FFO") as FFO plus costs of early extinguishment of debt, change in the fair value of marketable securities and costs associated with the redemption of preferred stock. We define Normalized Funds From Operations ("Normalized FFO") as Core FFO excluding gains and losses realized on marketable securities investments and certain non-recurring charges. We define Community NOI as rental and related income less community operating expenses such as real estate taxes, repairs and maintenance, community salaries, utilities, insurance and other expenses. FFO, Core FFO and Normalized FFO, as well as Community NOI, should be considered as supplemental measures of operating performance used by REITs. FFO, Core FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other REITs may use different methodologies to calculate FFO, Core FFO, Normalized FFO and Community NOI and, accordingly, our FFO, Core FFO, Normalized FFO and Community NOI may not be comparable to all other REITs. The items excluded from FFO, Core FFO and Normalized FFO are significant components in understanding the Company's financial performance.
FFO, Core FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as an alternative to net income (loss) as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity.
The reconciliation of the Company's U.S. GAAP net loss to the Company's FFO, Core FFO and Normalized FFO for the three months ended March 31, 2018 and 2017 are calculated as follows:
Three Months Ended
3/31/18
3/31/17
Net Loss Attributable to Common Shareholders
$(27,155,000)
$(1,504,000)
Depreciation Expense
7,595,000
6,540,000
Loss on Sales of Depreciable Assets
16,000
25,000
FFO Attributable to Common Shareholders
(19,544,000)
5,061,000
Decrease in Fair Value of Marketable Securities
25,899,000
-0-
Core FFO Attributable to Common Shareholders
6,355,000
5,061,000
Gain on Sales of Marketable Securities, net
(20,000)
(32,000)
Normalized FFO Attributable to Common Shareholders
$6,335,000
$5,029,000
The diluted weighted shares outstanding used in the calculation of Core FFO per Diluted Common Share and Normalized FFO per Diluted Common Share were 36,195,000 shares for the three months ended March 31, 2018, and 30,427,000 for the three months ended March 31, 2017, respectively. Common stock equivalents resulting from stock options in the amount of 288,000 shares for the three months ended March 31, 2018, and 472,000 shares for the three months ended March 31, 2017, are included in the diluted weighted shares outstanding. Common stock equivalents were excluded from the computation of the Diluted Net Loss per Share as their effect would be anti-dilutive.
The following are the cash flows provided (used) by operating, investing and financing activities for the three months ended March 31, 2018 and 2017:
2018
2017
Operating Activities
$10,290,000
$11,626,000
Investing Activities
(17,472,000)
(49,618,000)
Financing Activities
11,205,000
43,368,000
View original content: http://www.prnewswire.com/news-releases/umh-properties-inc-reports-results-for-the-first-quarter-ended-march-31-2018-300645765.html
SOURCE UMH Properties, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-umh-properties-inc-reports-results-for-the-first-quarter-ended-march-31-2018.html |
May 2, 2018 / 9:59 AM / Updated 4 hours ago South African lawyer expects to sign gold miners' silicosis settlement Thursday Reuters Staff 2 Min Read
JOHANNESBURG (Reuters) - A lawyer acting for nearly half a million miners who contracted fatal lung diseases silicosis and tuberculosis in mines said an out-of-court settlement was expected to be signed on Thursday with those gold companies implicated in the issue.
The High Court in 2016 set the stage for protracted proceedings on cases dating back decades in the largest class action suit yet in Africa’s most industrialized country.
“Barring unforeseen circumstances, we expect to sign the silicosis agreement with the gold industry tomorrow (Thursday),” Richard Spoor told Reuters on Wednesday.
The suit was launched around six years ago on behalf of miners suffering from silicosis, contracted by inhaling silica dust in gold mines.
The settlement, which would also cover those who contracted from tuberculosis, would still need approval by the High Court before being implemented.
The Occupational Lung Disease (OLD), a group put together by the six companies involved, could not be reached for comment.
South African gold producers say they have set aside 5 billion rand ($398 million) in provisions for the settlement.
The six companies involved are Harmony Gold, Gold Fields, African Rainbow Minerals, Sibanye-Stillwater, AngloGold Ashanti and Anglo American. Anglo American no longer has gold assets but historically was a bullion producer. Reporting by Ed Stoddard; Writing by James Macharia; Editing by Edmund Blair | ashraq/financial-news-articles | https://www.reuters.com/article/us-safrica-mining-silicosis/south-african-lawyer-expects-to-sign-gold-miners-silicosis-settlement-thursday-idUSKBN1I316R |
May 3 (Reuters) - Web.com Group Inc:
* WEB.COM REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 REVENUE $187.8 MILLION VERSUS I/B/E/S VIEW $185.5 MILLION
* Q1 GAAP EARNINGS PER SHARE $0.09 * Q1 EARNINGS PER SHARE VIEW $0.61 — THOMSON REUTERS I/B/E/S
* WEB.COM’S TOTAL NET SUBSCRIBERS WERE ABOUT 3,349,000 AT END OF Q1, DOWN ABOUT 62,000 FROM END OF Q4 OF 2017
* WEB.COM’S AVERAGE REVENUE PER USER WAS $18.34 IN Q1 COMPARED TO $17.67 FOR Q1 OF 2017 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-webcom-reports-q1-eps-009/brief-web-com-reports-q1-eps-0-09-idUSASC09ZOD |
May 13, 2018 / 4:43 PM / Updated an hour ago Zaha, Van Aanholt give Palace win over West Brom Reuters Staff 1 Min Read
May 13 (Reuters) - CRYSTAL PALACE 2 WEST BROMWICH ALBION 0 Soccer Football - Premier League - Crystal Palace vs West Bromwich Albion - Selhurst Park, London, Britain - May 13, 2018 Crystal Palace's Wilfried Zaha celebrates scoring their first goal with Patrick van Aanholt REUTERS/Hannah McKay
Crystal Palace ended their season on a high with a 2-0 home victory over already-relegated West Bromwich Albion on Sunday, which left the visitors bottom of the Premier League.
Wilfried Zaha met Patrick van Aanholt’s cross on the volley from close range to break the deadlock in the 70th minute after a bursting run through the middle from Ruben Loftus-Cheek. Slideshow (4 Images)
Dutch left back Van Aanholt then completed a marvellous team move by rounding goalkeeper Ben Foster to score the second eight minutes later, inflicting a first defeat on West Brom in six games since caretaker manager Darren Moore took over at the start of April.
Palace finished the season 11th in the standings on 44 points, missing out on 10th by two goals as Newcastle United beat Chelsea 3-0. West Brom sank to the bottom of the table due to Stoke City’s 2-1 win at Swansea City, ending the campaign on 31 points. Reporting by Richard Martin; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-cry-wba/zaha-van-aanholt-give-palace-win-over-west-brom-idUKKCN1IE0UT |
May 2, 2018 / 11:35 AM / Updated 7 minutes ago BRIEF-Spirit AeroSystems Reports Q1 Earnings Per Share $1.10 Reuters Staff 1 Min Read
May 2 (Reuters) - Spirit AeroSystems Holdings Inc:
* SPIRIT AEROSYSTEMS REPORTS Q1 2018 FINANCIAL RESULTS; ANNOUNCES ACQUISITION OF ASCO INDUSTRIES; PLANS DEBT REFINANCING; ANNOUNCES $725 MILLION ACCELERATED SHARE REPURCHASE PLAN; INCREASED DIVIDEND BY 20% * Q1 EARNINGS PER SHARE $1.10
* Q1 REVENUE $1.7 BILLION VERSUS I/B/E/S VIEW $1.71 BILLION
* Q1 EARNINGS PER SHARE VIEW $1.35 — THOMSON REUTERS I/B/E/S
* ACQUISITION OF ASCO INDUSTRIES TO BE COMPLETED DURING SECOND HALF OF YEAR * 20% INCREASE IN QUARTERLY CASH DIVIDEND
* BACKLOG AT END OF Q1 OF 2018 WAS APPROXIMATELY $47 BILLION
* PLANS TO EXECUTE A $725 MILLION ASR AGAINST REMAINING $925 MILLION SHARE REPURCHASE AUTHORIZATION
* 2018 FINANCIAL OUTLOOK REAFFIRMED Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-spirit-aerosystems-reports-q1-earn/brief-spirit-aerosystems-reports-q1-earnings-per-share-1-10-idUSASC09YYB |
May 1 (Reuters) - National Retail Properties Inc:
* RECORD FIRST QUARTER 2018 OPERATING RESULTS AND INCREASED 2018 GUIDANCE ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.
* QTRLY REVENUES $152.8 MILLION VERSUS $141.4 MILLION * NATIONAL RETAIL PROPERTIES - CORE FFO GUIDANCE FOR 2018 WAS INCREASED TO A RANGE OF $2.62 TO $2.66 PER SHARE
* Q1 REVENUE VIEW $151.7 MILLION — THOMSON REUTERS I/B/E/S * FY2018 FFO PER SHARE VIEW $2.64 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-national-retail-properties-qtrly-f/brief-national-retail-properties-qtrly-ffo-per-common-share-0-67-idUSASC09YLF |
May 2, 2018 / 12:43 AM / Updated 6 hours ago Mueller raises possibility of Trump subpoena - former Trump lawyer Karen Freifeld 3 Min Read
NEW YORK (Reuters) - Special Counsel Robert Mueller, in a meeting with U.S. President Donald Trump’s lawyers in March, raised the possibility of issuing a subpoena for Trump if he declines to talk to investigators in the Russia probe, a former lawyer for the president said on Tuesday.
John Dowd told Reuters that Mueller mentioned the possibility of a subpoena in the early March meeting. Mueller’s subpoena warning was first reported by the Washington Post, which cited four people familiar with the encounter.
“This isn’t some game. You are screwing with the work of the president of the United States,” Dowd said he told the investigators, who are probing possible collusion between the Trump campaign and Russia. Dowd left the president’s legal team about two weeks after the meeting.
The Post said Mueller had raised the possibility of a subpoena after Trump’s lawyers said the president had no obligation to talk with federal investigators involved in the probe.
After the March meeting, Mueller’s team agreed to provide the president’s lawyers with more specific information about the subjects they wished to ask Trump, the Post reported.
With that information, Trump’s lawyer Jay Sekulow compiled a list of 49 questions the president’s legal team believed he would be asked, according to the Post.
That list, first reported by the New York Times on Monday, includes questions on Trump’s ties to Russia and others to determine whether the president may have unlawfully tried to obstruct the investigation.
“We do not discuss conversations we have had or may have had with the Office of Special Counsel,” Sekulow told Reuters on Tuesday evening.
Trump criticized the leak of the questions.
“So disgraceful that the questions concerning the Russian Witch Hunt were ‘leaked’ to the media. No questions on Collusion,” Trump wrote on Twitter on Tuesday. “It would seem very hard to obstruct justice for a crime that never happened!”
Russia has denied interfering in the 2016 U.S. presidential election, as U.S. intelligence agencies allege, and Trump has denied there was any collusion between his campaign and Moscow.
A spokesman for Mueller declined to comment. FILE PHOTO: FBI Director Robert Mueller testifies before the House Judiciary Committee hearing on Federal Bureau of Investigation oversight on Capitol Hill in Washington, DC, U.S., June 13, 2013. REUTERS/Yuri Gripas/File Photo Reporting by Karen Freifeld; Writing by Eric Beech; Editing by Tim Ahmann and Peter Cooney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-russia-subpoena/mueller-raises-possibility-of-trump-subpoena-washington-post-idUKKBN1I3045 |
May 4, 2018 / 10:16 AM / Updated 5 hours ago Pro-gun voices dominate in debate over Trump's bump-stock ban Sarah N. Lynch , Andy Sullivan 5 Min Read
WASHINGTON (Reuters) - Young advocates for tighter U.S. gun controls have walked out of schools, filled city streets in rallies nationwide and pressured politicians since a February school massacre in Florida revived passions on both sides of America’s gun debate.
The new wave of gun-control advocates, many of them students, has vowed to keep pressing for gun control measures, and the advocates say they will be mobilizing for November’s mid-term elections to support politicians in their camp.
But public comments on President Donald Trump’s proposed ban on bump stocks may be indicative that the gun-rights lobby continues to be a well-financed organizational juggernaut while gun control advocates, at least so far, are barely raising their voices.
Further reading: Months after Parkland shooting, Trump to embrace NRA in rally-like speech
Of the more than 17,000 public comments received so far by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), a review by Reuters of 4,200 turned up only 10 favoring the bump stock ban. Almost all the rest criticized the proposal as heavy-handed, unnecessary or unconstitutional.
Bump stocks are devices that make a semi-automatic rifle shoot like a machine gun. One was used last year by a shooter to kill 58 people in Las Vegas.
In the long-running U.S. debate over firearms, well-organized gun-rights groups have managed to block initiatives to tighten gun controls, despite a string of recent mass shootings.
The public comment period on the bump-stock ban proposal expires on June 27. Gun-control advocates vowed to weigh in.
“We are rallying our members and we will be putting in a whole additional series of comments,” said Avery Gardiner, co-president of the Brady Campaign to Prevent Gun Violence, a Washington-based group dedicated to reducing gun deaths.
“The numbers will shift,” Gardiner said.
Rather than pursuing a bump-stock ban in Congress, Trump ordered Attorney General Jeff Sessions to rewrite an existing regulation to prohibit bump stocks by classifying weapons equipped with them as machine guns, sales of which are tightly restricted. If the ATF makes any missteps in the rulemaking process, it could be accused of arbitrary and capricious rulemaking.
Gun-rights advocates seem to be waging a coordinated campaign to flood the ATF with arguments against the bump-stock ban. Roughly 1,300 of the 4,200 comments reviewed appeared to be duplicates, suggesting the use of form letters, a common tactic used by Washington advocacy groups.
Gun Owners of America, a 1.5 million member pro-gun organization, has been among the most vocal opponents of the proposed ban and has galvanized supporters to weigh in.
Michael Hammond, the group’s legislative counsel, said his organization is already poised to sue if the proposed rule is adopted in its current form. He called the proposed rule “a lie” because, he said, bump stocks do not function the way a machine gun does, as defined under federal law.
The proposed rule, he added, “is not just arbitrary and capricious; it is illegal. You can’t just throw the statute in the toilet and do whatever you want to do.”
Gun control advocates said they are not enthusiastic about the administration’s approach to adopting a ban through regulation, rather than legislation.
“The best and clearest way to address this issue is to have a legislative fix. ... That is what we have been advocating for since October. Obviously, that is not what has happened,” said Robin Lloyd, director of government affairs for Giffords, the gun control group founded by former U.S. Representative Gabby Giffords, who was shot in the head in 2011, and her husband, former astronaut Mark Kelly.
The National Rifle Association’s annual convention will get under way in Texas on Friday, with Trump and Vice President Mike Pence scheduled to speak. The powerful, pro-gun NRA has said it would only support a bump-stock ban if it were made by ATF regulation and not by congressional legislation.
A spokesperson from the NRA did not return repeated requests for comment. Reuters did not locate a formal comment letter from the NRA on the bump-stock ban among the thousands reviewed. Reporting by Sarah N. Lynch and Andy Sullivan; Editing by Kevin Drawbaugh and Leslie Adler | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-guns-bumpstocks/pro-gun-voices-dominate-in-debate-over-trumps-bump-stock-ban-idUSKBN1I5111 |
Revenues of $51.6 billion for the fourth quarter and $208.4 billion for the full year. Fourth-quarter GAAP loss per diluted share from continuing operations of $(5.58) and full-year GAAP earnings per diluted share from continuing operations of $0.30. Fourth-quarter Adjusted Earnings per diluted share of $3.49 and full-year Adjusted Earnings per diluted share of $12.62. Fiscal 2018 cash flow from operations of $4.3 billion. The Board of Directors authorized an additional $4.0 billion share repurchase program. Fiscal 2019 Outlook: Adjusted Earnings of $13.00 to $13.80 per diluted share.
SAN FRANCISCO--(BUSINESS WIRE)-- McKesson Corporation (NYSE:MCK) today reported that revenues for the fourth quarter ended March 31, 2018, were $51.6 billion, up 6% compared to $48.7 billion a year ago. On a constant currency basis, revenues increased 4% over the prior year. For the fiscal year, McKesson had revenues of $208.4 billion, up 5% compared to $198.5 billion a year ago. On a constant currency basis, revenues increased 4% over the prior year.
On the basis of U.S. generally accepted accounting principles (“GAAP”), fourth-quarter loss per diluted share from continuing operations was $(5.58), compared to earnings per diluted share of $16.79 a year ago. Full-year GAAP earnings per diluted share from continuing operations was $0.30, compared to $23.28 a year ago. Fourth-quarter GAAP loss per diluted share and full-year GAAP earnings per share included after-tax net charges totaling $1.9 billion and $2.6 billion, respectively, or $9.07 and $12.32 per diluted share, respectively, driven primarily by non-cash goodwill and long-lived asset impairment charges in the company’s European and Canadian retail businesses, partially offset by benefits related to the Tax Cuts and Jobs Act of 2017.
Prior year fourth-quarter and full-year GAAP earnings per diluted share included an after-tax net gain of $3.0 billion, or $14.10 per diluted share and $13.53 per diluted share, respectively, related to the creation of the Change Healthcare joint venture.
Fourth-quarter Adjusted Earnings per diluted share was $3.49, up 2% compared to $3.41 a year ago. Full-year Adjusted Earnings per diluted share was $12.62, up 1% compared to $12.54 for the prior year, which includes the $0.31 per diluted share contribution to create a non-profit foundation.
For the full year, McKesson generated cash from operations of $4.3 billion and ended the year with cash and cash equivalents of $2.7 billion. During the year, McKesson repaid approximately $765 million in net long-term debt, paid $2.9 billion for acquisitions, repurchased approximately $1.7 billion of its common stock, invested $580 million internally and paid $262 million in dividends.
“While we realized significant charges in the fourth quarter reflecting challenging market conditions in Europe and Canada, I’m pleased with the Fiscal 2018 performance across our other businesses. And the strength of our balance sheet and cash flow enabled us to make internal investments and acquisitions that will drive growth,” said John H. Hammergren, chairman and chief executive officer. “This strong financial position, combined with actions we are taking in relation to our recently announced multi-year strategic growth initiative, ensures McKesson’s ongoing focus on delivering shareholder value.
“We also returned capital to shareholders through share repurchases and a quarterly dividend. And yesterday, our Board of Directors approved an additional share repurchase authorization of $4 billion, as we believe that the company’s shares are an attractive investment opportunity and repurchasing stock is an important part of our diversified capital allocation strategy,” continued Hammergren.
Segment Results
Distribution Solutions revenues were $51.6 billion for the quarter, up 7% on a reported basis and 5% on a constant currency basis. For the full year, Distribution Solutions revenues were $208.1 billion, up 6% on a reported basis and 5% on a constant currency basis, compared to the prior year.
North America pharmaceutical distribution and services revenues of $42.7 billion for the quarter were up 5% on both a reported basis and constant currency basis. For the full year, North America pharmaceutical distribution and services revenues were $174.2 billion, up 6% on both a reported and constant currency basis, compared to the prior year. Revenue growth for the quarter and the full year was driven primarily by market growth and acquisitions, partially offset by branded to generic conversions.
International pharmaceutical distribution and services revenues were $7.2 billion for the quarter, up 19% on a reported basis and 4% on a constant currency basis, driven by acquisitions and market growth, which were the same factors that drove full year revenues of $27.3 billion, up 10% on a reported basis and up 5% on a constant currency basis, compared to the prior year.
Medical-Surgical distribution and services revenues were $1.7 billion for the quarter, up 9%, driven primarily by market growth, including the impact of a stronger flu season. For the full year, Medical-Surgical distribution and services revenues were $6.6 billion, up 6% compared to the prior year.
Fourth-quarter Distribution Solutions GAAP operating loss was $(689) million and GAAP operating margin was (1.33)%. On a constant currency basis, fourth-quarter adjusted operating profit was $1.1 billion, up 8% from the prior year on a reported basis and 7% on a constant currency basis. Adjusted operating margin for the Distribution Solutions segment was 2.26% on a constant currency basis. Adjusted operating margin excluding noncontrolling interests for the Distribution Solutions segment was 2.17% on a constant currency basis.
For the full year, Distribution Solutions GAAP operating profit was $1.2 billion and GAAP operating margin was 0.59%. On a constant currency basis, full-year adjusted operating profit was $4.1 billion, up 8% from the prior year on a reported basis and 7% on a constant currency basis. Adjusted operating margin for the Distribution Solutions segment was 1.96% on a constant currency basis. Adjusted operating margin excluding noncontrolling interests for the Distribution Solutions segment was 1.87% on a constant currency basis.
Fourth-quarter Technology Solutions GAAP operating profit was $23 million. Fourth-quarter adjusted operating profit was $72 million, driven by the company’s proportionate share of the income from McKesson’s equity investment in Change Healthcare.
Full-year Technology Solutions GAAP operating loss was $(23) million. Full-year adjusted operating profit was $304 million, primarily driven by the company’s proportionate share of the income from McKesson’s equity investment in Change Healthcare.
Fiscal Year 2018 Reconciliation of GAAP Results to Adjusted Earnings
Adjusted Earnings per diluted share of $12.62 for the fiscal year ending March 31, 2018, excludes the following GAAP items:
Amortization of acquisition-related intangibles of $2.60 per diluted share; Acquisition-related expenses and adjustments of $1.20 per diluted share; Last-In-First-Out (“LIFO”) inventory-related credits of 31 cents per diluted share; Restructuring charges of $2.82 per diluted share, including non-cash long-lived asset impairment charges; and Other adjustment net charges of $6.01 per diluted share, primarily including non-cash goodwill asset impairment charges, partially offset by benefits related to the Tax Cuts and Jobs Act of 2017.
Revised Segment Financial Reporting Effective Fiscal Year 2019
Following the retirement of the president of Distribution Solutions in January 2018 and an evaluation of the company’s management and operating structure, McKesson has revised its reportable segments commencing in the first quarter of Fiscal 2019. McKesson’s new reportable segments are:
U.S. Pharmaceutical and Specialty Solutions, which includes the U.S. Pharmaceutical and McKesson Specialty Health businesses; European Pharmaceutical Solutions; and Medical-Surgical Solutions.
All remaining operating segments and business activities that are not significant enough to require reportable segment disclosure will be included in Other. Other primarily includes McKesson Canada, McKesson Prescription Technology Solutions (MRxTS) and the company’s equity method investment in Change Healthcare.
Please refer to a second 8-K filed today with the Securities and Exchange Commission for historical supplemental information for the fiscal years ending March 31, 2018; March 31, 2017; and March 31, 2016 reflecting historical results by revised reportable segment.
Fiscal Year 2019 Outlook
McKesson expects Adjusted Earnings per diluted share of $13.00 to $13.80 for the fiscal year ending March 31, 2019.
“Our Fiscal 2019 outlook represents mid- to high-single digit percentage growth year over year, reflecting a more stable market environment and effective capital allocation, while including the previously outlined headwinds in our European and Rexall businesses,” Hammergren concluded.
McKesson has ceased providing forward-looking guidance on a GAAP basis as the company is unable to provide a quantitative reconciliation of this forward-looking non-GAAP measure to the most directly comparable forward-looking GAAP measure, without unreasonable effort, as items are inherently uncertain and depend on various factors, many of which are beyond the company’s control.
Key Assumptions for Fiscal 2019
The Fiscal 2019 outlook is based on the following key assumptions and is also subject to the Risk Factors outlined below:
McKesson to deliver mid-single digit percent revenue growth and down slightly to up mid-single digit percent adjusted income from operations growth in Fiscal 2019. U.S. Pharmaceutical and Specialty Solutions to deliver low- to mid-single digit percent revenue growth and flat to down mid-single digit percent adjusted operating profit growth in Fiscal 2019. European Pharmaceutical Solutions to deliver flat to mid-single digit percent revenue and adjusted operating profit growth in Fiscal 2019. Medical-Surgical Solutions is expected to deliver low-double digit percent revenue growth and mid- to high-single digit percent adjusted operating profit growth in Fiscal 2019. Other is expected to deliver low-single digit percent revenue growth and adjusted operating profit to be flat in Fiscal 2019, which includes a gross headwind of between $100 million and $120 million related to the generic pricing initiative the Canadian provincial governments enacted April 1, 2018, as well as the impact of an increase in minimum wage in multiple provinces. Adjusted equity earnings from the company’s investment in Change Healthcare are expected to grow in the low- to mid-single digit percent in Fiscal 2019. Expect low-double digit percent decline in corporate expenses compared to Fiscal 2018. Interest expense is expected to decline year over year. The guidance range assumes a full-year adjusted tax rate of approximately 21% to 23%, which may vary from quarter to quarter. Income attributable to noncontrolling interests is expected to decline year over year. The company’s ownership position in McKesson Europe is assumed to be approximately 77% for Fiscal 2019. Foreign currency exchange rate movements are assumed to have a net favorable impact of up to 10 cents per diluted share year over year. Commencing in Fiscal 2019, the company will provide free cash flow guidance. Free cash flow is expected to be approximately $3.0 billion, which is net of expected property acquisitions and capitalized software expenditures of between $600 million and $800 million. Weighted average diluted shares used in the calculation of earnings per share are expected to be approximately 200 million for the year.
Adjusted Earnings
McKesson separately reports financial results on the basis of Adjusted Earnings. Adjusted Earnings is a non-GAAP financial measure defined as GAAP income from continuing operations, excluding amortization of acquisition-related intangible assets, acquisition-related expenses and adjustments, LIFO inventory-related adjustments, gains from antitrust legal settlements, restructuring charges, and other adjustments. A reconciliation of McKesson’s GAAP financial results to Adjusted Earnings is provided in Schedules 2, 3 and 4 of the financial statement tables included with this release.
The company will not provide forward-looking guidance on a GAAP basis prospectively as McKesson is unable to provide a quantitative reconciliation of this forward-looking non-GAAP measure to the most directly comparable forward-looking GAAP measure, without unreasonable effort, because McKesson cannot reliably forecast LIFO inventory-related adjustments, gains from antitrust legal settlements, restructuring charges, and other adjustments, which are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the company’s control, and as such, any associated estimate and its impact on GAAP performance could vary materially.
Constant Currency
McKesson also presents its financial results on a constant currency basis. The company conducts business worldwide in local currencies, including the Euro, British pound and Canadian dollar. As a result, the comparability of the financial results reported in U.S. dollars can be affected by changes in foreign currency exchange rates. Constant currency information is presented to provide a framework for assessing how the company’s business performed excluding the effect of foreign currency exchange rate fluctuations. The supplemental constant currency information of the company’s GAAP financial results and Adjusted Earnings (Non-GAAP) is provided in Schedule 3 of the financial statement tables included with this release.
Non-GAAP Measures
McKesson also provides adjusted operating profit margin excluding noncontrolling interests. The company has arrangements involving third-party noncontrolling interests. As a result, pre-tax results are affected by the portion of pre-tax earnings attributable to noncontrolling interests. Adjusted operating profit margin excluding noncontrolling interests information is presented to provide a framework for assessing how the company’s business performed excluding the effect of pre-tax earnings that is not attributable to McKesson. The supplemental adjusted operating profit margin excluding noncontrolling interests information of the company’s GAAP financial results and Adjusted Earnings (Non-GAAP) is provided in Schedule 3 of the financial statement tables included with this release.
McKesson also provides a free cash flow estimate on a forward-looking basis. Free cash flow is defined as net cash provided by operating activities less property acquisitions and capitalized software expenditures, as outlined in the company’s condensed consolidated statements of cash flows.
Risk Factors
Except for historical information contained in this press release, matters discussed may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These statements may be identified by their use of forward-looking terminology such as “believes”, “expects”, “anticipates”, “may”, “will”, “should”, “seeks”, “approximately”, “intends”, “plans”, “estimates” or the negative of these words or other comparable terminology. The discussion of financial trends, strategy, plans or intentions may also include forward-looking statements. It is not possible to predict or identify all such risks and uncertainties; however, the most significant of these risks and uncertainties are described in the company’s Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission and include, but are not limited to: changes in the U.S. healthcare industry and regulatory environment; managing foreign expansion, including the related operating, economic, political and regulatory risks; changes in the Canadian healthcare industry and regulatory environment; exposure to European economic conditions, including recent austerity measures taken by certain European governments; changes in the European regulatory environment with respect to privacy and data protection regulations; fluctuations in foreign currency exchange rates; the company’s ability to successfully identify, consummate, finance and integrate acquisitions; the performance of the company’s investment in Change Healthcare; the company’s ability to manage and complete divestitures; material adverse resolution of pending legal proceedings; competition and industry consolidation; substantial defaults in payment or a material reduction in purchases by, or the loss of, a large customer or group purchasing organization; the loss of government contracts as a result of compliance or funding challenges; public health issues in the U.S. or abroad; cyberattack, natural disaster, or malfunction of sophisticated internal computer systems to perform as designed; the adequacy of insurance to cover property loss or liability claims; the company’s proprietary products and services may not be adequately protected, and its products and solutions may be found to infringe on the rights of others; system errors or failure of our technology products or services to conform to specifications; disaster or other event causing interruption of customer access to data residing in our service centers; changes in circumstances that could impair our goodwill or intangible assets; new or revised tax legislation or challenges to our tax positions; general economic conditions, including changes in the financial markets that may affect the availability and cost of credit to the company, its customers or suppliers; changes in accounting principles generally accepted in the United States of America; withdrawal from participation in multiemployer pension plans or if such plans are reported to have underfunded liabilities; inability to realize the expected benefits from the company’s restructuring and business process initiatives; difficulties with outsourcing and similar third party relationships; risks associated with the company’s retail expansion; and the company’s inability to keep existing retail store locations or open new retail locations in desirable places. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are first made. Except to the extent required by law, the company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.
Conference Call Details
The company has scheduled a conference call for today, Thursday, May 24 th , at 8:00 AM ET. The dial-in number for individuals wishing to participate on the call is 323-701-0225. Craig Mercer, senior vice president, Investor Relations, is the leader of the call, and the password to join the call is ‘McKesson’. A telephonic replay of this conference call will be available for five calendar days. The dial-in number for individuals wishing to listen to the replay is 719-457-0820 and the pass code is 3609926. An archive of the conference call will also be available on the company’s Investor Relations website at http://investor.mckesson.com .
Shareholders are encouraged to review the company’s filings with the Securities and Exchange Commission.
About McKesson Corporation
McKesson Corporation, currently ranked 6 th on the FORTUNE 500, is a global leader in healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care, and healthcare information technology. McKesson partners with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in healthcare to help provide the right medicines, medical products and healthcare services to the right patients at the right time, safely and cost-effectively. United by our ICARE shared principles, our employees work every day to innovate and deliver opportunities that make our customers and partners more successful — all for the better health of patients. McKesson has been named the “ Most Admired Company ” in the healthcare wholesaler category by FORTUNE, a “ Best Place to Work ” by the Human Rights Campaign Foundation, and a top military-friendly company by Military Friendly. For more information, visit www.mckesson.com .
Schedule 1
McKESSON CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP
(unaudited)
(in millions, except per share amounts) Quarter Ended March 31, Year Ended March 31, 2018 2017 Change 2018 2017 Change Revenues $ 51,628 $ 48,713 6 % $ 208,357 $ 198,533 5 % Cost of sales (1) (48,553 ) (45,917 ) 6 (197,173 ) (187,262 ) 5 Gross profit 3,075 2,796 10 11,184 11,271 (1 ) Operating expenses (2,316 ) (2,007 ) 15 (8,263 ) (7,801 ) 6 Goodwill impairment charges (2) (1,388 ) - - (1,738 ) (290 ) 499 Restructuring and asset impairment charges (3) (315 ) (10 ) 3,050 (567 ) (18 ) 3,050 Gain from sale of business (4) - - - 109 - - Gain on net asset exchange, net (5) - 3,947 - 37 3,947 (99 ) Total operating expenses (4,019 ) 1,930 (308 ) (10,422 ) (4,162 ) 150 Operating income (loss) (944 ) 4,726 (120 ) 762 7,109 (89 ) Other income, net (6) 28 25 12 130 90 44 Income (Loss) from equity method investment in Change Healthcare 23 - - (248 ) - - Loss on debt extinguishment (7) (122 ) - - (122 ) - - Interest expense (79 ) (77 ) 3 (283 ) (308 ) (8 ) Income (Loss) from continuing operations before income taxes (1,094 ) 4,674 (123 )
239 6,891 (97 ) Income tax benefit (expense) (8) 7 (1,044 ) (101 ) 53 (1,614 ) (103 ) Income (Loss) from continuing operations after tax (1,087 ) 3,630 (130 ) 292 5,277 (94 ) Income (Loss) from discontinued operations, net of tax (9) 2 (7 ) (129 ) 5 (124 ) (104 ) Net income (loss) (1,085 ) 3,623 (130 ) 297 5,153 (94 ) Net income attributable to noncontrolling interests (10) (61 ) (35 ) 74 (230 ) (83 ) 177 Net income (loss) attributable to McKesson Corporation $ (1,146 ) $ 3,588 (132 ) % $ 67 $ 5,070 (99 ) % Earnings (loss) per common share attributable to McKesson Corporation (11)
Diluted (12) Continuing operations $ (5.58 ) $ 16.79 (133 ) % $ 0.30 $ 23.28 (99 ) % Discontinued operations - (0.03 ) (100 ) 0.02 (0.55 ) (104 ) Total $ (5.58 ) $ 16.76 (133 ) % $ 0.32 $ 22.73 (99 ) % Basic Continuing operations $ (5.58 ) $ 16.95 (133 ) % $ 0.30 $ 23.50 (99 ) % Discontinued operations - (0.03 ) (100 ) 0.02 (0.55 ) (104 ) Total $ (5.58 ) $ 16.92 (133 ) % $ 0.32 $ 22.95 (99 ) % Dividends declared per common share $ 0.34 $ 0.28 $ 1.30 $ 1.12 Weighted average common shares (12) Diluted 206 214 (4 ) % 209 223 (6 ) % Basic 206 212 (3 ) 208 221 (6 ) (1) 2018 and 2017 fourth quarters include pre-tax credits of $94 million and pre-tax charges of $144 million, and 2018 and 2017 include pre-tax credits of $99 million and $7 million related to our last-in-first-out (“LIFO”) method of accounting for inventories. 2017 also includes $144 million of net cash proceeds representing our share of antitrust legal settlements. These credits and charges are included within our Distribution Solutions segment. (2) 2018 fourth quarter and 2018 include non-cash goodwill impairment charges (pre-tax and after-tax) of $933 million and $1,283 million for our McKesson Europe reporting unit and $455 million for our Rexall Health reporting unit. The 2018 goodwill impairment charges are recorded within our Distribution Solutions segment. 2017 includes a non-cash pre-tax goodwill impairment charge of $290 million ($282 million after-tax) for our EIS reporting unit within our Technology Solutions segment. (3) 2018 fourth quarter and 2018 include non-cash pre-tax asset impairment charges of $290 million ($286 million after-tax) and $479 million ($443 million after-tax). 2018 fourth quarter and 2018 also include pre-tax restructuring charges of $21 million ($22 million after-tax) and $74 million ($67 million after-tax) primarily representing employee severance and lease exit costs. Both the asset impairment charges and the employee severance and lease exit costs are included within our Distribution Solutions segment.
(4) 2018 includes a pre-tax gain of $109 million ($30 million after-tax) recognized from the 2018 third quarter sale of our Enterprise Information Solutions ("EIS") business within our Technology Solutions segment. (5) 2018 includes a pre-tax gain of $37 million ($22 million after-tax) related to the final net working capital settlement and other adjustments from the 2017 fourth quarter Healthcare Technology Net Asset Exchange within our Technology Solutions segment. 2017 includes a pre-tax gain of $3,947 million ($3,018 million after-tax), net, recognized from the Healthcare Technology Net Asset Exchange. (6) 2018 includes a pre-tax gain of $43 million ($26 million after-tax) recognized from the 2018 second quarter sale of an equity method investment within our Distribution Solutions segment. (7) 2018 fourth quarter and 2018 include a pre-tax loss of $122 million ($78 million after-tax) on debt extinguishment related to our February 2018 tender offers to redeem a portion of our existing debt. (8) 2018 fourth quarter and 2018 include net discrete tax benefits of $54 million and $424 million realized in connection with the December 2017 enactment of the 2017 Tax Cuts and Jobs Act ("2017 Tax Act"). (9) 2017 includes an after-tax loss of $113 million recognized from the 2017 first quarter sale of our Brazilian pharmaceutical distribution business within our discontinued operations. (10) 2018 fourth quarter and 2018 primarily include the third-party equity interests related to ClarusONE Sourcing Services LLP and Vantage Oncology Holdings, LLC within our Distribution Solutions segment's noncontrolling interests. (11) Certain computations may reflect rounding adjustments. (12) 2018 fourth quarter diluted net loss per share is calculated by excluding dilutive securities from the denominator due to their antidilutive effects. Schedule 2A
McKESSON CORPORATION
RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED EARNINGS (NON-GAAP)
(unaudited)
(in millions, except per share amounts) Quarter Ended March 31, 2018 Change
Vs. Prior Quarter As Reported
(GAAP)
Amortization
of Acquisition-
Related
Intangibles
Acquisition-
Related
Expenses and
Adjustments
LIFO
Inventory-
Related
Adjustments
Gains from
Antitrust Legal
Settlements
Restructuring
Charges, Net
Other
Adjustments,
Net
Adjusted
Earnings
(Non-GAAP)
As
Reported
(GAAP)
Adjusted
Earnings
(Non-GAAP)
Gross profit $ 3,075 $ - $ 2 $ (94 ) $
- $ - $ - $ 2,983 10 % 1 % Operating expenses (1) (2) $ (4,019 ) $ 134 $ 49 $ - $
- $ 387 $ 1,389 $ (2,060 ) (308 ) % 7 % Other income, net $ 28 $ - $ 1 $ - $
- $ - $ (1 ) $ 28 12 % 4 % Income from equity method investment in Change Healthcare (3)
$ 23 $ 74 $ 48 $ - $
- $ - $ (73 ) $ 72 - % - % Loss on debt extinguishment (4) $ (122 ) $ - $ - $ - $
- $ - $ 122 $ - - % - % Income (Loss) from continuing operations before income taxes
$ (1,094 ) $ 208 $ 100 $ (94 ) $
- $ 387 $ 1,437 $ 944 (123 ) % (3 ) % Income tax benefit (expense) (5) $ 7 $ (64 ) $ (34 ) $ 33 $
- $ (33 ) $ (72 ) $ (163 ) (101 ) % (22 ) % Income (Loss) from continuing operations, net of tax,
attributable to McKesson Corporation
$ (1,148 ) $ 144 $ 66 $ (61 ) $
- $ 354 $ 1,365 $ 720 (132 ) % (1 ) % Diluted earnings (loss) per common share from
continuing operations, net of tax, attributable to
McKesson Corporation (6) (7)
$ (5.58 ) $ 0.70 $ 0.31 $ (0.29 ) $
- $ 1.72 $ 6.60 $ 3.49
(8)
(133 ) % 2 % Diluted weighted average common shares (7) 206 207 207 207 - 207 207 207 (4 ) % (3 ) % Quarter Ended March 31, 2017 As Reported
(GAAP)
Amortization
of Acquisition-
Related
Intangibles
Acquisition-
Related
Expenses and
Adjustments
LIFO
Inventory-
Related
Adjustments
Gains from
Antitrust Legal
Settlements
Restructuring
Charges, Net
Other
Adjustments,
Net
Adjusted Earnings
(Non-GAAP)
Gross profit $ 2,796
$ - $ 10 $ 144
$
-
$ - $ - $ 2,950
Operating expenses (9) $ 1,930 $ 112 $ (3,964 ) $ - $
- $ 10 $ (15 ) $ (1,927 ) Other income, net $ 25 $ - $ 2 $ - $
- $ - $ - $ 27 Income from continuing operations before income taxes
$ 4,674 $ 112 $ (3,952 ) $ 144 $
- $ 10 $ (15 ) $ 973 Income tax expense $ (1,044 ) $ (35 ) $ 924 $ (56 ) $
- $ (3 ) $ 6 $ (208 ) Income from continuing operations, net of tax,
attributable to McKesson Corporation
$ 3,595 $ 77 $ (3,028 ) $ 88 $
- $ 7 $ (9 ) $ 730 Diluted earnings per common share from
continuing operations, net of tax, attributable to
McKesson Corporation (6)
$ 16.79 $ 0.37 $ (14.15 ) $ 0.41 $
- $ 0.03 $ (0.04 ) $ 3.41 Diluted weighted average common shares 214 214 214 214 - 214 214 214 (1) 2018, as reported under GAAP, includes non-cash goodwill impairment charges (pre-tax and after-tax) of $933 million for our McKesson Europe reporting unit and $455 million for our Rexall Health reporting unit. The 2018 goodwill impairment charges are recorded within our Distribution Solutions segment. (2) 2018, as reported under GAAP, includes pre-tax asset impairment charges of $290 million ($286 million after-tax) and pre-tax restructuring charges of $21 million ($22 million after-tax) primarily representing employee severance and lease exit costs. These charges are included within our Distribution Solutions segment.
(3) The amortization of equity investment intangibles and other acquired intangibles of $74 million is included in our proportionate share of the income (loss) from our equity method investment in Change Healthcare. 2018, as reported under GAAP, includes our proportionate share of benefits recognized by Change Healthcare related to the 2017 Tax Act of $76 million. (4) 2018, as reported under GAAP, includes a pre-tax loss of $122 million ($78 million after-tax) on debt extinguishment related to our February 2018 tender offers to redeem a portion of our existing debt. (5) 2018, as reported under GAAP, includes net discrete tax benefits of $54 million related to the 2017 Tax Act. (6) Certain computations may reflect rounding adjustments. Any cross-footing differences in per share amounts is due to a difference in weighted average shares outstanding in calculating GAAP net loss and non-GAAP net income. (7) 2018 fourth quarter diluted net loss per share as reported under GAAP, is calculated using a weighted average of 206 million common shares and excludes dilutive securities from the denominator due to their antidilutive effects. Potentially dilutive securities were excluded from the 2018 GAAP per share computations due to our reported net loss for the fourth quarter of 2018. Diluted net earnings per share (Non-GAAP), and GAAP to Non-GAAP per share reconciling items, are calculated using a weighted average of 207 million common shares and includes dilutive securities. (8) Adjusted Earnings per share on a Constant Currency basis for the fourth quarter of 2018 was $3.45 per diluted share, which excludes the foreign currency exchange effect of $0.04 per diluted share. (9) 2017, as reported under GAAP, includes a pre-tax gain of $3,947 million ($3,018 million after-tax), net, recognized from the Healthcare Technology Net Asset Exchange within our Technology Solutions segment. For more information relating to the Adjusted Earnings (Non-GAAP) and Constant Currency (Non-GAAP) definitions, refer to the section entitled “Supplemental Non-GAAP Financial Information” of this release. Schedule 2B
McKESSON CORPORATION
RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED EARNINGS (NON-GAAP)
(unaudited)
(in millions, except per share amounts) Year Ended March 31, 2018 Change
Vs. Prior Period As Reported
(GAAP)
Amortization
of Acquisition-
Related
Intangibles
Acquisition-
Related
Expenses and
Adjustments
LIFO Inventory-
Related
Adjustments
Gains from
Antitrust Legal
Settlements
Restructuring
Charges, Net
Other
Adjustments,
Net
Adjusted
Earnings
(Non-GAAP)
As
Reported
(GAAP)
Adjusted
Earnings
(Non-GAAP)
Gross profit $ 11,184 $ - $ 14 $ (99 ) $ - $ (1 ) $ - $ 11,098 (1 ) % - % Operating expenses (1) (2) (3) (4) $ (10,422 ) $ 503 $ 68 $ - $ - $ 680 $ 1,571 $ (7,600 ) 150 % 5 % Other income, net (5) $ 130 $ 1 $ 2 $ - $ - $ - $ (43 ) $ 90 44 % (11 ) % Income (Loss) from equity method investment in Change Healthcare (6)
$ (248 ) $ 288 $ 293 $ - $ - $ - $ (61 ) $ 272 - % - % Loss on debt extinguishment (7) $ (122 ) $ - $ - $ - $ - $ - $ 122 $ - - % - % Income from continuing operations before income taxes
$ 239 $ 792 $ 377 $ (99 ) $ - $ 679 $ 1,589 $ 3,577 (97 ) % (3 ) % Income tax benefit (expense) (8) $ 53 $ (247 ) $ (124 ) $ 35 $ - $ (89 ) $ (331 ) $ (703 ) (103 ) % (13 ) % Income from continuing operations, net of tax,
attributable to McKesson Corporation
$ 62 $ 545 $ 253 $ (64 ) $ - $ 590 $ 1,258 $ 2,644 (99 ) % (5 ) % Diluted earnings per common share from
continuing operations, net of tax, attributable to
McKesson Corporation (9)
$ 0.30 $ 2.60 $ 1.20 $ (0.31 ) $ - $ 2.82 $ 6.01 $ 12.62
(10)
(99 ) % 1 % Diluted weighted average common shares 209 209 209 209 - 209 209 209 (6 ) % (6 ) % Year Ended March 31, 2017 As Reported
(GAAP)
Amortization
of Acquisition-
Related
Intangibles
Acquisition-
Related
Expenses and
Adjustments
LIFO Inventory-
Related
Adjustments
Gains from
Antitrust Legal
Settlements
Restructuring
Charges, Net
Other
Adjustments,
Net
Adjusted
Earnings
(Non-GAAP)
Gross profit (11) $ 11,271
$ 3 $ 11 $ (7 )
$ (144 )
$ (2 ) $ - $ 11,132 Operating expenses (12) (13) $ (4,162 ) $ 440 $ (3,807 ) $ - $ - $ 26 $ 269 $ (7,234 ) Other income, net $ 90 $ 1 $ 10 $ - $ - $ - $ - $ 101 Income from continuing operations before income taxes
$ 6,891 $ 444 $ (3,786 ) $ (7 ) $ (144 ) $ 24 $ 269 $ 3,691 Income tax expense $ (1,614 ) $ (135 ) $ 887 $ 3 $ 56 $ (8 ) $ - $ (811 ) Income from continuing operations, net of tax,
attributable to McKesson Corporation
$ 5,194 $ 309 $ (2,899 ) $ (4 ) $ (88 ) $ 16 $ 269 $ 2,797 Diluted earnings per common share from
continuing operations, net of tax, attributable to
McKesson Corporation (9)
$ 23.28 $ 1.39 $ (13.00 ) $ (0.01 ) $ (0.39 ) $ 0.07 $ 1.20 $ 12.54 Diluted weighted average common shares 223 223 223 223 223 223 223 223 (1) 2018, as reported under GAAP, includes a pre-tax gain of $37 million ($22 million after-tax) recognized in the first quarter of 2018 related to the final net working capital settlement and other adjustments from the 2017 fourth quarter Healthcare Technology Net Asset Exchange within our Technology Solutions segment. (2) 2018, as reported under GAAP, includes non-cash goodwill impairment charges (pre-tax and after-tax) of $1,283 million for our McKesson Europe reporting unit and $455 million for our Rexall Health reporting unit. The 2018 goodwill impairment charges are recorded within our Distribution Solutions segment. (3) 2018, as reported under GAAP, includes non-cash pre-tax asset impairment charges of $479 million ($443 million after-tax) and pre-tax restructuring charges of $74 million ($67 million after-tax) primarily representing employee severance and lease exit costs. These charges are included within our Distribution Solutions segment.
(4) 2018, as reported under GAAP, includes a pre-tax gain of $109 million ($30 million after-tax) recognized from the 2018 third quarter sale of our EIS business within our Technology Solutions segment. (5) 2018, as reported under GAAP, includes a pre-tax gain of $43 million ($26 million after-tax) recognized from the 2018 second quarter sale of an equity method investment within our Distribution Solutions segment. (6) The amortization of equity investment intangibles and other acquired intangibles of $288 million is included in our proportionate share of the income (loss) from our equity method investment in Change Healthcare. 2018, as reported under GAAP, includes our proportionate share of benefits recognized by Change Healthcare related to the 2017 Tax Act of $76 million. (7) 2018, as reported under GAAP, includes a pre-tax loss of $122 million ($78 million after-tax) on debt extinguishment related to our February 2018 tender offers to redeem a portion of our existing debt. (8) 2018, as reported under GAAP, includes net discrete tax benefits of $424 million related to the 2017 Tax Act. (9) Certain computations may reflect rounding adjustments. (10) Adjusted Earnings per share on a Constant Currency basis for 2018 was $12.56 per diluted share, which excludes the foreign currency exchange effect of $0.06 per diluted share. (11) 2017, as reported under GAAP, includes $144 million of net cash proceeds primarily received in the first quarter of 2017 representing our share of antitrust legal settlements within our Distribution Solutions segment. (12) 2017, as reported under GAAP, includes a non-cash pre-tax goodwill impairment charge of $290 million ($282 million after-tax) recognized in the second quarter of 2017 for our EIS reporting unit within our Technology Solutions segment. (13) 2017, as reported under GAAP, includes a pre-tax gain of $3,947 million ($3,018 million after-tax), net, recognized from the 2017 fourth quarter Healthcare Technology Net Asset Exchange within our Technology Solutions segment. For more information relating to the Adjusted Earnings (Non-GAAP) and Constant Currency (Non-GAAP) definitions, refer to the section entitled “Supplemental Non-GAAP Financial Information” of this release. Schedule 3A
McKESSON CORPORATION
RECONCILIATION OF GAAP SEGMENT FINANCIAL RESULTS TO ADJUSTED EARNINGS (NON-GAAP)
(unaudited)
(in millions) Quarter Ended March 31, 2018 Quarter Ended March 31, 2017 GAAP Non-GAAP Change As Reported
(GAAP)
Adjustments Adjusted
Earnings
(Non-GAAP)
As Reported
(GAAP)
Adjustments Adjusted
Earnings
(Non-GAAP)
Foreign
Currency
Effects
Constant
Currency
Foreign
Currency
Effects
Constant
Currency
As Reported
(GAAP)
Adjusted
Earnings
(Non-GAAP)
Constant
Currency
(GAAP)
Constant
Currency
(Non-GAAP)
REVENUES Distribution Solutions North America pharmaceutical distribution & services
$ 42,727 $ - $ 42,727 $ 40,561 $ - $ 40,561 $ (122 ) $ 42,605 $ (122 ) $ 42,605 5 % 5 % 5 % 5 % International pharmaceutical distribution & services
7,176 - 7,176 6,053 - 6,053 (890 ) 6,286 (890 ) 6,286 19 19 4 4 Medical-Surgical distribution & services
1,725 - 1,725 1,587 - 1,587 - 1,725 - 1,725 9 9 9 9 Total Distribution Solutions 51,628 - 51,628 48,201 - 48,201 (1,012 ) 50,616 (1,012 ) 50,616 7 7 5 5 Technology Solutions - Products and Services
- - - 512 - 512 - - - - (100 ) (100 ) (100 ) (100 ) Revenues $ 51,628 $ - $ 51,628 $ 48,713 $ - $ 48,713 $ (1,012 ) $ 50,616 $ (1,012 ) $ 50,616 6 % 6 % 4 % 4 % GROSS PROFIT Distribution Solutions $ 3,075 $ (92 ) $ 2,983 $ 2,523 $ 155 $ 2,678 $ (97 ) $ 2,978 $ (97 ) $ 2,886 22 % 11 % 18 % 8 % Technology Solutions - - - 273 (1 ) 272 - - - - (100 ) (100 ) (100 ) (100 ) Gross profit $ 3,075 $ (92 ) $ 2,983 $ 2,796 $ 154 $ 2,950 $ (97 ) $ 2,978 $ (97 ) $ 2,886 10 % 1 % 7 % (2 ) % OPERATING EXPENSES Distribution Solutions (1) (2) $ (3,789 ) $ 1,938 $ (1,851 ) $ (1,775 ) $ 141 $ (1,634 ) $ 278 $ (3,511 ) $ 90 $ (1,761 ) 113 % 13 % 98 % 8 % Technology Solutions (3) - - - 3,816 (3,991 ) (175 ) - - - - (100 ) (100 ) (100 ) (100 ) Corporate (230 ) 21 (209 ) (111 ) (7 ) (118 ) (3 ) (233 ) (2 ) (211 ) 107 77 110 79 Operating expenses $ (4,019 ) $ 1,959 $ (2,060 ) $ 1,930 $ (3,857 ) $ (1,927 ) $ 275 $ (3,744 ) $ 88 $ (1,972 ) (308 ) % 7 % (294 ) % 2 % OTHER INCOME, NET Distribution Solutions $ 25 $ - $ 25 $ 21 $ 2 $ 23 $ (3 ) $ 22 $ (4 ) $ 21 19 % 9 % 5 % (9 ) % Technology Solutions - - - - - - - - - - - - - - Corporate 3 - 3 4 - 4 1 4 1 4 (25 ) (25 ) - - Other income, net $ 28 $ - $ 28 $ 25 $ 2 $ 27 $ (2 ) $ 26 $ (3 ) $ 25 12 % 4 % 4 % (7 ) % INCOME FROM EQUITY METHOD INVESTMENT
IN CHANGE HEALTHCARE - Technology Solutions
$ 23 $ 49 $ 72 $ - $ - $ - $ - $ 23 $ - $ 72 - % - % - % - % OPERATING PROFIT (LOSS)
Distribution Solutions (1) (2) $ (689 ) $ 1,846 $ 1,157 $ 769 $ 298 $ 1,067 $ 178 $ (511 ) $ (11 ) $ 1,146 (190 ) % 8 % (166 ) % 7 % Technology Solutions (3) (5) 23 49 72 4,089 (3,992 ) 97 - 23 - 72 (99 ) (26 ) (99 ) (26 ) Operating profit (loss)
(666 ) 1,895 1,229 4,858 (3,694 ) 1,164 178 (488 ) (11 ) 1,218 (114 ) 6 (110 ) 5 Corporate (227 ) 21 (206 ) (107 ) (7 ) (114 ) (2 ) (229 ) (1 ) (207 ) 112 81 114 82 Income (Loss) from continuing operations before
interest expense and income taxes
$ (893 ) $ 1,916 $ 1,023 $ 4,751 $ (3,701 ) $ 1,050 $ 176 $ (717 ) $ (12 ) $ 1,011 (119 ) % (3 ) % (115 ) % (4 ) % STATISTICS Operating profit (loss) as a % of revenues
Distribution Solutions (1.33 ) % 2.24 % 1.60 % 2.21 % (1.01 ) % 2.26 % (293 ) bp 3 bp (261 ) bp 5 bp Adjusted operating profit (loss) excluding noncontrolling interests as
a % of revenues
Distribution Solutions (4) 2.15 % 2.16 % 2.17 % (1 ) bp 1 bp (1) 2018, as reported under GAAP, includes non-cash goodwill impairment charges (pre-tax and after-tax) of $933 million for our McKesson Europe reporting unit and $455 million for our Rexall Health reporting unit. The 2018 goodwill impairment charges are recorded within our Distribution Solutions segment. (2) 2018, as reported under GAAP, includes pre-tax asset impairment charges of $290 million ($286 million after-tax) and pre-tax restructuring charges of $21 million ($22 million after-tax) primarily representing employee severance and lease exit costs. These charges are included within our Distribution Solutions segment.
(3) 2017, as reported under GAAP, includes a pre-tax gain of $3,947 million ($3,018 million after-tax), net, recognized from the Healthcare Technology Net Asset Exchange within our Technology Solutions segment. (4) Our Distribution Solutions segment's noncontrolling interests primarily include the third-party equity interests related to ClarusONE Sourcing Services LLP and Vantage Oncology Holdings, LLC. (5) Operating profit for our Technology Solutions segment for 2018 includes only our proportionate share of income (loss) from our equity method investment in Change Healthcare. 2017 operating profit for this segment also included the majority of our McKesson Technology Solutions businesses (“Core MTS Business”), which were contributed to the Change Healthcare joint venture in the fourth quarter of 2017, and the EIS business which was sold in the third quarter of 2018. For more information relating to the Adjusted Earnings (Non-GAAP), Constant Currency (Non-GAAP) and Adjusted Operating Profit Margin Excluding Noncontrolling Interests (Non-GAAP) definitions, refer to the section entitled “Supplemental Non-GAAP Financial Information” of this release. Schedule 3B
McKESSON CORPORATION
RECONCILIATION OF GAAP SEGMENT FINANCIAL RESULTS TO ADJUSTED EARNINGS (NON-GAAP)
(unaudited)
(in millions) Year Ended March 31, 2018 Year Ended March 31, 2017 GAAP Non-GAAP Change As Reported
(GAAP)
Adjustments
Adjusted
Earnings
(Non-GAAP)
As Reported
(GAAP)
Adjustments
Adjusted
Earnings
(Non-GAAP)
Foreign
Currency
Effects
Constant
Currency
Foreign
Currency
Effects
Constant
Currency
As Reported
(GAAP)
Adjusted
Earnings
(Non-GAAP)
Constant
Currency
(GAAP)
Constant
Currency
(Non-GAAP)
REVENUES Distribution Solutions North America pharmaceutical distribution & services
$ 174,186 $ - $ 174,186 $ 164,832 $ - $ 164,832 $ (252 ) $ 173,934 $ (252 ) $ 173,934 6 % 6 % 6 % 6 % International pharmaceutical distribution & services
27,320 - 27,320 24,847 - 24,847 (1,324 ) 25,996 (1,324 ) 25,996 10 10 5 5 Medical-Surgical distribution & services
6,611 - 6,611 6,244 - 6,244 - 6,611 - 6,611 6 6 6 6 Total Distribution Solutions 208,117 - 208,117 195,923 - 195,923 (1,576 ) 206,541 (1,576 ) 206,541 6 6 5 5 Technology Solutions - Products and Services
240 - 240 2,610 - 2,610 - 240 - 240 (91 ) (91 ) (91 ) (91 ) Revenues $ 208,357 $ - $ 208,357 $ 198,533 $ - $ 198,533 $ (1,576 ) $ 206,781 $ (1,576 ) $ 206,781 5 % 5 % 4 % 4 % GROSS PROFIT Distribution Solutions (1) $ 11,064 $ (87 ) $ 10,977 $ 9,856 $ (140 ) $ 9,716 $ (136 ) $ 10,928 $ (136 ) $ 10,841 12 % 13 % 11 % 12 % Technology Solutions 120 1 121 1,415 1 1,416 - 120 - 121 (92 ) (91 ) (92 ) (91 ) Gross profit $ 11,184 $ (86 ) $ 11,098 $ 11,271 $ (139 ) $ 11,132 $ (136 ) $ 11,048 $ (136 ) $ 10,962 (1 ) % - % (2 ) % (2 ) % OPERATING EXPENSES Distribution Solutions (2) (3) $ (9,953 ) $ 2,970 $ (6,983 ) $ (6,559 ) $ 554 $ (6,005 ) $ 336 $ (9,617 ) $ 118 $ (6,865 ) 52 % 16 % 47 % 14 % Technology Solutions (3) (4) (5) 104 (194 ) (90 ) 2,799 (3,622 ) (823 ) - 104 - (90 ) (96 ) (89 ) (96 ) (89 ) Corporate (573 ) 46 (527 ) (402 ) (4 ) (406 ) (1 ) (574 ) (1 ) (528 ) 43 30 43 30 Operating expenses $ (10,422 ) $ 2,822 $ (7,600 ) $ (4,162 ) $ (3,072 ) $ (7,234 ) $ 335 $ (10,087 ) $ 117 $ (7,483 ) 150 % 5 % 142 % 3 % OTHER INCOME, NET Distribution Solutions (6) $ 120 $ (40 ) $ 80 $ 64 $ 11 $ 75 $ (3 ) $ 117 $ (4 ) $ 76 88 % 7 % 83 % 1 % Technology Solutions 1 - 1 1 - 1 - 1 - 1 - - - - Corporate 9 - 9 25 - 25 - 9 - 9 (64 ) (64 ) (64 ) (64 ) Other income, net $ 130 $ (40 ) $ 90 $ 90 $ 11 $ 101 $ (3 ) $ 127 $ (4 ) $ 86 44 % (11 ) % 41 % (15 ) % INCOME (LOSS) FROM EQUITY METHOD INVESTMENT
IN CHANGE HEALTHCARE - Technology Solutions
$ (248 ) $ 520 $ 272 $ - $ - $ - $ - $ (248 ) $ - $ 272 - % - % - % - % OPERATING PROFIT (LOSS) Distribution Solutions (1) (2) (3) (6) $ 1,231 $ 2,843 $ 4,074 $ 3,361 $ 425 $ 3,786 $ 197 $ 1,428 $ (22 ) $ 4,052 (63 ) % 8 % (58 ) % 7 % Technology Solutions (3) (4) (5) (8) (23 ) 327 304 4,215 (3,621 ) 594 - (23 ) - 304 (101 ) (49 ) (101 ) (49 ) Operating profit 1,208 3,170 4,378 7,576 (3,196 ) 4,380 197 1,405 (22 ) 4,356 (84 ) - (81 ) (1 ) Corporate (564 ) 46 (518 ) (377 ) (4 ) (381 ) (1 ) (565 ) (1 ) (519 ) 50 36 50 36 Income from continuing operations before
interest expense and income taxes
$ 644 $ 3,216 $ 3,860 $ 7,199 $ (3,200 ) $ 3,999 $ 196 $ 840 $ (23 ) $ 3,837 (91 ) % (3 ) % (88 ) % (4 ) % STATISTICS Operating profit as a % of revenues Distribution Solutions 0.59 % 1.96 % 1.72 % 1.93 % 0.69 % 1.96 % (113 ) bp 3 bp (103 ) bp 3 bp Adjusted operating profit excluding noncontrolling interests as
a % of revenues
Distribution Solutions (7) 1.87 % 1.91 % 1.87 % (4 ) bp (4 ) bp (1) 2017, as reported under GAAP, includes $144 million of net cash proceeds primarily received in the first quarter of 2017 representing our share of antitrust legal settlements within our Distribution Solutions segment. (2) 2018, as reported under GAAP, includes non-cash pre-tax asset impairment charges of $479 million ($443 million after-tax) and pre-tax restructuring charges of $74 million ($67 million after-tax) primarily representing employee severance and lease exit costs. These charges are included within our Distribution Solutions segment.
(3) 2018, as reported under GAAP, includes non-cash goodwill impairment charges (pre-tax and after-tax) of $1,283 million for our McKesson Europe reporting unit and $455 million for our Rexall Health reporting unit. The 2018 goodwill impairment charges are recorded within our Distribution Solutions segment. 2017, as reported under GAAP, includes the 2017 second quarter non-cash pre-tax goodwill impairment charge of $290 million ($282 million after-tax) for our EIS reporting unit within the Technology Solutions segment. (4) 2018, as reported under GAAP, includes a pre-tax gain of $37 million ($22 million after-tax) recognized in the first quarter of 2018 related to the final net working capital settlement and other adjustments from the 2017 fourth quarter Healthcare Technology Net Asset Exchange within our Technology Solutions segment. 2017, as reported under GAAP, includes a pre-tax gain of $3,947 million ($3,018 million after-tax), net, recognized from the 2017 fourth quarter Healthcare Technology Net Asset Exchange within our Technology Solutions segment. (5) 2018, as reported under GAAP, includes a pre-tax gain of $109 million ($30 million after-tax) recognized from the 2018 third quarter sale of our EIS reporting unit within the Technology Solutions segment. (6) 2018, as reported under GAAP, includes a pre-tax gain of $43 million ($26 million after-tax) recognized from the 2018 second quarter sale of an equity method investment within our Distribution Solutions segment. (7) Our Distribution Solutions segment's noncontrolling interests primarily include the third-party equity interests related to ClarusONE Sourcing Services LLP and Vantage Oncology Holdings, LLC. (8) Operating profit for our Technology Solutions segment for 2018 includes only our EIS business, the gain on sale of our EIS business, as reported under GAAP, and our proportionate share of income (loss) from our equity method investment in Change Healthcare. 2017 operating profit for this segment also included the Core MTS Business, which was contributed to the Change Healthcare joint venture in the fourth quarter of 2017. For more information relating to the Adjusted Earnings (Non-GAAP), Constant Currency (Non-GAAP) and Adjusted Operating Profit Margin Excluding Noncontrolling Interests (Non-GAAP) definitions, refer to the section entitled “Supplemental Non-GAAP Financial Information” of this release. Schedule 4A
McKESSON CORPORATION
RECONCILIATION OF GAAP SEGMENT FINANCIAL RESULTS TO ADJUSTED EARNINGS (NON-GAAP) - BY ADJUSTMENT TYPE
(unaudited)
(in millions) Quarter Ended March 31, 2018 Quarter Ended March 31, 2017 Distribution
Solutions
Technology
Solutions
Corporate Total Distribution
Solutions
Technology
Solutions
Corporate Total As Reported (GAAP):
Revenues $ 51,628 $ - $ - $ 51,628 $ 48,201 $ 512 $ - $ 48,713 Income (Loss) from continuing operations before interest expense and income taxes (1) (2) (3) (4) (5) $ (689 ) $ 23 $ (227 ) $ (893 ) $ 769 $ 4,089 $ (107 ) $ 4,751 Pre-Tax Adjustments:
Amortization of Acquisition-Related Intangibles (4) $ 134 $ 74 $ - $ 208 $ 108 $ 4 $ - $ 112 Acquisition-Related Expenses and Adjustments 45 48 7 100 40 (3,994 ) 2 (3,952 ) LIFO Inventory-Related Adjustments (94 ) - - (94 ) 144 - - 144 Gains from Antitrust Legal Settlements - - - - - - - - Restructuring Charges, Net 371 - 16 387 6 (2 ) 6 10 Other Adjustments, Net 1,390 (73 ) (2 ) 1,315 - - (15 ) (15 ) Total pre-tax adjustments $ 1,846 $ 49 $ 21 $ 1,916 $ 298 $ (3,992 ) $ (7 ) $ (3,701 ) Adjusted Earnings (Non-GAAP):
Revenues $ 51,628 $ - $ - $ 51,628 $ 48,201 $ 512 $ - $ 48,713 Income from continuing operations before interest expense and income taxes (5) $ 1,157 $ 72 $ (206 ) $ 1,023 $ 1,067 $ 97 $ (114 ) $ 1,050 (1) 2018, as reported under GAAP, includes non-cash goodwill impairment charges (pre-tax and after-tax) of $933 million for our McKesson Europe reporting unit and $455 million for our Rexall Health reporting unit. The 2018 goodwill impairment charges are recorded within our Distribution Solutions segment. (2) 2018, as reported under GAAP, includes pre-tax asset impairment charges of $290 million ($286 million after-tax) and pre-tax restructuring charges of $21 million ($22 million after-tax) primarily representing employee severance and lease exit costs. These charges are included within our Distribution Solutions segment.
(3) 2017, as reported under GAAP, includes a pre-tax gain of $3,947 million ($3,018 million after-tax), net, recognized from the 2017 fourth quarter Healthcare Technology Net Asset Exchange within our Technology Solutions segment. (4) 2018 for our Technology Solutions segment includes amortization of equity investment intangibles and other acquired intangibles of $74 million included in our proportionate share of income (loss) from our equity method investment in Change Healthcare. (5) The results of our Technology Solutions segment for 2018 include only our proportionate share of income (loss) from our equity method investment in Change Healthcare. 2017 operating profit for this segment also included the Core MTS Business, which was contributed to the Change Healthcare joint venture in the fourth quarter of 2017, and the EIS business which was sold in the third quarter of 2018. For more information relating to the Adjusted Earnings (Non-GAAP) definition, refer to the section entitled “Supplemental Non-GAAP Financial Information” of this release. Schedule 4B
McKESSON CORPORATION
RECONCILIATION OF GAAP SEGMENT FINANCIAL RESULTS TO ADJUSTED EARNINGS (NON-GAAP) - BY ADJUSTMENT TYPE
(unaudited)
(in millions) Year Ended March 31, 2018 Year Ended March 31, 2017 Distribution
Solutions
Technology
Solutions
Corporate Total Distribution
Solutions
Technology
Solutions
Corporate Total As Reported (GAAP):
Revenues $ 208,117 $ 240 $ - $ 208,357 $ 195,923 $ 2,610 $ - $ 198,533 Income (loss) from continuing operations before interest expense and income taxes (1) (2) (3) (4) (5) (6) (7) (8)
$ 1,231 $ (23 ) $ (564 ) $ 644 $ 3,361 $ 4,215 $ (377 ) $ 7,199 Pre-Tax Adjustments:
Amortization of Acquisition-Related Intangibles (6) $ 503 $ 289 $ - $ 792 $ 419 $ 25 $ - $ 444 Acquisition-Related Expenses and Adjustments 113 255 9 377 144 (3,936 ) 6 (3,786 ) LIFO Inventory-Related Adjustments (99 ) - - (99 ) (7 ) - - (7 ) Gains from Antitrust Legal Settlements - - - - (144 ) - - (144 ) Restructuring Charges, Net 632 (1 ) 48 679 19 - 5 24 Other Adjustments, Net 1,694 (216 ) (11 ) 1,467 (6 ) 290 (15 ) 269 Total pre-tax adjustments $ 2,843 $ 327 $ 46 $ 3,216 $ 425 $ (3,621 ) $ (4 ) $ (3,200 ) Adjusted Earnings (Non-GAAP):
Revenues $ 208,117 $ 240 $ - $ 208,357 $ 195,923 $ 2,610 $ - $ 198,533 Income from continuing operations before interest expense and income taxes (8)
$ 4,074 $ 304 $ (518 ) $ 3,860 $ 3,786 $ 594 $ (381 ) $ 3,999 (1) 2018, as reported under GAAP, includes a pre-tax gain of $37 million ($22 million after-tax) recognized in the first quarter of 2018 related to the final net working capital settlement and other adjustments from the 2017 fourth quarter Healthcare Technology Net Asset Exchange within our Technology Solutions segment. 2017, as reported under GAAP, includes a pre-tax gain of $3,947 million ($3,018 million after-tax), net, recognized from the 2017 fourth quarter Healthcare Technology Net Asset Exchange within our Technology Solutions segment. (2) 2018, as reported under GAAP, includes non-cash goodwill impairment charges (pre-tax and after-tax) of $1,283 million for our McKesson Europe reporting unit and $455 million for our Rexall Health reporting unit. The 2018 goodwill impairment charges are recorded within our Distribution Solutions segment. 2017, as reported under GAAP, includes the 2017 second quarter non-cash pre-tax goodwill impairment charge of $290 million ($282 million after-tax) for our EIS reporting unit within the Technology Solutions segment. (3) 2018, as reported under GAAP, includes non-cash pre-tax asset impairment charges of $479 million ($443 million after-tax) and pre-tax restructuring charges of $74 million ($67 million after-tax) primarily representing employee severance and lease exit costs. These charges are included within our Distribution Solutions segment.
(4) 2018, as reported under GAAP, includes a pre-tax gain of $109 million ($30 million after-tax) recognized from the 2018 third quarter sale of our EIS reporting unit within the Technology Solutions segment. (5) 2018, as reported under GAAP, includes a pre-tax gain of $43 million ($26 million after-tax) recognized from the 2018 second quarter sale of an equity method investment within our Distribution Solutions segment. (6) 2018 for our Technology Solutions segment includes amortization of equity investment intangibles and other acquired intangibles of $288 million included in our proportionate share of income (loss) from our equity method investment in Change Healthcare. (7) 2017, as reported under GAAP, includes $144 million of net cash proceeds primarily received in the first quarter of 2017 representing our share of antitrust legal settlements within our Distribution Solutions segment. (8) The results of our Technology Solutions segment for 2018 include only our EIS business, the gain on sale of our EIS business, as reported under GAAP, and our proportionate share of income (loss) from our equity method investment in Change Healthcare. 2017 operating profit for this segment also included the Core MTS Business, which was contributed to the Change Healthcare joint venture in the fourth quarter of 2017. For more information relating to the Adjusted Earnings (Non-GAAP) definition, refer to the section entitled “Supplemental Non-GAAP Financial Information” of this release. Schedule 5
McKESSON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions) March 31,
2018 March 31,
2017 ASSETS Current Assets Cash and cash equivalents $ 2,672 $ 2,783 Receivables, net 17,711 18,215 Inventories, net 16,310 15,278 Prepaid expenses and other 443 672 Total Current Assets 37,136 36,948 Property, Plant and Equipment, Net 2,464 2,292 Goodwill 10,924 10,586 Intangible Assets, Net 4,102 3,665 Equity Method Investment in Change Healthcare 3,728 4,063 Other Noncurrent Assets 2,027 3,415 Total Assets $ 60,381 $ 60,969 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current Liabilities Drafts and accounts payable $ 32,177 $ 31,022 Short-term borrowings - 183 Deferred revenue 63 346 Current portion of long-term debt 1,129 1,057 Other accrued liabilities 3,316 3,004 Total Current Liabilities 36,685 35,612 Long-Term Debt 6,751 7,305 Long-Term Deferred Tax Liabilities 2,804 3,678 Other Noncurrent Liabilities 2,625 1,774 Redeemable Noncontrolling Interests 1,459 1,327 McKesson Corporation Stockholders' Equity 9,804 11,095 Noncontrolling Interests 253 178 Total Equity 10,057 11,273 Total Liabilities, Redeemable Noncontrolling Interests and Equity $ 60,381 $ 60,969 Schedule 6
McKESSON CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in millions) Year Ended March 31, 2018 2017 OPERATING ACTIVITIES Net income $ 297 $ 5,153 Adjustments to reconcile to net cash provided by operating activities: Depreciation and amortization 951 910 Gain on net asset exchange, net (37 ) (3,947 ) Goodwill and other asset impairment charges 2,217 290 Deferred taxes (868 ) 882 Share-based compensation expense 69 115 LIFO credits (99 ) (7 ) Loss from equity method investment in Change Healthcare 248 - Loss (gain) from sale of businesses and equity investments (169 ) 94 Other non-cash items (2 ) 88 Changes in operating assets and liabilities, net of acquisitions: Receivables 1,175 (762 ) Inventories (458 ) 320 Drafts and accounts payable 271 2,070 Deferred revenue (143 ) (87 ) Taxes 671 146 Settlement payment - (150 ) Other 222 (371 ) Net cash provided by operating activities 4,345 4,744 INVESTING ACTIVITIES Property acquisitions (405 ) (404 ) Capitalized software expenditures (175 ) (158 ) Acquisitions, net of cash and cash equivalents acquired (2,893 ) (4,237 ) Proceeds from sale of businesses and other assets, net 374 206 Payments received on Healthcare Technology Net Asset Exchange, net 126 1,228 Restricted cash for acquisitions 1,469 (506 ) Other (18 ) 75 Net cash used in investing activities (1,522 ) (3,796 ) FINANCING ACTIVITIES Proceeds from short-term borrowings 20,542 8,294 Repayments of short-term borrowings (20,725 ) (8,124 ) Proceeds from issuances of long-term debt 1,522 1,824 Repayments of long-term debt (2,287 ) (1,601 ) Payments for debt extinguishments (112 ) - Common stock transactions: Issuances 132 120 Share repurchases, including shares surrendered for tax withholding (1,709 ) (2,311 ) Dividends paid (262 ) (253 ) Other (185 ) (18 ) Net cash used in financing activities (3,084 ) (2,069 ) Effect of exchange rate changes on cash and cash equivalents 150 (144 ) Net decrease in cash and cash equivalents (111 ) (1,265 ) Cash and cash equivalents at beginning of period 2,783 4,048 Cash and cash equivalents at end of period $ 2,672 $ 2,783 SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION In an effort to provide investors with additional information regarding the Company's financial results as determined by generally accepted accounting principles ("GAAP"), McKesson Corporation (the "Company" or "we") also presents the following Non-GAAP measures in this press release. The Company believes the presentation of Non-GAAP measures provides useful supplemental information to investors with regard to its operating performance, as well as assists with the comparison of its past financial performance to the Company’s future financial results. Moreover, the Company believes that the presentation of Non-GAAP measures assists investors’ ability to compare its financial results to those of other companies in the same industry. However, the Company's Non-GAAP measures used in the press tables may be defined and calculated differently by other companies in the same industry. • Adjusted Earnings (Non-GAAP): We define Adjusted Earnings as GAAP income from continuing operations attributable to McKesson, excluding amortization of acquisition-related intangibles, acquisition-related expenses and adjustments, Last-In-First-Out (“LIFO”) inventory-related adjustments, gains from antitrust legal settlements, restructuring charges, other adjustments as well as the related income tax effects for each of these items, as applicable. The Company evaluates its definition of Adjusted Earnings on a periodic basis and updates the definition from time to time. The evaluation considers both the quantitative and qualitative aspects of the Company’s presentation of Adjusted Earnings. A reconciliation of McKesson’s GAAP financial results to Adjusted Earnings (Non-GAAP) is provided in Schedules 2, 3 and 4 of the financial statement tables included with this release. Amortization of acquisition-related intangibles - Amortization expenses of intangible assets directly related to business combinations and/or the formation of joint ventures and equity method investments.
Acquisition-related expenses and adjustments - Transaction, integration and other expenses that are directly related to business combinations, the formation of joint ventures and the Healthcare Technology Net Asset Exchange. Examples include transaction closing costs, professional service fees, legal fees, restructuring or severance charges, retention payments and employee relocation expenses, facility or other exit-related expenses, certain fair value adjustments including deferred revenues, contingent consideration and inventory, recoveries of acquisition-related expenses or post-closing expenses, bridge loan fees, gains or losses related to foreign currency contracts entered into directly due to acquisitions, gains or losses on business combinations, and gain on the Healthcare Technology Net Asset Exchange.
LIFO inventory-related adjustments - LIFO inventory-related non-cash expense or credit adjustments.
Gains from antitrust legal settlements - Net cash proceeds representing the Company’s share of antitrust lawsuit settlements.
Restructuring charges - Non-acquisition related restructuring charges that are incurred for programs in which we change our operations, the scope of a business undertaken by our business units, or the manner in which that business is conducted. Such charges may include employee severance, retention bonuses, facility closure or consolidation costs, lease or contract termination costs, asset impairments, accelerated depreciation and amortization, and other related expenses. The restructuring programs may be implemented due to the sale or discontinuation of a product line, reorganization or management structure changes, headcount rationalization, realignment of operations or products, and/or Company-wide cost saving initiatives. The amount and/or frequency of these restructuring charges are not part of our underlying business, which includes normal levels of reinvestment in the business. Any credit adjustments due to subsequent changes in estimates are also excluded. These restructuring charges are reflected under various captions within our operating expenses.
Other adjustments - The Company evaluates the nature and significance of transactions qualitatively and quantitatively on an individual basis and may include them in the determination of our Adjusted Earnings from time to time. While not all-inclusive, other adjustments may include: gains or losses from divestitures of businesses that do not qualify as discontinued operations and from dispositions of assets; asset impairments; adjustments to claim and litigation reserves for estimated probable losses; certain discrete benefits related to the December 2017 enactment of the 2017 Tax Cuts and Jobs Act; gains or losses from debt extinguishment; and other similar substantive and/or infrequent items as deemed appropriate.
Income taxes on Adjusted Earnings are calculated in accordance with Accounting Standards Codification ("ASC") 740, “Income Taxes,” which is the same accounting principle used by the Company when presenting its GAAP financial results. Additionally, our equity method investments' financial results are adjusted for the above noted items. • Constant Currency (Non-GAAP): To present our financial results on a constant currency basis, we convert current year period results of our operations in foreign countries, which are recorded in local currencies, into U.S. dollars by applying the average foreign currency exchange rates of the comparable prior year period. To present Adjusted Earnings per diluted share on a constant currency basis, we estimate the impact of foreign currency rate fluctuations on the Company’s noncontrolling interests and adjusted income tax expense, which may vary from quarter to quarter. The supplemental constant currency information of the Company’s GAAP financial results and Adjusted Earnings (Non-GAAP) is provided in Schedule 3 of the financial statement tables included with this release. • Adjusted Operating Profit Margin Excluding Noncontrolling Interests (Non-GAAP): The Company has arrangements involving third-party noncontrolling interests. As a result, our pre-tax results are affected by the portion of pre-tax earnings attributable to noncontrolling interests. To provide additional useful information to investors, we present adjusted operating profit margin excluding noncontrolling interests for our Distribution Solutions segment. We believe such information provides a framework for assessing how our business performed excluding the effect of pre-tax earnings that is not attributable to McKesson. We calculate adjusted operating profit excluding noncontrolling interests by removing pre-tax earnings attributable to noncontrolling interests from adjusted operating profit (Non-GAAP). Adjusted operating profit margin excluding noncontrolling interests is calculated by dividing the adjusted operating profit excluding noncontrolling interests with the applicable segment’s revenues. This information is supplemental to the Company’s GAAP financial results and is provided in Schedule 3 of this document. The Company internally uses Non-GAAP financial measures in connection with its own financial planning and reporting processes. Specifically, Adjusted Earnings serves as one of the measures management utilizes when allocating resources, deploying capital and assessing business performance and employee incentive compensation. The Company conducts its business internationally in local currencies, including Euro, British pound sterling and Canadian dollars. As a result, the comparability of our results reported in U.S. dollars can be affected by changes in foreign currency exchange rates. We present constant currency information to provide a framework for assessing how our business performed excluding the estimated effect of foreign currency exchange rate fluctuations. We present adjusted operating profit margin excluding noncontrolling interests to provide a framework for assessing how our business performed excluding the effect of net income that is not attributable to McKesson. Nonetheless, Non-GAAP financial results and related measures disclosed by the Company should not be considered a substitute for, nor superior to, financial results and measures as determined or calculated in accordance with GAAP.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180524005575/en/
McKesson Corporation
Craig Mercer, 415-983-8391 (Investors and Financial Media)
[email protected]
or
Kristin Hunter Chasen, 415-983-8974 (General and Business Media)
[email protected]
Source: McKesson Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-mckesson-reports-fiscal-2018-fourth-quarter-and-full-year-results.html |
/THIS NEWS RELEASE IS NOT, AND IS NOT TO BE CONSTRUED IN ANY WAY AS, AN OFFER TO BUY OR SELL SECURITIES IN THE UNITED STATES./
VANCOUVER, May 4, 2018 /PRNewswire/ - International Tower Hill Mines Ltd. (the "Company") - (TSX: ITH) (NYSE American: THM) today announced that it has filed its unaudited first quarter Financial Statements and associated Management Discussion and Analysis and Quarterly Report on Form 10-Q for the three-month period ended March 31, 2018.
As of March 31, 2018, the Company had working capital of $13.0 million.
Shareholders can obtain copies of the Company's unaudited first quarter Financial Statements and associated Management Discussion and Analysis and Form 10-Q on SEDAR at: www.sedar.com , EDGAR at www.sec.gov and on the Company's website at: www.ithmines.com . The Company will also provide hard copies of these documents, free of charge, to shareholders who request a copy directly from the Company.
Stock Option Plan Burn Rate
Under rules recently adopted by the Toronto Stock Exchange, listed issuers are required to disclose the burn rate under security based compensation arrangements on an annual basis. The annual burn rate for the Company's 2006 Incentive Stock Option (the "Stock Option Plan"), calculated in accordance with Section 613(p) of the TSX Company Manual, was 0.15% in fiscal 2017, 0% in fiscal 2016 and 1.84% in fiscal 2015. The burn rate for a fiscal year is calculated by dividing the number of options granted under the Stock Option Plan during the year by the weighted average number of common shares outstanding for such year.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. controls 100% of the Livengood Gold Project located along the paved Elliott Highway, 70 miles north of Fairbanks, Alaska.
On behalf of
International Tower Hill Mines Ltd.
(signed) Karl L. Hanneman
Chief Executive Officer
View original content: http://www.prnewswire.com/news-releases/international-tower-hill-mines-files-2018-first-quarter-financial-results-300642977.html
SOURCE International Tower Hill Mines Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-international-tower-hill-mines-files-2018-first-quarter-financial-results.html |
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